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Planet Fitness, Inc.

$PLNT
$74.68
Капитализция: $4.6B
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О компании

Planet Fitness, Inc. является одним из крупнейших и быстрорастущих франчайзеров и операторов фитнес-центров в США по числу членов и объектов, с узнаваемым национальным брендом. Задача эмитента – улучшение жизни людей показать больше
за счет высококачественного фитнеса в гостеприимной обстановке. Яркие и чистые помещения обычно занимают площадь в 20 000 квадратных футов и оснащены широким выбором качественных кардиотренажеров, а также оборудования для круговых и силовых тренировок под собственным брендом, а дружелюбные тренеры предлагают неограниченные бесплатные тренировки всем членам клуба в небольших группах. Эмитент предлагает фитнес всего за 10 долларов США в месяц за стандартную членскую карту. Такая цена призвана привлечь более широкие слои населения, включая периодических клиентов и примерно 80% населения США и Канады старше 14 лет, которые не ходят в залы, особенно те, кто считает, что в традиционных фитнес-клубах высокие цены на улсуги и неприятная психологическая обстановка. Эмитент и его франчайзи являются убежденными сторонниками дружелюбной обстановки, где не обязательно уже быть в хорошей физической форме прежде, чем стать членом клуба, и где персонал и другие клиенты поддерживают прогресс посетителя (вне зависимости от того значительный он или небольшой) в достижении фитнес-целей.
Planet Fitness, Inc., together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. It operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia. The Corporate-Owned Stores segment operates corporate-owned stores in the United States and Canada. The Equipment segment engages in the sale of fitness equipment to franchisee-owned stores in the United States. As of December 31, 2020, the company had 2,124 stores, including 2,021 franchised and 103 corporate-owned stores in the District of Columbia, Puerto Rico, Canada, Panama, Mexico, and Australia. Planet Fitness, Inc. was founded in 1992 and is headquartered in Hampton, New Hampshire.
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Отчетность

03.11.2021, 23:08 EPS за 3 квартал составил ХХ, консенсус YY
04.08.2021, 23:12 Прибыль на акцию за 2 квартал XX, консенсус-прогноз YY
Квартальная отчетность будет доступна после Регистрации

Прогнозы аналитиков

Аналитик Аарон Кесслер поддерживает с сильной покупкой и снижает целевую цену со xxx до yyy долларов.
25.10.2021, 16:02 Аналитик Berenberg Сунил Райгопал инициирует освещение на GoDaddy с рейтингом «Покупать» и объявляет целевую цену в xxx долларов.
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Planet Fitness, Inc. Announces First Quarter 2022 Results

Planet Fitness, Inc. объявляет результаты за первый квартал 2022 года

10 мая 2022 г.

System-wide same store sales increased 15.9%

Ends first quarter with total membership of more than 16.2 million

HAMPTON, N.H., May 10, 2022 /PRNewswire/ -- Today, Planet Fitness, Inc. (NYSE: PLNT) reported financial results for its first quarter ended March 31, 2022.

"Over the past two-plus years of operating during the pandemic, we've learned to be nimble and resilient while staying true to our mission of providing a high-quality, affordable fitness experience in a welcoming, non-intimidating environment. During the first quarter we completed the acquisition of Sunshine Fitness, one of our best-performing franchisees as well as a successful refinancing of a portion of our debt. We are bullish on the future and believe that the acquisition strengthens our powerful business model by enhancing our corporate store team and diversifying the geographic profile of our corporate-owned stores, and the refinancing further supports our business model, by locking in low rates on a significant portion our debt," said Chris Rondeau, Chief Executive Officer. "We are looking forward to the upcoming launch of the High School Summer Pass that offers teens a chance to workout for free at our gyms over the summer – an extremely important initiative given the alarming teen mental health crisis in the U.S. Additionally, we are excited about our entry into new markets such as New Zealand and the opening of our first stores in Mexico under the new development agreement we signed last year."

First Quarter Fiscal 2022 results

  • Total revenue increased from the prior year period by 66.9% to $186.7 million.
  • System-wide same store sales increased 15.9%.
  • System-wide sales increased $196 million to $961 million, from $765 million in the prior year period.
  • Net income attributable to Planet Fitness, Inc. was $16.5 million, or $0.19 per diluted share, compared to $5.6 million, or $0.07 per diluted share, in the prior year period.
  • Net income increased $12.2 million to $18.4 million, compared to $6.2 million in the prior year period.
  • Adjusted net income(1) increased $20.0 million to $29.0 million, or $0.32 per diluted share, compared to $9.1 million, or $0.10 per diluted share, in the prior year period.
  • Adjusted EBITDA(1) increased $33.6 million to $77.3 million from $43.7 million in the prior year period.
  • 37 new Planet Fitness stores were opened during the period, bringing system-wide total stores to 2,291 as of March 31, 2022.
  • Cash of $536.7 million, which includes cash and cash equivalents of $471.2 million and restricted cash of $65.5 million.

(1) Adjusted net income and Adjusted EBITDA are non-GAAP measures. For reconciliations of Adjusted EBITDA and Adjusted net income to U.S. GAAP ("GAAP") net income see "Non-GAAP Financial Measures" accompanying this press release.

Operating Results for the First Quarter Ended March 31, 2022

For the first quarter 2022, total revenue increased $74.8 million or 66.9% to $186.7 million from $111.9 million in the prior year period, which included system-wide same store sales growth of 15.9%.  By segment:

  • Franchise segment revenue increased $16.0 million or 25.0% to $80.1 million from $64.1 million in the prior year period. The increase in franchise segment revenue for the first quarter of 2022 was primarily due to a $9.9 million increase in franchise royalty revenue, a $2.4 million increase in National Advertising Fund ("NAF") revenue, a $2.0 million increase in franchise and other fees, and a $1.5 million increase in placement revenue. Of the $9.9 million increase in royalty revenue, $5.7 million was primarily attributable to a same store sales increase of 15.8% in franchisee-owned stores, $4.5 million was attributable to new stores opened since January 1, 2021 and stores that were not open for all of the prior year period due to COVID related temporary closures, and $1.2 million was from higher royalties on annual fees. Partially offsetting the royalty revenue increases was a decrease of approximately $1.6 million as a result of 114 franchisee-owned stores becoming corporate-owned stores as a result of the acquisition of Sunshine Fitness Growth Holdings, LLC in the first quarter of 2022 (the "Sunshine Acquisition");
  • Corporate-owned stores segment revenue increased $38.3 million or 101.1% to $76.2 million from $37.9 million in the prior year period. Of the increase, $28.7 million was attributable to the acquisition of 114 stores in the Sunshine Acquisition, $5.0 million was from new stores opened since January 1, 2021 and stores that were not open for all of the prior year period due to COVID related temporary closures, and $4.6 million was from the corporate-owned store same store sales increase of 17.0%; and
  • Equipment segment revenue increased $20.5 million or 206.2% to $30.4 million from $9.9 million in the prior year period, driven by higher equipment sales to new and existing franchisee-owned stores in the three months ended March 31, 2022 compared to the three months ended March 31, 2021. In the three months ended March 31, 2022, the Company had equipment sales to 33 new franchisee-owned stores compared to 18 in the prior year period.

For the first quarter of 2022, net income attributable to Planet Fitness, Inc. was $16.5 million, or $0.19 per diluted share, compared to $5.6 million, or $0.07 per diluted share, in the prior year period. Net income was $18.4 million in the first quarter of 2022 compared to $6.2 million in the prior year period. Adjusted net income increased $20.0 million to $29.0 million, or $0.32 per diluted share, from $9.1 million, or $0.10 per diluted share, in the prior year period. Adjusted net income has been adjusted to reflect a normalized federal income tax rate of 26.2% and 26.6% for the current and prior year period, respectively, and excludes certain non-cash and other items that we do not consider in the evaluation of ongoing operational performance (see "Non-GAAP Financial Measures").

Adjusted EBITDA, which is defined as net income before interest, taxes, depreciation and amortization, adjusted for the impact of certain non-cash and other items that we do not consider in the evaluation of ongoing operational performance (see "Non-GAAP Financial Measures"), increased $33.6 million to $77.3 million from $43.7 million in the prior year period.

Segment EBITDA represents our Total Segment EBITDA broken down by the Company's reportable segments. Total Segment EBITDA is equal to EBITDA, which is defined as net income before interest, taxes, depreciation and amortization (see "Non-GAAP Financial Measures").

  • Franchise segment EBITDA increased $18.9 million to $60.1 million. The increase in franchise segment EBITDA for the first quarter of 2022 was primarily due to the revenue increases described above. Additionally, franchise selling general and administrative expense was $2.9 million lower than the prior year period as a result of lower franchise selling general and administrative spend to support our franchisees compared to the prior year. Partially offsetting these EBITDA increases, NAF expense was $1.8 million higher in the three months ended March 31, 2022 than in the prior year period;
  • Corporate-owned stores segment EBITDA increased $12.7 million to $23.4 million. The increase was primarily attributable to higher corporate-owned store four-wall EBITDA, partially offset by higher corporate-owned store selling general and administrative expense, both as a result of the Sunshine Acquisition; and
  • Equipment segment EBITDA increased by $6.8 million to $8.7 million driven by higher equipment sales to new and existing franchisee-owned stores in the three months ended March 31, 2022 compared to the three months ended March 31, 2021, as described above.

For the year ending December 31, 2022, the Company is reiterating the following expectations as compared to the Company's 2021 results, which includes the impact from the Sunshine Acquisition and assumes there is no significant worsening of the COVID-19 pandemic that seriously impacts performance, including prolonged store closures or other mandated operational restrictions:

  • New equipment placements of approximately 170 in franchisee-owned locations
  • System-wide same store sales in the low double-digit percentage range

The following are 2022 growth expectations over the Company's 2021 results:

  • Revenue to increase in the mid-50 percent range
  • Adjusted EBITDA to increase in the high-50 percent range
  • Adjusted Net Income to increase in the low-90 percent range
  • Adjusted earnings per share to increase in the mid-80 percent range, based on Adjusted diluted shares outstanding of approximately 91.1 million, inclusive of the issuance of equity as part of the Sunshine Acquisition

The Company continues to expect 2022 net interest expense to be approximately $89 million as a result of its recent debt refinancing and upsizing.

