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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
| | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2024
OR
| | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-40887
Life Time Group Holdings, Inc.
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Delaware | | 47-3481985 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
2902 Corporate Place
Chanhassen, Minnesota 55317
(952) 947-0000
(Address of principal executive offices, including zip code; Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered |
Common stock, par value $0.01 per share | LTH | The New York Stock Exchange |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | | | | | | | | | |
Large accelerated filer | ☒ | | Accelerated filer | ☐ | | Non-accelerated filer | ☐ | | |
Smaller reporting company | ☐ | | | | | Emerging growth company | ☐ | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 30, 2024, the registrant had 199,389,627 shares of common stock outstanding, par value $0.01 per share.
TABLE OF CONTENTS
PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
LIFE TIME GROUP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)
| | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 |
ASSETS | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 34,527 | | | $ | 11,161 | |
Restricted cash and cash equivalents | 14,831 | | | 18,805 |
Accounts receivable, net | 25,204 | | | 23,903 | |
Center operating supplies and inventories | 54,539 | | | 52,803 | |
Prepaid expenses and other current assets | 58,825 | | | 57,751 | |
Income tax receivable | 8,153 | | | 10,101 | |
Total current assets | 196,079 | | | 174,524 | |
Property and equipment, net | 3,146,740 | | | 3,171,616 | |
Goodwill | 1,235,359 | | | 1,235,359 | |
Operating lease right-of-use assets | 2,297,649 | | | 2,202,601 | |
Intangible assets, net | 172,196 | | | 172,127 | |
Other assets | 76,230 | | | 75,914 | |
Total assets | $ | 7,124,253 | | | $ | 7,032,141 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | |
Current liabilities: | | | |
Accounts payable | $ | 78,172 | | | $ | 81,252 | |
Construction accounts payable | 53,070 | | | 108,730 | |
Deferred revenue | 51,864 | | | 49,299 | |
Accrued expenses and other current liabilities | 183,625 | | | 185,305 | |
Current maturities of debt | 12,755 | | | 73,848 | |
Current maturities of operating lease liabilities | 62,090 | | | 58,764 | |
Total current liabilities | 441,576 | | | 557,198 | |
Long-term debt, net of current portion | 1,830,241 | | | 1,859,027 | |
Operating lease liabilities, net of current portion | 2,374,522 | | | 2,268,863 | |
Deferred income taxes, net | 68,440 | | | 56,066 | |
Other liabilities | 41,977 | | | 36,875 | |
Total liabilities | 4,756,756 | | | 4,778,029 | |
Commitments and contingencies (Note 9) | | | |
Stockholders’ equity: | | | |
Common stock, $0.01 par value per share; 500,000 shares authorized; 199,052 and 196,671 shares issued and outstanding, respectively. | 1,990 | | | 1,967 | |
Additional paid-in capital | 2,873,839 | | | 2,835,883 | |
Accumulated deficit | (499,091) | | | (576,813) | |
Accumulated other comprehensive loss | (9,241) | | | (6,925) | |
Total stockholders’ equity | 2,367,497 | | | 2,254,112 | |
Total liabilities and stockholders’ equity | $ | 7,124,253 | | | $ | 7,032,141 | |
See notes to unaudited condensed consolidated financial statements.
LIFE TIME GROUP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Revenue: | | | | | | | |
Center revenue | $ | 645,007 | | | $ | 542,125 | | | $ | 1,225,492 | | $ | 1,039,877 |
Other revenue | 22,754 | | | 19,606 | | | 38,986 | | 32,705 |
Total revenue | 667,761 | | | 561,731 | | | 1,264,478 | | 1,072,582 |
Operating expenses: | | | | | | | |
Center operations | 355,510 | | | 302,603 | | | 677,410 | | 576,712 |
Rent | 74,947 | | | 67,434 | | | 147,229 | | 133,971 |
General, administrative and marketing | 53,246 | | | 52,840 | | | 102,099 | | 95,337 |
Depreciation and amortization | 69,714 | | | 58,252 | | | 135,617 | | 116,449 |
Other operating expense | 9,588 | | | 28,194 | | | 25,310 | | 30,321 |
Total operating expenses | 563,005 | | | 509,323 | | | 1,087,665 | | 952,790 |
Income from operations | 104,756 | | | 52,408 | | | 176,813 | | 119,792 |
Other (expense) income: | | | | | | | |
Interest expense, net of interest income | (37,669) | | | (31,979) | | | (75,072) | | (63,174) |
Equity in (loss) earnings of affiliates | (464) | | | 88 | | | (287) | | 231 |
Total other expense | (38,133) | | | (31,891) | | | (75,359) | | (62,943) |
Income before income taxes | 66,623 | | | 20,517 | | | 101,454 | | 56,849 |
Provision for income taxes | 13,818 | | | 3,513 | | | 23,732 | | 12,385 |
Net income | $ | 52,805 | | | $ | 17,004 | | | $ | 77,722 | | $ | 44,464 |
| | | | | | | |
Income per common share: | | | | | | | |
Basic | $ | 0.27 | | | $ | 0.09 | | | $ | 0.39 | | $ | 0.23 |
Diluted | $ | 0.26 | | | $ | 0.08 | | | $ | 0.38 | | $ | 0.22 |
Weighted-average common shares outstanding: | | | | | | | |
Basic | 198,903 | | | 195,476 | | | 198,200 | | 195,026 |
Diluted | 206,044 | | | 204,821 | | | 204,851 | | 203,872 |
See notes to unaudited condensed consolidated financial statements.
LIFE TIME GROUP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Net income | $ | 52,805 | | | $ | 17,004 | | | $ | 77,722 | | $ | 44,464 |
Foreign currency translation adjustments, net of tax of $0 | (649) | | | 1,894 | | | (2,316) | | 1,962 |
Comprehensive income | $ | 52,156 | | | $ | 18,898 | | | $ | 75,406 | | $ | 46,426 |
See notes to unaudited condensed consolidated financial statements.
LIFE TIME GROUP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-In Capital | | Accumulated Deficit | | Accumulated Other Comprehensive Loss | | Total Equity |
| | | |
Shares | | Amount |
Balance at March 31, 2024 | 198,791 | | | $ | 1,988 | | | $ | 2,861,359 | | | $ | (551,896) | | | $ | (8,592) | | | $ | 2,302,859 | |
Net income | — | | | — | | | — | | | 52,805 | | | — | | | 52,805 | |
Other comprehensive loss | — | | | — | | | — | | | — | | | (649) | | | (649) | |
Share-based compensation | — | | | — | | | 10,120 | | | — | | | — | | | 10,120 | |
Stock option exercises | 98 | | | 1 | | | 1,005 | | | — | | | — | | | 1,006 | |
| | | | | | | | | | | |
Issuances of common stock in connection with the vesting of restricted stock units | 60 | | | — | | | (106) | | | — | | | — | | | (106) | |
Issuances of common stock in connection with the employee stock purchase plan | 103 | | | 1 | | | 1,461 | | | — | | | — | | | 1,462 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Balance at June 30, 2024 | 199,052 | | | $ | 1,990 | | | $ | 2,873,839 | | | $ | (499,091) | | | $ | (9,241) | | | $ | 2,367,497 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-In Capital | | Accumulated Deficit | | Accumulated Other Comprehensive Loss | | Total Equity |
| | | |
Shares | | Amount |
Balance at December 31, 2023 | 196,671 | | | $ | 1,967 | | | $ | 2,835,883 | | | $ | (576,813) | | | $ | (6,925) | | | $ | 2,254,112 | |
Net income | — | | | — | | | — | | | 77,722 | | | — | | | 77,722 | |
Other comprehensive loss | — | | | — | | | — | | | — | | | (2,316) | | | (2,316) | |
Share-based compensation | — | | | — | | | 17,951 | | | — | | | — | | | 17,951 | |
Stock option exercises | 145 | | | 1 | | | 1,489 | | | — | | | — | | | 1,490 | |
| | | | | | | | | | | |
Issuances of common stock in connection with the vesting of restricted stock units | 686 | | | 6 | | | (988) | | | — | | | — | | | (982) | |
Issuances of common stock in connection with the employee stock purchase plan | 103 | | | 1 | | | 1,461 | | | — | | | — | | | 1,462 | |
| | | | | | | | | | | |
Settlement of accrued compensation liabilities through the issuance of common stock | 1,447 | | | 15 | | | 18,043 | | | — | | | — | | | 18,058 | |
Balance at June 30, 2024 | 199,052 | | | $ | 1,990 | | | $ | 2,873,839 | | | $ | (499,091) | | | $ | (9,241) | | | $ | 2,367,497 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-In Capital | | Accumulated Deficit | | Accumulated Other Comprehensive Loss | | Total Equity |
| | | |
Shares | | Amount |
Balance at March 31, 2023 | 194,998 | | | $ | 1,950 | | | $ | 2,794,657 | | | $ | (625,416) | | | $ | (9,154) | | | $ | 2,162,037 | |
Net income | — | | | — | | | — | | | 17,004 | | | — | | | 17,004 | |
Other comprehensive income | — | | | — | | | — | | | — | | | 1,894 | | | 1,894 | |
Share-based compensation | — | | | — | | | 8,515 | | | — | | | — | | | 8,515 | |
Stock option exercises | 883 | | | 9 | | | 9,811 | | | — | | | — | | | 9,820 | |
| | | | | | | | | | | |
Issuances of common stock in connection with the vesting of restricted stock units | 27 | | | — | | | (8) | | | — | | | — | | | (8) | |
Issuances of common stock in connection with the employee stock purchase plan | 123 | | | 1 | | | 1,449 | | | — | | | — | | | 1,450 | |
Balance at June 30, 2023 | 196,031 | | | $ | 1,960 | | | $ | 2,814,424 | | | $ | (608,412) | | | $ | (7,260) | | | $ | 2,200,712 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-In Capital | | Accumulated Deficit | | Accumulated Other Comprehensive Loss | | Total Equity |
| | | |
Shares | | Amount |
Balance at December 31, 2022 | 194,271 | | | $ | 1,943 | | | $ | 2,784,416 | | | $ | (652,876) | | | $ | (9,222) | | | $ | 2,124,261 | |
Net income | — | | | — | | | — | | | 44,464 | | | — | | | 44,464 | |
Other comprehensive income | — | | | — | | | — | | | — | | | 1,962 | | | 1,962 | |
Share-based compensation | — | | | — | | | 13,937 | | | — | | | — | | | 13,937 | |
Stock option exercises | 1,210 | | | 12 | | | 13,264 | | | — | | | — | | | 13,276 | |
| | | | | | | | | | | |
Issuances of common stock in connection with the vesting of restricted stock units | 337 | | | 3 | | | (113) | | | — | | | — | | | (110) | |
Issuances of common stock in connection with the employee stock purchase plan | 123 | | | 1 | | | 1,449 | | | — | | | — | | | 1,450 | |
Issuances of common stock in connection with business acquisitions | 90 | | | 1 | | | 1,471 | | | — | | | — | | | 1,472 | |
Balance at June 30, 2023 | 196,031 | | | $ | 1,960 | | | $ | 2,814,424 | | | $ | (608,412) | | | $ | (7,260) | | | $ | 2,200,712 | |
See notes to unaudited condensed consolidated financial statements.
