7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 2015-09-30 
      
    		                                         
      cash flows from operating activities:
    		                                         
      net income
    		59,183,000 58,295,000 42,079,000 47,563,000 42,395,000 49,312,000 34,973,000 36,763,000 41,324,000 44,179,000 24,769,000 36,332,000 30,677,000 25,071,000 18,376,000 6,284,000 18,632,000 15,016,000 6,190,000 9,682,000 -3,284,000 -31,985,000 10,383,000 34,255,000 29,692,000 39,827,000 31,639,000 28,778,000 20,472,000 30,419,000 23,493,000 829,000 18,902,000 18,004,000 17,866,000 21,947,000 14,863,000 18,092,000 16,345,000 17,240,000 738,000 
      adjustments to reconcile net income to net cash from operating activities:
    		                                         
      depreciation and amortization
    		39,108,000 38,429,000 38,281,000 40,116,000 41,033,000 39,817,000 39,380,000 39,159,000 37,477,000 36,767,000 36,010,000 33,595,000 32,572,000 32,172,000 25,683,000 16,042,000 16,248,000 15,036,000 15,474,000 14,396,000 13,636,000 13,008,000 12,792,000 12,030,000 11,832,000 10,577,000 9,907,000 9,313,000 8,863,000 8,619,000 8,465,000 7,779,000 8,137,000 7,894,000 7,951,000 8,375,000 7,745,000 7,679,000 7,703,000 7,998,000 7,976,000 
      equity-based compensation expense
    		2,994,000 3,507,000 2,631,000  3,118,000 1,872,000 975,000                                   
      deferred tax expense
    		26,789,000 16,658,000 10,961,000 15,612,000 13,316,000 15,394,000 11,367,000 16,305,000 13,309,000 13,493,000 8,082,000 13,592,000 16,183,000 7,903,000 10,940,000 -11,246,000 5,564,000 4,473,000 2,737,000    4,126,000 5,959,000 6,812,000 6,689,000 2,165,000 4,279,000 6,354,000 8,391,000 4,909,000 351,078,000 6,755,000 9,291,000 5,298,000 4,544,000 4,359,000 5,349,000 1,354,000   
      amortization of deferred financing costs
    		1,336,000 1,325,000 1,314,000 1,378,000 1,350,000 1,288,000 1,346,000 1,378,000 1,383,000 1,371,000 1,360,000 1,385,000 1,374,000 1,386,000 1,369,000 1,593,000 1,598,000 1,584,000 1,571,000 1,610,000 1,614,000 1,600,000 1,587,000 1,440,000 1,350,000 1,308,000 1,356,000 1,359,000 1,068,000 489,000 484,000 496,000 497,000 477,000 465,000 430,000 373,000 370,000 371,000 526,000 384,000 
      loss on extinguishment of debt
    		   0 0          1,583,000             0    0 0         
      accretion of marketable securities discount
    		-272,000 -349,000 -488,000 -649,000 -779,000 -1,008,000 -871,000 -1,049,000 -1,280,000                                 
      losses from equity-method investments, net of tax
    		572,000 628,000 805,000 844,000 782,000 1,216,000 1,200,000                                   
      dividends accrued on held-to-maturity investment
    		-594,000 -578,000 -561,000 -562,000 -553,000 -537,000 -528,000                                   
      credit loss on held-to-maturity investment
    		486,000 4,311,000 292,000   82,000 475,000                                   
      gain on re-measurement of tax benefit arrangement liability
    		-475,000 -1,210,000 -84,000 2,074,000 575,000 -987,000 -362,000                                   
      gain on sale of corporate-owned clubs
    		                                         
      gain on insurance proceeds
    		-1,000 1,000 -1,461,000                                       
      other
    		-360,000 526,000 -316,000 1,142,000 -259,000 438,000 -41,000 -527,000 184,000 88,000 -139,000 196,000 1,000 118,000 -53,000 -21,000 81,000 -93,000 11,000 -401,000 -527,000 -559,000 993,000                   
      changes in operating assets and liabilities, net of acquisitions:
    		                                         
