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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 34,973 $ 24,769
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 39,380 36,010
Amortization of deferred financing costs 1,346 1,360
Accretion of marketable securities discount (871) 0
Losses from equity-method investments, net of tax 1,200 265
Dividends accrued on held-to-maturity investment (528) (483)
Credit loss on held-to-maturity investment 475 255
Deferred tax expense 11,367 8,082
Gain on re-measurement of tax benefit arrangement liability (362) 0
Loss on disposal of property and equipment 867 0
Equity-based compensation expense 975 2,049
Other (41) (44)
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable 18,084 25,619
Inventory (287) 266
Other assets and other current assets (6,444) 2,010
Restricted assets - national advertising fund (17,945) (13,387)
Accounts payable and accrued expenses (18,530) (19,928)
Other liabilities and other current liabilities (548) 4,907
Income taxes 1,943 2,736
Equipment deposits 3,088 4,408
Deferred revenue 19,519 19,395
Leases 2,071 (379)
Net cash provided by operating activities 89,732 97,910
Cash flows from investing activities:    
Additions to property and equipment (26,311) (22,997)
Purchases of marketable securities (34,922) 0
Maturities of marketable securities 22,589 0
Net cash used in investing activities (38,644) (22,997)
Cash flows from financing activities:    
Proceeds from issuance of Class A common stock 450 6,748
Principal payments on capital lease obligations (36) (56)
Repayment of long-term debt and variable funding notes (5,188) (5,188)
Repurchase and retirement of Class A common stock (20,005) (25,005)
Distributions paid to members of Pla-Fit Holdings (218) (1,106)
Net cash used in financing activities (24,997) (24,607)
Effects of exchange rate changes on cash and cash equivalents (315) 198
Net increase in cash, cash equivalents and restricted cash 25,776 50,504
Cash, cash equivalents and restricted cash, beginning of period 322,121 472,499
Cash, cash equivalents and restricted cash, end of period 347,897 523,003
Supplemental cash flow information:    
Cash paid for interest 20,165 20,373
Net cash paid for (refund received) income taxes 1,013 (1,016)
Non-cash investing activities:    
Non-cash additions to property and equipment included in accounts payable and accrued expenses $ 11,400 $ 11,682