Presentation of Financial Measures

Planet Fitness, Inc. (the "Company") was formed in March 2015 for the purpose of facilitating the initial public offering (the "IPO") and related recapitalization transactions that occurred in August 2015, and in order to carry on the business of Pla-Fit Holdings, LLC ("Pla-Fit Holdings") and its subsidiaries. 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 Pla-Fit Holdings not owned by the Company.

The financial information presented in this press release includes non-GAAP financial measures such as EBITDA, Segment EBITDA, Adjusted EBITDA, Adjusted net income and Adjusted net income per share, diluted, to provide measures that we believe are useful to investors in evaluating the Company's performance. These non-GAAP financial measures are supplemental measures of the Company's performance that are neither required by, nor presented in accordance with GAAP. These financial measures should not be considered in isolation or as substitutes for GAAP financial measures such as net  income or any other performance measures derived in accordance with GAAP. In addition, in the future, the Company may incur expenses or charges such as those added back to calculate Adjusted EBITDA, Adjusted net income and Adjusted net income per share, diluted. The Company's presentation of Adjusted EBITDA, Adjusted net income and Adjusted net income per share, diluted, should not be construed as an inference that the Company's future results will be unaffected by similar amounts or other unusual or nonrecurring items. See the tables at the end of this press release for a reconciliation of EBITDA, Adjusted EBITDA, Total Segment EBITDA, Adjusted net income, and Adjusted net income per share, diluted, to their most directly comparable GAAP financial measure.

Same store sales refers to year-over-year sales comparisons for the same store sales base of both corporate-owned and franchisee-owned stores, which is calculated for a given period by including only sales from stores that had sales in the comparable months of both years. We define the same store sales base to include those stores that have been open and for which monthly membership dues have been billed for longer than 12 months. We measure same store sales based solely upon monthly dues billed to members of our corporate-owned and franchisee-owned stores.

The non-GAAP financial measures used in our full-year outlook will differ from net income and net income per share, diluted, determined in accordance with GAAP in ways similar to those described in the reconciliations at the end of this press release. We do not provide guidance for net income or net income per share, diluted, determined in accordance with GAAP or a reconciliation of guidance for Adjusted EBITDA and Adjusted net income per share, diluted, to the most directly comparable GAAP measure because we are not able to predict with reasonable certainty the amount or nature of all items that will be included in our net income and net income per share, diluted, for the year ending December 31, 2022. Accordingly, a reconciliation of the Company's guidance for Adjusted EBITDA and Adjusted net income per share, diluted, to the most directly comparable GAAP measure cannot be made available without unreasonable effort. These items are uncertain, depend on many factors and could have a material impact on our net income and net income per share, diluted, for the year ending December 31, 2022.

Investor Conference Call

The Company will hold a conference call at 8:00 AM (ET) on May 10, 2022 to discuss the news announced in this press release. A live webcast of the conference call will be accessible at www.planetfitness.com via the "Investor Relations" link. The webcast will be archived on the website for one year.

About Planet Fitness

Founded in 1992 in Dover, NH, Planet Fitness is one of the largest and fastest-growing franchisors and operators of fitness centers in the United States by number of members and locations. As of March 31, 2022, Planet Fitness had more than 16.2 million members and 2,291 stores in 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia. The Company's mission is to enhance people's lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, which we call the Judgement Free Zone®. More than 90% of Planet Fitness stores are owned and operated by independent business men and women.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the federal securities laws, which involve risks and uncertainties.  Forward-looking statements include the Company's statements with respect to expected future performance presented under the heading "2022 Outlook," those attributed to the Company's Chief Executive Officer in this press release, including with respect to the Company's growth opportunities globally and long-term targets for U.S. store locations, and other statements, estimates and projections that do not relate solely to historical facts. Forward-looking statements can be identified by words such as "believe," "expect," "goal," plan," "will," "prospects," "future," "strategy" and similar references to future periods, although not all forward-looking statements include these identifying words.  Forward-looking statements are not assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the future of the business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's control. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results to differ materially include risks and uncertainties associated with the duration and impact of COVID-19, which has resulted and may continue to result in store closures and a decrease in our net membership base and may give rise to or heighten one or more of the other risks and uncertainties described herein, competition in the fitness industry, the Company's and franchisees' ability to attract and retain members, the Company's and franchisees' ability to identify and secure suitable sites for new franchise stores, changes in consumer demand, changes in equipment costs, the Company's ability to expand into new markets domestically and internationally, operating costs for the Company and franchisees generally, availability and cost of capital for franchisees, acquisition activity, developments and changes in laws and regulations, our substantial increased indebtedness as a result of our refinancing and securitization transactions and our ability to incur additional indebtedness or refinance that indebtedness in the future, our future financial performance and our ability to pay principal and interest on our indebtedness, our corporate structure and tax receivable agreements, failures, interruptions or security breaches of the Company's information systems or technology, our ability to successfully integrate and realize the anticipated benefits from the Sunshine Acquisition, general economic conditions and the other factors described in the Company's annual report on Form 10-K for the year ended December 31, 2021, and the Company's other filings with the Securities and Exchange Commission. In light of the significant risks and uncertainties inherent in forward-looking statements, investors should not place undue reliance on forward-looking statements, which reflect the Company's views only as of the date of this press release. Except as required by law, neither the Company nor any of its affiliates or representatives undertake any obligation to provide additional information or to correct or update any information set forth in this release, whether as a result of new information, future developments or otherwise. 

Planet Fitness, Inc. and subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

(Amounts in thousands, except per share amounts)




For the three months ended

March 31,


2022

2021

Revenue:



     Franchise

$       65,614

$       52,180

     Commission income

503

272

     National advertising fund revenue

13,967

11,609

     Corporate-owned stores

76,157

37,877

     Equipment

30,435

9,939

          Total revenue

186,676

111,877

Operating costs and expenses:



     Cost of revenue

22,361

7,985

     Store operations

47,535

25,907

     Selling, general and administrative

30,826

22,490

     National advertising fund expense

14,547

12,753

     Depreciation and amortization

25,683

15,474

     Other (gains) losses, net

(2,933)

(2,138)

          Total operating costs and expenses

138,019

82,471

          Income from operations

48,657

29,406

Other expense, net:



     Interest income

209

217

     Interest expense

(22,631)

(20,244)

     Other income

4,090

165

          Total other expense, net

(18,332)

(19,862)

          Income before income taxes

30,325

9,544

Equity earnings (losses) of unconsolidated entities, net of tax

(238)

—

Provision for income taxes

11,711

3,354

          Net income

18,376

6,190

Less net income attributable to non-controlling interests

1,912

609

          Net income attributable to Planet Fitness, Inc.

$       16,464

$         5,581

Net income per share of Class A common stock:



     Basic

$           0.20

$           0.07

     Diluted

$           0.19

$           0.07

Weighted-average shares of Class A common stock outstanding:



     Basic

84,166

83,084

     Diluted

84,635

83,707

Planet Fitness, Inc. and subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

(Amounts in thousands, except per share amounts)



March 31, 2022

December 31, 2021

Assets



Current assets:



     Cash and cash equivalents

$                  471,176

$                  545,909

     Restricted cash

65,492

58,032

     Accounts receivable, net of allowance for bad debts of $0 and $0 at March 31, 2022 and December
     31, 2021, respectively

12,886

27,257

     Inventory

1,745

1,155

     Restricted assets – national advertising fund

22,569

—

     Prepaid expenses

18,476

12,869

     Other receivables

19,622

13,519

     Income tax receivables

3,669

3,673

          Total current assets

615,635

662,414

Property and equipment, net of accumulated depreciation of $169,432 and $152,296 at March 31,
2022 and December 31, 2021, respectively

332,935

173,687

Investments, net of allowance for expected credit losses of $15,352 and $17,462

   as of March 31, 2022 and December 31, 2021, respectively

21,083

18,760

Right of use assets, net

353,536

190,330

Intangible assets, net

475,419

200,937

Goodwill

696,299

228,569

Deferred income taxes

493,834

539,264

Other assets, net

3,661

2,022

     Total assets

$               2,992,402

$               2,015,983

Liabilities and stockholders' deficit



Current liabilities:



     Current maturities of long-term debt

$                    20,750

$                    17,500

     Borrowings under Variable Funding Notes

75,000

—

     Accounts payable

24,147

27,892

     Accrued expenses

63,784

51,714

     Equipment deposits

12,966

6,036

     Deferred revenue, current

64,178

28,351

     Payable pursuant to tax benefit arrangements, current

20,302

20,302

     Other current liabilities

44,876

24,815

          Total current liabilities

326,003

176,610

Long-term debt, net of current maturities

1,989,533

1,665,273

Borrowings under Variable Funding Notes

—

75,000

Lease liabilities, net of current portion

346,695

197,682

Deferred revenue, net of current portion

32,607

33,428

Deferred tax liabilities

910

—

Payable pursuant to tax benefit arrangements, net of current portion

504,016

507,805

Other liabilities

3,576

3,030

          Total noncurrent liabilities

2,877,337

2,482,218

Stockholders' equity (deficit):



     Class A common stock, $0.0001 par value - 300,000 authorized, 84,907 and 83,804 shares issued and
     outstanding as of March 31, 2022 and December 31, 2021, respectively

8

8

     Class B common stock, $0.0001 par value - 100,000 authorized, 6,146 and 3,056 shares issued and
     outstanding as of March 31, 2022 and December 31, 2021, respectively

1

1

     Accumulated other comprehensive income


97

12

     Additional paid in capital

479,535

63,428

     Accumulated deficit

(692,340)

(708,804)

          Total stockholders' deficit attributable to Planet Fitness, Inc.

