PLANET FITNESS, INC., 10-Q filed on 11/9/2023
Quarterly Report
v3.23.3
Cover - shares
 9 Months Ended
Sep. 30, 2023
Nov. 02, 2023
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 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, $0.0001 Par Value  
Trading Symbol PLNT  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0001637207  
Current Fiscal Year End Date --12-31  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   85,438,502
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   2,708,410
v3.23.3
Condensed consolidated balance sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 308,970 $ 409,840
Restricted cash 46,381 62,659
Short-term marketable securities 108,460 0
Accounts receivable, net of allowances for uncollectible amounts of $0 and $0 as of September 30, 2023 and December 31, 2022, respectively 36,362 46,242
Inventory 7,536 5,266
Prepaid expenses 18,073 11,078
Other receivables 8,678 14,975
Income tax receivables 5,659 5,471
Total current assets 540,119 555,531
Long-term marketable securities 10,252 0
Property and equipment, net of accumulated depreciation of $296,677 and $227,869 as of September 30, 2023 and December 31, 2022, respectively 366,780 348,820
Investments, net of allowances for expected credit losses of $14,951 and $14,957 as of September 30, 2023 and December 31, 2022, respectively 46,037 25,122
Right-of-use assets, net 381,819 346,937
Intangible assets, net 385,462 417,067
Goodwill 717,502 702,690
Deferred income taxes 492,965 454,565
Other assets, net 3,911 3,857
Total assets 2,944,847 2,854,589
Current liabilities:    
Current maturities of long-term debt 20,750 20,750
Accounts payable 28,364 20,578
Accrued expenses 56,430 66,993
Equipment deposits 13,933 8,443
Restricted liabilities – national advertising fund 805 0
Deferred revenue, current 64,352 53,759
Payable pursuant to tax benefit arrangements, current 38,193 31,940
Other current liabilities 50,019 42,067
Total current liabilities 272,846 244,530
Long-term debt, net of current maturities 1,966,682 1,978,131
Lease liabilities, net of current portion 379,810 341,843
Deferred revenue, net of current portion 32,670 33,152
Deferred tax liabilities 1,397 1,471
Payable pursuant to tax benefit arrangements, net of current portion 451,569 462,525
Other liabilities 4,803 4,498
Total noncurrent liabilities 2,836,931 2,821,620
Commitments and contingencies (Note 14)
Stockholders’ equity (deficit):    
Accumulated other comprehensive loss (684) (448)
Additional paid in capital 570,397 505,144
Accumulated deficit (726,800) (703,717)
Total stockholders’ deficit attributable to Planet Fitness Inc. (157,078) (199,012)
Non-controlling interests (7,852) (12,549)
Total stockholders’ deficit (164,930) (211,561)
Total liabilities and stockholders’ deficit 2,944,847 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
v3.23.3
Condensed consolidated balance sheets (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Current assets:    
Accounts receivable, allowance for bad debts $ 0 $ 0
Accumulated depreciation 296,677 227,869
Allowance for expected credit loss $ 14,951 $ 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) 85,410,000 83,430,000
Common stock, shares outstanding (in shares) 85,410,000 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) 2,733,000 6,146,000
Common stock, shares outstanding (in shares) 2,733,000 6,146,000
v3.23.3
Condensed consolidated statements of operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenue:        
Total revenue $ 277,551 $ 244,386 $ 786,240 $ 655,504
Operating costs and expenses:        
Cost of revenue 53,751 48,531 132,561 103,436
Store operations 63,120 57,892 188,011 161,789
Selling, general and administrative 33,290 27,148 93,705 86,176
National advertising fund expense 17,618 17,009 52,496 50,445
Depreciation and amortization 37,477 32,572 110,254 90,427
Other (gains) losses, net (56) (700) 7,705 (2,452)
Total operating costs and expenses 205,200 182,452 584,732 489,821
Income from operations 72,351 61,934 201,508 165,683
Other expense, net:        
Interest income 4,245 1,561 12,339 2,244
Interest expense (21,704) (21,917) (64,771) (66,527)
Other income, net 148 4,762 631 9,000
Total other expense, net (17,311) (15,594) (51,801) (55,283)
Income before income taxes 55,040 46,340 149,707 110,400
Equity losses of unconsolidated entities, net of tax (242) (2) (580) (334)
Provision for income taxes 13,474 15,661 38,855 35,942
Net income 41,324 30,677 110,272 74,124
Less net income attributable to non-controlling interests 2,190 3,764 7,299 8,405
Net income attributable to Planet Fitness, Inc. $ 39,134 $ 26,913 $ 102,973 $ 65,719
Class A Common Stock        
Net income per share of Class A common stock:        
Basic (in usd per share) $ 0.46 $ 0.32 $ 1.22 $ 0.78
Diluted (in usd per share) $ 0.46 $ 0.32 $ 1.21 $ 0.78
Weighted-average shares of Class A common stock outstanding:        
Basic (in shares) 84,609,522 84,156,488 84,557,902 84,377,324
Diluted (in shares) 84,886,319 84,546,613 84,870,312 84,797,924
Franchise        
Revenue:        
Total revenue $ 80,587 $ 66,168 $ 237,313 $ 200,243
National advertising fund revenue        
Revenue:        
Total revenue 17,578 14,578 52,378 43,130
Corporate-owned stores        
Revenue:        
Total revenue 113,245 101,330 332,885 278,940
Equipment        
Revenue:        
Total revenue $ 66,141 $ 62,310 $ 163,664 $ 133,191
v3.23.3
Condensed consolidated statements of comprehensive income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net income including non-controlling interests $ 41,324 $ 30,677 $ 110,272 $ 74,124
Other comprehensive (loss) income, net:        
Foreign currency translation adjustments (393) (516) 17 (638)
Change in unrealized gain (loss) on marketable securities, net of tax 42 0 (253) 0
Total other comprehensive (loss) income, net (351) (516) (236) (638)
Total comprehensive income including non-controlling interests 40,973 30,161 110,036 73,486
Less: total comprehensive income attributable to non-controlling interests 2,190 3,764 7,299 8,405
Total comprehensive income attributable to Planet Fitness, Inc. $ 38,783 $ 26,397 $ 102,737 $ 65,081
v3.23.3
Condensed consolidated statements of cash flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 110,272 $ 74,124
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 110,254 90,427
Amortization of deferred financing costs 4,114 4,129
Write-off of deferred financing costs 0 1,583
Accretion of marketable securities discount (2,224) 0
Dividends accrued on investment (1,490) (1,391)
Deferred tax expense 34,884 35,026
Equity losses of unconsolidated entities, net of tax 580 334
Gain on adjustment of allowance for credit losses on held-to-maturity investment (6) (1,572)
Gain on re-measurement of tax benefit arrangement 0 (8,381)
Loss on reacquired franchise rights 110 1,160
Gain on sale of corporate-owned stores 0 (1,324)
Equity-based compensation 6,326 6,942
Other 133 267
Changes in operating assets and liabilities, excluding effects of acquisitions:    
Accounts receivable 10,086 (7,477)
Inventory (2,270) (3,071)
Other assets and other current assets (1,722) (567)
Restricted liabilities (assets) - national advertising fund 805 (1,773)
Accounts payable and accrued expenses (7,488) (22,521)
Other liabilities and other current liabilities 6,855 1,728
Income taxes (104) (2,111)
Payable pursuant to tax benefit arrangements (21,780) (14,211)
Equipment deposits 5,495 26,049
Deferred revenue 9,428 11,506
Leases 4,662 1,550
Net cash provided by operating activities 266,920 190,426
Cash flows from investing activities:    
Additions to property and equipment (84,636) (65,138)
Acquisition of franchisees, net of cash acquired (26,264) (424,940)
Proceeds from sale of corporate-owned stores 0 20,820
Proceeds from sale of property and equipment 2 60
Purchases of marketable securities (155,007) 0
Maturities of marketable securities 37,990 0
Other investments (20,000) 0
Net cash used in investing activities (247,915) (469,198)
Cash flows from financing activities:    
Principal payments on capital lease obligations (152) (207)
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 (15,563) (719,625)
Payment of financing and other debt-related costs 0 (15,951)
Proceeds from issuance of Class A common stock 8,575 779
Repurchase and retirement of Class A common stock (125,030) (94,314)
Distributions paid to members of Pla-Fit Holdings (4,216) (2,945)
Net cash (used in) provided by financing activities (136,386) 142,737
Effects of exchange rate changes on cash and cash equivalents 233 (729)
Net decrease in cash, cash equivalents and restricted cash (117,148) (136,764)
Cash, cash equivalents and restricted cash, beginning of period 472,499 603,941
Cash, cash equivalents and restricted cash, end of period 355,351 467,177
Supplemental cash flow information:    
Net cash paid for income taxes 4,394 3,072
Cash paid for interest 60,964 60,535
Non-cash investing & financing activities:    
Non-cash additions to property and equipment 20,590 11,566
Accrued taxes on share repurchases 1,048 0
Fair value of common stock issued as consideration for acquisition $ 0 $ 393,730
v3.23.3
Condensed consolidated statement of changes in equity (deficit) (Unaudited) - USD ($)
$ in Thousands
Total
Class A common stock
Class B common stock
Common stock
Class A common stock
Common stock
Class B common stock
Accumulated other comprehensive income (loss)
Additional paid- in capital
Accumulated deficit
Non-controlling interests
Beginning balance (in shares) at Dec. 31, 2021       83,804,000 3,056,000        
Beginning balance at Dec. 31, 2021 $ (642,845)     $ 8 $ 1 $ 12 $ 63,428 $ (708,804) $ 2,510
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 74,124             65,719 8,405
Equity-based compensation expense 6,942           6,942    
Exchanges of Class B common stock and other adjustments (in shares)       548,000 (548,000)        
Exchanges of Class B common stock and other adjustments 0           22,534   (22,534)
Repurchase and retirement of Class A common stock (in shares)       (1,528,000)          
Repurchase and retirement of Class A common stock (94,314)           6,426 (94,314) (6,426)
Exercise of stock options, vesting of restricted share units and ESPP share purchase (in shares)       73,000          
Exercise of stock options, vesting of restricted share units and ESPP share purchase 998           998    
Issuance of common stock for acquisition (in shares)       517,000 3,638,000        
Issuance of common stock for acquisition 393,730           416,509   (22,779)
Tax benefit arrangement liability and deferred taxes arising from exchanges of Class B common stock and other adjustments 17,528           17,528    
Non-cash adjustments to VIEs (686)               (686)
Distributions paid to members of Pla-Fit Holdings (2,945)               (2,945)
Other comprehensive loss (638)         (638)      
Ending balance (in shares) at Sep. 30, 2022       83,414,000 6,146,000        
Ending balance at Sep. 30, 2022 (248,106)     $ 8 $ 1 (626) 534,365 (737,399) (44,455)
Beginning balance (in shares) at Jun. 30, 2022       84,230,000 6,146,000        
Beginning balance at Jun. 30, 2022 (229,008)     $ 8 $ 1 (110) 529,026 (714,297) (43,636)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 30,677             26,913 3,764
Equity-based compensation expense 1,341           1,341    
Repurchase and retirement of Class A common stock (in shares)       (831,000)          
Repurchase and retirement of Class A common stock (50,015)           3,432 (50,015) (3,432)
Exercise of stock options, vesting of restricted share units and ESPP share purchase (in shares)       15,000          
Exercise of stock options, vesting of restricted share units and ESPP share purchase 624           624    
Tax benefit arrangement liability and deferred taxes arising from exchanges of Class B common stock and other adjustments (58)           (58)    
Non-cash adjustments to VIEs (229)               (229)
Distributions paid to members of Pla-Fit Holdings (922)               (922)
Other comprehensive loss (516)         (516)      
Ending balance (in shares) at Sep. 30, 2022       83,414,000 6,146,000        
Ending balance at Sep. 30, 2022 (248,106)     $ 8 $ 1 (626) 534,365 (737,399) (44,455)
Beginning balance (in shares) at Dec. 31, 2022   83,430,000 6,146,000 83,430,000 6,146,000        
Beginning balance at Dec. 31, 2022 (211,561)     $ 8 $ 1 (448) 505,144 (703,717) (12,549)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 110,272             102,973 7,299
Equity-based compensation expense 6,326           6,326    
Exchanges of Class B common stock and other adjustments (in shares)   3,412,312   3,413,000 (3,413,000)        
Exchanges of Class B common stock and other adjustments 0     $ 1 $ (1)   (9,096)   9,096
Repurchase and retirement of Class A common stock (in shares)       (1,699,000)          
Repurchase and retirement of Class A common stock (126,078)           3,117 (126,078) (3,117)
Exercise of stock options, vesting of restricted share units and ESPP share purchase (in shares)       266,000          
Exercise of stock options, vesting of restricted share units and ESPP share purchase 8,611           8,611    
Tax benefit arrangement liability and deferred taxes arising from exchanges of Class B common stock and other adjustments 56,295           56,295    
Non-cash adjustments to VIEs (389)               (389)
Deconsolidation of VIEs (3,954)             22 (3,976)
Distributions paid to members of Pla-Fit Holdings (4,216)               (4,216)
Other comprehensive loss (236)         (236)      
Ending balance (in shares) at Sep. 30, 2023   85,410,000 2,733,000 85,410,000 2,733,000        
Ending balance at Sep. 30, 2023 (164,930)     $ 9 $ 0 (684) 570,397 (726,800) (7,852)
Beginning balance (in shares) at Jun. 30, 2023       83,980,000 4,151,000        
Beginning balance at Jun. 30, 2023 (215,961)     $ 9 $ 0 (333) 564,170 (765,815) (13,992)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 41,324             39,134 2,190
Equity-based compensation expense 1,533           1,533    
Exchanges of Class B common stock and other adjustments (in shares)   1,417,603   1,418,000 (1,418,000)        
Exchanges of Class B common stock and other adjustments 0           (4,430)   4,430
Exercise of stock options, vesting of restricted share units and ESPP share purchase (in shares)       12,000          
Exercise of stock options, vesting of restricted share units and ESPP share purchase 591           591    
Tax benefit arrangement liability and deferred taxes arising from exchanges of Class B common stock and other adjustments 8,533           8,533    
Deconsolidation of VIEs (119)             (119)  
Distributions paid to members of Pla-Fit Holdings (480)               (480)
Other comprehensive loss (351)         (351)      
Ending balance (in shares) at Sep. 30, 2023   85,410,000 2,733,000 85,410,000 2,733,000        
Ending balance at Sep. 30, 2023 $ (164,930)     $ 9 $ 0 $ (684) $ 570,397 $ (726,800) $ (7,852)
v3.23.3
Business organization
 9 Months Ended
Sep. 30, 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 18.5 million members and 2,498 owned and franchised locations (referred to as stores) in 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia as of September 30, 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 September 30, 2023, the Company held 100.0% of the voting interest and approximately 96.9% 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 3.1% 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.
