Planet Fitness(PLNT) - 2025 Q2 - Quarterly Report

Cautionary Note Regarding Forward-Looking Statements This section highlights that the report contains forward-looking statements based on current beliefs and expectations, subject to inherent uncertainties and risks - Forward-looking statements are based on current beliefs, expectations, and assumptions, and are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict[9] - Important factors that could cause actual results to differ materially include risks related to brand value, competition, intellectual property, cybersecurity, and regulatory compliance[11][13] PART I – FINANCIAL INFORMATION This part presents the unaudited condensed consolidated financial statements and management's discussion and analysis for the period ITEM 1. Condensed Consolidated Financial Statements This section presents unaudited condensed consolidated financial statements, including balance sheets, operations, cash flows, and detailed notes Condensed Consolidated Balance Sheets (Unaudited) This section provides a snapshot of the company's financial position, detailing assets, liabilities, and equity at specific points in time Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | Change | % Change | | :-------------------------------- | :------------ | :---------------- | :----- | :------- | | Total assets | $3,119,152 | $3,069,708 | $49,444 | 1.6% | | Total current liabilities | $310,190 | $282,495 | $27,695 | 9.8% | | Total noncurrent liabilities | $2,967,243 | $3,002,586 | $(35,343) | -1.2% | | Total stockholders' deficit | $(158,281) | $(215,373) | $57,092 | 26.5% | Condensed Consolidated Statements of Operations (Unaudited) This section presents the company's revenues, expenses, and net income over specific reporting periods Condensed Consolidated Statements of Operations Highlights (in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change | % Change | | :-------------------------------- | :------------------------------- | :------------------------------- | :----- | :------- | | Total revenue | $340,879 | $300,941 | $39,938 | 13.3% | | Income from operations | $102,402 | $87,379 | $15,023 | 17.2% | | Net income | $58,295 | $49,312 | $8,983 | 18.2% | | Net income attributable to Planet Fitness, Inc. | $58,019 | $48,640 | $9,379 | 19.3% | | Basic EPS | $0.69 | $0.56 | $0.13 | 23.2% | | Diluted EPS | $0.69 | $0.56 | $0.13 | 23.2% | | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | % Change | | :-------------------------------- | :----------------------------- | :----------------------------- | :----- | :------- | | Total revenue | $617,541 | $548,958 | $68,583 | 12.5% | | Income from operations | $181,604 | $153,201 | $28,403 | 18.5% | | Net income | $100,374 | $84,285 | $16,089 | 19.1% | | Net income attributable to Planet Fitness, Inc. | $99,886 | $82,949 | $16,937 | 20.4% | | Basic EPS | $1.19 | $0.95 | $0.24 | 25.3% | | Diluted EPS | $1.19 | $0.95 | $0.24 | 25.3% | Condensed Consolidated Statements of Comprehensive Income (Unaudited) This section reports net income and other comprehensive income items, reflecting all changes in equity except owner transactions Condensed Consolidated Statements of Comprehensive Income Highlights (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change | % Change | | :-------------------------------- | :------------------------------- | :------------------------------- | :----- | :------- | | Net income including non-controlling interests | $58,295 | $49,312 | $8,983 | 18.2% | | Total other comprehensive income (loss), net | $2,362 | $(661) | $3,023 | -457.3% | | Total comprehensive income attributable to Planet Fitness, Inc. | $60,381 | $47,979 | $12,402 | 25.8% | | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | % Change | | :-------------------------------- | :----------------------------- | :----------------------------- | :----- | :------- | | Net income including non-controlling interests | $100,374 | $84,285 | $16,089 | 19.1% | | Total other comprehensive income (loss), net | $3,358 | $(1,268) | $4,626 | -364.8% | | Total comprehensive income attributable to Planet Fitness, Inc. | $103,244 | $81,681 | $21,563 | 26.4% | Condensed Consolidated Statements of Cash Flows (Unaudited) This section details the inflows and outflows of cash from operating, investing, and financing activities over a period Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | % Change | | :-------------------------------- | :----------------------------- | :----------------------------- | :----- | :------- | | Net cash provided by operating activities | $177,894 | $167,948 | $9,946 | 5.9% | | Net cash used in investing activities | $(70,962) | $(90,436) | $19,474 | -21.5% | | Net cash used in financing activities | $(66,089) | $(103,693) | $37,604 | -36.3% | | Net increase (decrease) in cash, cash equivalents and restricted cash | $42,501 | $(27,360) | $69,861 | -255.3% | | Cash, cash equivalents and restricted cash, end of period | $392,175 | $294,761 | $97,414 | 33.0% | Condensed Consolidated Statements of Changes in Equity (Unaudited) This section outlines the changes in each component of stockholders' equity over the reporting period Condensed Consolidated Statements of Changes in Equity (Deficit) Highlights (in thousands) | Metric | Balance at December 31, 2024 | Balance at June 30, 2025 | Change | | :-------------------------------- | :--------------------------- | :----------------------- | :----- | | Total stockholders' deficit | $(215,373) | $(158,281) | $57,092 | | Key Changes (Six Months Ended June 30, 2025) | Amount (in thousands) | | :--------------------------------------- | :-------------------- | | Net income | $100,374 | | Equity-based compensation expense | $6,138 | | Repurchase and retirement of Class A common stock | $(52,483) | | Other comprehensive income | $3,358 | Notes to Condensed Consolidated Financial Statements (Unaudited) These notes provide detailed disclosures for the condensed consolidated financial statements, covering accounting policies, investments, debt, leases, revenue, and segment information Note 1. Business Organization This note describes the company's business structure, operational segments, and ownership interests as of the reporting date - As of June 30, 2025, Planet Fitness operates approximately 20.8 million members and 2,762 owned and franchised locations across multiple countries[27] - The Company operates three distinct lines of business: licensing and selling franchises, owning and operating fitness centers, and selling fitness-related equipment to franchisee-owned clubs[33] - Planet Fitness, Inc. is a holding company that consolidates