PLANET FITNESS, INC. Unless the context requires otherwise, references in this report to the "Company," "we," "us" and "our" refer toPlanet Fitness, Inc. and its consolidated subsidiaries. Overview We are one of the largest and fastest-growing franchisors and operators of fitness centers inthe United States by number of members and locations, with a highly recognized national brand. Our mission is to enhance people's lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, which we call theJudgement Free Zone , where anyone-and we mean anyone-can feel they belong. Our bright, clean stores are typically 20,000 square feet, with a large selection of high-quality, purple and yellowPlanet Fitness -branded cardio, circuit- and weight-training equipment and friendly staff trainerswho offer unlimited free fitness instruction to all our members in small groups through our PE@PF program. We offer this differentiated fitness experience at only$10 per month for our standard membership. This exceptional value proposition is designed to appeal to a broad population, including occasional gym users and the approximately 80% of theU.S. and Canadian populations over age 14who are not gym members, particularly thosewho find the traditional fitness club setting intimidating and expensive. We and our franchisees fiercely protectPlanet Fitness' community atmosphere-a place where you do not need to be fit before joining and where progress toward achieving your fitness goals (big or small) is supported and applauded by our staff and fellow members. As ofMarch 31, 2021 , we had more than 14.1 million members and 2,146 stores in all 50 states, theDistrict of Columbia ,Puerto Rico ,Canada ,Panama ,Mexico andAustralia . Of our 2,146 stores, 2,043 are franchised and 103 are corporate-owned. As ofMarch 31, 2021 , we had commitments to open more than 1,000 new stores under existing ADAs. COVID-19 Impact OnMarch 11, 2020 , theWorld Health Organization declared a global pandemic related to the COVID-19 outbreak. The pandemic has caused unprecedented economic volatility and uncertainty, which has negatively impacted our recent operating results. In response to the COVID-19 pandemic, we proactively closed all of our stores system wide inMarch 2020 . Our stores began reopening in earlyMay 2020 as local guidelines allowed, and as ofMarch 31, 2021 , 2,110 of our stores were open and operating, of which 2,009 were franchisee-owned stores and 101 were corporate-owned stores. As COVID-19 continues to impact areas in which our stores operate, certain of our stores have had to re-close, and additional stores may have to re-close, pursuant to local guidelines. As previously announced, members have not and will not be charged membership dues while our stores are closed and are credited for any membership dues paid for periods when our stores were closed. We have experienced and continue to expect to experience decreased new store development and remodels, as well as decreased replacement equipment sales for 2021 as a result of the COVID-19 pandemic. We continue to reopen stores as local authorities issue guidelines authorizing the reopening of fitness centers and we determine it is safe to do so. As stores reopened we have recognized franchise revenue and corporate-owned store revenue associated with any membership dues collected prior to store closures. We continue to defer revenue for stores that have not yet reopened. We may have to defer further revenue in the future for stores that are required to re-close. The duration of the COVID-19 pandemic and the extent of its impact on our business cannot be reasonably estimated at this time. We anticipate that the COVID-19 pandemic will continue to negatively impact our operating results in future periods. As a result of COVID-19 we have experienced to date, and may continue to experience, a decrease in our net membership base. We are not providing guidance at this time due to continued uncertainty around the duration and impact of COVID-19. We have taken a number of actions to efficiently manage the business, as well as increase liquidity and financial flexibility in order to mitigate the impact of the COVID-19 pandemic on our business. Although we expect the COVID-19 pandemic to continue to negatively impact the Company's operations and cash flows, based on management's current expectations and currently available information, the Company believes current cash and cash from operations will be sufficient to meet its operating cash requirements, planned capital expenditures and interest and principal payments for at least the next twelve months. Our segments We operate and manage our business in three business segments: Franchise, Corporate-owned stores and Equipment. Our Franchise segment includes operations related to our