v3.23.3
Summary of significant accounting policies
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 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, valuation of certain investments and other financial instruments including valuation of investments without readily determinable fair values, the evaluation of the recoverability of goodwill and long-lived assets, including intangible assets, allowance for expected credit losses, contingent liabilities, 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) Marketable securities
Marketable securities primarily consist of commercial paper, corporate debt securities, U.S. treasury securities, and U.S. government agency securities. We classify our marketable securities as available-for-sale at the time of purchase and reevaluate such classification at each balance sheet date. We may sell these securities at any time for use in current operations even if they have not yet reached maturity. The Company invests in a diversified portfolio of marketable securities and limits the concentration of its investment in any particular security. Securities with maturities greater than three months, but less than one year, are included in current assets and securities with maturities greater than one year are included within investments in non-current assets on the consolidated balance sheets. All marketable securities classified as available-for-sale are reported at fair value.
If the estimated fair value of an available-for-sale debt security is below its amortized cost basis, then the Company evaluates the security for impairment. The Company considers its intent to sell the security or whether it is more likely than not that it will be required to sell the security before recovery of its amortized basis. If either of these criteria are met, the debt security’s amortized cost basis is written down to fair value through other income (expense), net in the consolidated statements of operations. If neither of these criteria are met, the Company evaluates whether unrealized losses have resulted from a credit loss or other factors. The factors considered in determining whether a credit loss exists can include the extent to which fair value is less than the amortized cost basis, changes to the rating of the security by a rating agency, any adverse conditions specifically related to the security, as well as other factors. An impairment relating to credit losses is recorded through an allowance for credit losses reported in other income (expense), net in the consolidated statements of operations. The allowance is limited by the amount that the fair value of the debt security is below its amortized cost basis. When a credit loss exists, the Company compares the present value of cash flows expected to be collected from the debt security with the amortized cost basis of the security to determine what allowance amount, if any, should be recorded. Unrealized gains or losses not resulting from credit losses are recorded through accumulated other comprehensive income (loss). Realized gains and losses from the sale of marketable securities are determined based on the specific identification method. Realized gains and losses are reported in other income (expense), net in the consolidated statements of operations. Interest income from marketable securities is recognized as earned within the condensed consolidated statement of operations.
(d) 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 fair value measurements and levels of marketable securities are included in Note 3.
The carrying value and estimated fair value of certain liabilities as of September 30, 2023 and December 31, 2022 were as follows:
September 30, 2023December 31, 2022
Carrying valueEstimated fair valueCarrying valueEstimated fair value
Liabilities
Long-term debt(1)
$2,009,625 $1,763,500 $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.
(e) 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.
v3.23.3
Investments
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Investments - Marketable securities
The following table summarizes the amortized cost, gross unrealized gains (losses), and fair value of the Company’s cash equivalents and marketable securities:
September 30, 2023
Amortized CostUnrealized GainsUnrealized LossesFair ValueCash EquivalentsMarketable Securities
Level 1
Money market funds$981 $— $— $981 $981 $— 
Level 2
Commercial paper74,471 — (86)74,385 7,955 66,430 
Corporate debt securities44,252 — (157)44,095 — 44,095 
U.S. treasury securities4,988 — (5)4,983 — 4,983 
U.S. government agency securities3,209 — (5)3,204 — 3,204 
Total level 2126,920 — (253)126,667 7,955 118,712 
Total$127,901 $— $(253)$127,648 $8,936 $118,712 
The Company held no marketable securities as of December 31, 2022. The Company primarily invests in current marketable debt securities with a maximum weighted average duration of up to twelve months. As of September 30, 2023, the fair value of non-current marketable debt securities with a maturity beyond twelve months from the end of the period was $10,252, which are included within long-term marketable securities in the consolidated balance sheet. The remainder of the marketable securities are classified as current. Fair values were determined using market prices from third-party pricing sources.
For marketable securities with unrealized loss positions, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis and they are therefore all categorized as available for sale. No allowance for credit losses was recorded for these securities as of September 30, 2023.
Investments - Held-to-maturity debt securities
As of September 30, 2023, the Company’s debt security investment consists of redeemable preferred shares that are accounted for as a held-to-maturity investment, with a contractual maturity in 2026. 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 and nine months ended September 30, 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. A roll forward of the Company’s allowance for expected credit losses on held-to-maturity investments is as follows:
Three months ended September 30,Nine months ended September 30,
2023202220232022
Beginning allowance for expected credit losses$15,052 $15,617 $14,957 $17,462 
(Gain) loss on adjustment of allowance for expected credit losses(101)273 (6)(1,572)
Write-offs, net of recoveries— — — — 
Ending allowance for expected credit losses$14,951 $15,890 $14,951 $15,890 
The amortized cost, including accrued dividends, of the Company’s held-to-maturity debt security investments was $29,767 and $28,277 and the allowance for expected credit losses was $14,951 and $14,957, as of September 30, 2023 and December 31, 2022, respectively. During the three months ended September 30, 2023 and 2022, the Company recognized dividend income of $511 and $477, respectively, and during the nine months ended September 30, 2023 and 2022, of $1,490 and $1,391, respectively, within other income on the consolidated statements of operations.
Equity method investments
On April 9, 2021, the Company acquired a 21% ownership interest 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, the Company’s ownership remained at 21%. For the three months ended September 30, 2023 and 2022, the Company’s proportionate share of the earnings in accordance with the equity method was a loss of $94 and $2, respectively, and for the nine months ended September 30, 2023 and 2022, the Company’s proportionate share of the earnings was a loss of $432 and $334, respectively, recorded within equity earnings of unconsolidated entities on the condensed consolidated statement of operations. The adjusted carrying value of the equity method investment was $11,370 and $11,802 as of September 30, 2023 and December 31, 2022, respectively.
On June 23, 2023, the Company acquired a 12.5% ownership interest for $10,000 in Planet Fitmex, LLC, which is classified as an equity method investment as a result of its organizational structure. In August 2023, the Company invested an additional $10,000 in Planet Fitmex, LLC. Following such additional investment, the Company’s ownership stake increased to 22.2% with a total investment of $20,000. Planet Fitmex, LLC, is a franchisee of the Company, store operator in Mexico, and is deemed to be a related party. For both the three and nine months ended September 30, 2023, the Company’s proportionate share of the earnings was a loss of $148 recorded within equity earnings of unconsolidated entities on the condensed consolidated statement of operations. The adjusted carrying value of the equity method investment was $19,852 as of September 30, 2023.
Subsequent to quarter end, in November 2023, the Company invested an additional $15,596 in Planet Fitmex, LLC, and following such additional investment, the Company’s ownership stake increased to 25.2%.
v3.23.3
Acquisitions
 9 Months Ended
Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisitions Acquisitions
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 following pro forma financial information for the nine months ended September 30, 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 and nine months ended September 30, 2023 and the three months ended September 30, 2022 total revenues, income before taxes, and net income are included within the condensed consolidated statements of operations.
For the nine months ended September 30, 2022
Total revenues$675,954 
Income before taxes110,246 
Net income74,008 
Florida acquisition
On April 16, 2023, the Company purchased from one of its franchisees a majority of the assets associated with four franchisee stores operating in Florida (the “Florida Acquisition”) for approximately $26,264. As a result of the transaction, the Company incurred a loss on unfavorable reacquired franchise rights of $110, which is included in other losses (gains), net on the condensed consolidated statement of operations. The loss incurred reduced the net purchase price to $26,154. The Company financed the purchase through cash on hand. The acquired stores are included in the Corporate-owned stores segment.
The preliminary allocation of the purchase consideration was as follows:
Amount
Property and equipment$3,851 
Right of use assets5,424 
Other long-term assets95 
Intangible assets6,880 
Goodwill14,812 
Deferred revenue(687)
Other current liabilities(17)
Lease liabilities(4,204)
Total$26,154 
The goodwill created through the purchase is attributable to the assumed future value of the cash flows from the stores acquired. The goodwill is amortizable and deductible for tax purposes over 15 years.
