Life Time Reports 2nd Quarter Fiscal 2022 Financial Results.

CHANHASSEN, Minn: Life Time Group Holdings, Inc. ("Life Time," "we," "our," "us," or the "Company") (NYSE: LTH) today announced its financial results for the fiscal second quarter ended June 30, 2022.

Bahram Akradi, Founder, Chairman and CEO, stated: "We are happy to report that Life Time is growing back steadily. During the quarter, we made substantial progress on our strategic priorities. We delivered on our financial guidance, while continuing to make strategic investments in broadening and elevating the programs and experiences we provide. We are seeing strong member engagement in our programming and will remain focused on driving these initiatives through the remainder of the year. Our new athletic country club pipeline remains strong with 12 planned openings this year and 11 or more in 2023. To further strengthen our balance sheet, we have entered into a definitive agreement for the sale-leaseback of approximately $200 million of owned real estate, which is expected to close in early October. We are also in discussions for additional sale-leaseback transactions of up to $300 million in gross proceeds by the end of the year. Finally, while we are seeing current macroeconomic headwinds that may slow our near-term recovery, we remain confident in the growth of our business as we accelerate the rollout of our strategic initiatives."

Second Quarter 2022 Results and Prior Year Comparisons

Total revenue increased 42.7% to $461.3 million from $323.2 million.

Comparable center sales increased 36.2%.

Center memberships totaled 724,778 on June 30, 2022, an increase of 10.2% from 657,737 on June 30, 2021, and up by 50,795 from March 31, 2022.

Net loss was $2.3 million and included a tax-effected one-time net benefit of $5.4 million, which included a $7.7 million gain on sale-leasebacks, partially offset by $2.2 million in non-cash share-based compensation expense.

Adjusted EBITDA increased to $63.1 million from $4.2 million.

Six-Month 2022 Results and Prior Year Comparisons

Total revenue increased 49.1% to $853.5 million from $572.5 million.

Comparable center sales increased 42.4%.

Net loss was $40.3 million and included a tax-effected one-time net benefit of $18.4 million, which included a $42.4 million gain on sale-leasebacks, partially offset by $23.4 million in non-cash share-based compensation expense and $0.6 million in non-recurring charges consisting primarily of COVID-19-related expenses.

Adjusted EBITDA increased to $103.7 million from...