LIFE TIME GROUP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 |
Cash flows from operating activities: | | | |
Net income | $ | 77,722 | | | $ | 44,464 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation and amortization | 135,617 | | | 116,449 | |
Deferred income taxes | 12,505 | | | 5,864 | |
Share-based compensation | 18,698 | | | 22,171 | |
Non-cash rent expense | 13,650 | | | 17,630 | |
Impairment charges associated with long-lived assets | 1,420 | | | 1,280 | |
(Gain) loss on disposal of property and equipment, net | (11,067) | | | 904 | |
| | | |
| | | |
Amortization of debt discounts and issuance costs | 4,006 | | | 3,919 | |
Changes in operating assets and liabilities | 5,642 | | | 6,734 | |
Other | 2,637 | | | (3,124) | |
Net cash provided by operating activities | 260,830 | | | 216,291 | |
Cash flows from investing activities: | | | |
Capital expenditures | (301,107) | | | (337,076) | |
| | | |
Proceeds from sale-leaseback transactions | 142,671 | | | 78,040 | |
Proceeds from the sale of land | 6,328 | | | — | |
Other | (2,173) | | | (462) | |
Net cash used in investing activities | (154,281) | | | (259,498) | |
Cash flows from financing activities: | | | |
Proceeds from borrowings | — | | | 44,291 | |
Repayments of debt | (67,647) | | | (7,430) | |
Proceeds from revolving credit facility | 670,000 | | | 620,000 | |
Repayments of revolving credit facility | (695,000) | | | (620,000) | |
Repayments of finance lease liabilities | (403) | | | (508) | |
Proceeds from financing obligations | 4,300 | | | — | |
Payments of debt discounts and issuance costs | — | | | (2,550) | |
| | | |
Proceeds from stock option exercises | 1,490 | | | 13,276 | |
Proceeds from issuances of common stock in connection with the employee stock purchase plan | 1,462 | | | 1,450 | |
Other | (1,304) | | | (109) | |
Net cash (used in) provided by financing activities | (87,102) | | | 48,420 | |
Effect of exchange rates on cash and cash equivalents and restricted cash and cash equivalents | (55) | | | 136 | |
Increase in cash and cash equivalents and restricted cash and cash equivalents | 19,392 | | | 5,349 | |
Cash and cash equivalents and restricted cash and cash equivalents – beginning of period | 29,966 | | | 25,509 | |
Cash and cash equivalents and restricted cash and cash equivalents – end of period | $ | 49,358 | | | $ | 30,858 | |
See notes to unaudited condensed consolidated financial statements.
LIFE TIME GROUP HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Table amounts in thousands except per share data)
454
1. Nature of Business and Basis of Presentation
Nature of Business
Life Time Group Holdings, Inc. (collectively with its direct and indirect subsidiaries, “Life Time,” “we,” “our,” or the “Company”) is a holding company incorporated in the state of Delaware. As a holding company, Life Time Group Holdings, Inc. does not have its own independent assets or business operations, and all of our assets and business operations are through Life Time, Inc. and its direct and indirect subsidiaries. We are primarily dedicated to providing premium health, fitness and wellness experiences at our athletic country club destinations and via our comprehensive digital platform and portfolio of iconic athletic events – all with the objective of inspiring healthier, happier lives. We design, build and operate our athletic country club destinations that are distinctive and large, multi-use sports and athletic, professional fitness, family recreation and spa centers in a resort-like environment. As of June 30, 2024, we operated 175 centers in 31 states and one Canadian province.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and as required by rules and regulations of the Securities and Exchange Commission (the “SEC”). While these statements reflect normal recurring adjustments that are, in the opinion of management, necessary for a fair statement of the results of the interim period, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC.
The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. When preparing financial statements in conformity with GAAP, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. All intercompany balances and transactions have been eliminated in consolidation. We have one operating segment and one reportable segment.
Reclassification
A reclassification has been made on our December 31, 2023 condensed consolidated balance sheet in order to conform to the current period presentation. Specifically, our restricted cash and cash equivalents balance of $18.8 million at December 31, 2023 was reclassified out of Cash and cash equivalents and into a separate line item labeled Restricted cash and cash equivalents. This reclassification had no impact on our previously reported statements of operations or cash flows.
2. Summary of Significant Accounting Policies
Fair Value Measurements
The accounting guidance establishes a framework for measuring fair value and expanded disclosures about fair value measurements. The guidance applies to all assets and liabilities that are measured and reported on a fair value basis. This enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The guidance requires that each asset and liability carried at fair value be classified into one of the following categories:
Level 1: Quoted market prices in active markets for identical assets or liabilities.
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.
Level 3: Unobservable inputs that are not corroborated by market data.
The carrying amounts related to cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, income tax receivable, accounts payable and accrued liabilities approximate fair value.
Fair Value Measurements on a Recurring Basis. We had no material remeasurements of such assets or liabilities to fair value during the three and six months ended June 30, 2024 and 2023.
LIFE TIME GROUP HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Table amounts in thousands except per share data)
Financial Assets and Liabilities. At June 30, 2024 and December 31, 2023, the carrying value and fair value of our outstanding long-term debt was as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 |
| Carrying Value | | Fair Value | | Carrying Value | | Fair Value |
Long-term debt (1) | $ | 1,854,657 | | | $ | 1,853,245 | | | $ | 1,948,145 | | | $ | 1,934,695 | |
(1) Excludes unamortized debt discounts and issuance costs.
The fair value of our debt is based on the amount of future cash flows discounted using rates we would currently be able to realize for similar instruments of comparable maturity. If our long-term debt were recorded at fair value, it would be classified as Level 2 in the fair value hierarchy. For more information regarding our debt, see Note 5, Debt.
Fair Value Measurements on a Nonrecurring Basis. Assets and liabilities that are measured at fair value on a nonrecurring basis primarily relate to our goodwill, intangible assets and other long-lived assets, which are remeasured when the derived fair value is below carrying value on our condensed consolidated balance sheets. For these assets, we do not periodically adjust carrying value to fair value except in the event of impairment. If we determine that impairment has occurred, the carrying value of the asset would be reduced to fair value and the difference would be recorded as a loss within operating income in our condensed consolidated statements of operations. We had no material remeasurements of such assets or liabilities to fair value during the three and six months ended June 30, 2024 and 2023.
3. Supplemental Balance Sheet and Cash Flow Information
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following:
| | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 |
Property held for sale | $ | 8,600 | | | $ | 8,600 | |
Construction contract receivables | 18,392 | | | 25,280 | |
Prepaid insurance | 5,680 | | | 2,393 | |
Prepaid commissions | 5,683 | | | 5,059 | |
Prepaid software licenses and maintenance | 6,729 | | | 5,481 | |
Other | 13,741 | | | 10,938 | |
Prepaid expenses and other current assets | $ | 58,825 | | | $ | 57,751 | |
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following:
| | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 |
Real estate taxes | $ | 33,863 | | | $ | 32,165 | |
Accrued interest | 40,469 | | | 38,723 | |
Payroll liabilities | 31,614 | | | 40,357 | |
| | | |
Self-insurance accruals | 26,422 | | | 24,869 | |
Corporate accruals | 31,016 | | | 33,066 | |
| | | |
Other | 20,241 | | | 16,125 | |
Accrued expenses and other current liabilities | $ | 183,625 | | | $ | 185,305 | |
LIFE TIME GROUP HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Table amounts in thousands except per share data)
Supplemental Cash Flow Information
(Increases) decreases in operating assets and increases (decreases) in operating liabilities are as follows:
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 |
Accounts receivable | $ | (1,802) | | | $ | (6,610) | |
Center operating supplies and inventories | (1,761) | | | (2,476) | |
Prepaid expenses and other current assets | (8,630) | | | (2,510) | |
Income tax receivable | 1,947 | | | (5,921) | |
Other assets | 10 | | | 131 | |
Accounts payable | (2,875) | | | 9,619 | |
Accrued expenses and other current liabilities | 16,014 | | | 8,896 | |
Deferred revenue | 2,259 | | | 4,664 | |
Other liabilities | 480 | | | 941 | |
Changes in operating assets and liabilities | $ | 5,642 | | $ | 6,734 |
Additional supplemental cash flow information is as follows:
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 |
Net cash paid for income taxes, net of refunds received | $ | 9,235 | | | $ | 12,445 | |
Cash payments for interest, net of capitalized interest | 69,984 | | | 57,380 | |
Capitalized interest | 3,962 | | | 9,756 | |
Non-cash activity: | | | |
Issuances of common stock in connection with a business acquisition | — | | | 1,472 | |
Right-of-use assets obtained in exchange for initial lease liabilities: | | | |
Operating leases | 128,486 | | 58,419 |
Finance leases | 705 | | 605 |
Right-of-use asset adjustments recognized as a result of the remeasurement of existing operating lease liabilities | 4,631 | | 16,429 |
Non-cash increase in operating lease right-of-use assets associated with below-market sale-leaseback transactions | — | | 5,900 |
Non-cash increase in financing obligations as a result of interest accretion | 70 | | 46 |
4. Revenue
Revenue associated with our membership dues, enrollment fees, and certain services from our in-center businesses is recognized over time as earned. Revenue associated with products and services offered in our cafes and spas, as well as through e-commerce, is recognized at a point in time. The following is a summary of revenue, by major revenue stream, that we recognized during the three and six months ended June 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Membership dues and enrollment fees | $ | 462,696 | | | $ | 387,115 | | | $ | 888,107 | | $ | 744,603 |
In-center revenue | 182,311 | | | 155,010 | | | 337,385 | | 295,274 |
Total center revenue | 645,007 | | | 542,125 | | | 1,225,492 | | 1,039,877 |
Other revenue | 22,754 | | | 19,606 | | | 38,986 | | 32,705 |
Total revenue | $ | 667,761 | | | $ | 561,731 | | | $ | 1,264,478 | | $ | 1,072,582 |
LIFE TIME GROUP HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Table amounts in thousands except per share data)
The timing associated with the revenue we recognized during the three months ended June 30, 2024 and 2023 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2024 | | Three Months Ended June 30, 2023 |
| Center Revenue | | Other Revenue | | Total Revenue | | Center Revenue | | Other Revenue | | Total Revenue |
Goods and services transferred over time | $ | 567,920 | | $ | 22,754 | | $ | 590,674 | | $ | 476,332 | | $ | 19,606 | | $ | 495,938 |
Goods and services transferred at a point in time | 77,087 | | — | | 77,087 | | 65,793 | | — | | 65,793 |
Total revenue | $ | 645,007 | | $ | 22,754 | | $ | 667,761 | | $ | 542,125 | | $ | 19,606 | | $ | 561,731 |
The timing associated with the revenue we recognized during the six months ended June 30, 2024 and 2023 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, 2024 | | Six Months Ended June 30, 2023 |
| Center Revenue | | Other Revenue | | Total Revenue | | Center Revenue | | Other Revenue | | Total Revenue |
Goods and services transferred over time | $ | 1,084,753 | | $ | 38,986 | | $ | 1,123,739 | | $ | 915,349 | | $ | 32,705 | | $ | 948,054 |
Goods and services transferred at a point in time | 140,739 | | — | | 140,739 | | 124,528 | | — | | 124,528 |
Total revenue | $ | 1,225,492 | | $ | 38,986 | | $ | 1,264,478 | | $ | 1,039,877 | | $ | 32,705 | | $ | 1,072,582 |
Contract liabilities represent payments or consideration received in advance for goods or services that the Company has not yet transferred to the customer. Contract liabilities consist primarily of deferred revenue for fees collected in advance for membership dues, enrollment fees, Dynamic Personal Training and other in-center services offerings, as well as our media and athletic events. Contract liabilities at June 30, 2024 and December 31, 2023 were $52.1 million and $49.9 million, respectively.
Contract liabilities that will be recognized within one year are classified as deferred revenue in our condensed consolidated balance sheets. Deferred revenue at June 30, 2024 and December 31, 2023 was $51.9 million and $49.3 million, respectively, and consists primarily of prepaid membership dues, enrollment fees, Dynamic Personal Training and other in-center services, as well as media and athletic events.
Contract liabilities that will be recognized in a future period greater than one year are classified as a component of Other liabilities in our condensed consolidated balance sheets. Long-term contract liabilities at June 30, 2024 and December 31, 2023 were $0.2 million and $0.6 million, respectively, and consist primarily of deferred enrollment fees.
LIFE TIME GROUP HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Table amounts in thousands except per share data)
5. Debt
Debt consisted of the following:
| | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 |
Term Loan Facility, maturing January 2026 | $ | 310,000 | | $ | 310,000 |
Revolving Credit Facility, maturing December 2026 | 65,000 | | 90,000 |
5.75% Senior Secured Notes, maturing January 2026 | 925,000 | | 925,000 |
8.00% Senior Unsecured Notes, maturing April 2026 | 475,000 | | 475,000 |
Construction Loan, maturing February 2026 | 27,973 | | 28,000 |
Mortgage Notes, various maturities | 47,882 | | 115,502 |
Other debt | 3,440 | | 4,122 |
Fair value adjustment | 362 | | 521 |
Total debt | 1,854,657 | | 1,948,145 |
Less unamortized debt discounts and issuance costs | (11,661) | | (15,270) |
Total debt less unamortized debt discount and issuance costs | 1,842,996 | | 1,932,875 |
Less current maturities | (12,755) | | (73,848) |
Long-term debt, less current maturities | $ | 1,830,241 | | $ | 1,859,027 |
Term Loan Facility
Loans under the Term Loan Facility bear interest at a floating rate per annum of, at our option, Term Secured Overnight Financing Rate (“SOFR”) plus an applicable credit adjustment spread ranging from 0.11448% to 0.42826% depending on the duration of borrowing plus the continued applicable margin of 4.00% or a base rate plus 3.00%. The applicable margins will increase to 4.25% and 3.25%, respectively, if our public corporate family ratings falls below B2 and B from Moody’s and S&P, respectively. We are not required to make principal payments on the Term Loan Facility prior to its maturity.