The following table sets forth the components of identifiable intangible assets acquired in the Florida Acquisition and their estimated useful lives as of the date of the acquisition:
Preliminary Fair ValuePreliminary Useful Life
Reacquired franchise rights(1)
$6,650 6.8
Customer relationships(2)
230 6.0
Total intangible assets subject to amortization$6,880 
(1) Reacquired franchise rights represent the fair value of the reacquired franchise agreements using the income approach, specifically, the multi-period excess earnings method.
(2) Customer relationships represent the fair value of the existing contractual customer relationships using the income approach, specifically, the multi-period excess earnings method.
The acquisition did not have a material effect on the results of operations of the Company.
Certain estimated values for the Florida Acquisition, including goodwill and intangible assets, are not yet finalized and are subject to revision as additional information becomes available and more detailed analyses are completed.
v3.23.3
Sale of corporate-owned stores
 9 Months Ended
Sep. 30, 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.
v3.23.3
Goodwill and intangible assets
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and intangible assets Goodwill and intangible assets
A summary of goodwill and intangible assets at September 30, 2023 and December 31, 2022 is as follows: 
September 30, 2023Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount
Customer relationships$199,043 $(165,174)$33,869 
Reacquired franchise and area development rights274,708 (69,715)204,993 
 473,751 (234,889)238,862 
Indefinite-lived intangible:
Trade and brand names146,600 — 146,600 
Total intangible assets$620,351 $(234,889)$385,462 
Goodwill$717,502 $— $717,502 
 
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 
A roll forward of goodwill between December 31, 2022 and September 30, 2023 is as follows:
FranchiseCorporate-owned storesEquipmentTotal
As of December 31, 2022
$16,938 $593,086 $92,666 $702,690 
Acquisition of franchisee-owned stores— 14,812 — 14,812 
As of September 30, 2023
$16,938 $607,898 $92,666 $717,502 
The Company determined that no impairment charges were required during any periods presented.
Amortization expense related to the intangible assets totaled $12,965 and $10,611 for the three months ended September 30, 2023 and 2022, respectively, and $38,517 and $29,644 for the nine months ended September 30, 2023 and 2022, respectively. The anticipated annual amortization expense related to intangible assets to be recognized in future years as of September 30, 2023 is as follows:
 Amount
Remainder of 2023$12,954 
202449,190 
202536,713 
202632,079 
202727,956 
Thereafter79,970 
Total$238,862 
v3.23.3
Long-term debt
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Long-term debt Long-term debt
Long-term debt as of September 30, 2023 and December 31, 2022 consists of the following: 
 September 30, 2023December 31, 2022
2018-1 Class A-2-II notes$593,750 $598,438 
2019-1 Class A-2 notes529,375 533,500 
2022-1 Class A-2-I notes418,625 421,812 
2022-1 Class A-2-II notes467,875 471,437 
Total debt, excluding deferred financing costs2,009,625 2,025,187 
Deferred financing costs, net of accumulated amortization(22,193)(26,306)
Total debt1,987,432 1,998,881 
Current portion of long-term debt20,750 20,750 
Long-term debt, net of current portion$1,966,682 $1,978,131 
Future annual principal payments of long-term debt as of September 30, 2023 are as follows: 
 Amount
Remainder of 2023$5,188 
202420,750 
2025600,438 
2026419,312 
202710,250 
Thereafter953,687 
Total$2,009,625 
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 during the nine months ended September 30, 2022, consisting of the write-off of remaining unamortized deferred financing costs related to the issuance of the 2018 Class A-2-I Notes.
The Securitized Senior Notes are subject to covenants and restrictions customary for transactions of this type, including (i) that the Master Issuer maintains specified reserve accounts to be used to make required payments in respect of the Securitized Senior Notes, (ii) provisions relating to optional and mandatory prepayments and the related payment of specified amounts, including specified make-whole payments in the case of the Notes under certain circumstances, (iii) certain indemnification payments in the event, among other things, the assets pledged as collateral for the Securitized Senior Notes are in stated ways defective or ineffective, (iv) a cap on non-securitized indebtedness of $50,000 (provided that the Company may incur non-securitized indebtedness in excess of such amount, subject to the leverage ratio cap described below, under certain conditions, including if the relevant lenders execute a non-disturbance agreement that acknowledges the bankruptcy-remote status of the Master Issuer and its subsidiaries and of their respective assets), (v) a leverage ratio cap incurrence test on the Company of 7.0x (calculated without regard for any indebtedness subject to the $50,000 cap) and (vi) covenants relating to recordkeeping, access to information and similar matters.
Pursuant to a parent company support agreement, the Company has agreed to cause its subsidiary to perform each of its obligations (including any indemnity obligations) and duties under the Management Agreement and under the contribution agreements entered into in connection with the securitized financing facility, in each case as and when due. To the extent that such subsidiary has not performed any such obligation or duty within the prescribed time frame after such obligation or duty was required to be performed, the Company has agreed to either (i) perform such obligation or duty or (ii) cause such obligations or duties to be performed on the Company’s behalf.
The Securitized Senior Notes are also subject to customary rapid amortization events provided for in the Indenture, including events tied to failure to maintain stated debt service coverage ratios, certain manager termination events, an event of default, and the failure to repay or refinance the Notes on the applicable scheduled Anticipated Repayment Dates. The Securitized Senior Notes are also subject to certain customary events of default, including events relating to non-payment of required interest, principal, or other amounts due on or with respect to the Securitized Senior Notes, failure to comply with covenants
within certain time frames, certain bankruptcy events, breaches of specified representations and warranties, failure of security interests to be effective, and certain judgments.
In accordance with the Indenture, certain cash accounts have been established with the Indenture trustee (the “Trustee”) for the benefit of the trustee and the noteholders, and are restricted in their use. The Company holds restricted cash which primarily represents cash collections held by the Trustee, interest, principal, and commitment fee reserves held by the Trustee related to the Securitized Senior Notes. As of September 30, 2023, the Company had restricted cash held by the Trustee of $46,381.
v3.23.3
Leases
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Leases Leases
LeasesClassificationSeptember 30, 2023December 31, 2022
Assets
Operating lease ROU assetsRight of use asset, net$381,819 $346,937 
Finance lease assetsProperty and equipment, net219 370 
Total lease assets$382,038 $347,307 
Liabilities
Current:
OperatingOther current liabilities$33,589 $33,233 
FinancingOther current liabilities140 38 
Noncurrent:
OperatingLease liabilities, net of current portion379,810 341,843 
FinancingOther liabilities88 342 
Total lease liabilities$413,627 $375,456 
Weighted-average remaining lease term (years) - operating leases8.18.1
Weighted-average discount rate - operating leases5.2 %4.7 %

During the three and nine months ended September 30, 2023 and 2022, the components of lease cost were as follows:
Three months ended September 30,Nine months ended September 30,
2023202220232022
Operating lease cost$16,467 $14,677 $47,154 $41,411 
Variable lease cost5,917 5,691 16,936 15,415 
Total lease cost$22,384 $20,368 $64,090 $56,826 
The Company’s costs related to short-term leases, those with a duration between one and twelve months, were immaterial.
Supplemental disclosures of cash flow information related to leases were as follows:
Three months ended September 30,Nine months ended September 30,
2023202220232022
Cash paid for lease liabilities$13,877 $14,172 $41,985 $40,405 
Operating lease ROU assets obtained in exchange for operating lease liabilities, excluding acquisitions$38,683 $6,073 $59,410 $29,234 
Operating lease ROU assets obtained in exchange for operating lease liabilities through acquisitions$— $— $4,204 $162,827 
As of September 30, 2023, maturities of lease liabilities were as follows:
Amount
Remainder of 2023$9,506 
202460,149 
202568,800 
202669,264 
202766,584 
Thereafter242,152 
Total lease payments$516,455 
Less: imputed interest102,828 
Present value of lease liabilities$413,627 

As of September 30, 2023, future operating lease payments exclude approximately $29,938 of legally binding minimum lease payments for leases signed but not yet commenced.
Leases Leases
LeasesClassificationSeptember 30, 2023December 31, 2022
Assets
Operating lease ROU assetsRight of use asset, net$381,819 $346,937 
Finance lease assetsProperty and equipment, net219 370 
Total lease assets$382,038 $347,307 
Liabilities
Current:
OperatingOther current liabilities$33,589 $33,233 
FinancingOther current liabilities140 38 
Noncurrent:
OperatingLease liabilities, net of current portion379,810 341,843 
FinancingOther liabilities88 342 
Total lease liabilities$413,627 $375,456 
Weighted-average remaining lease term (years) - operating leases8.18.1
Weighted-average discount rate - operating leases5.2 %4.7 %

During the three and nine months ended September 30, 2023 and 2022, the components of lease cost were as follows:
Three months ended September 30,Nine months ended September 30,
2023202220232022
Operating lease cost$16,467 $14,677 $47,154 $41,411 
Variable lease cost5,917 5,691 16,936 15,415 
Total lease cost$22,384 $20,368 $64,090 $56,826 
The Company’s costs related to short-term leases, those with a duration between one and twelve months, were immaterial.
Supplemental disclosures of cash flow information related to leases were as follows:
Three months ended September 30,Nine months ended September 30,
2023202220232022
Cash paid for lease liabilities$13,877 $14,172 $41,985 $40,405 
Operating lease ROU assets obtained in exchange for operating lease liabilities, excluding acquisitions$38,683 $6,073 $59,410 $29,234 
Operating lease ROU assets obtained in exchange for operating lease liabilities through acquisitions$— $— $4,204 $162,827 
As of September 30, 2023, maturities of lease liabilities were as follows:
Amount
Remainder of 2023$9,506 
202460,149 
202568,800 
202669,264 
202766,584 
Thereafter242,152 
Total lease payments$516,455 
Less: imputed interest102,828 
Present value of lease liabilities$413,627 

As of September 30, 2023, future operating lease payments exclude approximately $29,938 of legally binding minimum lease payments for leases signed but not yet commenced.
v3.23.3
Revenue recognition
 9 Months Ended
Sep. 30, 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 September 30, 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(50,443)
Increase, excluding amounts recognized as revenue during the period60,554 
Balance at September 30, 2023$97,022 
The following table illustrates estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of September 30, 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$40,424 
202425,559 
20254,967 
20263,894 
20273,417 
Thereafter18,761 
Total$97,022 
Equipment deposits received in advance of delivery as of September 30, 2023 and December 31, 2022 were $13,933 and $8,443, respectively, and are expected to be recognized as revenue in the next twelve months.
v3.23.3
Related party transactions
 9 Months Ended
Sep. 30, 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
September 30,		For the nine months ended
September 30,
 2023202220232022
Franchise revenue - interim CEO$958 $729 $2,882 $2,461 
Franchise revenue - other656 233 1,206 434 
Equipment revenue - interim CEO1,294 1,648 2,305 1,661 
Equipment revenue - other1,641 — 1,641 — 
Total revenue from related parties$4,549 $2,610 $8,034 $4,556 
Additionally, the Company had deferred ADA and franchise agreement revenue of $722 and $467 as of September 30, 2023 and December 31, 2022, respectively. Of this amount $146 and $138 is from a franchisee in which the Company’s interim CEO has a financial interest.
As of September 30, 2023 and December 31, 2022, the Company had $81,687 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 $893 and $651 for the three months ended September 30, 2023 and 2022, respectively, and $2,679 and $1,955 for the nine months ended September 30, 2023 and 2022, respectively.
For the three months ended September 30, 2023 and 2022, the Company incurred approximately $63 and $71, respectively, and $427 and $246 for the nine months ended September 30, 2023 and 2022, 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 former Chief Executive Officer.
