Company Quick10K Filing
Quick10K
Planet Fitness
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
8-K 2019-08-06 Earnings, Exhibits
8-K 2019-05-28 Officers
8-K 2019-05-20 Officers
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-04-29 Shareholder Vote
8-K 2019-02-26 Earnings, Exhibits
8-K 2018-11-13 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-11-06 Earnings, Exhibits
8-K 2018-08-09 Earnings, Exhibits
8-K 2018-08-01 Enter Agreement, Leave Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-07-19 Enter Agreement, Other Events, Exhibits
8-K 2018-07-09 Other Events, Exhibits
8-K 2018-05-08 Earnings, Exhibits
8-K 2018-05-02 Shareholder Vote
8-K 2018-04-03 Officers
8-K 2018-02-22 Earnings, Exhibits
LVS Las Vegas Sands 41,956
MAR Marriott 41,867
WH Wyndham Hotels & Resorts 4,874
PK Park Hotels & Resorts 4,675
ERI Eldorado Resorts 2,952
RRR Red Rock Resorts 2,519
PENN Penn National Gaming 2,145
EAGL Platinum Eagle Acquisition 1,031
MCRI Monarch Casino & Resort 801
SHO Sears 295
PLNT 2019-06-30
Part I-Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosure About Market Risk
Item 4. Controls and Procedures
Part Ii-Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits
EX-10.1 consultingagreement-ch.htm
EX-31.1 plntex311q22019.htm
EX-31.2 plntex312q22019.htm
EX-32.1 plntex321q22019.htm
EX-32.2 plntex322q22019.htm

Planet Fitness Earnings 2019-06-30

PLNT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________to ______________
Commission file number: 001-37534
PLANET FITNESS, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
 
38-3942097
(State or Other Jurisdiction of Incorporation or Organization)
 
(I.R.S. Employer Identification No.)
4 Liberty Lane West, Hampton, NH 03842
(Address of Principal Executive Offices and Zip Code)
(603) 750-0001
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act: 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A common stock, $0.0001 Par Value
PLNT
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes       No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes       No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
  
Accelerated filer
 
 
 
 
 
Non-accelerated filer
 
  
Smaller reporting company
 
 
 
 
 
 
 
 
Emerging growth company
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes      No  
As of August 1, 2019 there were 84,011,831 shares of the Registrant’s Class A Common Stock, par value $0.0001 per share, outstanding and 8,581,920 shares of the Registrant’s Class B Common Stock, par value $0.0001 per share, outstanding.



PLANET FITNESS, INC.
TABLE OF CONTENTS
  
 
 
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

2


Cautionary Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q, as well as information included in oral statements or other written statements made or to be made by us, contain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, and other future conditions. Forward-looking statements can be identified by words such as “anticipate,” “believe,” “envision,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” “ongoing,” “contemplate” and other similar expressions, although not all forward-looking statements contain these identifying words. Examples of forward-looking statements include, among others, statements we make regarding:
future financial position;
business strategy;
budgets, projected costs and plans;
future industry growth;
financing sources;
potential return of capital initiatives;
the impact of litigation, government inquiries and investigations; and
all other statements regarding our intent, plans, beliefs or expectations or those of our directors or officers.
We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Important factors that could cause actual results and events to differ materially from those indicated in the forward-looking statements include, among others, the following:
our dependence on the operational and financial results of, and our relationships with, our franchisees and the success of their new and existing stores;
risks relating to damage to our brand and reputation;
our ability to successfully implement our growth strategy;
technical, operational and regulatory risks related to our third-party providers’ systems and our own information systems;
our and our franchisees’ ability to attract and retain members;
the high level of competition in the health club industry generally;
our reliance on a limited number of vendors, suppliers and other third-party service providers;
our substantial increased indebtedness as a result of our refinancing and securitization transactions and our ability to incur additional indebtedness or refinance that indebtedness in the future;
our future financial performance and our ability to pay principal and interest on our indebtedness;
risks relating to our corporate structure and tax receivable agreements; and
the other factors identified under the heading “Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2018 filed with the Securities and Exchange Commission on March 1, 2019.
The forward-looking statements in this Quarterly Report on Form 10-Q represent our views as of the date of this Report. We undertake no obligation to publicly update any forward-looking statements whether as a result of new information, future developments or otherwise.