Revolving Credit Facility
At June 30, 2024, there were $65.0 million of outstanding borrowings under the $475.0 million Revolving Credit Facility and there were $30.9 million of outstanding letters of credit, resulting in total revolver availability of $379.1 million, which was available at intervals ranging from 30 to 180 days at interest rates of SOFR plus the applicable credit adjustment spread plus 3.50% or base rate plus 2.50%. During the three months ended June 30, 2024, we amended the credit agreement governing the Revolving Credit Facility to replace the Canadian Dollar Offered Rate (CDOR), which ceased at the end of June 2024, with the Canadian Overnight Repo Rate Average (CORRA). We do not have any outstanding borrowings in Canadian dollars under the Revolving Credit Facility.
The weighted average interest rate and debt outstanding under the Revolving Credit Facility for the six months ended June 30, 2024 was 9.51% and $187.7 million, respectively. The highest balance during that same period was $285.0 million.
Mortgage Notes
During the six months ended June 30, 2024, we fully paid at maturity the principal balance and remaining accrued interest associated with two of our Mortgage Notes totaling $62.9 million.
Debt Covenants
We are required to comply with certain affirmative and restrictive covenants under our Credit Facilities, Secured Notes, Unsecured Notes, Construction Loan and Mortgage Notes. We are also required to comply with a first lien net leverage ratio covenant under the Revolving Credit Facility, which requires us to maintain a first lien net leverage ratio, if 30.00% or more of the Revolving Credit Facility commitments are outstanding shortly after the end of any fiscal quarter (excluding all cash collateralized undrawn letters of credit and other undrawn letters of credit up to $20.0 million).
As of June 30, 2024, we were either in compliance in all material respects with the covenants or the covenants were not applicable.
LIFE TIME GROUP HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Table amounts in thousands except per share data)
Future Maturities of Long-Term Debt
Aggregate annual future maturities of long-term debt, excluding unamortized discounts, issuance costs and fair value adjustments, at June 30, 2024 were as follows:
| | | | | |
July 2024 through June 2025 | $ | 12,755 |
July 2025 through June 2026 | 1,750,386 |
July 2026 through June 2027 | 86,816 |
July 2027 through June 2028 | 1,495 |
July 2028 through June 2029 | 173 |
Thereafter | 2,670 |
Total future maturities of long-term debt | $ | 1,854,295 |
6. Leases
Sale-Leaseback Transactions
During the six months ended June 30, 2024, we entered into and consummated sale-leaseback transactions with two unrelated third parties. Under these transactions, we sold four properties for gross proceeds of $147.9 million, which was reduced by transaction costs of $0.9 million, for net cash proceeds of $147.0 million. The estimated fair value of the properties sold was $143.6 million. Accordingly, the aggregate cash sales price associated with these arrangements was decreased by a $4.3 million aggregate off-market adjustment to $142.7 million. This aggregate off-market adjustment was recognized as financing obligations and the proceeds are reported within financing activities on our condensed consolidated statement of cash flows. During the six months ended June 30, 2024, we recognized a net gain of $7.5 million on the sale-leaseback transactions, which is included in Other operating expense in our condensed consolidated statement of operations.
Right-of-use assets and lease liabilities recognized in connection with these sale-leaseback transactions were $93.6 million and $92.8 million, respectively.
7. Stockholders’ Equity
Share-Based Compensation Expense
Share-based compensation expense for the three months ended June 30, 2024 was $11.1 million, of which $10.1 million and $1.0 million was associated with equity-classified awards and liability-classified awards, respectively. Share-based compensation expense for the six months ended June 30, 2024 was $18.7 million, of which $18.0 million and $0.7 million was associated with equity-classified awards and liability-classified awards, respectively.
Share-based compensation expense for the three months ended June 30, 2023 was $16.5 million, of which $8.5 million and $8.0 million was associated with equity-classified awards and liability-classified awards, respectively. Share-based compensation expense for the six months ended June 30, 2023 was $22.2 million, of which $13.9 million and $8.3 million was associated with equity-classified awards and liability-classified awards, respectively.
Restricted Stock Units
During the six months ended June 30, 2024, the Company granted approximately 1.6 million restricted stock unit awards under the 2021 Incentive Award Plan, of which approximately 1.1 million were time-based vesting awards and approximately 0.5 million were performance-based vesting awards granted to our executives in connection with our short-term incentive compensation program. We determine the grant date fair value of restricted stock unit awards by multiplying the number of restricted stock unit awards by the closing trading price of our common stock on the grant date.
LIFE TIME GROUP HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Table amounts in thousands except per share data)
Performance Stock Units
During the six months ended June 30, 2024, the Company granted approximately 0.5 million three-year performance stock unit awards under the 2021 Incentive Award Plan, all of which were granted to our executives in connection with our long-term incentive compensation program. Approximately 0.3 million of the performance stock unit awards are based on our Adjusted EBITDA with performance determined each year for one-third of such award but the entire award does not vest until the end of the three-year period and approximately 0.2 million of the performance stock unit awards are based on our leverage ratio at the end of each year with one-third vesting each year dependent on achieving the leverage ratio target for such year. We determine the grant date fair value of performance stock unit awards by multiplying the number of performance stock unit awards by the closing trading price of our common stock on the grant date.
Other Share-Based Payment Awards
In the event specified performance metrics are met under our 2024 incentive compensation program for team members who are not executive officers, awards thereunder will be paid out in cash or through the issuance of fully-vested shares of the Company’s common stock or a combination thereof at the time of such performance determination in 2025. As of June 30, 2024, we expect that these awards will be settled in a combination of cash and shares of the Company’s common stock. Because the portion of incentive compensation that we currently expect to pay through the issuance of shares of the Company’s common stock represents a fixed dollar that, if payable, will be settled in a variable number of shares of the Company’s common stock, we are currently accounting for this portion of these awards as liability-classified share-based payment awards. Accordingly, the offset to the share-based compensation expense we have recognized in connection with these awards during the six months ended June 30, 2024 is included in Accrued expenses and other current liabilities on our June 30, 2024 condensed consolidated balance sheet.
In February 2024, our Board of Directors determined that our 2023 performance exceeded the maximum performance metric under our 2023 short-term incentive program and issued corresponding shares of common stock to our employees. As a result, the $18.1 million liability we had recognized in connection with liability-classified share-based payment awards, which was included in Accrued expenses and other current liabilities on our December 31, 2023 condensed consolidated balance sheet, was reclassified out of Accrued expenses and other current liabilities and into Common stock and Additional paid-in capital on our condensed consolidated balance sheet during the six months ended June 30, 2024.
8. Income Per Share
For the three and six months ended June 30, 2024 and 2023, our potentially dilutive securities included stock options, restricted stock units and shares to be issued under our employee stock purchase plan.
The following table sets forth the calculation of basic and diluted income per share for the three and six months ended June 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Net income | $ | 52,805 | | $ | 17,004 | | $ | 77,722 | | $ | 44,464 |
| | | | | | | |
Weighted-average common shares outstanding – basic | 198,903 | | 195,476 | | 198,200 | | 195,026 |
Dilutive effect of stock-based compensation awards | 7,141 | | 9,345 | | 6,651 | | 8,846 |
Weighted-average common shares outstanding – diluted | 206,044 | | 204,821 | | 204,851 | | 203,872 |
| | | | | | | |
Income per common share – basic | $ | 0.27 | | $ | 0.09 | | $ | 0.39 | | $ | 0.23 |
Income per common share – diluted | $ | 0.26 | | $ | 0.08 | | $ | 0.38 | | $ | 0.22 |
LIFE TIME GROUP HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Table amounts in thousands except per share data)
The following is a summary of potential shares of common stock that were antidilutive and excluded from the weighted average share computations for the three and six months ended June 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Stock options | 5,843 | | 5,370 | | 5,843 | | 6,310 |
Restricted stock units | 382 | | 766 | | 382 | | 824 |
Potential common shares excluded from the weighted average share calculations | 6,225 | | 6,136 | | 6,225 | | 7,134 |
9. Commitments and Contingencies
Life Time, Inc. et al. v. Zurich American Insurance Company
On August 19, 2020, Life Time, Inc., several of its subsidiaries, and a joint venture entity, Bloomingdale Life Time Fitness LLC (collectively, the “Life Time Parties”) filed a complaint against Zurich American Insurance Company (“Zurich”) in the Fourth Judicial District of the State of Minnesota, County of Hennepin (Case No. 27-CV-20-10599) (the “Action”) seeking declaratory relief and damages with respect to Zurich’s failure under a property/business interruption insurance policy to provide certain coverage to the Life Time Parties related to the closure or suspension by governmental authorities of their business activities due to the spread or threat of the spread of COVID-19. On March 15, 2021, certain of the Life Time Parties filed a First Amended Complaint in the Action adding claims against Zurich under a Builders’ Risk policy related to the suspension of multiple construction projects. The Court granted Zurich’s dispositive motions on July 25, 2024, dismissing Life Time’s claims with prejudice, and entered judgment on July 26, 2024. Life Time intends to appeal from that judgment, in whole or in part, to the Minnesota Court of Appeals. The Action is subject to many uncertainties, and the outcome of the matter is not predictable with any assurance.
Other
We are also engaged in other proceedings incidental to the normal course of business. Due to their nature, such legal proceedings involve inherent uncertainties, including but not limited to court rulings, negotiations between affected parties and governmental intervention. We establish reserves for matters that are probable and estimable in amounts we believe are adequate to cover reasonable adverse judgments. Based upon the information available to us and discussions with legal counsel, it is our opinion that the outcome of the various legal actions and claims that are incidental to our business will not have a material adverse impact on our consolidated financial position, results of operations or cash flows. Such matters are subject to many uncertainties, and the outcomes of individual matters are not predictable with assurance.
10. Subsequent Events
On July 29, 2024, the Company entered into an agreement for the sale-leaseback of one property for gross proceeds of $25.0 million. The closing on this property is expected to be completed early in the fourth quarter 2024.
In preparing the accompanying condensed consolidated financial statements, we have evaluated the period from June 30, 2024 through the date the condensed consolidated financial statements were issued for material subsequent events. There have been no other events or transactions during this time which would have a material effect on the condensed consolidated financial statements and therefore would require recognition or disclosure.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Forward-Looking Statements
Certain statements in this discussion and analysis are forward-looking statements within the meaning of federal securities regulations. Forward-looking statements in this discussion and analysis include, but are not limited to, our plans, strategies and prospects, both business and financial, including our financial outlook and cash flow, possible or assumed future actions, opportunities for growth and margin expansion, improvements to our balance sheet and leverage, capital expenditures, consumer demand, industry and economic trends, business strategies, events or results of operations. Generally, forward-looking statements are not based on historical facts but instead represent only our current beliefs and assumptions regarding future events. All forward-looking statements are, by nature, subject to risks, uncertainties and other factors. This discussion and analysis does not purport to identify factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements. You should understand that forward-looking statements are not guarantees of performance or results and are preliminary in nature. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “assumes,” “expects,” “anticipates,” “intends,” “continues,” “projects,” “predicts,” “estimates,” “plans,” “potential,” “may increase,” “may result,” “will result,” “may fluctuate,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “foreseeable,” “may,” and “could” as well as the negative version of these words or similar terms and phrases are generally forward-looking in nature and not historical facts. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.
The forward-looking statements contained in this discussion and analysis are based on management’s current beliefs and assumptions and are not guarantees of future performance. The forward-looking statements are subject to various risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Actual results may differ materially from these expectations due to numerous factors, many of which are beyond our control, including risks relating to our business operations and competitive and economic environment, risks relating to our brand, risks relating to the growth of our business, risks relating to our technological operations, risks relating to our capital structure and lease obligations, risks relating to our human capital, risks relating to legal compliance and risk management and risks relating to ownership of our common stock and the other important factors discussed under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”) and as such risk factors may be updated from time to time in our periodic filings with the SEC that are accessible on the SEC’s website at www.sec.gov. Since it is not possible to foresee all such factors, these factors should not be considered as complete or exhaustive. Consequently, we caution investors not to place undue reliance on any forward-looking statements, as no forward-looking statement can be guaranteed, and actual results may vary materially. Additionally, our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, investments or other strategic transactions we may make.