(212,699)

(645,355)

     Non-controlling interests

1,761

2,510

          Total stockholders' deficit

(210,938)

(642,845)

          Total liabilities and stockholders' deficit

$               2,992,402

$               2,015,983

Planet Fitness, Inc. and subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Amounts in thousands, except per share amounts)



For the three months ended March 31,


2022

2021

Cash flows from operating activities:



     Net income

$                18,376

$                  6,190

     Adjustments to reconcile net income to net cash provided by operating activities:



          Depreciation and amortization

25,683

15,474

          Amortization of deferred financing costs

1,369

1,571

          Amortization of asset retirement obligations

17

(21)

          Dividends accrued on investment

(451)

—

          Deferred tax expense

10,940

2,737

          Loss on extinguishment of debt

1,583

—

          Gain on adjustment of allowance for credit losses on held-to-maturity investment

(2,110)

—

          Equity loss of unconsolidated entities, net of tax

238

—

          Gain on re-measurement of tax benefit arrangement

(3,788)

(348)

          Loss on reacquired franchise rights

1,160

—

          Equity-based compensation

2,850

1,439

          Other

(53)

11

          Changes in operating assets and liabilities, excluding effects of acquisitions:



               Accounts receivable

14,415

9,428

               Inventory

(589)

6

               Other assets and other current assets

(5,522)

3,708

               Restricted assets - national advertising fund

(22,569)

(13,721)

               Accounts payable and accrued expenses

(7,284)

(7,677)

               Other liabilities and other current liabilities

1,035

(3,876)

               Income taxes

625

295

               Equipment deposits

6,869

(621)

               Deferred revenue

15,306

8,802

               Leases and deferred rent

(90)

126

                    Net cash provided by operating activities

58,010

23,523

Cash flows from investing activities:



               Additions to property and equipment

(23,872)

(6,359)

               Acquisition of franchises, net of cash acquired

(425,834)

—

               Investments

—

(25,000)

                    Net cash used in investing activities

(449,706)

(31,359)

Cash flows from financing activities:



     Principal payments on capital lease obligations

(52)

(53)

     Proceeds from issuance of long-term debt

900,000

—

     Proceeds from issuance of Variable Funding Notes

75,000

—

     Repayment of long-term debt

(634,250)

(4,375)

     Payment of deferred financing and other debt-related costs

(16,191)

—

     Proceeds from issuance of Class A common stock

525

344

     Distributions to Continuing LLC Members

(815)

—

                    Net cash provided by (used in) financing activities

324,217

(4,084)

     Effects of exchange rate changes on cash and cash equivalents

206

53

                    Net decrease in cash, cash equivalents and restricted cash

(67,273)

(11,867)

Cash, cash equivalents and restricted cash, beginning of period

603,941

515,800

     Cash, cash equivalents and restricted cash, end of period

$              536,668

$              503,933

Supplemental cash flow information:



     Net cash paid for income taxes

$                    130

$                    322

     Cash paid for interest

$                16,874

$                18,794

Non-cash investing activities:



     Non-cash additions to property and equipment

$                  4,470

$                  7,419

     Fair value of common stock issued as consideration for acquisition

$              393,730

$                      —

Planet Fitness, Inc. and subsidiariesNon-GAAP Financial Measures(Unaudited)(Amounts in thousands, except per share amounts)

To supplement its consolidated financial statements, which are prepared and presented in accordance with GAAP, the Company uses the following non-GAAP financial measures: EBITDA, Total Segment EBITDA, Adjusted EBITDA, Adjusted net income and Adjusted net income per share, diluted (collectively, the "non-GAAP financial measures"). The Company believes that these non-GAAP financial measures, when used in conjunction with GAAP financial measures, are useful to investors in evaluating our operating performance. These non-GAAP financial measures presented in this release are supplemental measures of the Company's performance that are neither required by, nor presented in accordance with GAAP. These financial measures should not be considered in isolation or as substitutes for GAAP financial measures such as net income or any other performance measures derived in accordance with GAAP. In addition, in the future, the Company may incur expenses or charges such as those added back to calculate Adjusted EBITDA, Adjusted net income and Adjusted net income per share, diluted. The Company's presentation of Adjusted EBITDA, Adjusted net income, and Adjusted net income per share, diluted, should not be construed as an inference that the Company's future results will be unaffected by unusual or nonrecurring items.

EBITDA, Segment EBITDA and Adjusted EBITDA

We refer to EBITDA and Adjusted EBITDA as we use these measures to evaluate our operating performance and we believe these measures provide useful information to investors in evaluating our performance. We have also disclosed Segment EBITDA as an important financial metric utilized by the Company to evaluate performance and allocate resources to segments in accordance with ASC 280, Segment Reporting. We define EBITDA as net income before interest, taxes, depreciation and amortization. Segment EBITDA sums to Total Segment EBITDA which is equal to the Non-GAAP financial metric EBITDA. We believe that EBITDA, which eliminates the impact of certain expenses that we do not believe reflect our underlying business performance, provides useful information to investors to assess the performance of our segments as well as the business as a whole. Our board of directors also uses EBITDA as a key metric to assess the performance of management. We define Adjusted EBITDA as net income before interest, taxes, depreciation and amortization, adjusted for the impact of certain additional non-cash and other items that we do not consider in our evaluation of ongoing performance of the Company's core operations. These items include certain purchase accounting adjustments, stock offering-related costs, and certain other charges and gains. We believe that Adjusted EBITDA is an appropriate measure of operating performance in addition to EBITDA because it eliminates the impact of other items that we believe reduce the comparability of our underlying core business performance from period to period and is therefore useful to our investors in comparing the core performance of our business from period to period.

Planet Fitness, Inc. and subsidiaries

Non-GAAP Financial Measures

(Unaudited)

(Amounts in thousands, except per share amounts)


A reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure, is set forth below.



Three months ended March 31,


2022

2021

(in thousands)



Net income

$         18,376

$           6,190

     Interest income

(209)

(217)

     Interest expense(1)

22,631

20,244

     Provision for income taxes

11,711

3,354

     Depreciation and amortization

25,683

15,474

EBITDA

$         78,192

$         45,045

     Purchase accounting adjustments-revenue(2)

58

69

     Purchase accounting adjustments-rent(3)

109

117

     Loss on reacquired franchise rights(4)

1,160

—

     Gain on settlement of preexisting contract with acquiree(5)

(2,059)

—

     Transaction fees(6)

4,423

—

     Gain on adjustment of allowance for credit losses on held-to-maturity investments(7)

(2,110)

—

     Dividend income on held-to-maturity investments(8)

(451)

—

     Pre-opening costs(9)

656

365

     Insurance recovery(10)

—

(2,175)

     Tax benefit arrangement remeasurement(11)

(3,788)

(348)

     Other(12)

1,153

635

     Adjusted EBITDA

$         77,343

$         43,708


(1)

Includes a $1,583 loss on extinguishment of debt in the three months ended March 31, 2022.

(2)

Represents the impact of revenue-related purchase accounting adjustments associated with the acquisition of Pla-Fit Holdings on November 8, 2012 by TSG (the "2012 Acquisition"). At the time of the 2012 Acquisition, the Company maintained a deferred revenue account, which consisted of deferred area development agreement fees, deferred franchise fees, and deferred enrollment fees that the Company billed and collected upfront but recognizes for U.S. GAAP purposes at a later date. In connection with the 2012 Acquisition, it was determined that the carrying amount of deferred revenue was greater than the fair value assessed in accordance with ASC 805—Business Combinations, which resulted in a write-down of the carrying value of the deferred revenue balance upon application of acquisition push-down accounting under ASC 805. These amounts represent the additional revenue that would have been recognized in these periods if the write-down to deferred revenue had not occurred in connection with the application of acquisition pushdown accounting.

(3)

Represents the impact of rent-related purchase accounting adjustments. In accordance with guidance in ASC 805 – Business Combinations, in connection with the 2012 Acquisition, the Company's deferred rent liability was required to be written off as of the acquisition date and rent was recorded on a straight-line basis from the acquisition date through the end of the lease term. This resulted in higher overall recorded rent expense each period than would have otherwise been recorded had the deferred rent liability not been written off as a result of the acquisition push down accounting applied in accordance with ASC 805. Adjustments of $45 and $49 in the three months ended March 31, 2022 and 2021, respectively, reflect the difference between the higher rent expense recorded in accordance with U.S. GAAP since the acquisition and the rent expense that would have been recorded had the 2012 Acquisition not occurred. Adjustments of $64 and $68 in the three months ended March 31, 2022 and 2021, respectively, are due to the amortization of favorable and unfavorable leases. All of the rent related purchase accounting adjustments are adjustments to rent expense which is included in store operations on our consolidated statements of operations.

(4)

Represents the impact of a non-cash loss recorded in accordance with ASC 805 – Business Combinations related to our acquisition of franchisee-owned stores. The loss recorded under U.S. GAAP represents the difference between the fair value and the contractual terms of the reacquired franchise rights and is included in other (gains) losses, net on our consolidated statement of operations.

(5)

Represents a gain on settlement of deferred revenue from existing contracts with acquired franchisee-stores recorded in accordance with ASC 805 – Business Combinations, and is included in other (gains) losses, net on our consolidated statement of operations.

(6)

Represents transactions fees and expenses incurred in connection with our acquisition of franchisee-owned stores.

(7)

Represents a gain on the adjustment of the allowance for credit losses on the Company's held-to-maturity investments.

(8)

Represents dividend income on held-to-maturity investments.

(9)

Represents costs associated with new corporate-owned stores incurred prior to the store opening, including payroll-related costs, rent and occupancy expenses, marketing and other store operating supply expenses.

(10)

Represents an insurance recovery of previously recognized expenses related to the settlement of legal claims.

(11)

Represents gains related to the adjustment of our tax benefit arrangements primarily due to changes in our effective tax rate.

(12)

Represents certain other charges and gains that we do not believe reflect our underlying business performance.

A reconciliation of Segment EBITDA to Total Segment EBITDA is set forth below.



Three months ended March 31,

(in thousands)

2022

2021

Segment EBITDA



     Franchise

$         60,106

$         41,180

     Corporate-owned stores

23,364

10,691

     Equipment

8,653

1,830

     Corporate and other

(13,931)

(8,656)

          Total Segment EBITDA(1)                                          

$         78,192

$         45,045

(1) Total Segment EBITDA is equal to EBITDA.

Planet Fitness, Inc. and subsidiaries

Non-GAAP Financial Measures

(Unaudited)

(Amounts in thousands, except per share amounts)


Adjusted Net Income and Adjusted Net Income per Diluted Share

Our presentation of Adjusted net income assumes that all net income is attributable to Planet Fitness, Inc., which assumes the full exchange of all outstanding Holdings Units for shares of Class A common stock of Planet Fitness, Inc., adjusted for certain non-recurring items that we do not believe directly reflect our core operations. Adjusted net income per share, diluted, is calculated by dividing Adjusted net income by the total shares of Class A common stock outstanding plus any dilutive options and restricted stock units as calculated in accordance with GAAP and assuming the full exchange of all outstanding Holdings Units and corresponding Class B common stock as of the beginning of each period presented. Adjusted net income and Adjusted net income per share, diluted, are supplemental measures of operating performance that do not represent, and should not be considered, alternatives to net income and earnings per share, as calculated in accordance with GAAP. We believe Adjusted net income and Adjusted net income per share, diluted, supplement GAAP measures and enable us to more effectively evaluate our performance period-over-period. A reconciliation of Adjusted net income to net income, the most directly comparable GAAP measure, and the computation of Adjusted net income per share, diluted, are set forth below.



