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Case Study: Historical Financial Analysis Assignment – Peloton Interactive, Inc.
Christopher Stone
Liberty University
BUSI 690: Policy and Strategy in Global Competition
Dr. Santoshia Oggs
February 23, 2025
Author Note
Christopher Stone, Masters in Business Administration student, Liberty University.
No funding was received during the completion of this proposal. Correspondence
concerning this article should be addressed to Christopher Stone, student of Liberty University,
1971 University Blvd. Lynchburg, VA 24515. Email: [email protected].
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Case Study: Historical Financial Analysis Assignment – Peloton Interactive, Inc.
Abstract
This financial analysis compares the revenue trends, profitability, liquidity, leverage, and
efficiency of Peloton Interactive, Inc. and Planet Fitness, Inc. over the past three years.
Unfortunately, Peloton has faced declining revenues; however, subscription revenue has still
shown consistent growth, as Connected Fitness Product sales have decreased greatly. Peloton's
net losses remain elevated even with improvements to both the cost of goods sold (COGS) and
the gross margin. Due to restructuring, these losses have substantially decreased. Planet Fitness,
however, has experienced large revenue gains due to the strong performance of its many
franchise and company-owned stores, alongside thorough cost controls. Because the net income
increased considerably, the business's earnings also went up. Furthermore, the comparison points
out several differences in total liquidity and leverage: Planet Fitness keeps greater liquidity and
distinctly lower financial risk due to its regular debt use, but Peloton's extremely aggressive debt
strategy elevates its important financial risk. Planet Fitness’s financial position is shown to be
quite strong, and operations are quite efficient, based on the analysis. (Reference details in the
appendices).
Historical Financial Analysis
Peloton Interactive, Inc. Financial Analysis
Meaningful financial shifts have affected Peloton Interactive, Inc.'s financial health over
the past three fiscal years, reflecting trends in total revenue, COGS, and net losses. From fiscal
years 2022 to 2024, Peloton's total revenue decreased meaningfully, going from $3,582.1 million
in 2022 to $2,800.2 million in 2023 (a 22% decrease), and then to $2,700.5 million in 2024 (a
25% decrease from 2022). This steady downturn points to softer market demand, which is
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probably affected by changes in consumer behavior after the pandemic, increased competition,
and possible planned problems in maintaining growth. Nevertheless, subscription revenue has
consistently grown a great deal from $1,394.7 million in 2022 to $1,708.7 million in 2024,
remaining quite impressively stable. This suggests a reliance on recurring revenue models and
Connected Fitness Product sales decreased from $2,187.5 million in 2022 to $991.7 million in
2024.
Peloton's cost structure improved, but it was still high relative to revenue. COGS, which
accounted for a large 81% of total revenue in 2022, totaled $2,883.8 million, but then markedly
decreased to $1,876.7 million (67% of revenue) in 2023 and further diminished to $1,494 million
(55% of revenue) in 2024. The rise in gross margin, moving from 19% in 2022 to 45% in 2024,
suggests better cost management and a greater focus on subscription services that produce high
margins. The decrease in Connected Fitness Products sales, each of which generally has elevated
production costs, brought about this margin improvement. Even with these many reductions,
COGS is still a challenge because the common decline in costs corresponds with common
reduced revenues, which stresses continuous struggles to optimize manufacturing along with
supply chain efficiency.
Peloton's net losses have been large; however, they are decreasing, a sign of the success
of financial restructuring. Net losses decreased by 55% from $(2,827.7) million in 2022 to
$(1,261.7) million in 2023, and net losses also dropped by 80% from 2022 to $(551.9) million in
2024. Losses dropped so drastically, which shows the cost-cutting measures are working well.
Operating expenses and impairment costs were reduced as part of these measures. Sales and
marketing expenses fell by 35% to $658.9 million in 2024, from $1,018.9 million in 2022, and
general and administrative expenses also fell, decreasing 32% to $651 million in 2024, from
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$963.4 million in 2022. Restructuring expenses totaled $189.4 million during all of 2023 before
decreasing to $66.1 million throughout all of 2024 (a 63% decrease). By 2024, the goodwill
impairment, along with the impairment-related expenses that greatly affected 2022's financials,
were completely removed, thereby signaling deliberate efforts to stabilize the balance sheet as
well as eliminate non-recurring losses.
Peloton's finances and strategy show an active move to make revenue streams more
diverse, as seen in the growing role of subscription revenue, which is a more reliable and lasting
approach. A few functional improvements can still be made to help increase profits. COGS has
decreased to a certain degree as well. Peloton must achieve constant revenue growth to attain
profitability, despite a large decrease in its net losses. To maintain heightened revenue levels, the
company should rectify the sharp decline in Connected Fitness Product sales through fresh
revolutionary concepts as well as collaboration with other companies.
Planet Fitness Inc, Financial Analysis
Looking at each of the top competitors of Peloton, Planet Fitness, Inc., is a company that
sticks out in an important way. Planet Fitness's total revenue saw large growth, specifically an
eighty-three percent rise from five hundred eighty-seven million dollars in 2021 to one billion
and seventy million dollars in 2023. Franchise revenue, national advertising fund revenue, and
corporate-owned store revenue substantially drive a portion of this growth. A number of revenue
sources contribute to the increase. In 2023, corporate-owned stores' revenue increased 18% to
$449 million, from $379 million in 2022, and franchise revenue increased at a compound annual
growth rate (CAGR) of 14% to $317 million, from $238 million in 2021. In addition, equipment
sales went up from $129 million in 2021 to $234 million in 2023, and national advertising fund
revenue rose by 20%, from $58 million in 2022 to $70 million in 2023. Revenue increased for
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the company as calculated investments in physical and digital growth, the franchise locations'
expansion, and consumer demand's recovery post-pandemic improved its market share.
COGS for the company went up from $100.99 million in 2021 to $190.03 million in
2023, but it had a smaller revenue percentage, dropping from 17% in 2021 to 18% in 2023,
showing improved cost efficiency. Improved expense management, especially as operations
substantially scale, clarifies this important COGS decrease relative to revenue. Planet Fitness
may keep benefiting from the trend of economies of scale as the company grows, particularly
with possible investments in automation and other technologies that reduce costs, even though
there is an increase in absolute terms, as shown by the decrease in COGS as a percentage of
revenue.
Operating expenses for 2023, which included store operations, advertising, selling,
general, and administrative (SG&A), and depreciation, emphatically reached $798.46 million, a
large 75% of total revenue. As corporate-owned stores experienced wide-ranging growth, store
operations costs saw an increase of one hundred twenty-nine percent from $110.72 million in
2021 to $253.62 million in 2023. SG&A expenses increased 32% to $124.93 million in 2023
from $94.54 million in 2021, while remaining at 12% of total revenue. Advertising expenses also
rose 12%, from $59.44 million in 2021 to $70.10 million in 2023, showing active marketing
investments for further growth.
