CHANHASSEN, Minn. (BRAIN) — Life Time Group Holdings, the fitness center company that also owns some bike events including the Sea Otter Classic, Unbound Gravel and Leadville 100 races, reported 2023 full-year revenues were up 21.6% from the prior year, to $2.2 billion. Net income and earnings per share also were up for the full year.
Life Time’s “other” business, which includes the bike events, running events and other miscellaneous businesses, totaled $62.26 million for the year, up from $53.0 million in 2022, an 18% increase. The company didn’t release further details on its event business results.
Bahram Akradi, Life Time Group’s founder, chairman and CEO, noted that its clubs increased member engagement significantly during the year. One measure of engagement: average visit per member increased from an average of 124 in 2022 to 135 last year. The number of average visits in 2019, before the pandemic, was 119.
“The increase is a clear indication that our members are more engaged with higher retention as a key outcome,” Akradi said. “We are off to a great start in 2024 and expect to build on our progress and success this year by executing our plan to be free cash flow positive after all capital expenditures beginning in the second quarter, further improving our balance sheet, reducing our net debt leverage ratio, and continuing to grow our revenue and adjusted EBITDA."
Life Time forecast full-year 2024 revenues of $2.460 billion to $2.500 billion, a 12% increase from 2023.