Three months ended March 31,

(in thousands, except per share amounts)

2022

2021

Net income

$         18,376

$           6,190

     Provision for income taxes, as reported

11,711

3,354

     Purchase accounting adjustments-revenue(1)

58

69

     Purchase accounting adjustments-rent(2)

109

117

     Loss on reacquired franchise rights(3)

1,160

—

     Gain on settlement of preexisting contract with acquiree(4)

(2,059)

—

     Transaction fees(5)

4,423

—

     Loss on extinguishment of debt(6)

1,583

—

     Gain on adjustment of allowance for credit losses on held-to-maturity investments(7)

(2,110)

—

     Dividend income on held-to-maturity investments(8)

(451)

—

     Pre-opening costs(9)

656

365

     Insurance recovery(10)

—

(2,175)

     Tax benefit arrangement remeasurement(11)

(3,788)

(348)

     Other(12)

1,153

635

     Purchase accounting amortization(13)

8,518

4,159

Adjusted income before income taxes

$         39,339

$         12,366

     Adjusted income taxes(14)

10,307

3,289

Adjusted net income

$         29,032

$           9,077





Adjusted net income per share, diluted

$             0.32

$             0.10





Adjusted weighted-average shares outstanding(15)

89,652

87,179


(1)

Represents the impact of revenue-related purchase accounting adjustments associated with the 2012 Acquisition. At the time of the 2012 Acquisition, the Company maintained a deferred revenue account, which consisted of deferred area development agreement fees, deferred franchise fees, and deferred enrollment fees that the Company billed and collected upfront but recognizes for U.S. GAAP purposes at a later date. In connection with the 2012 Acquisition, it was determined that the carrying amount of deferred revenue was greater than the fair value assessed in accordance with ASC 805—Business Combinations, which resulted in a write-down of the carrying value of the deferred revenue balance upon application of acquisition push-down accounting under ASC 805. These amounts represent the additional revenue that would have been recognized in these periods if the write-down to deferred revenue had not occurred in connection with the application of acquisition pushdown accounting.

(2)

Represents the impact of rent-related purchase accounting adjustments. In accordance with guidance in ASC 805 – Business Combinations, in connection with the 2012 Acquisition, the Company's deferred rent liability was required to be written off as of the acquisition date and rent was recorded on a straight-line basis from the acquisition date through the end of the lease term. This resulted in higher overall recorded rent expense each period than would have otherwise been recorded had the deferred rent liability not been written off as a result of the acquisition push down accounting applied in accordance with ASC 805. Adjustments of $45 and $49 in the three months ended March 31, 2022 and 2021, respectively, reflect the difference between the higher rent expense recorded in accordance with U.S. GAAP since the acquisition and the rent expense that would have been recorded had the 2012 Acquisition not occurred. Adjustments of $64 and $68 in the three months ended March 31, 2022 and 2021, respectively, are due to the amortization of favorable and unfavorable leases. All of the rent related purchase accounting adjustments are adjustments to rent expense which is included in store operations on our consolidated statements of operations.

(3)

Represents the impact of a non-cash loss recorded in accordance with ASC 805 – Business Combinations related to our acquisition of franchisee-owned stores. The loss recorded under U.S. GAAP represents the difference between the fair value and the contractual terms of the reacquired franchise rights and is included in other (gains) losses, net on our consolidated statement of operations.

(4)

Represents a gain on settlement of deferred revenue from existing contracts with acquired franchisee-stores recorded in accordance with ASC 805 – Business Combinations, and is included in other (gains) losses, net on our consolidated statement of operations.

(5)

Represents transactions fees and expenses incurred in connection with our acquisition of franchisee-owned stores.

(6)

Represents a loss on extinguishment of debt in the three months ended March 31, 2022.

(7)

Represents a gain on the adjustment of the allowance for credit losses on the Company's held-to-maturity investments.

(8)

Represents dividend income on held-to-maturity investments.

(9)

Represents costs associated with new corporate-owned stores incurred prior to the store opening, including payroll-related costs, rent and occupancy expenses, marketing and other store operating supply expenses.

(10)

Represents an insurance recovery of previously recognized expenses related to the settlement of legal claims.

(11)

Represents gains related to the adjustment of our tax benefit arrangements primarily due to changes in our deferred state rate.

(12)

Represents certain other charges and gains that we do not believe reflect our underlying business performance.

(13)

Includes $3,096 of amortization of intangible assets, for the three months ended March 31, 2022 and 2021, recorded in connection with the 2012 Acquisition, and $5,415 and $1,063 of amortization of intangible assets for the three months ended March 31, 2022 and 2021, respectively, recorded in connection with historical acquisitions of franchisee-owned stores. The adjustment represents the amount of actual non-cash amortization expense recorded, in accordance with U.S. GAAP, in each period.

(14)

Represents corporate income taxes at an assumed effective tax rate of 26.2% for the three months ended March 31, 2022 and 26.6% for the three months ended March 31, 2021, applied to adjusted income before income taxes.

(15)

Assumes the full exchange of all outstanding Holdings Units and corresponding shares of Class B common stock for shares of Class A common stock of Planet Fitness, Inc.

Planet Fitness, Inc. and subsidiaries

Non-GAAP Financial Measures

(Unaudited)

(Amounts in thousands, except per share amounts)


A reconciliation of net income per share, diluted, to Adjusted net income per share, diluted is set forth below for the three months ended March 31, 2022 and 2021:



For the three months ended

March 31, 2022

For the three months ended

March 31, 2021

(in thousands, except per share amounts)

Net income

Weighted
Average
Shares

Net income
per share,
diluted

Net income

Weighted
Average
Shares

Net income
per share,
diluted

Net  income attributable to Planet Fitness, Inc.(1)

$    16,464

84,635

$        0.19

$      5,581

83,707

$        0.07

     Assumed exchange of shares(2)

1,912

5,017


609

3,472

     Net income

18,376




6,190



     Adjustments to arrive at adjusted income

        before income taxes(3)

20,963




6,176



     Adjusted income before income taxes

39,339




12,366



     Adjusted income tax expense(4)

10,307




3,289



     Adjusted net income

$    29,032

89,652

$        0.32

$      9,077

87,179

$        0.10


(1)

Represents net income attributable to Planet Fitness, Inc. and the associated weighted average shares, diluted, of Class A common stock outstanding.

(2)

Assumes the full exchange of all outstanding Holdings Units and corresponding shares of Class B common stock for shares of Class A common stock of Planet Fitness, Inc. Also assumes the addition of net income attributable to non-controlling interests corresponding with the assumed exchange of Holdings Units and Class B common shares for shares of Class A common stock.

(3)

Represents the total impact of all adjustments identified in the adjusted net income table above to arrive at adjusted income before income taxes.

(4)

Represents corporate income taxes at an assumed effective tax rate of 26.2% and 26.6% for the three months ended March 31, 2022 and 2021, respectively, applied to adjusted income before income taxes.

SOURCE Planet Fitness, Inc.

Общесистемные продажи в том же магазине выросли на 15,9%

Заканчивается первый квартал с общим числом участников более 16,2 млн.

ХЭМПТОН, Нью-Йорк, 10 мая 2022 г. /PRNewswire/ -- Сегодня Planet Fitness, Inc. (NYSE: PLNT) сообщила о финансовых результатах за первый квартал, закончившийся 31 марта 2022 г.

"За последние два с лишним года работы во время пандемии мы научились быть ловкими и выносливыми, оставаясь верными нашей миссии по предоставлению высококачественных и доступных занятий фитнесом в гостеприимной, не пугающей обстановке. В течение первого квартала мы завершили приобретение Sunshine Fitness, одного из наших самых успешных франчайзи, а также успешно рефинансировали часть нашего долга. Мы оптимистично смотрим в будущее и считаем, что приобретение укрепляет нашу мощную бизнес-модель за счет расширения команды наших корпоративных магазинов и диверсификации географического профиля наших корпоративных магазинов, а рефинансирование еще больше поддерживает нашу бизнес-модель, фиксируя низкие ставки по значительной части нашего долга", - сказал Крис Рондо, Главный исполнительный директор. "Мы с нетерпением ждем предстоящего запуска летнего абонемента Средней школы, который дает подросткам возможность бесплатно тренироваться в наших тренажерных залах в течение лета – чрезвычайно важная инициатива, учитывая тревожный кризис психического здоровья подростков в США. Кроме того, мы рады нашему выходу на новые рынки, такие как Новая Зеландия и открытие наших первых магазинов в Мексике в соответствии с новым соглашением о развитии, которое мы подписали в прошлом году".

Результаты первого квартала 2022 финансового года

  • Общая выручка увеличилась по сравнению с предыдущим годом на 66,9% и составила 186,7 млн долларов.
  • Общесистемные продажи в том же магазине выросли на 15,9%.
  • Общесистемные продажи выросли на 196 миллионов долларов до 961 миллиона долларов с 765 миллионов долларов в предыдущем году.
  • Чистая прибыль, приходящаяся на Planet Fitness, Inc., составила 16,5 млн долларов, или 0,19 доллара на разводненную акцию, по сравнению с 5,6 млн долларов, или 0,07 доллара на разводненную акцию, за аналогичный период предыдущего года.
  • Чистая прибыль увеличилась на 12,2 млн долларов до 18,4 млн долларов по сравнению с 6,2 млн долларов в предыдущем году.
  • Скорректированная чистая прибыль(1) увеличилась на 20,0 млн долларов до 29,0 млн долларов, или 0,32 доллара на разводненную акцию, по сравнению с 9,1 млн долларов, или 0,10 доллара на разводненную акцию, за аналогичный период предыдущего года.
  • Скорректированная EBITDA(1) увеличилась на 33,6 млн долларов до 77,3 млн долларов с 43,7 млн долларов в предыдущем году.
  • За этот период было открыто 37 новых магазинов Planet Fitness, в результате чего общее количество магазинов в системе составило 2291 по состоянию на 31 марта 2022 года.
  • Денежные средства в размере 536,7 млн. долларов США, включая денежные средства и их эквиваленты в размере 471,2 млн. долларов США и ограниченные денежные средства в размере 65,5 млн. долларов США.

