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addressable market; U.S. | We view our addressable market as approximately 250 million people, representing the U.S. population over 14 years of age. | Unit Economics |
amortization of intangible assets | (8)Includes $3,096, $3,096, $9,288 and $9,288 of amortization of intangible assets, for the three and nine months ended September 30, 2021 and 2020, respectively, recorded in connection with the 2012 Acquisition, and $1,063, $1,115, $3,189 and $3,346 of amortization of intangible assets for the three and nine months ended September 30, 2021 and 2020, respectively, recorded in connection with historical acquisitions of franchisee-owned stores. | Balance Sheet |
adjustments; year ended | Adjustments of $0.1 million and $0.2 million in the years ended December 31, 2023 and 2022, respectively, reflect the difference between the higher rent expense recorded in accordance with GAAP since the acquisition and the rent expense that would have been recorded had the 2012 Acquisition not occurred. | Detail |
advertising expenses; corporate-owned stores | Advertising expenses for corporate-owned stores are included within store operations and totaled $39,642, $31,462 and $15,667 for the years ended December 31, 2023, 2022 and 2021, respectively. | Segment Financials |
advertising expenses; net of amounts reimbursed by franchisees | Advertising expenses, net of amounts reimbursed by franchisees, are included within selling, general and administrative expenses and totaled $9,349, $7,272, and $5,731 for the years ended December 31, 2015, 2014 and 2013, respectively. | Segment Financials |
advertising fund expenditure; from corporate-owned stores | In 2019 the NAF and Canadian advertising fund spent $52.8 million, $2.6 million of which is from our corporate-owned stores and included in store-operations expense on the consolidated statements of operations. | Segment Financials |
advertising fund expenditure; total | In 2019 the NAF and Canadian advertising fund spent $52.8 million, $2.6 million of which is from our corporate-owned stores and included in store-operations expense on the consolidated statements of operations. | Segment Financials |
advertising fund expense | National advertising fund expense was $59.4 million in the year ended December 31, 2021, compared to $61.3 million in the year ended December 31, 2020, with the decrease primarily as a result of higher advertising spending in 2020 to promote store reopenings. | Segment Financials |
advertising purchase commitments | (4) As of December 31, 2017, we had advertising purchase commitments of approximately $30.4 million, including commitments for the NAF. | Segment Financials |
advertising purchases; from one vendor | For the year ended December 31, 2018 purchases from one vendor comprised 65% of total advertising purchases, and for the year ended December 31, 2017 purchases from one vendor comprised 63% of total advertising purchases (see Note 4 for further discussion of the NAF). (d) Cash, cash equivalents and restricted cash | Detail |
allowance for expected credit losses | The amortized cost, including accrued dividends, of the Company’s held-to-maturity debt security investments was $26,401 and $0 and the allowance for expected credit losses was $17,462 and $0, as of December 31, 2021 and December 31, 2020, respectively. | Detail |
amortization expense; related to intangible assets | Amortization expense related to the intangible assets totaled $16,677, $16,888, and $16,359 for the years ended December 31, 2021, 2020 and 2019, respectively. | Consolidated Income Statement |
amortization of intangible assets, other than favorable leases | (15) Includes $12.4 million of amortization of intangible assets, other than favorable leases, for each of the years ended December 31, 2023 and 2022, recorded in connection with the 2012 Acquisition, and $39.1 million and $27.9 million of amortization of intangible assets for the years ended December 31, 2023 and 2022, respectively, created in connection with historical acquisitions of franchisee-owned stores. | Consolidated Income Statement |
amortized cost, including accrued dividends; held-to-maturity debt security investment | The amortized cost, including accrued dividends, of the Company’s held-to-maturity debt security investments was $26,401 and $0 and the allowance for expected credit losses was $17,462 and $0, as of December 31, 2021 and December 31, 2020, respectively. | Consolidated Income Statement |
annual fees; current | •current standard annual fees of approximately $39; and | Unit Economics |
assumed effective tax rate; adjusted income before income taxes | (4) Represents corporate income taxes at an assumed effective tax rate of 26.8% applied to adjusted income before income taxes. | Taxes |