The company's profitability was impressive; net income grew 219%, from $46.12 million
in 2021 to $147.04 million in 2023. Specifically for Planet Fitness, Inc., the net income
experienced a large rise from $42.77 million in 2021 up to $138.31 million in 2023, in addition
to net income margins that strongly improved from 7% in 2021 up to 13% in 2023. The wide-
ranging revenue increases, and thorough cost management fully drive this growth in net income.
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Income from operations also grew, increasing from $230.08 million in 2021 to $272.86 million
in 2023, with 25% of total revenue maintained, which further shows that the company can make
greater profit even as costs rise.
Interest expenses saw a slight increase, moving from $81.21 million in 2021 up to $86.58
million in 2023. Interest income grew a lot from $878,000 in 2021 to $17.74 million in 2023.
This helped to completely make up for the higher interest expenses. This increase in interest
income is explained by the company’s improved cash position as well as its effective financial
management. Other incomes improved. It shifted from an $11.1 million loss in 2021 to a $3.51
million gain in 2023, in addition to overall profitability.
Peloton and Planet Fitness Financials Comparison
Peloton and Planet Fitness have seen very different financial results in recent years. Total
revenue for Peloton has gone down quite a bit, dropping 22% in 2023 and then 25% in 2024
compared to 2022. This decrease happened because there was less market demand, especially
after the pandemic, and more competition. Peloton's subscription revenue has seen gains; it
stayed consistently stable and helped move things toward regularly recurring, high-margin
income streams. Optimizing manufacturing and supply chain remains a challenge, especially
after the steep decline in Connected Fitness Product sales, despite Peloton's lower COGS and
improved gross margin. The company's restructuring efforts' success is shown through a large
net losses’ reduction, which fell by a full 80% between 2022 and 2024. To truly remain viable,
Peloton has to continue to grow revenue along with devising revolutionary, new products.
On the other hand, Planet Fitness has seen revenue and profitability increase in a
measurable way. The company’s total revenue increased by a large 83% from 2021 to 2023, and
corporate-owned store revenue, franchise revenue, and national advertising fund revenue each
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increased by a certain amount. The company's COGS is rising in absolute terms; however, it has
decreased as a percentage of revenue. This shows better cost efficiency along with many gains
from economies of scale. With impressive results, Planet Fitness had its net income rise 219%
from 2021 to 2023, which shows great profitability. This rise in profit, along with strong revenue
growth and effective cost management, points out the company's capacity to grow its market
share and take advantage of consumer demand following the pandemic. In addition, the ability to
produce genuinely meaningful operating income, despite increased costs, reveals powerful
running efficiency and financial robustness.
Planet Fitness has shown complete cost management and kept up strong growth across all
revenue streams, while Peloton's move to a steadier subscription revenue with higher margins
might offer some long-term stability. Planet Fitness is in a more solid competitive position due to
its constant upward trend, which benefits from multiple revenue sources as well as large market
interest and efficient cost controls. Nevertheless, Peloton could bounce back from its thorough
reorganization combined with multiple attempts to improve its cost arrangement.
Ratio Comparative Analysis
Profitability Ratios Comparative Analysis
Peloton Planet Fitness Peloton Planet Fitness Peloton Planet Fitness
Gross Profit Margin 19.5% 82.8% 33.0% 81.1% 44.7% 82.3%
Operating Profit Margin -76.3% 24.4% -42.8% 24.6% -19.6% 25.5%
Net Profit Margin -78.9% 7.3% -45.1% 10.6% -20.4% 12.9%
Return on Assets (ROA) -70.2% 2.3% -45.6% 3.9% -25.3% 5.0%
Return on Equity (ROE) -476.9% -7.2% 427.5% -52.2% 106.3% -123.6%
Return on Invested
Capital
-70.2% 2.5% -45.6% 4.2% -25.3% 5.4%
EPS -0.0009% 0.0554% -0.0004% 0.1313% -0.0002% 0.1732%
Profitability Ratios
Year 1
Year 2
Year 3 (Most Recent)
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When comparing Peloton and Planet Fitness, clear differences in how they perform
financially are shown. Peloton's profitability ratios show active issues, especially its gross profit
margin along with its operating performance. Over the last three years, Peloton’s gross profit
margin has drastically improved from 19.5% to 44.7%, but it still considerably lags behind
Planet Fitness, which consistently maintains a gross profit margin above 80%. This indicates
Planet Fitness is much more efficient at generating profit from all its sales. This is probably
because its business model is consistently centered around recurring membership revenue and
considerably lower production costs. Planet Fitness has shown stable positive operating margins;
these margins rose from 24.4% in Year 2 to 25.5% in Year 3, thereby further stressing its
profitability, but Peloton's operating profit margin has remained negative, in turn pointing out
active issues regarding its running efficiency.
Even with a slight improvement over the years, Peloton's net profit margin is still deeply
negative, showing that the company has difficulty turning revenue into profit. Planet Fitness,
displaying a good capacity to handle costs and scale up earnings, has shown a strong net profit
margin, growing from 7.3% in Year 1 to 12.9% in Year 3, however. The company's return on
assets (ROA) has been negative throughout, peaking in Year 2 at -45.6%, indicating Peloton has
not been effective at using its assets to generate returns. Planet Fitness, however, has posted
positive ROA figures that always rose from 2.3% in Year 1 to 5.0% in Year 3, which
consistently signals improved asset utilization as well as efficiency. The Return on Equity (ROE)
and Return on Invested Capital (ROIC) ratios for Peloton exhibit universally weak performance,
displaying overwhelmingly negative figures in Year 1, improving marginally throughout the
subsequent years. On the other hand, Planet Fitness maintains consistent positive returns across
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these areas as well as showing additional running strength in conjunction with overall investor
value.
Planet Fitness' financial performance is consistently stronger, making it a universally
more profitable company than Peloton. Peloton has trouble making any profit, even with typical
signs of running improvement, shown by overall negative margins and steadily bad return ratios.
Planet Fitness presents a remarkably stable as well as efficient business model, which, because it
capitalizes on its exceptionally large customer base in addition to quite cost-effective operations,
reflects its impressively high margins along with greatly positive returns.
Liquidity Ratios Comparative Analysis
Peloton (millions) Planet Fitness (thousands) Peloton (millions) Planet Fitness (thousands) Peloton (millions) Planet Fitness (thousands)
Current Ratio 2.38 3.75 2.15 2.27 1.85 1.88
Working Captial 1,529.10$ 485,804.00$ 877.70$ 311,001.00$ 580.80$ 220,488.00$
Liquidity Ratios
Year 1
Year 2
Year 3 (Most Recent)
In terms of liquidity, both Peloton and Planet Fitness show strong positions, but Planet
Fitness exhibits consistently more stable finances. Peloton's current ratio has importantly
decreased from 2.38 in Year 1 to 1.85 in the most recent year. This explicitly indicates a large
decline in its ability to cover short-term liabilities with readily available short-term assets.