      accounts receivable
    		2,737,000 -33,743,000 38,490,000 -29,016,000 -7,823,000 -17,704,000 18,084,000 -5,325,000 10,867,000 -26,400,000 25,619,000 -11,700,000 -11,361,000 -10,531,000 14,415,000 -16,125,000 4,315,000 -8,422,000 9,428,000 -4,535,000 1,229,000 5,508,000 21,409,000 -13,674,000 314,000 -7,567,000 20,032,000 -12,845,000 -11,359,000 3,644,000 18,637,000 -21,580,000 -443,000 -317,000 11,859,000 -12,652,000 -2,887,000 -1,079,000 8,864,000 -9,244,000 1,478,000 
      inventory
    		-2,635,000 -2,373,000 4,172,000 -1,283,000 343,000 -257,000 -287,000 2,869,000 -690,000 -1,846,000 266,000 -1,041,000 -1,186,000 -1,296,000 -589,000 2,944,000 -2,901,000 -730,000 6,000 1,333,000 971,000 43,000 -1,943,000 1,735,000 -99,000 931,000 1,677,000 1,020,000 -2,949,000 863,000 -1,364,000 -2,143,000 898,000 -116,000 471,000 -1,043,000 134,000 583,000 3,081,000 -1,782,000 -2,008,000 
      other assets and other current assets
    		6,981,000 -6,268,000 868,000 -13,520,000 8,048,000 131,000 -6,444,000 2,651,000 -6,153,000 2,421,000 2,010,000 -4,585,000 7,116,000 -2,161,000 -5,522,000 -1,359,000 3,559,000 2,351,000 3,708,000 8,688,000 4,959,000 -16,073,000 -250,000 1,430,000 4,660,000 -6,640,000 -2,648,000 806,000 8,081,000 -1,768,000 -1,341,000 -568,000 826,000 -1,052,000 -2,187,000 -6,309,000 1,439,000 1,558,000 -4,632,000 -5,157,000 24,000 
      restricted assets - national advertising fund
    		11,636,000 7,647,000 -16,670,000  11,900,000 5,677,000 -17,945,000   3,469,000 -13,387,000  11,031,000 9,765,000 -22,569,000                           
      accounts payable and accrued expenses
    		-5,045,000 15,251,000 -13,934,000 8,494,000 12,120,000 15,228,000 -18,530,000 6,513,000 5,939,000 6,501,000 -19,928,000 7,800,000 -2,572,000 -12,665,000 -7,284,000 21,515,000 9,515,000 7,575,000 -7,677,000 210,000 11,206,000 -28,735,000 6,381,000 6,671,000 7,892,000 -6,191,000 -14,640,000 12,080,000 19,310,000 -126,000 -16,758,000 21,195,000 -2,841,000 7,100,000 -21,244,000 17,600,000 3,759,000 2,271,000 -16,202,000 12,008,000 1,419,000 
      other liabilities and other current liabilities
    		754,000 491,000 -918,000 222,000 -42,000 -151,000 -548,000 -14,961,000 -1,457,000 3,405,000 4,907,000 6,908,000 -497,000 1,190,000 1,035,000 477,000 185,000 151,000 -3,876,000 3,923,000 -1,011,000 1,721,000 -249,000 177,000 -267,000 1,563,000 214,000 34,000 39,000 -2,991,000 83,000 254,000 -691,000 -221,000 188,000 2,777,000 -34,000 -26,000 30,000 42,000 15,000 
      income taxes
    		-366,000 -9,720,000 4,967,000 1,960,000 1,079,000 -4,575,000 1,943,000 2,287,000 -1,472,000 -1,368,000 2,736,000 439,000 -2,175,000 -561,000 625,000 1,750,000 39,000 118,000 295,000 -2,576,000 2,600,000 -3,170,000 -1,315,000 3,184,000 1,060,000 219,000 1,768,000 -834,000 897,000 -1,767,000 1,898,000 -1,565,000 -1,056,000 -716,000 310,000 1,550,000 -1,721,000 -3,508,000 -2,314,000   