assumed effective tax rate; applied to adjusted income before income taxes | (15)Represents corporate income taxes at an assumed blended tax rate of 25.9% for the three and nine months ended September 30, 2022 and 26.6% for the three and nine months ended September 30, 2021, applied to adjusted income before income taxes. | Taxes |
average monthly dues per member | Since 2012, our PF Black Card members as a percentage of total membership has increased from 45% in 2012 to 59% in 2016, and our average monthly dues per member have increased from $14.49 to $15.79 over the same period. | Unit Economics |
average royalty rate | In 2015, our average monthly royalty rate was 3.27% compared to 1.67% in 2011. | Unit Economics |
average unit volumes ("AUVs") | In 2021, our corporate-owned stores had a segment EBITDA margin of 29.4% and had average unit volumes (“AUVs”) of approximately $1.6 million with four-wall EBITDA margins (an assessment of store-level profitability which includes local and national advertising expense) of approximately 34.0%, or approximately 26.9% after applying the current 7% royalty rate. | Unit Economics |
CAGR | •15.2 million members as of December 31, 2021, compared to 10.6 million as of December 31, 2017, reflecting a CAGR of 9.4%; | unknown |
cash and cash equivalents | As of December 31, 2021, we had $545.9 million of cash and cash equivalents. | Balance Sheet |
cash provided by financing activities; net | For the year ended December 31, 2023, net cash provided by operating activities was $330.3 million compared to $240.2 million in the year ended December 31, 2022, an increase of $90.0 million, or 37.5%. | Cash Flow |
cash provided by operating activities; net | For the year ended December 31, 2016, net cash provided by operating activities was $108.8 million compared to $81.7 million in the year ended December 31, 2015, an increase of $27.2 million, and was primarily due to net income after adjustments to reconcile net income to net cash provided by operating activities of $126.0 million in the year ended December 31, 2016, compared to $81.2 million in the year ended December 31, 2015, partially offset by higher cash used for working capital driven by unfavorable changes in accounts receivable, other assets and other current assets, income taxes, equipment deposits, and payables to related parties pursuant to tax benefit arrangements. | Cash Flow |
cash provided by operating activities; net | For the year ended December 31, 2016, net cash provided by operating activities was $108.8 million compared to $81.7 million in the year ended December 31, 2015, an increase of $27.2 million, and was primarily due to net income after adjustments to reconcile net income to net cash provided by operating activities of $126.0 million in the year ended December 31, 2016, compared to $81.2 million in the year ended December 31, 2015, partially offset by higher cash used for working capital driven by unfavorable changes in accounts receivable, other assets and other current assets, income taxes, equipment deposits, and payables to related parties pursuant to tax benefit arrangements. | Cash Flow |
cash used in financing activities; net | For the year ended December 31, 2019, net cash used in investing activities was $110.7 million compared to $86.4 million in the year ended December 31, 2018, an increase in cash used of $24.3 million. | Cash Flow |
cash used in financing activities; net | For the year ended December 31, 2019, net cash used in investing activities was $110.7 million compared to $86.4 million in the year ended December 31, 2018, an increase in cash used of $24.3 million. | Cash Flow |
cash used in investing activities; net | For 2014, net cash used in investing activities was $54.4 million compared to $7.1 million in 2013, an increase of $47.3 million, and was primarily due to the acquisition of eight franchisee-owned stores on March 31, 2014 for $38.6 million. | Cash Flow |
cash used in investing activities; net | For 2014, net cash used in investing activities was $54.4 million compared to $7.1 million in 2013, an increase of $47.3 million, and was primarily due to the acquisition of eight franchisee-owned stores on March 31, 2014 for $38.6 million. | Cash Flow |
Class A common stock; owned by IPO investors | •the public investors collectively owned 86,760,768 shares of our Class A common stock, representing 98.4% of the voting power in the Company and, through the Company, 98.4% of the economic interest in Pla-Fit Holdings; and | Capital Structure |