franchising business inthe United States ,Puerto Rico ,Canada ,Panama ,Mexico andAustralia , including revenues and expenses from the NAF. Our Corporate-owned stores segment includes operations with respect to all corporate-owned stores throughoutthe United States andCanada . The Equipment segment primarily includes the sale of equipment to ourUnited States franchisee-owned stores. We evaluate the performance of our segments and allocate resources to them based on revenue and earnings before interest, taxes, depreciation and amortization, referred to as Segment EBITDA. Revenue and Segment EBITDA for all operating segments include only transactions with 25 -------------------------------------------------------------------------------- Table of Contents unaffiliated customers and do not include intersegment transactions. The tables below summarize the financial information for our segments for the three months endedMarch 31, 2021 andMarch 31, 2020 . "Corporate and other," as it relates to Segment EBITDA, primarily includes corporate overhead costs, such as payroll and related benefit costs and professional services that are not directly attributable to any individual segment. Three months ended March 31, (in thousands) 2021 2020 Revenue Franchise segment$ 64,061 $ 58,529 Corporate-owned stores segment 37,877 40,516 Equipment segment 9,939 28,186 Total revenue$ 111,877 $ 127,231 Segment EBITDA Franchise$ 41,180 $ 36,746 Corporate-owned stores 10,691 12,007 Equipment 1,830 6,367 Corporate and other (8,656) (8,748) Total Segment EBITDA(1)$ 45,045 $ 46,372 (1)Total Segment EBITDA is equal to EBITDA, which is a metric that is not presented in accordance withU.S. GAAP. Refer to "-Non-GAAP financial measures" for a definition of EBITDA and a reconciliation to net (loss) income, the most directly comparableU.S. GAAP measure. A reconciliation of income from operations to Segment EBITDA is set forth below: Corporate-owned Corporate and (in thousands) Franchise stores Equipment other Total Three months endedMarch 31, 2021 Income (loss) from operations$ 39,285 $ 1,380$ 637 $ (11,896) $ 29,406 Depreciation and amortization 1,895 9,266 1,261 3,052 15,474 Other income (expense) - 45 (68) 188 165 Segment EBITDA(1)$ 41,180 $ 10,691$ 1,830 $ (8,656) $ 45,045 Three months endedMarch 31, 2020 Income (loss) from operations$ 34,824 $ 5,679$ 5,105 $ (11,341) $ 34,267 Depreciation and amortization 1,927 7,322 1,262 2,281 12,792 Other (expense) income (5) (994) - 312 (687) Segment EBITDA(1)$ 36,746 $ 12,007$ 6,367 $ (8,748) $ 46,372 (1)Total Segment EBITDA is equal to EBITDA, which is a metric that is not presented in accordance withU.S. GAAP. Refer to "-Non-GAAP Financial Measures" for a definition of EBITDA and a reconciliation to net income, the most directly comparableU.S. GAAP measure. How we assess the performance of our business In assessing the performance of our business, we consider a variety of performance and financial measures. The key measures for determining how our business is performing include the number of new store openings, same store sales for both corporate-owned and franchisee-owned stores, system-wide sales, EBITDA, Adjusted EBITDA, Segment EBITDA, Adjusted net income, and Adjusted net income per share, diluted. See "-Non-GAAP financial measures" below for our definition of EBITDA, Adjusted EBITDA, Adjusted net income, and Adjusted net income per share, diluted and why we present EBITDA, Adjusted EBITDA, Adjusted net income, and Adjusted net income per share, diluted, and for a reconciliation of our EBITDA, Adjusted EBITDA, and Adjusted net income to net income, the most directly comparable financial measure calculated and presented in accordance withU.S. GAAP, and a reconciliation of Adjusted net income per share, diluted to net income per share, diluted, the most directly comparable financial measure calculated and presented in accordance withU.S. GAAP. 26 -------------------------------------------------------------------------------- Table of Contents Number of new store openings The number of new store openings reflects stores opened during a particular reporting period for both corporate-owned and franchisee-owned stores. Opening new stores is an important part of our growth strategy and we expect the majority of our future new stores will be franchisee-owned. Before we obtain the certificate of occupancy or report any revenue for new corporate-owned stores, we incur pre-opening costs, such as rent expense, labor expense and other operating expenses. Some of our stores open with an initial start-up period of higher than normal marketing and operating expenses, particularly as a percentage of monthly revenue. New stores may not be profitable and their revenue may not follow historical patterns. The following table shows