A member of the Company’s board of directors, who is also the Company’s interim Chief Executive Officer and a franchisee, holds an approximate 10.5% ownership of a company that sells amenity tracking compliance software to Planet Fitness stores to which the Company made payments of approximately $101 and $109, during the three months ended September 30, 2023 and 2022, respectively, and $270 and $198 during the nine months ended September 30, 2023 and 2022.
v3.23.3
Stockholders' equity
 9 Months Ended
Sep. 30, 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 nine months ended September 30, 2022, in connection with the Sunshine Acquisition, the Company issued 517,348 shares of Class A Common Stock and 3,637,678 membership units of Pla-Fit Holdings, LLC, together with shares of Class B Common Stock. See Note 4.
During the three and nine months ended September 30, 2023, respectively, certain existing holders of Holdings Units exercised their exchange rights and exchanged 1,417,603 and 3,412,312 Holdings Units for 1,417,603 and 3,412,312 newly-issued shares of Class A common stock. Simultaneously, and in connection with these exchanges, 1,417,603 and 3,412,312 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 1,417,603 and 3,412,312 Holdings Units, increasing its total ownership interest in Pla-Fit Holdings.
As a result of the above transactions, as of September 30, 2023:
•Holders of Class A common stock owned 85,410,391 shares of Class A common stock, representing 96.9% of the voting power in the Company and, through the Company, 85,410,391 Holdings Units representing 96.9% of the economic interest in Pla-Fit Holdings; and
•the Continuing LLC Owners collectively owned 2,733,410 Holdings Units, representing 3.1% of the economic interest in Pla-Fit Holdings, and 2,733,410 shares of Class B common stock, representing 3.1% 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 nine months ended September 30, 2023, the Company repurchased 1,698,753 shares of Class A common stock for a total cost of $125,030. A one percent share repurchase excise tax of $1,048 was also incurred as a result of new legislation that went into effect beginning in 2023. All repurchased shares were retired. Subsequent to these repurchases, there is $374,970 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 September 30, 2023 and December 31, 2022.
v3.23.3
Earnings per share
 9 Months Ended
Sep. 30, 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
September 30,		Nine months ended
September 30,
 2023202220232022
Numerator  
Net income$41,324 $30,677 $110,272 $74,124 
Less: net income attributable to non-controlling interests2,190 3,764 7,299 8,405 
Net income attributable to Planet Fitness, Inc.$39,134 $26,913 $102,973 $65,719 
Denominator
Weighted-average shares of Class A common stock outstanding - basic84,609,522 84,156,488 84,557,902 84,377,324 
Effect of dilutive securities:
Stock options212,953 338,981 239,709 357,315 
Restricted stock units48,282 50,854 64,347 62,050 
Performance stock units15,562 290 8,354 1,235 
Weighted-average shares of Class A common stock outstanding - diluted84,886,319 84,546,613 84,870,312 84,797,924 
Earnings per share of Class A common stock - basic$0.46 $0.32 $1.22 $0.78 
Earnings per share of Class A common stock - diluted$0.46 $0.32 $1.21 $0.78 
Weighted average shares of Class B common stock of 3,533,885 and 6,145,722 for the three months ended September 30, 2023 and 2022, respectively, and 4,236,271 and 5,773,562 for the nine months ended September 30, 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 307,606 and 258,093 for the three months ended September 30, 2023 and 2022, respectively, and 250,595 and 243,507 for the nine months ended September 30, 2023 and 2022, 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 968 and 705 for the three months ended September 30, 2023 and 2022, respectively, and 5,684 and 323 for the nine months ended September 30, 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 36,717 and 1,058 for the three months ended September 30, 2023 and 2022, respectively, and 1,981 and 281 for the nine months ended September 30, 2023 and 2022, respectively, were evaluated under the treasury stock method for potential dilutive effects and were determined to be anti-dilutive.
v3.23.3
Income taxes
 9 Months Ended
Sep. 30, 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 24.5% and 33.8% for the three months ended September 30, 2023 and 2022, respectively. The effective tax rate for the three months ended September 30, 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’s effective tax rate was 26.0% and 32.6% for the nine months ended September 30, 2023 and 2022, respectively. The effective tax rate for the nine months ended September 30, 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 $491,568 and $453,094 as of September 30, 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 September 30, 2023 and December 31, 2022, the total liability related to uncertain tax positions was $328 and $328, respectively. The Company recognizes accrued interest and penalties, if applicable, related to unrecognized tax benefits in income tax expense. Interest and penalties for the three and nine months ended September 30, 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 September 30, 2023 and December 31, 2022, the Company had a liability of $489,762 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$11,129 
202438,397 
202547,379 
202649,868 
202752,515 
Thereafter290,474 
Total$489,762 
During the three and nine months ended September 30, 2023, 1,417,603 and 3,412,312 Holdings Units, respectively, 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 $1,704 and $4,358 decrease to net deferred tax assets during the three and nine months ended September 30, 2023, respectively. As a result of these exchanges, during the three and nine months ended September 30, 2023, the Company also recognized deferred tax assets in the amount of $24,999 and $77,730, respectively, as a result of the increase in tax basis. A portion 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 $14,762 and $17,077 in the three and nine months ended September 30, 2023, respectively. The offset to the entries recorded in connection with exchanges was to additional paid in capital within stockholders’ deficit.
v3.23.3
Commitments and contingencies
 9 Months Ended
Sep. 30, 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. 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. The Company revised its estimate of the legal settlement and recorded an increase to the liability of $6,250 during the nine months ended September 30, 2023. The remaining liability as of September 30, 2023 is $14,500, after utilization of the accrual for estimated legal fees during 2023.
Subsequent to quarter end, on October 20, 2023, the Company finalized its settlement with the franchisee in Mexico for $31,619, which included the acquisition by the Company of five stores in Mexico and the settlement of all claims.
The Company is not currently aware of any other legal proceedings or claims that the Company believes will have, individually or in the aggregate, a material adverse effect on the Company’s financial position or result of operations.
v3.23.3
Segments
 9 Months Ended
Sep. 30, 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 interim Chief Executive Officer. The CODM reviews financial performance and allocates resources by reportable segment. There have been no operating segments aggregated to arrive at the Company’s reportable segments.
The Franchise segment includes operations related to the Company’s franchising business in the United States, Puerto Rico, Canada, Panama, Mexico and Australia, including revenues and expenses from the NAF. The Corporate-owned stores segment includes operations with respect to all corporate-owned stores throughout the United States and Canada. The Equipment segment primarily includes the sale of equipment to franchisee-owned stores.
The accounting policies of the reportable segments are the same as those described in Note 2. The Company evaluates the performance of its segments and allocates resources to them based on revenue and earnings before interest, taxes, depreciation, and amortization, referred to as Segment EBITDA. Revenues for all operating segments include only transactions with unaffiliated customers and include no intersegment revenues.
The tables below summarize the financial information for the Company’s reportable segments for the three and nine months ended September 30, 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
September 30,		Nine months ended
September 30,
 2023202220232022
Revenue  
Franchise segment revenue - U.S.$95,209 $78,873 $281,836 $237,612 
Franchise segment revenue - International2,956 1,873 7,855 5,761 
Franchise segment total98,165 80,746 289,691 243,373 
Corporate-owned stores - U.S.112,080 100,247 329,505 275,962 
Corporate-owned stores - International1,165 1,083 3,380 2,978 
Corporate-owned stores total113,245 101,330 332,885 278,940 
Equipment segment - U.S.62,605 60,952 158,335 124,781 
Equipment segment - International3,536 1,358 5,329 8,410 
Equipment segment total66,141 62,310 163,664 133,191 
Total revenue$277,551 $244,386 $786,240 $655,504 
Franchise revenue includes revenue generated from placement services of $5,884 and $4,376 for the three months ended September 30, 2023 and 2022, respectively, and $13,760 and $10,102 for the nine months ended September 30, 2023 and 2022, respectively.
 Three months ended
September 30,		Nine months ended
September 30,
 2023202220232022
Segment EBITDA  
Franchise$67,583 $53,475 $198,418 $167,910 
Corporate-owned stores44,264 40,446 126,499 103,287 
Equipment16,434 15,803 39,134 34,638 
Corporate and other(18,547)(10,458)(52,238)(41,059)
Total Segment EBITDA$109,734 $99,266 $311,813 $264,776 
 
The following table reconciles total Segment EBITDA to income before taxes:
 Three months ended
September 30,		Nine months ended
September 30,
 2023202220232022
Total Segment EBITDA$109,734 $99,266 $311,813 $264,776 
Less:
Depreciation and amortization37,477 32,572 110,254 90,427 
Other income148 4,762 631 9,000 
Equity losses of unconsolidated entities, net of tax(242)(2)(580)(334)
Income from operations72,351 61,934 201,508 165,683 
Interest income4,245 1,561 12,339 2,244 
Interest expense(21,704)(21,917)(64,771)(66,527)
Other income148 4,762 631 9,000 
Income before income taxes$55,040 $46,340 $149,707 $110,400 
The following table summarizes the Company’s assets by reportable segment: 
 September 30, 2023December 31, 2022
Franchise$177,045 $161,355 
Corporate-owned stores1,624,489 1,559,985 
Equipment187,899 200,020 
Unallocated955,414 933,229 
Total consolidated assets$2,944,847 $2,854,589 
The table above includes $721 and $916 of long-lived assets located in the Company’s international corporate-owned stores as of September 30, 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: 
 September 30, 2023December 31, 2022
Franchise$16,938 $16,938 
Corporate-owned stores607,898 593,086 
Equipment92,666 92,666 
Consolidated goodwill$717,502 $702,690 
v3.23.3
Corporate-owned and franchisee-owned stores
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2023 and 2022:
 For the three months ended
September 30,		For the nine months ended
September 30,
 2023202220232022
Franchisee-owned stores:    
Stores operated at beginning of period2,230 2,091 2,176 2,142 
New stores opened24 25 82 89 
Stores acquired from the Company— 6 — 6 
Stores debranded, sold, or consolidated(1)
— — (4)(115)
Stores operated at end of period2,254 2,122 2,254 2,122 
Corporate-owned stores:
Stores operated at beginning of period242 233 234 112 
New stores opened2 4 6 11 
Stores sold to franchisees— (6)— (6)
Stores acquired from franchisees— — 4 114 
Stores operated at end of period244 231 244 231 
Total stores:
Stores operated at beginning of period2,472 2,324 2,410 2,254 
New stores opened26 29 88 100 
Stores acquired, debranded, sold or consolidated(1)
— — — (1)
Stores operated at end of period2,498 2,353 2,498 2,353 
 (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.
v3.23.3
VIE deconsolidation
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
VIE deconsolidation VIE deconsolidationDuring 2023, a triggering event occurred that resulted in the Company analyzing the PF Melville LLC and Matthew Michael Realty LLC VIEs to determine if they still met the criteria for consolidation. As a result of the analysis, the Company determined these entities no longer qualify for consolidation as VIEs as the Company no longer qualifies as the primary beneficiary of the VIEs and therefore deconsolidated the entities. The deconsolidation removed the net assets and non-controlling interest from the VIEs and did not impact the Company’s condensed consolidated statements of operations.
v3.23.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Pay vs Performance Disclosure        
Net Income (Loss) Attributable to Parent $ 39,134 $ 26,913 $ 102,973 $ 65,719
v3.23.3
Summary of significant accounting policies (Policies)
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 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, valuation of certain investments and other financial instruments including valuation of investments without readily determinable fair values, the evaluation of the recoverability of goodwill and long-lived assets, including intangible assets, allowance for expected credit losses, contingent liabilities, the present value of lease liabilities, income taxes, including deferred tax assets and liabilities, and the liability for the Company’s tax benefit arrangements.