      payments pursuant to tax benefit arrangements
    		-38,000   -16,160,000 0                                     
      equipment deposits
    		3,315,000 5,372,000 637,000 -8,488,000 5,203,000 -2,456,000 3,088,000 -9,432,000 1,841,000 -754,000 4,408,000 -23,592,000 9,211,000 9,969,000 6,869,000 -14,864,000 13,411,000 7,309,000 -621,000 -726,000 -2,310,000 -1,562,000 2,386,000 -5,558,000 1,190,000 -5,126,000 4,594,000 -3,540,000 2,447,000 -5,281,000 7,784,000 -1,623,000 561,000 -3,179,000 8,569,000 -1,808,000 -541,000 -734,000 -334,000 -1,911,000 4,693,000 
      deferred revenue
    		-9,908,000 -4,035,000 17,805,000 -6,777,000 -9,101,000 -866,000 19,519,000 -5,486,000 -7,885,000 -2,082,000 19,395,000 -2,102,000 -6,277,000 2,477,000 15,306,000 -1,134,000 -3,836,000 -1,483,000 8,802,000 2,210,000 -8,872,000 -22,172,000 25,992,000 5,349,000 -528,000 2,963,000 3,668,000 2,096,000 1,315,000 2,693,000 3,536,000 2,234,000 -2,784,000 1,299,000 527,000 612,000 -3,496,000 3,323,000 -1,091,000 2,368,000 -2,604,000 
      leases
    		1,713,000 2,598,000 5,001,000 3,640,000 4,300,000 2,767,000 2,071,000 2,819,000 4,317,000 724,000 -379,000 1,633,000 560,000                             
      net cash from operating activities
    		131,467,000 43,967,000 133,927,000 49,131,000 126,794,000 78,216,000 89,732,000 63,334,000 109,590,000 59,420,000 97,910,000 49,781,000 80,163,000 52,253,000 58,010,000 39,799,000 75,224,000 50,743,000 23,523,000 33,253,000 10,869,000 -86,106,000 73,122,000 51,574,000 70,233,000 24,570,000 57,934,000 40,513,000 65,392,000 30,360,000 48,134,000 37,993,000 30,030,000 32,526,000 30,472,000 33,079,000 25,652,000 34,824,000 15,262,000 25,090,000 19,937,000 
      capex
    		-54,776,000 -35,746,000 -23,055,000 -42,093,000 -48,623,000 -38,034,000 -26,311,000 -51,350,000 -39,493,000 -22,146,000 -22,997,000 -34,919,000 -23,715,000 -17,551,000 -23,872,000 -22,283,000 -12,396,000 -13,036,000 -6,359,000 -15,841,000 -15,558,000 -12,051,000 -9,110,000 -20,752,000 -18,213,000 -11,454,000 -7,471,000 -22,259,000 -10,465,000 -6,100,000 -2,036,000 -14,493,000 -9,102,000 -8,791,000 -5,336,000 -6,111,000 -4,779,000 -3,622,000 -865,000 -5,658,000 -5,292,000 
      free cash flows
    		76,691,000 8,221,000 110,872,000 7,038,000 78,171,000 40,182,000 63,421,000 11,984,000 70,097,000 37,274,000 74,913,000 14,862,000 56,448,000 34,702,000 34,138,000 17,516,000 62,828,000 37,707,000 17,164,000 17,412,000 -4,689,000 -98,157,000 64,012,000 30,822,000 52,020,000 13,116,000 50,463,000 18,254,000 54,927,000 24,260,000 46,098,000 23,500,000 20,928,000 23,735,000 25,136,000 26,968,000 20,873,000 31,202,000 14,397,000 19,432,000 14,645,000 
      cash flows from investing activities:
    		                                         