3

Table of Contents

PART I-FINANCIAL INFORMATION
1. Financial Statements
Planet Fitness, Inc. and subsidiaries
Condensed consolidated balance sheets
(Unaudited)
(Amounts in thousands, except per share amounts) 
 
 
June 30,
 
December 31,
 
 
2019
 
2018
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
330,550

 
$
289,431

Restricted cash
 
30,576

 
30,708

Accounts receivable, net of allowance for bad debts of $54 and $84 at June 30, 2019 and
December 31, 2018, respectively
 
26,566

 
38,960

Inventory
 
2,513

 
5,122

Restricted assets – national advertising fund
 
5,208

 

Prepaid expenses
 
10,068

 
4,947

Other receivables
 
12,866

 
12,548

Other current assets
 
5,776

 
6,824

Total current assets
 
424,123

 
388,540

Property and equipment, net of accumulated depreciation of $64,839, as of June 30, 2019 and
$53,086 as of December 31, 2018
 
118,517

 
114,367

Right-of-use assets, net
 
115,390

 

Intangible assets, net
 
231,425

 
234,330

Goodwill
 
206,752

 
199,513

Deferred income taxes
 
425,647

 
414,841

Other assets, net
 
1,613

 
1,825

Total assets
 
$
1,523,467

 
$
1,353,416

Liabilities and stockholders' deficit
 
 
 
 
Current liabilities:
 
 
 
 
Current maturities of long-term debt
 
$
12,000

 
$
12,000

Accounts payable
 
16,277

 
30,428

Accrued expenses
 
22,558

 
32,384

Equipment deposits
 
7,376

 
7,908

Restricted liabilities – national advertising fund
 
112

 

Deferred revenue, current
 
27,076

 
23,488

Payable pursuant to tax benefit arrangements, current
 
25,506

 
24,765

Other current liabilities
 
14,519

 
430

Total current liabilities
 
125,424

 
131,403

Long-term debt, net of current maturities
 
1,156,792

 
1,160,127

Deferred rent, net of current portion
 

 
10,083

Lease liabilities, net of current portion
 
113,748

 

Deferred revenue, net of current portion
 
29,648

 
26,374

Deferred tax liabilities
 
1,874

 
2,303

Payable pursuant to tax benefit arrangements, net of current portion
 
408,099

 
404,468

Other liabilities
 
2,254

 
1,447

Total noncurrent liabilities
 
1,712,415

 
1,604,802

Commitments and contingencies (Note 12)
 

 

Stockholders' equity (deficit):
 
 
 
 
Class A common stock, $.0001 par value - 300,000 authorized, 83,995 and 83,584 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively
 
8

 
9

Class B common stock, $.0001 par value - 100,000 authorized, 8,582 and 9,448 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively
 
1

 
1

Accumulated other comprehensive income
 
251

 
94

Additional paid in capital
 
24,495

 
19,732

Accumulated deficit
 
(333,870
)
 
(394,410
)
Total stockholders' deficit attributable to Planet Fitness Inc.
 
(309,115
)
 
(374,574
)
Non-controlling interests
 
(5,257
)
 
(8,215
)
Total stockholders' deficit
 
(314,372
)
 
(382,789
)
Total liabilities and stockholders' deficit
 
$
1,523,467

 
$
1,353,416


 See accompanying notes to condensed consolidated financial statements

4

Table of Contents

Planet Fitness, Inc. and subsidiaries
Condensed consolidated statements of operations
(Unaudited)
(Amounts in thousands, except per share amounts)
 
 
 
For the three months ended
June 30,
 
For the six months ended
June 30,
 
 
2019
 
2018
 
2019
 
2018
Revenue:
 
 

 
 

 
 
 
 
Franchise
 
$
58,225

 
$
45,417

 
$
111,181

 
$
87,579

Commission income
 
1,065

 
1,575

 
2,059

 
3,563

National advertising fund revenue
 
12,522

 
11,158

 
24,334

 
21,620

Corporate-owned stores
 
39,695

 
34,252

 
77,739

 
66,959

Equipment
 
70,154

 
48,148

 
115,165

 
82,161

Total revenue
 
181,661

 
140,550

 
330,478

 
261,882

Operating costs and expenses:
 
 
 
 
 
 
 