All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. Forward-looking statements speak only as of the date of this report. We do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Overview
Business and Strategy
Life Time, the “Healthy Way of Life Company,” is a leading lifestyle and leisure brand offering premium health, fitness and wellness experiences to a community of more than 1.5 million individual members, who together comprise more than 878,000 memberships, as of June 30, 2024. Since our founding over 30 years ago, we have sought to continuously innovate ways for our members to lead healthy and happy lives by offering them the best places, programs and performers. We deliver high-quality experiences through our omni-channel physical and digital ecosystem that includes more than 170 centers—distinctive, resort-like athletic country club destinations—across 31 states in the United States and one province in Canada. Our brand loyalty and track record of providing differentiated experiences to our members has fueled our strong, long-term financial performance.
Our luxurious athletic country clubs total approximately 17 million square feet in the aggregate. Our centers are located in affluent suburban and urban locations. Depending on the size and location of a center, we offer expansive fitness floors with top-of-the-line equipment, spacious locker rooms, group fitness studios and spaces, indoor and outdoor pools and bistros, indoor and outdoor tennis courts, indoor and outdoor pickleball courts, basketball courts, LifeSpa, LifeCafe and our childcare and Kids Academy learning spaces. Our premium service offerings are delivered by over 45,000 Life Time team members, including over 10,500 certified fitness professionals, ranging from personal trainers to studio performers.
Our members are highly engaged and draw inspiration from the experiences and community we have created. The value our members place on our community is reflected in the continued strength and growth of our average revenue per center membership, center usage and the visits to our athletic country clubs. Our average revenue per center membership increased to $1,541 for the six months ended June 30, 2024 as compared to $1,369 for the six months ended June 30, 2023. Total visits to our clubs were 57 million for the six months ended June 30, 2024 as compared to 52 million for the six months ended June 30, 2023, and average visits per membership remained strong at 72 average visits per membership to our centers for the six months ended June 30, 2024. We believe that no other company in the United States delivers the same quality and breadth of health, fitness and wellness experiences that we deliver, which has enabled us to consistently grow our annual membership dues and in-center revenue.
Our total Center revenue increased to $1,225.5 million for the six months ended June 30, 2024 as compared to $1,039.9 million for the six months ended June 30, 2023. We believe it will continue to grow as we open new centers in desirable locations across the country, our new centers ramp to expected performance and we continue to execute on our strategic initiatives discussed below. Our new centers on average have taken three to four years to ramp to expected performance. As of June 30, 2024, we had 27 centers open for less than three years and eight new centers under construction, with significant growth capital expenditures already invested into these new centers that have yet to open. We are expanding the number of our centers using an asset-light model that targets increasingly affluent markets with higher income members, higher average revenue per center membership and higher returns on invested capital. As we open these new centers in more affluent markets, our average revenue per center membership should naturally increase. We believe we have significant opportunities to continue expanding our portfolio of premium centers in an asset-light manner and we are targeting eight to 12 new locations on average per year. We believe the combined dynamic of our ramping new centers that are open and operating, new members joining at higher membership dues rates plus the capital expenditures already invested in our centers under construction creates a strong tailwind for the continued growth of our total Center revenue.
We have also implemented several strategic initiatives that are driving revenue, engagement and memberships as we continue to elevate and broaden our member experiences and allow our members to integrate health, fitness and wellness into their lives with greater ease and frequency. These strategic initiatives include pickleball, Dynamic Personal Training, Dynamic Stretch, small group training such as Alpha, GTX and Ultra Fit, and our ARORA community focused on members aged 55 years and older, where we have experienced a significant increase in our unique participants or total sessions. We have also launched a pilot for our MIORA health optimization and longevity services and we have been executing on enhanced offerings within our LifeCafe, LifeShop and LifeSpa. Additionally, our digital platform is delivering a true omni-channel experience through our integrated digital app that is now available at no cost, including live streaming fitness classes, remote goal-based personal training, nutrition and weight loss support and curated award-winning health, fitness and wellness content. In addition, our LifeShop digital health store offers a wide variety of equipment, wearables, apparel, beauty products and nutritional supplements. We are continuing to invest in our digital capabilities, including artificial intelligence, to strengthen our relationships with our members, reach more people looking for a Healthy Way of Life and more comprehensively address their health, fitness and wellness needs so that they can engage and connect with Life Time at any time or place.
We also continue to expand our “Healthy Way of Life” ecosystem in response to the desire of our members to holistically integrate health and wellness into every aspect of their daily lives. In 2018, we launched Life Time Work, an asset-light branded co-working model that offers premium work spaces in close proximity to our centers and integrates ergonomic furnishings and promotes a healthy working environment. Life Time Work members also have the ability to receive access to all of our resort-like athletic country club destinations across the United States and Canada. Additionally, our Life Time Living locations offer luxury wellness-oriented residences, also in close proximity to one of our athletic country clubs. As of June 30, 2024, we had 15 Life Time Work and four Life Time Living locations open and operating. Our Life Time Living offering is generating interest from new property developers and presenting opportunities for new center development and deal terms that were not previously available to us. Our omni-channel platform continues to grow as we expand our footprint with new centers and nearby work and living spaces, as well as strengthen our digital capabilities.
Macroeconomy
We continue to monitor the macroeconomic environment and its impact on our business, including with respect to inflation, interest rates and labor, as well as a potential economic recession. Inflation continues to remain elevated, which has impacted our expenses and capital expenditures in several areas, including wages, construction costs and other operating expenses, and thus pressured our margin performance. Despite this headwind, we have experienced growth in our revenue and margins. The rising interest rate environment has also increased the cost of our Term Loan Facility and Revolving Credit Facility and may result in increased capitalization rates and delays on future sale-leaseback transactions. We will continue to monitor the macroeconomic environment, but we believe that our business is resilient and has performed well historically during different economic cycles including during a recession.
Non-GAAP Financial Measures
This discussion and analysis includes certain financial measures that are not presented in accordance with generally accepted accounting principles in the United States (“GAAP”), including Adjusted net income, Adjusted net income per common share, Adjusted EBITDA, free cash flow and ratios related thereto. These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. In addition, these non-GAAP financial measures should be read in conjunction with our financial statements prepared in accordance with GAAP. The reconciliations of the Company’s non-GAAP financial measures to the corresponding GAAP measures should be carefully evaluated.
Adjusted Net Income
We define Adjusted net income as net income excluding the impact of share-based compensation expense as well as (gain) loss on sale-leaseback transactions, capital transaction costs, legal settlements, asset impairment, severance and other items that are not indicative of our ongoing operations, less the tax effect of these adjustments.
Adjusted EBITDA
We define Adjusted EBITDA as net income before interest expense, net, provision for income taxes and depreciation and amortization, excluding the impact of share-based compensation expense as well as (gain) loss on sale-leaseback transactions, capital transaction costs, legal settlements, asset impairment, severance and other items that are not indicative of our ongoing operations.
Management uses Adjusted net income and Adjusted EBITDA to evaluate the Company’s performance. We believe that Adjusted net income and Adjusted EBITDA are important metrics for management, investors and analysts as they remove the impact of items that we do not believe are indicative of our core operating performance and allows for consistent comparison of our operating results over time and relative to our peers. We use Adjusted net income and Adjusted EBITDA to supplement GAAP measures of performance in evaluating the effectiveness of our business strategies and to establish annual budgets and forecasts. We also use Adjusted EBITDA or variations thereof to establish short-term incentive compensation for management.
Free Cash Flow
We define free cash flow as net cash provided by operating activities less capital expenditures, net of construction reimbursements, plus net proceeds from sale-leaseback transactions and land sales. We believe free cash flow assists investors and analysts in evaluating our liquidity and cash flows, including our ability to make principal payments on our indebtedness and to fund our capital expenditures and working capital requirements. Our management considers free cash flow to be a key indicator of our liquidity and we present this metric to our board of directors. Additionally, we believe free cash flow is frequently used by analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that investors, analysts and rating agencies consider free cash flow as a useful means of measuring our ability to make principal payments on our indebtedness and evaluating our liquidity, and management uses this measurement for one or more of these purposes.
Adjusted net income, Adjusted EBITDA and free cash flow should be considered in addition to, and not as a substitute for or superior to, financial measures calculated in accordance with GAAP. These are not measurements of our financial performance under GAAP and should not be considered as alternatives to net income or any other performance measures derived in accordance with GAAP or as an alternative to net cash provided by operating activities as a measure of our liquidity and may not be comparable to other similarly titled measures of other businesses. Adjusted net income, Adjusted EBITDA and free cash flow have limitations as analytical tools, and you should not consider these measures in isolation or as a substitute for analysis of our operating results or cash flows as reported under GAAP. Furthermore, we compensate for the limitations described above by relying primarily on our GAAP results and using Adjusted net income, Adjusted EBITDA and free cash flow only for supplemental purposes. See our condensed consolidated financial statements included elsewhere in this report for our GAAP results.
Non-GAAP Measurements and Key Performance Indicators
We prepare and analyze various non-GAAP performance metrics and key performance indicators to assess the performance of our business and allocate resources. For more information regarding our non-GAAP performance metrics, see “—Non-GAAP Financial Measures” above. These are not measurements of our financial performance under GAAP and should not be considered as alternatives to any other performance measures derived in accordance with GAAP.
Set forth below are certain GAAP and non-GAAP measurements and key performance indicators for the three and six months ended June 30, 2024 and 2023. The following information has been presented consistently for all periods presented.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, | | June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| ($ in thousands, except for Average Center revenue per center membership data) |
Membership Data | | | | | | | |
Center memberships | 832,636 | | 790,238 | | 832,636 | | 790,238 |
Digital On-hold memberships | 46,131 | | 42,401 | | 46,131 | | 42,401 |
Total memberships | 878,767 | | 832,639 | | 878,767 | | 832,639 |
| | | | | | | |
Revenue Data | | | | | | | |
Membership dues and enrollment fees | 71.7% | | 71.4% | | 72.5% | | 71.6% |
In-center revenue | 28.3% | | 28.6% | | 27.5% | | 28.4% |
Total Center revenue | 100.0% | | 100.0% | | 100.0% | | 100.0% |
| | | | | | | |
Membership dues and enrollment fees | $ | 462,696 | | $ | 387,115 | | $ | 888,107 | | $ | 744,603 |
In-center revenue | 182,311 | | 155,010 | | 337,385 | | 295,274 |
Total Center revenue | $ | 645,007 | | $ | 542,125 | | $ | 1,225,492 | | $ | 1,039,877 |
| | | | | | | |
Average Center revenue per center membership (1) | $ | 794 | | $ | 701 | | $ | 1,541 | | $ | 1,369 |
Comparable center revenue (2) | 12.0% | | 15.5% | | 11.6% | | 19.7% |
| | | | | | | |
Center Data | | | | | | | |
Net new center openings (3) | 3 | | — | | 4 | | 3 |
Total centers (end of period) (3) | 175 | | 164 | | 175 | | 164 |
Total center square footage (end of period) (4) | 17,200,000 | | 16,200,000 | | 17,200,000 | | 16,200,000 |
| | | | | | | |
GAAP and Non-GAAP Financial Measures | | | | | | | |
Net income | $ | 52,805 | | $ | 17,004 | | $ | 77,722 | | $ | 44,464 |
Net income margin (5) | 7.9 | % | | 3.0 | % | | 6.1 | % | | 4.1 | % |
Adjusted net income (6) | $ | 52,440 | | $ | 37,965 | | $ | 83,376 | | $ | 59,848 |
Adjusted net income margin (6) | 7.9 | % | | 6.8 | % | | 6.6 | % | | 5.6 | % |
Adjusted EBITDA (7) | $ | 173,545 | | $ | 136,039 | | $ | 319,523 | | $ | 256,141 |
Adjusted EBITDA margin (7) | 26.0 | % | | 24.2 | % | | 25.3 | % | | 23.9 | % |
Center operations expense | $ | 355,510 | | $ | 302,603 | | $ | 677,410 | | $ | 576,712 |
Pre-opening expenses (8) | $ | 1,202 | | $ | 2,984 | | $ | 3,654 | | $ | 4,669 |
Rent | $ | 74,947 | | $ | 67,434 | | $ | 147,229 | | $ | 133,971 |
Non-cash rent expense (open properties) (9) | $ | 5,965 | | $ | 6,819 | | $ | 10,645 | | $ | 13,196 |
Non-cash rent expense (properties under development) (9) | $ | 1,727 | | $ | 1,784 | | $ | 3,005 | | $ | 4,434 |
Net cash provided by operating activities | $ | 170,423 | | $ | 141,943 | | $ | 260,830 | | $ | 216,291 |
Free cash flow (10) | $ | 175,116 | | $ | 21,045 | | $ | 108,722 | | $ | (42,745) |
(1) We define Average Center revenue per center membership as Center revenue less Digital On-hold revenue, divided by the average number of Center memberships for the period, where the average number of Center memberships for the period is an average derived from dividing the sum of the total Center memberships outstanding at the beginning of the period and at the end of each month during the period by one plus the number of months in each period.