the change in our corporate-owned and franchisee-owned store base for the three months endedMarch 31, 2021 and 2020: Three months ended March 31, 2021 2020 Franchisee-owned stores: Stores operated at beginning of period 2,021 1,903 New stores opened 22 38 Stores debranded, sold or consolidated(1) - (1) Stores operated at end of period(2) 2,043 1,940 Corporate-owned stores: Stores operated at beginning of period 103 98 New stores opened - 1 Stores operated at end of period(2) 103 99 Total stores: Stores operated at beginning of period 2,124 2,001 New stores opened 22 39 Stores acquired, debranded, sold or consolidated(1) - (1) Stores operated at end of period(2) 2,146 2,039 (1)The term "debrand" refers to a franchisee-owned store whose right to use the Planet Fitness brand and marks has been terminated in accordance with the franchise agreement. We retain the right to prevent debranded stores from continuing to operate as fitness centers. The term "consolidated" refers to the combination of a franchisee's store with another store located in close proximity with our prior approval. This often coincides with an enlargement, re-equipment and/or refurbishment of the remaining store. (2)The "stores operated" includes stores that have closed temporarily related to the COVID-19 pandemic. All stores were closed inMarch 2020 in response to COVID-19, and as ofMarch 31, 2021 , 2,110 were re-opened and operating, of which 2,009 were franchisee-owned stores and 101 were corporate-owned stores. Same store sales Same store sales refers to year-over-year sales comparisons for the same store sales base of both corporate-owned and franchisee-owned stores. 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. Several factors affect our same store sales in any given period, including the following: •the number of stores that have been in operation for more than 12 months; •the percentage mix and pricing of PF Black Card and standard memberships in any period; •growth in total net memberships per store; •consumer recognition of our brand and our ability to respond to changing consumer preferences; •overall economic trends, particularly those related to consumer spending; •our ability and our franchisees' ability to operate stores effectively and efficiently to meet consumer expectations; •marketing and promotional efforts; •local competition; •trade area dynamics; and •opening of new stores in the vicinity of existing locations. 27 -------------------------------------------------------------------------------- Table of Contents Consistent with common industry practice, we present same store sales as compared to the same period in the prior year and which is calculated for a given period by including only sales from stores that had sales in the comparable months of both years. Same store sales of our international stores are calculated on a constant currency basis, meaning that we translate the current year's same store sales of our international stores at the same exchange rates used in the prior year. Since opening new stores will be a significant component of our revenue growth, same store sales is only one measure of how we evaluate our performance. Stores acquired from or sold to franchisees are removed from the franchisee-owned or corporate-owned same store sales base, as applicable, upon the ownership change and for the 12 months following the date of the ownership change. These stores are included in the corporate-owned or franchisee-owned same store sales base, as applicable, following the 12th month after the acquisition or sale. These stores remain in the system-wide same store sales base in all periods. As a result of the COVID-19 pandemic, membership levels in the current year period were below the levels they were at during the three months endedMarch 31, 2020 , which negatively impacted same store sales in the three months endedMarch 31, 2021 . The following table shows our same store sales for the three months endedMarch 31, 2021 and 2020: Three months ended March 31, 2021 2020 Same store sales data Same store sales growth: Franchisee-owned stores (14.7) % 10.0 % Corporate-owned stores (18.2) % 7.3 % Total stores (14.9) % 9.8 % Number of stores in same store sales base: Franchisee-owned stores 1,605 1,579 Corporate-owned stores 83 67 Total stores 1,688 1,662 Total monthly dues and annual fees from members (system-wide sales) We define system-wide sales as total monthly dues and annual fees billed by us and our franchisees. System-wide sales is an operating measure that includes sales by franchisees that are not revenue realized by the Company in accordance with GAAP, as well as sales by our corporate-owned stores. While we do not record sales by franchisees as revenue, and such sales are not included in our consolidated financial