PLANET FITNESS, INC., 10-Q filed on 5/8/2023
Quarterly Report
v3.23.1
Cover - shares
 3 Months Ended
Mar. 31, 2023
May 03, 2023
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2023  
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, $0.0001 Par Value  
Trading Symbol PLNT  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001637207  
Current Fiscal Year End Date --12-31  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   84,957,860
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   4,234,413
v3.23.1
Condensed consolidated balance sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 460,425 $ 409,840
Restricted cash 62,578 62,659
Accounts receivable, net of allowances for uncollectible amounts of $0 and $0 as of March 31, 2023 and December 31, 2022, respectively 20,750 46,242
Inventory 4,996 5,266
Restricted assets – national advertising fund 13,387 0
Prepaid expenses 17,364 11,078
Other receivables 6,570 14,975
Income tax receivables 2,689 5,471
Total current assets 588,759 555,531
Property and equipment, net of accumulated depreciation of $251,251 and $227,869 as of March 31, 2023 and December 31, 2022, respectively 344,344 348,820
Investments, net of allowances for expected credit losses of $15,212 and $14,957 as of March 31, 2023 and December 31, 2022, respectively 25,085 25,122
Right-of-use assets, net 341,703 346,937
Intangible assets, net 404,490 417,067
Goodwill 702,690 702,690
Deferred income taxes 494,695 454,565
Other assets, net 3,799 3,857
Total assets 2,905,565 2,854,589
Current liabilities:    
Current maturities of long-term debt 20,750 20,750
Accounts payable 16,961 20,578
Accrued expenses 47,014 66,993
Equipment deposits 12,851 8,443
Deferred revenue, current 73,249 53,759
Payable pursuant to tax benefit arrangements, current 31,940 31,940
Other current liabilities 47,458 42,067
Total current liabilities 250,223 244,530
Long-term debt, net of current maturities 1,974,303 1,978,131
Lease liabilities, net of current portion 336,024 341,843
Deferred revenue, net of current portion 33,071 33,152
Deferred tax liabilities 1,459 1,471
Payable pursuant to tax benefit arrangements, net of current portion 464,840 462,525
Other liabilities 4,224 4,498
Total noncurrent liabilities 2,813,921 2,821,620
Commitments and contingencies (Note 14)
Stockholders’ equity (deficit):    
Accumulated other comprehensive loss (367) (448)
Additional paid in capital 555,267 505,144
Accumulated deficit (706,017) (703,717)
Total stockholders’ deficit attributable to Planet Fitness Inc. (151,108) (199,012)
Non-controlling interests (7,471) (12,549)
Total stockholders’ deficit (158,579) (211,561)
Total liabilities and stockholders’ deficit 2,905,565 2,854,589
Class A Common Stock    
Stockholders’ equity (deficit):    
Common stock 9 8
Class B Common Stock    
Stockholders’ equity (deficit):    
Common stock $ 0 $ 1
v3.23.1
Condensed consolidated balance sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Accounts receivable, allowance for bad debts $ 0 $ 0
Accumulated depreciation 251,251 227,869
Allowance for expected credit loss $ 15,212 $ 14,957
Class A Common Stock    
Stockholders’ equity (deficit):    
Common stock, par value (in usd per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 300,000,000 300,000,000
Common stock, shares issued (in shares) 85,230,000 83,430,000
Common stock, shares outstanding (in shares) 85,230,000 83,430,000
Class B Common Stock    
Stockholders’ equity (deficit):    
Common stock, par value (in usd per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 100,000,000 100,000,000
Common stock, shares issued (in shares) 4,245,000 6,146,000
Common stock, shares outstanding (in shares) 4,245,000 6,146,000
v3.23.1
Condensed consolidated statements of operations - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Revenue:    
Revenue $ 222,225 $ 186,676
Operating costs and expenses:    
Cost of revenue 19,354 22,361
Store operations 66,015 47,535
Selling, general and administrative 27,767 30,826
National advertising fund expense 16,987 14,547
Depreciation and amortization 36,010 25,683
Other losses (gains), net 3,936 (2,933)
Total operating costs and expenses 170,069 138,019
Income from operations 52,156 48,657
Other expense, net:    
Interest income 3,931 209
Interest expense (21,599) (22,631)
Other income 113 4,090
Total other expense, net (17,555) (18,332)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 34,601 30,325
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest 34,601 30,325
Equity losses of unconsolidated entities, net of tax (265) (238)
Provision for income taxes 9,567 11,711
Net income 24,769 18,376
Less net income attributable to non-controlling interests 2,064 1,912
Net income attributable to Planet Fitness, Inc. $ 22,705 $ 16,464
Class A Common Stock    
Net income per share of Class A common stock:    
Basic (in usd per share) $ 0.27 $ 0.20
Diluted (in usd per share) $ 0.27 $ 0.19
Weighted-average shares of Class A common stock outstanding:    
Basic (in shares) 84,444,003 84,166,027
Diluted (in shares) 84,786,695 84,635,183
Franchise    
Revenue:    
Revenue $ 75,878 $ 66,117
National advertising fund revenue    
Revenue:    
Revenue 16,804 13,967
Corporate-owned stores    
Revenue:    
Revenue 105,882 76,157
Equipment    
Revenue:    
Revenue $ 23,661 $ 30,435
v3.23.1
Condensed consolidated statements of comprehensive income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Statement of Comprehensive Income [Abstract]    
Net income including non-controlling interests $ 24,769 $ 18,376
Other comprehensive income, net:    
Foreign currency translation adjustments 81 85
Total other comprehensive income, net 81 85
Total comprehensive income including non-controlling interests 24,850 18,461
Less: total comprehensive income attributable to non-controlling interests 2,064 1,912
Total comprehensive income attributable to Planet Fitness, Inc. $ 22,786 $ 16,549
v3.23.1
Condensed consolidated statements of cash flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 24,769 $ 18,376
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 36,010 25,683
Amortization of deferred financing costs 1,360 1,369
Amortization of asset retirement obligations 95 17
Dividends accrued on investment (483) (451)
Deferred tax expense 8,082 10,940
Loss on extinguishment of debt 0 1,583
Equity losses of unconsolidated entities, net of tax 265 238
Loss (gain) on adjustment of allowance for credit losses on held-to-maturity investment 255 (2,110)
Gain on re-measurement of tax benefit arrangement 0 (3,788)
Loss on reacquired franchise rights 0 1,160
Equity-based compensation 2,049 2,850
Other (139) (53)
Changes in operating assets and liabilities, excluding effects of acquisitions:    
Accounts receivable 25,619 14,415
Inventory 266 (589)
Other assets and other current assets 2,010 (5,522)
Restricted assets - national advertising fund (13,387) (22,569)
Accounts payable and accrued expenses (19,928) (7,284)
Other liabilities and other current liabilities 4,907 1,035
Income taxes 2,736 625
Equipment deposits 4,408 6,869
Deferred revenue 19,395 15,306
Leases (379) (90)
Net cash provided by operating activities 97,910 58,010
Cash flows from investing activities:    
Additions to property and equipment (22,997) (23,872)
Acquisition of franchises, net of cash acquired 0 (425,834)
Net cash used in investing activities (22,997) (449,706)
Cash flows from financing activities:    
Principal payments on capital lease obligations (56) (52)
Proceeds from issuance of long-term debt 0 900,000
Proceeds from issuance of Variable Funding Notes 0 75,000
Repayment of long-term debt and Variable Funding Notes (5,188) (634,250)
Payment of financing and other debt-related costs 0 (16,191)
Proceeds from issuance of Class A common stock 6,748 525
Repurchase and retirement of Class A common stock (25,005) 0
Distributions paid to members of Pla-Fit Holdings (1,106) (815)
Net cash (used in) provided by financing activities (24,607) 324,217
Effects of exchange rate changes on cash and cash equivalents 198 206
Net increase (decrease) in cash, cash equivalents and restricted cash 50,504 (67,273)
Cash, cash equivalents and restricted cash, beginning of period 472,499 603,941
Cash, cash equivalents and restricted cash, end of period 523,003 536,668
Supplemental cash flow information:    
Net (refund received) cash paid for income taxes (1,016) 130
Cash paid for interest 20,373 16,874
Non-cash investing activities:    
Non-cash additions to property and equipment 11,682 4,470
Fair value of common stock issued as consideration for acquisition $ 0 $ 393,730
v3.23.1
Condensed consolidated statement of changes in equity (deficit) - USD ($)
shares in Thousands, $ in Thousands
Total
Class A common stock
Class B common stock
Common stock
Class A common stock
Common stock
Class B common stock
Accumulated other comprehensive income
Additional paid- in capital
Accumulated deficit
Non-controlling interests
Beginning balance (in shares) at Dec. 31, 2021       83,804 3,056        
Beginning balance at Dec. 31, 2021 $ (642,845)     $ 8 $ 1 $ 12 $ 63,428 $ (708,804) $ 2,510
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 18,376             16,464 1,912
Equity-based compensation expense 2,850           2,850    
Exchanges of Class B common stock and other adjustments (in shares)       548 (548)        
Exchanges of Class B common stock and other adjustments 0           (197)   197
Exercise of stock options, vesting of restricted share units and ESPP share purchase (in shares)       38          
Exercise of stock options, vesting of restricted share units and ESPP share purchase 374           374    
Issuance of common stock for acquisition (in shares)       517 3,638        
Issuance of common stock for acquisition 393,730           395,545   (1,815)
Tax benefit arrangement liability and deferred taxes arising from exchanges of Class B common stock and other adjustments 17,535           17,535    
Non-cash adjustments to VIEs (228)               (228)
Distributions paid to members of Pla-Fit Holdings (815)               (815)
Other comprehensive income 85         85      
Ending balance (in shares) at Mar. 31, 2022       84,907 6,146        
Ending balance at Mar. 31, 2022 (210,938)     $ 8 $ 1 97 479,535 (692,340) 1,761
Beginning balance (in shares) at Dec. 31, 2022   83,430 6,146 83,430 6,146        
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    
Exchanges of Class B common stock and other adjustments (in shares)       1,901 (1,901)        
Exchanges of Class B common stock and other adjustments 0     $ 1 $ (1)   (4,353)   4,353
Repurchase and retirement of Class A common stock (in shares)       (318)          
Repurchase and retirement of Class A common stock (25,005)             (25,005)  
Exercise of stock options, vesting of restricted share units and ESPP share purchase (in shares)       217          
Exercise of stock options, 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 and other adjustments 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 income 81         81      
Ending balance (in shares) at Mar. 31, 2023   85,230 4,245 85,230 4,245        
Ending balance at Mar. 31, 2023 $ (158,579)     $ 9 $ 0 $ (367) $ 555,267 $ (706,017) $ (7,471)
v3.23.1
Business organization
 3 Months Ended
Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business organization Business organization
Planet Fitness, Inc. (the “Company”), through its subsidiaries, is a franchisor and operator of fitness centers, with more than 18.1 million members and 2,446 owned and franchised locations (referred to as stores) in 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia as of March 31, 2023.
