PLANET FITNESS, INC., 10-Q filed on 5/9/2024
Quarterly Report
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Cover - shares
 3 Months Ended
Mar. 31, 2024
May 02, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
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, $0.0001 Par Value  
Trading Symbol PLNT  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001637207  
Current Fiscal Year End Date --12-31  
Class A common stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   87,528,804
Class B common stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   650,531
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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 301,707 $ 275,842
Restricted cash 46,190 46,279
Short-term marketable securities 93,362 74,901
Accounts receivable, net of allowances for uncollectible amounts of $0 and $0 as of March 31, 2024 and December 31, 2023, respectively 23,837 41,890
Inventory 4,959 4,677
Restricted assets - national advertising fund 17,945 0
Prepaid expenses 18,945 13,842
Other receivables 12,513 11,072
Income tax receivable 1,324 3,314
Total current assets 520,782 471,817
Long-term marketable securities 45,165 50,886
Investments, net of allowance for expected credit losses of $18,164 and $17,689 as of March 31, 2024 and December 31, 2023, respectively 76,360 77,507
Property and equipment, net of accumulated depreciation of $349,068 and $322,958, as of March 31, 2024 and December 31, 2023, respectively 382,019 390,405
Right-of-use assets, net 385,796 381,010
Intangible assets, net 359,750 372,507
Goodwill 719,074 717,502
Deferred income taxes 499,839 504,188
Other assets, net 3,993 3,871
Total assets 2,992,778 2,969,693
Current liabilities:    
Current maturities of long-term debt 20,750 20,750
Accounts payable 20,560 23,788
Accrued expenses 43,709 66,299
Equipment deposits 7,594 4,506
Deferred revenue, current 77,263 59,591
Payable pursuant to tax benefit arrangements, current 41,294 41,294
Other current liabilities 35,331 35,101
Total current liabilities 246,501 251,329
Long-term debt, net of current maturities 1,959,032 1,962,874
Lease liabilities, net of current portion 390,399 381,589
Deferred revenue, net of current portion 33,820 32,047
Deferred tax liabilities 1,666 1,644
Payable pursuant to tax benefit arrangements, net of current portion 456,700 454,368
Other liabilities 3,891 4,833
Total noncurrent liabilities 2,845,508 2,837,355
Commitments and contingencies (Note 13)
Stockholders’ equity (deficit):    
Accumulated other comprehensive (loss) income (435) 172
Additional paid in capital 581,332 575,631
Accumulated deficit (677,321) (691,461)
Total stockholders’ deficit attributable to Planet Fitness, Inc. (96,415) (115,649)
Non-controlling interests (2,816) (3,342)
Total stockholders’ deficit (99,231) (118,991)
Total liabilities and stockholders’ deficit 2,992,778 2,969,693
Class A common stock    
Stockholders’ equity (deficit):    
Common stock, value 9 9
Class B common stock    
Stockholders’ equity (deficit):    
Common stock, value $ 0 $ 0
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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Accounts receivable, allowance for bad debts $ 0 $ 0
Allowance for expected credit loss 18,164 17,689
Accumulated depreciation $ 349,068 $ 322,958
Class A common stock    
Stockholders’ equity (deficit):    
Common stock, par value (in usd per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 300,000 300,000
Common stock, shares issued (in shares) 86,832 86,760
Common stock, shares outstanding (in shares) 86,832 86,760
Class B common stock    
Stockholders’ equity (deficit):    
Common stock, par value (in usd per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 100,000 100,000
Common stock, shares issued (in shares) 1,071 1,397
Common stock, shares outstanding (in shares) 1,071 1,397
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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenue:    
Total revenue $ 248,017 $ 222,225
Operating costs and expenses:    
Cost of revenue 18,993 19,354
Store operations 74,353 66,015
Selling, general and administrative 29,193 27,767
National advertising fund expense 19,792 16,987
Depreciation and amortization 39,380 36,010
Other losses, net 484 3,936
Total operating costs and expenses 182,195 170,069
Income from operations 65,822 52,156
Other income (expense), net:    
Interest income 5,461 3,931
Interest expense (21,433) (21,599)
Other income, net 647 113
Total other expense, net (15,325) (17,555)
Income before income taxes 50,497 34,601
Provision for income taxes 14,324 9,567
Losses from equity-method investments, net of tax (1,200) (265)
Net income 34,973 24,769
Less net income attributable to non-controlling interests 664 2,064
Net income attributable to Planet Fitness, Inc. $ 34,309 $ 22,705
Class A common stock    
Net income per share of Class A common stock:    
Basic (in usd per share) $ 0.39 $ 0.27
Diluted (in usd per share) $ 0.39 $ 0.27
Weighted-average shares of Class A common stock outstanding:    
Basic (in shares) 86,909,383 84,444,003
Diluted (in shares) 87,222,081 84,786,695
Franchise    
Revenue:    
Total revenue $ 84,234 $ 75,878
National advertising fund revenue    
Revenue:    
Total revenue 19,786 16,804
Corporate-owned stores    
Revenue:    
Total revenue 122,378 105,882
Equipment    
Revenue:    
Total revenue $ 21,619 $ 23,661
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Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]    
Net income including non-controlling interests $ 34,973 $ 24,769
Other comprehensive income, net:    
Foreign currency translation adjustments (212) 81
Unrealized loss on marketable securities, net of tax (395) 0
Total other comprehensive (loss) income, net (607) 81
Total comprehensive income including non-controlling interests 34,366 24,850
Less: total comprehensive income attributable to non-controlling interests 664 2,064
Total comprehensive income attributable to Planet Fitness, Inc. $ 33,702 $ 22,786
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 34,973 $ 24,769
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 39,380 36,010
Amortization of deferred financing costs 1,346 1,360
Accretion of marketable securities discount (871) 0
Losses from equity-method investments, net of tax 1,200 265
Dividends accrued on held-to-maturity investment (528) (483)
Credit loss on held-to-maturity investment 475 255
Deferred tax expense 11,367 8,082
Gain on re-measurement of tax benefit arrangement liability (362) 0
Loss on disposal of property and equipment 867 0
Equity-based compensation expense 975 2,049
Other (41) (44)
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable 18,084 25,619
Inventory (287) 266
Other assets and other current assets (6,444) 2,010
Restricted assets - national advertising fund (17,945) (13,387)
Accounts payable and accrued expenses (18,530) (19,928)
Other liabilities and other current liabilities (548) 4,907
Income taxes 1,943 2,736
Equipment deposits 3,088 4,408
Deferred revenue 19,519 19,395
Leases 2,071 (379)
Net cash provided by operating activities 89,732 97,910
Cash flows from investing activities:    
Additions to property and equipment (26,311) (22,997)
Purchases of marketable securities (34,922) 0
Maturities of marketable securities 22,589 0
Net cash used in investing activities (38,644) (22,997)
Cash flows from financing activities:    
Proceeds from issuance of Class A common stock 450 6,748
Principal payments on capital lease obligations (36) (56)
Repayment of long-term debt and variable funding notes (5,188) (5,188)
Repurchase and retirement of Class A common stock (20,005) (25,005)
Distributions paid to members of Pla-Fit Holdings (218) (1,106)
Net cash used in financing activities (24,997) (24,607)
Effects of exchange rate changes on cash and cash equivalents (315) 198
Net increase in cash, cash equivalents and restricted cash 25,776 50,504
Cash, cash equivalents and restricted cash, beginning of period 322,121 472,499
Cash, cash equivalents and restricted cash, end of period 347,897 523,003
Supplemental cash flow information:    
Cash paid for interest 20,165 20,373
Net cash paid for (refund received) income taxes 1,013 (1,016)
Non-cash investing activities:    
Non-cash additions to property and equipment included in accounts payable and accrued expenses $ 11,400 $ 11,682
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Condensed Consolidated Statements of Changes in Equity (Deficit) (Unaudited) - USD ($)
$ 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 (loss)
Additional paid- in capital
Accumulated deficit
Non-controlling interests
Beginning balance (in shares) at Dec. 31, 2022       83,430,000 6,146,000        
Beginning balance at Dec. 31, 2022 $ (211,561)     $ 8 $ 1 $ (448) $ 505,144 $ (703,717) $ (12,549)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 24,769             22,705 2,064
Equity-based compensation expense 2,049           2,049    
Repurchase and retirement of Class A common stock (in shares)       (318,000)          
Repurchase and retirement of Class A common stock (25,005)             (25,005)  
Exchanges of Class B common stock and other adjustments (in shares)       1,901,000 (1,901,000)        
Exchanges of Class B common stock and other adjustments 0     $ 1 $ (1)   (4,353)   4,353
Exercise of stock options, vesting of restricted share units and ESPP share purchase (in shares)       217,000          
Vesting of restricted share units and ESPP share purchase 6,524           6,524    
Tax benefit arrangement liability and deferred taxes arising from exchanges of Class B common stock 45,903           45,903    
Non-cash adjustments to VIEs (233)               (233)
Distributions paid to members of Pla-Fit Holdings (1,106)               (1,106)
Other comprehensive (loss) income 81         81      
Ending balance (in shares) at Mar. 31, 2023       85,230,000 4,245,000        
Ending balance at Mar. 31, 2023 (158,579)     $ 9 $ 0 (367) 555,267 (706,017) (7,471)
Beginning balance (in shares) at Dec. 31, 2023   86,760,000 1,397,000 86,760,000 1,397,000        
Beginning balance at Dec. 31, 2023 (118,991)     $ 9 $ 0 172 575,631 (691,461) (3,342)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 34,973             34,309 664
Equity-based compensation expense 975           975    
Repurchase and retirement of Class A common stock (in shares)       (314,000)          
Repurchase and retirement of Class A common stock (20,169)           774 (20,169) (774)
Exchanges of Class B common stock and other adjustments (in shares)   326,073   326,000 (326,000)        
Exchanges of Class B common stock and other adjustments 0           (854)   854
Exercise of stock options, vesting of restricted share units and ESPP share purchase (in shares)       60,000          
Vesting of restricted share units and ESPP share purchase 381           381    
Tax benefit arrangement liability and deferred taxes arising from exchanges of Class B common stock 4,425           4,425    
Distributions paid to members of Pla-Fit Holdings (218)               (218)
Other comprehensive (loss) income (607)         (607)      
Ending balance (in shares) at Mar. 31, 2024   86,832,000 1,071,000 86,832,000 1,071,000        
Ending balance at Mar. 31, 2024 $ (99,231)     $ 9 $ 0 $ (435) $ 581,332 $ (677,321) $ (2,816)
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Business organization
 3 Months Ended
Mar. 31, 2024
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 approximately 19.6 million members and 2,599 owned and franchised locations (referred to as stores) in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia as of March 31, 2024.
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; and
•Selling fitness-related equipment to franchisee-owned stores.