Although the current ratio remains above the industry standard of 1, this downward trend
strongly suggests a potentially serious liquidity crunch, possibly pointing out the company's
increasing battle to manage cash flow given declining revenues and persistent losses. Planet
Fitness, however, has kept its current ratio well above 2, ranging from 3.75 in Year 1 to 1.88 in
Year 3. Planet Fitness has a higher current ratio, so it can handle all short-term obligations better,
even with a slight drop overtime.
Concerning working capital, Peloton has shown multiple fluctuations, along with one
large decrease from $1.53 billion in Year 1 to $580.8 million in Year 3. Even with positive
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growth at the start, Peloton's liquidity position seems more strained, as it has had trouble
handling its expenses and making lasting revenue. Planet Fitness's working capital, however, has
consistently been strong, increasing from $485.8 million in Year 1 to $220.5 million in Year 3;
although it has steadily decreased over time, it has fully maintained a consistently positive
working capital position. Planet Fitness likely has the ability to manage functional costs well as
well as keep growing. This suggests that it has plenty of short-term financial flexibility, even
though its working capital's value has decreased over time.
Even though both companies show good liquidity, Planet Fitness has better liquidity
stability because of its consistent ratios and strong working capital figures, pointing to a more
stable base to handle short-term debts. Liquidity problems may arise for Peloton, as shown by
the declining current ratio and working capital figures, making it battle to handle short-term
financial demands unless it gets more capital or financing.
Leverage Ratios Comparative Analysis
Peloton Planet Fitness Peloton Planet Fitness Peloton Planet Fitness
Debt-to-Equity Ratio 5.795 -4.136 -10.384 -14.493 -5.210 -25.957
Debt-to-Assets Ratio 0.853 1.319 1.107 1.074 1.238 1.040
Longterm debt to capital
ratio
0.853 1.349 1.107 1.081 1.238 1.044
longterm debt to equity
ratio
5.795 -3.861 -10.384 -13.337 -5.210 -23.845
times interest earned
ratio
63.581 -1.766 12.329 -2.596 4.702 -3.152
Year 1
Year 2
Year 3 (Most Recent)
Leverage Ratio
When comparing Planet Fitness's and Peloton's leverage ratios, a special difference
emerges in how each of them uses debt to fund all its activities. Peloton has used plentiful
leverage. Debt-to-equity ratios have been substantially higher across many years. For example,
Peloton’s debt-to-equity ratio was -5.21 in the most recent year, suggesting the company relied
more on debt financing than its equity base. Peloton's consistently high debt-to-assets along with
long-term debt-to-equity ratios further show this, as the ratios, which are well above 1, signal a
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meaningful portion of its assets as well as capital are funded by debt. The company's financial
risk increases with this large use of debt, and it might battle to satisfy all obligations if its
performance continues to weaken; the negative times interest earned ratio (-3.15) in Year 3
sufficiently shows this possibility.
Planet Fitness, as another option, shows very little reliance on debt; debt-to-equity ratios
are negative across all measured times and go to -25.96 in the most recent year. The negative
ratio shows Planet Fitness has a more conservative capital structure and uses less debt for each
amount of equity. Its debt-to-assets ratio and its long-term debt-to-capital ratio both stay below 1,
which means that the company has less risk and uses a more balanced way to finance its debt.
Planet Fitness is able to cover its interest obligations, despite having less debt, according to its
times interest earned ratio, which varies between negative to positive values.
High leverage ratios show Peloton's aggressive debt use to fund operations, potentially
raising financial risk given large losses and declining performance. Planet Fitness exhibits a
lower financial risk profile as opposed to other companies. It relies on a minimal amount of debt
along with a conservative approach to leverage. Planet Fitness's quite conservative stance
provides a decidedly more secure position, particularly given that it has impressively stronger
profitability and a substantially more stable financial position than Peloton, which faces serious
challenges with both profitability and liquidity.
Activity Ratios Comparative Analysis
Peloton Planet Fitness Peloton Planet Fitness Peloton Planet Fitness
Inventory Turnover 2.61 174.91 2.31 55.2 3.51 38.23
Days of Inventory 139.8 2.09 158 6.61 104 9.55
Average collection period 8.52 16.95 12.67 18.02 14.00 14.27
Year 1
Year 2
Year 3 (Most Recent)
Activity Ratios
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When comparing activity ratios between Peloton and Planet Fitness, many differences
surface regarding how efficiently each manages total assets. It is important to point out the
significant differences between the two firms which makes this analysis difficult to fully
compare. Because Peloton's recent inventory turnover ratio is 3.51, inventory moves more slowly
than Planet Fitness's, which would make sense with the type of firm Planet Fitness is. Planet
Fitness also had turnover numbers that were much higher, in addition to 38.23 in Year 3. Planet
Fitness possesses greater efficiency in both inventory management and sales because its gyms
and franchises sell a number of physical products in bulk. However, Peloton’s slower inventory
turnover might show some difficulty in selling its more expensive connected fitness products,
especially since product sales have decreased recently.
Peloton's inventory turnover difference is further stressed by the days of inventory, which
average 104 days, while Planet Fitness has just 9.55 days. Longer holding periods for Peloton, as
suggested by the company, might relate to inefficient inventory as well as trouble maintaining
consistent product sales, potentially due to overstocking or products not selling fast enough.
Planet Fitness's ability to sell products and restock quickly, especially with limited inventory
days, shows how lean and efficient its operating model is.
The two companies each show similar performance in their average collection period; in
the most recent year, Peloton averages fourteen days along with Planet Fitness averaging 14.27
days. Planet Fitness's more lengthy collection period, possibly from its franchise structure's many
payment schedules, indicates both companies are very skilled at obtaining payments from
customers. Both companies comprehensively manage receivables; however, Planet Fitness has
greatly more efficiency in inventory turnover and days of inventory, while Peloton has
pronounced issues with product sales and inventory management overall.
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Price to Earnings Ratios Comparative Analysis
Peloton Planet Fitness Peloton Planet Fitness Peloton Planet Fitness
P/E Ratio -1037435.46 174981.76 -2500359.33 73803.29 -6027308.64 55943.22
Year 1
Year 2
Year 3 (Most Recent)
Price to Earnings Ratio
Peloton and Planet Fitness show major differences in financial performance and investor
sentiment as seen in their Price to Earnings (P/E) ratios. Peloton's P/E ratios are negative across
the entirety of the three-year period, depicting consistent net losses and a complete lack of
profits. The market shows a lack of confidence in Peloton's capacity to produce positive earnings
in the near future. Its P/E ratio is a staggering -6,027,308.64 in Year 3, depicting no confidence.