Marketable securities Marketable securities
Marketable securities primarily consist of commercial paper, corporate debt securities, U.S. treasury securities, and U.S. government agency securities. We classify our marketable securities as available-for-sale at the time of purchase and reevaluate such classification at each balance sheet date. We may sell these securities at any time for use in current operations even if they have not yet reached maturity. The Company invests in a diversified portfolio of marketable securities and limits the concentration of its investment in any particular security. Securities with maturities greater than three months, but less than one year, are included in current assets and securities with maturities greater than one year are included within investments in non-current assets on the consolidated balance sheets. All marketable securities classified as available-for-sale are reported at fair value.
If the estimated fair value of an available-for-sale debt security is below its amortized cost basis, then the Company evaluates the security for impairment. The Company considers its intent to sell the security or whether it is more likely than not that it will be required to sell the security before recovery of its amortized basis. If either of these criteria are met, the debt security’s amortized cost basis is written down to fair value through other income (expense), net in the consolidated statements of operations. If neither of these criteria are met, the Company evaluates whether unrealized losses have resulted from a credit loss or other factors. The factors considered in determining whether a credit loss exists can include the extent to which fair value is less than the amortized cost basis, changes to the rating of the security by a rating agency, any adverse conditions specifically related to the security, as well as other factors. An impairment relating to credit losses is recorded through an allowance for credit losses reported in other income (expense), net in the consolidated statements of operations. The allowance is limited by the amount that the fair value of the debt security is below its amortized cost basis. When a credit loss exists, the Company compares the present value of cash flows expected to be collected from the debt security with the amortized cost basis of the security to determine what allowance amount, if any, should be recorded. Unrealized gains or losses not resulting from credit losses are recorded through accumulated other comprehensive income (loss). Realized gains and losses from the sale of marketable securities are determined based on the specific identification method. Realized gains and losses are reported in other income (expense), net in the consolidated statements of operations. Interest income from marketable securities is recognized as earned within the condensed consolidated statement of operations.
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 - Held-to-maturity debt securities
Investments - Held-to-maturity debt securities
As of September 30, 2023, the Company’s debt security investment consists of redeemable preferred shares that are accounted for as a held-to-maturity investment, with a contractual maturity in 2026. 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 and nine months ended September 30, 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.
v3.23.3
Summary of significant accounting policies (Tables)
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Schedule of the Carrying Value and Estimated Fair Value of Certain Liabilities
The carrying value and estimated fair value of certain liabilities as of September 30, 2023 and December 31, 2022 were as follows:
September 30, 2023December 31, 2022
Carrying valueEstimated fair valueCarrying valueEstimated fair value
Liabilities
Long-term debt(1)
$2,009,625 $1,763,500 $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.
v3.23.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost, Gross Unrealized Gains (Losses), and Fair Value of Cash Equivalents and Marketable Securities
The following table summarizes the amortized cost, gross unrealized gains (losses), and fair value of the Company’s cash equivalents and marketable securities:
September 30, 2023
Amortized CostUnrealized GainsUnrealized LossesFair ValueCash EquivalentsMarketable Securities
Level 1
Money market funds$981 $— $— $981 $981 $— 
Level 2
Commercial paper74,471 — (86)74,385 7,955 66,430 
Corporate debt securities44,252 — (157)44,095 — 44,095 
U.S. treasury securities4,988 — (5)4,983 — 4,983 
U.S. government agency securities3,209 — (5)3,204 — 3,204 
Total level 2126,920 — (253)126,667 7,955 118,712 
Total$127,901 $— $(253)$127,648 $8,936 $118,712 
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 September 30,Nine months ended September 30,
2023202220232022
Beginning allowance for expected credit losses$15,052 $15,617 $14,957 $17,462 
(Gain) loss on adjustment of allowance for expected credit losses(101)273 (6)(1,572)
Write-offs, net of recoveries— — — — 
Ending allowance for expected credit losses$14,951 $15,890 $14,951 $15,890 
v3.23.3
Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Pro Forma Financial Information
The following pro forma financial information for the nine months ended September 30, 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 and nine months ended September 30, 2023 and the three months ended September 30, 2022 total revenues, income before taxes, and net income are included within the condensed consolidated statements of operations.
For the nine months ended September 30, 2022
Total revenues$675,954 
Income before taxes110,246 
Net income74,008 
Schedule of Purchase Consideration
The preliminary allocation of the purchase consideration was as follows:
Amount
Property and equipment$3,851 
Right of use assets5,424 
Other long-term assets95 
Intangible assets6,880 
Goodwill14,812 
Deferred revenue(687)
Other current liabilities(17)
Lease liabilities(4,204)
Total$26,154 
Schedule of Components of Identifiable Intangible Assets Acquired
The following table sets forth the components of identifiable intangible assets acquired in the Florida Acquisition and their estimated useful lives as of the date of the acquisition:
Preliminary Fair ValuePreliminary Useful Life
Reacquired franchise rights(1)
$6,650 6.8
Customer relationships(2)
230 6.0
Total intangible assets subject to amortization$6,880 
(1) Reacquired franchise rights represent the fair value of the reacquired franchise agreements using the income approach, specifically, the multi-period excess earnings method.
(2) Customer relationships represent the fair value of the existing contractual customer relationships using the income approach, specifically, the multi-period excess earnings method.
v3.23.3
Goodwill and intangible assets (Tables)
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill and Intangible Assets
A summary of goodwill and intangible assets at September 30, 2023 and December 31, 2022 is as follows: 
September 30, 2023Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount
Customer relationships$199,043 $(165,174)$33,869 
Reacquired franchise and area development rights274,708 (69,715)204,993 
 473,751 (234,889)238,862 
Indefinite-lived intangible:
Trade and brand names146,600 — 146,600 
Total intangible assets$620,351 $(234,889)$385,462 
Goodwill$717,502 $— $717,502 
 
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 Rollforward of Goodwill
A roll forward of goodwill between December 31, 2022 and September 30, 2023 is as follows:
FranchiseCorporate-owned storesEquipmentTotal
As of December 31, 2022
$16,938 $593,086 $92,666 $702,690 
Acquisition of franchisee-owned stores— 14,812 — 14,812 
As of September 30, 2023
$16,938 $607,898 $92,666 $717,502 
The following table summarizes the Company’s goodwill by reportable segment: 
 September 30, 2023December 31, 2022
Franchise$16,938 $16,938 
Corporate-owned stores607,898 593,086 
Equipment92,666 92,666 
Consolidated goodwill$717,502 $702,690 
Schedule of Amortization Expenses The anticipated annual amortization expense related to intangible assets to be recognized in future years as of September 30, 2023 is as follows:
 Amount
Remainder of 2023$12,954 
202449,190 
202536,713 
202632,079 
202727,956 
Thereafter79,970 
Total$238,862 
v3.23.3
Long-term debt (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt as of September 30, 2023 and December 31, 2022 consists of the following: 
 September 30, 2023December 31, 2022
2018-1 Class A-2-II notes$593,750 $598,438 
2019-1 Class A-2 notes529,375 533,500 
2022-1 Class A-2-I notes418,625 421,812 
2022-1 Class A-2-II notes467,875 471,437 
Total debt, excluding deferred financing costs2,009,625 2,025,187 
Deferred financing costs, net of accumulated amortization(22,193)(26,306)
Total debt1,987,432 1,998,881 
Current portion of long-term debt20,750 20,750 
Long-term debt, net of current portion$1,966,682 $1,978,131 
Schedule of Future Annual Principal Payments of Long-term Debt
Future annual principal payments of long-term debt as of September 30, 2023 are as follows: 
 Amount
Remainder of 2023$5,188 
202420,750 
2025600,438 
2026419,312 
202710,250 
Thereafter953,687 
Total$2,009,625 
v3.23.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Schedule of Balance Sheet Classification of Lease Assets and Liabilities
LeasesClassificationSeptember 30, 2023December 31, 2022
Assets
Operating lease ROU assetsRight of use asset, net$381,819 $346,937 
Finance lease assetsProperty and equipment, net219 370 
Total lease assets$382,038 $347,307 
Liabilities
Current:
OperatingOther current liabilities$33,589 $33,233 
FinancingOther current liabilities140 38 
Noncurrent:
OperatingLease liabilities, net of current portion379,810 341,843 
FinancingOther liabilities88 342 
Total lease liabilities$413,627 $375,456 
Weighted-average remaining lease term (years) - operating leases8.18.1
Weighted-average discount rate - operating leases5.2 %4.7 %
Schedule of Components of Lease Cost
During the three and nine months ended September 30, 2023 and 2022, the components of lease cost were as follows:
Three months ended September 30,Nine months ended September 30,
2023202220232022
Operating lease cost$16,467 $14,677 $47,154 $41,411 
Variable lease cost5,917 5,691 16,936 15,415 
Total lease cost$22,384 $20,368 $64,090 $56,826 
Supplemental disclosures of cash flow information related to leases were as follows:
Three months ended September 30,Nine months ended September 30,
2023202220232022
Cash paid for lease liabilities$13,877 $14,172 $41,985 $40,405 
Operating lease ROU assets obtained in exchange for operating lease liabilities, excluding acquisitions$38,683 $6,073 $59,410 $29,234 
Operating lease ROU assets obtained in exchange for operating lease liabilities through acquisitions$— $— $4,204 $162,827 
Schedule of Supplemental Disclosures of Cash Flow Information Related to Leases
During the three and nine months ended September 30, 2023 and 2022, the components of lease cost were as follows:
Three months ended September 30,Nine months ended September 30,
2023202220232022
Operating lease cost$16,467 $14,677 $47,154 $41,411 
Variable lease cost5,917 5,691 16,936 15,415 
Total lease cost$22,384 $20,368 $64,090 $56,826 
Supplemental disclosures of cash flow information related to leases were as follows:
Three months ended September 30,Nine months ended September 30,
2023202220232022
Cash paid for lease liabilities$13,877 $14,172 $41,985 $40,405 
Operating lease ROU assets obtained in exchange for operating lease liabilities, excluding acquisitions$38,683 $6,073 $59,410 $29,234 
Operating lease ROU assets obtained in exchange for operating lease liabilities through acquisitions$— $— $4,204 $162,827 
Schedule of Maturities of Lease Liabilities
As of September 30, 2023, maturities of lease liabilities were as follows:
Amount
Remainder of 2023$9,506 
202460,149 
202568,800 
202669,264 
202766,584 
Thereafter242,152 
Total lease payments$516,455 
Less: imputed interest102,828 
Present value of lease liabilities$413,627 
Schedule of Maturities of Lease Liabilities
As of September 30, 2023, maturities of lease liabilities were as follows:
Amount
Remainder of 2023$9,506 
202460,149 
202568,800 
202669,264 
202766,584 
Thereafter242,152 
Total lease payments$516,455 
Less: imputed interest102,828 
Present value of lease liabilities$413,627 
v3.23.3