In 2012 investment funds affiliated with TSG Consumer Partners, LLC (“TSG”), purchased interests in Pla-Fit Holdings.
The Company was formed as a Delaware corporation on March 16, 2015 for the purpose of facilitating an initial public offering (the “IPO”) 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, 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. 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 the membership units (“Holdings Units”) 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 Holdings Units not owned by the Company.
As of March 31, 2024, the Company held 100.0% of the voting interest and approximately 98.8% of the economic interest in Pla-Fit Holdings and the owners of Holdings Units other than the Company (the “Continuing LLC Owners”) held the remaining 1.2% economic interest in Pla-Fit Holdings. As future exchanges of Holdings Units occur, the economic interest in Pla-Fit Holdings held by Planet Fitness, Inc. will increase.
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Summary of significant accounting policies
 3 Months Ended
Mar. 31, 2024
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 (“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 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 months ended March 31, 2024 and 2023 are unaudited. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the disclosures required by 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, 2023 filed with the SEC on February 29, 2024. 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 ending December 31, 2024.
(b) Use of estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed 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 condensed consolidated financial statements include revenue recognition, valuation of equity-based compensation awards, valuation of assets and liabilities acquired in business combinations, the evaluation of the recoverability of goodwill and long-lived assets, including intangible assets, allowance for expected credit losses, the present value of lease liabilities, income taxes, including deferred tax assets and liabilities, and the liability for the Company’s tax benefit arrangements.
(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.
Certain of the Company’s financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued expenses and other current liabilities are carried at cost, which approximates their fair value because of their short-term nature. See Note 3 for investments that are measured at fair value on a recurring basis.
The carrying value and estimated fair value of long-term debt were as follows:
March 31, 2024December 31, 2023
Carrying value
Estimated fair value(1)
Carrying value
Estimated fair value(1)
Long-term debt(1)
$1,999,250 $1,851,357 $2,004,438 $1,829,286 
(1) The estimated fair value of the Company’s fixed rate long-term debt is estimated primarily based on current bid prices for the long-term debt. Judgment is required to develop these estimates. As such, the fair value of long-term debt is classified within Level 2, as defined under GAAP.
(d) Recent accounting pronouncements
The FASB issued ASU No. 2023-05, Business Combinations-Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, in August 2023. The standard addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture's separate financial statements. The new standard is effective prospectively for all joint ventures with a formation date on or after January 1, 2025. The Company will apply the standard to any relevant transactions subsequent to the adoption date.
The FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures, in November 2023. The standard expands reportable segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The new standard is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of adoption on our financial disclosures.
The FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures, in December 2023. The standard requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions and applies to all entities subject to income taxes. The new standard is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of adoption on our financial disclosures.
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Investments
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Marketable securities
The following tables summarize the amortized cost, net unrealized gains and losses, fair value, and the level in the fair value hierarchy of the Company’s available-for-sale investments in marketable securities. As of March 31, 2024, the marketable securities had maturity dates that range from less than 1 month to approximately 24 months. Realized gains and losses were insignificant for the three months ended March 31, 2024 and 2023.
Amortized CostUnrealized GainsUnrealized Losses
Fair Value(1)
Level 1Level 2
March 31, 2024
Cash equivalents
Money market funds$863 $— $— $863 $863 $— 
U.S. treasury securities10,922 — — 10,922 10,922 
Commercial paper10,460 — (8)10,452 — 10,452 
Total cash equivalents22,245 — (8)22,237 863 21,374 
Short-term marketable securities
Commercial paper44,100 — (29)44,071 — 44,071 
Corporate debt securities42,917 — (28)42,889 — 42,889 
U.S. government agency securities6,394 8 — 6,402 — 6,402 
Total short-term marketable securities93,411 8 (57)93,362 — 93,362 
Long-term marketable securities
Corporate debt securities41,659 10 — 41,669 — 41,669 
U.S. government agency securities3,500 — (4)3,496 — 3,496 
Total long-term marketable securities45,159 10 (4)45,165 — 45,165 
Total marketable securities$160,815 $18 $(69)$160,764 $863 $159,901 
Amortized CostUnrealized GainsUnrealized Losses
Fair Value(1)
Level 1Level 2
December 31, 2023
Cash equivalents
Money market funds$761 $— $— $761 $761 $— 
U.S. treasury securities2,997 1 — 2,998 — 2,998 
Total cash equivalents3,758 1 — 3,759 761 2,998 
Short-term marketable securities
Commercial paper37,063 24 — 37,087 — 37,087 
Corporate debt securities34,632 — (38)34,594 — 34,594 
U.S. government agency securities3,210 10 — 3,220 — 3,220 
Total short-term marketable securities74,905 34 (38)74,901 — 74,901 
Long-term marketable securities
Corporate debt securities47,388 328 — 47,716 — 47,716 
U.S. government agency securities3,151 19 — 3,170 — 3,170 
Total long-term marketable securities50,539 347 — 50,886 — 50,886 
Total marketable securities$129,202 $382 $(38)$129,546 $761 $128,785 
(1) Fair values were determined using market prices obtained from third-party pricing sources.
For marketable securities with unrealized loss positions, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis and they are therefore all categorized as available for sale. No allowance for credit losses was recorded for these securities as of March 31, 2024.
Held-to-maturity debt security
As of March 31, 2024, the Company’s debt security investment consists of redeemable preferred shares that are accounted for as a held-to-maturity investment. The Company’s investment is 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, Financial Instruments – Credit Losses, on an ongoing basis.
During the three months ended March 31, 2024 and 2023, the Company’s review of the investment indicated that an adjustment to its allowance for expected credit losses was necessary. The Company utilized probability-of-default (“PD”) and loss-given-default (“LGD”) methodologies to calculate the allowance for expected credit losses. The Company derived its estimates 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 credit loss expense of $475 and $255 for the three months ended March 31, 2024 and 2023, respectively, on the adjustment of its allowance for credit losses within other (income) expense, net on the condensed consolidated statements of operations.
The amortized cost, including accrued dividends, of the Company’s held-to-maturity debt security investment was $30,871 and $30,343 and the allowance for expected credit losses was $18,164 and $17,689, as of March 31, 2024 and December 31, 2023, respectively. The amortized cost, net of the allowance for expected credit losses, approximates fair value. The Company recognized dividend income of $528 and $483 during the three months ended March 31, 2024 and 2023, respectively, within other income (expense), net on the condensed consolidated statements of operations.
As of March 31, 2024, the Company’s held-to-maturity investment had a contractual maturity in 2026.
A roll forward of the Company’s allowance for expected credit losses on its held-to-maturity investment is as follows:
Three Months Ended March 31,
20242023
Beginning allowance for expected credit losses$17,689 $14,957 
Loss on adjustment of allowance for expected credit losses475 255 
Write-offs, net of recoveries— — 
Ending allowance for expected credit losses$18,164 $15,212 
Equity method investments
For the following investments, the Company recorded its proportionate share of the investees’ earnings, prepared in accordance with GAAP, on a one-month lag, with an adjustment to eliminate unrealized profits on intra-entity sales, if any, and the amortization of basis differences, within losses from equity-method investments, net of tax on the condensed consolidated statements of operations. As of March 31, 2024, the Company determined that no impairment of its equity method investments existed.
As of March 31, 2024 and December 31, 2023, the Company held a 21.8% ownership interest in Bravo Fit Holdings Pty Ltd, a franchisee of the Company and store operator in Australia, which is deemed to be a related party, for a total investment carrying value of $12,912 and $13,220, respectively. The difference between the carrying amount of the Company’s investment and the underlying amount of equity in net assets of the investment was $6,326 and $6,812 as of March 31, 2024 and December 31, 2023, respectively. These basis differences are attributable to intangible assets, which are being amortized on a straight-line basis over a weighted-average life of 9 years, and equity method goodwill. For the three months ended March 31, 2024 and 2023, the Company’s proportionate share of the earnings in accordance with the equity method was a loss of $308 and $265, respectively, which included amortization of basis difference of $66 and $65, respectively.
As of March 31, 2024 and December 31, 2023, the Company held a 33.2% ownership interest in Planet Fitmex, LLC, a franchisee of the Company and store operator in Mexico, which is deemed to be a related party and classified as an equity method investment as a result of its organizational structure, for a total investment carrying value of $50,741 and $51,633, respectively. The difference between the carrying amount of the Company’s investment and the underlying amount of equity in net assets of the investment was $16,390 and $17,458 as of March 31, 2024 and December 31, 2023, respectively. This basis difference is attributable to intangible assets, which are being amortized on a straight-line basis over a weighted-average life of 9 years, and equity method goodwill. For the three months ended March 31, 2024, the Company’s proportionate share of the earnings in accordance with the equity method was a loss of $892, which included amortization of basis difference of $163.
v3.24.1.u1
Acquisition
 3 Months Ended
Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]  
Acquisition Acquisition
Florida Acquisition
On April 16, 2023, the Company purchased from one of its franchisees a majority of the assets associated with four franchisee stores operating in Florida (the “Florida Acquisition”) for cash consideration of $26,264. As a result of the transaction, the Company incurred a loss on unfavorable reacquired franchise rights of $110, which is included in other losses, net on the condensed consolidated statement of operations. The loss incurred reduced the net purchase price to $26,154. The Company financed the purchase through cash on hand. The acquired stores are included in the Corporate-owned stores segment.
The allocation of the purchase consideration was as follows:
Amount
Property and equipment$3,851 
Right of use assets5,424 
Other long-term assets95 
Intangible assets6,880 
Goodwill14,812 
Deferred revenue(687)
Other current liabilities(17)
Lease liabilities(4,204)
Total
$26,154 
The goodwill created through the purchase is attributable to the assumed future value of the cash flows from the stores acquired. The goodwill is amortizable and deductible for tax purposes over 15 years.
The following table sets forth the components of identifiable intangible assets acquired in the Florida Acquisition and their estimated useful lives in years as of the date of the acquisition:
Fair valueUseful life
Reacquired franchise rights (1)
$6,650 6.8
Customer relationships (2)
230 6.0
Total intangible assets subject to amortization$6,880 
(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.
The acquisition did not have a material effect on the results of operations of the Company.
v3.24.1.u1
Goodwill and intangible assets
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and intangible assets Goodwill and intangible assets
Goodwill and related changes in its carrying amount were as follows:
Amount
Goodwill at December 31, 2023
$717,502 
Acquisition1,572 
Goodwill at March 31, 2024
$719,074 
The Company completed an immaterial acquisition of an operating entity in Spain during the first quarter of fiscal 2024, which resulted in the addition of $1,572 in the carrying value of goodwill. The Company intends to open corporate-owned stores through this entity.