This negative P/E trend points out Peloton's continuing, large challenges regarding profitability
as well as its attempts to thoroughly restructure the business.
However, Planet Fitness has consistently reported positive P/E ratios, and though the
value decreased from 174,981.76 in Year 1 to 55,943.22 in Year 3, the value remained relatively
high across those years. Planet Fitness' positive P/E ratios make it attractive to investors, as they
clearly show that the company has built a more secure and profitable financial standing. The
consistently decreasing and always positive P/E ratio of the company, unlike the financial
difficulties of Peloton, shows its growth, profitability, and improved market valuation over time.
Peloton’s Industry Comparison and Strategic Direction
Peloton Interactive, Inc. faces many financial struggles within the fitness industry.
Despite consistent growth in subscription-based revenue, Peloton's total revenue has decreased
greatly during those past few years, principally due to a common drop in demand for its
Connected Fitness Products. The intent of the planned move to a more recurring revenue model
is to improve long-term financial stability, which is indicated by the stability in subscription
income. Despite many attempts to reduce costs, important net losses continue to greatly effect
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Peloton as well as overall profitability remains a major concern. The company's aggressive use
of debt heightens its financial risk. Peloton must also innovate and reinvigorate its product sales
to regain profitability and strengthen its place in the competitive fitness market, even though
restructuring has led to several cost-efficiency improvements.
However, gym chains and health clubs in the wider fitness sector have demonstrated
strength with more reliable revenue streams, particularly since customer interest in fitness
options bounced back after the pandemic. These businesses benefit to a great extent from the
revenue stream that memberships offer, as it is highly predictable and entirely recurring, and it
enables all of them to maintain markedly stable cash flows. Even with its shift toward
subscription services mirroring the current trend, Peloton's disadvantage arises from its large
struggles with elevated operating costs, poor inventory management, and precarious overall
financial health. The fitness industry overall, and especially large gym franchises, has benefited
from lower capital expenditures and more efficient operating models. Peloton faces a riskier
situation than other industry members because of high debt and active functional problems, while
other members used different business plans and made careful financial moves.
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Appendix A
Vertical Analysis Vertical Analysis Vertical Analysis
Total revenue $ 2,700.5 100% $ (881.6) -25% $ 2,800.2 100% $ (781.9) -22% $ 3,582.1 100%
Total cost of revenue 1,494 55% $ (1,389.8) -48% 1,876.7 67% $ (1,007.1) -35% 2,883.8 81%
Gross profit 1,206.5 45% $ 508.1 73% 923.5 33% $ 225.1 32% 698.4 19%
Operating expenses:
Sales and marketing 658.9 24% $ (360.0) -35% 648.2 23% $ (370.7) -36% 1,018.9 28%
General and administrative 651 24% $ (312.4) -32% 798.1 29% $ (165.3) -17% 963.4 27%
Research and development 304.8 11% $ (54.7) -15% 318.4 11% $ (41.1) -11% 359.5 10%
Goodwill impairment 0 0% $ (181.9) -100% 0 0% $ (181.9) -100% 181.9 5%
Impairment expense 57.3 2% $ (333.2) -85% 144.5 5% $ (246.0) -63% 390.5 11%
Restructuring expense 66.1 2% $ (114.6) -63% 189.4 7% $ 8.7 5% 180.7 5%
Supplier settlements (2.6) 0% $ (340.2) -101% 22 1% $ (315.6) -93% 337.6 9%
Total operating expenses 1,735.5 64% $ (1,696.9) -49% 2,120.6 76% $ (1,311.8) -38% 3,432.4 96%
Loss from operations (529) -20% $ 2,205.0 -81% (1,197.1) -43% $ 1,536.9 -56% (2,734) -76%
Other expense, net:
Interest expense (112.5) -4% $ (69.5) 162% (97.1) -3% $ (54.1) 126% (43) -1%
Interest income 35.1 1% $ 32.8 1426% 26.4 1% $ 24.1 1048% 2.3 0%
Foreign exchange (loss) gain 0 0% $ 31.8 -100% 7 0% $ 38.8 -122% (31.8) -1%
Other income (expense), net 0.7 0% $ 2.2 -147% 2.9 0% $ 4.4 -293% (1.5) 0%
Net gain on debt refinancing 53.6 2% $ 53.6 5360% 0 0% $ 0.0 0% 0 0%
Total other expense, net (23.2) -1% $ 50.9 -69% (60.9) -2% $ 13.2 -18% (74.1) -2%
Loss before income taxes (552.1) -20% $ 2,256.0 -80% (1,258) -45% $ 1,550.1 -55% (2,808.1) -78%
Income tax (benefit) expense (0.2) 0% $ (19.8) -101% 3.7 0% $ (15.9) -81% 19.6 1%
Net loss (551.9) -20% $ 2,275.8 -80% (1,261.7) -45% $ 1,566.0 -55% (2,827.7) -79%
Net loss attributable to Class A and Class B
common stockholders, basic
(551.9) (1,261.7) (2,827.7)
Net loss attributable to Class A and Class B
common stockholders, diluted
$ (551.9) $ (1,261.7) $ (2,827.7)
Net loss per share attributable to common
stockholders, basic (in dollars per share)
$ (1.51) $ (3.64) $ (8.77)
Net loss per share attributable to common
stockholders, diluted (in dollars per share)
$ (1.51) $ (3.64) $ (8.77)
Weighted-average Class A and Class B common
shares outstanding, basic (in shares)
365,546,334 346,670,699 322,368,818
Weighted-average Class A and Class B common
shares outstanding, diluted (in shares)
365,546,334 346,670,699 322,368,818
Other comprehensive (loss) income:
