Life Time Group Holdings, Inc. reported significant financial growth for the third quarter and the first nine months of 2024, driven by increased membership and in-center revenue. For the three months ended September 30, 2024, total revenue reached $693.2 million, up from $585.2 million in the same period of 2023, marking an increase of $108.1 million. This growth was primarily attributed to a rise in membership dues and enrollment fees, which totaled $488.1 million, compared to $407.9 million in Q3 2023. In-center revenue also saw an increase, rising to $186.7 million from $160.5 million year-over-year.
Net income for the third quarter of 2024 was $41.4 million, a substantial increase from $7.9 million in Q3 2023. Basic income per share rose to $0.20 from $0.04, while diluted income per share increased to $0.19 from $0.04. For the nine months ended September 30, 2024, net income totaled $119.1 million, compared to $52.4 million in the same period of 2023, with total revenue for the nine months reaching $1.96 billion, up from $1.66 billion.
The company’s operational performance was bolstered by an increase in center memberships, which grew to 826,502 as of September 30, 2024, from 784,331 a year earlier. Average revenue per center membership also improved, rising to $2,361 from $2,095. Life Time's total visits increased to 87 million for the nine months ended September 30, 2024, compared to 78 million in the prior year.
Life Time's financial position strengthened, with cash and cash equivalents increasing to $120.9 million as of September 30, 2024, from $11.2 million at the end of 2023. Total current assets rose to $269.2 million, while total liabilities decreased to $4.62 billion from $4.78 billion. The company’s total stockholders’ equity increased to $2.56 billion from $2.25 billion.
Strategically, Life Time completed an equity offering in August 2024, raising $130.5 million, which was partially used to pay down debt. The company also amended its credit agreement to increase its revolving credit facility to $650 million, extending its maturity to September 2029. Additionally, Life Time engaged in sale-leaseback transactions, generating significant proceeds, which contributed to its improved cash flow and financial flexibility.
Overall, Life Time Group Holdings, Inc. demonstrated robust growth in revenue and profitability, supported by strategic initiatives and an expanding membership base, while effectively managing its debt and enhancing its financial position.
About Life Time Group Holdings, Inc.
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