statements, we believe that this operating measure aids in understanding how we derive royalty revenue and is important in evaluating our performance. We review the total amount of dues we collect from our members on a monthly basis, which allows us to assess changes in the performance of our corporate-owned and franchisee-owned stores from period to period, any competitive pressures, local or regional membership traffic patterns and general market conditions that might impact our store performance. We collect monthly dues on or around the 17th of every month. We collect annual fees once per year from each member based upon when the member signed his or her membership agreement. System-wide sales were$765 million and$916 million , during the three months endedMarch 31, 2021 and 2020, respectively. Non-GAAP financial measures 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. EBITDA and Adjusted EBITDA as presented in this Quarterly Report on Form 10-Q are supplemental measures of our performance that are neither required by, nor presented in accordance withU.S. GAAP. EBITDA and Adjusted EBITDA should not be considered as substitutes forU.S. GAAP metrics such as net income or any other performance measures derived in accordance withU.S. GAAP. Also, in the future we may incur expenses or charges such as those used to calculate Adjusted EBITDA. Our presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. 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. As part of such disclosure in "Our Segments" within Management's Discussion and Analysis of Financial Condition and Results of Operations, the Company has provided a reconciliation from income from operations to Total Segment EBITDA, which is equal to the Non-GAAP financial metric EBITDA. We define EBITDA as net income before interest, taxes, depreciation and amortization. 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 28 -------------------------------------------------------------------------------- Table of Contents 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. A reconciliation of net income to EBITDA and Adjusted EBITDA is set forth below for the three months endedMarch 31, 2021 and 2020: Three months ended March 31, 2021 2020 (in thousands) Net income $ 6,190$ 10,383 Interest income (217) (1,927) Interest expense 20,244 20,240 Provision for income taxes 3,354 4,884 Depreciation and amortization 15,474 12,792 EBITDA$ 45,045 $ 46,372 Purchase accounting adjustments-revenue(1) 69 68 Purchase accounting adjustments-rent(2) 117 141 Pre-opening costs(3) 365 361 Insurance recovery(4) (2,175) - Tax benefit arrangement remeasurement(5) (348) (502) Other(6) 635 93 Adjusted EBITDA$ 43,708 $ 46,533 (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 deferredADA fees, deferred franchise fees, and deferred enrollment fees that the Company billed and collected up front but recognizes forU.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$49 and$41 in the three months endedMarch 31, 2021 and 2020, respectively, reflect the difference between the higher rent expense recorded in accordance withU.S. GAAP since the acquisition and the rent expense that would have been recorded had the 2012 Acquisition not occurred. Adjustments of$68 and$100 in the three months endedMarch 31, 2021 and 2020, 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 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. (4)Represents a probable insurance recovery of previously recognized expenses related to the settlement of legal claims. (5)Represents gains related to the adjustment of our tax benefit arrangements primarily due to changes in our effective tax rate. (6)Represents certain other charges and gains that we do not believe reflect our underlying business performance. 29 -------------------------------------------------------------------------------- Table of Contents Our presentation of Adjusted net income and Adjusted net income per share, diluted, assumes that all net income is attributable toPlanet Fitness, Inc. , which assumes the full exchange of all outstanding Holdings Units for shares of Class A common stock ofPlanet 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 withU.S. 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 withU.S. GAAP. We believe Adjusted net income and Adjusted net income per share, diluted, supplementU.S. 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 comparableU.S. 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) 2021 2020 Net income $ 6,190$ 10,383 Provision for income taxes, as reported 3,354 4,884 Purchase accounting adjustments-revenue(1) 69 68 Purchase accounting adjustments-rent(2) 117 141 Pre-opening costs(3) 365 361 Insurance recovery(4) (2,175) - Tax benefit arrangement remeasurement(5) (348) (502) Other(6) 635 93 Purchase accounting amortization(7) 4,159 4,213 Adjusted income before income taxes$ 12,366 $ 19,641 Adjusted income tax expense(8) 3,289 5,264 Adjusted net income
