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Balance sheetsJune 30,March 16,2015AssetsCommitments and ContinginencesStockholders EquityCommon Stock, par value $0.01 per share 1,000 shares authorized, 100 shares issued and outstandingTotal equityTotal liabilities and equityCondensed consolidated balance sheetsDecember 31,2014Current assets:Cash and cash equivalentsAccounts receivable, net of allowance for bad debts of $945 and $399 at June 30, 2015 and December 31, 2014,
respectivelyDue from related partiesInventoryRestricted assets NAF (note 5)Other current assetsTotal current assetsProperty and equipment, netIntangible assets, netGoodwillOther assets, netTotal assetsLiabilities and EquityCurrent liabilities:Current maturities of long-term debtAccounts payableAccrued expensesCurrent maturities of obligations under capital leasesEquipment depositsRestricted liabilities NAF (note 5)Deferred revenue, currentOther current liabilitiesTotal current liabilitiesLong-term debt, net of current maturitiesObligations under capital leases, net of current portionDeferred rent, net of current portionDeferred revenue, net of current portionDeferred tax liabilities non currentOther liabilitiesTotal noncurrent liabilitiesCommitments and contingencies (note 13)Equity:Members equityAccumulated other comprehensive income (loss)Total equity attributable to Pla-Fit Holdings, LLCNoncontrolling interests in variable interest entitiesCondensed consolidated statements of operationsThree months endedSix months endedRevenue:FranchiseCommission incomeCorporate-owned storesEquipmentTotal revenueOperating costs and expenses:Cost of revenueStore operationsSelling, general and administrativeDepreciation and amortizationOther (gain) lossTotal operating costs and expensesIncome from operationsOther expense, net:Interest expense, netOther expenseTotal other expense, netIncome before income taxesProvision for income taxesNet incomeLess net income attributable to noncontrolling interestsNet income attributable to Pla-Fit Holdings, LLCCondensed consolidated statements of comprehensive incomeThree months ended
June 30,Six months ended
June 30,Net income including noncontrolling interestsOther comprehensive loss, net:Losses on interest rate swapsUnrealized loss on interest rate capForeign currency translation adjustmentsTotal other comprehensive loss, netTotal comprehensive income including noncontrolling interestsLess: total comprehensive income attributable to noncontrolling interestsTotal comprehensive income attributable to Pla-Fit Holdings, LLCCondensed consolidated statements of cash flowsSix months ended June 30,Cash flows from operating activities:Adjustments to reconcile net income to net cash provided by operating activities:Amortization of deferred financing costsAmortization of favorable leases and asset retirement obligationsDeferred tax benefitProvision for bad debtsGain on disposal of property and equipmentUnrealized gain on interest rate swapsLoss on extinguishment of debtChanges in operating assets and liabilities, excluding effects of acquisitions and dispositions:State income taxesAccounts receivableNotes receivable and due from related partiesOther assets and other current assetsAccounts payable and accrued expensesOther liabilities and other current liabilitiesDeferred revenueDeferred rentNet cash provided by operating activitiesCash flows from investing activities:Additions to property and equipmentAcquisition of franchisesProceeds from sale of property and equipmentNet cash used in investing activitiesCash flows from financing activities:Proceeds from issuance of long-term debtPrincipal payments on capital lease obligationsRepayment of long-term debtPayment of deferred financing and other debt-related costsDistributions to variable interest entitiesDistributions to membersNet cash (used in) provided by financing activitiesEffects of exchange rate changes on cash and cash equivalentsNet (decrease) increase in cash and cash equivalentsCash and cash equivalents, beginning of periodCash and cash equivalents, end of periodSupplemental cash flow information:Net cash paid for income taxesCash paid for interestNon-cash investing activities:Non-cash consideration for acquisition of franchises$Condensed consolidated statement of changes in equityMembers
equityAccumulated
other
comprehensive
lossNoncontrolling
interests in
variable
interest
entitiesTotal equityBalance at December 31, 2014Other comprehensive lossBalance at June 30, 2015Total fair
value at
June 30,
2015Quoted
prices
in active
markets
(Level 1)Significant
other
observable
inputs
(Level 2)Significant
unobservable
inputs
(Level 3)Interest rate capsTotal fair
value at
December 31,
2014Quoted
prices
in active
markets
