CHANHASSEN, Minn. (BRAIN) — Life Time, a fitness center operator that also owns the Sea Otter Classic, the Leadville 100, Unbound Gravel and other bike events, reports that revenues were up 50% in the first half of 2022 as its fitness facilities re-opened and events resumed after COVID-19 closures.
Fitness center revenue in the half was $854 million, up from $572 million in the period last year. Life Time’s “other” revenue for the half was $26 million, up from $11 million last year. Life Time said the $15 million increase in “other” revenue was driven by the resumption of its sports events in the first half.
Life Time’s comparable center sales in the first half increased 42.4%.
Company-wide, Life Time’s net loss was $40.3 million. Adjusted EBITDA increased to $103.7 million from an EBITDA loss of $14.8 million in the period last year.
The company was operating 153 fitness centers as of June 30. It has opened two new centers so far this year and plans to open four new centers in the third quarter and six during the fourth quarter, for a total of 12 new centers in 2022. The company said it plans to open 11 or more new centers in 2023.
Life Time is forecasting full-year revenue of $1.80 billion to $1.85 billion. Last year, revenues were $1.3 billion as it began to emerge from the pandemic closures. In 2019, prior to the pandemic, Life Time's revenues were $1.9 billion; revenues fell to $948 million in 2020.
Life Time's cycling events are: Sea Otter Classic, UNBOUND Gravel, Wilmington Whiteface, Lutsen 99er, Tahoe Trail, Crusher in the Tushar, Silver Rush 50 MTB, Leadville Stage race, Leadville Trail 100 MTB, Barn Burner, Chequamegon, The Rad Dirt Fest, Big Sugar, and the Austin Rattler MTB. This year Life Time launched its Life Time Grand Prix, a pro race series of mountain bike and gravel events with a $250,000 overall prize list.
Life Time’s stock is traded on the New York Stock Exchange under the LTH symbol. Stock quotes are available on Life Time’s website.