(1) Скорректированная чистая прибыль и скорректированная EBITDA не являются показателями GAAP. Для сверки Скорректированной EBITDA и Скорректированной чистой прибыли с чистой прибылью по ОПБУ США ("GAAP") см. раздел "Финансовые показатели, не относящиеся к ОПБУ", прилагаемый к данному пресс-релизу.

Операционные результаты за Первый квартал, закончившийся 31 марта 2022 года

За первый квартал 2022 года общая выручка увеличилась на 74,8 млн долларов, или на 66,9%, до 186,7 млн долларов с 111,9 млн долларов в предыдущем году, что включало рост продаж в том же магазине в масштабах всей системы на 15,9%.  По сегментам:

  • Выручка сегмента франчайзинга увеличилась на 16,0 млн долларов, или на 25,0%, до 80,1 млн долларов с 64,1 млн долларов в предыдущем году. Увеличение выручки франчайзингового сегмента за первый квартал 2022 года произошло в основном за счет увеличения доходов от роялти за франшизу на 9,9 млн долларов, увеличения доходов Национального рекламного фонда ("NAF") на 2,4 млн долларов, увеличения сборов за франшизу и другие сборы на 2,0 млн долларов и увеличения на 1,5 млн долларов доход от размещения. Из увеличения доходов от роялти на 9,9 млн долларов 5,7 млн долларов были в основном связаны с увеличением продаж в магазинах, принадлежащих франчайзи, на 15,8% в том же магазине, 4,5 млн долларов были связаны с новыми магазинами, открытыми с 1 января 2021 года, и магазинами, которые не были открыты в течение всего периода предыдущего года из-за Временные закрытия, связанные с COVID, и 1,2 миллиона долларов были получены в результате более высоких отчислений от ежегодных сборов. Частично компенсирующим увеличение доходов от роялти стало снижение примерно на 1,6 миллиона долларов в результате того, что 114 магазинов, принадлежащих франчайзи, стали корпоративными магазинами в результате приобретения Sunshine Fitness Growth Holdings, LLC в первом квартале 2022 года ("Приобретение Sunshine");
  • Выручка сегмента корпоративных магазинов увеличилась на 38,3 млн долларов, или на 101,1%, до 76,2 млн долларов с 37,9 млн долларов за аналогичный период прошлого года. Из этого увеличения 28,7 млн долларов были связаны с приобретением 114 магазинов в рамках приобретения Sunshine, 5,0 млн долларов были получены от новых магазинов, открытых с 1 января 2021 года, и магазинов, которые не были открыты в течение всего периода предыдущего года из-за временного закрытия, связанного с COVID, и 4,6 млн долларов были получены от корпоративный магазин увеличил продажи в том же магазине на 17,0%; и
  • Выручка сегмента оборудования увеличилась на 20,5 млн долларов, или на 206,2%, до 30,4 млн долларов с 9,9 млн долларов в предыдущем году, что обусловлено увеличением продаж оборудования в новых и существующих магазинах, принадлежащих франчайзи, за три месяца, закончившихся 31 марта 2022 года, по сравнению с тремя месяцами, закончившимися 31 марта 2021 года. За три месяца, закончившихся 31 марта 2022 года, Компания продала оборудование 33 новым магазинам, принадлежащим франчайзи, по сравнению с 18 в предыдущем году.

За первый квартал 2022 года чистая прибыль, приходящаяся на Planet Fitness, Inc., составила 16,5 млн долларов, или 0,19 доллара на разводненную акцию, по сравнению с 5,6 млн долларов, или 0,07 доллара на разводненную акцию, за аналогичный период предыдущего года. Чистая прибыль в первом квартале 2022 года составила $18,4 млн по сравнению с $6,2 млн за аналогичный период предыдущего года. Скорректированная чистая прибыль увеличилась на 20,0 млн долларов до 29,0 млн долларов, или 0,32 доллара на разводненную акцию, с 9,1 млн долларов, или 0,10 доллара на разводненную акцию, за аналогичный период предыдущего года. Скорректированная чистая прибыль была скорректирована с учетом нормализованной ставки федерального подоходного налога в размере 26,2% и 26,6% за текущий и предыдущий год соответственно и исключает определенные неденежные и другие статьи, которые мы не учитываем при оценке текущих операционных показателей (см. "Финансовые показатели, не относящиеся к GAAP").

Скорректированный показатель EBITDA, который определяется как чистая прибыль до вычета процентов, налогов, износа и амортизации, скорректированный с учетом влияния определенных неденежных и других статей, которые мы не учитываем при оценке текущих операционных показателей (см. "Финансовые показатели, не относящиеся к GAAP"), увеличился на 33,6 млн долл. до 77,3 млн долл. млн. долл. США по сравнению с 43,7 млн. долл. США за аналогичный период предыдущего года.

Сегментная EBITDA представляет собой нашу общую сегментную EBITDA с разбивкой по отчетным сегментам Компании. Общая EBITDA Сегмента равна EBITDA, которая определяется как чистая прибыль до вычета процентов, налогов, износа и амортизации (см. "Финансовые показатели, не относящиеся к GAAP").

  • Показатель EBITDA франчайзингового сегмента увеличился на 18,9 млн долларов до 60,1 млн долларов. Увеличение EBITDA франчайзингового сегмента за первый квартал 2022 года произошло в первую очередь за счет увеличения выручки, описанного выше. Кроме того, общие и административные расходы на продажу франшизы были на 2,9 миллиона долларов ниже, чем за аналогичный период предыдущего года, в результате снижения общих и административных расходов на продажу франшизы для поддержки наших франчайзи по сравнению с предыдущим годом. Частично компенсируя это увеличение EBITDA, расходы NAF за три месяца, закончившихся 31 марта 2022 года, были на 1,8 миллиона долларов больше, чем за аналогичный период предыдущего года;
  • Показатель EBITDA сегмента корпоративных магазинов увеличился на 12,7 млн долларов до 23,4 млн долларов. Увеличение было в основном связано с увеличением EBITDA корпоративного магазина four wall, частично компенсированного увеличением общих и административных расходов корпоративного магазина, связанных с продажами, как в результате приобретения Sunshine; и
  • Показатель EBITDA сегмента оборудования увеличился на $6,8 млн до $8,7 млн за счет увеличения продаж оборудования в новых и существующих магазинах, принадлежащих франчайзи, за три месяца, закончившихся 31 марта 2022 года, по сравнению с тремя месяцами, закончившимися 31 марта 2021 года, как описано выше.

На год, заканчивающийся 31 декабря 2022 года, Компания подтверждает следующие ожидания по сравнению с результатами Компании за 2021 год, которые включают влияние приобретения Sunshine и предполагают, что не произойдет значительного ухудшения пандемии COVID-19, которая серьезно повлияет на производительность, включая длительное закрытие магазинов или другие обязательные операционные ограничения:

  • Размещение нового оборудования примерно в 170 местах, принадлежащих франчайзи
  • Общесистемные продажи в одном и том же магазине в низком двузначном процентном диапазоне

Ниже приведены ожидания роста на 2022 год по сравнению с результатами Компании на 2021 год:

  • Выручка увеличится в среднем на 50 процентов
  • Скорректированная EBITDA увеличится в диапазоне высоких 50 процентов
  • Скорректированный чистый доход увеличится в диапазоне низких 90 процентов
  • Скорректированная прибыль на акцию увеличится в диапазоне 80% на основе скорректированных разводненных акций в обращении на сумму около 91,1 млн, включая выпуск акций в рамках приобретения Sunshine

Компания по-прежнему ожидает, что чистые процентные расходы в 2022 году составят примерно 89 миллионов долларов в результате недавнего рефинансирования долга и увеличения его размера.

Представление финансовых показателей

Planet Fitness, Inc. ("Компания") была образована в марте 2015 года с целью содействия первичному публичному размещению акций ("IPO") и связанным с ним операциям по рекапитализации, которые произошли в августе 2015 года, а также для продолжения бизнеса Pla-Fit Holdings, LLC ("Pla-Fit Холдинги") и его дочерние компании. Являясь единственным управляющим членом Pla-Fit Holdings, Компания управляет и контролирует весь бизнес и дела Pla-Fit Holdings, а также через Pla-Fit Holdings ведет свой бизнес. В результате Компания консолидирует финансовые результаты Pla-Fit Holdings и сообщает о неконтролирующей доле участия, относящейся к той части Pla-Fit Holdings, которая не принадлежит Компании.

Финансовая информация, представленная в этом пресс-релизе, включает финансовые показатели, не относящиеся к GAAP, такие как EBITDA, Сегментная EBITDA, Скорректированная EBITDA, Скорректированная чистая прибыль и Скорректированная чистая прибыль на акцию, разводненная, чтобы обеспечить показатели, которые, по нашему мнению, полезны инвесторам при оценке результатов деятельности Компании. Эти финансовые показатели, не относящиеся к GAAP, являются дополнительными показателями деятельности Компании, которые не требуются и не представлены в соответствии с GAAP. Эти финансовые показатели не следует рассматривать изолированно или в качестве замены финансовых показателей GAAP, таких как чистая прибыль или любые другие показатели эффективности, полученные в соответствии с GAAP. Кроме того, в будущем Компания может понести расходы или сборы, такие как те, которые были добавлены обратно для расчета Скорректированной EBITDA, Скорректированной чистой прибыли и Скорректированной чистой прибыли на акцию, разводненной. Представление Компанией Скорректированной EBITDA, Скорректированной чистой прибыли и Скорректированной чистой прибыли на акцию, разводненной, не должно быть истолковано как вывод о том, что на будущие результаты Компании не повлияют аналогичные суммы или другие необычные или повторяющиеся статьи. Смотрите таблицы в конце этого пресс-релиза для сверки показателей EBITDA, Скорректированной EBITDA, Общей EBITDA сегмента, Скорректированной чистой прибыли и Скорректированной чистой прибыли на акцию, разводненной, с их наиболее непосредственно сопоставимыми финансовыми показателями по GAAP.