(2) We measure the results of our centers based on how long each center has been open as of the most recent measurement period. We include a center, for comparable center revenue purposes, beginning on the first day of the 13th full calendar month of the center’s operation, in order to assess the center’s growth rate after one year of operation.
(3) Net new center openings is calculated as the number of centers that opened for the first time to members during the period, less any centers that closed during the period. Total centers (end of period) is the number of centers operational as of the last day of the period. During the three months ended June 30, 2024, we opened three centers.
(4) Total center square footage (end of period) reflects the aggregate square footage, excluding areas used for tennis courts, outdoor swimming pools, outdoor play areas and stand-alone Work, Sport and Swim locations. We use this metric for evaluating the efficiencies of a center as of the end of the period. These figures are approximations.
(5) Net income margin is calculated as net income divided by total revenue.
(6) We present Adjusted net income as a supplemental measure of our performance. We define Adjusted net income as net income excluding the impact of share-based compensation expense as well as (gain) loss on sale-leaseback transactions, capital transaction costs, legal settlements, asset impairment, severance and other items that are not indicative of our ongoing operations, less the tax effect of these adjustments.
Adjusted net income margin is calculated as Adjusted net income divided by total revenue.
The following table provides a reconciliation of net income and income per common share, the most directly comparable GAAP measures, to Adjusted net income and Adjusted net income per common share:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, | | June 30, |
($ in thousands) | 2024 | | 2023 | | 2024 | | 2023 |
Net income | $ | 52,805 | | | $ | 17,004 | | | $ | 77,722 | | | $ | 44,464 | |
Share-based compensation expense (a) | 11,071 | | | 16,549 | | | 18,698 | | | 22,171 | |
(Gain) loss on sale-leaseback transactions (b) | (7,558) | | | 7,491 | | | (7,522) | | | 759 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Other (c) | (3,974) | | | 1,251 | | | (3,796) | | | (3,261) | |
Taxes (d) | 96 | | | (4,330) | | | (1,726) | | | (4,285) | |
Adjusted net income | $ | 52,440 | | | $ | 37,965 | | | $ | 83,376 | | | $ | 59,848 | |
| | | | | | | |
Income per common share: | | | | | | | |
Basic | $ | 0.27 | | | $ | 0.09 | | | $ | 0.39 | | | $ | 0.23 | |
Diluted | $ | 0.26 | | | $ | 0.08 | | | $ | 0.38 | | | $ | 0.22 | |
Adjusted income per common share: | | | | | | | |
Basic | $ | 0.26 | | | $ | 0.19 | | | $ | 0.42 | | | $ | 0.31 | |
Diluted | $ | 0.25 | | | $ | 0.19 | | | $ | 0.41 | | | $ | 0.29 | |
Weighted-average common shares outstanding: | | | | | | | |
Basic | 198,903 | | | 195,476 | | | 198,200 | | | 195,026 | |
Diluted | 206,044 | | | 204,821 | | | 204,851 | | | 203,872 | |
(a) Share-based compensation expense recognized during the three and six months ended June 30, 2024 was associated with stock options, restricted stock units, performance stock units, our employee stock purchase plan (“ESPP”) that launched on December 1, 2022, and liability-classified awards related to our 2024 short-term incentive plan. Share-based compensation expense recognized during the three and six months ended June 30, 2023 was associated with stock options, restricted stock units, our ESPP and liability-classified awards related to our 2023 short-term incentive plan.
(b) We adjust for the impact of gains and losses on the sale-leaseback of our properties as they do not reflect costs associated with our ongoing operations. For details on the gain on sale-leaseback transactions that we recognized during the six months ended June 30, 2024, see Note 6, Leases, to our condensed consolidated financial statements in this report.
(c) Includes benefits and costs associated with transactions that are unusual and non-recurring in nature.
(d) Represents the estimated tax effect of the total adjustments made to arrive at Adjusted net income using the effective income tax rates for the respective periods.
(7) We present Adjusted EBITDA as a supplemental measure of our performance. We define Adjusted EBITDA as net income before interest expense, net, provision for income taxes and depreciation and amortization, excluding the impact of share-based compensation expense as well as (gain) loss on sale-leaseback transactions, capital transaction costs, legal settlements, asset impairment, severance and other items that are not indicative of our ongoing operations.
Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by total revenue.
The following table provides a reconciliation of net income, the most directly comparable GAAP measure, to Adjusted EBITDA:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, | | June 30, |
($ in thousands) | 2024 | | 2023 | | 2024 | | 2023 |
Net income | $ | 52,805 | | | $ | 17,004 | | | $ | 77,722 | | | $ | 44,464 | |
Interest expense, net of interest income | 37,669 | | | 31,979 | | | 75,072 | | | 63,174 | |
Provision for income taxes | 13,818 | | | 3,513 | | | 23,732 | | | 12,385 | |
Depreciation and amortization | 69,714 | | | 58,252 | | | 135,617 | | | 116,449 | |
Share-based compensation expense (a) | 11,071 | | | 16,549 | | | 18,698 | | | 22,171 | |
(Gain) loss on sale-leaseback transactions (b) | (7,558) | | | 7,491 | | | (7,522) | | | 759 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Other (c) | (3,974) | | | 1,251 | | | (3,796) | | | (3,261) | |
Adjusted EBITDA | $ | 173,545 | | | $ | 136,039 | | | $ | 319,523 | | | $ | 256,141 | |
(a) - (c) See the corresponding footnotes to the table in footnote 6 immediately above.
(8) Represents non-capital expenditures associated with opening new centers that are incurred prior to the commencement of a new center opening. The number of centers under construction or development, the types of centers and our costs associated with any particular center opening can vary significantly from period to period.
(9) Reflects the non-cash portion of our annual GAAP operating lease expense that is greater or less than the cash operating lease payments. Non-cash rent expense for our open properties represents non-cash expense associated with properties that were operating at the end of each period presented. Non-cash rent expense for our properties under development represents non-cash expense associated with properties that are still under development at the end of each period presented.
(10) Free cash flow, a non-GAAP financial measure, is calculated as net cash provided by operating activities less capital expenditures, net of construction reimbursements, plus net proceeds from sale-leaseback transactions and land sales.
The following table provides a reconciliation from net cash provided by operating activities to free cash flow:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, | | June 30, |
($ in thousands) | 2024 | | 2023 | | 2024 | | 2023 |
Net cash provided by operating activities | $ | 170,423 | | | $ | 141,943 | | | $ | 260,830 | | | $ | 216,291 | |
Capital expenditures, net of construction reimbursements | (144,306) | | | (166,262) | | | (301,107) | | | (337,076) | |
Proceeds from sale-leaseback transactions | 142,671 | | | 45,364 | | | 142,671 | | | 78,040 | |
Proceeds from land sales | 6,328 | | | — | | | 6,328 | | | — | |
Free cash flow | $ | 175,116 | | | $ | 21,045 | | | $ | 108,722 | | | $ | (42,745) | |
Factors Affecting the Comparability of our Results of Operations
Impact of COVID-19 on our Business
Overview
In March 2020, the World Health Organization declared the outbreak of COVID-19 as a pandemic, the United States declared a National Public Health Emergency and we closed all of our centers based on orders and advisories from federal, state and local governmental authorities regarding COVID-19. Throughout this report, including this “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” when we refer to “COVID-19” or “the pandemic,” such as when we describe the “impact of COVID-19” on our operations, we mean the coronavirus-related orders issued by governmental authorities affecting our operations and/or the presence of coronavirus in our centers, including COVID-19 positive members or team members.
We re-opened our first center on May 8, 2020, and continued to re-open our centers as state and local governmental authorities permitted, subject to operating processes and protocols that we developed in consultation with an epidemiologist (MD/PhD) to provide a healthy and clean environment for our members and team members and to meet various governmental requirements and restrictions. Our centers were also impacted in 2021 as a result of the Delta variant and then again later in 2021 and into 2022 with the Omicron variant. The performance of our centers has improved significantly as our centers have ramped back from the adverse impacts of COVID-19.
Leverage
We are focused on improving the ratio of our net debt to Adjusted EBITDA, or our leverage ratio. We define net debt as the current and long-term portion of our debt, excluding unamortized debt discounts and issuance costs and fair value adjustments, less cash and cash equivalents. Our leverage ratio was elevated due in part to the adverse impacts of COVID-19, which required us to incur additional debt and significantly reduced our Adjusted EBITDA. We have significantly improved our leverage ratio and believe that we can continue to improve our leverage ratio as our profitability improves and we continue to strengthen our balance sheet.
Impact of Our Asset-light, Flexible Real Estate Strategy on Rent Expense
Our asset-light, flexible real estate strategy has allowed us to expand our business by leveraging operating leases and sale-leaseback transactions, among other asset-light opportunities. Approximately 67% of our centers are now leased, including approximately 86% of our new centers opened since 2015, versus a predominantly owned real estate strategy prior to 2015. Rent expense, which includes both cash and non-cash rent expense, will continue to increase as we lease more centers and will therefore impact the comparability of our results of operations. The impact of these increases is dependent upon the timing of our centers under development and the center openings, the timing of sale-leaseback transactions and terms of the leases for the new centers or sale-leaseback transactions.
Macroeconomic Trends
We have been monitoring the macroeconomic environment and its impact on our business, including with respect to inflation, interest rates and labor, as well as a potential economic recession. See “—Overview—Macroeconomy” for additional information.
Share-Based Compensation
During the six months ended June 30, 2024, we recognized share-based compensation expense associated with stock options, restricted stock units, performance stock units, our ESPP and liability-classified awards related to our 2024 short-term incentive plan, totaling approximately $18.7 million. During the six months ended June 30, 2023, we recognized share-based compensation expense associated with stock options, restricted stock units, our ESPP and liability-classified awards related to our 2023 short-term incentive plan, totaling approximately $22.2 million.
Critical Accounting Policies and Estimates
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate results could differ from those estimates. In recording transactions and balances resulting from business operations, we use estimates based on the best information available. We revise the recorded estimates when better information is available, facts change or we can determine actual amounts. These revisions can affect operating results.
Management has evaluated the development and selection of our critical accounting policies and estimates used in the preparation of the Company’s unaudited condensed consolidated financial statements and related notes and believes these policies to be reasonable and appropriate. Certain of these policies involve a higher degree of judgment or complexity and are most significant to reporting our results of operations and financial position, and are, therefore, discussed as critical. Our most significant estimates and assumptions that materially affect the Company’s unaudited condensed consolidated financial statements involve difficult, subjective or complex judgments, which management used while performing goodwill, indefinite-lived intangible and long-lived asset impairment analyses and sale-leaseback arrangements.
More information on all of our significant accounting policies can be found in Note 2, “Summary of Significant Accounting Policies” to our audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC. There have been no material changes to our critical accounting policies as compared to the critical accounting policies described in such Annual Report on Form 10-K.
