CHANHASSEN, Minn. (BRAIN) — Life Time Group Holdings, Inc., the owner of the Sea Otter Classic and other cycling events, saw a 30% revenue increase, year-over-year, in the first quarter.
Most of Life Time's revenue comes from its health clubs and related real estate activities. Some of its other income comes from its events; in that category, revenue was $13.1 million for the quarter, up 24% from $10.6 million in the same period last year. Its income in the quarter included $3.6 million related to the sale of two triathlon events. Life Time's fiscal first quarter ended March 31, so revenue from last week's Sea Otter Classic will likely be reflected in its Q2 earnings report.
"We are very pleased with our start to fiscal 2023. We delivered record levels of revenue and Adjusted EBITDA for the first quarter. We also delivered sequential revenue, profit and margin improvements over our strong fourth-quarter 2022 performance," said Bahram Akradi, Life Time's founder, chairman and CEO. "All of our strategic initiatives, together with our rewiring of the company, are delivering increasing revenue and higher margins. We are successfully opening new clubs, with faster ramping, in desirable locations across the country. With the solid momentum in our business, we are raising our full-year Adjusted EBITDA guidance to $470 to $490 million."
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.