Class A common stock; issued | In addition to the secondary offerings mentioned above, during the year ended December 31, 2016, certain Continuing LLC Owners have exercised their exchange right and exchanged 1,271,146 Holdings Units for 1,271,146 newly-issued shares of Class A common stock. | Capital Structure |
Class A common stock; owned by IPO investors | •the public investors collectively owned 86,760,768 shares of our Class A common stock, representing 98.4% of the voting power in the Company and, through the Company, 98.4% of the economic interest in Pla-Fit Holdings; and | Capital Structure |
Class A common stock; per share | For example, if we had elected to terminate the tax receivable agreements as of December 31, 2015, based on a share price of $15.63 per share of our Class A common stock (based on the closing price of our Class A common stock on the New York Stock Exchange as of December 31, 2015) and a discount rate equal to 2.1%, we estimate that we would have been required to pay $576.0 million in the aggregate under the tax receivable agreements. | Capital Structure |
Class B common stock; by Continuing LLC Owners | •the Continuing LLC Owners collectively hold 1,397,167 Holdings Units, representing 1.6% of the economic interest in Pla-Fit Holdings and 1,397,167 shares of our Class B common stock, representing 1.6% of the voting power in the Company; | Capital Structure |
commission income; franchise segment | Commission income, which is included in our franchise segment, was $19.1 million in the year ended December 31, 2016 compared to $16.3 million in the year ended December 31, 2015, an increase of $2.8 million or 17.1%. | Segment Financials |
commission income; franchise segment | Commission income, which is included in our franchise segment, was $19.1 million in the year ended December 31, 2016 compared to $16.3 million in the year ended December 31, 2015, an increase of $2.8 million or 17.1%. | Segment Financials |
commission income; franchise segment | Commission income, which is included in our franchise segment, was $19.1 million in the year ended December 31, 2016 compared to $16.3 million in the year ended December 31, 2015, an increase of $2.8 million or 17.1%. | Segment Financials |
compound annual growth rate ("CAGR") | •2,410 stores as of December 31, 2022, compared to 1,742 as of December 31, 2018, reflecting a compound annual growth rate (“CAGR”) of 8.5%; | unknown |
construction costs to build new stores; U.S. geographies | We sampled construction costs to build new stores from across a wide range of U.S. geographies, 46 and 56 new stores, in 2019 and 2018, respectively. | Unit Economics |
cost of revenue | Cost of revenue was $100.3 million in the year ended December 31, 2014 compared to $81.4 million in the year ended December 31, 2013, an increase of $18.9 million, or 23.2%. | Consolidated Income Statement |
cost of revenue | Cost of revenue was $100.3 million in the year ended December 31, 2014 compared to $81.4 million in the year ended December 31, 2013, an increase of $18.9 million, or 23.2%. | Consolidated Income Statement |
cost of revenue | Cost of revenue was $100.3 million in the year ended December 31, 2014 compared to $81.4 million in the year ended December 31, 2013, an increase of $18.9 million, or 23.2%. | Consolidated Income Statement |
debt issuance costs; 2018 Notes | 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. | Detail |
deferred ADA revenue; from related parties | Additionally, the Company had deferred ADA revenue from related parties of $256 and $779 as of December 31, 2019 and 2018, respectively. | unknown |
deferred tax asset; net | As of December 31, 2023, we had a net deferred tax asset of $502,544, primarily resulting from tax attributes generated from past exchanges and sales of Holdings Units which will reduce taxable income in future periods. | Taxes |
deferred tax assets | As a result of these exchanges, during the years ended December 31, 2017 and 2016 we also recognized deferred tax assets in the amount of $394,108 and $332,471, respectively, and corresponding tax benefit arrangement liabilities of $341,089 and $285,730, respectively, representing 85% of the tax benefits due to the TRA Holders. | Taxes |
deferred tax assets; net | ’s ownership percentage of Pla-Fit Holdings that occurred in conjunction with the exchanges and, in 2015, the recapitalization transactions and IPO, we recorded a decrease to our net deferred tax assets of $25,046 and $35,661, during the years ended December 31, 2016 and 2015, respectively. | Taxes |
deferred tax assets; net; due to ownership percentage of Pla-Fit Holdings | ’s ownership percentage of Pla-Fit Holdings that occurred in conjunction with the exchanges, we recorded a decrease to our net deferred tax assets of $426 during the six months ended June 30, 2018. | Taxes |