Results of Operations
Three Months Ended June 30, 2024 Compared to Three Months Ended June 30, 2023
The following table sets forth our condensed consolidated statements of operations data (amounts in thousands) and data as a percentage of total revenue for the three months ended June 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, |
| | | | | As a Percentage of Total Revenue |
| 2024 | | 2023 | | 2024 | | 2023 |
Revenue: | | | | | | | |
Center revenue | $ | 645,007 | | | $ | 542,125 | | | 96.6 | % | | 96.5 | % |
Other revenue | 22,754 | | | 19,606 | | | 3.4 | % | | 3.5 | % |
Total revenue | 667,761 | | | 561,731 | | | 100.0 | % | | 100.0 | % |
Operating expenses: | | | | | | | |
Center operations | 355,510 | | | 302,603 | | | 53.2 | % | | 53.9 | % |
Rent | 74,947 | | | 67,434 | | | 11.2 | % | | 12.0 | % |
General, administrative and marketing | 53,246 | | | 52,840 | | | 8.0 | % | | 9.4 | % |
Depreciation and amortization | 69,714 | | | 58,252 | | | 10.4 | % | | 10.4 | % |
Other operating expense | 9,588 | | | 28,194 | | | 1.5 | % | | 5.0 | % |
Total operating expenses | 563,005 | | | 509,323 | | | 84.3 | % | | 90.7 | % |
Income from operations | 104,756 | | | 52,408 | | | 15.7 | % | | 9.3 | % |
Other (expense) income: | | | | | | | |
Interest expense, net of interest income | (37,669) | | | (31,979) | | | (5.6) | % | | (5.7) | % |
Equity in (loss) earnings of affiliates | (464) | | | 88 | | | (0.1) | % | | — | % |
Total other expense | (38,133) | | | (31,891) | | | (5.7) | % | | (5.7) | % |
Income before income taxes | 66,623 | | | 20,517 | | | 10.0 | % | | 3.6 | % |
Provision for income taxes | 13,818 | | | 3,513 | | | 2.1 | % | | 0.6 | % |
Net income | $ | 52,805 | | | $ | 17,004 | | | 7.9 | % | | 3.0 | % |
Total revenue. The $106.0 million increase in Total revenue for the three months ended June 30, 2024 as compared to the three months ended June 30, 2023 was due to continued strong growth in membership dues and in-center revenue, including continuing to realize the benefits of pricing actions already completed, membership growth in our new and ramping centers and higher member utilization of our in-center offerings.
With respect to the $102.9 million increase in Center revenue for the three months ended June 30, 2024 as compared to the three months ended June 30, 2023:
•73.5% was from membership dues and enrollment fees, which increased $75.6 million for the three months ended June 30, 2024 as compared to the three months ended June 30, 2023. This increase reflects the improvement in our Center memberships, which increased to 832,636 as of June 30, 2024 from 790,238 as of June 30, 2023, as well as higher average monthly dues per Center membership during the three months ended June 30, 2024 as compared to the three months ended June 30, 2023; and
•26.5% was from in-center revenue, which increased $27.3 million for the three months ended June 30, 2024 as compared to the three months ended June 30, 2023. This increase was recognized across all of our primary in-center businesses and reflects the higher utilization of our offerings by our members, particularly Dynamic Personal Training, during the three months ended June 30, 2024 as compared to the three months ended June 30, 2023.
The $3.1 million increase in Other revenue for the three months ended June 30, 2024 as compared to the three months ended June 30, 2023 was primarily driven by the improved performance of our Life Time Work locations and athletic events business.
Center operations expenses. The $52.9 million increase in Center operations expenses for the three months ended June 30, 2024 as compared to the three months ended June 30, 2023 was primarily due to increased operating costs related to our new and ramping centers as well as growth in memberships and in-center business revenue.
Rent expense. The $7.5 million increase in Rent expense for the three months ended June 30, 2024 as compared to the three months ended June 30, 2023 was primarily driven by the timing of sale-leaseback transactions during both the current and prior year, the timing of taking possession of other leased properties, as well as the recognition of a higher level of contingent rent expense, which is generally determined based on a percentage of center-specific revenue and/or other center-specific financial metrics over contractually specified levels, during the three months ended June 30, 2024 as compared to the three months ended June 30, 2023.
General, administrative and marketing expenses. General, administrative and marketing expenses increased $0.4 million for the three months ended June 30, 2024 as compared to the three months ended June 30, 2023, primarily due to increases in cash incentive compensation expenses, information technology costs and center support overhead to enhance and broaden our member services and experiences, partially offset by lower share-based compensation expense.
Depreciation and amortization. Depreciation and amortization increased $11.5 million for the three months ended June 30, 2024 as compared to the three months ended June 30, 2023, primarily due to new center openings.
Other operating expense. Other operating expense decreased $18.6 million for the three months ended June 30, 2024 as compared to the three months ended June 30, 2023, primarily due to the recognition of a $7.6 million gain on sale-leaseback transactions and a $4.3 million gain on the sale of land during the three months ended June 30, 2024 as compared to the recognition of a $7.5 million loss on sale-leaseback transactions during the three months ended June 30, 2023.
Interest expense, net of interest income. The $5.7 million increase in Interest expense, net of interest income for the three months ended June 30, 2024 as compared to the three months ended June 30, 2023 was driven by a higher average level of outstanding borrowings and higher interest rates associated with our variable rate debt during the three months ended June 30, 2024 as compared to the three months ended June 30, 2023.
Provision for income taxes. The provision for income taxes was $13.8 million for the three months ended June 30, 2024 as compared to $3.5 million for the three months ended June 30, 2023. The effective tax rate was 20.7% and 17.1% for those same periods, respectively. The increase in provision for income taxes for the three months ended June 30, 2024 as compared to the three months ended June 30, 2023 was primarily driven by an increase in earnings before taxes and the tax deficiencies associated with share-based payment awards, partially offset by a reduction in the valuation allowance associated with certain of our deferred tax assets.
Net income. As a result of the factors described above, net income was $52.8 million for the three months ended June 30, 2024 as compared to $17.0 million for the three months ended June 30, 2023.
Six Months Ended June 30, 2024 Compared to Six Months Ended June 30, 2023
The following table sets forth our condensed consolidated statements of operations data (amounts in thousands) and data as a percentage of total revenue for the six months ended June 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, |
| | | | | As a Percentage of Total Revenue |
| 2024 | | 2023 | | 2024 | | 2023 |
Revenue: | | | | | | | |
Center revenue | $ | 1,225,492 | | | $ | 1,039,877 | | | 96.9 | % | | 97.0 | % |
Other revenue | 38,986 | | | 32,705 | | | 3.1 | % | | 3.0 | % |
Total revenue | 1,264,478 | | | 1,072,582 | | | 100.0 | % | | 100.0 | % |
Operating expenses: | | | | | | | |
Center operations | 677,410 | | | 576,712 | | | 53.6 | % | | 53.8 | % |
Rent | 147,229 | | | 133,971 | | | 11.6 | % | | 12.5 | % |
General, administrative and marketing | 102,099 | | | 95,337 | | | 8.1 | % | | 8.9 | % |
Depreciation and amortization | 135,617 | | | 116,449 | | | 10.7 | % | | 10.8 | % |
Other operating expense | 25,310 | | | 30,321 | | | 2.0 | % | | 2.8 | % |
Total operating expenses | 1,087,665 | | | 952,790 | | | 86.0 | % | | 88.8 | % |
Income from operations | 176,813 | | | 119,792 | | | 14.0 | % | | 11.2 | % |
Other (expense) income: | | | | | | | |
Interest expense, net of interest income | (75,072) | | | (63,174) | | | (6.0) | % | | (5.9) | % |
Equity in (loss) earnings of affiliates | (287) | | | 231 | | | — | % | | — | % |
Total other expense | (75,359) | | | (62,943) | | | (6.0) | % | | (5.9) | % |
Income before income taxes | 101,454 | | | 56,849 | | | 8.0 | % | | 5.3 | % |
Provision for income taxes | 23,732 | | | 12,385 | | | 1.9 | % | | 1.2 | % |
Net income | $ | 77,722 | | | $ | 44,464 | | | 6.1 | % | | 4.1 | % |
Total revenue. The $191.9 million increase in Total revenue for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023 was due to continued strong growth in membership dues and in-center revenue, including continuing to realize the benefits of pricing actions already completed, membership growth in our new and ramping centers and higher member utilization of our in-center offerings.
With respect to the $185.6 million increase in Center revenue for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023:
•77.3% was from membership dues and enrollment fees, which increased $143.5 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023. This increase reflects the improvement in our Center memberships, which increased to 832,636 as of June 30, 2024 from 790,238 as of June 30, 2023, as well as higher average monthly dues per Center membership during the six months ended June 30, 2024 as compared to the six months ended June 30, 2023; and
•22.7% was from in-center revenue, which increased $42.1 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023. This increase was recognized across all of our primary in-center businesses and reflects the higher utilization of our offerings by our members, particularly Dynamic Personal Training, during the six months ended June 30, 2024 as compared to the six months ended June 30, 2023.
The $6.3 million increase in Other revenue for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023 was primarily driven by the improved performance of our Life Time Work locations, media and events business and Life Time Living locations.
Center operations expenses. The $100.7 million increase in Center operations expenses for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023 was primarily due to increased operating costs related to our new and ramping centers as well as growth in memberships and in-center business revenue.
Rent expense. The $13.3 million increase in Rent expense for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023 was primarily driven by the timing of sale-leaseback transactions during both the current and prior year, the timing of taking possession of other leased properties, as well as the recognition of a higher level of contingent rent expense, which is generally determined based on a percentage of center-specific revenue and/or other center-specific financial metrics over contractually specified levels, during the six months ended June 30, 2024 as compared to the six months ended June 30, 2023.
General, administrative and marketing expenses. General, administrative and marketing expenses increased $6.8 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023, primarily due to increases in our cash-based incentive compensation and information technology costs, the timing of marketing expenses primarily related to our new club openings and center support overhead to enhance and broaden our member services and experiences, partially offset by lower share-based compensation expense.
Depreciation and amortization. Depreciation and amortization increased $19.2 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023, primarily due to new center openings.
Other operating expense. Other operating expense decreased $5.0 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023, primarily due to the recognition of a $7.5 million gain on sale-leaseback transactions and a $4.3 million gain on sale of land during the six months ended June 30, 2024 as compared to the recognition of a $0.8 million loss on sale-leaseback transactions during the six months ended June 30, 2023, partially offset by a $4.9 million gain on the sale of two triathlon events during the six months ended June 30, 2023 and increased costs to support other revenue growth.
Interest expense, net of interest income. The $11.9 million increase in Interest expense, net of interest income for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023 was driven by a higher average level of outstanding borrowings and higher interest rates associated with our variable rate debt during the six months ended June 30, 2024 as compared to the six months ended June 30, 2023.
Provision for income taxes. The $11.3 million increase in provision for income taxes for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023 was primarily driven by an increase in earnings before taxes and the tax deficiencies associated with share-based payment awards, partially offset by a reduction in the valuation allowance associated with certain of our deferred tax assets. The effective tax rate was 23.4% and 21.8% for those same periods, respectively. The effective tax rate applied to our pre-tax income for the six months ended June 30, 2024 is higher than our statutory rate of 21% and reflects an increase due to deductibility limitations associated with executive compensation and state income tax provisions, partially offset by a reduction in valuation allowance associated with certain of our deferred tax assets.
Net income. As a result of the factors described above, net income was $77.7 million and $44.5 million for the six months ended June 30, 2024 and 2023, respectively.
Liquidity and Capital Resources
Liquidity
Our principal liquidity needs include the acquisition and development of new centers, lease requirements and debt service, investments in our business and technology and expenditures necessary to maintain and update or enhance our centers and associated equipment and member experiences. We have primarily satisfied our historical liquidity needs with cash flow from operations, drawing on the Revolving Credit Facility, construction reimbursements and through sale-leaseback transactions.
Our top priorities continue to include improving our balance sheet, reducing leverage and generating positive free cash flow. Our cash flow from operations continues to improve and we have taken significant actions to improve our liquidity. In May 2023, we refinanced our $273.6 million Term Loan Facility that had a maturity date in December 2024 to our $310.0 million Term Loan Facility that has a maturity date of January 15, 2026. In December 2023, we amended our Term Loan Facility to reduce the interest rate by 0.50%. During 2023, we completed sale-leaseback transactions associated with three properties and year-to-date 2024 we have completed sale-leaseback transactions for four properties. For more information regarding the sale-leaseback transactions that were consummated during the six months ended June 30, 2024, see Note 6, Leases, to our condensed consolidated financial statements included in this report. Additionally, we benefit from our in-house architecture, design and construction expertise that allows us to create operationally efficient centers and control the cost and pace of capital expenditures, including in determining when to begin or delay construction on a new athletic country club.