      additions to property and equipment
    		-54,776,000 -35,746,000 -23,055,000 -42,093,000 -48,623,000 -38,034,000 -26,311,000 -51,350,000 -39,493,000 -22,146,000 -22,997,000 -34,919,000 -23,715,000 -17,551,000 -23,872,000 -22,283,000 -12,396,000 -13,036,000 -6,359,000 -15,841,000 -15,558,000 -12,051,000 -9,110,000 -20,752,000 -18,213,000 -11,454,000 -7,471,000 -22,259,000 -10,465,000 -6,100,000 -2,036,000 -14,493,000 -9,102,000 -8,791,000 -5,336,000 -6,111,000 -4,779,000 -3,622,000 -865,000 -5,658,000 -5,292,000 
      insurance proceeds for property and equipment
    		0 0 2,053,000                                       
      payment of deferred consideration for acquired clubs
    		15,000 -60,000 -1,479,000                                       
      proceeds from sale of corporate-owned clubs
    		                                         
      purchases of marketable securities
    		-36,443,000 -39,624,000 -42,334,000 -38,590,000 -42,903,000 -39,008,000 -34,922,000 -48,278,000 -35,393,000                                 
      maturities of marketable securities
    		34,355,000 35,205,000 36,749,000 22,750,000 33,083,000 25,250,000 22,589,000 42,500,000                                  
      issuance of note receivable, related party
    		0                                         
      other investing activity
    		144,000                                         
      net cash from investing activities
    		-35,079,000 -42,863,000 -28,099,000 -60,400,000 -57,875,000 -51,792,000 -38,644,000 -92,076,000 -46,894,000 -178,024,000 -22,997,000 -37,368,000 -2,895,000 -16,597,000 -449,706,000 -24,144,000 -12,378,000 -23,035,000 -31,359,000 -15,841,000 -15,445,000 -12,017,000 -8,975,000 -58,539,000 -18,483,000 -26,222,000 -7,450,000 -22,259,000 -27,652,000 -6,006,000 -30,499,000 -13,979,000 -8,936,000 -8,791,000 -5,336,000 -5,830,000 -4,519,000 -3,500,000 -845,000 -5,407,000 -5,283,000 
      cash flows from financing activities:
    		                                         
      proceeds from issuance of long-term debt
    		   0 0       0 0 0 900,000,000             0            0 0 
      repayment of long-term debt
    		-5,625,000    -3,626,000          -634,250,000 -4,375,000 -4,375,000 -4,375,000 -4,375,000 -4,375,000 -4,375,000 -4,375,000 -4,375,000 -3,000,000 -3,000,000 -3,000,000 -3,000,000 -3,000,000 -705,877,000 -1,796,000 -1,796,000 -1,797,000 -1,796,000 -1,796,000 -1,796,000 -1,796,000 -1,275,000 -1,275,000 -1,275,000 -11,275,000 -1,275,000 
      payment of deferred financing and other debt-related costs
    		   0 0       -225,000 242,000 -2,000 -16,191,000             58,000    0 0       0 0 
      proceeds from issuance of class a common stock
    		301,000 522,000 655,000 4,654,000 7,413,000 9,358,000 450,000 585,000 203,000 1,624,000 6,748,000 146,000 103,000 151,000 525,000 7,270,000 338,000 234,000 344,000 690,000 298,000 1,092,000 491,000   913,000 607,000     308,000 146,000         
      repurchase and retirement of class a common stock
    		-97,941,000 -2,076,000 -50,009,000 0 0 -280,200,000 -20,005,000 0 0 -100,025,000 -25,005,000 -1,000 -50,015,000           -300,221,000    -300,293,000              
      principal payments on capital lease obligations
    		-42,000 -20,000 -31,000 2,000 -28,000 -36,000 -36,000 -41,000 -45,000 -51,000 -56,000 -61,000 -75,000 -80,000 -52,000 -36,000 -42,000 -51,000 -53,000 -47,000 -34,000 -43,000 -41,000 -34,000 -32,000 -15,000 -12,000 -12,000 -12,000 -12,000 -11,000     -9,000 -12,000 -13,000 -12,000 -33,000 -85,000 
      payment of share repurchase excise tax
    		0                                         
      distributions paid to members of pla-fit holdings
    		-190,000 -982,000 -349,000  -1,613,000 -1,514,000 -218,000  -480,000 -2,630,000 -1,106,000                               
      net cash from financing activities
    		-103,497,000 -10,730,000 -55,359,000 -3,448,000 2,146,000 -78,696,000 -24,997,000 -5,031,000 -5,510,000 -106,269,000 -24,607,000 -7,012,000 -55,854,000 -125,626,000 324,217,000 2,779,000 -4,604,000 -4,337,000 -4,084,000 -3,903,000 -4,222,000 -3,443,000 69,418,000 235,188,000 -162,453,000 -4,120,000 -4,267,000 -306,151,000 422,927,000 -3,537,000 -3,319,000 -4,213,000 -6,549,000 -5,617,000 -5,324,000 -52,746,000 -10,807,000 -13,932,000 -7,698,000 -16,693,000 -18,253,000 
      effects of exchange rate changes on cash and cash equivalents
    		342,000 1,310,000 348,000 -2,158,000 723,000 -864,000 -315,000 543,000 -495,000 530,000 198,000 -79,000 -510,000 -425,000 206,000 33,000 -139,000 67,000 53,000 689,000 440,000 806,000 -1,640,000 321,000 -172,000 292,000 250,000 -610,000 195,000 -179,000 -250,000 12,000 201,000 167,000 31,000 -64,000 -36,000 4,000 119,000 -21,000 -88,000 
      net increase in cash, cash equivalents and restricted cash
    		-6,767,000 -8,316,000 50,817,000 -16,875,000   25,776,000    50,504,000 5,322,000 20,904,000   18,467,000 58,103,000 23,438,000 -11,867,000 14,198,000 -8,358,000 -100,760,000 131,925,000 228,544,000 -110,875,000 -5,480,000 46,467,000 -288,507,000              
      cash, cash equivalents and restricted cash, beginning of period
    		0 0 349,674,000 0 0 0 322,121,000 0 0 0 472,499,000 0 0 0 603,941,000 0 0 0 515,800,000 0 0 0 478,795,000 0 0 0 320,139,000 0              
      cash, cash equivalents and restricted cash, end of period
    		-6,767,000 -8,316,000 400,491,000 -16,875,000 71,788,000 -53,136,000 347,897,000 -33,230,000 56,691,000 -224,343,000 523,003,000 5,322,000 20,904,000 -90,395,000 536,668,000 18,467,000 58,103,000 23,438,000 503,933,000 14,198,000 -8,358,000 -100,760,000 610,720,000 228,544,000 -110,875,000 -5,480,000 366,606,000 -288,507,000              
      supplemental cash flow information:
    		                                         
