CHANHASSEN, Minn. (BRAIN) — Life Time Group Holdings Inc., saw a 23% increase in revenue through the first three fiscal quarters of 2023 as member visits were up 24% over pre-pandemic levels at the company’s fitness clubs. Revenue in Life Time's athletic events business also was up, even though it sold two events earlier this year.
Life Time gets the vast majority of its income from its destination fitness clubs and related real estate activities; it also owns cycling and running events including the Sea Otter Classic, the Unbound Gravel and the Leadville 100.
Through the first nine months of the year, Life Time’s “other revenue,” which includes the athletic events, was up 17% over the same period last year. On an investor call, the company noted that in 2022, it had $3 million in revenue from two “non-profitable” triathlons that it sold in early 2023. Life Time sold triathlons in Chicago and New York to Super League Triathlon.
Over the three quarters, the non-club revenue of $49.5 million amounted to 3% of Life Time’s total revenue of $1.66 billion.
Company-wide, Life Time’s fitness center operating expenses increased 10% due to new and expanded centers and growth in memberships and other in-center revenue. Net increased to $67.9 million, up from $52.4 million in the period last year.
Life Time opened six new centers in the third quarter and nine year-to-date; it now operates 170 centers. It plans to open two more centers in the fourth quarter.
Life Time is traded on the NYSE under the LTH symbol.