A summary of intangible assets is as follows:
March 31, 2024December 31, 2023
Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount		Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount
Finite-lived intangible assets:
Customer relationships$199,043 $(173,087)$25,956 $199,043 $(169,155)$29,888 
Reacquired franchise rights274,708 (87,514)187,194 274,708 (78,689)196,019 
Total finite-lived intangible assets473,751 (260,601)213,150 473,751 (247,844)225,907 
Indefinite-lived intangible assets:
Trade and brand names146,600 — 146,600 146,600 — 146,600 
Total intangible assets$620,351 $(260,601)$359,750 $620,351 $(247,844)$372,507 
The Company determined that no impairment charges were required during any periods presented.
Amortization expense related to the finite-lived intangible assets totaled $12,768 and $12,587 for the three months ended March 31, 2024 and 2023, respectively. The anticipated amortization expense related to intangible assets to be recognized in future periods as of March 31, 2024 is as follows:
 Amount
Remainder of 2024$36,433 
202536,713 
202632,079 
202727,956 
202827,300 
Thereafter52,669 
Total$213,150 
v3.24.1.u1
Long-term debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Long-term debt Long-term debt
Long-term debt consists of the following: 
 March 31, 2024December 31, 2023
2018-1 Class A-2-II notes$590,625 $592,187 
2019-1 Class A-2 notes526,625 528,000 
2022-1 Class A-2-I notes416,500 417,563 
2022-1 Class A-2-II notes465,500 466,688 
Total debt, excluding deferred financing costs1,999,250 2,004,438 
Deferred financing costs, net of accumulated amortization(19,468)(20,814)
Total debt, net1,979,782 1,983,624 
Current portion of long-term debt20,750 20,750 
Long-term debt, net of current portion$1,959,032 $1,962,874 
Future principal payments of long-term debt as of March 31, 2024 are as follows: 
 Amount
Remainder of 2024$15,562 
2025600,438 
2026419,313 
202710,250 
202810,250 
Thereafter943,437 
Total$1,999,250 
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 certain letters of credit (the “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 2018 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” and, together with the 2018 Notes, the “Notes”) with an initial principal amount of $550,000. The 2019 Notes were issued under the 2018 Indenture and a related supplemental indenture dated December 3, 2019 (together, the “2019 Indenture”). On February 10, 2022, the Company completed a prepayment in full of its 2018 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”.
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.
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 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, if any, 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.
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 March 31, 2024, the Company had restricted cash held by the Trustee of $46,190.
v3.24.1.u1
Leases
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Leases Leases
The right-of-use assets and lease liabilities for operating and finance leases, including their classification in the condensed consolidated balance sheets, were as follows:
LeasesBalance Sheet ClassificationMarch 31, 2024December 31, 2023
Assets
OperatingRight of use asset, net$385,796 $381,010 
FinanceProperty and equipment, net 144 179 
Total lease assets$385,940 $381,189 
Liabilities
Current:
OperatingOther current liabilities$31,895 $33,849 
FinanceOther current liabilities109 125 
Noncurrent:
OperatingLease liabilities, net of current portion390,399 381,589 
FinanceOther liabilities42 63 
Total lease liabilities$422,445 $415,626 
Weighted-average remaining lease term - operating leases8.0 years8.0 years
Weighted-average discount rate - operating leases5.5%5.4%
The components of lease cost were as follows:
Three Months Ended March 31,
20242023
Operating lease cost$17,475 $14,904 
Variable lease cost6,203 5,751 
Total lease cost$23,678 $20,655 
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 March 31,
20242023
Cash paid for lease liabilities$15,303 $13,302 
Operating lease ROU assets obtained in exchange for operating lease liabilities
$16,064 $4,661 
Maturities of lease liabilities as of March 31, 2024 were as follows:
Amount
Remainder of 2024$34,723 
202572,448 
202673,431 
202771,432 
202866,344 
Thereafter212,861 
Total lease payments$531,239 
Less: imputed interest(108,794)
Present value of lease liabilities$422,445 
As of March 31, 2024, future operating lease payments exclude approximately $32,239 of legally binding minimum lease payments for leases signed but not yet commenced.
Leases Leases
The right-of-use assets and lease liabilities for operating and finance leases, including their classification in the condensed consolidated balance sheets, were as follows:
LeasesBalance Sheet ClassificationMarch 31, 2024December 31, 2023
Assets
OperatingRight of use asset, net$385,796 $381,010 
FinanceProperty and equipment, net 144 179 
Total lease assets$385,940 $381,189 
Liabilities
Current:
OperatingOther current liabilities$31,895 $33,849 
FinanceOther current liabilities109 125 
Noncurrent:
OperatingLease liabilities, net of current portion390,399 381,589 
FinanceOther liabilities42 63 
Total lease liabilities$422,445 $415,626 
Weighted-average remaining lease term - operating leases8.0 years8.0 years
Weighted-average discount rate - operating leases5.5%5.4%
The components of lease cost were as follows:
Three Months Ended March 31,
20242023
Operating lease cost$17,475 $14,904 
Variable lease cost6,203 5,751 
Total lease cost$23,678 $20,655 
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 March 31,
20242023
Cash paid for lease liabilities$15,303 $13,302 
Operating lease ROU assets obtained in exchange for operating lease liabilities
$16,064 $4,661 
Maturities of lease liabilities as of March 31, 2024 were as follows:
Amount
Remainder of 2024$34,723 
202572,448 
202673,431 
202771,432 
202866,344 
Thereafter212,861 
Total lease payments$531,239 
Less: imputed interest(108,794)
Present value of lease liabilities$422,445 
As of March 31, 2024, future operating lease payments exclude approximately $32,239 of legally binding minimum lease payments for leases signed but not yet commenced.
v3.24.1.u1
Revenue from contract with customers
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from contract with customers Revenue from contracts with customers
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 collected 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 its equipment business. The Company classifies these contract liabilities as deferred revenue in its condensed consolidated balance sheets.
The following table reflects the change in contract liabilities between December 31, 2023 and March 31, 2024:
Amount
Balance at December 31, 2023
$91,638 
Revenue recognized that was included in the contract liability at the beginning of the year(34,438)
Increase, excluding amounts recognized as revenue during the period53,883 
Balance at March 31, 2024
$111,083 
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 March 31, 2024. 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 2024$72,982 
20257,970 
20263,630 
20273,325 
20283,071 
Thereafter20,105 
Total$111,083 
Equipment deposits received in advance of delivery as of March 31, 2024 were $7,594 and are expected to be recognized as revenue within the next 12 months.
v3.24.1.u1
Related party transactions
 3 Months Ended
Mar. 31, 2024
Related Party Transactions [Abstract]  
Related party transactions Related party transactions
Activity with franchisees considered to be related parties is summarized below:
 Three Months Ended March 31,
 20242023
Franchise revenue - interim CEO
$1,280 $1,006 
Franchise revenue - other
884 241 
Equipment revenue - interim CEO
1,012 5 
Equipment revenue - other
2,990 — 
Total revenue from related parties$6,166 $1,252 
The Company had $5,247 and $2,916 of accounts receivable attributable to a related party as of March 31, 2024 and December 31, 2023, respectively.
Additionally, the Company had deferred ADA and franchise agreement revenue from related parties of $695 and $719 as of March 31, 2024 and December 31, 2023, respectively, of which $140 and $142 is from a franchisee in which the Company’s interim CEO has a financial interest.
As of March 31, 2024 and December 31, 2023, the Company had $81,474 and $98,494, respectively, payable to related parties pursuant to tax benefit arrangements. See Note 12 for further discussion of these arrangements.
The Company provides administrative services to the NAF and typically charges the NAF a fee for providing these services. The services provided, which include accounting, information technology, data processing, product development, legal and administrative support, and other operating expenses, amounted to $1,461 and $917 for the three months ended March 31, 2024 and 2023, respectively.
The Company incurred approximately $181 for the three months ended March 31, 2023 for corporate travel to a third-party company which is affiliated with our former Chief Executive Officer, which is included within selling, general and administrative expense on the condensed consolidated statements of operations.
A member of the Company’s board of directors, who is also the Company’s interim Chief Executive Officer and a franchisee, holds an approximate 10.5% ownership of a company that sells amenity tracking compliance software to Planet Fitness stores to which the Company made payments of approximately $65 and $91 during the three months ended March 31, 2024 and 2023, respectively.
v3.24.1.u1
Stockholders' equity
 3 Months Ended
Mar. 31, 2024
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 three months ended March 31, 2024, certain existing holders of Holdings Units exercised their exchange rights and exchanged 326,073 Holdings Units for 326,073 newly-issued shares of Class A common stock. Simultaneously, and in connection with these exchanges, 326,073 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 326,073 Holdings Units, increasing its total ownership interest in Pla-Fit Holdings.
As a result of the above transactions, as of March 31, 2024:
•Holders of Class A common stock owned 86,831,728 shares of Class A common stock, representing 98.8% of the voting power in the Company and, through the Company, 86,831,728 Holdings Units representing 98.8% of the economic interest in Pla-Fit Holdings; and
•the Continuing LLC Owners collectively owned 1,071,094 Holdings Units, representing 1.2% of the economic interest in Pla-Fit Holdings, and 1,071,094 shares of Class B common stock, representing 1.2% of the voting power in the Company.
Share repurchase program
On November 4, 2022, the Company’s board of directors approved a share repurchase program of up to $500,000, which replaced the 2019 share repurchase program. During the three months ended March 31, 2024, the Company repurchased and retired 313,834 shares of Class A common stock for a total cost of $20,005. A share repurchase excise tax of $163 was also incurred. As of March 31, 2024, there is $354,965 remaining under the 2022 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. The 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.
Preferred stock
The Company had 50,000,000 shares of preferred stock authorized and none issued or outstanding as of March 31, 2024 and December 31, 2023.
v3.24.1.u1
Earnings per share
 3 Months Ended
Mar. 31, 2024
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. 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 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 of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock:
 Three Months Ended March 31,
 20242023
Numerator  
Net income$34,973 $24,769 
Less: net income attributable to non-controlling interests664 2,064 
Net income attributable to Planet Fitness, Inc.$34,309 $22,705 
Denominator
Weighted-average shares of Class A common stock outstanding - basic86,909,383 84,444,003 
Effect of dilutive securities:
Stock options223,244 271,680 
Restricted stock units63,276 63,358 
Performance stock units26,178 7,654 
Weighted-average shares of Class A common stock outstanding - diluted87,222,081 84,786,695 
Earnings per share of Class A common stock - basic$0.39 $0.27 
Earnings per share of Class A common stock - diluted$0.39 $0.27 
The number of weighted-average common stock equivalents excluded from the computation of diluted net income per share because either the effect would have been anti-dilutive, or the performance criteria related to the units had not yet been met, were as follows:
Three Months Ended March 31,
20242023
Class B common stock
1,176,568 5,007,448 
Stock options554 196,209 
Restricted stock units2 — 
Performance stock units— 53 
Total
1,177,124 5,203,710 
v3.24.1.u1
Income taxes
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
The Company is the sole managing member of Pla-Fit Holdings, which is treated as a partnership for U.S. federal and certain state and local income taxes. As a partnership, Pla-Fit Holdings is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by Pla-Fit Holdings is passed through to and included in the taxable income or loss of its members, including the Company, on a pro-rata basis.