      cash paid for interest
    		24,937,000 25,002,000 25,065,000 37,135,000 12,904,000 20,649,000 20,165,000 20,220,000 20,271,000 20,320,000 20,373,000 20,426,000 20,478,000 23,183,000 16,874,000 18,638,000 18,695,000 18,742,000 18,794,000 18,879,000 19,026,000 18,956,000 18,768,000 13,378,000 13,412,000 13,446,000 13,477,000 18,609,000 3,220,000 8,649,000 8,146,000 7,781,000 7,747,000 8,033,000 7,857,000 7,115,000 5,708,000 5,664,000 5,815,000 6,157,000 6,237,000 
      net cash paid for income taxes
    		1,129,000 17,996,000 289,000 824,000 2,080,000   864,000 1,631,000    1,719,000 1,223,000 130,000  794,000 567,000 322,000  164,000 84,000 2,071,000 940,000 2,531,000 5,051,000 1,479,000 1,239,000 848,000 2,823,000 106,000 -47,000 855,000 1,319,000 1,595,000 -1,081,000 2,150,000 1,635,000 4,336,000 1,729,000 817,000 
      non-cash investing activities:
    		                                         
      non-cash additions to property and equipment included in accounts payable and accrued expenses
    		5,492,000 6,022,000 10,645,000  -199,000 7,245,000 11,400,000                                   
      loss on disposal of property and equipment
    		  56,000  -503,000 36,000 867,000                        650,000           
      other investing activities
    		  -33,000                                       
      repayment of long-term debt and variable funding notes
    		  -5,625,000    -5,188,000 -5,186,000 -5,188,000 -5,187,000 -5,188,000 -5,188,000 -5,187,000                             
      credit gain on held-to-maturity investment
    		   296,000                                      
      (gain) loss on disposal of property and equipment
    		                       -75,000 -30,000                 
      equity-based compensation
    		       1,580,000 1,533,000 2,744,000 2,049,000 1,126,000 1,341,000 2,751,000 2,850,000 2,538,000 2,218,000 2,610,000 1,439,000 1,213,000 1,071,000 1,546,000 947,000 1,261,000 1,286,000 964,000 1,315,000 1,342,000 1,450,000 1,689,000 998,000 731,000 788,000 632,000 380,000 355,000 413,000 384,000 576,000 230,000  
      acquisitions of franchisees
    		                                         
      proceeds from sale of property and equipment and insurance proceeds
    		                                         
      other investments
    		       -18,045,000 -10,000,000                                 
      proceeds from issuance of variable funding notes
    		           0 0 0 75,000,000                           
      distributions to members of pla-fit holdings
    		                                         