As the opportunity arises or as our business needs require, we may seek to raise capital through additional debt or equity financing. There can be no assurance that any such financing would be available on commercially acceptable terms, or at all. Volatility in these markets, particularly in light of the higher interest rate environment, may increase costs associated with issuing debt instruments or affect our ability to access those markets, which could have an adverse impact on our ability to raise additional capital, to refinance existing debt and/or to react to changing economic and business conditions. In addition, it is possible that our ability to access the credit and capital markets could be limited at a time when we would like or need to do so.
As of June 30, 2024, there were $65.0 million of outstanding borrowings under our Revolving Credit Facility and there were $30.9 million of outstanding letters of credit, resulting in total availability under our $475.0 million Revolving Credit Facility of $379.1 million. Total cash and cash equivalents at June 30, 2024 was $34.5 million, resulting in total cash and availability under our Revolving Credit Facility of $413.6 million.
The following table sets forth our condensed consolidated statements of cash flows data (amounts in thousands):
| | | | | | | | | | | |
| Six Months Ended |
| June 30, |
| 2024 | | 2023 |
Net cash provided by operating activities | $ | 260,830 | | | $ | 216,291 | |
Net cash used in investing activities | (154,281) | | | (259,498) | |
Net cash (used in) provided by financing activities | (87,102) | | | 48,420 | |
Effect of exchange rates on cash and cash equivalents and restricted cash and cash equivalents | (55) | | | 136 | |
Increase in cash and cash equivalents and restricted cash and cash equivalents | $ | 19,392 | | | $ | 5,349 | |
Operating Activities
The $44.5 million increase in net cash provided by operating activities for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023 was primarily the result of increased business performance and profitability.
Investing Activities
Investing activities consist primarily of the acquisition and development of new centers, expenditures necessary to maintain and update or enhance our centers and associated equipment and investments in our business and technology. We finance the purchase of our property, centers and equipment through operating cash flows, proceeds from sale-leaseback transactions, construction reimbursements and draws on our Revolving Credit Facility.
The $105.2 million decrease in net cash used in investing activities for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023 was primarily driven by a $64.6 million increase in the amount of proceeds that we received from sale-leaseback transactions, a $36.0 million decrease in capital expenditures and $6.3 million of proceeds from the sale of land during the six months ended June 30, 2024 as compared to the six months ended June 30, 2023.
The following table reflects capital expenditures by type of expenditure (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, | | June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Growth capital expenditures (1) | $ | 108,560 | | | $ | 112,295 | | | $ | 213,469 | | | $ | 236,971 | |
Maintenance capital expenditures (2) | 27,298 | | | 27,310 | | | 48,436 | | | 52,109 | |
Modernization and technology capital expenditures (3) | 8,448 | | | 26,657 | | | 39,202 | | | 47,996 | |
Total capital expenditures | $ | 144,306 | | | $ | 166,262 | | | $ | 301,107 | | | $ | 337,076 | |
(1) Consist of new center land and construction, initial major remodels of acquired centers, major remodels of existing centers that expand existing square footage, asset acquisitions including the purchase of previously leased centers and other growth initiatives.
(2) Consist of general maintenance of existing centers.
(3) Consist of modernization of existing centers and technology.
The decrease in total capital expenditures for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023 was primarily driven by less new center construction activity.
Financing Activities
The $135.5 million decrease in net cash provided by financing activities for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023 was primarily driven by net payments on borrowings under our Revolving Credit Facility, payments of mortgage notes and less proceeds from stock option exercises during the six months ended June 30, 2024.
We believe we have adequate amounts of cash to meet our requirements and plans for cash in the short-term and long-term and expect to satisfy our short-term and long-term obligations through a combination of cash on hand, funds generated from operations, sale-leaseback transactions, the borrowing capacity available under our Revolving Credit Facility and additional debt and equity financing as needed.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are exposed to market risks in the ordinary course of our business that include changes in interest rates and changes in foreign currency exchange rates. Information relating to quantitative and qualitative disclosures about these market risks is set forth below.
Interest rate risk
Our cash consists primarily of an interest-bearing account at a large United States bank with limited interest rate risk. At June 30, 2024, we held no investments in marketable securities.
In connection with the refinancing of our Term Loan Facility in May 2023, we converted the Term Loan Facility and the Revolving Credit Facility from LIBOR to Term Secured Overnight Financing Rate (“SOFR”). We incur interest at variable rates under both our Term Loan Facility and Revolving Credit Facility. At June 30, 2024, there were $65.0 million of outstanding borrowings under the Revolving Credit Facility and $30.9 million of outstanding letters of credit, resulting in total revolver availability of $379.1 million, which was available at intervals ranging from 30 to 180 days at interest rates of SOFR plus an applicable credit adjustment spread ranging from 0.11448% to 0.42826% depending on the duration of borrowing plus 3.50% or base rate plus 2.50%. In December 2023, we amended our Term Loan Facility to reduce the interest rate by 0.50%. Our Term Loan Facility variable rates are SOFR plus the applicable credit adjustment spread plus 4.00% or base rate plus 3.00% and had an outstanding balance of $310.0 million at June 30, 2024. During the three months ended June 30, 2024, we amended the credit agreement governing the Revolving Credit Facility to replace the Canadian Dollar Offered Rate (CDOR), which ceased at the end of June 2024, with the Canadian Overnight Repo Rate Average (CORRA). We do not have any outstanding borrowings in Canadian dollars under the Revolving Credit Facility.
Assuming no prepayments of the Term Loan Facility and that the Revolving Credit Facility is fully drawn (and that SOFR is in excess of the floor rate applicable to the Term Loan Facility), each one percentage point change in interest rates would result in an approximately $7.9 million change in annual interest expense on the indebtedness under the Credit Facilities.
Foreign currency exchange risk
We operate primarily in the United States with three centers operating in Canada. Given our limited operations outside of the United States, fluctuations due to changes in foreign currency exchange rates would not have a material impact on our business.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of such date, our disclosure controls and procedures were effective at a reasonable assurance level.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act during the quarter covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Part II — OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
From time to time, we are engaged in litigation or other proceedings incidental to the normal course of business, including investigations and claims regarding employment law including wage and hour and unfair labor practices; supplier, customer and service provider contract terms; products liability; and real estate. Other than as set forth in Note 9, Commitments and Contingencies, in Part I, Item 1 of this Quarterly Report on Form 10-Q, which is incorporated herein, there are no pending material legal proceedings to which we are a party or to which our property is subject.
ITEM 1A. RISK FACTORS
In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the factors discussed under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC, which could materially affect our business, financial condition or future results. There have been no material changes from the risk factors previously disclosed in that Annual Report.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
None.
ITEM 5. OTHER INFORMATION
During the three months ended June 30, 2024, no director or officer of the Company adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
ITEM 6. EXHIBITS
All exhibits as set forth on the Exhibit Index.
Exhibit Index
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Exhibit Number | | Description of Exhibit | | Form | | File No. | | Exhibit | | Filing Date |
31.1 | | | | | | | | | | Filed herewith |
31.2 | | | | | | | | | | Filed herewith |
32.1 | | | | | | | | | | Furnished herewith |
32.2 | | | | | | | | | | Furnished herewith |
101.INS | | Inline XBRL Instance Document –– the Instance Document does not appear in the interactive data file because its XBRL tags are Embedded within the Inline XBRL Document. | | | | | | | | Filed herewith |
101.SCH | | Inline XBRL Schema Document. | | | | | | | | Filed herewith |
101.CAL | | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | | | | | | | | Filed herewith |
101.DEF | | Inline XBRL Taxonomy Extension Definition Linkbase Document. | | | | | | | | Filed herewith |
101.LAB | | Inline XBRL Taxonomy Extension Label Linkbase Document. | | | | | | | | Filed herewith |
101.PRE | | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | | | | | | | | Filed herewith |
104 | | Cover Page Interactive Data File –– the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | | | | | | | | Filed herewith |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | | |
| Life Time Group Holdings, Inc. |
| | |
Date: August 1, 2024 | By: | /s/ Erik Weaver |
| | Erik Weaver |
| | Executive Vice President & Chief Financial Officer |
Exhibit 31.1
CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Bahram Akradi, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 of Life Time Group Holdings, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
Date: August 1, 2024 | By: | /s/ Bahram Akradi |
| | Bahram Akradi |
| | Chief Executive Officer (Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Erik Weaver, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 of Life Time Group Holdings, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
Date: August 1, 2024 | By: | /s/ Erik Weaver |
| | Erik Weaver |
| | Chief Financial Officer (Principal Financial Officer) |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the filing of the Quarterly Report on Form 10-Q of Life Time Group Holdings, Inc. (the “Company”) for the quarterly period ended June 30, 2024 with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
| | | | | | | | |
Date: August 1, 2024 | By: | /s/ Bahram Akradi |
| | Bahram Akradi |
| | Chief Executive Officer (Principal Executive Officer) |
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the filing of the Quarterly Report on Form 10-Q of Life Time Group Holdings, Inc. (the “Company”) for the quarterly period ended June 30, 2024 with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
| | | | | | | | |
Date: August 1, 2024 | By: | /s/ Erik Weaver |
| | Erik Weaver |
| | Chief Financial Officer (Principal Financial Officer) |
v3.24.2.u1
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Jul. 30, 2024 |
Cover [Abstract] |
|
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Document Type |
10-Q
|
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Document Quarterly Report |
true
|
|
Document Period End Date |
Jun. 30, 2024
|
|
Document Transition Report |
false
|
|
Entity File Number |
001-40887
|
|
Entity Registrant Name |
Life Time Group Holdings, Inc.
