Planet Fitness, Inc. (NYSE:PLNT) Q2 2022 Results Conference Call August 9, 2022 8:00 AM ET

Company Participants

Stacey Caravella - VP, IR

Chris Rondeau - CEO

Tom Fitzgerald - CFO

Dorvin Lively - President

Conference Call Participants

Randy Konik - Jefferies

John Heinbockel - Guggenheim Partners

Brian Harbour - Morgan Stanley

Max Rakhlenko - Cowen & Company

Sharon Zackfia - William Blair

Jonathan Komp - Baird

John Ivankoe - JP Morgan

Garrett Klingshirn - BMO Capital

Alex Perry - Bank of America

Chris O'Cull - Stifel

Operator

Hello, and welcome to today's Planet Fitness Q2 2022 Quarterly Earnings Call. My name is Jordan, and I'll be coordinating your call today. [Operator Instructions]

I'm now going to hand over to Stacey Caravella, VP of Investor Relations, 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. We also have Dorvin Lively, President of Planet Fitness, here, who will 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 this 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 Q2 earnings call. We continue to be well positioned for disruptive growth. We're adding new members and new stores even with the near-term challenges from lingering COVID impacts due to the broader economy and the current climate around recession and inflation. During the second quarter, we added 300,000 net new members, ending the quarter with 16.5 million, and we grew our store base to more than 2,300 locations with the addition of 34 new stores.

We believe our high-quality affordable fitness experience will resonate now more than ever as Americans are seeking value in feeling the rising costs of everyday items such as food and gas. We also believe that people will begin to prioritize their health and wellness while being more cost conscious, even trading down to Planet from high-priced gyms if they're not using the basketball court, the pool, day care, et cetera.