Life Time Reports 3rd 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 third quarter ended September 30, 2022.

Bahram Akradi, Founder, Chairman and CEO, stated: "We are pleased with our continued progress this quarter. While the macro-economic background remains a headwind, our strategy of playing offense to enhance the member experience and drive our revenue recovery and growth is working, and we are swiftly turning our focus to margin expansion. We see significant opportunities to continue improving our margins by capturing operating leverage as we continue to grow revenue, optimizing the execution of our key strategic initiatives, continuing our price optimization and driving efficiencies across our club and corporate structure. Additionally, our recently opened athletic resorts are performing well and we are excited to conclude 2022 with a total of 12 new openings with 11 more to come in 2023."

Third Quarter 2022 Results and Prior Year Comparisons

Total revenue increased 28.9% to $496.4 million from $385.0 million.

Comparable center sales increased 25.6%.

Center memberships totaled 728,729 on September 30, 2022, an increase of 9.0% from 668,310 on September 30, 2021, and up approximately 4,000 from June 30, 2022.

Net income was $24.7 million and included a tax-effected gain of $42.7 million from sale-leasebacks, and $5.1 million in tax-effected non-cash share-based compensation expense.

Adjusted EBITDA increased 50.9% to $71.0 million from $47.0 million.

Nine-Month 2022 Results and Prior Year Comparisons

Total revenue increased 41.0% to $1.350 billion from $957.5 million.

Comparable center sales increased 35.7%.

Net loss was $15.5 million and included a tax-effected gain of $80.3 million from sale-leasebacks, and $27.2 million in tax-effected non-cash share-based compensation expense.

Adjusted EBITDA increased 441.2% to $174.7 million from $32.3 million.

New Center Openings

The Company opened three new centers in the third quarter of 2022 and operated a total of 156 centers as of September 30, 2022.

The Company has opened five new centers in the nine-month period ending September 30, 2022, and plans to open seven new centers in the fourth quarter, for a total of 12 new centers in 2022.

The Company plans to open 11 new centers in...