      purchases of property and equipment included in accounts payable and accrued expenses
    		                                         
      fair value of clubs exchanged for equity-method investment
    		                                         
      fair value of common stock issued as consideration for acquisition
    		           0 0 0 393,730,000                           
      loss on reacquired franchise rights
    		       0 0   0 0 0 1,160,000             0 10,000 0 350,000           
      acquisition of franchisees, net of cash acquired
    		        0                                 
      proceeds from sale of property and equipment
    		       97,000    0 0   27,000 18,000   0 113,000 34,000 135,000 25,000 30,000 33,000 21,000 0 62,000 94,000 40,000 514,000    281,000 260,000 122,000 20,000 251,000 9,000 
      net decrease in cash, cash equivalents and restricted cash
    		        56,691,000      -67,273,000                           
      net cash paid for (refund received) income taxes
    		      1,013,000                                   
      write-off of deferred financing costs
    		           0 0                             
      (gain) loss on re-measurement of tax benefit arrangement liability
    		                                         
      gain on sale of corporate-owned stores
    		           0                              
      proceeds from sale of corporate-owned stores
    		           0                              
      fair value of stores exchanged for equity-method investment
    		                                         
      dividends accrued on investment
    		        -511,000 -496,000 -483,000 -485,000 -477,000 -463,000 -451,000 -452,000                          
      equity losses of unconsolidated entities, net of tax
    		        242,000 73,000 265,000                               
      gain on adjustment of allowance for credit losses on held-to-maturity investment
    		        -101,000 -160,000 255,000  273,000 265,000 -2,110,000                           
      gain on re-measurement of tax benefit arrangement
    		           -5,450,000 -4,510,000 -83,000 -3,788,000 12,085,000 0 0 -348,000    -502,000 1,328,000 -214,000 1,479,000 3,373,000 5,119,000 0 42,000 -396,000 -316,813,000 0 0 -541,000       
      changes in operating assets and liabilities, excluding effects of acquisitions:
    		                                         
      restricted liabilities (assets) - national advertising fund
    		                                         
      payable pursuant to tax benefit arrangements
    		        0    0                             
      payment of financing and other debt-related costs
    		                                         
      non-cash investing & financing activities:
    		                                         
      non-cash additions to property and equipment
    		        5,532,000 3,376,000 11,682,000 2,370,000 1,958,000 5,138,000 4,470,000 152,000 2,007,000 -3,919,000 7,419,000 -6,457,000 5,530,000 -220,000 2,319,000 -2,010,000 2,941,000 -2,255,000 4,151,000 3,234,000 145,000 1,619,000 453,000 379,000 -506,000 950,000 38,000 2,076,000 -99,000 56,000 170,000 -502,000  
      accrued taxes on share repurchases
    		                                         
      amortization of asset retirement obligations
    		          95,000    17,000  17,000 59,000 -21,000  15,000 26,000 7,000  10,000 -53,000 221,000               
      acquisition of franchises, net of cash acquired
    		            0 894,000 -425,834,000                           
      net (refund received) cash paid for income taxes
    		          -1,016,000                               
      equity (earnings) losses of unconsolidated entities, net of tax
    		                                         
      credit (gain) loss expense on held-to-maturity investment
    		                                         
      investments
    		               0 0 -10,000,000 -25,000,000                       
      dividend equivalent paid to members of pla-fit holdings
    		                                         
      net cash paid (refund received) for income taxes
    		                                         
      distributions to continuing llc members
    		             -1,208,000 -815,000  -525,000    -58,000 0 -1,600,000  -1,757,000 -1,900,000 -1,842,000  -1,866,000 -1,769,000 -1,734,000  -3,716,000 -2,450,000 -3,142,000  -9,599,000 -11,061,000 -6,411,000   
      equity loss of unconsolidated entities, net of tax
    		              238,000                           
      leases and deferred rent
    		              -90,000  337,000 -143,000 126,000  391,000 110,000 774,000  37,000 -43,000 60,000               
      amortization of favorable leases and asset retirement obligations
    		                           95,000 94,000 93,000 93,000 74,000 76,000 90,000 94,000 95,000 99,000 99,000 99,000 98,000 145,000 
      benefit from bad debts
    		               0    -29,000 -17,000 5,000 -33,000 74,000 23,000 -12,000 2,000 11,000 16,000 6,000 -14,000 -63,000 16,000 1,000 27,000 15,000 31,000 6,000 7,000 120,000 1,000 
      credit loss expense on held-to-maturity investment
    		                                         