Net unrealized losses on marketable securities $ 0 $ 0 $ (0.4)
Change in foreign currency translation
adjustment
(0.9) 3.6 (4.5)
Derivative adjustments:
Net unrealized loss on hedging derivatives 0 0 (6.3)
Reclassification for derivative adjustments
included in Net loss
0 1 5.3
Total other comprehensive (loss) income (0.9) 4.6 (5.9)
Comprehensive loss (552.8) (1,257.1) (2,833.7)
Connected Fitness Products
Total revenue 991.7 1,130.2 2,187.5
Total cost of revenue 943 1,328.8 2,433.8
Operating expenses:
Goodwill impairment 0 0 181.9
Subscription
Total revenue 1,708.7 1,670.1 1,394.7
Total cost of revenue $ 551 $ 547.9 $ 450
Peloton Interactive Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Millions
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Horizontal Analysis Year 1-Year 3
Horizontal Analysis Year 1-Year 2
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Appendix B
Vertical Analysis Vertical Analysis
Vertical
Analysis
Current assets:
Cash and cash equivalents 697.60$ 32% $ (556.3) -44% 813.90$ 29% $ (440.0) -35% 1,253.90$ 31%
Accounts receivable, net 103.60$ 5% $ 20.0 24% 97.20$ 4% $ 13.6 16% 83.60$ 2%
Inventories, net 329.70$ 15% $ (774.8) -70% 522.60$ 19% $ (581.9) -53% 1,104.50$ 27%
Prepaid expenses and other current assets 135.10$ 6% $ (57.4) -30% 205.40$ 7% $ 12.9 7% 192.50$ 5%
Total current assets 1,266.00$ 58% $ (1,368.6) -52% 1,639.10$ 59% $ (995.5) -38% 2,634.60$ 65%
Property and equipment, net 353.70$ 16% $ (257.2) -42% 444.80$ 16% $ (166.1) -27% 610.90$ 15%
Intangible assets, net 15.00$ 1% $ (26.3) -64% 25.60$ 1% $ (15.7) -38% 41.30$ 1%
Goodwill 41.20$ 2% $ 0.0 0% 41.20$ 1% $ 0.0 0% 41.20$ 1%
Restricted cash 53.20$ 2% $ 49.4 1300% 71.60$ 3% $ 67.8 1784% 3.80$ 0%
Operating lease right-of-use assets, net 435.00$ 20% $ (227.5) -34% 524.10$ 19% $ (138.4) -21% 662.50$ 16%
Other assets 21.00$ 1% $ (13.3) -39% 22.70$ 1% $ (11.6) -34% 34.30$ 1%
Total assets 2,185.20$ 100% $ (1,843.3) -46% 2,769.10$ 100% $ (1,259.4) -31% 4,028.50$ 100%
Current liabilities:
Accounts payable and accrued expenses 432.30$ 16% (365.1) -46% 478.40$ 16% (319.0) -40% 797.40$ 23%
Deferred revenue and customer deposits 163.70$ 6% 156.2 2083% 187.30$ 6% 179.8 2397% 7.50$ 0%
Current portion of long term debt 10.00$ 0% (191.1) -95% 7.50$ 0% (193.6) -96% 201.10$ 6%
Operating lease liabilities, current 75.30$ 3% (11.1) -13% 83.50$ 3% (2.9) -3% 86.40$ 3%
Other current liabilities 3.90$ 0% (9.3) -70% 4.60$ 0% (8.6) -65% 13.20$ 0%
Total current liabilities 685.20$ 25% (420.3) -38% 761.40$ 25% (344.1) -31% 1,105.50$ 32%
Convertible senior notes, net 540.00$ 20% (324.0) -38% 988.00$ 32% 124.0 14% 864.00$ 25%
Term loan, net 950.10$ 35% 260.1 38% 690.90$ 23% 0.9 0% 690.00$ 20%
Operating lease liabilities, non-current 503.30$ 19% (222.1) -31% 593.80$ 19% (131.6) -18% 725.40$ 21%
Other non-current liabilities 25.70$ 1% (25.0) -49% 30.10$ 1% (20.6) -41% 50.70$ 1%
Total liabilities 2,704.30$ 100% (731.3) -21% 3,064.20$ 100% (371.4) -11% 3,435.60$ 100%
Commitments and contingencies (Note 13)
Stockholders’ deficit
Common stock, $0.000025 par value; 2,500,000,000 and
2,500,000,000 Class A shares authorized, 358,120,105
and 338,750,774 shares issued and outstanding as of
June 30, 2024 and June 30, 2023, respectively;
2,500,000,000 and 2,500,000,000 Class B shares
authorized, 18,141,608 and 18,016,853 shares issued
and outstanding as of June 30, 2024 and June 30, 2023,
respectively.
0 0 0
Additional paid-in capital 4,948.60$ -953% 657.3 15% 4,619.80$ -1566% 328.5 8% 4,291.30$ 724%
Accumulated other comprehensive income 15.90$ -3% 3.7 30% 16.80$ -6% 4.6 38% 12.20$ 2%
Accumulated deficit (5,483.70)$ 1056% (1,773.1) 48% (4,931.80)$ 1671% (1,221.2) 33% (3,710.60)$ -626%
Total stockholders’ deficit (519.10)$ 100% (1,112.0) -188% (295.10)$ 100% (888.0) -150% 592.90$ 100%
Total liabilities and stockholders’ deficit 2,185.20$ $ (1,843.3) -46% 2,769.10$ $ (1,259.4) -31% 4,028.50$
Peloton Interactive Inc.
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Horizontal Analysis Year 1-Year 3
Horizontal Analysis Year 1-Year 2
17
Appendix C
Vertical
Analysis
Vertical
Analysis
Vertical
Analysis
Cash Flows from Operating Activities:
Net loss (551.90)$ 100% 2,275.80$ -80% (1,261.70)$ 100% 1,566.00$ -55% (2,827.70)$ 100%
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense 108.80$ -20% (34.00)$ -24% 124.30$ -10% (18.50)$ -13% 142.80$ -5%
Stock-based compensation expense 311.70$ -56% (16.70)$ -5% 405.00$ -32% 76.60$ 23% 328.40$ -12%
Non-cash operating lease expense 66.20$ -12% (26.20)$ -28% 79.80$ -6% (12.60)$ -14% 92.40$ -3%
Amortization of premium from marketable securities -$ 0% (3.40)$ -100% -$ 0% (3.40)$ -100% 3.40$ 0%
Amortization of debt discount and issuance costs 14.20$ -3% (21.10)$ -60% 13.60$ -1% (21.70)$ -61% 35.30$ -1%
Goodwill impairment -$ 0% (181.90)$ -100% -$ 0% (181.90)$ -100% 181.90$ -6%
Impairment expense 57.30$ -10% (333.20)$ -85% 144.50$ -11% (246.00)$ -63% 390.50$ -14%
Loss on sale of subsidiary 3.80$ -1% 3.80$ 380% -$ 0% -$ 0% -$ 0%
Net foreign currency adjustments -$ 0% (31.80)$ -100% (7.00)$ 1% (38.80)$ -122% 31.80$ -1%
Gain on debt extinguishment of convertible notes (69.80)$ 13% (69.80)$ -6980% -$ 0% -$ 0% -$ 0%
Loss on debt extinguishment of term loan 7.50$ -1% 7.50$ 750% -$ 0% -$ 0% -$ 0%
Changes in operating assets and liabilities:
