(BRAIN) — Life Time Group Holdings, which owns multiple endurance bike events and the Sea Otter Classic, reported revenue of $1.8 billion for its fiscal year 2022, up nearly 38% from the year prior.
Most of Life Time’s business — 97% — comes from its 171 large format fitness centers in the U.S. and Canada. However, Life Time’s remaining revenue of $53 million came from cycling and running events as well as some other miscellaneous sources. Revenues in the "other" category was up 69% from 2021, when some events were not held and participation at others was hampered by COVID. Other income was up 188% from 2020 when most events were canceled.
Company-wide revenue improved due to growth in fitness center membership dues and in-center revenues. The company opened 10 new centers in 2022, including five in the fourth quarter. It plans to open 10 more this year.
Life Time recorded a net loss of $1.79 million for the year. The company said much of that was due to one-time sales-leaseback transactions at nine of its properties. It said excluding those factors its net loss improved by nearly $200 million from 2021. Its EBITDA adjusted for those factors was $281 million.
In full-year guidance, Life Time said it expects revenue of $2.2-2.3 billion in 2023, up 23% from 2022. It’s calling for EBITA of $440-$460 million, up 60% from 2022.
Life Time acquired the Sea Otter in 2021. Its other cycling events include the Leadville 100 MTB race and other endurance events in Leadville, Colorado; Unbound Gravel in Kansas; the Chequamegon MTB Festival in Wisconsin; the Crusher in the Tushar gravel event in Utah; the Austin Rattler in Texas and more, including several running events.
Life Time is traded on the New York Stock Exchange under the LTH symbol. Stock quotes are available on the Life Time investor relations page.