Planet Fitness, Inc. is subject to U.S. federal income taxes, in addition to state and local income taxes with respect to the allocable share of any taxable income of Pla-Fit Holdings. The Company’s effective tax rate was 28.4% and 27.6% for the three months ended March 31, 2024 and 2023, respectively, which differed from the U.S. federal statutory rate of 21% primarily due to state and local taxes, partially offset by income attributable to non-controlling interests. The Company is also subject to taxes in foreign jurisdictions.
Net deferred tax assets of $498,173 and $502,544 as of March 31, 2024 and December 31, 2023, respectively, relate primarily to the tax effects of temporary differences in the book basis as compared to the tax basis of the investment in Pla-Fit Holdings as a result of the secondary offerings, other exchanges, recapitalization transactions and the IPO.
As of March 31, 2024 and December 31, 2023, the total liability related to uncertain tax positions was $242 and $273, 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 months ended March 31, 2024 and 2023 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, pursuant to which, the Company is required to make payments to certain holders of equity interests or their successors-in-interest (“TRA Holders”). Under the first of those arrangements, the Company generally is required to pay certain existing and previous equity owners of Pla-Fit Holdings, LLC 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 sales 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 85% of the amount of tax savings, if any, that the Company is deemed to realize as a result of the tax attributes of certain equity interests previously held by affiliates of TSG that resulted from TSG’s purchase of interests in Pla-Fit Holdings in 2012, and certain other tax benefits. Under both agreements, the Company generally retains the remaining 15% benefit of the applicable tax savings.
In connection with the exchanges that occurred during the three months ended March 31, 2024 and 2023, 326,073 and 1,900,309 Holding Units, respectively, were redeemed by the Continuing LLC Owners 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 the Company’s ownership percentage of Pla-Fit Holdings that occurred in conjunction with the exchanges and issuance of Holding Units, the Company recorded a decrease of $400 and $2,605 to net deferred tax assets, during the three months ended March 31, 2024 and 2023, respectively. As a result of these exchanges and other activity during the three months ended March 31, 2024 and 2023, the Company also recognized deferred tax assets in the amount of $7,519 and $50,823, respectively, and corresponding tax benefit arrangement liabilities of $2,694 and $2,315, respectively, representing approximately 85% of the tax benefits due to the TRA Holders for shares exchanged that were subject to tax benefit arrangements. The offset to the entries recorded in connection with exchanges was to additional paid in capital within stockholders’ deficit.
The Company had a liability of $497,994 and $495,662 as of March 31, 2024 and December 31, 2023, respectively, related to its projected obligations under the tax benefit arrangements.
Projected future payments under the tax benefit arrangements were as follows:
 Amount
Remainder of 2024$41,135 
202550,385 
202652,814 
202748,624 
202841,973 
Thereafter263,063 
Total$497,994 
v3.24.1.u1
Commitments and contingencies
 3 Months Ended
Mar. 31, 2024
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.
Mexico Acquisition
On March 19, 2020, a franchisee in Mexico exercised a put option that required the Company to acquire their franchisee-owned stores in Mexico. In February 2023, the Company and the franchisee agreed on a summary of terms for a settlement agreement and a release of all claims by all parties. In connection with the settlement agreement, the Company recorded an update to its estimated liability for the legal settlement of $3,300, inclusive of legal fees paid, within other losses, net on the condensed consolidated statement of operations during the three months ended March 31, 2023. On October 20, 2023, the Company finalized its settlement with the franchisee in Mexico for $31,619, which included the acquisition by the Company of five stores in Mexico and the settlement of all claims.
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.
v3.24.1.u1
Segments
 3 Months Ended
Mar. 31, 2024
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 interim 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. The Company records all revenues and expenses of the NAF within the franchise segment. The Corporate-owned stores segment includes operations with respect to all corporate-owned stores throughout the United States and Canada. The Equipment segment 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.
 Three Months Ended March 31,
 20242023
Revenue
Franchise segment revenue - U.S.$100,528 $90,288 
Franchise segment revenue - International3,492 2,394 
Franchise segment total104,020 92,682 
Corporate-owned stores segment - U.S.121,158 104,808 
Corporate-owned stores segment - International1,220 1,074 
Corporate-owned stores segment total122,378 105,882 
Equipment segment - U.S.16,417 23,105 
Equipment segment - International5,202 556 
Equipment segment total21,619 23,661 
Total revenue$248,017 $222,225 
Franchise revenue includes revenue generated from placement services of $1,837 and $1,613 for the three months ended March 31, 2024 and 2023, respectively.
 Three Months Ended March 31,
 20242023
Segment EBITDA
Franchise$76,311 $64,735 
Corporate-owned stores42,104 33,530 
Equipment4,760 5,571 
Corporate and other(1)
(18,526)(15,822)
Total Segment EBITDA$104,649 $88,014 
(1) Corporate and other primarily includes corporate overhead costs, such as payroll and related benefit costs and professional services which are not directly attributable to any individual segment.
The following table reconciles total Segment EBITDA to income before taxes:
 Three Months Ended March 31,
 20242023
Total Segment EBITDA$104,649 $88,014 
Less:
Depreciation and amortization39,380 36,010 
Other income647 113 
Losses from equity-method investments, net of tax(1,200)(265)
Income from operations65,822 52,156 
Interest income5,461 3,931 
Interest expense(21,433)(21,599)
Other income, net647 113 
Income before income taxes$50,497 $34,601 
The following table summarizes the Company’s assets by reportable segment: 
 March 31, 2024December 31, 2023
Franchise$185,046 $169,836 
Corporate-owned stores1,638,909 1,637,146 
Equipment164,917 176,249 
Unallocated1,003,906 986,462 
Total consolidated assets$2,992,778 $2,969,693 
The table above includes $5,956 and $3,609 of long-lived assets located in the Company’s international corporate-owned stores as of March 31, 2024 and December 31, 2023, respectively. All other assets are located in the U.S.
The following table summarizes the Company’s goodwill by reportable segment: 
 March 31, 2024December 31, 2023
Franchise$16,938 $16,938 
Corporate-owned stores609,470 607,898 
Equipment92,666 92,666 
Consolidated goodwill$719,074 $717,502 
v3.24.1.u1
Corporate-owned and franchisee-owned stores
 3 Months Ended
Mar. 31, 2024
Franchisors [Abstract]  
Corporate-owned and franchisee-owned stores Corporate-owned and franchisee-owned stores
The following table shows changes in corporate-owned and franchisee-owned stores:
 Three Months Ended March 31,
 20242023
Franchisee-owned stores:
Stores operated at beginning of period2,319 2,176 
New stores opened23 35 
Stores debranded, sold, closed or consolidated(1)
(1)— 
Stores operated at end of period
2,341 2,211 
Corporate-owned stores:
Stores operated at beginning of period256 234 
New stores opened2 1 
Stores operated at end of period
258 235 
Total stores:
Stores operated at beginning of period2,575 2,410 
New stores opened25 36 
Stores debranded, sold, closed or consolidated(1)
(1)— 
Stores operated at end of period
2,599 2,446 
(1) The term “debranded” 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. We retain 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.
v3.24.1.u1
Summary of significant accounting policies (Policies)
 3 Months Ended
Mar. 31, 2024
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 (“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 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 months ended March 31, 2024 and 2023 are unaudited. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the disclosures required by 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, 2023 filed with the SEC on February 29, 2024. 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 ending December 31, 2024.
Use of estimates Use of estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed 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 condensed consolidated financial statements include revenue recognition, valuation of equity-based compensation awards, valuation of assets and liabilities acquired in business combinations, the evaluation of the recoverability of goodwill and long-lived assets, including intangible assets, allowance for expected credit losses, the present value of lease liabilities, income taxes, including deferred tax assets and liabilities, and the liability for the Company’s tax benefit arrangements.
Fair Value Fair Value
ASC 820, Fair Value Measurements and Disclosures, establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:
Level 1—Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2—Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3—Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
Recent accounting pronouncements Recent accounting pronouncements
The FASB issued ASU No. 2023-05, Business Combinations-Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, in August 2023. The standard addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture's separate financial statements. The new standard is effective prospectively for all joint ventures with a formation date on or after January 1, 2025. The Company will apply the standard to any relevant transactions subsequent to the adoption date.
The FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures, in November 2023. The standard expands reportable segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The new standard is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of adoption on our financial disclosures.
The FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures, in December 2023. The standard requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions and applies to all entities subject to income taxes. The new standard is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of adoption on our financial disclosures.
Held-to-maturity debt security
As of March 31, 2024, the Company’s debt security investment consists of redeemable preferred shares that are accounted for as a held-to-maturity investment. The Company’s investment is 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, Financial Instruments – Credit Losses, on an ongoing basis.
During the three months ended March 31, 2024 and 2023, the Company’s review of the investment indicated that an adjustment to its allowance for expected credit losses was necessary. The Company utilized probability-of-default (“PD”) and loss-given-default (“LGD”) methodologies to calculate the allowance for expected credit losses. The Company derived its estimates 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.
v3.24.1.u1
Summary of significant accounting policies (Tables)
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Schedule of Carrying Value and Estimated Fair Value of Long-term Debt
The carrying value and estimated fair value of long-term debt were as follows:
March 31, 2024December 31, 2023
Carrying value
Estimated fair value(1)
Carrying value
Estimated fair value(1)
Long-term debt(1)
$1,999,250 $1,851,357 $2,004,438 $1,829,286 
(1) The estimated fair value of the Company’s fixed rate long-term debt is estimated primarily based on current bid prices for the long-term debt. Judgment is required to develop these estimates. As such, the fair value of long-term debt is classified within Level 2, as defined under GAAP.
v3.24.1.u1
Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost, Gross Unrealized Gains (Losses), and Fair Value of Cash Equivalents and Marketable Securities
The following tables summarize the amortized cost, net unrealized gains and losses, fair value, and the level in the fair value hierarchy of the Company’s available-for-sale investments in marketable securities. As of March 31, 2024, the marketable securities had maturity dates that range from less than 1 month to approximately 24 months. Realized gains and losses were insignificant for the three months ended March 31, 2024 and 2023.