Accounts receivable (7.00)$ 11% 5.80$ -45% (13.80)$ 4% (1.00)$ 8% (12.80)$ 1%
Inventories 163.00$ -247% 336.70$ -194% 537.50$ -139% 711.20$ -409% (173.70)$ 9%
Prepaid expenses and other current assets 42.60$ -64% 75.10$ -231% 61.20$ -16% 93.70$ -288% (32.50)$ 2%
Other assets 1.70$ -3% 3.80$ -181% 7.10$ -2% 9.20$ -438% (2.10)$ 0%
Accounts payable and accrued expenses (95.50)$ 144% 73.10$ -43% (347.20)$ 90% (178.60)$ 106% (168.60)$ 8%
Deferred revenue and customer deposits (23.60)$ 36% (60.40)$ -164% (13.90)$ 4% (50.70)$ -138% 36.80$ -2%
Operating lease liabilities, net (90.80)$ 137% (35.00)$ 63% (89.90)$ 23% (34.10)$ 61% (55.80)$ 3%
Other liabilities (4.40)$ 7% (14.50)$ -144% (27.30)$ 7% (37.40)$ -370% 10.10$ -1%
Net cash used in operating activities (66.10)$ 100% 1,953.90$ -97% (387.60)$ 100% 1,632.40$ -81% (2,020.00)$ 100%
Cash Flows from Investing Activities:
Proceeds from sale of Peloton Output Park 31.90$ 119% 31.90$ 3190% -$ 0% -$ 0% -$ 0%
Maturities of marketable securities -$ 0% (211.00)$ -100% -$ 0% (211.00)$ -100% 211.00$ 138%
Sales of marketable securities -$ 0% (306.70)$ -100% -$ 0% (306.70)$ -100% 306.70$ 200%
Capital expenditures and capitalized internal-use software development
costs
(19.70)$ -74% 317.60$ -94% (82.40)$ 118% 254.90$ -76% (337.30)$
-220%
Business combinations, net of cash acquired -$ 0% 11.00$ -100% -$ 0% 11.00$ -100% (11.00)$ -7%
Asset acquisitions, net of cash acquired -$ 0% 16.00$ -100% -$ 0% 16.00$ -100% (16.00)$ -10%
Proceeds from sales of subsidiary and net assets 14.60$ 54% 14.60$ 1460% 12.40$ -18% 12.40$ 1240% -$ 0%
Net cash provided by (used in) investing activities 26.80$ 100% (126.50)$ -83% (69.90)$ 100% (223.20)$ -146% 153.30$ 100%
Cash Flows from Financing Activities:
Proceeds from public offering, net of issuance costs -$ 0% (1,218.80)$ -100% -$ 0% (1,218.80)$ -100% 1,218.80$ 60%
Principal repayment of Term Loan (742.50)$ 787% (742.50)$ 74300% (7.50)$ -10% (7.50)$ -80% -$ 0%
Payment of principal on convertible notes (724.90)$ 768% (724.90)$ 72500% -$ 0% -$ 0% -$ 0%
Proceeds from issuance of convertible notes, net of issuance costs 342.30$ -363% 342.30$ 34200% -$ 0% -$ 0% -$ 0%
Proceeds from issuance of term loan, net of issuance costs 986.90$ -1045% 290.50$ 42% -$ 0% (696.40)$ -100% 696.40$ 35%
Proceeds from employee stock purchase plan withholdings 3.10$ -3% (14.20)$ -82% 6.90$ 9% (10.40)$ -60% 17.30$ 1%
Proceeds from exercise of stock options 41.20$ -44% (43.10)$ -51% 79.80$ 104% (4.50)$ -5% 84.30$ 4%
Principal repayments of finance leases (0.50)$ 1% 1.20$ -71% (2.30)$ -3% (0.60)$ 35% (1.70)$ 0%
Net cash (used in) provided by financing activities (94.40)$ 100% (2,109.50)$ -105% 76.80$ 100% (1,938.30)$ -96% 2,015.10$ 100%
Peloton Interactive Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Horizontal Analysis Year 1-Year
3
Horizontal Analysis Year 1-
Year 2
18
Appendix D
Vertical Analysis Vertical Analysis
Vertical
Analysis
Revenue:
Total revenue $ 1,071,326 100% $ 484,303 83% $ 936,772 100% $ 349,749 60% $ 587,023 100%
Operating costs and expenses:
Cost of revenue 190,026 18% $ 89,033 88% 177,200 19% $ 76,207 75% 100,993 17%
Store operations 253,619 24% $ 142,903 129% 219,422 23% $ 108,706 98% 110,716 19%
Selling, general and administrative 124,930 12% $ 30,390 32% 114,853 12% $ 20,313 21% 94,540 16%
National advertising fund expense 70,095 7% $ 10,653 18% 66,116 7% $ 6,674 11% 59,442 10%
Depreciation and amortization 149,413 14% $ 86,613 138% 124,022 13% $ 61,222 97% 62,800 11%
Other losses, net 10,379 1% $ (4,758) -31% 5,081 1% $ (10,056) -66% 15,137 3%
Total operating costs and expenses 798,462 75% $ 354,834 80% 706,694 75% $ 263,066 59% 443,628 76%
Income from operations 272,864 25% $ 129,469 90% 230,078 25% $ 86,683 60% 143,395 24%
Other income (expense), net:
Interest income 17,741 2% $ 16,863 1921% 5,005 1% $ 4,127 470% 878 0%
Interest expense (86,576) -8% $ (5,365) 7% (88,628) -9% $ (7,417) 9% (81,211) -14%
Other income (expense), net 3,512 0% $ 14,614 -132% 14,983 2% $ 26,085 -235% (11,102) -2%
Total other expense, net (65,323) -6% $ 26,112 -29% (68,640) -7% $ 22,795 -25% (91,435) -16%
Income before income taxes 207,541 19% $ 155,581 299% 161,438 17% $ 109,478 211% 51,960 9%
Provision for income taxes 58,512 5% $ 52,853 934% 50,515 5% $ 44,856 793% 5,659 1%
Losses from equity-method investments, net of tax (1,994) 0% $ (1,815) 1014% (467) 0% $ (288) 161% (179) 0%
Net income 147,035 14% $ 100,913 219% 110,456 12% $ 64,334 139% 46,122 8%
Less net income attributable to non-controlling interests 8,722 1% $ 5,374 161% 11,054 1% $ 7,706 230% 3,348 1%
Net income attributable to Planet Fitness, Inc. $ 138,313 13% $ 95,539 223% $ 99,402 11% $ 56,628 132% $ 42,774 7%
Class A common stock
Net income per share of Class A common stock:
Basic (in usd per share) $ 1.63 $ 1.18 $ 0.51
Diluted (in usd per share) $ 1.62 $ 1.18 $ 0.51
Weighted-average shares of Class A common stock outstanding:
Basic (in shares) 84,896,397 84,136,819 83,295,580
Diluted (in shares) 85,184,918 84,544,098 83,894,149
Franchise
Revenue:
Total revenue $ 317,917 $ 271,559 $ 238,349
National advertising fund revenue
Revenue:
Total revenue 70,012 58,075 52,361
Corporate-owned stores
Revenue:
Total revenue 449,296 379,393 167,219
Equipment revenue
Revenue:
Total revenue $ 234,101 $ 227,745 $ 129,094
Planet Fitness, Inc.