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, 2023, the Company held 100.0% of the voting interest and approximately 95.3% 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 4.7% 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.
v3.23.1
Summary of significant accounting policies
 3 Months Ended
Mar. 31, 2023
Accounting Policies [Abstract]  
Summary of significant accounting policies Summary of significant accounting policies
(a) Basis of presentation and consolidation
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented have been reflected. All significant intercompany balances and transactions have been eliminated in consolidation.
The condensed consolidated financial statements as of and for the three months ended March 31, 2023 and 2022 are unaudited. The condensed consolidated balance sheet as of December 31, 2022 has been derived from the audited financial statements at that date but does not include all of the disclosures required by U.S. GAAP. These interim condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “Annual Report”) filed with the SEC on March 1, 2023, as amended on March 2, 2023. The Company’s significant interim accounting policies include the proportional recognition of national advertising fund expenses within interim periods. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the full year.
(b) Use of estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. Significant areas where estimates and judgments are relied upon by management in the preparation of the consolidated financial statements include revenue recognition, valuation of equity-based compensation awards, valuation of 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.
 
The carrying value and estimated fair value of certain liabilities as of March 31, 2023 and December 31, 2022 were as follows:
March 31, 2023December 31, 2022
Carrying value
Estimated fair value(1)
Carrying value
Estimated fair value(1)
Liabilities
Long-term debt(1)
$2,020,000 $1,821,251 $2,025,188 $1,730,634 
(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 U.S. GAAP.
(d) Recent accounting pronouncements
There are no recent accounting pronouncements that are expected to have a material impact on the Company’s financial position or results of operations.
v3.23.1
Investments
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Investments - Debt securities
As of March 31, 2023, 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, Credit Impairment, on an ongoing basis.
During the three months ended March 31, 2023 and 2022, the Company’s review of the investee’s operations and financial position indicated that an adjustment to its allowance for expected credit losses was necessary. Based upon its analysis, the Company recorded a loss for the three months ended March 31, 2023 of $255 and a gain for the three months ended March 31, 2022 of $2,110, within other losses (gains), net on the consolidated statements of operations.
The amortized cost, including accrued dividends, of the Company’s held-to-maturity debt security investments was $28,760 and $28,277 and the allowance for expected credit losses was $15,212 and $14,957, as of March 31, 2023 and December 31, 2022, respectively. During the three months ended March 31, 2023 and 2022, the Company recognized dividend income of $483 and $451, respectively, within other income on the consolidated statements of operations.
As of March 31, 2023, all of the Company’s held-to-maturity investments had a contractual maturity in 2026.
A roll forward of the Company’s allowance for expected credit losses on held-to-maturity investments is as follows:
Three months ended March 31,
20232022
Beginning allowance for expected credit losses$14,957 $17,462 
Loss (gain) on adjustment of allowance for expected credit losses255 (2,110)
Write-offs, net of recoveries— — 
Ending allowance for expected credit losses$15,212 $15,352 
Equity method investments
On April 9, 2021, the Company acquired a 21% ownership in Bravo Fit Holdings Pty Ltd, the Company’s franchisee and store operator in Australia, which is deemed to be a related party, for $10,000. In the fourth quarter of 2022, the Company invested an additional $2,449 in Bravo Fit Holdings Pty Ltd. Following such additional investment, its ownership remained at 21%. For the three months ended March 31, 2023 and 2022, the Company’s proportionate share of the earnings in accordance with the equity method was a loss of $265 and $238, respectively, recorded within equity earnings of unconsolidated entities on the condensed consolidated statement of operations. The adjusted carrying value of the equity method investment was $11,537 and $11,802 as of March 31, 2023 and December 31, 2022, respectively.
v3.23.1
Acquisition
 3 Months Ended
Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisition Acquisition
Sunshine Fitness Acquisition
On February 10, 2022, the Company and Pla-Fit Holdings (together with the Company, the “Buyers”), acquired 100% of the equity interests (“Sunshine Acquisition”) of Sunshine Fitness Growth Holdings, LLC, a Delaware limited liability company and Planet Fitness franchisee (“Sunshine Fitness”). The Company acquired 114 stores in Alabama, Florida, Georgia, North Carolina, and South Carolina from Sunshine Fitness. The purchase price of the acquisition was $824,587 consisting of $430,857 in cash consideration, and $393,730 of equity consideration, including 517,348 shares of Class A Common Stock, par value $0.0001, of the Company and 3,637,678 membership units of Pla-Fit Holdings, LLC, together with shares of Class B Common Stock, par value $0.0001, of the Company, valued based on the closing trading price of the Company’s Class A common stock on the acquisition date. As a result of the transaction, the Company incurred a loss on unfavorable reacquired franchise rights of $1,160, which has been reflected in other losses (gains), net in the condensed consolidated statement of operations. The loss reduced the net purchase price to $823,427. In connection with the acquisition, the Company recorded a gain of $2,059 related to the settlement of preexisting contracts with Sunshine Fitness within other losses (gains), net on the condensed consolidated statement of operations. The acquired stores are included in the corporate-owned stores segment.
The allocation of the estimated purchase consideration was as follows:
Amount
Cash and cash equivalents$5,917 
Other current assets757 
Property and equipment153,092 
Right of use assets162,827 
Other long term assets1,830 
Intangible assets259,430 
Goodwill488,544 
Deferred income taxes, net(54,737)
Deferred revenue(16,973)
Other current liabilities(13,720)
Lease liabilities(162,327)
Other long term liabilities(1,213)
$823,427 
The fair values assigned to tangible and intangible assets acquired and liabilities assumed are based on management’s estimates and assumptions, which include Level 3 unobservable inputs, and are determined using generally accepted valuation techniques. The excess of purchase consideration over the fair value of other assets acquired and liabilities assumed was recorded as goodwill. The resulting goodwill is primarily attributable to increased expansion for market opportunities, the expansion of store membership and synergies from the integration of the stores into the broader corporate-owned store portfolio. Approximately $175,600 of the goodwill recorded is expected to be amortizable and deductible for tax purposes, the majority of which is deductible over 15 years.
The following table sets forth the components of identifiable intangible assets acquired in the Sunshine Acquisition and their estimated useful lives as of the date of the acquisition:
Fair valueUseful life
Reacquired franchise rights (1)
233,070 11.9
Customer relationships (2)
24,920 8.0
Reacquired area development rights (3)
1,440 5.0
Total intangible assets subject to amortization259,430 
(1) Reacquired franchise rights represent the fair value of the reacquired franchise agreements using the income approach, specifically, the multi-period excess earnings method.
(2) Customer relationships represent the fair value of the existing contractual customer relationships using the income approach, specifically, the multi-period excess earnings method.
(3) Reacquired area development rights represent the fair value of the undeveloped area development agreement rights using the cost approach.
The fair value of the identified intangible assets subject to amortization will be amortized over the assets’ estimated useful lives based on the pattern in which the economic benefits are expected to be received.
The following pro forma financial information for the three months ended March 31, 2022 summarizes the combined results of operations for the Company and Sunshine Fitness, as though the companies were combined as of the beginning of 2021. The three months ended March 31, 2023 total revenues, income before taxes, and net income are included within the condensed consolidated statement of operations.
Three months ended March 31,
2022
Total revenues207,126 
Income before taxes30,358 
Net income18,401 
v3.23.1
Sale of corporate-owned stores
 3 Months Ended
Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Sale of corporate-owned stores Sale of corporate-owned storesOn August 31, 2022, the Company sold 6 corporate-owned stores located in Colorado to a franchisee for $20,820. The net value of assets derecognized in connection with the sale amounted to $19,496, which included goodwill of $14,423, intangible assets of $2,629, and net tangible assets of $2,444, which resulted in a gain on sale of corporate-owned stores of $1,324 during the three months ended September 30, 2022.
v3.23.1
Goodwill and intangible assets
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and intangible assets Goodwill and intangible assets
A summary of goodwill and intangible assets at March 31, 2023 and December 31, 2022 is as follows: 
March 31, 2023Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount
Customer relationships$198,813 $(157,214)$41,599 
Reacquired franchise and area development rights268,058 (51,767)216,291 
 466,871 (208,981)257,890 
Indefinite-lived intangible:
Trade and brand names146,600 — 146,600 
Total intangible assets$613,471 $(208,981)$404,490 
Goodwill$702,690 $— $702,690 
 
December 31, 2022Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount
Customer relationships$198,813 $(153,243)$45,570 
Reacquired franchise and area development rights268,058 (43,161)224,897 
 466,871 (196,404)270,467 
Indefinite-lived intangible:
Trade and brand names146,600 — 146,600 
Total intangible assets$613,471 $(196,404)$417,067 
Goodwill$702,690 $— $702,690 
The Company determined that no impairment charges were required during any periods presented.
Amortization expense related to the intangible assets totaled $12,587 and $8,528 for the three months ended March 31, 2023 and 2022, respectively. The anticipated annual amortization expense related to intangible assets to be recognized in future years as of March 31, 2023 is as follows:
 Amount
Remainder of 2023$37,730 
202447,601 
202535,476 
202631,024 
202727,119 
Thereafter78,940 
Total$257,890 
v3.23.1
Long-term debt
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Long-term debt Long-term debt
Long-term debt as of March 31, 2023 and December 31, 2022 consists of the following: 
 March 31, 2023December 31, 2022
2018-1 Class A-2-II notes$596,875 $598,438 
2019-1 Class A-2 notes532,125 533,500 
2022-1 Class A-2-I notes420,750 421,812 
2022-1 Class A-2-II notes470,250 471,437 
Total debt, excluding deferred financing costs2,020,000 2,025,187 
Deferred financing costs, net of accumulated amortization(24,947)(26,306)
Total debt1,995,053 1,998,881 
Current portion of long-term debt20,750 20,750 
Long-term debt and borrowings under Variable Funding Notes, net of current portion$1,974,303 $1,978,131 
Future annual principal payments of long-term debt as of March 31, 2023 are as follows: 
 Amount
Remainder of 2023$15,563 
202420,750 
2025600,436 
2026419,313 
202710,250 
Thereafter953,688 
Total$2,020,000 
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”. On February 10, 2022, the Company borrowed the full amount of the $75,000 2022 Variable Funding Notes and used such proceeds to repay the outstanding principal amount (together with all accrued and unpaid interest thereon) of the 2018 Variable Funding Notes in full. On May 9, 2022, the Company repaid in full its $75,000 of borrowings under the 2022 Variable Funding Notes using cash on hand.