Revenue recognition (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 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(50,443)
Increase, excluding amounts recognized as revenue during the period60,554 
Balance at September 30, 2023$97,022 
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 September 30, 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$40,424 
202425,559 
20254,967 
20263,894 
20273,417 
Thereafter18,761 
Total$97,022 
v3.23.3
Related party transactions (Tables)
 9 Months Ended
Sep. 30, 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
September 30,		For the nine months ended
September 30,
 2023202220232022
Franchise revenue - interim CEO$958 $729 $2,882 $2,461 
Franchise revenue - other656 233 1,206 434 
Equipment revenue - interim CEO1,294 1,648 2,305 1,661 
Equipment revenue - other1,641 — 1,641 — 
Total revenue from related parties$4,549 $2,610 $8,034 $4,556 
v3.23.3
Earnings per share (Tables)
 9 Months Ended
Sep. 30, 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
September 30,		Nine months ended
September 30,
 2023202220232022
Numerator  
Net income$41,324 $30,677 $110,272 $74,124 
Less: net income attributable to non-controlling interests2,190 3,764 7,299 8,405 
Net income attributable to Planet Fitness, Inc.$39,134 $26,913 $102,973 $65,719 
Denominator
Weighted-average shares of Class A common stock outstanding - basic84,609,522 84,156,488 84,557,902 84,377,324 
Effect of dilutive securities:
Stock options212,953 338,981 239,709 357,315 
Restricted stock units48,282 50,854 64,347 62,050 
Performance stock units15,562 290 8,354 1,235 
Weighted-average shares of Class A common stock outstanding - diluted84,886,319 84,546,613 84,870,312 84,797,924 
Earnings per share of Class A common stock - basic$0.46 $0.32 $1.22 $0.78 
Earnings per share of Class A common stock - diluted$0.46 $0.32 $1.21 $0.78 
v3.23.3
Income taxes (Tables)
 9 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
Schedule of Projected Future Payments Under Tax Benefit Arrangements Projected future payments under the tax benefit arrangements are as follows:
 Amount
Remainder of 2023$11,129 
202438,397 
202547,379 
202649,868 
202752,515 
Thereafter290,474 
Total$489,762 
v3.23.3
Segments (Tables)
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 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
September 30,		Nine months ended
September 30,
 2023202220232022
Revenue  
Franchise segment revenue - U.S.$95,209 $78,873 $281,836 $237,612 
Franchise segment revenue - International2,956 1,873 7,855 5,761 
Franchise segment total98,165 80,746 289,691 243,373 
Corporate-owned stores - U.S.112,080 100,247 329,505 275,962 
Corporate-owned stores - International1,165 1,083 3,380 2,978 
Corporate-owned stores total113,245 101,330 332,885 278,940 
Equipment segment - U.S.62,605 60,952 158,335 124,781 
Equipment segment - International3,536 1,358 5,329 8,410 
Equipment segment total66,141 62,310 163,664 133,191 
Total revenue$277,551 $244,386 $786,240 $655,504 
 Three months ended
September 30,		Nine months ended
September 30,
 2023202220232022
Segment EBITDA  
Franchise$67,583 $53,475 $198,418 $167,910 
Corporate-owned stores44,264 40,446 126,499 103,287 
Equipment16,434 15,803 39,134 34,638 
Corporate and other(18,547)(10,458)(52,238)(41,059)
Total Segment EBITDA$109,734 $99,266 $311,813 $264,776 
Schedule of Reconciliation of Total Segment EBITDA to Income Before Taxes
The following table reconciles total Segment EBITDA to income before taxes:
 Three months ended
September 30,		Nine months ended
September 30,
 2023202220232022
Total Segment EBITDA$109,734 $99,266 $311,813 $264,776 
Less:
Depreciation and amortization37,477 32,572 110,254 90,427 
Other income148 4,762 631 9,000 
Equity losses of unconsolidated entities, net of tax(242)(2)(580)(334)
Income from operations72,351 61,934 201,508 165,683 
Interest income4,245 1,561 12,339 2,244 
Interest expense(21,704)(21,917)(64,771)(66,527)
Other income148 4,762 631 9,000 
Income before income taxes$55,040 $46,340 $149,707 $110,400 
Schedule of Company's Assets by Reportable Segment
The following table summarizes the Company’s assets by reportable segment: 
 September 30, 2023December 31, 2022
Franchise$177,045 $161,355 
Corporate-owned stores1,624,489 1,559,985 
Equipment187,899 200,020 
Unallocated955,414 933,229 
Total consolidated assets$2,944,847 $2,854,589 
Schedule of Company's Goodwill by Reportable Segment
A roll forward of goodwill between December 31, 2022 and September 30, 2023 is as follows:
FranchiseCorporate-owned storesEquipmentTotal
As of December 31, 2022
$16,938 $593,086 $92,666 $702,690 
Acquisition of franchisee-owned stores— 14,812 — 14,812 
As of September 30, 2023
$16,938 $607,898 $92,666 $717,502 
The following table summarizes the Company’s goodwill by reportable segment: 
 September 30, 2023December 31, 2022
Franchise$16,938 $16,938 
Corporate-owned stores607,898 593,086 
Equipment92,666 92,666 
Consolidated goodwill$717,502 $702,690 
v3.23.3
Corporate-owned and franchisee-owned stores (Tables)
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2023 and 2022:
 For the three months ended
September 30,		For the nine months ended
September 30,
 2023202220232022
Franchisee-owned stores:    
Stores operated at beginning of period2,230 2,091 2,176 2,142 
New stores opened24 25 82 89 
Stores acquired from the Company— 6 — 6 
Stores debranded, sold, or consolidated(1)
— — (4)(115)
Stores operated at end of period2,254 2,122 2,254 2,122 
Corporate-owned stores:
Stores operated at beginning of period242 233 234 112 
New stores opened2 4 6 11 
Stores sold to franchisees— (6)— (6)
Stores acquired from franchisees— — 4 114 
Stores operated at end of period244 231 244 231 
Total stores:
Stores operated at beginning of period2,472 2,324 2,410 2,254 
New stores opened26 29 88 100 
Stores acquired, debranded, sold or consolidated(1)
— — — (1)
Stores operated at end of period2,498 2,353 2,498 2,353 
 (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.
v3.23.3
Business organization (Details)
member in Millions
 9 Months Ended
Sep. 30, 2023
state
member
segment
store
Jun. 30, 2023
store
Dec. 31, 2022
store
Sep. 30, 2022
store
Jun. 30, 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 2,498 2,472 2,410 2,353 2,324 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 100.00%           100.00%
Percentage of economic interest 96.90%            
Pla-Fit Holdings, LLC | Holdings Units              
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]              
Percentage of economic interest 3.10%            
Planet Intermediate, LLC | Pla-Fit Holdings, LLC              
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]              
Percentage of ownership             100.00%
Planet Fitness Holdings, LLC | Planet Intermediate, LLC              
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]              
Percentage of ownership             100.00%
Minimum              
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]              
Number of members (more than) | member 18.5            
v3.23.3
Summary of significant accounting policies - Schedule of the Carrying Value and Estimated Fair Value of Certain Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Carrying value    
Liabilities    
Long-term debt $ 2,009,625 $ 2,025,188
Estimated fair value    
Liabilities    
Long-term debt $ 1,763,500 $ 1,730,634
v3.23.3
Investments - Amortized Cost, Gross Unrealized Gains (Losses), and Fair Value of Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]    
Cash and cash equivalents $ 308,970 $ 409,840
Amortized Cost 127,901  
Unrealized Gains 0  
Unrealized Losses (253)  
Debt securities 127,648  
Cash Equivalents    
Schedule of Equity Method Investments [Line Items]    
Debt securities 8,936  
Marketable Securities    
Schedule of Equity Method Investments [Line Items]    
Debt securities 118,712  
Level 2    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 126,920  
Unrealized Gains 0  
Unrealized Losses (253)  
Debt securities 126,667  
Level 2 | Cash Equivalents    
Schedule of Equity Method Investments [Line Items]    
Debt securities 7,955  
Level 2 | Marketable Securities    
Schedule of Equity Method Investments [Line Items]    
Debt securities 118,712  
Money market funds | Level 1    
Schedule of Equity Method Investments [Line Items]    
Cash and cash equivalents 981  
Money market funds | Level 1 | Cash Equivalents    
Schedule of Equity Method Investments [Line Items]    
Cash and cash equivalents 981  
Money market funds | Level 1 | Marketable Securities    
Schedule of Equity Method Investments [Line Items]    
Cash and cash equivalents 0  
Commercial paper | Level 2    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 74,471  
Unrealized Gains 0  
Unrealized Losses (86)  
Debt securities 74,385  
Commercial paper | Level 2 | Cash Equivalents    
Schedule of Equity Method Investments [Line Items]    
Debt securities 7,955  
Commercial paper | Level 2 | Marketable Securities    
Schedule of Equity Method Investments [Line Items]    
Debt securities 66,430  
Corporate debt securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 44,252  
Unrealized Gains 0  
Unrealized Losses (157)  
Debt securities 44,095  
Corporate debt securities | Level 2 | Cash Equivalents    
Schedule of Equity Method Investments [Line Items]    
Debt securities 0  
Corporate debt securities | Level 2 | Marketable Securities    
Schedule of Equity Method Investments [Line Items]    
Debt securities 44,095  
U.S. treasury securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 4,988  
Unrealized Gains 0  
Unrealized Losses (5)  
Debt securities 4,983  
U.S. treasury securities | Level 2 | Cash Equivalents    
Schedule of Equity Method Investments [Line Items]    
Debt securities 0  
U.S. treasury securities | Level 2 | Marketable Securities    
Schedule of Equity Method Investments [Line Items]    
Debt securities 4,983  
U.S. government agency securities | Level 2    
Schedule of Equity Method Investments [Line Items]    
Amortized Cost 3,209  
Unrealized Gains 0  
Unrealized Losses (5)  
Debt securities 3,204  
U.S. government agency securities | Level 2 | Cash Equivalents    
Schedule of Equity Method Investments [Line Items]    
Debt securities 0  
U.S. government agency securities | Level 2 | Marketable Securities    
Schedule of Equity Method Investments [Line Items]    
Debt securities $ 3,204  
v3.23.3
Investments - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended
Nov. 09, 2023
Jun. 23, 2023
Apr. 09, 2021
Aug. 31, 2023
Sep. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]                        
Marketable securities           $ 0            
Non-current marketable debt securities         $ 10,252,000 0   $ 10,252,000        
Amortized cost of held-to-maturity debt security investments         29,767,000 28,277,000   29,767,000        
Allowance for expected credit loss         14,951,000 $ 14,957,000 $ 15,890,000 14,951,000 $ 15,890,000 $ 15,052,000 $ 15,617,000 $ 17,462,000
Dividends accrued on investment         511,000   477,000 1,490,000 1,391,000      
Equity losses of unconsolidated entities, net of tax         242,000   2,000 580,000 334,000      
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     $ 2,449,000            
Equity losses of unconsolidated entities, net of tax         94,000   $ 2,000 432,000 $ 334,000      
Underlying equity in net assets         11,370,000 $ 11,802,000   11,370,000        
Planet Fitmex, LLC                        
Schedule of Equity Method Investments [Line Items]                        
Ownership percentage   12.50%   22.20%                
Payment to acquire equity method investment   $ 10,000,000   $ 10,000,000                
Equity losses of unconsolidated entities, net of tax         148,000     148,000        
Underlying equity in net assets         $ 19,852,000     $ 19,852,000        
Total investment       $ 20,000                
Planet Fitmex, LLC | Subsequent Event                        
Schedule of Equity Method Investments [Line Items]                        
Ownership percentage 25.20%                      
Payment to acquire equity method investment $ 15,596,000                      
v3.23.3
Investments - Schedule of Allowance for Expected Credit Losses on Held-to-maturity Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]        
Beginning allowance for expected credit losses $ 15,052 $ 15,617 $ 14,957 $ 17,462
