Life Time Group Holdings, Inc. reaffirmed its guidance for fiscal year ended December 31, which the company provided as part of its third-quarter earnings release and said is based on information available as of December 26, 2023.
“We remain on track for a strong close to 2023 with average member visits and demand for our programming at an all-time high,” offered company Founder, Chairman and CEO Bahram Akradi in a post-Christmas release. “Based on our expectations for continued growth and substantial asset-light opportunities, we are pleased to re-affirm our 2023 guidance as we head into 2024.”
The company expects to be free cash flow positive after all capital expenditures, including new club growth, by the middle of 2024.
Fourth Quarter 2023 Guidance, based on Range Midpoints
- Revenue is expected to increase approximately 18.5 percent to a range of $555 million to $565 million from $472.7 million in the prior year period;
- Net income is expected to increase approximately 13.1 percent to a range of $14 million to $17 million from $13.7 million in the prior year period; and
- Adjusted EBITDA is expected to increase approximately 24.3 percent to a range of $131 million to $135 million from $107 million in the prior-year period.
Full-Year 2023 Guidance, based on Range Midpoints
- Revenue is expected to increase approximately 21.7 percent to a range of $2.21 billion to $2.22 billion from $1.82 billion for the prior year period;
- Net income is expected to be in the range of $66 million to $69 million, compared with a net loss of $1.8 million for the prior year period; and
- Adjusted EBITDA is expected to increase approximately 88.9 percent to a range of $530 million to $534 million from $281.7 million for the prior year period.
CFO Departs
Akradi also noted that SVP and Controller Erik Weaver, a 19-year company veteran, will assume the role of interim CFO with the departure of CFO Bob Houghton.
Photo courtesy of Life Time Fitness
