VNET Group, Inc.
Q1 2022 Earnings Call
May 24, 2022, 9:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Hello, ladies and gentlemen, thank you for standing by for the first quarter 2022 earnings conference call for VNET Group Inc. At this time, all participants are in a listen-only mode. After the management's prepared remarks, there will be a question-and-answer session. Participants from our management will include Mr.
Samuel Shen, chief executive officer and executive chairman of Retail IDC; Mr. Tim Chen, chief financial officer; and Ms. Xinyuan Liu, investor relations director of the company. Please note that today's conference call is being recorded.
I'd now like to turn the conference over to the first speaker today, Ms. Xinyuan Liu. Please go ahead.
Xinyuan Liu -- Investor Relations Director
Thank you, operator. Hello, everyone, and welcome to our first quarter 2022 earnings conference call. Our earnings release was distributed earlier today, and you can find a copy on our IR website, as well as on Newswire services. Please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. For detailed discussions of these risks and uncertainties, please refer to our latest annual report and other documents filed with the SEC. VNET does not undertake any obligation to update any forward-looking statements, except as required under applicable laws.
Please also note that VNET's earnings press release and this conference call includes the disclosure of unaudited GAAP financial measures, as well as unaudited non-GAAP financial measures. VNET's earnings press release contains a reconciliation of the unaudited non-GAAP financial measures to the unaudited GAAP measures. As a reminder, this conference is being recorded. In addition, a webcast of this conference call will also be available on our Investor Relations website at ir.vnet.com.
I will now turn the call over to our CEO, Samuel.
Samuel Shen -- Chief Executive Officer
All right. Thank you, Xinyuan. Good morning, and good evening, everyone. Thank you for joining our first quarter 2022 earnings conference call.
As we continue executing our dual-core growth strategy to grow our reach in retail and wholesale IDC market, we are pleased to report another solid quarter amid a complex macro environment. From a performance standpoint, we got off to a solid start in fiscal 2022, delivering healthy operational and financial growth in the first quarter. Total cabinets under management increased to approximately 79,000 compared with approximately 56,000 at the end of first quarter of last year. Cabinets utilized by customers increased to approximately 43,000 compared with approximately 33,500 in the comparable period last year.