depreciation and amortization | Depreciation and amortization was $5.0 million for both the years ended December 31, 2020 and December 31, 2019. | Consolidated Income Statement |
depreciation and amortization expense | Depreciation and amortization expense was $53.8 million in the year ended December 31, 2020 compared to $44.3 million in the year ended December 31, 2019, an increase of $9.5 million, or 21.4%. | Consolidated Income Statement |
depreciation and amortization expense | Depreciation and amortization expense was $53.8 million in the year ended December 31, 2020 compared to $44.3 million in the year ended December 31, 2019, an increase of $9.5 million, or 21.4%. | Consolidated Income Statement |
depreciation and amortization expense | Depreciation and amortization expense was $53.8 million in the year ended December 31, 2020 compared to $44.3 million in the year ended December 31, 2019, an increase of $9.5 million, or 21.4%. | Consolidated Income Statement |
depreciation expense | The Company recorded depreciation expense of $97,931, $83,310 and $46,123 for the years ended December 31, 2023, 2022 and 2021, respectively. | Consolidated Income Statement |
discount rate; per share | For example, if we had elected to terminate the tax receivable agreements as of December 31, 2015, based on a share price of $15.63 per share of our Class A common stock (based on the closing price of our Class A common stock on the New York Stock Exchange as of December 31, 2015) and a discount rate equal to 2.1%, we estimate that we would have been required to pay $576.0 million in the aggregate under the tax receivable agreements. | unknown |
distributions; to members of Pla-Fit Holdings | In the year ended December 31, 2017, we had repayments of long-term debt of $7.2 million and distributions to members of Pla-Fit Holdings of $11.4 million. | Cash Flow |
EBITDA; Corporate-owned stores | •Corporate-owned stores segment EBITDA increased $29.4 million or 20.7% to $171.5 million. | Segment Financials |
EBITDA; Corporate-owned stores | •Corporate-owned stores segment EBITDA increased $29.4 million or 20.7% to $171.5 million. | Segment Financials |
EBITDA; Corporate-owned stores | •Corporate-owned stores segment EBITDA increased $29.4 million or 20.7% to $171.5 million. | Segment Financials |
EBITDA; equipment segment | • Equipment segment EBITDA increased by $9.1 million or 23.5% to $47.6 million driven by an increase in equipment sales to new stores and an increase in replacement equipment sales to existing franchisee-owned stores. | Segment Financials |
EBITDA; equipment segment | • Equipment segment EBITDA increased by $9.1 million or 23.5% to $47.6 million driven by an increase in equipment sales to new stores and an increase in replacement equipment sales to existing franchisee-owned stores. | Segment Financials |
EBITDA; franchise segment | •Franchise segment EBITDA increased $79.3 million or 69.0% to $194.3 million primarily due to temporary store closures related to COVID-19 beginning in March 2020, higher NAF revenue and lower NAF expense, partially offset by higher franchise-related payroll and operational expenses; | Segment Financials |
EBITDA; franchise segment | •Franchise segment EBITDA increased $79.3 million or 69.0% to $194.3 million primarily due to temporary store closures related to COVID-19 beginning in March 2020, higher NAF revenue and lower NAF expense, partially offset by higher franchise-related payroll and operational expenses; | Segment Financials |
EBITDA; franchise segment | •Franchise segment EBITDA increased $79.3 million or 69.0% to $194.3 million primarily due to temporary store closures related to COVID-19 beginning in March 2020, higher NAF revenue and lower NAF expense, partially offset by higher franchise-related payroll and operational expenses; | Segment Financials |
economic interest; of IPO investors; through Company | •the public investors collectively owned 86,760,768 shares of our Class A common stock, representing 98.4% of the voting power in the Company and, through the Company, 98.4% of the economic interest in Pla-Fit Holdings; and | Capital Structure |
economic interest; Pla-Fit Holdings | As of December 31, 2023, the Company held 100% of the voting interest, and approximately 98.4% of the economic interest in Pla-Fit Holdings and the owners of Holdings Units other than the Company (the “Continuing LLC Owners”) held the remaining 1.6% economic interest in Pla-Fit Holdings. | Capital Structure |
economic interest; Pla-Fit Holdings; held by Continuing LLC Owners | As of December 31, 2023, the Company held 100% of the voting interest, and approximately 98.4% of the economic interest in Pla-Fit Holdings and the owners of Holdings Units other than the Company (the “Continuing LLC Owners”) held the remaining 1.6% economic interest in Pla-Fit Holdings. | Capital Structure |