$ 9,077
Adjusted net income per share, diluted
$ 0.10
Adjusted weighted-average shares outstanding(9) 87,179 87,501 (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 deferredADA fees, deferred franchise fees, and deferred enrollment fees that the Company billed and collected up front but recognizes forU.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$49 and$41 in the three months endedMarch 31, 2021 and 2020, respectively, reflect the difference between the higher rent expense recorded in accordance withU.S. GAAP since the acquisition and the rent expense that would have been recorded had the 2012 Acquisition not occurred. Adjustments of$68 and$100 in the three months endedMarch 31, 2021 and 2020, 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 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. (4)Represents a probable insurance recovery of previously recognized expenses related to the settlement of legal claims. 30 -------------------------------------------------------------------------------- Table of Contents (5)Represents gains and losses related to the adjustment of our tax benefit arrangements primarily due to changes in our effective tax rate. (6)Represents certain other charges and gains that we do not believe reflect our underlying business performance. (7)Includes$3,096 and$3,096 of amortization of intangible assets, for the three months endedMarch 31, 2021 and 2020, recorded in connection with the 2012 Acquisition, and$1,063 and$1,117 of amortization of intangible assets for the three months endedMarch 31, 2021 and 2020, respectively, recorded in connection with historical acquisitions of franchisee-owned stores. The adjustment represents the amount of actual non-cash amortization expense recorded, in accordance withU.S. GAAP, in each period. (8)Represents corporate income taxes at an assumed effective tax rate of 26.6% and 26.8% for the three months endedMarch 31, 2021 and 2020, respectively, applied to adjusted income before income taxes. (9)Assumes the full exchange of all outstanding Holdings Units and corresponding shares of Class B common stock for shares of Class A common stock ofPlanet Fitness, Inc. A reconciliation of net income per share, diluted, to Adjusted net income per share, diluted is set forth below for the three months endedMarch 31, 2021 and 2020: For the three months ended For the three months ended March 31, 2021 March 31, 2020 Net income Net income (in thousands, except per share per share, per share, amounts) Net Income Weighted Average Shares diluted Net income Weighted Average Shares diluted Net income attributable to Planet Fitness, Inc.(1)$ 5,581 83,707$ 0.07 $ 8,607 79,723$ 0.11 Assumed exchange of shares(2) 609 3,472 1,776 7,778 Net income 6,190 10,383
Adjustments to arrive at adjusted
income before income taxes(3) 6,176 9,258 Adjusted income before income taxes 12,366 19,641 Adjusted income tax expense(4) 3,289 5,264 Adjusted net income$ 9,077 87,179$ 0.10 $ 14,377 87,501$ 0.16 (1)Represents net income attributable toPlanet 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 ofPlanet 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 26.6% and 26.8% for the three months endedMarch 31, 2021 and 2020, respectively, applied to adjusted income before income taxes. 31 -------------------------------------------------------------------------------- Table of Contents Results of operations The following table sets forth our condensed consolidated statements of operations as a percentage of total revenue for the three months endedMarch 31, 2021 and 2020:
Three months ended
2021 2020
Revenue:
Franchise revenue 46.6 % 38.4 %
Commission income 0.2 % 0.3 %
National advertising fund revenue 10.4 % 7.3 %
Franchise segment 57.2 % 46.0 %
Corporate-owned stores 33.9 % 31.8 %
Equipment 8.9 % 22.2 %
Total revenue 100.0 % 100.0 %
Operating costs and expenses:
Cost of revenue 7.1 % 17.2 %
Store operations 23.2 % 20.6 %
Selling, general and administrative 20.1 % 13.3 %
National advertising fund expense 11.4 % 12.0 %
Depreciation and amortization 13.8 % 10.1 %
Other (gain) loss (1.9) % - %
Total operating costs and expenses 73.7 % 73.2 %
Income from operations 26.3 % 26.8 %
Other income (expense), net:
Interest income 0.2 % 1.5 %
Interest expense (18.1) % (15.9) %
Other income (expense) 0.1 % (0.5) %
Total other expense, net (17.8) % (14.9) %
Income before income taxes 8.5 % 11.9 %
Provision for income taxes 3.0 % 3.8 %
Net income 5.5 % 8.1 %
Less net income attributable to non-controlling interests 0.5 % 1.4 %
Net income attributable to Planet Fitness, Inc. 5.0 % 6.7 %
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