Продажи в одном и том же магазине относятся к сравнению продаж за год для одной и той же базы продаж магазинов как корпоративных, так и франчайзинговых магазинов, которая рассчитывается за данный период путем включения только продаж из магазинов, у которых были продажи в сопоставимые месяцы обоих лет. Мы определяем ту же базу продаж магазина, чтобы включить те магазины, которые были открыты и за которые ежемесячные членские взносы взимались более 12 месяцев. Мы оцениваем продажи в одних и тех же магазинах исключительно на основе ежемесячных взносов, выставляемых членам наших корпоративных и франчайзинговых магазинов.

Финансовые показатели, не относящиеся к GAAP, используемые в нашем прогнозе на весь год, будут отличаться от чистой прибыли и чистой прибыли на акцию, разводненной, определяемой в соответствии с GAAP способами, аналогичными тем, которые описаны в выверке в конце этого пресс-релиза. Мы не предоставляем рекомендации по чистой прибыли или чистой прибыли на акцию, разводненной, определенной в соответствии с GAAP, или сверку рекомендаций по скорректированной EBITDA и Скорректированной чистой прибыли на акцию, разводненной, с наиболее непосредственно сопоставимым показателем GAAP, поскольку мы не можем с достаточной степенью уверенности предсказать величину или характер все статьи, которые будут включены в нашу чистую прибыль и чистую прибыль на акцию, разводненную, за год, закончившийся 31 декабря 2022 года. Соответственно, сверка руководства Компании по скорректированной EBITDA и Скорректированной чистой прибыли на акцию, разводненной, с наиболее непосредственно сопоставимым показателем GAAP не может быть доступна без необоснованных усилий. Эти статьи являются неопределенными, зависят от многих факторов и могут оказать существенное влияние на нашу чистую прибыль и чистую прибыль на акцию, разводненную, за год, закончившийся 31 декабря 2022 года.

Конференц-звонок для инвесторов

Компания проведет телефонную конференцию в 8:00 утра (по восточному времени) 10 мая 2022 года, чтобы обсудить новости, объявленные в этом пресс-релизе. Прямая веб-трансляция телефонной конференции будет доступна по адресу www.planetfitness.com по ссылке "Отношения с инвесторами". Веб-трансляция будет храниться на веб-сайте в течение одного года.

Об Planet Fitness

Основанная в 1992 году в Довере, штат Нью-Йорк, Planet Fitness является одним из крупнейших и быстрорастущих франчайзеров и операторов фитнес-центров в Соединенных Штатах по количеству участников и местоположению. По состоянию на 31 марта 2022 года у Planet Fitness было более 16,2 миллиона пользователей и 2291 магазин в 50 штатах, округе Колумбия, Пуэрто-Рико, Канаде, Панаме, Мексике и Австралии. Миссия компании состоит в том, чтобы улучшить жизнь людей, предоставляя высококачественные занятия фитнесом в гостеприимной, не пугающей обстановке, которую мы называем Зоной без суждений®. Более 90% магазинов Planet Fitness принадлежат и управляются независимыми деловыми мужчинами и женщинами.

Прогнозные заявления

Настоящий пресс-релиз содержит "прогнозные заявления" по смыслу федеральных законов о ценных бумагах, которые связаны с рисками и неопределенностями.  Заявления прогнозного характера включают заявления Компании в отношении ожидаемых будущих результатов, представленные в разделе "Прогноз на 2022 год", заявления, приписываемые Генеральному директору Компании в этом пресс-релизе, в том числе в отношении возможностей роста Компании во всем мире и долгосрочных целей для магазинов в США, а также другие заявления, оценки и прогнозы, которые не относятся исключительно к историческим фактам. Прогнозные заявления могут быть идентифицированы такими словами, как "верить", "ожидать", "цель", "планировать", "воля", "перспективы", "будущее", "стратегия" и аналогичными ссылками на будущие периоды, хотя не все прогнозные заявления включают эти идентифицирующие слова.  Прогнозные заявления не являются гарантией будущих результатов. Вместо этого они основаны только на текущих убеждениях, ожиданиях и предположениях Компании относительно будущего бизнеса, будущих планов и стратегий, прогнозов, ожидаемых событий и тенденций, экономики и других будущих условий. Поскольку прогнозные заявления относятся к будущему, они подвержены присущим им неопределенностям, рискам и изменениям обстоятельств, которые трудно предсказать и многие из которых находятся вне контроля Компании. Фактические результаты и финансовое состояние могут существенно отличаться от тех, которые указаны в прогнозных заявлениях. Важными факторами, которые могут вызвать фактические результаты будут существенно отличаться включают риски и неопределенности, связанные с продолжительностью и последствиями COVID-19, что привело и в дальнейшем может привести к закрытию магазина, и снижение чистой членство основание и может вызвать или усилить одну или несколько другие риски и неопределенности, описанные в настоящем документе, конкуренция в фитнес-индустрии, компании и франчайзи способность привлекать и удерживать участников, компании и франчайзи' умение выявить и обеспечить подходящие участки для новых франчайзинговых магазинов, изменений покупательского спроса, изменения затрат на оборудование, компании возможности выхода на новые рынки внутри страны и на международном уровне, эксплуатационные расходы для компании, так и франчайзи, как правило, доступности и стоимости капитала для франчайзи, поглощений, тенденций и изменений в законы и нормы, существенное увеличение задолженности в результате рефинансирования и секьюритизации, а также способность привлекать дополнительные задолженность или рефинансировать задолженности, что в дальнейшем наше будущее финансовых показателей и способность оплачивать долги и проценты на задолженность, нашей корпоративной структуры и налоговые задолженности соглашений, отказов, сбоев или нарушений безопасности в компании информационных систем или технологий, наша способность успешно интегрировать и реализовать ожидаемые выгоды от приобретения Солнце, общие экономические условия и другие факторы, описанные в годовом отчете компании по форме 10-K за год, закончившийся 31 декабря 2021 года, а в компании других заявок по ценным бумагам и биржам. В свете значительных рисков и неопределенностей, присущих прогнозным заявлениям, инвесторам не следует чрезмерно полагаться на прогнозные заявления, которые отражают взгляды Компании только на дату настоящего пресс-релиза. За исключением случаев, предусмотренных законом, ни Компания, ни кто-либо из ее аффилированных лиц или представителей не берут на себя никаких обязательств по предоставлению дополнительной информации или исправлению или обновлению любой информации, изложенной в этом выпуске, будь то в результате новой информации, будущих событий или иным образом. 

Planet Fitness, Inc. and subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

(Amounts in thousands, except per share amounts)




For the three months ended

March 31,


2022

2021

Revenue:



     Franchise

$       65,614

$       52,180

     Commission income

503

272

     National advertising fund revenue

13,967

11,609

     Corporate-owned stores

76,157

37,877

     Equipment

30,435

9,939

          Total revenue

186,676

111,877

Operating costs and expenses:



     Cost of revenue

22,361

7,985

     Store operations

47,535

25,907

     Selling, general and administrative

30,826

22,490

     National advertising fund expense

14,547

12,753

     Depreciation and amortization

25,683

15,474

     Other (gains) losses, net

(2,933)

(2,138)

          Total operating costs and expenses

138,019

82,471

          Income from operations

48,657

29,406

Other expense, net:



     Interest income

209

217

     Interest expense

(22,631)

(20,244)

     Other income

4,090

165

          Total other expense, net

(18,332)

(19,862)

          Income before income taxes

30,325

9,544

Equity earnings (losses) of unconsolidated entities, net of tax

(238)

—

Provision for income taxes

11,711

3,354

          Net income

18,376

6,190

Less net income attributable to non-controlling interests

1,912

609

          Net income attributable to Planet Fitness, Inc.

$       16,464

$         5,581

Net income per share of Class A common stock:



     Basic

$           0.20

$           0.07

     Diluted

$           0.19

$           0.07

Weighted-average shares of Class A common stock outstanding:



     Basic

84,166

83,084

     Diluted

84,635

83,707

Planet Fitness, Inc. and subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

(Amounts in thousands, except per share amounts)



March 31, 2022

December 31, 2021

Assets



Current assets:



     Cash and cash equivalents

$                  471,176

$                  545,909

     Restricted cash

65,492

58,032

     Accounts receivable, net of allowance for bad debts of $0 and $0 at March 31, 2022 and December
     31, 2021, respectively

12,886

27,257

     Inventory

1,745

1,155

     Restricted assets – national advertising fund

22,569

—

     Prepaid expenses

18,476

12,869

     Other receivables

19,622

13,519

     Income tax receivables

3,669

3,673

          Total current assets

615,635

662,414

Property and equipment, net of accumulated depreciation of $169,432 and $152,296 at March 31,
2022 and December 31, 2021, respectively

332,935

173,687

Investments, net of allowance for expected credit losses of $15,352 and $17,462

   as of March 31, 2022 and December 31, 2021, respectively

21,083

18,760

Right of use assets, net

353,536

190,330

Intangible assets, net

475,419

200,937

Goodwill

696,299

228,569

Deferred income taxes

493,834

539,264

Other assets, net

3,661

2,022

     Total assets

$               2,992,402

$               2,015,983

Liabilities and stockholders' deficit



Current liabilities:



     Current maturities of long-term debt

$                    20,750

$                    17,500

     Borrowings under Variable Funding Notes

75,000

—

     Accounts payable

24,147

27,892

     Accrued expenses

63,784

51,714

     Equipment deposits

12,966

6,036

     Deferred revenue, current

64,178

28,351

     Payable pursuant to tax benefit arrangements, current

20,302

20,302

     Other current liabilities

44,876

24,815

          Total current liabilities

326,003

176,610

Long-term debt, net of current maturities

1,989,533

1,665,273

Borrowings under Variable Funding Notes

—

75,000

Lease liabilities, net of current portion

346,695

197,682

Deferred revenue, net of current portion

32,607

33,428

Deferred tax liabilities

910

—

Payable pursuant to tax benefit arrangements, net of current portion

504,016

507,805

Other liabilities

3,576

3,030

          Total noncurrent liabilities

2,877,337

2,482,218

Stockholders' equity (deficit):



     Class A common stock, $0.0001 par value - 300,000 authorized, 84,907 and 83,804 shares issued and
     outstanding as of March 31, 2022 and December 31, 2021, respectively

8

8

     Class B common stock, $0.0001 par value - 100,000 authorized, 6,146 and 3,056 shares issued and
     outstanding as of March 31, 2022 and December 31, 2021, respectively

1

1

     Accumulated other comprehensive income


97

12

     Additional paid in capital

479,535

63,428

     Accumulated deficit

(692,340)

(708,804)

          Total stockholders' deficit attributable to Planet Fitness, Inc.