(Level 1)Revenue from Contracts with CustomersJune 30, 2015December 31, 2014LiabilitiesPF MelvilleMMRTotalNotes to Condensed Consolidated financial statementsAmountFixed assetsReacquired franchise rightsMembership relationshipsFavorable leases, netOther assetsLiabilities assumed, including deferred revenuesDecember 31, 2014LandLeasehold improvementsBuildings and improvementsVehiclesOtherConstruction in progressAccumulated Depreciation(7) Goodwill and intangible assetsJune 30, 2015Weighted
average
amortization
period (years)Gross
carrying
amountAccumulated
amortizationNet carrying
AmountCustomer relationshipsNoncompete agreementsFavorable leasesOrder backlogIndefinite-lived intangible:Trade and brand namesN/ATotal intangible assetsWeighted
average
amortization
period (years)Net carrying
AmountTerm loan B requires quarterly installments plus interest through the term of the loan, maturing March 31, 2021. Outstanding
borrowings bear interest at LIBOR or base rate (as defined) plus a margin at the election of the borrower (4.75% at June 30, 2015 and December 31, 2014)Revolving credit line, requires interest only payments through the term of the loan, maturing March 31, 2019. Outstanding
borrowings bear interest at LIBOR or base rate (as defined) plus a margin at the election of the borrower (4.25% at June 30, 2015 and December 31, 2014)Total debtCurrent portion of long-term debt and line of creditLong-term debt, net of current portionRemainder of 20152016201720182019ThereafterPrepaid membership feesEnrollment feesEquipment discountAnnual membership feesArea development and franchise feesTotal deferred revenueLong-term portion of deferred revenueCurrent portion of deferred revenueAccounts receivable related entitiesAccounts receivable membersDue from related parties, current portionDue from related parties, net of current portionThree months ended June 30,Six months ended June 30,Franchise revenueEquipment revenueTotal revenue from related partiesRevenueFranchise segmentCorporate-owned stores segmentEquipment segmentSegment EBITDACorporate and otherTotal Segment EBITDALess:UnallocatedTotal consolidated assetsJune 30,
2015December 31,
2014Consolidated goodwillFranchisee-owned stores:Stores operated at beginning of periodNew stores openedStores debranded, sold or consolidated(1)Stores operated at end of periodCorporate-owned stores:Stores acquired from franchiseesTotal stores:Our Segments(in millions)Corporate-owned
storesCorporate and
otherThree months ended June 30, 2015:Other income (expense)Three months ended June 30, 2014:Six months ended June 30, 2015:Six months ended June 30, 2014:Number of new store openingsSame store sales dataSame store sales growth:Franchisee-owned stores7.8%11.4%9.6%12.5%0.9%5.3%2.5%5.7%System-wide stores7.3%10.7%9.0%11.8%Number of stores in same store sales base:Total storesNon-GAAP Financial MeasuresInterest expense, net (1)EBITDAPurchase accounting adjustments (2)Management fees (3)IT system upgrade costs (4)Transaction fees (5)IPO-related costs (6)Pre-opening costs (7)Adjusted EBITDAProvision for income taxes, as reportedPurchase accounting adjustments(1)Management fees(2)IT system upgrade costs(3)Transaction fees(4)IPO-related costs(5)Pre-openings costs(6)Purchase accounting amortization(7)Adjusted income before income taxesPro forma income taxes(8)Pro forma adjusted net incomePro forma adjusted net income per share, dilutedPro forma shares outstanding(9)Results of Operations23.7%24.5%22.9%23.1%4.0%4.9%5.1%5.9%27.7%29.4%28.0%29.0%31.6%35.8%31.1%33.4%40.7%34.8%40.9%37.6%100.0%32.0%32.9%31.3%18.6%20.6%19.4%15.6%12.9%17.0%12.2%10.1%13.6%10.4%(0.1%)0.0%1.1%76.2%76.5%78.9%23.8%23.5%21.1%Other income (expense), net:(8.3(8.0(7.3(9.6(0.4(0.5(8.4(7.8(10.115.4%15.1%13.3%13.4%0.5%0.7%0.4%14.9%14.4%12.7%0.1%0.2%0.3%14.8%14.2%12.8%12.4%Six months ended
June 30,Liquidity and Capital ResourcesNet cash provided by (used in):Operating activitiesInvesting activitiesFinancing activitiesEffect of foreign exchange rates on cashNet decrease in cashNew corporate-owned stores and corporate-owned stores not yet openedExisting corporate-owned storesInformation systemsCorporate and all otherTotal capital expendituresContractual Obligations and CommitmentsPayments due during the twelve months ending June 30,2017-20182019-2020Long-term debt (1)Interest on long-term debt (2)Operating leasesCapital leasesAdvertising commitments (3)Purchase obligations (4)Total Contractual ObligationsCERTIFICATION OF PERIODIC REPORT UNDER SECTION 302 OF/s/ Chris RondeauChris RondeauChief Executive Officer(Principal Executive Officer)/s/ Dorvin LivelyDorvin LivelyChief Financial Officer(Principal Financial and Accounting Officer)Planet Fitness INCPK ! }^ docProps/app.xml
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