effective tax rate | Our effective tax rate of 39.4% was calculated using the U.S. federal income tax rate and the statutory rates applied to income apportioned to each state and local jurisdiction. | Taxes |
employees; corporate headquarters | As of December 31, 2020, we employed 1,387 employees at our corporate-owned stores and 229 employees at our corporate headquarters located at 4 Liberty Lane West, Hampton, New Hampshire. | Unit Economics |
employees; corporate-owned stores | As of December 31, 2020, we employed 1,387 employees at our corporate-owned stores and 229 employees at our corporate headquarters located at 4 Liberty Lane West, Hampton, New Hampshire. | Unit Economics |
employer matching contributions expense | Total employer matching contributions expensed in the consolidated statements of operations were approximately $1,370, $1,123, and $846 for the years ended December 31, 2023, 2022 and 2021, respectively. | Detail |
equipment deposits received; in advance of delivery | Equipment deposits received in advance of delivery as of June 30, 2023 and December 31, 2022 were $12,098 and $8,443, respectively, and are expected to be recognized as revenue in the next twelve months. (10) Related party transactions | Balance Sheet |
equipment deposits received; in advance of delivery, placement and customer acceptance | Equipment deposits received in advance of delivery as of December 31, 2020 and 2019 were $795 and $3,008, respectively and are expected to be recognized as revenue in the next twelve months. | Balance Sheet |
equipment segment EBITDA | Equipment segment EBITDA was $59.6 million in the year ended December 31, 2019 compared to $47.6 million in the year ended December 31, 2018, an increase of $12.0 million, or 25.2%. | Segment Financials |
equipment segment EBITDA | Equipment segment EBITDA was $59.6 million in the year ended December 31, 2019 compared to $47.6 million in the year ended December 31, 2018, an increase of $12.0 million, or 25.2%. | Segment Financials |
expense; national advertising fund | National advertising fund expense was $42.6 million in the year ended December 31, 2018, compared to zero in the year ended December 31, 2017, as a result of the adoption of the new revenue recognition standard ASC 606. | Segment Financials |
expenses; equipment placement and assembly services | These expenses include costs related to equipment placement and assembly services of $6,961, $6,069 and $4,358, for the years ended December 31, 2023, 2022 and 2021, respectively. | Segment Financials |
expenses; placement services | These expenses include costs related to placement services of $4,601, $3,974, and $3,452, for the years ended December 31, 2017, 2016 and 2015, respectively. | Segment Financials |
expenses; related to ESPP | During the year ended December 31, 2019, employees purchased 23,704 shares and $417 was recorded to expense related to the ESPP. | Detail |
federal operating loss carryforwards; net | As of December 31, 2022, the Company had federal net operating loss carryforwards of $210,717, with an indefinite lived carryforward. | Taxes |
four-wall EBITDA margins; corporate-owned stores; after applying the current 7 % royalty rate | In 2019, our corporate-owned stores had a segment EBITDA margin of 41.1% and had average unit volumes (“AUVs”) of approximately $2.0 million with four-wall EBITDA margins (an assessment of store-level profitability which includes local and national advertising expense) of approximately 47%, or approximately 40% after applying the current 7% royalty rate. | Unit Economics |
franchise and other fees | Included in franchise revenue is royalty revenue of $46.2 million, franchise and other fees of $15.8 million, and placement revenue of $9.8 million for the year ended December 31, 2015, compared to royalty revenue of $32.7 million, franchise and other fees of $16.8 million, and placement revenue of $8.5 million for the year ended December 31, 2014. | Segment Financials |
franchise revenue | Franchise segment revenue was $116.5 million in the year ended December 31, 2016 compared to $88.1 million in the year ended December 31, 2015, an increase of $28.4 million, or 32.2%. | Segment Financials |
franchise revenue | Franchise segment revenue was $116.5 million in the year ended December 31, 2016 compared to $88.1 million in the year ended December 31, 2015, an increase of $28.4 million, or 32.2%. | Segment Financials |
franchise revenue | Franchise segment revenue was $116.5 million in the year ended December 31, 2016 compared to $88.1 million in the year ended December 31, 2015, an increase of $28.4 million, or 32.2%. | Segment Financials |
