XML 27 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated statements of cash flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net income $ 103,162 $ 55,601 $ 71,247
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 35,260 31,761 31,502
Amortization of deferred financing costs 3,400 1,935 1,544
Amortization of favorable leases and asset retirement obligations 375 334 392
Amortization and settlement of interest rate caps 1,170 1,755 797
Deferred tax expense 23,933 372,422 15,606
Loss (gain) on re-measurement of tax benefit arrangement 4,765 (317,354) 72
Provision for bad debts 19 (19) 59
Loss (gain) on disposal of property and equipment 462 (159) (514)
Loss on extinguishment of debt 4,570 79 606
Third party debt refinancing expense 0 1,021 3,001
Loss on reacquired franchise rights 360 0 0
Equity-based compensation 5,479 2,531 1,728
Changes in operating assets and liabilities:      
Accounts receivable (1,923) (10,481) (7,754)
Due from related parties 3,598 (604) 1,897
Inventory (2,430) (890) 2,755
Other assets and other current assets 5,778 (2,981) (7,944)
Accounts payable and accrued expenses 14,506 4,210 7,428
Other liabilities and other current liabilities (2,835) (470) 2,747
Income taxes 194 (3,027) (5,993)
Payments pursuant to tax benefit arrangements (30,493) (11,446) (6,922)
Equipment deposits 1,410 4,328 (3,417)
Deferred revenue 9,640 1,276 (652)
Deferred rent 3,999 1,199 632
Net cash provided by operating activities 184,399 131,021 108,817
Cash flows from investing activities:      
Additions to property and equipment (40,860) (37,722) (15,377)
Acquisitions of franchises (45,752) 0 0
Proceeds from sale of property and equipment 196 680 683
Net cash used in investing activities (86,416) (37,042) (14,694)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 1,200,000 0 230,000
Proceeds from issuance of Class A common stock 1,209 480 136
Principal payments on capital lease obligations (47) (22) (46)
Repayment of long-term debt (712,469) (7,185) (5,621)
Payment of deferred financing and other debt-related costs (27,133) (1,278) (5,220)
Premiums paid for interest rate caps 0 (366) 0
Dividend paid to holders of Class A common stock 0 0 (169,282)
Dividend equivalent paid to members of Pla-Fit Holdings (957) (1,974) (101,729)
Distributions to members of Pla-Fit Holdings (8,300) (11,358) (31,838)
Net cash provided by (used in) financing activities 109,920 (21,703) (85,183)
Effects of exchange rate changes on cash and cash equivalents (844) 411 23
Net increase in cash, cash equivalents and restricted cash 207,059 72,687 8,963
Cash, cash equivalents and restricted cash, beginning of period 113,080 40,393 31,430
Cash, cash equivalents and restricted cash, end of period 320,139 113,080 40,393
Supplemental cash flow information:      
Net cash paid for income taxes 5,016 3,722 7,040
Cash paid for interest 38,624 31,418 24,302
Non-cash investing activities:      
Non-cash additions to property and equipment 5,451 861 2,203
Non-cash financing activities:      
Non-cash dividend equivalent payments 0 0 3,899
Class A Common Stock      
Cash flows from financing activities:      
Repurchase and retirement of common stock (342,383) 0 0
Class B Common Stock      
Cash flows from financing activities:      
Repurchase and retirement of common stock $ 0 $ 0 $ (1,583)