The Notes were issued in securitization transactions pursuant to which most of the Company’s domestic revenue-generating assets, consisting principally of franchise-related agreements, certain corporate-owned store assets, equipment supply agreements and intellectual property and license agreements for the use of intellectual property, were assigned to the Master Issuer and certain other limited-purpose, bankruptcy remote, wholly-owned indirect subsidiaries of the Company that act as guarantors of the Securitized Senior Notes and that have pledged substantially all of their assets to secure the Securitized Senior Notes.
Interest and principal payments on the Notes are payable on a quarterly basis. The requirement to make such quarterly principal payments on the Notes is subject to certain financial conditions set forth in the Indenture. The legal final maturity date of the 2018 Class A-2-II Notes is in September 2048, but it is anticipated that, unless earlier prepaid to the extent permitted under the Indenture, the 2018 Class A-2-II Notes will be repaid in or prior to September 2025. The legal final maturity date of the 2019 Notes is in December 2049, but it is anticipated that, unless earlier prepaid to the extent permitted under the Indenture, the 2019 Notes will be repaid in or prior to December 2029. The legal final maturity date of the 2022 Notes is in February 2052, but it is anticipated that, unless earlier prepaid to the extent permitted under the Indenture, the 2022 Class A-2-I Notes will be repaid in or prior to December 2026 and the 2022 Class A-2-II Notes will be repaid in or prior to December 2031 (together, the “Anticipated Repayment Dates”). If the Master Issuer has not repaid or refinanced the Notes prior to the respective Anticipated Repayment Dates, additional interest will accrue pursuant to the Indenture.
As noted above, the Company borrowed the full $75,000 in 2022 Variable Funding Notes on February 10, 2022, which was repaid in full using cash on hand on May 9, 2022. If outstanding, the 2022 Variable Funding Notes will accrue interest at a
variable interest rate based on (i) the prime rate, (ii) overnight federal funds rates, (iii) the secured overnight financing rate 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. As a result of the repayment of the 2018 Class A-2-I Notes prior to the Anticipated Repayment Date, the Company recorded a loss on early extinguishment of debt of $1,583 within interest expense on the Consolidated statements of operations, consisting of the write-off of remaining unamortized deferred financing costs related to the issuance of the 2018 Class A-2-I Notes.
The Securitized Senior Notes are subject to covenants and restrictions customary for transactions of this type, including (i) that the Master Issuer maintains specified reserve accounts to be used to make required payments in respect of the Securitized Senior Notes, (ii) provisions relating to optional and mandatory prepayments and the related payment of specified amounts, including specified make-whole payments in the case of the Notes under certain circumstances, (iii) certain indemnification payments in the event, among other things, the assets pledged as collateral for the Securitized Senior Notes are in stated ways defective or ineffective, (iv) a cap on non-securitized indebtedness of $50,000 (provided that the Company may incur non-securitized indebtedness in excess of such amount, subject to the leverage ratio cap described below, under certain conditions, including if the relevant lenders execute a non-disturbance agreement that acknowledges the bankruptcy-remote status of the Master Issuer and its subsidiaries and of their respective assets), (v) a leverage ratio cap incurrence test on the Company of 7.0x (calculated without regard for any indebtedness subject to the $50,000 cap) and (vi) covenants relating to recordkeeping, access to information and similar matters.
Pursuant to a parent company support agreement, the Company has agreed to cause its subsidiary to perform each of its obligations (including any indemnity obligations) and duties under the Management Agreement and under the contribution agreements entered into in connection with the securitized financing facility, in each case as and when due. To the extent that such subsidiary has not performed any such obligation or duty within the prescribed time frame after such obligation or duty was required to be performed, the Company has agreed to either (i) perform such obligation or duty or (ii) cause such obligations or duties to be performed on the Company’s behalf.
The Securitized Senior Notes are also subject to customary rapid amortization events provided for in the Indenture, including events tied to failure to maintain stated debt service coverage ratios, certain manager termination events, an event of default, and the failure to repay or refinance the Notes on the applicable scheduled Anticipated Repayment Dates. The Securitized Senior Notes are also subject to certain customary events of default, including events relating to non-payment of required interest, principal, or other amounts due on or with respect to the Securitized Senior Notes, failure to comply with covenants within certain time frames, certain bankruptcy events, breaches of specified representations and warranties, failure of security interests to be effective, and certain judgments.
In accordance with the Indenture, certain cash accounts have been established with the Indenture trustee (the “Trustee”) for the benefit of the trustee and the noteholders, and are restricted in their use. The Company holds restricted cash which primarily represents cash collections held by the Trustee, interest, principal, and commitment fee reserves held by the Trustee related to the Securitized Senior Notes. As of March 31, 2023, the Company had restricted cash held by the Trustee of $46,570.
v3.23.1
Leases
 3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Leases Leases
LeasesClassificationMarch 31, 2023December 31, 2022
Assets
Operating lease ROU assetsRight of use asset, net$341,703 $346,937 
Finance lease assetsProperty and equipment, net314 370 
Total lease assets$342,017 $347,307 
Liabilities
Current:
OperatingOther current liabilities$35,519 $33,233 
Noncurrent:
OperatingLease liabilities, net of current portion336,024 341,843 
FinancingOther liabilities324 380 
Total lease liabilities$371,867 $375,456 
Weighted-average remaining lease term (years) - operating leases7.98.1
Weighted-average discount rate - operating leases4.8 %4.7 %

During the three months ended March 31, 2023 and 2022, the components of lease cost were as follows:
Three months ended March 31,
20232022
Operating lease cost$14,904 $11,595 
Variable lease cost5,751 4,614 
Total lease cost$20,655 $16,209 

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,
20232022
Cash paid for lease liabilities$13,302 $10,536 
Operating lease ROU assets obtained in exchange for operating
   lease liabilities, excluding the Sunshine Acquisition		$4,661 $5,997 
Sunshine Acquisition operating lease ROU assets
   obtained in exchange for operating lease liabilities		$— $162,827 
As of March 31, 2023, maturities of lease liabilities were as follows:
Amount
Remainder of 2023$36,996 
202460,520 
202561,529 
202660,858 
202756,087 
Thereafter175,331 
Total lease payments$451,321 
Less: imputed interest79,454 
Present value of lease liabilities$371,867 

As of March 31, 2023, future operating lease payments exclude approximately $32,037 of legally binding minimum lease payments for leases signed but not yet commenced.
Leases Leases
LeasesClassificationMarch 31, 2023December 31, 2022
Assets
Operating lease ROU assetsRight of use asset, net$341,703 $346,937 
Finance lease assetsProperty and equipment, net314 370 
Total lease assets$342,017 $347,307 
Liabilities
Current:
OperatingOther current liabilities$35,519 $33,233 
Noncurrent:
OperatingLease liabilities, net of current portion336,024 341,843 
FinancingOther liabilities324 380 
Total lease liabilities$371,867 $375,456 
Weighted-average remaining lease term (years) - operating leases7.98.1
Weighted-average discount rate - operating leases4.8 %4.7 %

During the three months ended March 31, 2023 and 2022, the components of lease cost were as follows:
Three months ended March 31,
20232022
Operating lease cost$14,904 $11,595 
Variable lease cost5,751 4,614 
Total lease cost$20,655 $16,209 

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,
20232022
Cash paid for lease liabilities$13,302 $10,536 
Operating lease ROU assets obtained in exchange for operating
   lease liabilities, excluding the Sunshine Acquisition		$4,661 $5,997 
Sunshine Acquisition operating lease ROU assets
   obtained in exchange for operating lease liabilities		$— $162,827 
As of March 31, 2023, maturities of lease liabilities were as follows:
Amount
Remainder of 2023$36,996 
202460,520 
202561,529 
202660,858 
202756,087 
Thereafter175,331 
Total lease payments$451,321 
Less: imputed interest79,454 
Present value of lease liabilities$371,867 

As of March 31, 2023, future operating lease payments exclude approximately $32,037 of legally binding minimum lease payments for leases signed but not yet commenced.
v3.23.1
Revenue recognition
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue recognition Revenue recognition
Contract Liabilities
Contract liabilities consist primarily of deferred revenue resulting from initial and renewal franchise fees and area development agreement (“ADA”) fees paid by franchisees, as well as transfer fees, which are generally recognized on a straight-line basis over the term of the underlying franchise agreement, and national advertising fund (“NAF”) revenue billed in advance of satisfaction of the Company’s performance obligation. Also included are corporate-owned store enrollment fees, annual fees and monthly fees as well as deferred equipment rebates relating to 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, 2022 and March 31, 2023:
Contract liabilities
Balance at December 31, 2022$86,911 
Revenue recognized that was included in the contract liability at the beginning of the year(30,159)
Increase, excluding amounts recognized as revenue during the period49,568 
Balance at March 31, 2023$106,320 
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, 2023. 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 2023$69,023 
20248,466 
20254,123 
20263,624 
20273,152 
Thereafter17,932 
Total$106,320 
Equipment deposits received in advance of delivery as of March 31, 2023 and December 31, 2022 were $12,851 and $8,443, respectively, and are expected to be recognized as revenue in the next twelve months.
v3.23.1
Related party transactions
 3 Months Ended
Mar. 31, 2023
Related Party Transactions [Abstract]  
Related party transactions Related party transactions
Activity with franchisees considered to be related parties is summarized below: 
 For the three months ended
March 31,
 20232022
Franchise revenue$1,247 $973 
Equipment revenue5 11 
Total revenue from related parties$1,252 $984 
Additionally, the Company had deferred ADA and franchise agreement revenue from related parties of $472 and $467 as of March 31, 2023 and December 31, 2022, respectively.
As of March 31, 2023 and December 31, 2022, the Company had $83,032 and $80,717, respectively, payable to related parties pursuant to tax benefit arrangements, see Note 13.
The Company provides administrative services to the NAF and typically charges the NAF a fee for providing these services. The services provided include accounting, information technology, data processing, product development, legal and administrative support, and other operating expenses, which amounted to $917 and $684 for the three months ended March 31, 2023 and 2022, respectively.
For the three months ended March 31, 2023 and 2022, the Company incurred approximately $181 and $106, respectively, which is included within selling, general and administrative expense on the condensed consolidated statements of operations, for corporate travel to a third-party company which is affiliated with the Chief Executive Officer.
A member of the Company’s board of directors, who is also 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 $91 and $63, during the three months ended March 31, 2023 and 2022, respectively.
v3.23.1
Stockholders' equity
 3 Months Ended
Mar. 31, 2023
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, 2022, in connection with the Sunshine Acquisition, the Company issued 517,348 shares of Class A Common Stock and 3,637,678 membership units of Pla-Fit Holdings, LLC, together with shares of Class B Common Stock. See Note 4.
During the three months ended March 31, 2023, certain existing holders of Holdings Units exercised their exchange rights and exchanged 1,900,309 Holdings Units for 1,900,309 newly-issued shares of Class A common stock. Simultaneously, and in connection with these exchanges, 1,900,309 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 1,900,309 Holdings Units, increasing its total ownership interest in Pla-Fit Holdings.