Amortized CostUnrealized GainsUnrealized Losses
Fair Value(1)
Level 1Level 2
March 31, 2024
Cash equivalents
Money market funds$863 $— $— $863 $863 $— 
U.S. treasury securities10,922 — — 10,922 10,922 
Commercial paper10,460 — (8)10,452 — 10,452 
Total cash equivalents22,245 — (8)22,237 863 21,374 
Short-term marketable securities
Commercial paper44,100 — (29)44,071 — 44,071 
Corporate debt securities42,917 — (28)42,889 — 42,889 
U.S. government agency securities6,394 8 — 6,402 — 6,402 
Total short-term marketable securities93,411 8 (57)93,362 — 93,362 
Long-term marketable securities
Corporate debt securities41,659 10 — 41,669 — 41,669 
U.S. government agency securities3,500 — (4)3,496 — 3,496 
Total long-term marketable securities45,159 10 (4)45,165 — 45,165 
Total marketable securities$160,815 $18 $(69)$160,764 $863 $159,901 
Amortized CostUnrealized GainsUnrealized Losses
Fair Value(1)
Level 1Level 2
December 31, 2023
Cash equivalents
Money market funds$761 $— $— $761 $761 $— 
U.S. treasury securities2,997 1 — 2,998 — 2,998 
Total cash equivalents3,758 1 — 3,759 761 2,998 
Short-term marketable securities
Commercial paper37,063 24 — 37,087 — 37,087 
Corporate debt securities34,632 — (38)34,594 — 34,594 
U.S. government agency securities3,210 10 — 3,220 — 3,220 
Total short-term marketable securities74,905 34 (38)74,901 — 74,901 
Long-term marketable securities
Corporate debt securities47,388 328 — 47,716 — 47,716 
U.S. government agency securities3,151 19 — 3,170 — 3,170 
Total long-term marketable securities50,539 347 — 50,886 — 50,886 
Total marketable securities$129,202 $382 $(38)$129,546 $761 $128,785 
(1) Fair values were determined using market prices obtained from third-party pricing sources.
Rollforward of Allowance for Expected Credit Losses on Held-to-maturity Investments
A roll forward of the Company’s allowance for expected credit losses on its held-to-maturity investment is as follows:
Three Months Ended March 31,
20242023
Beginning allowance for expected credit losses$17,689 $14,957 
Loss on adjustment of allowance for expected credit losses475 255 
Write-offs, net of recoveries— — 
Ending allowance for expected credit losses$18,164 $15,212 
v3.24.1.u1
Acquisition (Tables)
 3 Months Ended
Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]  
Schedule of Purchase Consideration Allocation
The allocation of the purchase consideration was as follows:
Amount
Property and equipment$3,851 
Right of use assets5,424 
Other long-term assets95 
Intangible assets6,880 
Goodwill14,812 
Deferred revenue(687)
Other current liabilities(17)
Lease liabilities(4,204)
Total
$26,154 
Schedule of Components of Identifiable Intangible Assets Acquired
The following table sets forth the components of identifiable intangible assets acquired in the Florida Acquisition and their estimated useful lives in years as of the date of the acquisition:
Fair valueUseful life
Reacquired franchise rights (1)
$6,650 6.8
Customer relationships (2)
230 6.0
Total intangible assets subject to amortization$6,880 
(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.
v3.24.1.u1
Goodwill and intangible assets (Tables)
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Goodwill and Related Changes in Carrying Amount
Goodwill and related changes in its carrying amount were as follows:
Amount
Goodwill at December 31, 2023
$717,502 
Acquisition1,572 
Goodwill at March 31, 2024
$719,074 
The following table summarizes the Company’s goodwill by reportable segment: 
 March 31, 2024December 31, 2023
Franchise$16,938 $16,938 
Corporate-owned stores609,470 607,898 
Equipment92,666 92,666 
Consolidated goodwill$719,074 $717,502 
Schedule of Finite-Lived Intangible Assets,
A summary of intangible assets is as follows:
March 31, 2024December 31, 2023
Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount		Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount
Finite-lived intangible assets:
Customer relationships$199,043 $(173,087)$25,956 $199,043 $(169,155)$29,888 
Reacquired franchise rights274,708 (87,514)187,194 274,708 (78,689)196,019 
Total finite-lived intangible assets473,751 (260,601)213,150 473,751 (247,844)225,907 
Indefinite-lived intangible assets:
Trade and brand names146,600 — 146,600 146,600 — 146,600 
Total intangible assets$620,351 $(260,601)$359,750 $620,351 $(247,844)$372,507 
Schedule of Indefinite-Lived Intangible Assets
A summary of intangible assets is as follows:
March 31, 2024December 31, 2023
Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount		Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount
Finite-lived intangible assets:
Customer relationships$199,043 $(173,087)$25,956 $199,043 $(169,155)$29,888 
Reacquired franchise rights274,708 (87,514)187,194 274,708 (78,689)196,019 
Total finite-lived intangible assets473,751 (260,601)213,150 473,751 (247,844)225,907 
Indefinite-lived intangible assets:
Trade and brand names146,600 — 146,600 146,600 — 146,600 
Total intangible assets$620,351 $(260,601)$359,750 $620,351 $(247,844)$372,507 
Summary of Amortization expenses The anticipated amortization expense related to intangible assets to be recognized in future periods as of March 31, 2024 is as follows:
 Amount
Remainder of 2024$36,433 
202536,713 
202632,079 
202727,956 
202827,300 
Thereafter52,669 
Total$213,150 
v3.24.1.u1
Long-term debt (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt consists of the following: 
 March 31, 2024December 31, 2023
2018-1 Class A-2-II notes$590,625 $592,187 
2019-1 Class A-2 notes526,625 528,000 
2022-1 Class A-2-I notes416,500 417,563 
2022-1 Class A-2-II notes465,500 466,688 
Total debt, excluding deferred financing costs1,999,250 2,004,438 
Deferred financing costs, net of accumulated amortization(19,468)(20,814)
Total debt, net1,979,782 1,983,624 
Current portion of long-term debt20,750 20,750 
Long-term debt, net of current portion$1,959,032 $1,962,874 
Schedule of Future Annual Payments of Long-term Debt
Future principal payments of long-term debt as of March 31, 2024 are as follows: 
 Amount
Remainder of 2024$15,562 
2025600,438 
2026419,313 
202710,250 
202810,250 
Thereafter943,437 
Total$1,999,250 
v3.24.1.u1
Leases (Tables)
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Schedule of Balance Sheet Classification of Lease Assets and Liabilities
The right-of-use assets and lease liabilities for operating and finance leases, including their classification in the condensed consolidated balance sheets, were as follows:
LeasesBalance Sheet ClassificationMarch 31, 2024December 31, 2023
Assets
OperatingRight of use asset, net$385,796 $381,010 
FinanceProperty and equipment, net 144 179 
Total lease assets$385,940 $381,189 
Liabilities
Current:
OperatingOther current liabilities$31,895 $33,849 
FinanceOther current liabilities109 125 
Noncurrent:
OperatingLease liabilities, net of current portion390,399 381,589 
FinanceOther liabilities42 63 
Total lease liabilities$422,445 $415,626 
Weighted-average remaining lease term - operating leases8.0 years8.0 years
Weighted-average discount rate - operating leases5.5%5.4%
Schedule of Components of Lease Cost
The components of lease cost were as follows:
Three Months Ended March 31,
20242023
Operating lease cost$17,475 $14,904 
Variable lease cost6,203 5,751 
Total lease cost$23,678 $20,655 
Supplemental disclosures of cash flow information related to leases were as follows:
Three Months Ended March 31,
20242023
Cash paid for lease liabilities$15,303 $13,302 
Operating lease ROU assets obtained in exchange for operating lease liabilities
$16,064 $4,661 
Schedule of Maturities of Lease Liabilities
Maturities of lease liabilities as of March 31, 2024 were as follows:
Amount
Remainder of 2024$34,723 
202572,448 
202673,431 
202771,432 
202866,344 
Thereafter212,861 
Total lease payments$531,239 
Less: imputed interest(108,794)
Present value of lease liabilities$422,445 
Schedule of Maturities of Lease Liabilities
Maturities of lease liabilities as of March 31, 2024 were as follows:
Amount
Remainder of 2024$34,723 
202572,448 
202673,431 
202771,432 
202866,344 
Thereafter212,861 
Total lease payments$531,239 
Less: imputed interest(108,794)
Present value of lease liabilities$422,445 
v3.24.1.u1
Revenue from contract with customers (Tables)
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Contract Liabilities
The following table reflects the change in contract liabilities between December 31, 2023 and March 31, 2024:
Amount
Balance at December 31, 2023
$91,638 
Revenue recognized that was included in the contract liability at the beginning of the year(34,438)
Increase, excluding amounts recognized as revenue during the period53,883 
Balance at March 31, 2024
$111,083 
Schedule of Remaining Performance Obligations
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 March 31, 2024. 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 2024$72,982 
20257,970 
20263,630 
20273,325 
20283,071 
Thereafter20,105 
Total$111,083 
v3.24.1.u1
Related party transactions (Tables)
 3 Months Ended
Mar. 31, 2024
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
Activity with franchisees considered to be related parties is summarized below:
 Three Months Ended March 31,
 20242023
Franchise revenue - interim CEO
$1,280 $1,006 
Franchise revenue - other
884 241 
Equipment revenue - interim CEO
1,012 5 
Equipment revenue - other
2,990 — 
Total revenue from related parties$6,166 $1,252 
v3.24.1.u1
Earnings per share (Tables)
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Reconciliation of Numerators and Denominators Used to Compute Basic and Diluted Earnings per Share
The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock:
 Three Months Ended March 31,
 20242023
Numerator  
Net income$34,973 $24,769 
Less: net income attributable to non-controlling interests664 2,064 
Net income attributable to Planet Fitness, Inc.$34,309 $22,705 
Denominator
Weighted-average shares of Class A common stock outstanding - basic86,909,383 84,444,003 
Effect of dilutive securities:
Stock options223,244 271,680 
Restricted stock units63,276 63,358 
Performance stock units26,178 7,654 
Weighted-average shares of Class A common stock outstanding - diluted87,222,081 84,786,695 
Earnings per share of Class A common stock - basic$0.39 $0.27 
Earnings per share of Class A common stock - diluted$0.39 $0.27 
Schedule Of Common Stock Equivalents Excluded From The Computation Of Diluted Net Income Per Share
The number of weighted-average common stock equivalents excluded from the computation of diluted net income per share because either the effect would have been anti-dilutive, or the performance criteria related to the units had not yet been met, were as follows:
Three Months Ended March 31,
20242023
Class B common stock
1,176,568 5,007,448 
Stock options554 196,209 
Restricted stock units2 — 
Performance stock units— 53 
Total
1,177,124 5,203,710 
v3.24.1.u1
Income taxes (Tables)
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Future Payments Under Tax Benefit Arrangements
Projected future payments under the tax benefit arrangements were as follows:
 Amount
Remainder of 2024$41,135 
202550,385 
202652,814 
202748,624 
202841,973 
Thereafter263,063 
Total$497,994 
v3.24.1.u1
Segments (Tables)
 3 Months Ended
Mar. 31, 2024
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.
