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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.
Life Time (NYSE: LTH) is hosting a national livestream pickleball event featuring tennis icon Andre Agassi on Monday, Aug. 19 at 6:30pm ET. The event, taking place at Life Time PENN 1 in New York City, will be accessible to everyone via the complimentary Life Time digital app. This marks the company's first livestreamed pickleball event, with more planned for the future.
The exhibition play will include top-rated pros and celebrities, all mic'd up for an engaging experience. Life Time Founder, Chairman and CEO Bahram Akradi will debut the new LT – The Ultimate Pickleball, and JOOLA will make a significant announcement. The event highlights Life Time's commitment to expanding digital offerings and promoting racquet sports, including Agassi's role as chair of the Life Time Pickleball and Tennis Board.
Life Time Group Holdings (NYSE: LTH) has priced its public offering of 12,000,000 shares of common stock at $21.75 per share. The offering includes shares from both the company and existing stockholders. Underwriters have a 30-day option to purchase an additional 1,800,000 shares from selling stockholders. The offering is expected to close on August 14, 2024.
Life Time plans to use the net proceeds for general corporate purposes, including potential debt repayment. Morgan Stanley and BofA Securities are lead book-running managers, with several other firms involved in various capacities. The offering is made pursuant to a shelf registration statement filed with the SEC.
Life Time Group Holdings (NYSE: LTH) has announced a public offering of 12,000,000 shares of common stock. The company will offer 6,000,000 shares, while existing stockholders will sell an additional 6,000,000 shares. Underwriters have a 30-day option to purchase up to 1,800,000 extra shares from the selling stockholders. Life Time plans to use the net proceeds for general corporate purposes, including potential debt repayment.
Morgan Stanley and BofA Securities are leading the offering as book-running managers, with Deutsche Bank Securities and Wells Fargo Securities also acting as active book-runners. The offering is subject to market conditions and there's no guarantee of its completion or final terms.
Life Time, a leader in the rapidly growing sport of pickleball, has filed a patent for The Ultimate Pickleball. Designed by Life Time Founder, CEO, and Chairman Bahram Akradi, this new ball aims to address issues of inconsistent speed, bounce, and durability in existing pickleballs. The patent-pending ball will be unveiled on August 19 at Life Time's PENN 1 in New York City, featuring tennis legend Andre Agassi.
The Ultimate Pickleball will debut exclusively in Life Time clubs and be used in all Pickleball Classic tournaments. Later, it will be available for sale at Life Time's racquet sports pro shops and online. Life Time continues to expand its pickleball offerings, with over 700 permanent courts across its locations and partnerships with major leagues like MLP and PPA.
Life Time (NYSE: LTH) has expanded its presence in Texas with the opening of Life Time Westlake on August 3, 2024. This marks the company's 13th location in the Dallas-Fort Worth area and 33rd in Texas. The new 112,000-square-foot, two-story athletic country club offers a wide range of amenities, including:
- Indoor and outdoor pools with a beach club
- Seven pickleball courts
- Expansive workout spaces
- Kids Academy
- LifeCafe restaurant
- LifeSpa for body treatments
The club features state-of-the-art fitness equipment, personal training services, and over 100 group fitness classes. Life Time Westlake is open daily, with extended hours on weekdays. This expansion reflects the growing demand for Life Time's comprehensive health and wellness offerings in the Dallas-Fort Worth metro area.
Life Time Group Holdings, Inc. (NYSE: LTH) has appointed Erik Weaver as Executive Vice President & Chief Financial Officer, effective August 1, 2024. Weaver, who joined the company in 2004, had been serving as Interim CFO since January 1, 2024. His previous roles include Assistant Controller, Vice President and Controller, and Senior Vice President and Controller. Weaver holds an MBA from Hamline University and a B.S. in accounting from St. Cloud State University.
Life Time's Founder, Chairman, and CEO, Bahram Akradi, expressed confidence in Weaver's appointment, citing his two decades of service and recent performance as interim CFO. The decision was unanimously supported by the Board of Directors after a thorough search process.
Life Time Group Holdings (NYSE: LTH) reported strong Q2 2024 financial results, with total revenue increasing 18.9% to $667.8 million compared to the prior year quarter. Net income rose by $35.8 million to $52.8 million, while Adjusted EBITDA grew 27.6% to $173.5 million. The company achieved positive free cash flow and reduced its net debt leverage ratio to 3.0 times, two quarters ahead of plan. Key highlights include:
- Center memberships increased 5.4% year-over-year to 832,636
- Comparable center revenue grew 12.0%
- Opened three new centers, bringing the total to 175
- Raised full-year 2024 revenue guidance to $2,560-$2,590 million
Life Time's strong performance was driven by growth in membership dues, increased average dues, and higher utilization of in-center offerings. The company remains focused on funding growth while generating positive free cash flow and further reducing leverage.
Life Time (NYSE: LTH) has opened its newly renovated Harbour Island Athletic Club on July 9, 2024, in Tampa, Florida. Spanning over 186,000 square feet, the facility includes a 36,000-square-foot indoor club and 150,000 square feet of outdoor space. It offers extensive fitness amenities such as studios for group fitness, Pilates, and yoga, a full-service restaurant, and a spa. The outdoor area boasts 12 pickleball courts, eight tennis courts, a lap pool, a kids' splash pool, and a beach club. This launch aims to provide a luxury health and wellness experience to the Tampa community, supported by a waitlist of over 10,000 prospective members.
Life Time Group Holdings (NYSE: LTH) will release its financial results for the second quarter of 2024 on August 1, 2024, before market open. The company has scheduled a conference call at 10:00 a.m. ET to discuss the results and provide a business update. Interested parties can join via U.S. dial-in at 1-844-826-3035 or international dial-in at 1-412-317-5195. A live audio webcast will be available on their investor relations website, and a recorded replay will be accessible within three hours post-call, remaining available until August 15, 2024.
Life Time (NYSE: LTH) has completed a $90 million sale-leaseback transaction for two properties on June 28, 2024, bringing its total gross proceeds from sale-leasebacks to $130 million for the year.
The company is negotiating additional sale-leasebacks expected to yield $40-$65 million by Q3's end. Most proceeds will reduce debt and help achieve a net debt-to-Adjusted EBITDA leverage ratio below 3 times. The strong financial performance will offset the incremental rent expense from these transactions.
CEO Bahram Akradi expects these transactions to contribute to positive free cash flow and revenue and Adjusted EBITDA growth by low double digits.
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