As a result of the above transactions, as of March 31, 2023:
•Holders of Class A common stock owned 85,230,399 shares of Class A common stock, representing 95.3% of the voting power in the Company and, through the Company, 85,230,399 Holdings Units representing 95.3% of the economic interest in Pla-Fit Holdings; and
•the Continuing LLC Owners collectively owned 4,245,413 Holdings Units, representing 4.7% of the economic interest in Pla-Fit Holdings, and 4,245,413 shares of Class B common stock, representing 4.7% of the voting power in the Company.
Share repurchase program
2022 share repurchase program
On November 4, 2022, the Company’s board of directors approved a share repurchase program of up to $500,000, which replaced the 2019 share repurchase program. During the three months ended March 31, 2023, the Company repurchased 317,599 shares of Class A common stock for a total cost of $25,005. All repurchased shares were retired. Subsequent to these repurchases, there is $474,995 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, 2023 and December 31, 2022.
v3.23.1
Earnings per share
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Earnings per share Earnings per share
Basic earnings per share of Class A common stock is computed by dividing net income attributable to Planet Fitness, Inc. by the weighted-average number of shares of Class A common stock outstanding during the same period. Diluted earnings per share of Class A common stock is computed by dividing net income attributable to Planet Fitness, Inc. by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities.
Shares of the Company’s Class B common stock do not share in the earnings or losses attributable to Planet Fitness, Inc. and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been presented. Shares of the Company’s Class B common stock are, however, considered potentially dilutive shares of Class A common stock because shares of Class B common stock, together with the related Holdings Units, are exchangeable into shares of Class A common stock on a one-for-one basis.
The following table sets forth reconciliations used to compute basic and diluted earnings per share of Class A common stock:  
 Three months ended
March 31,
 20232022
Numerator  
Net income$24,769 $18,376 
Less: net income attributable to non-controlling interests2,064 1,912 
Net income attributable to Planet Fitness, Inc.$22,705 $16,464 
Denominator
Weighted-average shares of Class A common stock outstanding - basic84,444,003 84,166,027 
Effect of dilutive securities:
Stock options271,680 386,486 
Restricted stock units63,358 82,670 
Performance stock units7,654 — 
Weighted-average shares of Class A common stock outstanding - diluted84,786,695 84,635,183 
Earnings per share of Class A common stock - basic$0.27 $0.20 
Earnings per share of Class A common stock - diluted$0.27 $0.19 
Weighted average shares of Class B common stock of 5,007,448 and 5,016,837 for the three months ended March 31, 2023 and 2022, respectively, were evaluated under the if-converted method for potential dilutive effects and were determined to be anti-
dilutive. Weighted average stock options outstanding of 196,209 and 198,203 for the three months ended March 31, 2023 and 2022, respectively, were evaluated under the treasury stock method for potential dilutive effects and were determined to be anti-dilutive. Weighted average restricted stock units outstanding of 0 and 43,969 for the three months ended March 31, 2023 and 2022, respectively, were evaluated under the treasury stock method for potential dilutive effects and were determined to be anti-dilutive. Weighted average performance stock units outstanding of 53 and 0 for the three months ended March 31, 2023 and 2022, respectively, were evaluated under the treasury stock method for potential dilutive effects and were determined to be anti-dilutive.
v3.23.1
Income taxes
 3 Months Ended
Mar. 31, 2023
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 27.6% and 38.6% for the three months ended March 31, 2023 and 2022, respectively. The effective tax rate for the three months ended March 31, 2023 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 was also subject to taxes in foreign jurisdictions.
Net deferred tax assets of $493,236 and $453,094 as of March 31, 2023 and December 31, 2022, 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, 2023 and December 31, 2022, the total liability related to uncertain tax positions was $328. 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, 2023 and 2022 were not material.
Tax benefit arrangements
The Company’s acquisition of Holdings Units in connection with the IPO and future and certain past exchanges of Holdings Units for shares of the Company’s Class A common stock (or cash at the option of the Company) are expected to produce and have produced favorable tax attributes. In connection with the IPO, the Company entered into two tax receivable agreements. Under the first of those agreements, the Company generally is required to pay to certain existing and previous equity owners of Pla-Fit Holdings (the “TRA Holders”) 85% of the applicable tax savings, if any, in U.S. federal and state income tax that the Company is deemed to realize as a result of certain tax attributes of their Holdings Units sold to the Company (or exchanged in a taxable sale) and that are created as a result of (i) the exchanges of their Holdings Units for shares of Class A common stock and (ii) tax benefits attributable to payments made under the tax receivable agreement (including imputed interest). Under the second tax receivable agreement, the Company generally is required to pay to TSG AIV II-A L.P and TSG PF Co-Investors A L.P. (the “Direct TSG Investors”) 85% of the amount of tax savings, if any, that the Company is deemed to realize as a result of the tax attributes of the Holdings Units held in respect of the Direct TSG Investors’ interest in the Company, which resulted from the Direct TSG Investors’ purchase of interests in Pla-Fit Holdings in 2012, and certain other tax benefits. Under both agreements, the Company generally retains the benefit of the remaining 15% of the applicable tax savings.
As of March 31, 2023 and December 31, 2022, the Company had a liability of $496,780 and $494,465, respectively, related to its projected obligations under the tax benefit arrangements. Projected future payments under the tax benefit arrangements are as follows:
 Amount
Remainder of 2023$31,940 
202444,716 
202555,229 
202654,829 
202741,949 
Thereafter268,117 
Total$496,780 
During the three months ended March 31, 2023, 1,900,309 Holdings Units were exchanged for newly issued shares of Class A common stock, resulting in an increase in the tax basis of the net assets of Pla-Fit Holdings. As a result of the change in Planet Fitness, Inc.’s ownership percentage of Pla-Fit Holdings, the Company recorded a decrease to net deferred tax assets of $2,605 during the three months ended March 31, 2023. As a result of these exchanges, during the three months ended March 31, 2023, the Company also recognized deferred tax assets in the amount of $50,823 as a result of the increase in tax basis. A majority of these exchanges were not made by TRA holders, which did not result in an increase in the tax benefit arrangement liability. Of the exchanges that were made by TRA holders, they resulted in an increase in the tax benefit arrangement liability of $2,315. The offset to the entries recorded in connection with exchanges was to additional paid in capital within stockholders’ deficit.
v3.23.1
Commitments and contingencies
 3 Months Ended
Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and contingencies Commitments and contingencies
From time to time, and in the ordinary course of business, the Company is subject to various claims, charges, and litigation, such as employment-related claims and slip and fall cases.
On May 27, 2022, the Company and other defendants, including an officer of the Company who is a related party, received a final judgment after appeal to the joint and several judgment against them in a civil action brought by a former employee. In connection with the 2012 acquisition of Pla-Fit Holdings on November 8, 2012, the sellers are obligated to indemnify the Company related to this specific matter. The Company has incurred legal costs on behalf of the defendants in the case, which include a related party. These costs have historically not been material. During the fourth quarter of 2022, the Company and other defendants, as applicable, paid the final judgment in full, of which the Company paid $3,414.
Mexico Acquisition
On March 19, 2020, a franchisee in Mexico exercised a put option that requires the Company to acquire their franchisee-owned stores in Mexico. In February 2023, the Company and the franchisee agreed on a summary of terms for a settlement agreement (“Preliminary Settlement Agreement”), which will include the Company’s acquisition of the franchisee-owned stores and a release of all claims by all parties. The transaction has not closed as of March 31, 2023 as the parties finalize the settlement terms. In connection with the Preliminary Settlement Agreement, the Company recorded an estimated liability for the legal settlement of $8,550 as of December 31, 2022, inclusive of estimated future legal fees, through other loss on the statement of operations. As of March 31, 2023, the Company revised its estimate of the legal settlement, and recorded an increase to the estimated liability of $3,300 to $11,850, inclusive of legal fees paid.
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.
v3.23.1
Segments
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segments Segments
The Company has three reportable segments: (i) Franchise; (ii) Corporate-owned stores; and (iii) Equipment.  
The Company’s operations are organized and managed by type of products and services and segment information is reported accordingly. The Company’s chief operating decision maker (the “CODM”) is its Chief Executive Officer. The CODM reviews financial performance and allocates resources by reportable segment. There have been no operating segments aggregated to arrive at the Company’s reportable segments.
The Franchise segment includes operations related to the Company’s franchising business in the United States, Puerto Rico, Canada, Panama, Mexico and Australia, including revenues and expenses from the NAF. The Corporate-owned stores segment includes operations with respect to all corporate-owned stores throughout the United States and Canada. The Equipment segment primarily includes the sale of equipment to franchisee-owned stores.
The accounting policies of the reportable segments are the same as those described in Note 2. The Company evaluates the performance of its segments and allocates resources to them based on revenue and earnings before interest, taxes, depreciation, and amortization, referred to as Segment EBITDA. Revenues for all operating segments include only transactions with unaffiliated customers and include no intersegment revenues.
The tables below summarize the financial information for the Company’s reportable segments for the three months ended March 31, 2023 and 2022. The “Corporate and other” category, as it relates to Segment EBITDA, primarily includes corporate overhead costs, such as payroll and related benefit costs and professional services which are not directly attributable to any individual segment.
 Three months ended
March 31,
 20232022
Revenue  
Franchise segment revenue - U.S.$90,288 $78,434 
Franchise segment revenue - International2,394 1,650 
Franchise segment total92,682 80,084 
Corporate-owned stores - U.S.104,808 75,401 
Corporate-owned stores - International1,074 756 
Corporate-owned stores total105,882 76,157 
Equipment segment - U.S.23,105 29,790 
Equipment segment - International556 645 
Equipment segment total23,661 30,435 
Total revenue$222,225 $186,676 
Franchise segment revenue includes franchise revenue, NAF revenue, and commission income.
Franchise revenue includes revenue generated from placement services of $1,613 and $2,339 for the three months ended March 31, 2023 and 2022, respectively.
 Three months ended
March 31,
 20232022
Segment EBITDA  
Franchise$64,735 $60,106 
Corporate-owned stores33,530 23,364 
Equipment5,571 8,653 
Corporate and other(15,822)(13,931)
Total Segment EBITDA$88,014 $78,192 
 
The following table reconciles total Segment EBITDA to income before taxes:
 Three months ended
March 31,
 20232022
Total Segment EBITDA$88,014 $78,192 
Less:
Depreciation and amortization36,010 25,683 
Other income113 4,090 
Equity losses of unconsolidated entities, net of tax(265)(238)
Income from operations52,156 48,657 
Interest income3,931 209 
Interest expense(21,599)(22,631)
Other income113 4,090 
Income before income taxes$34,601 $30,325 
The following table summarizes the Company’s assets by reportable segment: 
 March 31, 2023December 31, 2022
Franchise$187,264 $161,355 
Corporate-owned stores1,563,674 1,559,985 
Equipment180,164 200,020 
Unallocated974,463 933,229 
Total consolidated assets$2,905,565 $2,854,589 
The table above includes $868 and $916 of long-lived assets located in the Company’s international corporate-owned stores as of March 31, 2023 and December 31, 2022, respectively. All other assets are located in the U.S.