 Three Months Ended March 31,
 20242023
Revenue
Franchise segment revenue - U.S.$100,528 $90,288 
Franchise segment revenue - International3,492 2,394 
Franchise segment total104,020 92,682 
Corporate-owned stores segment - U.S.121,158 104,808 
Corporate-owned stores segment - International1,220 1,074 
Corporate-owned stores segment total122,378 105,882 
Equipment segment - U.S.16,417 23,105 
Equipment segment - International5,202 556 
Equipment segment total21,619 23,661 
Total revenue$248,017 $222,225 
 Three Months Ended March 31,
 20242023
Segment EBITDA
Franchise$76,311 $64,735 
Corporate-owned stores42,104 33,530 
Equipment4,760 5,571 
Corporate and other(1)
(18,526)(15,822)
Total Segment EBITDA$104,649 $88,014 
(1) Corporate and other primarily includes corporate overhead costs, such as payroll and related benefit costs and professional services which are not directly attributable to any individual segment.
Reconciliation of Total Segment EBITDA to Income Before Taxes
The following table reconciles total Segment EBITDA to income before taxes:
 Three Months Ended March 31,
 20242023
Total Segment EBITDA$104,649 $88,014 
Less:
Depreciation and amortization39,380 36,010 
Other income647 113 
Losses from equity-method investments, net of tax(1,200)(265)
Income from operations65,822 52,156 
Interest income5,461 3,931 
Interest expense(21,433)(21,599)
Other income, net647 113 
Income before income taxes$50,497 $34,601 
Summary of Company's Assets by Reportable Segment
The following table summarizes the Company’s assets by reportable segment: 
 March 31, 2024December 31, 2023
Franchise$185,046 $169,836 
Corporate-owned stores1,638,909 1,637,146 
Equipment164,917 176,249 
Unallocated1,003,906 986,462 
Total consolidated assets$2,992,778 $2,969,693 
Summary of Company's Goodwill by Reportable Segment
Goodwill and related changes in its carrying amount were as follows:
Amount
Goodwill at December 31, 2023
$717,502 
Acquisition1,572 
Goodwill at March 31, 2024
$719,074 
The following table summarizes the Company’s goodwill by reportable segment: 
 March 31, 2024December 31, 2023
Franchise$16,938 $16,938 
Corporate-owned stores609,470 607,898 
Equipment92,666 92,666 
Consolidated goodwill$719,074 $717,502 
v3.24.1.u1
Corporate-owned and franchisee-owned stores (Tables)
 3 Months Ended
Mar. 31, 2024
Franchisors [Abstract]  
Schedule of Changes in Corporate-Owned and Franchisee-Owned Stores
The following table shows changes in corporate-owned and franchisee-owned stores:
 Three Months Ended March 31,
 20242023
Franchisee-owned stores:
Stores operated at beginning of period2,319 2,176 
New stores opened23 35 
Stores debranded, sold, closed or consolidated(1)
(1)— 
Stores operated at end of period
2,341 2,211 
Corporate-owned stores:
Stores operated at beginning of period256 234 
New stores opened2 1 
Stores operated at end of period
258 235 
Total stores:
Stores operated at beginning of period2,575 2,410 
New stores opened25 36 
Stores debranded, sold, closed or consolidated(1)
(1)— 
Stores operated at end of period
2,599 2,446 
(1) The term “debranded” 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. We retain 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.
v3.24.1.u1
Business organization (Details)
member in Millions
 3 Months Ended
Mar. 31, 2024
store
segment
member
state
Dec. 31, 2023
store
Mar. 31, 2023
store
Dec. 31, 2022
store
Aug. 05, 2015
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]          
Number of members | member 19.6        
Number of owned and franchised locations | store 2,599 2,575 2,446 2,410  
Number of states in which entity operates | state 50        
Number of reportable segments | segment 3        
Pla-Fit Holdings, LLC          
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]          
Percentage of voting power (in percentage) 100.00%       100.00%
Percentage of ownership (in percentage) 98.80%        
Economic interest 1.20%        
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%
v3.24.1.u1
Summary of significant accounting policies - Schedule of Carrying Value and Estimated Fair Value of Long-term Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Carrying value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt $ 1,999,250 $ 2,004,438
Estimated fair value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt $ 1,851,357 $ 1,829,286
v3.24.1.u1
Investments - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]        
Credit loss on held-to-maturity investment $ 475 $ 255    
Amortized cost of held-to-maturity debt security investments 30,871   $ 30,343  
Allowance for expected credit loss 18,164 15,212 $ 17,689 $ 14,957
Dividends accrued on held-to-maturity investment 528 483    
Losses from equity-method investments, net of tax 1,200 265    
Basis difference amortization $ 12,768 12,587    
Minimum        
Schedule of Equity Method Investments [Line Items]        
Maturity dates 1 month   1 month  
Maximum        
Schedule of Equity Method Investments [Line Items]        
Maturity dates 24 months   24 months  
Bravo Fit Holdings Pty Ltd        
Schedule of Equity Method Investments [Line Items]        
Total investment $ 12,912   $ 13,220  
Ownership percentage 21.80%   21.80%  
Underlying equity in net assets $ 6,326   $ 6,812  
Losses from equity-method investments, net of tax 308 265    
Basis difference amortization $ 66 $ 65    
Useful life 9 years      
Planet Fitmex, LLC        
Schedule of Equity Method Investments [Line Items]        
Total investment $ 50,741   $ 51,633  
Ownership percentage 33.20%   33.20%  
Underlying equity in net assets $ 16,390   $ 17,458  
Losses from equity-method investments, net of tax 892      
Basis difference amortization $ 163      
Useful life 9 years      
v3.24.1.u1
Investments - Amortized Cost, Gross Unrealized Gains (Losses), and Fair Value of Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]    
Amortized Cost $ 160,815 $ 129,202
Unrealized Gains 18 382
Unrealized Losses (69) (38)
Fair Value 160,764 129,546
Cash equivalents    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 22,245 3,758
Unrealized Gains 0 1
Unrealized Losses (8) 0
Fair Value 22,237 3,759
Short-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 93,411 74,905
Unrealized Gains 8 34
Unrealized Losses (57) (38)
Fair Value 93,362 74,901
Long-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 45,159 50,539
Unrealized Gains 10 347
Unrealized Losses (4) 0
Fair Value 45,165 50,886
Level 1    
Schedule of Equity Method Investments [Line Items]    
Fair Value 863 761
Level 1 | Cash equivalents    
Schedule of Equity Method Investments [Line Items]    
Fair Value 863 761
Level 1 | Short-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Level 1 | Long-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Level 2    
Schedule of Equity Method Investments [Line Items]    
Fair Value 159,901 128,785
Level 2 | Cash equivalents    
Schedule of Equity Method Investments [Line Items]    
Fair Value 21,374 2,998
Level 2 | Short-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Fair Value 93,362 74,901
Level 2 | Long-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Fair Value 45,165 50,886
Money market funds | Cash equivalents    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 863 761
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 863 761
Money market funds | Level 1 | Cash equivalents    
Schedule of Equity Method Investments [Line Items]    
Fair Value 863 761
Money market funds | Level 2 | Cash equivalents    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
U.S. treasury securities | Cash equivalents    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 10,922 2,997
Unrealized Gains 0 1
Unrealized Losses 0 0
Fair Value 10,922 2,998
U.S. treasury securities | Level 1 | Cash equivalents    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0
U.S. treasury securities | Level 2 | Cash equivalents    
Schedule of Equity Method Investments [Line Items]    
Fair Value 10,922 2,998
Commercial paper | Cash equivalents    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 10,460  
Unrealized Gains 0  
Unrealized Losses (8)  
Fair Value 10,452  
Commercial paper | Short-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 44,100 37,063
Unrealized Gains 0 24
Unrealized Losses (29) 0
Fair Value 44,071 37,087
Commercial paper | Level 1 | Cash equivalents    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0  
Commercial paper | Level 1 | Short-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Commercial paper | Level 2 | Cash equivalents    
Schedule of Equity Method Investments [Line Items]    
Fair Value 10,452  
Commercial paper | Level 2 | Short-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Fair Value 44,071 37,087
Corporate debt securities | Short-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 42,917 34,632
Unrealized Gains 0 0
Unrealized Losses (28) (38)
Fair Value 42,889 34,594
Corporate debt securities | Long-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 41,659 47,388
Unrealized Gains 10 328
Unrealized Losses 0 0
Fair Value 41,669 47,716
Corporate debt securities | Level 1 | Short-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Corporate debt securities | Level 1 | Long-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
Corporate debt securities | Level 2 | Short-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Fair Value 42,889 34,594
Corporate debt securities | Level 2 | Long-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Fair Value 41,669 47,716
U.S. government agency securities | Short-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 6,394 3,210
Unrealized Gains 8 10
Unrealized Losses 0 0
Fair Value 6,402 3,220
U.S. government agency securities | Long-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 3,500 3,151
Unrealized Gains 0 19
Unrealized Losses (4) 0
Fair Value 3,496 3,170
U.S. government agency securities | Level 1 | Short-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
U.S. government agency securities | Level 1 | Long-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Fair Value 0 0
U.S. government agency securities | Level 2 | Short-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Fair Value 6,402 3,220
U.S. government agency securities | Level 2 | Long-term marketable securities    
Schedule of Equity Method Investments [Line Items]    
Fair Value $ 3,496 $ 3,170
v3.24.1.u1
Investments - Rollforward of Allowance for Expected Credit Losses on Held-to-maturity Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]    
Beginning allowance for expected credit losses $ 17,689 $ 14,957
Loss on adjustment of allowance for expected credit losses 475 255
Write-offs, net of recoveries 0 0
Ending allowance for expected credit losses $ 18,164 $ 15,212
v3.24.1.u1
Acquisition - Narrative (Details)
$ in Thousands
Apr. 16, 2023
USD ($)
store
Mar. 31, 2024
store
Dec. 31, 2023
store
Mar. 31, 2023
store
Dec. 31, 2022
store
Business Acquisition [Line Items]          
Number of owned and franchised locations | store   2,599 2,575 2,446 2,410
Franchisee-owned stores:          
Business Acquisition [Line Items]          
Number of owned and franchised locations | store   2,341 2,319 2,211 2,176
Florida Acquisition          
Business Acquisition [Line Items]          
Aggregate consideration | $ $ 26,264        
Loss on unfavorable reacquired franchise rights | $ 110        
Net purchase price | $ $ 26,154        
Florida Acquisition | Franchisee-owned stores:          
Business Acquisition [Line Items]          
Number of owned and franchised locations | store 4        
v3.24.1.u1
Acquisition - Schedule of Purchase Consideration (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Apr. 16, 2023
Business Acquisition [Line Items]      
Goodwill $ 719,074 $ 717,502  
Florida Acquisition      
Business Acquisition [Line Items]      
Property and equipment     $ 3,851
