Life Time Group Holdings, Inc. reported first-quarter revenue increased 30.2 percent to $510.9 million. The company said the increase was due to strong growth in membership dues and in-center revenues, which included the continued ramp of its centers and higher member use in its center offerings.
Net income of $27.5 million included tax-effected one-time net benefits of $8.5 million, primarily from a $5.1 million gain on sale-leasebacks and a $3.6 million gain related to the sale of two triathlon events, and also included $4.2 million of tax-effected non-cash share-based compensation expense. The net loss in the prior-year period included tax-effected one-time net benefits of $26.1 million, primarily related to a gain on sale-leasebacks and also included $19.9 million of tax-effected non-cash share-based compensation expense. Excluding the impact of these net benefits and expenses, net income improved by $67.3 million.
For more background and details on Life Time’s Q1 results, including new centers, pickleball and 2023 outlook, get inside company management’s call with analysts at SGB Executive here:
EXEC: Life Time Lifts Earnings Guidance On Improving Membership Growth
Photo courtesy Life Time