      gain on disposal of property and equipment
    		               0            -80,000 -5,000   198,000 -34,000   -167,000 -182,000 21,000 -186,000 -197,000 -9,000 
      changes in operating assets and liabilities:
    		                                         
      deferred rent
    		                           -157,000 2,562,000 741,000 853,000 838,000 116,000 139,000 106,000 253,000 97,000 197,000 85,000 172,000 88,000 
      acquisitions of franchises
    		                                         
      purchase of intellectual property
    		                       0                  
      national advertising fund
    		                7,200,000 5,359,000 -13,721,000  11,387,000 2,422,000 -10,363,000   1,404,000 -6,500,000   2,952,000 -4,586,000           
      proceeds from borrowings under variable funding notes
    		                    0 0 75,000,000                   
      dividend equivalent payments
    		                    -53,000 -117,000 -57,000  -91,000 -118,000 -20,000  -743,000 -118,000 -20,000  -1,183,000 -119,000 -20,000       
      amortization and settlement of interest rate caps
    		                                         
      (gain) loss on re-measurement of tax benefit arrangement
    		                   -5,447,000 0                     
      due from related parties
    		                                         
      deferred tax (benefit) expense
    		                    -3,793,000                   6,276,000  
      acquisition of franchises
    		                        0    -17,249,000 0 -28,503,000           
      third party debt refinancing expense
    		                               0 0         
      premiums paid for interest rate caps
    		                               0 0 0 -366,000     0  
      amortization of favorable leases
    		                                         
      amortization of interest rate caps
    		                            724,000 251,000 195,000 203,000 598,000 522,000 432,000 338,000 238,000 146,000 75,000   
      due to and due from related parties
    		                        117,000 -192,000 -269,000  -201,000 3,210,000 165,000  -291,000    963,000     
      exercise of stock options and espp proceeds
    		                                         
      payable to related parties pursuant to tax benefit arrangements
    		                                0    0 -3,894,000 -2,113,000   
      repurchase and retirement of class b common stock
    		                                   0 0     
      dividend paid to holders of class a common stock
    		                                         
      non-cash financing activities:
    		                                         
      non-cash dividend equivalent payments
    		                                         
      exercise of stock options
    		                            706,000 158,000 242,000           
      net increase in cash and cash equivalents
    		                             20,638,000 14,066,000 19,813,000 14,746,000 18,285,000 19,843,000 -25,561,000 10,290,000 17,396,000 6,838,000 2,969,000 -3,687,000 
      cash and cash equivalents, beginning of period
    		                             0 113,080,000 0 0 0 40,393,000 0 0 0 31,430,000 0 0 
      cash and cash equivalents, end of period
    		                             20,638,000 127,146,000 19,813,000 14,746,000 18,285,000 60,236,000 -25,561,000 10,290,000 17,396,000 38,268,000 2,969,000 -3,687,000 
      proceeds from issuance of class a common stock sold in initial public offering, net of underwriting discounts and commissions
    		                                       0  
      use of proceeds from issuance of class a common stock to purchase holdings units
    		                                       0  
      notes receivable and due from related parties
    		                                  -99,000    3,544,000 -322,000 2,574,000 
      payments to related parties pursuant to tax benefit arrangements
    		                                         
      distributions to variable interest entities
    		                                         
      non-cash consideration for acquisition of franchises
    		                                         
      non-cash distributions to members
    		                                         
      exercise of common stock options
    		                                         
      unsettled distributions to members
    		                                         
      gain on decrease in tax benefit arrangement
    		                                         
      net repayments on line of credit
    		                                         
      contributions from variable interest entities
    		                                         
      unrealized gain on interest rate swaps
    		                                         
      state income taxes
    		                                        538,000 
      deferred tax benefit
    		                                         
      changes in operating assets and liabilities, excluding effects of acquisitions and dispositions:
    		                                         
      distributions to members
    		                                         
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.