CHANHASSEN, Minn. (BRAIN) — Life Time Group Holdings, the health club operator that also owns major cycling events such as Sea Otter Classic, UNBOUND Gravel, and the Leadville 100, recovered from pandemic club shutdowns in 2021 to see a 57.8% increase in company-wide revenues, to $1.3 billion. In 2019, prior to the pandemic, Life Time's revenues were $1.9 billion; revenues fell to $948 million in 2020.
Life Time operates more than 150 "athletic resort destinations." While COVID restrictions impacted its business in 2020 and most of 2021, the company said that as of mid-March, all its U.S. clubs were free of COVID-19 restrictions.
Outside of its fitness center revenue, its "other" business more than doubled last year, from $3.4 million in 2020 to $$7.6 million in 2021. The "other" business is primarily its athletic event activities. Besides the bike races, Life Time owns and operates more than 30 athletic events including several marathons and triathlons.
Life Time made an IPO in October, just as the Sea Otter Classic was opening. Its stock is now traded on NYSE under the LTH symbol.
The company-wide net loss for the fiscal year was $579.4 million. Adjusted EBITDA increased to $80.3 million from a loss of $63.0 million the prior year. During the year, Life Time opened six new clubs and the company has planned to open 12 new clubs this year — it's opened two in 2022 so far.
Life Time's cycling events are: Sea Otter Classic, UNBOUND Gravel, Wilmington Whiteface, Lutsen 99er, Tahoe Trail, Crusher in the Tushar, Silver Rush 50 MTB, Leadville Stage race, Leadville Trail 100 MTB, Barn Burner, Chequamegon, The Rad Dirt Fest, Big Sugar, and the Austin Rattler MTB. This year Life Time launched its Life Time Grand Prix, a pro race series of mountain bike and gravel events with a $250,000 overall prize list.