(Gain) loss on adjustment of allowance for expected credit losses (101) 273 (6) (1,572)
Write-offs, net of recoveries 0 0 0 0
Ending allowance for expected credit losses $ 14,951 $ 15,890 $ 14,951 $ 15,890
v3.23.3
Acquisitions - Narrative (Details)
$ in Thousands
Apr. 16, 2023
USD ($)
store
Sep. 30, 2023
store
Jun. 30, 2023
store
Dec. 31, 2022
store
Sep. 30, 2022
store
Jun. 30, 2022
store
Feb. 10, 2022
store
Dec. 31, 2021
store
Business Acquisition [Line Items]                
Number of owned and franchised locations | store   2,498 2,472 2,410 2,353 2,324   2,254
Sunshine Fitness                
Business Acquisition [Line Items]                
Percentage of voting interests acquired             100.00%  
Number of owned and franchised locations | store             114  
Florida Acquisition                
Business Acquisition [Line Items]                
Number of owned and franchised locations | store 4              
Purchase price of the acquisition | $ $ 26,264              
Loss on unfavorable reacquired franchise rights | $ 110              
Consideration transferred, adjusted | $ $ 26,154              
v3.23.3
Acquisitions - Schedule of Pro Forma Financial Information (Details) - Sunshine Fitness
$ in Thousands
 9 Months Ended
Sep. 30, 2022
USD ($)
Business Acquisition [Line Items]  
Total revenues $ 675,954
Income before taxes 110,246
Net income $ 74,008
v3.23.3
Acquisitions - Schedule of Purchase Consideration (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Apr. 16, 2023
Dec. 31, 2022
Business Acquisition [Line Items]      
Goodwill $ 717,502   $ 702,690
Florida Acquisition      
Business Acquisition [Line Items]      
Property and equipment   $ 3,851  
Right of use assets   5,424  
Other long-term assets   95  
Intangible assets   6,880  
Goodwill   14,812  
Deferred revenue   (687)  
Other current liabilities   (17)  
Lease liabilities   (4,204)  
Net assets acquired   $ 26,154  
v3.23.3
Acquisitions - Components of Identifiable Intangible Assets Acquired (Details) - Florida Acquisition
$ in Thousands
Apr. 16, 2023
USD ($)
Business Acquisition [Line Items]  
Preliminary Fair Value $ 6,880
Reacquired franchise rights  
Business Acquisition [Line Items]  
Preliminary Fair Value $ 6,650
Preliminary Useful Life 6 years 9 months 18 days
Customer relationships  
Business Acquisition [Line Items]  
Preliminary Fair Value $ 230
Preliminary Useful Life 6 years
v3.23.3
Sale of corporate-owned stores (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2022
USD ($)
store
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Proceeds from sale of corporate-owned stores     $ 0 $ 20,820
Gain on sale of corporate-owned stores     $ 0 $ 1,324
Sale        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Number of stores sold | store 6      
Proceeds from sale of corporate-owned stores $ 20,820      
Net value of assets sold 19,496      
Goodwill 14,423      
Intangible assets 2,629      
Net tangible assets $ 2,444      
Gain on sale of corporate-owned stores   $ 1,324    
v3.23.3
Goodwill and intangible assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Goodwill And Intangible Assets [Line Items]    
Gross carrying amount $ 473,751 $ 466,871
Accumulated amortization (234,889) (196,404)
Net carrying Amount 238,862 270,467
Total intangible assets, Gross carrying amount 620,351 613,471
Total intangible assets, Net carrying Amount 385,462 417,067
Goodwill, Gross carrying amount 717,502 702,690
Goodwill, Accumulated amortization 0 0
Goodwill, Net carrying Amount 717,502 702,690
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 199,043 198,813
Accumulated amortization (165,174) (153,243)
Net carrying Amount 33,869 45,570
Reacquired franchise and area development rights    
Goodwill And Intangible Assets [Line Items]    
Gross carrying amount 274,708 268,058
Accumulated amortization (69,715) (43,161)
Net carrying Amount $ 204,993 $ 224,897
v3.23.3
Goodwill and intangible assets - Schedule of Rollforward of Goodwill (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
USD ($)
Goodwill [Roll Forward]  
Beginning Balance $ 702,690
Acquisition of franchisee-owned stores 14,812
Ending Balance 717,502
Franchise  
Goodwill [Roll Forward]  
Beginning Balance 16,938
Acquisition of franchisee-owned stores 0
Ending Balance 16,938
Corporate-owned stores  
Goodwill [Roll Forward]  
Beginning Balance 593,086
Acquisition of franchisee-owned stores 14,812
Ending Balance 607,898
Equipment  
Goodwill [Roll Forward]  
Beginning Balance 92,666
Acquisition of franchisee-owned stores 0
Ending Balance $ 92,666
v3.23.3
Goodwill and intangible assets - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]        
Impairment charges     $ 0  
Amortization of intangible assets $ 12,965,000 $ 10,611,000 $ 38,517,000 $ 29,644,000
v3.23.3
Goodwill and intangible assets - Schedule of Amortization Expenses (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]    
Remainder of 2023 $ 12,954  
2024 49,190  
2025 36,713  
2026 32,079  
2027 27,956  
Thereafter 79,970  
Net carrying Amount $ 238,862 $ 270,467
v3.23.3
Long-term debt - Schedule of Long-Term Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs $ 2,009,625 $ 2,025,187
Deferred financing costs, net of accumulated amortization (22,193) (26,306)
Total debt 1,987,432 1,998,881
Current portion of long-term debt 20,750 20,750
Long-term debt, net of current portion 1,966,682 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 593,750 598,438
2019-1 Class A-2 notes | Senior fixed-rate term notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 529,375 533,500
2022-1 Class A-2-I notes | Senior fixed-rate term notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 418,625 421,812
2022-1 Class A-2-II notes | Senior fixed-rate term notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs $ 467,875 $ 471,437
v3.23.3
Long-term debt - Schedule of Future Annual Principal Payments of Long-term Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]    
Remainder of 2023 $ 5,188  
2024 20,750  
2025 600,438  
2026 419,312  
2027 10,250  
Thereafter 953,687  
Total $ 2,009,625 $ 2,025,187
v3.23.3
Long-term debt - Narrative (Details)
 9 Months Ended
May 09, 2022
USD ($)
Feb. 10, 2022
USD ($)
extension
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
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     15,563,000 719,625,000    
Debt issuance costs   $ 16,193,000     $ 10,577,000 $ 27,133,000
Restricted cash     $ 46,381,000      
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
v3.23.3
Leases - Balance Sheet Classification of Lease Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 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 $296,677 and $227,869 as of September 30, 2023 and December 31, 2022, respectively Property and equipment, net of accumulated depreciation of $296,677 and $227,869 as of September 30, 2023 and December 31, 2022, respectively
Operating lease ROU assets $ 381,819 $ 346,937
Finance lease assets 219 370
Total lease assets $ 382,038 $ 347,307
Liabilities    
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other current liabilities Other current liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Current operating lease liabilities $ 33,589 $ 33,233
Current financing lease liabilities 140 38
Noncurrent operating lease liabilities 379,810 341,843
Noncurrent finance lease liabilities 88 342
Total lease liabilities $ 413,627 $ 375,456
Weighted-average remaining lease term (years) - operating leases 8 years 1 month 6 days 8 years 1 month 6 days
Weighted-average discount rate - operating leases 5.20% 4.70%
v3.23.3
Leases - Components of Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Leases [Abstract]        
Operating lease cost $ 16,467 $ 14,677 $ 47,154 $ 41,411
Variable lease cost 5,917 5,691 16,936 15,415
Total lease cost $ 22,384 $ 20,368 $ 64,090 $ 56,826
v3.23.3
Leases - Supplemental Disclosures of Cash Flow Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Leases [Abstract]        
Cash paid for lease liabilities $ 13,877 $ 14,172 $ 41,985 $ 40,405
Operating lease ROU assets obtained in exchange for operating lease liabilities, excluding acquisitions 38,683 6,073 59,410 29,234
Operating lease ROU assets obtained in exchange for operating lease liabilities through acquisitions $ 0 $ 0 $ 4,204 $ 162,827
v3.23.3
Leases - Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Leases [Abstract]    
Remainder of 2023 $ 9,506  
2024 60,149  
2025 68,800  
2026 69,264  
2027 66,584  
Thereafter 242,152  
Total lease payments 516,455  
Less: imputed interest 102,828  
Present value of lease liabilities $ 413,627 $ 375,456
v3.23.3
Leases - Narrative (Details)
$ in Thousands
Sep. 30, 2023
USD ($)
Leases [Abstract]  
Lease payments for leases signed but not yet commenced $ 29,938
v3.23.3
Revenue recognition - Schedule of Contract Liabilities (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
USD ($)
Contract liabilities  
Beginning Balance $ 86,911
Revenue recognized that was included in the contract liability at the beginning of the year (50,443)
Increase, excluding amounts recognized as revenue during the period 60,554
Ending Balance $ 97,022
v3.23.3
Revenue recognition - Remaining Performance Obligation (Details)
$ in Thousands
Sep. 30, 2023
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 97,022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 40,424
Remaining performance obligation, expected timing of satisfaction 3 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 $ 25,559
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 $ 4,967
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 $ 3,894
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 $ 3,417
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 $ 18,761
Remaining performance obligation, expected timing of satisfaction
v3.23.3
Revenue recognition - Narrative (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]    
Equipment deposits $ 13,933 $ 8,443
v3.23.3
Related party transactions - Schedule of Related Party Transactions (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Related Party Transaction [Line Items]        
Total revenue $ 277,551 $ 244,386 $ 786,240 $ 655,504
Related Party        
Related Party Transaction [Line Items]        
Total revenue 4,549 2,610 8,034 4,556
Related Party | Franchise revenue - interim CEO        
Related Party Transaction [Line Items]        
Total revenue 958 729 2,882 2,461
Related Party | Franchise revenue - other        
Related Party Transaction [Line Items]        
Total revenue 656 233 1,206 434
Related Party | Equipment revenue - interim CEO        
Related Party Transaction [Line Items]        
Total revenue 1,294 1,648 2,305 1,661
Related Party | Equipment revenue - other        
Related Party Transaction [Line Items]        
Total revenue $ 1,641 $ 0 $ 1,641 $ 0
v3.23.3
Related party transactions - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Related Party Transaction [Line Items]          
Deferred revenue $ 97,022   $ 97,022   $ 86,911
Accounts payable 28,364   28,364   20,578
Revenue 277,551 $ 244,386 786,240 $ 655,504  
Selling, general and administrative 33,290 27,148 93,705 86,176  
Related Party          
Related Party Transaction [Line Items]          
Accounts payable 81,687   81,687   80,717
Revenue 4,549 2,610 8,034 4,556  
Related Party | Administrative Service | Planet Fitness NAF, LLC          
Related Party Transaction [Line Items]          
Revenue $ 893 651 $ 2,679 1,955  
Related Party | Director | Amenity Tracking Compliance Software Company          
Related Party Transaction [Line Items]          
Ownership percentage 10.50%   10.50%    
Related Party | Reacquired area development rights          
Related Party Transaction [Line Items]          
Deferred revenue $ 722   $ 722   467
Related Party | Reacquired area development rights | CEO          
Related Party Transaction [Line Items]          
Deferred revenue 146   146   $ 138
Affiliated Entity | Corporate travel          
Related Party Transaction [Line Items]          
Selling, general and administrative 63 71 427 246  
Affiliated Entity | Payments amenity tracking compliance software          
Related Party Transaction [Line Items]          
Purchases from related party $ 101 $ 109 $ 270 $ 198  
v3.23.3
Stockholders' equity (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Nov. 04, 2022
Class of Stock [Line Items]            