 
Cost of revenue
 
54,391

 
36,744

 
88,877

 
63,244

Store operations
 
20,163

 
18,047

 
41,068

 
36,403

Selling, general and administrative
 
18,864

 
17,210

 
37,018

 
34,831

National advertising fund expense
 
12,522

 
11,158

 
24,334

 
21,620

Depreciation and amortization
 
10,577

 
8,619

 
20,484

 
17,084

Other (gain) loss
 
(122
)
 
(39
)
 
246

 
971

Total operating costs and expenses
 
116,395

 
91,739

 
212,027

 
174,153

Income from operations
 
65,266

 
48,811

 
118,451

 
87,729

Other expense, net:
 
 
 
 
 
 
 
 
Interest income
 
1,979

 
418

 
3,777

 
455

Interest expense
 
(14,636
)
 
(9,046
)
 
(29,385
)
 
(17,816
)
Other expense
 
(1,444
)
 
(502
)
 
(4,762
)
 
(310
)
Total other expense, net
 
(14,101
)
 
(9,130
)
 
(30,370
)
 
(17,671
)
Income before income taxes
 
51,165

 
39,681

 
88,081

 
70,058

Provision for income taxes
 
11,338

 
9,263

 
16,615

 
16,146

Net income
 
39,827

 
30,418

 
71,466

 
53,912

Less net income attributable to non-controlling interests
 
4,983

 
4,544

 
9,213

 
8,157

Net income attributable to Planet Fitness, Inc.
 
$
34,844

 
$
25,874

 
62,253

 
$
45,755

Net income per share of Class A common stock:
 
 
 
 
 
 
 
 
Basic
 
$
0.41

 
$
0.30

 
$
0.74

 
$
0.52

Diluted
 
$
0.41

 
$
0.29

 
$
0.74

 
$
0.52

Weighted-average shares of Class A common stock outstanding:
 
 
 
 
 
 
 
 
Basic
 
84,143

 
87,693

 
83,975

 
87,565

Diluted
 
84,835

 
88,105

 
84,639

 
87,931

 
See accompanying notes to condensed consolidated financial statements.

5

Table of Contents

Planet Fitness, Inc. and subsidiaries
Condensed consolidated statements of comprehensive income (loss)
(Unaudited)
(Amounts in thousands)
 
 
 
For the three months ended
June 30,
 
For the six months ended
June 30,
 
 
2019
 
2018
 
2019
 
2018
Net income including non-controlling interests
 
$
39,827

 
$
30,418

 
$
71,466

 
$
53,912

Other comprehensive income (loss), net:
 
 
 
 
 
 
 
 
Unrealized gain on interest rate caps, net of tax
 

 
17

 

 
383

Foreign currency translation adjustments
 
103

 
(34
)
 
157

 
(63
)
Total other comprehensive income, net
 
103

 
(17
)
 
157

 
320

Total comprehensive income including non-controlling
   interests
 
39,930

 
30,401

 
71,623

 
54,232

Less: total comprehensive income attributable to non-controlling interests
 
4,983

 
4,543

 
9,213

 
8,214

Total comprehensive income attributable to Planet
   Fitness, Inc.
 
$
34,947

 
$
25,858

 
$
62,410

 
$
46,018

 
See accompanying notes to condensed consolidated financial statements.

6

Table of Contents

Planet Fitness, Inc. and subsidiaries
Condensed consolidated statements of cash flows
(Unaudited)
(Amounts in thousands)
 
 
For the six months ended June 30,
 
 
2019
 
2018
Cash flows from operating activities:
 
 

 
 

Net income
 
$
71,466

 
$
53,912

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
20,484

 
17,084

Amortization of deferred financing costs
 
2,664

 
973

Amortization of favorable leases
 

 
186

Amortization of asset retirement obligations
 
168

 

Amortization of interest rate caps
 

 
446

Deferred tax expense
 
8,854

 
13,300

Loss (gain) on re-measurement of tax benefit arrangement
 
4,852

 
(354
)
Provision for bad debts
 
(10
)
 
(8
)
Loss on reacquired franchise rights
 

 
350

(Gain) loss on disposal of property and equipment
 
(54
)
 
547

Equity-based compensation
 
2,279

 
2,687

Changes in operating assets and liabilities, excluding effects of acquisitions:
 
 
 
 
Accounts receivable
 
12,465

 
22,281

Due to and due from related parties
 
(461
)
 
3,375

Inventory
 
2,608

 
(501
)
Other assets and other current assets
 
(9,288
)
 
