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Life Time Group Holdings, Inc. (NYSE: LTH) is a premier healthy lifestyle brand that designs, builds, and operates comprehensive, large-scale fitness and wellness centers. These centers, known as athletic country clubs, are located primarily in residential areas of metropolitan cities across the United States and Canada. Life Time offers a multitude of activities and amenities including professional fitness training, family recreation, spas, and resort-like environments catering to individuals and families.
Life Time's commitment to delivering uncompromising quality is evident in its range of services, which are both entertaining and educational. The company aims to meet the health and fitness needs of the entire family in an inviting and innovative manner. With over 170 athletic country clubs, Life Time has established itself as a significant player in the health and wellness industry, attracting more than 1.5 million members.
The company's recent achievements highlight its dynamic growth and innovation. In April 2024, Life Time opened its first dedicated pickleball facility in Chanhassen, Minnesota, featuring eight indoor and seven outdoor courts. This development aligns with their goal to become the premier destination for pickleball in the U.S., boasting over 630 courts across 130 clubs. The formation of the Life Time Pickleball and Tennis Board, led by tennis legend Andre Agassi, aims to elevate the profile of these sports within their communities.
Continuing its expansion in New York, Life Time launched its sixth athletic club, Life Time PENN 1, in April 2024. This 54,000-square-foot luxury club offers the most indoor pickleball courts in New York City and houses exclusive group training programs. Similarly, the newly opened Life Time Atlantic Avenue in Brooklyn provides a rich array of health and wellness offerings, complete with state-of-the-art training facilities and boutique studios.
Financially, Life Time reported a robust first-quarter performance in May 2024, leading to a raised full-year revenue and Adjusted EBITDA guidance. The company also closed a significant $40 million sale-leaseback transaction to support growth and strengthen its balance sheet. These financial maneuvers position Life Time well for continued expansion and operational excellence.
Life Time's vision is not only to provide exceptional health and wellness experiences but also to be an employer that values and develops its team members. The organization offers career growth opportunities across various roles within its clubs, supported by its mission to inspire healthy, happy lives through both physical and digital channels.
As Life Time continues to expand its footprint and enhance its offerings, it remains steadfast in its commitment to promoting a healthy way of life for its members and the broader community.
On March 20, 2023, Life Time (NYSE: LTH) announced its upcoming Ride of a Life Time charity cycling event scheduled for April 29. This initiative aims to combat the decline in children's health by raising $1.5 million to support Children's Miracle Network Hospitals and the Life Time Foundation. Participants can join the event virtually or at one of nearly 160 athletic clubs nationwide. The event has previously raised over $1.6 million since its start in 2021, with last year alone bringing in over $1 million.
Life Time has officially opened its latest location, Life Time Lakeshore-Irvine, in
Spanning 94,000 square feet, this athletic country club is the third in Orange County and is designed to enhance the healthy lifestyle offerings to the local community. The club features six dedicated studios for over 100 weekly fitness classes, personalized training, and wellness services. It also includes a beach club with a pool, a basketball court, and facilities catering to families with children. The opening is expected to create 120 new jobs in the region.
Life Time Group Holdings reported robust financial results for Q4 and FY 2022, showing a marked revenue increase of 31.1% to $472.7 million in Q4 and 38.3% to $1.82 billion for the year. The company attributed this growth to increased memberships and center usage. Net income rose significantly to $13.7 million, compared to a loss of $304.8 million in Q4 2021. Adjusted EBITDA surged by 122.9% to $107 million in Q4. The company plans to open 10 new centers in 2023 and anticipates first-quarter revenue of $505-$510 million, reflecting a 29% increase year-over-year.
Life Time (NYSE: LTH) has launched a 50,000-square-foot luxury athletic country club in Scottsdale, Arizona, enhancing Macerich's redevelopment efforts at Scottsdale Fashion Square. This facility features a rooftop beach club, advanced fitness offerings, and exclusive amenities aimed at promoting a healthy lifestyle. With a total of seven locations in Arizona since entering the market in 2003, Life Time emphasizes high-end experiences in fitness and wellness. The new club includes state-of-the-art equipment, dedicated fitness studios, and a spa, catering to those seeking premium health and wellness options.
Life Time Group Holdings, Inc. (NYSE: LTH) announced the successful closing of a sale-leaseback transaction for $33 million as part of its ongoing strategy to execute $300 million in such transactions in 2023. The latest agreement involves a non-binding letter of intent for an additional $45 million sale-leaseback with an institutional investor, set to conclude by May 2023. The company's efforts are focused on leveraging proceeds from these transactions to foster growth opportunities and enhance its balance sheet.
Life Time (NYSE: LTH) announced its exciting lineup for 2023, featuring over 25 athletic events including cycling, running, and triathlons across 11 states. New additions include the Little Sugar MTB, complementing the Big Sugar Gravel weekend. The Life Time Grand Prix presented by Mazda will showcase seven iconic gravel and mountain bike events, with a total prize purse of $250,000 for competing athletes. Events like the Chicago Half Marathon and Miami Marathon will also see participant engagement rise. These events enhance Life Time's mission to promote healthy living and community involvement.
On February 23, 2023, Life Time Group Holdings (NYSE: LTH) announced its participation in the BofA Securities 2023 Consumer & Retail Conference, scheduled for March 14-15, 2023, at Hotel South Beach, Miami Beach, Florida. Key leaders, including Founder and CEO Bahram Akradi and CFO Bob Houghton, will engage in a fireside chat on March 14 at 3:30 PM ET. Additionally, a tour and dinner will showcase the new Life Time Coral Gables development, featuring a luxury athletic club and premium coworking spaces. Interested investors can reserve spots through the Investor Relations team.
Life Time (NYSE: LTH) has unveiled Manhattan's first permanent indoor pickleball courts at Life Time Sky, a luxury athletic club. Officially opened on February 20, 2023, the facility boasts a 9,500-square-foot space, featuring two pickleball courts and an Alpha training area for strength and metabolic conditioning. Life Time continues its expansion in New York City, aiming to grow its pickleball presence, currently with nearly 500 courts nationwide and plans to exceed 1,000 by the end of 2024. The club provides open court time, classes, and advanced training led by top instructors, enhancing its offerings for health and fitness enthusiasts.
Life Time (NYSE: LTH) is solidifying its position in the growing pickleball market by hosting nine major tournaments in 2023 in partnership with Major League Pickleball and the Professional Pickleball Association. Starting from February 23-26 with the PPA Indoor National Championships in Lakeville, Minn., the events will attract thousands of players and fans across multiple locations, including Charlotte, N.C., and San Clemente, Calif. Life Time has nearly 500 permanent courts and aims to exceed 1,000 by the end of 2024, as it seeks to become the premier destination for pickleball in the U.S.
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