Thu, Aug 1, 8:42 PM (340 days ago)
Life Time Group Holdings, Inc. reported significant financial progress for Q2 2024. Total revenue increased by $106 million YoY to $667.8 million, driven by a $75.6 million rise in membership dues and a $27.3 million boost in in-center revenue. Net income surged to $52.8 million from $17 million in Q2 2023, reflecting strong membership growth and higher member utilization. Operating expenses rose due to new and ramping centers, but income from operations doubled to $104.8 million. Adjusted EBITDA increased to $173.5 million, and free cash flow improved to $175.1 million. The company continues to manage its debt effectively, with $65 million outstanding under its Revolving Credit Facility and a total cash availability of $413.6 million. Future growth is supported by strategic initiatives and new center openings, despite macroeconomic challenges like inflation and interest rates.