Right of use assets     5,424
Other long-term assets     95
Intangible assets     6,880
Goodwill     14,812
Deferred revenue     (687)
Other current liabilities     (17)
Lease liabilities     (4,204)
Total     $ 26,154
v3.24.1.u1
Acquisition - Components of Identifiable Intangible Assets Acquired (Details) - Florida Acquisition
$ in Thousands
Apr. 16, 2023
USD ($)
Business Acquisition [Line Items]  
Fair value $ 6,880
Reacquired franchise rights  
Business Acquisition [Line Items]  
Fair value $ 6,650
Useful life 6 years 9 months 18 days
Customer relationships  
Business Acquisition [Line Items]  
Fair value $ 230
Useful life 6 years
v3.24.1.u1
Goodwill and intangible assets - Goodwill Rollforward (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 717,502
Acquisition 1,572
Ending balance $ 719,074
v3.24.1.u1
Goodwill and intangible assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Finite-lived intangible assets:    
Gross carrying amount $ 473,751 $ 473,751
Accumulated amortization (260,601) (247,844)
Total 213,150 225,907
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Total intangible assets 620,351 620,351
Accumulated amortization (260,601) (247,844)
Net carrying Amount 359,750 372,507
Trade and brand names    
Indefinite-lived intangible assets:    
Indefinite-lived intangible assets 146,600 146,600
Customer relationships    
Finite-lived intangible assets:    
Gross carrying amount 199,043 199,043
Accumulated amortization (173,087) (169,155)
Total 25,956 29,888
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated amortization (173,087) (169,155)
Reacquired franchise rights    
Finite-lived intangible assets:    
Gross carrying amount 274,708 274,708
Accumulated amortization (87,514) (78,689)
Total 187,194 196,019
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated amortization $ (87,514) $ (78,689)
v3.24.1.u1
Goodwill and intangible assets - Additional Information (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Acquisition $ 1,572,000    
Impairment charges 0   $ 0
Amortization of intangible assets $ 12,768,000 $ 12,587,000  
v3.24.1.u1
Goodwill and intangible assets - Summary of Amortization expenses (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
Remainder of 2024 $ 36,433  
2025 36,713  
2026 32,079  
2027 27,956  
2028 27,300  
Thereafter 52,669  
Total $ 213,150 $ 225,907
v3.24.1.u1
Long-term debt - Schedule of Long-Term Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs $ 1,999,250 $ 2,004,438
Deferred financing costs, net of accumulated amortization (19,468) (20,814)
Total debt, net 1,979,782 1,983,624
Current portion of long-term debt 20,750 20,750
Long-term debt, net of current portion 1,959,032 1,962,874
2018-1 Class A-2-II notes | Senior Notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 590,625 592,187
2019-1 Class A-2 notes | Senior Notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 526,625 528,000
2022-1 Class A-2-I notes | Senior Notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 416,500 417,563
2022-1 Class A-2-II notes | Senior Notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs $ 465,500 $ 466,688
v3.24.1.u1
Long-term debt - Schedule of Future Annual Payments of Long-term Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
Remainder of 2024 $ 15,562  
2025 600,438  
2026 419,313  
2027 10,250  
2028 10,250  
Thereafter 943,437  
Total $ 1,999,250 $ 2,004,438
v3.24.1.u1
Long-term debt - Additional Information (Details)
Feb. 10, 2022
USD ($)
extension
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 03, 2019
USD ($)
Aug. 01, 2018
USD ($)
Debt Instrument [Line Items]          
Debt issuance costs $ 16,193,000     $ 10,577,000 $ 27,133,000
Restricted cash   $ 46,190,000 $ 46,279,000    
2018-1 Class A-2-I | Senior Notes          
Debt Instrument [Line Items]          
Interest rate         4.262%
Principal amount         $ 575,000,000
2018-1 Class A-2-II notes | Senior Notes          
Debt Instrument [Line Items]          
Interest rate         4.666%
Principal amount         $ 625,000,000
Variable Funding Note Facility | Revolving Credit Facility          
Debt Instrument [Line Items]          
Maximum borrowing capacity         $ 75,000,000
2019-1 Class A-2 notes | Senior Notes          
Debt Instrument [Line Items]          
Interest rate       3.858%  
Principal amount       $ 550,000,000  
3.251% Fixed Rate Class A-2-I Senior Secured Notes | Senior Notes          
Debt Instrument [Line Items]          
Interest rate 3.251%        
Principal amount $ 425,000        
4.008% Fixed Rate Class A-2-II Senior Secured Notes | Senior Notes          
Debt Instrument [Line Items]          
Interest rate 4.008%        
Principal amount $ 475,000        
2022 Variable Funding Notes | Revolving Credit Facility          
Debt Instrument [Line Items]          
Maximum borrowing capacity $ 75,000        
Commitment fee percentage 0.50%        
Number of additional extensions | extension 2        
Term of extension (in years) 1 year        
Interest rate during period 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      
v3.24.1.u1
Leases - Balance Sheet Classification of Lease Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Assets    
Operating $ 385,796 $ 381,010
Finance 144 179
Total lease assets 385,940 381,189
Liabilities    
Current operating lease liabilities 31,895 33,849
Current finance lease liabilities 109 125
Noncurrent operating lease liabilities 390,399 381,589
Noncurrent finance lease liabilities 42 63
Total lease liabilities $ 422,445 $ 415,626
Weighted-average remaining lease term - operating leases 8 years 8 years
Weighted-average discount rate - operating leases 5.50% 5.40%
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Property and equipment, net of accumulated depreciation of $349,068 and $322,958, as of March 31, 2024 and December 31, 2023, respectively Property and equipment, net of accumulated depreciation of $349,068 and $322,958, as of March 31, 2024 and December 31, 2023, respectively
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other current liabilities Other current liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
v3.24.1.u1
Leases - Components of Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Leases [Abstract]    
Operating lease cost $ 17,475 $ 14,904
Variable lease cost 6,203 5,751
Total lease cost $ 23,678 $ 20,655
v3.24.1.u1
Leases - Supplemental Disclosures of Cash Flow Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Leases [Abstract]    
Cash paid for lease liabilities $ 15,303 $ 13,302
Operating lease ROU assets obtained in exchange for operating lease liabilities $ 16,064 $ 4,661
v3.24.1.u1
Leases - Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Remainder of 2024 $ 34,723  
2025 72,448  
2026 73,431  
2027 71,432  
2028 66,344  
Thereafter 212,861  
Total lease payments 531,239  
Less: imputed interest (108,794)  
Present value of lease liabilities $ 422,445 $ 415,626
v3.24.1.u1
Leases - Additional Information (Details)
$ in Thousands
Mar. 31, 2024
USD ($)
Leases [Abstract]  
Lease payments for leases signed but not yet commenced $ 32,239
v3.24.1.u1
Revenue from contract with customers - Schedule of Contract Liabilities (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
Amount  
Beginning Balance $ 91,638
Revenue recognized that was included in the contract liability at the beginning of the year (34,438)
Increase, excluding amounts recognized as revenue during the period 53,883
Ending Balance $ 111,083
v3.24.1.u1
Revenue from contract with customers - Remaining Performance Obligations (Details)
$ in Thousands
Mar. 31, 2024
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 111,083
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 72,982
Remaining performance obligation, expected timing of satisfaction 9 months
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 $ 7,970
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 $ 3,630
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 $ 3,325
Remaining performance obligation, expected timing of satisfaction 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 3,071
Remaining performance obligation, expected timing of satisfaction 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 20,105
Remaining performance obligation, expected timing of satisfaction
v3.24.1.u1
Revenue from contract with customers - Narrative (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
Revenue from Contract with Customer [Abstract]  
Equipment deposits $ 7,594
Deferred revenue expected recognition period (in months) 12 months
v3.24.1.u1
Related party transactions - Schedule of Related Party Transactions (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Related Party Transaction [Line Items]    
Total revenue from related parties $ 248,017 $ 222,225
Related party    
Related Party Transaction [Line Items]    
Total revenue from related parties 6,166 1,252
Related party | Franchise revenue    
Related Party Transaction [Line Items]    
Total revenue from related parties 884 241
Related party | Franchise revenue | CEO    
Related Party Transaction [Line Items]    
Total revenue from related parties 1,280 1,006
Related party | Equipment revenue    
Related Party Transaction [Line Items]    
Total revenue from related parties 2,990 0
Related party | Equipment revenue | CEO    
Related Party Transaction [Line Items]    
Total revenue from related parties $ 1,012 $ 5
v3.24.1.u1
Related party transactions - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Related Party Transaction [Line Items]      
Accounts receivable $ 23,837   $ 41,890
Deferred revenue 111,083   91,638
Accounts payable 20,560   23,788
Total revenue 248,017 $ 222,225  
Selling, general and administrative 29,193 27,767  
Equipment      
Related Party Transaction [Line Items]      
Total revenue 21,619 23,661  
Related party      
Related Party Transaction [Line Items]      
Total revenue 6,166 1,252  
Related party | Administrative Service      
Related Party Transaction [Line Items]      
Total revenue 1,461 917  
Related party | Equipment      
Related Party Transaction [Line Items]      
Accounts receivable 5,247   2,916
Total revenue 2,990 0  
Related party | Equipment | Director and Interim CEO      
Related Party Transaction [Line Items]      
Total revenue 1,012 5  
Related party | Deferred ADA and franchise agreement revenue      
Related Party Transaction [Line Items]      
Deferred revenue 695   719
Related party | Deferred ADA and franchise agreement revenue | Director and Interim CEO      
Related Party Transaction [Line Items]      
Deferred revenue 140   142
Related party | Tax benefit arrangements      
Related Party Transaction [Line Items]      
Accounts payable 81,474   $ 98,494
Related party | Amenity tracking compliance software | Director and Interim CEO      
Related Party Transaction [Line Items]      
Purchases from related party $ 65 91  
Related party | Amenity tracking compliance software | Director and Interim CEO | Amenity Tracking Compliance Software Company      
Related Party Transaction [Line Items]      
Ownership percentage 10.50%    
Affiliated entity | Corporate travel      
Related Party Transaction [Line Items]      
Selling, general and administrative   $ 181  
v3.24.1.u1
Stockholders' equity (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Nov. 04, 2022
Class of Stock [Line Items]          
Repurchase and retirement of common stock $ 20,169,000 $ 25,005,000      
Share repurchase excise tax $ 163,000        
Preferred stock, shares authorized (in shares) 50,000,000   50,000,000    
Preferred stock, shares issued (in shares) 0   0    
Preferred stock, shares outstanding (in shares) 0   0    
2022 share repurchase program          
Class of Stock [Line Items]          
Stock repurchase program, authorized amount         $ 500,000,000
Remaining authorized amount $ 354,965,000        
Pla-Fit Holdings, LLC          
