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Life Time reported second-quarter revenue of $461.3 million, a 42.7% year-over-year increase.
The company posted a 10.2% increase in center memberships to 724,778 on June 30, 2022 — up from 657,737 in 2021 — and recorded a $2.3 million net loss. In Q2FY2021, Life Time posted a $76.4 million net loss.
Life Time is looking to rebound from losses sustained during the height of the pandemic.
- In 2020, Life Time’s full-year revenue fell to $948 million — roughly half of what it reported in 2019.
- Revenue bounced back to $1.32 billion in 2021, and Life Time expects FY2022 revenue to reach between $1.8 billion to $1.85 billion.
“We are happy to report that Life Time is growing back steadily,” founder, chairman, and CEO Bahram Akradi said. “Our net athletic country club pipeline remains strong, with 12 planned openings this year and 11 or more in 2023.”
Life Time, known for its country club culture, currently operates 153 centers.
Life Time Bouncing Back
In Q2, Life Time completed two sale-leaseback transactions for $95 million in proceeds, and in August, the company entered an agreement for the sale-leaseback of five properties for roughly $200 million in gross proceeds.
More discussions for sale-leaseback transactions are being held, which would bring the total proceeds for the year to $675 million.
Life Time expects to use the money to pay down debt and “maintain cash on the balance sheet to fund future growth.”