The following table summarizes the Company’s goodwill by reportable segment: 
 March 31, 2023December 31, 2022
Franchise$16,938 $16,938 
Corporate-owned stores593,086 593,086 
Equipment92,666 92,666 
Consolidated goodwill$702,690 $702,690 
v3.23.1
Corporate-owned and franchisee-owned stores
 3 Months Ended
Mar. 31, 2023
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 for the three months ended March 31, 2023 and 2022:
 For the three months ended
March 31,
 20232022
Franchisee-owned stores:  
Stores operated at beginning of period2,176 2,142 
New stores opened35 34 
Stores debranded, sold, or consolidated(1)
— (114)
Stores operated at end of period2,211 2,062 
Corporate-owned stores:
Stores operated at beginning of period234 112 
New stores opened1 3 
Stores acquired from franchisees— 114 
Stores operated at end of period235 229 
Total stores:
Stores operated at beginning of period2,410 2,254 
New stores opened36 37 
Stores operated at end of period2,446 2,291 
 (1)     The term “debrand” refers to a franchisee-owned store whose right to use the Planet Fitness brand and marks has been terminated in accordance with the franchise agreement. The Company retains the right to prevent debranded stores from continuing to operate as fitness centers. The term “consolidated” refers to the combination of a franchisee’s store with another store located in close proximity with prior approval. This often coincides with an enlargement, re-equipment and/or refurbishment of the remaining store.
v3.23.1
Subsequent events
 3 Months Ended
Mar. 31, 2023
Subsequent Events [Abstract]  
Subsequent events Subsequent eventsOn April 16, 2023, the Company completed an acquisition of four franchise stores operating in Florida for approximately $26,300 using cash on hand.Subsequent to March 31, 2023, through May 5, 2023, the Company repurchased 490,923 shares of Class A common stock under its 2022 share repurchase program for a total cost of $37,585.
v3.23.1
Summary of significant accounting policies (Policies)
 3 Months Ended
Mar. 31, 2023
Accounting Policies [Abstract]  
Basis of presentation and consolidation Basis of presentation and consolidation
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented have been reflected. All significant intercompany balances and transactions have been eliminated in consolidation.
The condensed consolidated financial statements as of and for the three months ended March 31, 2023 and 2022 are unaudited. The condensed consolidated balance sheet as of December 31, 2022 has been derived from the audited financial statements at that date but does not include all of the disclosures required by U.S. GAAP. These interim condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “Annual Report”) filed with the SEC on March 1, 2023, as amended on March 2, 2023. The Company’s significant interim accounting policies include the proportional recognition of national advertising fund expenses within interim periods. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the full year.
Use of estimates Use of estimatesThe preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. Significant areas where estimates and judgments are relied upon by management in the preparation of the consolidated financial statements include revenue recognition, valuation of equity-based compensation awards, valuation of 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 pronouncementsThere are no recent accounting pronouncements that are expected to have a material impact on the Company’s financial position or results of operations.
Investments
Investments - Debt securities
As of March 31, 2023, 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, Credit Impairment, on an ongoing basis.
During the three months ended March 31, 2023 and 2022, the Company’s review of the investee’s operations and financial position indicated that an adjustment to its allowance for expected credit losses was necessary. Based upon its analysis, the Company recorded a loss for the three months ended March 31, 2023 of $255 and a gain for the three months ended March 31, 2022 of $2,110, within other losses (gains), net on the consolidated statements of operations.
v3.23.1
Summary of significant accounting policies (Tables)
 3 Months Ended
Mar. 31, 2023
Accounting Policies [Abstract]  
Schedule of the Carrying Value and Estimated Fair Value of Certain Assets and Liabilities
The carrying value and estimated fair value of certain liabilities as of March 31, 2023 and December 31, 2022 were as follows:
March 31, 2023December 31, 2022
Carrying value
Estimated fair value(1)
Carrying value
Estimated fair value(1)
Liabilities
Long-term debt(1)
$2,020,000 $1,821,251 $2,025,188 $1,730,634 
(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 U.S. GAAP.
v3.23.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Allowance for Expected Credit Losses on Held-to-maturity Investments
A roll forward of the Company’s allowance for expected credit losses on held-to-maturity investments is as follows:
Three months ended March 31,
20232022
Beginning allowance for expected credit losses$14,957 $17,462 
Loss (gain) on adjustment of allowance for expected credit losses255 (2,110)
Write-offs, net of recoveries— — 
Ending allowance for expected credit losses$15,212 $15,352 
v3.23.1
Acquisition (Tables)
 3 Months Ended
Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Purchase Consideration
The allocation of the estimated purchase consideration was as follows:
Amount
Cash and cash equivalents$5,917 
Other current assets757 
Property and equipment153,092 
Right of use assets162,827 
Other long term assets1,830 
Intangible assets259,430 
Goodwill488,544 
Deferred income taxes, net(54,737)
Deferred revenue(16,973)
Other current liabilities(13,720)
Lease liabilities(162,327)
Other long term liabilities(1,213)
$823,427 
Schedule of Components of Identifiable Intangible Assets Acquired
The following table sets forth the components of identifiable intangible assets acquired in the Sunshine Acquisition and their estimated useful lives as of the date of the acquisition:
Fair valueUseful life
Reacquired franchise rights (1)
233,070 11.9
Customer relationships (2)
24,920 8.0
Reacquired area development rights (3)
1,440 5.0
Total intangible assets subject to amortization259,430 
Schedule of Pro Forma Financial Information
The following pro forma financial information for the three months ended March 31, 2022 summarizes the combined results of operations for the Company and Sunshine Fitness, as though the companies were combined as of the beginning of 2021. The three months ended March 31, 2023 total revenues, income before taxes, and net income are included within the condensed consolidated statement of operations.
Three months ended March 31,
2022
Total revenues207,126 
Income before taxes30,358 
Net income18,401 
v3.23.1
Goodwill and intangible assets (Tables)
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill and Intangible Assets
A summary of goodwill and intangible assets at March 31, 2023 and December 31, 2022 is as follows: 
March 31, 2023Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount
Customer relationships$198,813 $(157,214)$41,599 
Reacquired franchise and area development rights268,058 (51,767)216,291 
 466,871 (208,981)257,890 
Indefinite-lived intangible:
Trade and brand names146,600 — 146,600 
Total intangible assets$613,471 $(208,981)$404,490 
Goodwill$702,690 $— $702,690 
 
December 31, 2022Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount
Customer relationships$198,813 $(153,243)$45,570 
Reacquired franchise and area development rights268,058 (43,161)224,897 
 466,871 (196,404)270,467 
Indefinite-lived intangible:
Trade and brand names146,600 — 146,600 
Total intangible assets$613,471 $(196,404)$417,067 
Goodwill$702,690 $— $702,690 
Schedule of Amortization expenses The anticipated annual amortization expense related to intangible assets to be recognized in future years as of March 31, 2023 is as follows:
 Amount
Remainder of 2023$37,730 
202447,601 
202535,476 
202631,024 
202727,119 
Thereafter78,940 
Total$257,890 
v3.23.1
Long-term debt (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt as of March 31, 2023 and December 31, 2022 consists of the following: 
 March 31, 2023December 31, 2022
2018-1 Class A-2-II notes$596,875 $598,438 
2019-1 Class A-2 notes532,125 533,500 
2022-1 Class A-2-I notes420,750 421,812 
2022-1 Class A-2-II notes470,250 471,437 
Total debt, excluding deferred financing costs2,020,000 2,025,187 
Deferred financing costs, net of accumulated amortization(24,947)(26,306)
Total debt1,995,053 1,998,881 
Current portion of long-term debt20,750 20,750 
Long-term debt and borrowings under Variable Funding Notes, net of current portion$1,974,303 $1,978,131 
Schedule of Future Annual Payments of Long-term Debt
Future annual principal payments of long-term debt as of March 31, 2023 are as follows: 
 Amount
Remainder of 2023$15,563 
202420,750 
2025600,436 
2026419,313 
202710,250 
Thereafter953,688 
Total$2,020,000 
v3.23.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Schedule of Balance Sheet Classification of Lease Assets and Liabilities
LeasesClassificationMarch 31, 2023December 31, 2022
Assets
Operating lease ROU assetsRight of use asset, net$341,703 $346,937 
Finance lease assetsProperty and equipment, net314 370 
Total lease assets$342,017 $347,307 
Liabilities
Current:
OperatingOther current liabilities$35,519 $33,233 
Noncurrent:
OperatingLease liabilities, net of current portion336,024 341,843 
FinancingOther liabilities324 380 
Total lease liabilities$371,867 $375,456 
Weighted-average remaining lease term (years) - operating leases7.98.1
Weighted-average discount rate - operating leases4.8 %4.7 %
Schedule of Components of Lease Cost
During the three months ended March 31, 2023 and 2022, the components of lease cost were as follows:
Three months ended March 31,
20232022
Operating lease cost$14,904 $11,595 
Variable lease cost5,751 4,614 
Total lease cost$20,655 $16,209 
Supplemental disclosures of cash flow information related to leases were as follows:
Three months ended March 31,
20232022
Cash paid for lease liabilities$13,302 $10,536 
Operating lease ROU assets obtained in exchange for operating
   lease liabilities, excluding the Sunshine Acquisition		$4,661 $5,997 
Sunshine Acquisition operating lease ROU assets
   obtained in exchange for operating lease liabilities		$— $162,827 
Schedule of Supplemental Disclosures of Cash Flow Information Related to Leases
During the three months ended March 31, 2023 and 2022, the components of lease cost were as follows:
Three months ended March 31,
20232022
Operating lease cost$14,904 $11,595 
Variable lease cost5,751 4,614 
Total lease cost$20,655 $16,209 
Supplemental disclosures of cash flow information related to leases were as follows:
Three months ended March 31,
20232022
Cash paid for lease liabilities$13,302 $10,536 
Operating lease ROU assets obtained in exchange for operating
   lease liabilities, excluding the Sunshine Acquisition		$4,661 $5,997 
Sunshine Acquisition operating lease ROU assets
   obtained in exchange for operating lease liabilities		$— $162,827 
Schedule of Maturities of Lease Liabilities
As of March 31, 2023, maturities of lease liabilities were as follows:
Amount
Remainder of 2023$36,996 
202460,520 
202561,529 
202660,858 
202756,087 
Thereafter175,331 
Total lease payments$451,321 
Less: imputed interest79,454 
Present value of lease liabilities$371,867 
Schedule of Maturities of Lease Liabilities
As of March 31, 2023, maturities of lease liabilities were as follows:
Amount
Remainder of 2023$36,996 
202460,520 
202561,529 
202660,858 
202756,087 
Thereafter175,331 
Total lease payments$451,321 
Less: imputed interest79,454 
Present value of lease liabilities$371,867 
v3.23.1
Revenue recognition (Tables)
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Contract Liabilities
The following table reflects the change in contract liabilities between December 31, 2022 and March 31, 2023:
Contract liabilities
Balance at December 31, 2022$86,911 
Revenue recognized that was included in the contract liability at the beginning of the year(30,159)
Increase, excluding amounts recognized as revenue during the period49,568 
Balance at March 31, 2023$106,320 
Schedule of Remaining Performance Obligation
The following table illustrates estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2023. 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 2023$69,023 
20248,466 
20254,123 
20263,624 
20273,152 
Thereafter17,932 
Total$106,320 
v3.23.1
Related party transactions (Tables)
 3 Months Ended
Mar. 31, 2023
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
Activity with franchisees considered to be related parties is summarized below: 
 For the three months ended
March 31,
 20232022
Franchise revenue$1,247 $973 
Equipment revenue5 11 
Total revenue from related parties$1,252 $984 
v3.23.1
Earnings per share (Tables)
 3 Months Ended
Mar. 31, 2023
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 used to compute basic and diluted earnings per share of Class A common stock:  
 Three months ended
March 31,
 20232022
Numerator  
Net income$24,769 $18,376 
Less: net income attributable to non-controlling interests2,064 1,912 
Net income attributable to Planet Fitness, Inc.$22,705 $16,464 
Denominator
Weighted-average shares of Class A common stock outstanding - basic84,444,003 84,166,027 
Effect of dilutive securities:
Stock options271,680 386,486 
Restricted stock units63,358 82,670 
Performance stock units7,654 — 
Weighted-average shares of Class A common stock outstanding - diluted84,786,695 84,635,183 
Earnings per share of Class A common stock - basic$0.27 $0.20 
Earnings per share of Class A common stock - diluted$0.27 $0.19 
v3.23.1
Income taxes (Tables)
 3 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Future Payments Under Tax Benefit Arrangements Projected future payments under the tax benefit arrangements are as follows:
 Amount
Remainder of 2023$31,940 
202444,716 
202555,229 
202654,829 
202741,949 
Thereafter268,117 
Total$496,780 
v3.23.1
Segments (Tables)
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Schedule of Financial Information for the Company's Reportable Segments The tables below summarize the financial information for the Company’s reportable segments for the three months ended March 31, 2023 and 2022. The “Corporate and other” category, as it relates to Segment EBITDA, primarily includes corporate overhead costs, such as payroll and related benefit costs and professional services which are not directly attributable to any individual segment.
