Planet Fitness, Inc. (NYSE:PLNT) Q4 2022 Earnings Conference Call February 23, 2023 8:00 AM ET

Company Participants

Stacey Caravella - Vice President of Investor Relations

Chris Rondeau - Chief Executive Officer

Tom Fitzgerald - Chief Financial Officer

Edward Hymes - President and Chief Operating Officer

Conference Call Participants

Simeon Siegel - BMO Capital Markets

John Heinbockel - Guggenheim

Brian Harbour - Morgan Stanley

Alex Perry - Bank of America

Jonathan Komp - Baird

Joe Altobello - Raymond James

Rahul Krotthapalli - JPMorgan

Ryan Cohen - Jefferies

Linda Bolton Weiser – Davidson

Operator

Ladies and gentlemen, welcome to the Planet Fitness Fourth Quarter Earnings Conference Call. My name is Grant, and I will be the moderator for today's call. [Operator Instructions]

I will now pass the call over to 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 Q4 earnings call. I am proud of how we continue to prove our systems resiliency, strength of our model, our differentiated offering and the passion of our franchisees, all of which positions us to continue to succeed in an environment of increasing consumer prioritization of health wellness.

Closing out 2022, we were very pleased with our record membership growth in the fourth quarter, which created a great momentum coming into Q1 of this year.

Let me start with the two primary drivers behind this record growth. First, we had a new agency structure in place for the entire quarter with one agency handling our national advertising and two agencies partnering with our franchisees on a local level. The fourth quarter was the first time we had access to the ability to leverage our national and local media, as we begin to optimize our marketing based on analytical findings. An example of this is our newly implemented post national sales meeting with all three agencies to analyze results by region and franchise group to share best practices across our system.