Planet Fitness, Inc. (NYSE:PLNT) Q1 2022 Earnings Conference Call May 10, 2022 8:00 AM ET
Company Participants
Stacey Caravella - Investor Relations
Chris Rondeau - Chief Executive Officer
Tom Fitzgerald - Chief Financial Officer
Conference Call Participants
Randy Konik - Jefferies
Brian Harbour - Morgan Stanley
Max Rakhlenko - Cowen and Company
Sharon Zackfia - William Blair
Simeon Siegel - BMO Capital Markets
John Ivankoe - JPMorgan
Jonathan Komp - Baird
John Heinbockel - Guggenheim
Warren Cheng - Evercore
Patrick Johnson - Stifel
Martin Mitela - Raymond James
Operator
Hello everyone, and welcome to the Planet Fitness Q1 2022 Quarterly Earnings Call. My name is [Seth] [ph], and I will be the operator for your call today. [Operator Instructions] I will now hand the floor over to Stacey Caravella to begin, 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 would 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 will turn the call over to Chris.
Chris Rondeau
Thank you, Stacey, and thank you, everyone, for joining us for Planet Fitness’ Q1 earnings call. We remain extremely bullish on the long-term growth opportunities for our brand in business for many reasons, led by the tailwinds behind health and wellness in our appeal millennials and Gen Z’s.
Despite continuing to operate in a fluid environment, we set an all-time record high member count, ended the first quarter with 16.21 million numbers. We also added 37 new stores, a nearly 30% increase over Q1 2021, bringing our total worldwide club count to 2,291 locations.
Like many businesses, we were impacted by the ups and downs of consumer sentiment around COVID-19 during the first quarter. The Omicron variant led to a softness in our January join trend, compared to pre-pandemic levels. This was not surprising given that the. US Census Bureau estimated that approximately 14 million Americans were directly or indirectly impacted by the virus at some point during the month.