 Three months ended
March 31,
 20232022
Revenue  
Franchise segment revenue - U.S.$90,288 $78,434 
Franchise segment revenue - International2,394 1,650 
Franchise segment total92,682 80,084 
Corporate-owned stores - U.S.104,808 75,401 
Corporate-owned stores - International1,074 756 
Corporate-owned stores total105,882 76,157 
Equipment segment - U.S.23,105 29,790 
Equipment segment - International556 645 
Equipment segment total23,661 30,435 
Total revenue$222,225 $186,676 
 Three months ended
March 31,
 20232022
Segment EBITDA  
Franchise$64,735 $60,106 
Corporate-owned stores33,530 23,364 
Equipment5,571 8,653 
Corporate and other(15,822)(13,931)
Total Segment EBITDA$88,014 $78,192 
Schedule of Reconciliation of Total Segment EBITDA to (Loss) Income Before Taxes
The following table reconciles total Segment EBITDA to income before taxes:
 Three months ended
March 31,
 20232022
Total Segment EBITDA$88,014 $78,192 
Less:
Depreciation and amortization36,010 25,683 
Other income113 4,090 
Equity losses of unconsolidated entities, net of tax(265)(238)
Income from operations52,156 48,657 
Interest income3,931 209 
Interest expense(21,599)(22,631)
Other income113 4,090 
Income before income taxes$34,601 $30,325 
Schedule of Company's Assets by Reportable Segment
The following table summarizes the Company’s assets by reportable segment: 
 March 31, 2023December 31, 2022
Franchise$187,264 $161,355 
Corporate-owned stores1,563,674 1,559,985 
Equipment180,164 200,020 
Unallocated974,463 933,229 
Total consolidated assets$2,905,565 $2,854,589 
Schedule of Company's Goodwill by Reportable Segment
The following table summarizes the Company’s goodwill by reportable segment: 
 March 31, 2023December 31, 2022
Franchise$16,938 $16,938 
Corporate-owned stores593,086 593,086 
Equipment92,666 92,666 
Consolidated goodwill$702,690 $702,690 
v3.23.1
Corporate-owned and franchisee-owned stores (Tables)
 3 Months Ended
Mar. 31, 2023
Franchisors [Abstract]  
Schedule of Changes in Corporate-Owned and Franchisee-Owned Stores
The following table shows changes in corporate-owned and franchisee-owned stores for the three months ended March 31, 2023 and 2022:
 For the three months ended
March 31,
 20232022
Franchisee-owned stores:  
Stores operated at beginning of period2,176 2,142 
New stores opened35 34 
Stores debranded, sold, or consolidated(1)
— (114)
Stores operated at end of period2,211 2,062 
Corporate-owned stores:
Stores operated at beginning of period234 112 
New stores opened1 3 
Stores acquired from franchisees— 114 
Stores operated at end of period235 229 
Total stores:
Stores operated at beginning of period2,410 2,254 
New stores opened36 37 
Stores operated at end of period2,446 2,291 
 (1)     The term “debrand” refers to a franchisee-owned store whose right to use the Planet Fitness brand and marks has been terminated in accordance with the franchise agreement. The Company retains the right to prevent debranded stores from continuing to operate as fitness centers. The term “consolidated” refers to the combination of a franchisee’s store with another store located in close proximity with prior approval. This often coincides with an enlargement, re-equipment and/or refurbishment of the remaining store.
v3.23.1
Business organization - Additional Information (Details)
member in Millions
 3 Months Ended
Mar. 31, 2023
segment
member
store
state
Dec. 31, 2022
store
Mar. 31, 2022
store
Dec. 31, 2021
store
Aug. 05, 2015
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]          
Number of owned and franchised locations | store 2,446 2,410 2,291 2,254  
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 ownership (in percentage) 100.00%       100.00%
Percentage of economic interest (in percentage) 95.30%        
Pla-Fit Holdings, LLC | Holdings Units          
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]          
Percentage of economic interest (in percentage) 4.70%        
Planet Intermediate, LLC | Pla-Fit Holdings, LLC          
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]          
Percentage of ownership (in percentage)         100.00%
Planet Fitness Holdings, LLC | Planet Intermediate, LLC          
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]          
Percentage of ownership (in percentage)         100.00%
Minimum          
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]          
Number of members (more than) | member 18.1        
v3.23.1
Summary of significant accounting policies - Schedule of the Carrying Value and Estimated Fair Value of Certain Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Carrying value    
Liabilities    
Long-term debt $ 2,020,000 $ 2,025,188
Estimated fair value    
Liabilities    
Long-term debt $ 1,821,251 $ 1,730,634
v3.23.1
Investments - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 09, 2021
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]          
Gain (loss) on adjustment of allowance for expected credit losses   $ 255   $ (2,110)  
Amortized cost of held-to-maturity debt security investments   28,760 $ 28,277    
Allowance for expected credit loss   15,212 $ 14,957 15,352 $ 17,462
Dividends accrued on investment   483   451  
Equity losses of unconsolidated entities, net of tax   (265)   $ (238)  
Planet Fitness Australia Holdings          
Schedule of Equity Method Investments [Line Items]          
Ownership percentage 21.00%   21.00%    
Payment to acquire equity method investment $ 10,000   $ 2,449    
Underlying equity in net assets   $ 11,537 $ 11,802    
v3.23.1
Investments - Schedule of Allowance for Expected Credit Losses on Held-to-maturity Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]    
Beginning allowance for expected credit losses $ 14,957 $ 17,462
Loss (gain) on adjustment of allowance for credit losses on held-to-maturity investment 255 (2,110)
Write-offs, net of recoveries 0 0
Ending allowance for expected credit losses $ 15,212 $ 15,352
v3.23.1
Acquisition - Narrative (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended
Feb. 10, 2022
USD ($)
store
$ / shares
shares
Mar. 31, 2022
store
shares
Mar. 31, 2023
store
$ / shares
Dec. 31, 2022
store
$ / shares
Dec. 31, 2021
store
Business Acquisition [Line Items]          
Number of owned and franchised locations | store   2,291 2,446 2,410 2,254
Class A Common Stock          
Business Acquisition [Line Items]          
Common stock, par value (in usd per share) | $ / shares     $ 0.0001 $ 0.0001  
Class B Common Stock          
Business Acquisition [Line Items]          
Common stock, par value (in usd per share) | $ / shares $ 0.0001   $ 0.0001 $ 0.0001  
Sunshine Fitness          
Business Acquisition [Line Items]          
Percentage of voting interests acquired 100.00%        
Number of owned and franchised locations | store 114        
Purchase price of the acquisition $ 824,587        
Cash consideration 430,857        
Loss on unfavorable reacquired franchise rights 1,160        
Adjusted net assets acquired 823,427        
Settlement of preexisting contracts 2,059        
Goodwill and expected tax deductible amount $ 175,600        
Expected tax deductible period 15 years        
Sunshine Fitness | Class A Common Stock          
Business Acquisition [Line Items]          
Equity consideration $ 393,730        
Equity consideration (in shares) | shares 517,348 517,348      
Common stock, par value (in usd per share) | $ / shares $ 0.0001        
Sunshine Fitness | Holdings Units          
Business Acquisition [Line Items]          
Equity consideration (in shares) | shares 3,637,678 3,637,678      
v3.23.1
Acquisition - Schedule of Purchase Consideration (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Feb. 10, 2022
Business Acquisition [Line Items]      
Goodwill $ 702,690 $ 702,690  
Sunshine Fitness      
Business Acquisition [Line Items]      
Cash and cash equivalents     $ 5,917
Other current assets     757
Property and equipment     153,092
Right of use assets     162,827
Other long term assets     1,830
Intangible assets     259,430
Goodwill     488,544
Deferred income taxes, net     (54,737)
Deferred revenue     (16,973)
Other current liabilities     (13,720)
Lease liabilities     (162,327)
Other long term liabilities     (1,213)
Net assets acquired     $ 823,427
v3.23.1
Acquisition - Components of Identifiable Intangible Assets Acquired (Details) - Sunshine Fitness
$ in Thousands
Feb. 10, 2022
USD ($)
Business Acquisition [Line Items]  
Fair value $ 259,430
Reacquired franchise rights  
Business Acquisition [Line Items]  
Fair value $ 233,070
Useful life 11 years 10 months 24 days
Customer relationships  
Business Acquisition [Line Items]  
Fair value $ 24,920
Useful life 8 years
Reacquired area development rights  
Business Acquisition [Line Items]  
Fair value $ 1,440
Useful life 5 years
v3.23.1
Acquisition - Schedule of Pro Forma Financial Information (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
USD ($)
Business Acquisition [Line Items]  
Total revenues $ 207,126
Income before taxes 30,358
Net income $ 18,401
v3.23.1
Sale of corporate-owned stores (Details) - Sale
$ in Thousands
 3 Months Ended
Aug. 31, 2022
USD ($)
store
Sep. 30, 2022
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Number of stores sold | store 6  
Proceeds from sale of corporate-owned stores $ 20,820  
Net value of assets sold 19,496  
Goodwill 14,423  
Intangible assets 2,629  
Net tangible assets $ 2,444  
Gain on sale of corporate-owned stores   $ 1,324
v3.23.1
Goodwill and intangible assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Goodwill And Intangible Assets [Line Items]    
Gross carrying amount $ 466,871 $ 466,871
Accumulated amortization (208,981) (196,404)
Net carrying Amount 257,890 270,467
Total intangible assets, Gross carrying amount 613,471 613,471
Total intangible assets, Net carrying Amount 404,490 417,067
Goodwill, gross carrying amount 702,690 702,690
Goodwill, Accumulated amortization 0 0
Goodwill, net carrying amount 702,690 702,690
Trade and brand names    
Goodwill And Intangible Assets [Line Items]    
Indefinite-lived intangible assets 146,600 146,600
Customer relationships    
Goodwill And Intangible Assets [Line Items]    
Gross carrying amount 198,813 198,813
Accumulated amortization (157,214) (153,243)
Net carrying Amount 41,599 45,570
Reacquired franchise and area development rights    
Goodwill And Intangible Assets [Line Items]    
Gross carrying amount 268,058 268,058
Accumulated amortization (51,767) (43,161)
Net carrying Amount $ 216,291 $ 224,897
v3.23.1
Goodwill and intangible assets - Additional Information (Details) - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]    