Consolidated Statements of Operations - USD ($) $ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Horizontal Analysis Year 1-Year 3
Horizontal Analysis Year 1-Year 2
19
Appendix E
Vertical Analysis Vertical Analysis
Vertical
Analysis
Current assets:
Cash and cash equivalents $ 275,842 9% $ (270,067) -49% $ 409,840 14% $ (136,069) -25% $ 545,909 27%
Restricted cash 46,279 2% $ (11,753) -20% 62,659 2% $ 4,627 8% 58,032 3%
Short-term marketable securities 74,901 3% $ 74,901 7490100% 0 0% $ 0 0% 0 0%
Accounts receivable, net of allowances for uncollectible amounts of $0 and $0 as
of December 31, 2023 and 2022, respectively
41,890 1% $ 14,633 54% 46,242 2% $ 18,985 70% 27,257
1%
Inventory 4,677 0% $ 3,522 305% 5,266 0% $ 4,111 356% 1,155 0%
Prepaid expenses 13,842 0% $ 973 8% 11,078 0% $ (1,791) -14% 12,869 1%
Other receivables 11,072 0% $ (2,447) -18% 14,975 1% $ 1,456 11% 13,519 1%
Income tax receivable 3,314 0% $ (359) -10% 5,471 0% $ 1,798 49% 3,673 0%
Total current assets 471,817 16% $ (190,597) -29% 555,531 19% $ (106,883) -16% 662,414 33%
Long-term marketable securities 50,886 2% $ 50,886 5088600% 0 0% $ 0 0% 0 0%
Property and equipment, net of accumulated depreciation of $322,958 and
$227,869, as of December 31, 2023 and 2022, respectively
390,405 13% $ 216,718 125% 348,820 12% $ 175,133 101% 173,687
9%
Investments, net of allowance for expected credit losses of $17,689 and $14,957
as of December 31, 2023 and 2022, respectively
77,507 3% $ 58,747 313% 25,122 1% $ 6,362 34% 18,760
1%
Right-of-use assets, net 381,010 13% $ 190,680 100% 346,937 12% $ 156,607 82% 190,330 9%
Intangible assets, net 372,507 13% $ 171,570 85% 417,067 15% $ 216,130 108% 200,937 10%
Goodwill 717,502 24% $ 488,933 214% 702,690 25% $ 474,121 207% 228,569 11%
Deferred income taxes 504,188 17% $ (35,076) -7% 454,565 16% $ (84,699) -16% 539,264 27%
Other assets, net 3,871 0% $ 1,849 91% 3,857 0% $ 1,835 91% 2,022 0%
Total assets 2,969,693 100% $ 953,710 47% 2,854,589 100% $ 838,606 42% 2,015,983 100%
Current liabilities:
Current maturities of long-term debt 20,750 1% 3,250 19% 20,750 1% 3,250 19% 17,500 1%
Accounts payable 23,788 1% (4,104) -15% 20,578 1% (7,314) -26% 27,892 1%
Accrued expenses 66,299 2% 14,585 28% 66,993 2% 15,279 30% 51,714 2%
Equipment deposits 4,506 0% (1,530) -25% 8,443 0% 2,407 40% 6,036 0%
Deferred revenue, current 59,591 2% 31,240 110% 53,759 2% 25,408 90% 28,351 1%
Payable pursuant to tax benefit arrangements, current 41,294 1% 20,992 103% 31,940 1% 11,638 57% 20,302 1%
Other current liabilities 35,101 1% 10,286 41% 42,067 1% 17,252 70% 24,815 1%
Total current liabilities 251,329 9% 74,719 42% 244,530 9% 67,920 38% 176,610 7%
Long-term debt, net of current maturities 1,962,874 69% 297,601 18% 1,978,131 70% 312,858 19% 1,665,273 67%
Borrowings under Variable Funding Notes 0 0% (75,000) -100% 0 0% (75,000) -100% 75,000 3%
Lease liabilities, net of current portion 381,589 13% 183,907 93% 341,843 12% 144,161 73% 197,682 8%
Deferred revenue, net of current portion 32,047 1% (1,381) -4% 33,152 1% (276) -1% 33,428 1%
Deferred tax liabilities 1,644 0% 1,644 164400% 1,471 0% 1,471 147100% 0 0%
Payable pursuant to tax benefit arrangements, net of current portion 454,368 16% (53,437) -11% 462,525 16% (45,280) -9% 507,805 20%
Other liabilities 4,833 0% 1,803 60% 4,498 0% 1,468 48% 3,030 0%
Total noncurrent liabilities 2,837,355 100% 355,137 14% 2,821,620 100% 339,402 14% 2,482,218 100%
Commitments and contingencies (Note 18)
Stockholders’ equity (deficit):
Accumulated other comprehensive income (loss) 172 0% 160 1333% (448) 0% (460) -3833% 12 0%
Additional paid in capital 575,631 19% 512,203 808% 505,144 18% 441,716 696% 63,428 3%
Accumulated deficit (691,461) -23% 17,343 -2% (703,717) -25% 5,087 -1% (708,804) -35%
Total stockholders’ deficit attributable to Planet Fitness, Inc. (115,649) -4% 529,706 -82% (199,012) -7% 446,343 -69% (645,355) -32%
Non-controlling interests (3,342) 0% (5,852) -233% (12,549) 0% (15,059) -600% 2,510 0%
Total stockholders’ deficit (118,991) -4% 523,854 -81% (211,561) -7% 431,284 -67% (642,845) -32%
Total liabilities and stockholders’ deficit 2,969,693 100% 953,710 47% 2,854,589 100% 838,606 42% 2,015,983 100%
Planet Fitness, Inc.