(212,699)

(645,355)

     Non-controlling interests

1,761

2,510

          Total stockholders' deficit

(210,938)

(642,845)

          Total liabilities and stockholders' deficit

$               2,992,402

$               2,015,983

Planet Fitness, Inc. and subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Amounts in thousands, except per share amounts)



For the three months ended March 31,


2022

2021

Cash flows from operating activities:



     Net income

$                18,376

$                  6,190

     Adjustments to reconcile net income to net cash provided by operating activities:



          Depreciation and amortization

25,683

15,474

          Amortization of deferred financing costs

1,369

1,571

          Amortization of asset retirement obligations

17

(21)

          Dividends accrued on investment

(451)

—

          Deferred tax expense

10,940

2,737

          Loss on extinguishment of debt

1,583

—

          Gain on adjustment of allowance for credit losses on held-to-maturity investment

(2,110)

—

          Equity loss of unconsolidated entities, net of tax

238

—

          Gain on re-measurement of tax benefit arrangement

(3,788)

(348)

          Loss on reacquired franchise rights

1,160

—

          Equity-based compensation

2,850

1,439

          Other

(53)

11

          Changes in operating assets and liabilities, excluding effects of acquisitions:



               Accounts receivable

14,415

9,428

               Inventory

(589)

6

               Other assets and other current assets

(5,522)

3,708

               Restricted assets - national advertising fund

(22,569)

(13,721)

               Accounts payable and accrued expenses

(7,284)

(7,677)

               Other liabilities and other current liabilities

1,035

(3,876)

               Income taxes

625

295

               Equipment deposits

6,869

(621)

               Deferred revenue

15,306

8,802

               Leases and deferred rent

(90)

126

                    Net cash provided by operating activities

58,010

23,523

Cash flows from investing activities:



               Additions to property and equipment

(23,872)

(6,359)

               Acquisition of franchises, net of cash acquired

(425,834)

—

               Investments

—

(25,000)

                    Net cash used in investing activities

(449,706)

(31,359)

Cash flows from financing activities:



     Principal payments on capital lease obligations

(52)

(53)

     Proceeds from issuance of long-term debt

900,000

—

     Proceeds from issuance of Variable Funding Notes

75,000

—

     Repayment of long-term debt

(634,250)

(4,375)

     Payment of deferred financing and other debt-related costs

(16,191)

—

     Proceeds from issuance of Class A common stock

525

344

     Distributions to Continuing LLC Members

(815)

—

                    Net cash provided by (used in) financing activities

324,217

(4,084)

     Effects of exchange rate changes on cash and cash equivalents

206

53

                    Net decrease in cash, cash equivalents and restricted cash

(67,273)

(11,867)

Cash, cash equivalents and restricted cash, beginning of period

603,941

515,800

     Cash, cash equivalents and restricted cash, end of period

$              536,668

$              503,933

Supplemental cash flow information:



     Net cash paid for income taxes

$                    130

$                    322

     Cash paid for interest

$                16,874

$                18,794

Non-cash investing activities:



     Non-cash additions to property and equipment

$                  4,470

$                  7,419

     Fair value of common stock issued as consideration for acquisition

$              393,730

$                      —

Planet Fitness, Inc. и дочерние компании Финансовые показатели, не соответствующие ОПБУ (неаудированные) (Суммы в тысячах, за исключением сумм на акцию)

В дополнение к своей консолидированной финансовой отчетности, которая подготовлена и представлена в соответствии с GAAP, Компания использует следующие финансовые показатели, не относящиеся к GAAP: EBITDA, Общая EBITDA сегмента, Скорректированная EBITDA, Скорректированная чистая прибыль и Скорректированная чистая прибыль на акцию, разводненная (в совокупности "финансовые показатели, не относящиеся к GAAP"). Компания считает, что эти финансовые показатели, не относящиеся к GAAP, когда они используются в сочетании с финансовыми показателями GAAP, полезны инвесторам при оценке наших операционных показателей. Эти финансовые показатели, не относящиеся к GAAP, представленные в этом выпуске, являются дополнительными показателями деятельности Компании, которые не требуются и не представлены в соответствии с GAAP. Эти финансовые показатели не следует рассматривать изолированно или в качестве замены финансовых показателей GAAP, таких как чистая прибыль или любые другие показатели эффективности, полученные в соответствии с GAAP. Кроме того, в будущем Компания может понести расходы или сборы, такие как те, которые были добавлены обратно для расчета Скорректированной EBITDA, Скорректированной чистой прибыли и Скорректированной чистой прибыли на акцию, разводненной. Представление Компанией Скорректированной EBITDA, Скорректированной чистой прибыли и Скорректированной чистой прибыли на акцию, разводненной, не должно быть истолковано как вывод о том, что на будущие результаты Компании не повлияют необычные или повторяющиеся статьи.

EBITDA, Сегментная EBITDA и Скорректированная EBITDA

Мы ссылаемся на показатель EBITDA и скорректированный показатель EBITDA, поскольку используем эти показатели для оценки наших операционных показателей, и мы считаем, что эти показатели предоставляют инвесторам полезную информацию при оценке наших результатов. Мы также раскрыли Сегментную EBITDA как важный финансовый показатель, используемый Компанией для оценки эффективности и распределения ресурсов между сегментами в соответствии с ASC 280 "Сегментная отчетность". Мы определяем показатель EBITDA как чистую прибыль до вычета процентов, налогов, износа и амортизации. Показатель EBITDA сегмента суммируется с общим показателем EBITDA Сегмента, который равен финансовому показателю EBITDA без учета GAAP. Мы считаем, что показатель EBITDA, который устраняет влияние определенных расходов, которые, по нашему мнению, не отражают основные показатели нашего бизнеса, предоставляет инвесторам полезную информацию для оценки эффективности наших сегментов, а также бизнеса в целом. Наш совет директоров также использует показатель EBITDA в качестве ключевого показателя для оценки эффективности руководства. Мы определяем скорректированный показатель EBITDA как чистую прибыль до вычета процентов, налогов, износа и амортизации, скорректированную с учетом влияния определенных дополнительных неденежных и других статей, которые мы не учитываем при оценке текущих показателей основной деятельности Компании. Эти статьи включают определенные корректировки учета покупок, расходы, связанные с размещением акций, а также некоторые другие расходы и доходы. Мы считаем, что Скорректированная EBITDA является подходящим показателем операционной эффективности в дополнение к EBITDA, поскольку она устраняет влияние других статей, которые, по нашему мнению, снижают сопоставимость основных показателей нашей основной деятельности от периода к периоду, и поэтому полезна для наших инвесторов при сравнении основных показателей нашего бизнеса от периода к периоду.

Planet Fitness, Inc. and subsidiaries

Non-GAAP Financial Measures

(Unaudited)

(Amounts in thousands, except per share amounts)


A reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure, is set forth below.



Three months ended March 31,


2022

2021

(in thousands)



Net income

$         18,376

$           6,190

     Interest income

(209)

(217)

     Interest expense(1)

22,631

20,244

     Provision for income taxes

11,711

3,354

     Depreciation and amortization

25,683

15,474

EBITDA

$         78,192

$         45,045

     Purchase accounting adjustments-revenue(2)

58

69

     Purchase accounting adjustments-rent(3)

109

117

     Loss on reacquired franchise rights(4)

1,160

—

     Gain on settlement of preexisting contract with acquiree(5)

(2,059)

—

     Transaction fees(6)

4,423

—

     Gain on adjustment of allowance for credit losses on held-to-maturity investments(7)

(2,110)

—

     Dividend income on held-to-maturity investments(8)

(451)

—

     Pre-opening costs(9)

656

365

     Insurance recovery(10)

—

(2,175)

     Tax benefit arrangement remeasurement(11)

(3,788)

(348)

     Other(12)

1,153

635

     Adjusted EBITDA

$         77,343

$         43,708


(1)

Includes a $1,583 loss on extinguishment of debt in the three months ended March 31, 2022.

(2)

Represents the impact of revenue-related purchase accounting adjustments associated with the acquisition of Pla-Fit Holdings on November 8, 2012 by TSG (the "2012 Acquisition"). At the time of the 2012 Acquisition, the Company maintained a deferred revenue account, which consisted of deferred area development agreement fees, deferred franchise fees, and deferred enrollment fees that the Company billed and collected upfront but recognizes for U.S. GAAP purposes at a later date. In connection with the 2012 Acquisition, it was determined that the carrying amount of deferred revenue was greater than the fair value assessed in accordance with ASC 805—Business Combinations, which resulted in a write-down of the carrying value of the deferred revenue balance upon application of acquisition push-down accounting under ASC 805. These amounts represent the additional revenue that would have been recognized in these periods if the write-down to deferred revenue had not occurred in connection with the application of acquisition pushdown accounting.

(3)

Represents the impact of rent-related purchase accounting adjustments. In accordance with guidance in ASC 805 – Business Combinations, in connection with the 2012 Acquisition, the Company's deferred rent liability was required to be written off as of the acquisition date and rent was recorded on a straight-line basis from the acquisition date through the end of the lease term. This resulted in higher overall recorded rent expense each period than would have otherwise been recorded had the deferred rent liability not been written off as a result of the acquisition push down accounting applied in accordance with ASC 805. Adjustments of $45 and $49 in the three months ended March 31, 2022 and 2021, respectively, reflect the difference between the higher rent expense recorded in accordance with U.S. GAAP since the acquisition and the rent expense that would have been recorded had the 2012 Acquisition not occurred. Adjustments of $64 and $68 in the three months ended March 31, 2022 and 2021, respectively, are due to the amortization of favorable and unfavorable leases. All of the rent related purchase accounting adjustments are adjustments to rent expense which is included in store operations on our consolidated statements of operations.

(4)

Represents the impact of a non-cash loss recorded in accordance with ASC 805 – Business Combinations related to our acquisition of franchisee-owned stores. The loss recorded under U.S. GAAP represents the difference between the fair value and the contractual terms of the reacquired franchise rights and is included in other (gains) losses, net on our consolidated statement of operations.

