Planet Fitness, Inc. (NYSE:PLNT) Q1 2023 Earnings Conference Call May 4, 2023 8:00 AM ET
Company Participants
Stacey Caravella - Vice President, Investor Relations
Chris Rondeau - Chief Executive Officer
Tom Fitzgerald - Chief Financial Officer
Edward Hymes - President & Chief Operating Officer
Conference Call Participants
Randy Konik - Jefferies
Simeon Siegel - BMO Capital Markets
Maksim Rakhlenko - Cowen
Chris O'Cull - Stifel
Jonathan Komp - Baird
Rahul Krotthapalli - JPMorgan
John Heinbockel - Guggenheim Partners
Warren Cheng - Evercore ISI
Joe Altobello - Raymond James
Sharon Zackfia - William Blair
Alex Perry - Bank of America
Operator
Ladies and gentlemen, welcome to the Planet Fitness Q1 Quarterly Earnings Call. . My name is Grant, and I will be the operator for today's call. [Operator Instructions]
I will now hand you over to your host, Stacey Caravella to begin. Stacey, please go ahead.
Stacey Caravella
Thank you, operator, and good morning, everyone. Speaking on today's call will be Planet Fitness Chief Executive Officer, Chris Rondeau; and Chief Financial Officer, Tom Fitzgerald. Also joining us is Edward Hymes, President and Chief Operating Officer. They will all be available for questions during the Q&A session following the prepared remarks.
Today's call is being webcast live and recorded for replay. Before I turn the call over to Chris, I'd like to remind everyone that the language on forward-looking statements included in our earnings release also applies to our comments made during the call. Our release can be found on our website, investor.planetfitness.com, along with any reconciliation of non-GAAP financial measures mentioned on the call with their corresponding GAAP measures.
Now, I'll turn the call over to Chris.
Chris Rondeau
Thank you, Stacey, and thank you, everyone, for joining us for the Planet Fitness Q1 earnings call. We have strong start to 2023 as we capitalize on the tailwinds behind the consumer focus on overall health and wellness. We believe we continue to be well-positioned to deliver disruptive growth with our high-quality affordable fitness experience.
I'm going to cover two topics today. First, Q1's member growth and the resiliency of our model in an inflationary or possibly recessionary environment; and then I'll discuss our systems continued recovery from the impacts of COVID-19 pandemic and how it supports our long-term growth opportunity.
Let me address our Q1 membership growth. Our strong momentum from the end of 2022 continued into the first quarter, driving membership to more than 18.1 million, a net increase of more than 1.1 million members. This Q1 was the first time in four years that an all-important first quarter of membership growth was not interrupted by COVID. We kicked off the year with our big fitness energy campaign that addresses the post-workout positive feeling. It featured our Low E Ads that continue to generate great consumer buzz.