Consolidated Balance Sheets - USD ($) $ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Horizontal Analysis Year 1-Year 3
Horizontal Analysis Year 1-Year 2
20
Appendix F
Vertical
Analysis
Vertical
Analysis
Vertical
Analysis
Cash flows from operating activities:
Net income 147,035.00$ 100% 100,913.00$ 219% 110,456.00$ 100% 64,334.00$ 139% 46,122.00$ 100%
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 149,413.00$ 102% 86,613.00$ 138% 124,022.00$ 112% 61,222.00$ 97% 62,800.00$ 136%
Amortization of deferred financing costs 5,492.00$ 4% (854.00)$ -13% 5,514.00$ 5% (832.00)$ -13% 6,346.00$ 14%
Write-off of deferred financing costs -$ 0% -$ 0% 1,583.00$ 1% 1,583.00$ 158300% -$ 0%
Accretion of marketable securities discount (3,273.00)$ -2% (3,273.00)$ 327300% -$ 0% -$ 0% -$ 0%
Losses from equity-method investments, net of tax 1,994.00$ 1% 1,815.00$ 1014% 467.00$ 0% 288.00$ 161% 179.00$ 0%
Dividends accrued on held-to-maturity investment (2,066.00)$ -1% (665.00)$ 47% (1,876.00)$ -2% (475.00)$ 34% (1,401.00)$ -3%
Credit loss (gain) on held-to-maturity investment 2,732.00$ 2% (14,730.00)$ -84% (2,505.00)$ -2% (19,967.00)$ -114% 17,462.00$ 38%
Deferred tax expense 51,189.00$ 35% 49,661.00$ 3250% 48,618.00$ 44% 47,090.00$ 3082% 1,528.00$ 3%
(Gain) loss on re-measurement of tax benefit arrangement liability (1,964.00)$ -1% (13,701.00)$ -117% (13,831.00)$ -13% (25,568.00)$ -218% 11,737.00$ 25%
Gain on sale of corporate-owned stores -$ 0% -$ 0% (1,324.00)$ -1% (1,324.00)$ 132400% -$ 0%
Loss on reacquired franchise rights 110.00$ 0% 110.00$ 11000% 1,160.00$ 1% 1,160.00$ 116000% -$ 0%
Equity-based compensation 7,906.00$ 5% (899.00)$ -10% 8,068.00$ 7% (737.00)$ -8% 8,805.00$ 19%
Other (394.00)$ 0% (407.00)$ -3131% 262.00$ 0% 249.00$ 1915% 13.00$ 0%
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable 4,761.00$ 1% 15,565.00$ -144% (19,177.00)$ -8% (8,373.00)$ 77% (10,804.00)$ -6%
Inventory 599.00$ 0% 1,280.00$ -188% (4,112.00)$ -2% (3,431.00)$ 504% (681.00)$ 0%
Other assets and other current assets 929.00$ 0% (7,330.00)$ -89% (5,152.00)$ -2% (13,411.00)$ -162% 8,259.00$ 4%
Accounts payable and accrued expenses (975.00)$ 0% (31,903.00)$ -103% (14,721.00)$ -6% (45,649.00)$ -148% 30,928.00$ 16%
Other liabilities and other current liabilities (8,106.00)$ -2% (5,043.00)$ 165% 8,636.00$ 4% 11,699.00$ -382% (3,063.00)$ -2%
Income taxes 2,183.00$ 1% (19.00)$ -1% (1,672.00)$ -1% (3,874.00)$ -176% 2,202.00$ 1%
Payments pursuant to tax benefit arrangements (34,797.00)$ -11% (34,352.00)$ 7720% (19,253.00)$ -8% (18,808.00)$ 4227% (445.00)$ 0%
Equipment deposits (3,937.00)$ -1% (9,172.00)$ -175% 2,457.00$ 1% (2,778.00)$ -53% 5,235.00$ 3%
Deferred revenue 3,942.00$ 1% 1,593.00$ 68% 9,404.00$ 4% 7,055.00$ 300% 2,349.00$ 1%
Leases 7,481.00$ 2% 5,763.00$ 335% 3,183.00$ 1% 1,465.00$ 85% 1,718.00$ 1%
Net cash provided by operating activities 330,254.00$ 100% 140,965.00$ 74% 240,207.00$ 100% 50,918.00$ 27% 189,289.00$ 100%
Cash flows from investing activities:
Additions to property and equipment (135,986.00)$ 40% (81,912.00)$ 151% (100,057.00)$ 20% (45,983.00)$ 85% (54,074.00)$ 59%
Acquisitions of franchisees (43,264.00)$ 13% (41,376.00)$ 2192% (424,940.00)$ 84% (423,052.00)$ 22407% (1,888.00)$ 2%
Proceeds from sale of property and equipment 99.00$ 0% 53.00$ 115% 60.00$ 0% 14.00$ 30% 46.00$ 0%
Proceeds from sale of corporate-owned stores -$ 0% -$ 0% 20,820.00$ -4% 20,820.00$ 2082000% -$ 0%
Purchases of marketable securities (203,285.00)$ 60% (203,285.00)$ 20328500% -$ 0% -$ 0% -$ 0%
Maturities of marketable securities 80,490.00$ -24% 80,490.00$ 8049000% -$ 0% -$ 0% -$ 0%
Other investments (38,045.00)$ 11% (3,045.00)$ 9% (2,449.00)$ 0% 32,551.00$ -93% (35,000.00)$ 38%
Net cash used in investing activities (339,991.00)$ 100% (249,075.00)$ 274% (506,566.00)$ 100% (415,650.00)$ 457% (90,916.00)$ 100%
Cash flows from financing activities:
Proceeds from issuance of long-term debt -$ 0% -$ 0% 900,000.00$ 663% 900,000.00$ 90000000% -$ 0%
Proceeds from issuance of Variable Funding Notes -$ 0% -$ 0% 75,000.00$ 55% 75,000.00$ 7500000% -$ 0%
Proceeds from issuance of Class A common stock 9,160.00$ -6% 974.00$ 12% 925.00$ 1% (7,261.00)$ -89% 8,186.00$ -80%
Principal payments on capital lease obligations (193.00)$ 0% (11.00)$ 6% (268.00)$ 0% (86.00)$ 47% (182.00)$ 2%
Repayment of long-term debt and variable funding notes (20,749.00)$ 15% (3,249.00)$ 19% (724,813.00)$ -534% (707,313.00)$ 4042% (17,500.00)$ 171%
Payment of deferred financing and other debt-related costs -$ 0% -$ 0% (16,176.00)$ -12% (16,176.00)$ 1617600% -$ 0%
Repurchase and retirement of Class A common stock (125,030.00)$ 88% (125,030.00)$ 12503000% (94,315.00)$ -69% (94,315.00)$ 9431500% -$ 0%
Distributions to members of Pla-Fit Holdings (4,605.00)$ 3% (3,855.00)$ 514% (4,628.00)$ -3% (3,878.00)$ 517% (750.00)$ 7%
Net cash (used in) provided by financing activities (141,417.00)$ 100% (131,171.00)$ 1280% 135,725.00$ 100% 145,971.00$ -1425% (10,246.00)$ 100%
Planet Fitness, Inc.
Consolidated Statements of Cash Flows - USD ($) $ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Horizontal Analysis Year 1-
Year 3
Horizontal Analysis Year 1-
Year 2
