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Life Time Reports Fourth Quarter and Full-Year Fiscal 2023 Financial Results

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PR Newswire

CHANHASSEN, Minn., Feb. 28, 2024

Total revenue increased 18.2% to $558.8 million for the fourth quarter and 21.6% to $2,216.6 million for the year
Net income increased to $23.7 million for the fourth quarter and $76.1 million for the year
Adjusted net income increased to $38.0 million for the fourth quarter and $129.7 million for the year
Adjusted EBITDA increased 28.7% to $137.7 million for the fourth quarter and 90.6% to $536.8 million for the year
Diluted EPS increased to $0.12 for the fourth quarter and $0.37 for the year
Adjusted diluted EPS increased to $0.19 for the fourth quarter and $0.64 for the year

CHANHASSEN, Minn., Feb. 28, 2024 /PRNewswire/ -- Life Time Group Holdings, Inc. ("Life Time," "we," "our," "us," or the "Company") (NYSE: LTH) today announced its financial results for the fiscal fourth quarter and full-year ended December 31, 2023.

Bahram Akradi, Founder, Chairman and CEO, stated: "I am thrilled to report that we achieved our operating and strategic objectives and exceeded our financial goals in 2023. We set record levels of revenue and adjusted EBITDA, improved our balance sheet, and further reduced our net debt leverage ratio. We also increased member engagement through our strategic programming initiatives, as highlighted by the increase to 135 average visits per membership compared to 124 in 2022 and, most notably, 108 in 2019 before the pandemic. The increase is a clear indication that our members are more engaged with higher retention as a key outcome. We are off to a great start in 2024 and expect to build on our progress and success this year by executing our plan to be free cash flow positive after all capital expenditures beginning in the second quarter, further improving our balance sheet, reducing our net debt leverage ratio, and continuing to grow our revenue and adjusted EBITDA."

Financial Summary

Three Months Ended

Year Ended

($ in millions, except memberships and per membership data)

ARIVA.DE Börsen-Geflüster

Kurse

Life Time Group Holdings Inc

14,15 $

+0,28%

December 31,

2023

2022

Percent
Change

2023

2022

Percent
Change

Total revenue

$558.8

$472.7

18.2 %

$2,216.6

$1,822.6

21.6 %

Center operations expenses

$288.3

$253.8

13.6 %

$1,184.4

$1,068.2

10.9 %

Rent

$71.9

$66.1

8.8 %

$275.1

$245.2

12.2 %

General, administrative and marketing expenses ⁽¹⁾

$54.1

$38.3

41.3 %

$201.1

$214.0

(6.0) %

Net income (loss)

$23.7

$13.7

73.0 %

$76.1

$(1.8)

Adjusted net income (loss)

$38.0

$17.6

115.9 %

$129.7

$(41.6)

Adjusted EBITDA

$137.7

$107.0

28.7 %

$536.8

$281.7

90.6 %

Comparable center revenue

11.7 %

26.0 %

15.3 %

33.0 %

Center memberships, end of period

763,216

725,206

5.2 %

763,216

725,206

5.2 %

Average center revenue per center membership

$711

$640

11.1 %

$2,810

$2,528

11.2 %


NM - Not meaningful

(1)	The three months ended December 31, 2023 and 2022 included non-cash share-based compensation expense of $11.9 million and $3.4 million, respectively. The years ended December 31, 2023 and 2022 included non-cash share-based compensation expense of $44.8 million and $33.5 million, respectively.

Fourth Quarter 2023 Information

Revenue increased 18.2% to $558.8 million due to continued strong growth in membership dues and in-center revenue.
Center memberships increased by 38,010, or 5.2%, when compared to December 31, 2022, and decreased sequentially from September 30, 2023 by 21,115, consistent with typical seasonality.
Total subscriptions, which include center memberships and our digital on-hold memberships, increased 4.9% from December 31, 2022 to 814,936.
Center operations expenses increased 13.6% to $288.3 million primarily due to increased operating costs related to our new and ramping centers as well as growth in memberships and in-center business revenue.
General, administrative and marketing expenses increased 41.3% to $54.1 million primarily due to higher share-based compensation expense in the current period and lower incentive compensation expenses last year as we did not meet our threshold performance under our short-term and long-term incentive programs in 2022.
Net income increased $10.0 million to $23.7 million, primarily due to improved business performance in the current period, partially offset by higher share-based compensation expense.
Adjusted net income increased $20.4 million to $38.0 million.
Adjusted net income and Adjusted EBITDA improved significantly as we experienced greater flow through of our increased revenue and benefited from the structural improvements to our business that have improved our margins.

Full-Year 2023 Information

Revenue increased 21.6% to $2,216.6 million due to continued strong growth in membership dues and in-center revenue.
Center operations expenses increased 10.9% to $1,184.4 million primarily due to increased operating costs related to our new and ramping centers as well as growth in memberships and in-center business revenue.
General, administrative and marketing expenses decreased 6.0% to $201.1 million primarily due to reduced center support overhead and advertising and marketing expenses.
Net income increased $77.9 million to $76.1 million primarily due to improved business performance in the current year, partially offset by a $66.9 million tax-effected gain on sale-leaseback transactions in the prior year, higher share-based compensation in the current year, and a $10.9 million tax-effected loss from sale-leasebacks in the current year.
Adjusted net income increased $171.3 million to $129.7 million.
Adjusted net income and Adjusted EBITDA improved significantly for the same reasons identified for the quarter.

New Center Openings

The Company opened one new center in the fourth quarter of 2023 and a total of 11 centers for the year.
As of December 31, 2023, Life Time operated a total of 171 centers.

Cash Flow Highlights

Three Months Ended

Year Ended

($ in millions)

December 31,

2023

2022

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