Class of Stock [Line Items]          
Stock received during period (in shares) 326,073        
Economic interest 1.20%        
Investor | Pla-Fit Holdings, LLC | Secondary Offering and Exchange          
Class of Stock [Line Items]          
Percentage of economic interest 98.80%        
Continuing LLC Owners | Secondary Offering and Exchange          
Class of Stock [Line Items]          
Number of units held by owners (in shares) 1,071,094        
Continuing LLC Owners | Pla-Fit Holdings, LLC | Secondary Offering and Exchange          
Class of Stock [Line Items]          
Percentage of economic interest 1.20%        
Holdings Units          
Class of Stock [Line Items]          
Shares exchanged for Class A common stock (in shares) 1        
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) 326,073        
Common stock, shares outstanding (in shares) 1,071,000   1,397,000    
Class B common stock | Common stock          
Class of Stock [Line Items]          
Exchanges of Class A common stock, shares (in shares) (326,000) (1,901,000)      
Common stock, shares outstanding (in shares) 1,071,000 4,245,000 1,397,000 6,146,000  
Class B common stock | Continuing LLC Owners | Secondary Offering and Exchange          
Class of Stock [Line Items]          
Number of units held by owners (in shares) 1,071,094        
Class B common stock | Continuing LLC Owners | Pla-Fit Holdings, LLC | Secondary Offering and Exchange | Continuing LLC Owners          
Class of Stock [Line Items]          
Economic interest 1.20%        
Class A common stock          
Class of Stock [Line Items]          
Exchanges of Class A common stock, shares (in shares) 326,073        
Common stock, shares outstanding (in shares) 86,832,000   86,760,000    
Class A common stock | Common stock          
Class of Stock [Line Items]          
Exchanges of Class A common stock, shares (in shares) 326,000 1,901,000      
Repurchase and retirement of common stock (in shares) 314,000 318,000      
Common stock, shares outstanding (in shares) 86,832,000 85,230,000 86,760,000 83,430,000  
Class A common stock | 2022 share repurchase program          
Class of Stock [Line Items]          
Repurchase and retirement of common stock (in shares) 313,834        
Repurchase and retirement of common stock $ 20,005,000        
Class A common stock | Continuing LLC Owners          
Class of Stock [Line Items]          
Number of shares exchanged (in shares) 326,073 1,900,309      
Class A common stock | Investor | Common Stockholders | Common stock          
Class of Stock [Line Items]          
Common stock, shares outstanding (in shares) 86,831,728        
Class A common stock | Investor | Continuing LLC Owners          
Class of Stock [Line Items]          
Common stock, shares outstanding (in shares) 86,831,728        
Class A common stock | Investor | Planet Fitness, Inc. | Common Stockholders | Common stock          
Class of Stock [Line Items]          
Economic interest 98.80%        
v3.24.1.u1
Earnings per share - Additional Information (Details)
 3 Months Ended
Mar. 31, 2024
shares
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
v3.24.1.u1
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
Mar. 31, 2024
Mar. 31, 2023
Numerator    
Net income $ 34,973 $ 24,769
Less: net income attributable to non-controlling interests 664 2,064
Net income attributable to Planet Fitness, Inc. $ 34,309 $ 22,705
Stock options    
Effect of dilutive securities:    
Weighted-average shares outstanding adjustment (shares) 223,244 271,680
Restricted stock units    
Effect of dilutive securities:    
Weighted-average shares outstanding adjustment (shares) 63,276 63,358
Performance stock units    
Effect of dilutive securities:    
Weighted-average shares outstanding adjustment (shares) 26,178 7,654
Class A common stock    
Denominator    
Weighted-average shares of Class A common stock outstanding - basic (in shares) 86,909,383 84,444,003
Effect of dilutive securities:    
Weighted-average shares of Class A common stock outstanding - diluted (in shares) 87,222,081 84,786,695
Earnings per share of Class A common stock - basic (in usd per share) $ 0.39 $ 0.27
Earnings per share of Class A common stock - diluted (in usd per share) $ 0.39 $ 0.27
v3.24.1.u1
Earnings per share - Common Stock Equivalents Excluded from the Computation of Diluted Net Income Per Share (Details) - shares
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities number of weighted-average common stock equivalents excluded from the computation of diluted net income per share (in shares) 1,177,124 5,203,710
Class B common stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities number of weighted-average common stock equivalents excluded from the computation of diluted net income per share (in shares) 1,176,568 5,007,448
Stock options    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities number of weighted-average common stock equivalents excluded from the computation of diluted net income per share (in shares) 554 196,209
Restricted stock units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities number of weighted-average common stock equivalents excluded from the computation of diluted net income per share (in shares) 2 0
Performance stock units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities number of weighted-average common stock equivalents excluded from the computation of diluted net income per share (in shares) 0 53
v3.24.1.u1
Income taxes - Additional information (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
agreement
shares
Mar. 31, 2023
USD ($)
shares
Dec. 31, 2023
USD ($)
Tax Credit Carryforward [Line Items]      
Effective income tax rate 28.40% 27.60%  
Net deferred tax assets $ 498,173   $ 502,544
Total liability related to uncertain tax positions $ 242   273
Number of tax receivable agreements | agreement 2    
Applicable tax savings (in percentage) 85.00%    
Percentage of remaining tax savings 15.00%    
Tax benefit obligation $ 497,994   $ 495,662
Continuing LLC Owners      
Tax Credit Carryforward [Line Items]      
Decrease in deferred tax assets (400) $ (2,605)  
Deferred tax asset 7,519 50,823  
Deferred tax liability $ 2,694 $ 2,315  
Continuing LLC Owners | Class A common stock      
Tax Credit Carryforward [Line Items]      
Number of shares exchanged (in shares) | shares 326,073 1,900,309  
TRA Holders      
Tax Credit Carryforward [Line Items]      
Applicable tax savings (in percentage) 85.00%    
v3.24.1.u1
Income taxes - Schedule of Future Payments Under Tax Benefit Arrangements (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]    
Remainder of 2024 $ 41,135  
2025 50,385  
2026 52,814  
2027 48,624  
2028 41,973  
Thereafter 263,063  
Total $ 497,994 $ 495,662
v3.24.1.u1
Commitments and contingencies (Details) - Mexico Acquisition - Planet Fitmex, LLC
$ in Thousands
 3 Months Ended
Oct. 20, 2023
USD ($)
store
Mar. 31, 2024
USD ($)
Commitment And Contingencies [Line Items]    
Legal settlement   $ 3,300
Settlement $ 31,619  
Stores acquired from the Company | store 5  
v3.24.1.u1
Segments - Additional Information (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
segment
Mar. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]      
Number of reportable segments | segment 3    
Total revenue $ 248,017 $ 222,225  
Franchise      
Segment Reporting Information [Line Items]      
Total revenue 104,020 92,682  
Franchise | International      
Segment Reporting Information [Line Items]      
Total revenue 3,492 2,394  
Franchise | Placement services      
Segment Reporting Information [Line Items]      
Total revenue 1,837 1,613  
Corporate-owned stores      
Segment Reporting Information [Line Items]      
Total revenue 122,378 105,882  
Corporate-owned stores | International      
Segment Reporting Information [Line Items]      
Total revenue 1,220 $ 1,074  
Long-lived assets $ 5,956   $ 3,609
v3.24.1.u1
Segments - Summary of Financial Information for the Company's Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]    
Total revenue $ 248,017 $ 222,225
Total Segment EBITDA 104,649 88,014
Corporate and other    
Segment Reporting Information [Line Items]    
Total Segment EBITDA (18,526) (15,822)
Franchise segment    
Segment Reporting Information [Line Items]    
Total revenue 104,020 92,682
Franchise segment | Operating segments    
Segment Reporting Information [Line Items]    
Total Segment EBITDA 76,311 64,735
Franchise segment | US    
Segment Reporting Information [Line Items]    
Total revenue 100,528 90,288
Franchise segment | International    
Segment Reporting Information [Line Items]    
Total revenue 3,492 2,394
Corporate-owned stores segment    
Segment Reporting Information [Line Items]    
Total revenue 122,378 105,882
Corporate-owned stores segment | Operating segments    
Segment Reporting Information [Line Items]    
Total Segment EBITDA 42,104 33,530
Corporate-owned stores segment | US    
Segment Reporting Information [Line Items]    
Total revenue 121,158 104,808
Corporate-owned stores segment | International    
Segment Reporting Information [Line Items]    
Total revenue 1,220 1,074
Equipment segment    
Segment Reporting Information [Line Items]    
Total revenue 21,619 23,661
Equipment segment | Operating segments    
Segment Reporting Information [Line Items]    
Total Segment EBITDA 4,760 5,571
Equipment segment | US    
Segment Reporting Information [Line Items]    
Total revenue 16,417 23,105
Equipment segment | International    
Segment Reporting Information [Line Items]    
Total revenue $ 5,202 $ 556
v3.24.1.u1
Segments - Reconciliation of Total Segment EBITDA to Income Before Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting [Abstract]    
Total Segment EBITDA $ 104,649 $ 88,014
Depreciation and amortization 39,380 36,010
Other income 647 113
Losses from equity-method investments, net of tax (1,200) (265)
Income from operations 65,822 52,156
Interest income 5,461 3,931
Interest expense (21,433) (21,599)
Other income, net 647 113
Income before income taxes $ 50,497 $ 34,601
v3.24.1.u1
Segments - Summary of Company's Assets by Reportable Segment (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]    
Total consolidated assets $ 2,992,778 $ 2,969,693
Operating segments | Franchise    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total consolidated assets 185,046 169,836
Operating segments | Corporate-owned stores    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total consolidated assets 1,638,909 1,637,146
Operating segments | Equipment    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total consolidated assets 164,917 176,249
Unallocated    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total consolidated assets $ 1,003,906 $ 986,462
v3.24.1.u1
Segments - Summary of Company's Goodwill by Reportable Segment (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Consolidated goodwill $ 719,074 $ 717,502
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 609,470 607,898
Equipment    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Consolidated goodwill $ 92,666 $ 92,666
v3.24.1.u1
Corporate-owned and franchisee-owned stores - Schedule of Changes in Corporate-owned and Franchisee-owned Stores (Details) - store
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Number Of Stores [Roll Forward]    
Stores operated at beginning of period 2,575 2,410
New stores opened 25 36
Stores debranded, sold, closed or consolidated (1) 0
Stores operated at end of period 2,599 2,446
Franchisee-owned stores:    
Number Of Stores [Roll Forward]    
Stores operated at beginning of period 2,319 2,176
New stores opened 23 35
Stores debranded, sold, closed or consolidated (1) 0
Stores operated at end of period 2,341 2,211
Corporate-owned stores:    
Number Of Stores [Roll Forward]    
Stores operated at beginning of period 256 234
New stores opened 2 1
Stores operated at end of period 258 235