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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 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.
Life Time (NYSE: LTH) celebrates Father's Day by sharing health tips from three top personal trainers who are also fathers. Cliff Edberg, Senior Director of MIORA Performance + Longevity, emphasizes consistency over perfection in workouts. David Freeman, Senior Director of Alpha, advises dads to ask for help and prioritize mental health. Bob Holper, a Dynamic Personal Trainer, stresses the importance of daily movement and setting a positive example for children. These tips aim to help dads lead healthier, more impactful lives. Life Time offers resources through its athletic country clubs and digital membership, as well as a selection of healthy Father's Day gifts on its LT Shop website.
Life Time Group Holdings (NYSE: LTH) announces its participation in three investor conferences in June 2024. On June 3, Life Time will join the Morgan Stanley 2nd Annual Travel & Leisure Conference in New York, featuring a fireside chat with analyst Megan Alexander. On June 12, the company will participate in the Oppenheimer Virtual 24th Consumer Growth & eCommerce Conference, engaging in a discussion with analyst Brian Nagel. Lastly, Life Time will attend the Northland Virtual Growth Conference on June 25. The company will host one-on-one meetings at each event. Additionally, a replay of their May 30 Investor & Analyst Day is available online. Life Time operates over 170 athletic country clubs in the US and Canada.
Life Time Group Holdings (NYSE: LTH) announced the completion of a $40 million sale-leaseback transaction involving a single property on May 29, 2024. The deal, made with an institutional real estate investor, aims to support growth and strengthen the balance sheet. Life Time will continue exploring similar sale-leaseback opportunities. CEO Bahram Akradi emphasized the strategic nature of these transactions, noting that the terms were comparable to recent deals. The company operates over 170 athletic country clubs in the US and Canada and supports its wellness programs with the Life Time Digital app.
Life Time (NYSE: LTH) announced a partnership with renowned swimmer Ryan Lochte to offer exclusive swim clinics across several of its locations nationwide. These clinics, running from June to October 2024, provide swimmers of all ages the unique opportunity to learn from the Olympic gold medalist. Scheduled at various Life Time athletic country clubs, the three-hour sessions include in-water drills, Q&A sessions, and discussions on nutrition, recovery, and motivation. Attendees will also receive an autographed swim cap and a photo with Lochte. Life Time's Senior VP of Kids and Aquatics, Alicia Kockler, emphasized the organization's commitment to teaching essential swimming skills. Early registration is encouraged due to spaces.
Life Time (NYSE: LTH) has launched L.AI.C, an AI-driven Healthy Way of Life personal companion, in collaboration with Microsoft. Currently in beta via the Life Time app, L.AI.C leverages AzureOpenAI Service to offer personalized club, program, and service information. The tool is designed to enhance member experiences by providing quick answers and customized recommendations.
Future updates will expand its capabilities to include class and court reservations, individualized workouts, and wellness queries. Life Time aims to integrate technology further into its services, enhancing its brand as a leading health and wellness partner.
Life Time (NYSE: LTH) emphasizes swim safety for the upcoming summer season with its 25:10 rule: if a child can't swim 25 meters without stopping, a parent must be within 10 feet. Life Time teaches over 30,000 people swim safety monthly across their clubs. They recommend swim lessons starting as early as four months old, wearing bright swimsuits for visibility, using Coast Guard-approved life jackets, maintaining a 1:3 guardian-to-swimmers ratio, getting CPR certified, and taking breaks every two hours. With over 500 pools in 170 clubs across North America, Life Time is a leader in aquatics, providing extensive programs and certifying numerous lifeguards.
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