Repurchase and retirement of common stock   $ 50,015,000 $ 126,078,000 $ 94,314,000    
Share repurchase excise tax $ 1,048,000   $ 1,048,000      
Preferred stock, shares authorized (in shares) 50,000,000   50,000,000   50,000,000  
Preferred stock, shares issued (in shares) 0   0   0  
Preferred stock, shares outstanding (in shares) 0   0   0  
2022 share repurchase program            
Class of Stock [Line Items]            
Stock repurchase program, authorized amount           $ 500,000,000
Remaining authorized amount $ 374,970,000   $ 374,970,000      
Pla-Fit Holdings, LLC            
Class of Stock [Line Items]            
Stock received during period, shares 1,417,603   3,412,312      
Investor | Secondary Offering and Exchange            
Class of Stock [Line Items]            
Number of units held by owners (in shares) 85,410,391   85,410,391      
Investor | Pla-Fit Holdings, LLC | Secondary Offering and Exchange            
Class of Stock [Line Items]            
Percentage of economic interest     96.90%      
Continuing LLC Owners | Secondary Offering and Exchange            
Class of Stock [Line Items]            
Number of units held by owners (in shares) 2,733,410   2,733,410      
Continuing LLC Owners | Pla-Fit Holdings, LLC | Secondary Offering and Exchange            
Class of Stock [Line Items]            
Percentage of economic interest     3.10%      
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]            
Business acquisition, equity interest issued or issuable, number of shares       3,637,678    
Class A Common Stock            
Class of Stock [Line Items]            
Number of shares exchanged (in shares) 1,417,603   3,412,312      
Number of Class A shares exchanged (in shares) 1,417,603   3,412,312      
Class A Common Stock | 2022 share repurchase program            
Class of Stock [Line Items]            
Repurchase and retirement of common stock (in shares)     1,698,753      
Repurchase and retirement of common stock     $ 125,030,000      
Class A Common Stock | Investor | Secondary Offering and Exchange            
Class of Stock [Line Items]            
Number of units held by owners (in shares) 85,410,391   85,410,391      
Class A Common Stock | Investor | Pla-Fit Holdings, LLC | Secondary Offering and Exchange | Common Stockholders            
Class of Stock [Line Items]            
Percentage of voting power 96.90%   96.90%      
Class A Common Stock | Sunshine Fitness            
Class of Stock [Line Items]            
Business acquisition, equity interest issued or issuable, number of shares       517,348    
Class B Common Stock            
Class of Stock [Line Items]            
Shares exchanged for Class A common stock (in shares)     1      
Number of shares exchanged (in shares) 1,417,603   3,412,312      
Class B Common Stock | Continuing LLC Owners | Secondary Offering and Exchange            
Class of Stock [Line Items]            
Number of units held by owners (in shares) 2,733,410   2,733,410      
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 3.10%   3.10%      
v3.23.3
Earnings per share - Narrative (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 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) 36,717 1,058 1,981 281
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) 3,533,885 6,145,722 4,236,271 5,773,562
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) 307,606 258,093 250,595 243,507
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) 968 705 5,684 323
v3.23.3
Earnings per share - Reconciliation of Numerators and Denominators Used to Compute Basic and Diluted Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Numerator        
Net income $ 41,324 $ 30,677 $ 110,272 $ 74,124
Less: net income attributable to non-controlling interests 2,190 3,764 7,299 8,405
Net income attributable to Planet Fitness, Inc. $ 39,134 $ 26,913 $ 102,973 $ 65,719
Stock options        
Effect of dilutive securities:        
Weighted-average shares outstanding adjustment (in shares) 212,953 338,981 239,709 357,315
Restricted stock units        
Effect of dilutive securities:        
Weighted-average shares outstanding adjustment (in shares) 48,282 50,854 64,347 62,050
Performance stock units        
Effect of dilutive securities:        
Weighted-average shares outstanding adjustment (in shares) 15,562 290 8,354 1,235
Class A Common Stock        
Denominator        
Weighted-average shares of Class A common stock outstanding - basic (in shares) 84,609,522 84,156,488 84,557,902 84,377,324
Effect of dilutive securities:        
Weighted-average shares of Class A common stock outstanding - diluted (in shares) 84,886,319 84,546,613 84,870,312 84,797,924
Earnings per share of Class A common stock - basic (in usd per share) $ 0.46 $ 0.32 $ 1.22 $ 0.78
Earnings per share of Class A common stock - diluted (in usd per share) $ 0.46 $ 0.32 $ 1.21 $ 0.78
v3.23.3
Income taxes - Narrative (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
USD ($)
shares
Sep. 30, 2022
Sep. 30, 2023
USD ($)
agreement
shares
Sep. 30, 2022
Dec. 31, 2022
USD ($)
Tax Credit Carryforward [Line Items]          
Effective income tax rate 24.50% 33.80% 26.00% 32.60%  
Net deferred tax assets $ 491,568   $ 491,568   $ 453,094
Total liability related to uncertain tax positions 328   $ 328   328
Number of tax receivable agreements | agreement     2    
Percentage of remaining tax savings     15.00%    
Tax benefit obligation 489,762   $ 489,762   $ 494,465
Decrease in deferred tax assets 1,704   4,358    
Deferred tax asset $ 24,999   $ 77,730    
Class A Common Stock          
Tax Credit Carryforward [Line Items]          
Number of shares exchanged (in shares) | shares 1,417,603   3,412,312    
TRA Holders          
Tax Credit Carryforward [Line Items]          
Applicable tax savings (in percentage) 85.00%   85.00%    
Deferred tax liability $ 14,762   $ 17,077    
v3.23.3
Income taxes - Schedule of Projected Future Payments Under Tax Benefit Arrangements (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]    
Remainder of 2023 $ 11,129  
2024 38,397  
2025 47,379  
2026 49,868  
2027 52,515  
Thereafter 290,474  
Total $ 489,762 $ 494,465
v3.23.3
Commitments and contingencies (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 20, 2023
USD ($)
store
Dec. 31, 2022
USD ($)
Sep. 30, 2023
USD ($)
Mexico Acquisition      
Loss Contingencies [Line Items]      
Estimated liability for legal settlement   $ 8,550  
Increase in loss contingency reserve     $ 6,250
Loss contingency reserve     $ 14,500
Mexico Acquisition | Subsequent Event      
Loss Contingencies [Line Items]      
Settlement with franchisee $ 31,619    
Number of franchise stores acquired | store 5    
Pending Litigation | Civil Action Brought By Former Employee      
Loss Contingencies [Line Items]      
Loss contingency, paid liability   $ 3,414  
v3.23.3
Segments - Narrative (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
segment
Sep. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]          
Number of reportable segments | segment     3    
Number of operating segments | segment     0    
Revenue $ 277,551 $ 244,386 $ 786,240 $ 655,504  
Franchise revenue - interim CEO          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Revenue 98,165 80,746 289,691 243,373  
Franchise revenue - interim CEO | Placement Services          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Revenue 5,884 4,376 13,760 10,102  
Corporate-owned stores          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Revenue 113,245 $ 101,330 332,885 $ 278,940  
Corporate-owned stores | International corporate-owned stores          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Long-lived assets $ 721   $ 721   $ 916
v3.23.3
Segments - Financial Information for the Company's Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Segment Reporting Information [Line Items]        
Revenue $ 277,551 $ 244,386 $ 786,240 $ 655,504
Total Segment EBITDA 109,734 99,266 311,813 264,776
Corporate and other        
Segment Reporting Information [Line Items]        
Total Segment EBITDA (18,547) (10,458) (52,238) (41,059)
Franchise revenue - interim CEO        
Segment Reporting Information [Line Items]        
Revenue 98,165 80,746 289,691 243,373
Franchise revenue - interim CEO | Operating Segments        
Segment Reporting Information [Line Items]        
Total Segment EBITDA 67,583 53,475 198,418 167,910
Franchise revenue - interim CEO | US        
Segment Reporting Information [Line Items]        
Revenue 95,209 78,873 281,836 237,612
Franchise revenue - interim CEO | International        
Segment Reporting Information [Line Items]        
Revenue 2,956 1,873 7,855 5,761
Corporate-owned stores        
Segment Reporting Information [Line Items]        
Revenue 113,245 101,330 332,885 278,940
Corporate-owned stores | Operating Segments        
Segment Reporting Information [Line Items]        
Total Segment EBITDA 44,264 40,446 126,499 103,287
Corporate-owned stores | US        
Segment Reporting Information [Line Items]        
Revenue 112,080 100,247 329,505 275,962
Corporate-owned stores | International        
Segment Reporting Information [Line Items]        
Revenue 1,165 1,083 3,380 2,978
Equipment revenue - interim CEO        
Segment Reporting Information [Line Items]        
Revenue 66,141 62,310 163,664 133,191
Equipment revenue - interim CEO | Operating Segments        
Segment Reporting Information [Line Items]        
Total Segment EBITDA 16,434 15,803 39,134 34,638
Equipment revenue - interim CEO | US        
Segment Reporting Information [Line Items]        
Revenue 62,605 60,952 158,335 124,781
Equipment revenue - interim CEO | International        
Segment Reporting Information [Line Items]        
Revenue $ 3,536 $ 1,358 $ 5,329 $ 8,410
v3.23.3
Segments - Reconciliation of Total Segment EBITDA to Income Before Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Segment Reporting [Abstract]        
Total Segment EBITDA $ 109,734 $ 99,266 $ 311,813 $ 264,776
Depreciation and amortization 37,477 32,572 110,254 90,427
Other income 148 4,762 631 9,000
Equity losses of unconsolidated entities, net of tax (242) (2) (580) (334)
Income from operations 72,351 61,934 201,508 165,683
Interest income 4,245 1,561 12,339 2,244
Interest expense (21,704) (21,917) (64,771) (66,527)
Income before income taxes $ 55,040 $ 46,340 $ 149,707 $ 110,400
v3.23.3
Segments - Company's Assets by Reportable Segment (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]    
Total consolidated assets $ 2,944,847 $ 2,854,589
Operating Segments | Franchise    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total consolidated assets 177,045 161,355
Operating Segments | Corporate-owned stores    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total consolidated assets 1,624,489 1,559,985
Operating Segments | Equipment    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total consolidated assets 187,899 200,020
Unallocated    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total consolidated assets $ 955,414 $ 933,229
v3.23.3
Segments - Company's Goodwill by Reportable Segment (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Consolidated goodwill $ 717,502 $ 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 607,898 593,086
Equipment    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Consolidated goodwill $ 92,666 $ 92,666
v3.23.3
Corporate-owned and franchisee-owned stores - Schedule of Changes in Corporate-owned and Franchisee-owned Stores (Details) - store
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Number Of Stores [Roll Forward]        
Stores operated at beginning of period 2,472 2,324 2,410 2,254
New stores opened 26 29 88 100
Stores acquired, debranded, sold or consolidated 0 0 0 (1)
Stores operated at end of period 2,498 2,353 2,498 2,353
Franchisee-owned stores:        
Number Of Stores [Roll Forward]        
Stores operated at beginning of period 2,230 2,091 2,176 2,142
New stores opened 24 25 82 89
Stores acquired from the Company 0 6 0 6
Stores acquired, debranded, sold or consolidated 0 0 (4) (115)
Stores operated at end of period 2,254 2,122 2,254 2,122
Corporate-owned stores:        
Number Of Stores [Roll Forward]        
Stores operated at beginning of period 242 233 234 112
New stores opened 2 4 6 11
Stores acquired from the Company 0 0 4 114
Stores sold to franchisees 0 (6) 0 (6)
Stores operated at end of period 244 231 244 231