(5)

Represents a gain on settlement of deferred revenue from existing contracts with acquired franchisee-stores recorded in accordance with ASC 805 – Business Combinations, and is included in other (gains) losses, net on our consolidated statement of operations.

(6)

Represents transactions fees and expenses incurred in connection with our acquisition of franchisee-owned stores.

(7)

Represents a gain on the adjustment of the allowance for credit losses on the Company's held-to-maturity investments.

(8)

Represents dividend income on held-to-maturity investments.

(9)

Represents costs associated with new corporate-owned stores incurred prior to the store opening, including payroll-related costs, rent and occupancy expenses, marketing and other store operating supply expenses.

(10)

Represents an insurance recovery of previously recognized expenses related to the settlement of legal claims.

(11)

Represents gains related to the adjustment of our tax benefit arrangements primarily due to changes in our effective tax rate.

(12)

Represents certain other charges and gains that we do not believe reflect our underlying business performance.

A reconciliation of Segment EBITDA to Total Segment EBITDA is set forth below.



Three months ended March 31,

(in thousands)

2022

2021

Segment EBITDA



     Franchise

$         60,106

$         41,180

     Corporate-owned stores

23,364

10,691

     Equipment

8,653

1,830

     Corporate and other

(13,931)

(8,656)

          Total Segment EBITDA(1)                                          

$         78,192

$         45,045

(1) Total Segment EBITDA is equal to EBITDA.

Planet Fitness, Inc. and subsidiaries

Non-GAAP Financial Measures

(Unaudited)

(Amounts in thousands, except per share amounts)


Adjusted Net Income and Adjusted Net Income per Diluted Share

Our presentation of Adjusted net income assumes that all net income is attributable to Planet Fitness, Inc., which assumes the full exchange of all outstanding Holdings Units for shares of Class A common stock of Planet Fitness, Inc., adjusted for certain non-recurring items that we do not believe directly reflect our core operations. Adjusted net income per share, diluted, is calculated by dividing Adjusted net income by the total shares of Class A common stock outstanding plus any dilutive options and restricted stock units as calculated in accordance with GAAP and assuming the full exchange of all outstanding Holdings Units and corresponding Class B common stock as of the beginning of each period presented. Adjusted net income and Adjusted net income per share, diluted, are supplemental measures of operating performance that do not represent, and should not be considered, alternatives to net income and earnings per share, as calculated in accordance with GAAP. We believe Adjusted net income and Adjusted net income per share, diluted, supplement GAAP measures and enable us to more effectively evaluate our performance period-over-period. A reconciliation of Adjusted net income to net income, the most directly comparable GAAP measure, and the computation of Adjusted net income per share, diluted, are set forth below.



Three months ended March 31,

(in thousands, except per share amounts)

2022

2021

Net income

$         18,376

$           6,190

     Provision for income taxes, as reported

11,711

3,354

     Purchase accounting adjustments-revenue(1)

58

69

     Purchase accounting adjustments-rent(2)

109

117

     Loss on reacquired franchise rights(3)

1,160

—

     Gain on settlement of preexisting contract with acquiree(4)

(2,059)

—

     Transaction fees(5)

4,423

—

     Loss on extinguishment of debt(6)

1,583

—

     Gain on adjustment of allowance for credit losses on held-to-maturity investments(7)

(2,110)

—

     Dividend income on held-to-maturity investments(8)

(451)

—

     Pre-opening costs(9)

656

365

     Insurance recovery(10)

—

(2,175)

     Tax benefit arrangement remeasurement(11)

(3,788)

(348)

     Other(12)

1,153

635

     Purchase accounting amortization(13)

8,518

4,159

Adjusted income before income taxes

$         39,339

$         12,366

     Adjusted income taxes(14)

10,307

3,289

Adjusted net income

$         29,032

$           9,077





Adjusted net income per share, diluted

$             0.32

$             0.10





Adjusted weighted-average shares outstanding(15)

89,652

87,179


(1)

Represents the impact of revenue-related purchase accounting adjustments associated with the 2012 Acquisition. At the time of the 2012 Acquisition, the Company maintained a deferred revenue account, which consisted of deferred area development agreement fees, deferred franchise fees, and deferred enrollment fees that the Company billed and collected upfront but recognizes for U.S. GAAP purposes at a later date. In connection with the 2012 Acquisition, it was determined that the carrying amount of deferred revenue was greater than the fair value assessed in accordance with ASC 805—Business Combinations, which resulted in a write-down of the carrying value of the deferred revenue balance upon application of acquisition push-down accounting under ASC 805. These amounts represent the additional revenue that would have been recognized in these periods if the write-down to deferred revenue had not occurred in connection with the application of acquisition pushdown accounting.

(2)

Represents the impact of rent-related purchase accounting adjustments. In accordance with guidance in ASC 805 – Business Combinations, in connection with the 2012 Acquisition, the Company's deferred rent liability was required to be written off as of the acquisition date and rent was recorded on a straight-line basis from the acquisition date through the end of the lease term. This resulted in higher overall recorded rent expense each period than would have otherwise been recorded had the deferred rent liability not been written off as a result of the acquisition push down accounting applied in accordance with ASC 805. Adjustments of $45 and $49 in the three months ended March 31, 2022 and 2021, respectively, reflect the difference between the higher rent expense recorded in accordance with U.S. GAAP since the acquisition and the rent expense that would have been recorded had the 2012 Acquisition not occurred. Adjustments of $64 and $68 in the three months ended March 31, 2022 and 2021, respectively, are due to the amortization of favorable and unfavorable leases. All of the rent related purchase accounting adjustments are adjustments to rent expense which is included in store operations on our consolidated statements of operations.

(3)

Represents the impact of a non-cash loss recorded in accordance with ASC 805 – Business Combinations related to our acquisition of franchisee-owned stores. The loss recorded under U.S. GAAP represents the difference between the fair value and the contractual terms of the reacquired franchise rights and is included in other (gains) losses, net on our consolidated statement of operations.

(4)

Represents a gain on settlement of deferred revenue from existing contracts with acquired franchisee-stores recorded in accordance with ASC 805 – Business Combinations, and is included in other (gains) losses, net on our consolidated statement of operations.

(5)

Represents transactions fees and expenses incurred in connection with our acquisition of franchisee-owned stores.

(6)

Represents a loss on extinguishment of debt in the three months ended March 31, 2022.

(7)

Represents a gain on the adjustment of the allowance for credit losses on the Company's held-to-maturity investments.

(8)

Represents dividend income on held-to-maturity investments.

(9)

Represents costs associated with new corporate-owned stores incurred prior to the store opening, including payroll-related costs, rent and occupancy expenses, marketing and other store operating supply expenses.

(10)

Represents an insurance recovery of previously recognized expenses related to the settlement of legal claims.

(11)

Represents gains related to the adjustment of our tax benefit arrangements primarily due to changes in our deferred state rate.

(12)

Represents certain other charges and gains that we do not believe reflect our underlying business performance.

(13)

Includes $3,096 of amortization of intangible assets, for the three months ended March 31, 2022 and 2021, recorded in connection with the 2012 Acquisition, and $5,415 and $1,063 of amortization of intangible assets for the three months ended March 31, 2022 and 2021, respectively, recorded in connection with historical acquisitions of franchisee-owned stores. The adjustment represents the amount of actual non-cash amortization expense recorded, in accordance with U.S. GAAP, in each period.

(14)

Represents corporate income taxes at an assumed effective tax rate of 26.2% for the three months ended March 31, 2022 and 26.6% for the three months ended March 31, 2021, applied to adjusted income before income taxes.

(15)

Assumes the full exchange of all outstanding Holdings Units and corresponding shares of Class B common stock for shares of Class A common stock of Planet Fitness, Inc.

Planet Fitness, Inc. and subsidiaries

Non-GAAP Financial Measures

(Unaudited)

(Amounts in thousands, except per share amounts)


A reconciliation of net income per share, diluted, to Adjusted net income per share, diluted is set forth below for the three months ended March 31, 2022 and 2021:



For the three months ended

March 31, 2022

For the three months ended

March 31, 2021

(in thousands, except per share amounts)

Net income

Weighted
Average
Shares

Net income
per share,
diluted

Net income

Weighted
Average
Shares

Net income
per share,
diluted

Net  income attributable to Planet Fitness, Inc.(1)

$    16,464

84,635

$        0.19

$      5,581

83,707

$        0.07

     Assumed exchange of shares(2)

1,912

5,017


609

3,472

     Net income

18,376




6,190



     Adjustments to arrive at adjusted income

        before income taxes(3)

20,963




6,176



     Adjusted income before income taxes

39,339




12,366



     Adjusted income tax expense(4)

10,307




3,289



     Adjusted net income

$    29,032

89,652

$        0.32

$      9,077

87,179

$        0.10


(1)

Represents net income attributable to Planet Fitness, Inc. and the associated weighted average shares, diluted, of Class A common stock outstanding.

(2)

Assumes the full exchange of all outstanding Holdings Units and corresponding shares of Class B common stock for shares of Class A common stock of Planet Fitness, Inc. Also assumes the addition of net income attributable to non-controlling interests corresponding with the assumed exchange of Holdings Units and Class B common shares for shares of Class A common stock.

(3)

Represents the total impact of all adjustments identified in the adjusted net income table above to arrive at adjusted income before income taxes.

(4)

Represents corporate income taxes at an assumed effective tax rate of 26.2% and 26.6% for the three months ended March 31, 2022 and 2021, respectively, applied to adjusted income before income taxes.

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Остальные 63 новости будут доступны после Регистрации

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Tradesense – моментально оповещает о событиях компании Planet Fitness (тикер PLNT). Новости и пресс-релизы с официального сайта компании Planet Fitness, Inc. Квартальная и годовая отчетность Planet Fitness с показателями EPS (прибыль на акцию) и консенсус-прогноз от аналитиков и банков. Уведомление об отчетах опубликованных Planet Fitness на сайт SEC: 8-K, 10-K, 10-Q. Инсайдерские сделки с акциями Planet Fitness, совершенные крупными держателями компании. Прогонозы аналитиков по акциям компании Planet Fitness. Целевая цена за акцию компании Planet Fitness. Узнать почему акции Planet Fitness падают или растут помогут события компании Planet Fitness на графике цены.
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