Life Time Group Holdings, Inc. has recently released its 10-K report for the year ended December 31, 2023, providing a comprehensive overview of its financial performance and operations. The company, known as the “Healthy Way of Life Company,” offers health, fitness, and wellness experiences to a community of nearly 1.5 million individual members across 31 states in the United States and one province in Canada. As of December 31, 2023, Life Time operated 161 centers, including distinctive athletic country club destinations, with a total of approximately 17 million square feet.
In the 10-K report, the company revealed that its total center revenue increased to $2,154 million for the year ended December 31, 2023, compared to $1,770 million for the year ended December 31, 2022, and $1,287 million for the year ended December 31, 2021. This growth was attributed to the opening of new centers, expansion into affluent markets, and the implementation of strategic initiatives such as pickleball, Dynamic Personal Training, and small group training offerings. The report also highlighted the company's focus on digital capabilities, including live streaming fitness classes and remote goal-based personal training, to enhance member engagement.
Life Time's average revenue per center membership increased to $2,810 for the year ended December 31, 2023, compared to $2,528 for the year ended December 31, 2022, and $2,098 for the year ended December 31, 2021. The company reported 135 average visits per membership to its centers in 2023, compared to 124 and 113 in 2022 and 2021, respectively. Additionally, total visits to Life Time's clubs were 103 million in 2023, 86 million in 2022, and 69 million in 2021.
Today the company's shares have moved 10.4% to a price of $13.71. For the full picture, make sure to review Life Time's 10-K report.