franchise revenue; royalty revenue | Included in franchise revenue is royalty revenue of $46.2 million, franchise and other fees of $15.8 million, and placement revenue of $9.8 million for the year ended December 31, 2015, compared to royalty revenue of $32.7 million, franchise and other fees of $16.8 million, and placement revenue of $8.5 million for the year ended December 31, 2014. | Segment Financials |
franchise segment revenue | Franchise revenue was $97.4 million in the year ended December 31, 2016 compared to $71.8 million in the year ended December 31, 2015, an increase of $25.6 million or 35.7%. | Segment Financials |
franchise segment revenue | Franchise revenue was $97.4 million in the year ended December 31, 2016 compared to $71.8 million in the year ended December 31, 2015, an increase of $25.6 million or 35.7%. | Segment Financials |
franchise segment revenue | Franchise revenue was $97.4 million in the year ended December 31, 2016 compared to $71.8 million in the year ended December 31, 2015, an increase of $25.6 million or 35.7%. | Segment Financials |
franchise segment revenue; as % of total revenue | Our franchise segment revenue comprised 40%, 39% and 35% of our total revenue for the years ended December 31, 2019, 2018 and 2017, respectively. | Segment Financials |
franchise stores; owned and operated by franchisee group; with at least three stores | As of December 31, 2017, 95% of all franchise stores were owned and operated by a franchisee group that owns at least three stores. | Unit Economics |
franchised Planet Fitness stores | As of December 31, 2019, there were 1,903 franchised Planet Fitness stores operated by approximately 130 franchisee groups. | Unit Economics |
franchisee groups | As of December 31, 2019, there were 1,903 franchised Planet Fitness stores operated by approximately 130 franchisee groups. | Unit Economics |
franchisee groups | As of December 31, 2019, there were 1,903 franchised Planet Fitness stores operated by approximately 130 franchisee groups. | Unit Economics |
franchisee-owned stores | This amount was originally recognized through purchase accounting in connection with the acquisition of eight franchisee-owned stores on March 31, 2014. | Unit Economics |
holdings units; by Continuing LLC Owners | •the Continuing LLC Owners collectively hold 1,397,167 Holdings Units, representing 1.6% of the economic interest in Pla-Fit Holdings and 1,397,167 shares of our Class B common stock, representing 1.6% of the voting power in the Company; | Capital Structure |
holdings units; exchanged for newly-issued Class A common stock | In addition to the secondary offerings mentioned above, during the years ended December 31, 2019, 2018 and 2017, respectively, certain Continuing LLC Owners have exercised their exchange right and exchanged 885,810, 1,736,020 and 4,762,943 Holdings Units for 885,810, 1,736,020 and 4,762,943 newly-issued shares of Class A common stock. | Capital Structure |
Holdings Units; received by Planet Fitness, Inc. | Additionally, in connection with the exchange, Planet Fitness, Inc. received 7,891,160 Holdings Units, increasing its total ownership interest in Pla-Fit Holdings. | Capital Structure |
income; net | Of the increase, $36.7 million was due to higher net income after adjustments to reconcile net income to net cash provided by operating activities, partially offset by $16.7 million due to higher cash used for working capital in accounts payable, other assets and other current assets, and equipment deposits, partially offset by higher cash generated due to a decrease in inventory and lower cash payments for income taxes in the year ended December 31, 2019, compared to the year ended December 31, 2018. | Consolidated Income Statement |
income; net | Of the increase, $36.7 million was due to higher net income after adjustments to reconcile net income to net cash provided by operating activities, partially offset by $16.7 million due to higher cash used for working capital in accounts payable, other assets and other current assets, and equipment deposits, partially offset by higher cash generated due to a decrease in inventory and lower cash payments for income taxes in the year ended December 31, 2019, compared to the year ended December 31, 2018. | Consolidated Income Statement |
industry average; monthly | Both our standard and PF Black Card memberships are priced significantly below the 2021 industry average of $58 per month, the latest available estimate from our industry’s trade association, the International Health, Racquet & Sportsclub Association’s (“IHRSA”). | Unit Economics |
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