Impairment charges $ 0  
Amortization of intangible assets $ 12,587,000 $ 8,528,000
v3.23.1
Goodwill and intangible assets - Schedule of Amortization expenses (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]    
Remainder of 2023 $ 37,730  
2024 47,601  
2025 35,476  
2026 31,024  
2027 27,119  
Thereafter 78,940  
Net carrying Amount $ 257,890 $ 270,467
v3.23.1
Long-term debt - Schedule of Long-Term Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs $ 2,020,000 $ 2,025,187
Deferred financing costs, net of accumulated amortization (24,947) (26,306)
Total debt 1,995,053 1,998,881
Current portion of long-term debt 20,750 20,750
Long-term debt and borrowings under Variable Funding Notes, net of current portion 1,974,303 1,978,131
2018-1 Class A-2-II notes | Senior fixed-rate term notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 596,875 598,438
2019-1 Class A-2 notes | Senior fixed-rate term notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 532,125 533,500
2022-1 Class A-2-I notes | Senior fixed-rate term notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 420,750 421,812
2022-1 Class A-2-II notes | Senior fixed-rate term notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs $ 470,250 $ 471,437
v3.23.1
Long-term debt - Schedule of Future Annual Payments of Long-term Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]    
Remainder of 2023 $ 15,563  
2024 20,750  
2025 600,436  
2026 419,313  
2027 10,250  
Thereafter 953,688  
Total $ 2,020,000 $ 2,025,187
v3.23.1
Long-term debt - Narrative (Details)
 3 Months Ended
May 09, 2022
USD ($)
Feb. 10, 2022
USD ($)
extension
Mar. 31, 2023
USD ($)
Mar. 31, 2022
USD ($)
Dec. 03, 2019
USD ($)
Aug. 01, 2018
USD ($)
Debt Instrument [Line Items]            
Proceeds from issuance of Variable Funding Notes     $ 0 $ 75,000,000    
Repayment of long-term debt and Variable Funding Notes     5,188,000 634,250,000    
Debt issuance costs   $ 16,193,000     $ 10,577,000 $ 27,133,000
Loss on extinguishment of debt     0 $ 1,583,000    
Restricted cash     46,570,000      
2018-1 Class A-2-I notes            
Debt Instrument [Line Items]            
Loss on extinguishment of debt     $ 1,583,000      
2018-1 Class A-2-I notes | Senior fixed-rate term notes            
Debt Instrument [Line Items]            
Fixed interest rate           4.262%
Principal amount           $ 575,000,000
2018-1 Class A-2-II notes | Senior fixed-rate term notes            
Debt Instrument [Line Items]            
Fixed interest rate           4.666%
Principal amount           $ 625,000,000
Variable funding notes | Borrowings under Variable Funding Notes            
Debt Instrument [Line Items]            
Maximum borrowing capacity           75,000,000
2019-1 Class A-2 notes | Senior fixed-rate term notes            
Debt Instrument [Line Items]            
Fixed interest rate         3.858%  
Principal amount         $ 550,000,000  
3.251% Fixed Rate Class A-2-I Senior Secured Notes | Senior fixed-rate term notes            
Debt Instrument [Line Items]            
Fixed interest rate   3.251%        
Principal amount   $ 425,000        
4.008% Fixed Rate Class A-2-II Senior Secured Notes | Senior fixed-rate term notes            
Debt Instrument [Line Items]            
Fixed interest rate   4.008%        
Principal amount   $ 475,000        
2022 Variable Funding Notes | Borrowings under Variable Funding Notes            
Debt Instrument [Line Items]            
Maximum borrowing capacity   75,000        
Proceeds from issuance of Variable Funding Notes   $ 75,000,000        
Repayment of long-term debt and Variable Funding Notes $ 75,000,000          
Commitment fee percentage   0.50%        
Number of additional extensions | extension   2        
Term of extension (in years)   1 year        
Line of credit interest rate   5.00%        
Securitized Senior Notes | Securitized Senior Notes            
Debt Instrument [Line Items]            
Cap on non-securitized indebtedness           $ 50,000,000
Leverage ratio cap           7.0
v3.23.1
Leases - Balance Sheet Classification of Lease Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Assets    
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Property and equipment, net of accumulated depreciation of $251,251 and $227,869 as of March 31, 2023 and December 31, 2022, respectively Property and equipment, net of accumulated depreciation of $251,251 and $227,869 as of March 31, 2023 and December 31, 2022, respectively
Operating lease ROU assets $ 341,703 $ 346,937
Finance lease assets 314 370
Total lease assets $ 342,017 $ 347,307
Liabilities    
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other current liabilities Other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Current operating lease liabilities $ 35,519 $ 33,233
Noncurrent operating lease liabilities 336,024 341,843
Noncurrent finance lease liabilities 324 380
Total lease liabilities $ 371,867 $ 375,456
Weighted-average remaining lease term (years) - operating leases 7 years 10 months 24 days 8 years 1 month 6 days
Weighted-average discount rate - operating leases 4.80% 4.70%
v3.23.1
Leases - Components of Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Leases [Abstract]    
Operating lease cost $ 14,904 $ 11,595
Variable lease cost 5,751 4,614
Total lease cost $ 20,655 $ 16,209
v3.23.1
Leases - Supplemental Disclosures of Cash Flow Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Leases [Abstract]    
Cash paid for lease liabilities $ 13,302 $ 10,536
Operating lease ROU assets obtained in exchange for operating lease liabilities, excluding the Sunshine Acquisition 4,661 5,997
Sunshine Acquisition operating lease ROU assets obtained in exchange for operating lease liabilities $ 0 $ 162,827
v3.23.1
Leases - Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Remainder of 2023 $ 36,996  
2024 60,520  
2025 61,529  
2026 60,858  
2027 56,087  
Thereafter 175,331  
Total lease payments 451,321  
Less: imputed interest 79,454  
Present value of lease liabilities $ 371,867 $ 375,456
v3.23.1
Leases - Additional Information (Details)
$ in Thousands
Mar. 31, 2023
USD ($)
Leases [Abstract]  
Lease payments for leases signed but not yet commenced $ 32,037
v3.23.1
Revenue recognition - Schedule of Contract Liabilities (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
USD ($)
Contract liabilities  
Beginning Balance $ 86,911
Revenue recognized that was included in the contract liability at the beginning of the year (30,159)
Increase, excluding amounts recognized as revenue during the period 49,568
Ending Balance $ 106,320
v3.23.1
Revenue recognition - Remaining Performance Obligation (Details)
$ in Thousands
Mar. 31, 2023
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 106,320
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 69,023
Remaining performance obligation, expected timing of satisfaction 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 8,466
Remaining performance obligation, expected timing of satisfaction 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 4,123
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 $ 3,624
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 $ 3,152
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 $ 17,932
Remaining performance obligation, expected timing of satisfaction
v3.23.1
Revenue recognition - Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]    
Equipment deposits $ 12,851 $ 8,443
v3.23.1
Related party transactions - Schedule of Related Party Transactions (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Related Party Transaction [Line Items]    
Total revenue from related parties $ 1,252 $ 984
Franchise revenue    
Related Party Transaction [Line Items]    
Total revenue from related parties 1,247 973
Equipment revenue    
Related Party Transaction [Line Items]    
Total revenue from related parties $ 5 $ 11
v3.23.1
Related party transactions - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Related Party Transaction [Line Items]      
Liability payable under tax benefit obligations $ 83,032   $ 80,717
Administrative fees charged $ 1,252 $ 984  
Amenity Tracking Compliance Software Company | Board of Directors Chairman      
Related Party Transaction [Line Items]      
Ownership percentage 10.50%    
Planet Fitness NAF, LLC | Administrative Service      
Related Party Transaction [Line Items]      
Administrative fees charged $ 917 684  
Reacquired area development rights      
Related Party Transaction [Line Items]      
Deferred area development revenue from related parties 472   $ 467
Corporate Travel | Affiliated Entity      
Related Party Transaction [Line Items]      
Expense incurred for corporate travel to a third-party company 181 106  
Payments For Amenity Tracking Compliance Software | Affiliated Entity      
Related Party Transaction [Line Items]      
Purchases from related party $ 91 $ 63  
v3.23.1
Stockholders' equity (Details) - USD ($)
 3 Months Ended
Feb. 10, 2022
Mar. 31, 2023
Mar. 31, 2022
May 10, 2023
Dec. 31, 2022
Nov. 04, 2022
Class of Stock [Line Items]            
Repurchase and retirement of common stock   $ 25,005,000        
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
2022 share repurchase program | Subsequent Event            
Class of Stock [Line Items]            
Remaining authorized amount       $ 474,995,000    
Pla-Fit Holdings, LLC            
Class of Stock [Line Items]            
Number of shares exchanged (in shares)   1,900,309        
Holdings Units            
Class of Stock [Line Items]            
Number of shares exchanged (in shares)   1,900,309        
Investor | Secondary Offering and Exchange            
Class of Stock [Line Items]            
Number of units held by owners (in shares)   85,230,399        
Investor | Pla-Fit Holdings, LLC | Secondary Offering and Exchange            
Class of Stock [Line Items]            
Percentage of economic interest   95.30%        
Continuing LLC Owners | Secondary Offering and Exchange            
Class of Stock [Line Items]            
Number of units held by owners (in shares)   4,245,413        
Continuing LLC Owners | Pla-Fit Holdings, LLC | Secondary Offering and Exchange            
Class of Stock [Line Items]            
Percentage of economic interest   4.70%        
Holdings Units            
Class of Stock [Line Items]            
Shares exchanged for Class A common stock (in shares)   1        
Holdings Units | Sunshine Fitness            
Class of Stock [Line Items]            
Equity consideration (in shares) 3,637,678   3,637,678      
Class A Common Stock            