(3,109
)
National advertising fund
 
(5,096
)
 
(1,634
)
Accounts payable and accrued expenses
 
(20,831
)
 
(16,884
)
Other liabilities and other current liabilities
 
1,777

 
(2,908
)
Income taxes
 
1,987

 
131

Payable to related parties pursuant to tax benefit arrangements
 
(17,476
)
 
(21,706
)
Equipment deposits
 
(532
)
 
2,503

Deferred revenue
 
6,631

 
6,229

Leases and deferred rent
 
17

 
1,594

Net cash provided by operating activities
 
82,504

 
78,494

Cash flows from investing activities:
 
 
 
 
Additions to property and equipment
 
(18,925
)
 
(8,136
)
Acquisition of franchises
 
(14,801
)
 
(28,503
)
Proceeds from sale of property and equipment
 
54

 
134

Net cash used in investing activities
 
(33,672
)
 
(36,505
)
Cash flows from financing activities:
 
 
 
 
Principal payments on capital lease obligations
 
(27
)
 
(23
)
Repayment of long-term debt
 
(6,000
)
 
(3,592
)
Proceeds from issuance of Class A common stock
 
1,520

 
400

Dividend equivalent payments
 
(138
)
 
(138
)
Distributions to Continuing LLC Members
 
(3,742
)
 
(3,503
)
Net cash used in financing activities
 
(8,387
)
 
(6,856
)
Effects of exchange rate changes on cash and cash equivalents
 
542

 
(429
)
Net increase in cash, cash equivalents and restricted cash
 
40,987

 
34,704

Cash, cash equivalents and restricted cash, beginning of period
 
320,139

 
113,080

Cash, cash equivalents and restricted cash, end of period
 
$
361,126

 
$
147,784

Supplemental cash flow information:
 
 
 
 
Net cash paid for income taxes
 
$
6,530

 
$
2,929

Cash paid for interest
 
$
26,923

 
$
16,795

Non-cash investing activities:
 
 
 
 
Non-cash additions to property and equipment
 
$
1,896

 
$
2,072

 See accompanying notes to condensed consolidated financial statements.

7

Table of Contents

Planet Fitness, Inc. and subsidiaries
Condensed consolidated statements of changes in equity (deficit)
(Unaudited)
(Amounts in thousands) 
 
 
 
Class A
common stock
 
Class B
common stock
 
Accumulated
other
comprehensive
(loss) income
 
Additional paid-
in capital
 
Accumulated
deficit
 
Non-controlling
interests
 
Total (deficit)
equity
 
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
Balance at March 31, 2019
 
84,463

 
$
9

 
8,589

 
$
1

 
$
148

 
$
22,576

 
$
(368,714
)
 
$
(8,062
)
 
$
(354,042
)
Net income
 

 

 

 

 

 

 
34,844

 
4,983

 
39,827

Equity-based compensation expense
 

 

 

 

 

 
964

 

 

 
964

Exchanges of Class B common stock
 
7

 

 
(7
)
 

 

 

 

 

 

Exercise of stock options, vesting of restricted share units and ESPP share purchase
 
49

 

 

 

 

 
704

 

 

 
704

Repurchase and retirement of Class A common stock
 
(524
)
 
(1
)
 

 

 

 
64

 

 
(64
)
 
(1
)
Tax benefit arrangement liability and deferred taxes arising from exchanges of Class B common stock
 

 

 

 

 

 
187

 

 

 
187

Non-cash adjustments to VIEs
 

 

 

 

 

 

 

 
(214
)
 
(214
)
Distributions paid to members of Pla-Fit Holdings
 

 

 

 

 

 

 

 
(1,900
)
 
(1,900
)
Other comprehensive income
 

 

 

 

 
103

 

 

 

 
103

Balance at June 30, 2019
 
83,995

 
$
8

 
8,582

 
$
1

 
$
251

 
$
24,495

 
$
(333,870
)
 
$
(5,257
)
 
$
(314,372
)

 
 
Class A
common stock
 
Class B
common stock
 
Accumulated
other
comprehensive
(loss) income
 
Additional paid-
in capital
 
Accumulated
deficit
 
Non-controlling
interests
 
Total (deficit)
equity
 
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
Balance at March 31, 2018
 
87,505

 
$
9

 
10,893

 
$
1

 
$
(370
)
 