Class of Stock [Line Items]            
Number of shares exchanged (in shares)   1,900,309        
Class A Common Stock | 2022 share repurchase program            
Class of Stock [Line Items]            
Repurchase and retirement of common stock (in shares)   317,599        
Repurchase and retirement of common stock   $ 25,005,000        
Class A Common Stock | Investor | Secondary Offering and Exchange            
Class of Stock [Line Items]            
Number of units held by owners (in shares)   85,230,399        
Class A Common Stock | Investor | Pla-Fit Holdings, LLC | Secondary Offering and Exchange | Common Stockholders            
Class of Stock [Line Items]            
Percentage of voting power   95.30%        
Class A Common Stock | Sunshine Fitness            
Class of Stock [Line Items]            
Equity consideration (in shares) 517,348   517,348      
Class B Common Stock            
Class of Stock [Line Items]            
Shares exchanged for Class A common stock (in shares)   1        
Number of shares exchanged (in shares)   1,900,309        
Class B Common Stock | Continuing LLC Owners | Secondary Offering and Exchange            
Class of Stock [Line Items]            
Number of units held by owners (in shares)   4,245,413        
Class B Common Stock | Continuing LLC Owners | Pla-Fit Holdings, LLC | Secondary Offering and Exchange | Continuing LLC Owners            
Class of Stock [Line Items]            
Percentage of voting power   4.70%        
v3.23.1
Earnings per share - Additional Information (Details) - shares
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Performance stock units    
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Anti-dilutive securities excluded from computation of earnings per share (in shares) 53 0
Holdings Units    
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Shares exchanged for Class A common stock (in shares) 1  
Class B Common Stock    
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Shares exchanged for Class A common stock (in shares) 1  
Class B Common Stock | Equity Unit Purchase Agreements    
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Anti-dilutive securities excluded from computation of earnings per share (in shares) 5,007,448 5,016,837
Class B Common Stock | Stock options    
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Anti-dilutive securities excluded from computation of earnings per share (in shares) 196,209 198,203
Class B Common Stock | Restricted stock units    
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Anti-dilutive securities excluded from computation of earnings per share (in shares) 0 43,969
v3.23.1
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, 2023
Mar. 31, 2022
Numerator    
Net income $ 24,769 $ 18,376
Less: net income attributable to non-controlling interests 2,064 1,912
Net income attributable to Planet Fitness, Inc. $ 22,705 $ 16,464
Stock options    
Effect of dilutive securities:    
Weighted-average shares outstanding adjustment (in shares) 271,680 386,486
Restricted stock units    
Effect of dilutive securities:    
Weighted-average shares outstanding adjustment (in shares) 63,358 82,670
Performance stock units    
Effect of dilutive securities:    
Weighted-average shares outstanding adjustment (in shares) 7,654 0
Class A Common Stock    
Denominator    
Weighted-average shares of Class A common stock outstanding - basic (in shares) 84,444,003 84,166,027
Effect of dilutive securities:    
Weighted-average shares of Class A common stock outstanding - diluted (in shares) 84,786,695 84,635,183
Earnings per share of Class A common stock - basic (in usd per share) $ 0.27 $ 0.20
Earnings per share of Class A common stock - diluted (in usd per share) $ 0.27 $ 0.19
v3.23.1
Income taxes - Additional information (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
USD ($)
agreement
shares
Mar. 31, 2022
Dec. 31, 2022
USD ($)
Tax Credit Carryforward [Line Items]      
Effective income tax rate 27.60% 38.60%  
Net deferred tax assets $ 493,236   $ 453,094
Total liability related to uncertain tax positions     328
Number of tax receivable agreements | agreement 2    
Percentage of remaining tax savings 15.00%    
Tax benefit obligation $ 496,780   $ 494,465
Class A Common Stock      
Tax Credit Carryforward [Line Items]      
Number of shares exchanged (in shares) | shares 1,900,309    
TRA Holders      
Tax Credit Carryforward [Line Items]      
Applicable tax savings (in percentage) 85.00%    
Deferred tax asset $ 50,823    
TRA Holders | Class A Common Stock      
Tax Credit Carryforward [Line Items]      
Number of shares exchanged (in shares) | shares 1,900,309    
Continuing LLC Owners      
Tax Credit Carryforward [Line Items]      
Decrease in deferred tax assets $ 2,605    
Deferred tax liability $ 2,315    
v3.23.1
Income taxes - Schedule of Future Payments Under Tax Benefit Arrangements (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]    
Remainder of 2023 $ 31,940  
2024 44,716  
2025 55,229  
2026 54,829  
2027 41,949  
Thereafter 268,117  
Total $ 496,780 $ 494,465
v3.23.1
Commitments and contingencies - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Dec. 31, 2022
Mexico Acquisition      
Loss Contingencies [Line Items]      
Loss contingency reserve $ 11,850   $ 8,550
Increase in loss contingency reserve $ 3,300    
Pending Litigation | Civil Action Brought By Former Employee      
Loss Contingencies [Line Items]      
Loss Contingency, paid liability   $ 3,414  
v3.23.1
Segments - Additional Information (Details)
 3 Months Ended
Mar. 31, 2023
USD ($)
segment
Mar. 31, 2022
USD ($)
Dec. 31, 2022
USD ($)
Segment Reporting Information [Line Items]      
Number of reportable segments | segment 3    
Number of operating segments | segment 0    
Revenue $ 222,225,000 $ 186,676,000  
Franchise revenue      
Segment Reporting Information [Line Items]      
Revenue 92,682,000 80,084,000  
Franchise revenue | Placement Services      
Segment Reporting Information [Line Items]      
Revenue 1,613,000 2,339,000  
Corporate-owned stores      
Segment Reporting Information [Line Items]      
Revenue 105,882,000 $ 76,157,000  
Corporate-owned stores | International corporate-owned stores      
Segment Reporting Information [Line Items]      
Long-lived assets 868,000   $ 916,000
Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Revenue $ 0    
v3.23.1
Segments - Financial Information for the Company's Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Segment Reporting Information [Line Items]    
Revenue $ 222,225 $ 186,676
Total Segment EBITDA 88,014 78,192
Corporate and other    
Segment Reporting Information [Line Items]    
Total Segment EBITDA (15,822) (13,931)
Franchise revenue    
Segment Reporting Information [Line Items]    
Revenue 92,682 80,084
Franchise revenue | Operating Segments    
Segment Reporting Information [Line Items]    
Total Segment EBITDA 64,735 60,106
Franchise revenue | US    
Segment Reporting Information [Line Items]    
Revenue 90,288 78,434
Franchise revenue | International    
Segment Reporting Information [Line Items]    
Revenue 2,394 1,650
Corporate-owned stores    
Segment Reporting Information [Line Items]    
Revenue 105,882 76,157
Corporate-owned stores | Operating Segments    
Segment Reporting Information [Line Items]    
Total Segment EBITDA 33,530 23,364
Corporate-owned stores | US    
Segment Reporting Information [Line Items]    
Revenue 104,808 75,401
Corporate-owned stores | International    
Segment Reporting Information [Line Items]    
Revenue 1,074 756
Equipment revenue    
Segment Reporting Information [Line Items]    
Revenue 23,661 30,435
Equipment revenue | Operating Segments    
Segment Reporting Information [Line Items]    
Total Segment EBITDA 5,571 8,653
Equipment revenue | US    
Segment Reporting Information [Line Items]    
Revenue 23,105 29,790
Equipment revenue | International    
Segment Reporting Information [Line Items]    
Revenue $ 556 $ 645
v3.23.1
Segments - Reconciliation of Total Segment EBITDA to (Loss) Income Before Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Segment Reporting [Abstract]    
Total Segment EBITDA $ 88,014 $ 78,192
Depreciation and amortization 36,010 25,683
Other income 113 4,090
Equity losses of unconsolidated entities, net of tax (265) (238)
Income from operations 52,156 48,657
Interest income 3,931 209
Interest expense (21,599) (22,631)
Income before income taxes $ 34,601 $ 30,325
v3.23.1
Segments - Company's Assets by Reportable Segment (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]    
Total consolidated assets $ 2,905,565 $ 2,854,589
Operating Segments | Franchise    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total consolidated assets 187,264 161,355
Operating Segments | Corporate-owned stores    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total consolidated assets 1,563,674 1,559,985
Operating Segments | Equipment    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total consolidated assets 180,164 200,020
Unallocated    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total consolidated assets $ 974,463 $ 933,229
v3.23.1
Segments - Company's Goodwill by Reportable Segment (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Consolidated goodwill $ 702,690 $ 702,690
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 593,086 593,086
Equipment    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Consolidated goodwill $ 92,666 $ 92,666
v3.23.1
Corporate-owned and franchisee-owned stores - Schedule of Changes in Corporate-owned and Franchisee-owned Stores (Details) - store
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Number Of Stores [Roll Forward]    
Stores operated at beginning of period 2,410 2,254
New stores opened 36 37
Stores operated at end of period 2,446 2,291
Franchisee-owned stores:    
Number Of Stores [Roll Forward]    
Stores operated at beginning of period 2,176 2,142
New stores opened 35 34
Stores debranded, sold, closed or consolidated 0 (114)
Stores operated at end of period 2,211 2,062
Corporate-owned stores:    
Number Of Stores [Roll Forward]    
Stores operated at beginning of period 234 112
New stores opened 1 3
Stores acquired from franchisees 0 114
Stores operated at end of period 235 229
v3.23.1
Subsequent events (Details) - Subsequent Event
$ in Thousands
 1 Months Ended
Apr. 16, 2023
USD ($)
store
May 05, 2023
USD ($)
shares
Subsequent Event [Line Items]    
Number of franchise stores acquired | store 4  
Asset purchase acquisition $ 26,300  
Shares repurchased (in shares) | shares   490,923
Shares repurchased   $ 37,585