$
13,011

 
$
(120,245
)
 
$
(14,840
)
 
$
(122,434
)
Net income
 

 

 

 

 

 

 
25,874

 
4,544

 
30,418

Equity-based compensation expense
 

 

 

 

 

 
1,692

 
(3
)
 

 
1,689

Exchanges of Class B common stock
 
413

 

 
(413
)
 

 
1

 
(798
)
 

 
797

 

Retirement of Class B common stock
 

 

 
(9
)
 

 

 

 

 

 

Exercise of stock options and vesting of restricted share units
 
14

 

 

 

 

 
158

 

 

 
158

Tax benefit arrangement liability and deferred taxes arising from exchanges of Class B common stock
 

 

 

 

 

 
681

 

 

 
681

Forfeiture of dividend equivalents
 

 

 

 

 

 

 
26

 

 
26

Distributions paid to members of Pla-Fit Holdings
 

 

 

 

 

 

 

 
(1,769
)
 
(1,769
)
Other comprehensive income
 

 

 

 

 
(16
)
 

 

 
(1
)
 
(17
)
Balance at June 30, 2018
 
87,932

 
$
9

 
10,471

 
$
1

 
$
(385
)
 
$
14,744

 
$
(94,348
)
 
$
(11,269
)
 
$
(91,248
)




8

Table of Contents

Planet Fitness, Inc. and subsidiaries
Condensed consolidated statements of changes in equity (deficit)
(Unaudited)
(Amounts in thousands) 
 
 
Class A
common stock
 
Class B
common stock
 
Accumulated
other
comprehensive
(loss) income
 
Additional paid-
in capital
 
Accumulated
deficit
 
Non-controlling
interests
 
Total (deficit)
equity
 
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
Balance at December 31, 2018
 
83,584

 
$
9

 
9,448

 
$
1

 
$
94

 
$
19,732

 
$
(394,410
)
 
$
(8,215
)
 
$
(382,789
)
Net income
 

 

 

 

 

 

 
62,253

 
9,213

 
71,466

Equity-based compensation expense
 

 

 

 

 

 
2,279

 

 

 
2,279

Exchanges of Class B common stock
 
866

 

 
(866
)
 

 

 
(1,172
)
 

 
1,172

 

Exercise of stock options, vesting of restricted share units and ESPP share purchase
 
69

 

 

 

 

 
1,209

 

 

 
1,209

Repurchase and retirement of Class A common stock
 
(524
)
 
(1
)
 

 

 

 
64

 

 
(64
)
 
(1
)
Tax benefit arrangement liability and deferred taxes arising from exchanges of Class B common stock
 

 

 

 

 

 
2,383

 

 

 
2,383

Non-cash adjustments to VIEs
 

 

 

 

 

 

 

 
(3,621
)
 
(3,621
)
Distributions paid to members of Pla-Fit Holdings
 

 

 

 

 

 

 

 
(3,742
)
 
(3,742
)
Cumulative effect adjustment, net of tax (Note 16)
 

 

 

 

 

 

 
(1,713
)
 

 
(1,713
)
Other comprehensive income
 

 

 

 

 
157

 

 

 

 
157

Balance at June 30, 2019
 
83,995

 
$
8

 
8,582

 
$
1

 
$
251

 
$
24,495

 
$
(333,870
)
 
$
(5,257
)
 
$
(314,372
)
 
 
 
Class A
common stock
 
Class B
common stock
 
Accumulated
other
comprehensive
(loss) income
 
Additional paid-
in capital
 
Accumulated
deficit
 
Non-controlling
interests
 
Total (deficit)
equity
 
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
Balance at December 31, 2017
 
87,188

 
$
9

 
11,193

 
$
1

 
$
(648
)
 
$
12,118

 
$
(130,966
)
 
$
(17,451
)
 
$
(136,937
)
Net income
 

 

 

 

 

 

 
45,755

 
8,157

 
53,912

Equity-based compensation expense
 

 

 

 

 

 
2,690

 
(3
)
 

 
2,687

Exchanges of Class B common stock
 
713

 

 
(713
)
 

 

 
(1,471
)
 

 
1,471

 

Retirement of Class B common stock
 

 

 
(9
)
 

 

 

 

 

 

Exercise of stock options and vesting of restricted share units
 
31

 

 

 

 

 
400

 

 

 
400