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Tax Identification Number |
47-3481985
|
|
Entity Address, Address Line One |
2902 Corporate Place
|
|
Entity Address, City or Town |
Chanhassen
|
|
Entity Address, State or Province |
MN
|
|
Entity Address, Postal Zip Code |
55317
|
|
City Area Code |
952
|
|
Local Phone Number |
947-0000
|
|
Title of 12(b) Security |
Common stock, par value $0.01 per share
|
|
Trading Symbol |
LTH
|
|
Security Exchange Name |
NYSE
|
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Entity Current Reporting Status |
Yes
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Entity Interactive Data Current |
Yes
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Entity Filer Category |
Large Accelerated Filer
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Entity Small Business |
false
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Entity Emerging Growth Company |
false
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false
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Entity Common Stock, Shares Outstanding |
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v3.24.2.u1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Cash and cash equivalents |
$ 34,527
|
$ 11,161
|
Restricted cash and cash equivalents |
14,831
|
18,805
|
Accounts receivable, net |
25,204
|
23,903
|
Center operating supplies and inventories |
54,539
|
52,803
|
Prepaid expenses and other current assets |
58,825
|
57,751
|
Income tax receivable |
8,153
|
10,101
|
Total current assets |
196,079
|
174,524
|
Property and equipment, net |
3,146,740
|
3,171,616
|
Goodwill |
1,235,359
|
1,235,359
|
Operating lease right-of-use assets |
2,297,649
|
2,202,601
|
Intangible assets, net |
172,196
|
172,127
|
Other assets |
76,230
|
75,914
|
Total assets |
7,124,253
|
7,032,141
|
Current liabilities: |
|
|
Accounts payable |
78,172
|
81,252
|
Construction accounts payable |
53,070
|
108,730
|
Deferred revenue |
51,864
|
49,299
|
Accrued expenses and other current liabilities |
183,625
|
185,305
|
Current maturities of debt |
12,755
|
73,848
|
Current maturities of operating lease liabilities |
62,090
|
58,764
|
Total current liabilities |
441,576
|
557,198
|
Long-term debt, net of current portion |
1,830,241
|
1,859,027
|
Operating lease liabilities, net of current portion |
2,374,522
|
2,268,863
|
Deferred income taxes, net |
68,440
|
56,066
|
Other liabilities |
41,977
|
36,875
|
Total liabilities |
4,756,756
|
4,778,029
|
Commitments and contingencies (Note 9) |
|
|
Stockholders’ equity: |
|
|
Common stock, $0.01 par value per share; 500,000 shares authorized; 199,052 and 196,671 shares issued and outstanding, respectively. |
1,990
|
1,967
|
Additional paid-in capital |
2,873,839
|
2,835,883
|
Accumulated deficit |
(499,091)
|
(576,813)
|
Accumulated other comprehensive loss |
(9,241)
|
(6,925)
|
Total stockholders’ equity |
2,367,497
|
2,254,112
|
Total liabilities and stockholders’ equity |
$ 7,124,253
|
$ 7,032,141
|
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v3.24.2.u1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value (in usd per share) |
$ 0.01
|
$ 0.01
|
Common stock, authorized (in shares) |
500,000
|
500,000
|
Common stock, issued (in shares) |
199,052
|
196,671
|
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199,052
|
196,671
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Revenue: |
|
|
|
|
Total revenue |
$ 667,761
|
$ 561,731
|
$ 1,264,478
|
$ 1,072,582
|
Operating expenses: |
|
|
|
|
Cost, Product and Service [Extensible Enumeration] |
Center revenue
|
Center revenue
|
Center revenue
|
Center revenue
|
Center operations |
$ 355,510
|
$ 302,603
|
$ 677,410
|
$ 576,712
|
Rent |
74,947
|
67,434
|
147,229
|
133,971
|
General, administrative and marketing |
53,246
|
52,840
|
102,099
|
95,337
|
Depreciation and amortization |
69,714
|
58,252
|
135,617
|
116,449
|
Other operating expense |
9,588
|
28,194
|
25,310
|
30,321
|
Total operating expenses |
563,005
|
509,323
|
1,087,665
|
952,790
|
Income from operations |
104,756
|
52,408
|
176,813
|
119,792
|
Other (expense) income: |
|
|
|
|
Interest expense, net of interest income |
(37,669)
|
(31,979)
|
(75,072)
|
(63,174)
|
Equity in (loss) earnings of affiliates |
(464)
|
88
|
(287)
|
231
|
Total other expense |
(38,133)
|
(31,891)
|
(75,359)
|
(62,943)
|
Income before income taxes |
66,623
|
20,517
|
101,454
|
56,849
|
Provision for income taxes |
13,818
|
3,513
|
23,732
|
12,385
|
Net income |
$ 52,805
|
$ 17,004
|
$ 77,722
|
$ 44,464
|
Income per common share: |
|
|
|
|
Basic (in usd per share) |
$ 0.27
|
$ 0.09
|
$ 0.39
|
$ 0.23
|
Diluted (in usd per share) |
$ 0.26
|
$ 0.08
|
$ 0.38
|
$ 0.22
|
Weighted-average common shares outstanding: |
|
|
|
|
Basic (in shares) |
198,903
|
195,476
|
198,200
|
195,026
|
Diluted (in shares) |
206,044
|
204,821
|
204,851
|
203,872
|
Cost, Product and Service [Extensible Enumeration] |
Center revenue
|
Center revenue
|
Center revenue
|
Center revenue
|
Center revenue |
|
|
|
|
Revenue: |
|
|
|
|
Total revenue |
$ 645,007
|
$ 542,125
|
$ 1,225,492
|
$ 1,039,877
|
Other revenue |
|
|
|
|
Revenue: |
|
|
|
|
Total revenue |
$ 22,754
|
$ 19,606
|
$ 38,986
|
$ 32,705
|
X |
- DefinitionThe aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
Net income |
$ 52,805
|
$ 17,004
|
$ 77,722
|
$ 44,464
|
Foreign currency translation adjustments, net of tax of $0 |
(649)
|
1,894
|
(2,316)
|
1,962
|
Comprehensive income |
$ 52,156
|
$ 18,898
|
$ 75,406
|
$ 46,426
|
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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands |
Total |
Common Stock |
Additional Paid-In Capital |
Accumulated Deficit |
Accumulated Other Comprehensive Loss |
Beginning balance (in shares) at Dec. 31, 2022 |
|
194,271
|
|
|
|
Beginning balance at Dec. 31, 2022 |
$ 2,124,261
|
$ 1,943
|
$ 2,784,416
|
$ (652,876)
|
$ (9,222)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net income |
44,464
|
|
|
44,464
|
|
Other comprehensive income (loss) |
1,962
|
|
|
|
1,962
|
Share-based compensation |
13,937
|
|
13,937
|
|
|
Stock option exercises (in shares) |
|
1,210
|
|
|
|
Stock option exercises |
13,276
|
$ 12
|
13,264
|
|
|
Issuance of common shares in connection with the vesting of restricted stock units (in shares) |
|
337
|
|
|
|
Issuances of common stock in connection with the vesting of restricted stock units |
(110)
|
$ 3
|
(113)
|
|
|
Issuances of common stock in connection with the employee stock purchase plan (in shares) |
|
123
|
|
|
|
Issuances of common stock in connection with the employee stock purchase plan |
1,450
|
$ 1
|
1,449
|
|
|
Issuance of common stock in connection with a business acquisitions (in shares) |
|
90
|
|
|
|
Issuances of common stock in connection with business acquisitions |
1,472
|
$ 1
|
1,471
|
|
|
Ending balance (in shares) at Jun. 30, 2023 |
|
196,031
|
|
|
|
Ending balance at Jun. 30, 2023 |
2,200,712
|
$ 1,960
|
2,814,424
|
(608,412)
|
(7,260)
|
Beginning balance (in shares) at Mar. 31, 2023 |
|
194,998
|
|
|
|
Beginning balance at Mar. 31, 2023 |
2,162,037
|
$ 1,950
|
2,794,657
|
(625,416)
|
(9,154)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net income |
17,004
|
|
|
17,004
|
|
Other comprehensive income (loss) |
1,894
|
|
|
|
1,894
|
Share-based compensation |
8,515
|
|
8,515
|
|
|
Stock option exercises (in shares) |
|
883
|
|
|
|
Stock option exercises |
9,820
|
$ 9
|
9,811
|
|
|
Issuance of common shares in connection with the vesting of restricted stock units (in shares) |
|
27
|
|
|
|
Issuances of common stock in connection with the vesting of restricted stock units |
(8)
|
|
(8)
|
|
|
Issuances of common stock in connection with the employee stock purchase plan (in shares) |
|
123
|
|
|
|
Issuances of common stock in connection with the employee stock purchase plan |
1,450
|
$ 1
|
1,449
|
|
|
Ending balance (in shares) at Jun. 30, 2023 |
|
196,031
|
|
|
|
Ending balance at Jun. 30, 2023 |
$ 2,200,712
|
$ 1,960
|
2,814,424
|
(608,412)
|
(7,260)
|
Beginning balance (in shares) at Dec. 31, 2023 |
196,671
|
196,671
|
|
|
|
Beginning balance at Dec. 31, 2023 |
$ 2,254,112
|
$ 1,967
|
2,835,883
|
(576,813)
|
(6,925)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net income |
77,722
|
|
|
77,722
|
|
Other comprehensive income (loss) |
(2,316)
|
|
|
|
(2,316)
|
Share-based compensation |
17,951
|
|
17,951
|
|
|
Stock option exercises (in shares) |
|
145
|
|
|
|
Stock option exercises |
1,490
|
$ 1
|
1,489
|
|
|
Issuance of common shares in connection with the vesting of restricted stock units (in shares) |
|
686
|
|
|
|
Issuances of common stock in connection with the vesting of restricted stock units |
(982)
|
$ 6
|
(988)
|
|
|
Issuances of common stock in connection with the employee stock purchase plan (in shares) |
|
103
|
|
|
|
Issuances of common stock in connection with the employee stock purchase plan |
1,462
|
$ 1
|
1,461
|
|
|
Settlement of accrued compensation liabilities through the issuance of common stock (in shares) |
|
1,447
|
|
|
|
Settlement of accrued compensation liabilities through the issuance of common stock |
$ 18,058
|
$ 15
|
18,043
|
|
|
Ending balance (in shares) at Jun. 30, 2024 |
199,052
|
199,052
|
|
|
|
Ending balance at Jun. 30, 2024 |
$ 2,367,497
|
$ 1,990
|
2,873,839
|
(499,091)
|
(9,241)
|
Beginning balance (in shares) at Mar. 31, 2024 |
|
198,791
|
|
|
|
Beginning balance at Mar. 31, 2024 |
2,302,859
|
$ 1,988
|
2,861,359
|
(551,896)
|
(8,592)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net income |
52,805
|
|
|
52,805
|
|
Other comprehensive income (loss) |
(649)
|
|
|
|
(649)
|
Share-based compensation |
10,120
|
|
10,120
|
|
|
Stock option exercises (in shares) |
|
98
|
|
|
|
Stock option exercises |
1,006
|
$ 1
|
1,005
|
|
|
Issuance of common shares in connection with the vesting of restricted stock units (in shares) |
|
60
|
|
|
|
Issuances of common stock in connection with the vesting of restricted stock units |
(106)
|
|
(106)
|
|
|
Issuances of common stock in connection with the employee stock purchase plan (in shares) |
|
103
|
|
|
|
Issuances of common stock in connection with the employee stock purchase plan |
$ 1,462
|
$ 1
|
1,461
|
|
|
Ending balance (in shares) at Jun. 30, 2024 |
199,052
|
199,052
|
|
|
|
Ending balance at Jun. 30, 2024 |
$ 2,367,497
|
$ 1,990
|
$ 2,873,839
|
$ (499,091)
|
$ (9,241)
|
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v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash flows from operating activities: |
|
|
Net income |
$ 77,722
|
$ 44,464
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
135,617
|
116,449
|
Deferred income taxes |
12,505
|
5,864
|
Share-based compensation |
18,698
|
22,171
|
Non-cash rent expense |
13,650
|
17,630
|
Impairment charges associated with long-lived assets |
1,420
|
1,280
|
(Gain) loss on disposal of property and equipment, net |
(11,067)
|
904
|
Amortization of debt discounts and issuance costs |
4,006
|
3,919
|
Changes in operating assets and liabilities |
5,642
|
6,734
|
Other |
2,637
|
(3,124)
|
Net cash provided by operating activities |
260,830
|
216,291
|
Cash flows from investing activities: |
|
|
Capital expenditures |
(301,107)
|
(337,076)
|
Proceeds from Sale of Other Property, Plant, and Equipment |
142,671
|
78,040
|
Proceeds from the sale of land |
6,328
|
0
|
Other |
(2,173)
|
(462)
|
Net cash used in investing activities |
(154,281)
|
(259,498)
|
Cash flows from financing activities: |
|
|
Proceeds from borrowings |
0
|
44,291
|
Repayments of debt |
(67,647)
|
(7,430)
|
Proceeds from revolving credit facility |
670,000
|
620,000
|
Repayments of revolving credit facility |
(695,000)
|
(620,000)
|
Repayments of finance lease liabilities |
(403)
|
(508)
|
Proceeds from financing obligations |
4,300
|
0
|
Payments of debt discounts and issuance costs |
0
|
(2,550)
|
Proceeds from stock option exercises |
1,490
|
13,276
|
Proceeds from issuances of common stock in connection with the employee stock purchase plan |
1,462
|
1,450
|
Other |
(1,304)
|
(109)
|
Net cash (used in) provided by financing activities |
(87,102)
|
48,420
|
Effect of exchange rates on cash and cash equivalents and restricted cash and cash equivalents |
(55)
|
136
|
Increase in cash and cash equivalents and restricted cash and cash equivalents |
19,392
|
5,349
|
Cash and cash equivalents and restricted cash and cash equivalents – beginning of period |
29,966
|
25,509
|
Cash and cash equivalents and restricted cash and cash equivalents – end of period |
$ 49,358
|
$ 30,858
|
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v3.24.2.u1
Nature of Business and Basis of Presentation
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Nature of Business and Basis of Presentation |
Nature of Business and Basis of Presentation Nature of Business Life Time Group Holdings, Inc. (collectively with its direct and indirect subsidiaries, “Life Time,” “we,” “our,” or the “Company”) is a holding company incorporated in the state of Delaware. As a holding company, Life Time Group Holdings, Inc. does not have its own independent assets or business operations, and all of our assets and business operations are through Life Time, Inc. and its direct and indirect subsidiaries. We are primarily dedicated to providing premium health, fitness and wellness experiences at our athletic country club destinations and via our comprehensive digital platform and portfolio of iconic athletic events – all with the objective of inspiring healthier, happier lives. We design, build and operate our athletic country club destinations that are distinctive and large, multi-use sports and athletic, professional fitness, family recreation and spa centers in a resort-like environment. As of June 30, 2024, we operated 175 centers in 31 states and one Canadian province. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and as required by rules and regulations of the Securities and Exchange Commission (the “SEC”). While these statements reflect normal recurring adjustments that are, in the opinion of management, necessary for a fair statement of the results of the interim period, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. When preparing financial statements in conformity with GAAP, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. All intercompany balances and transactions have been eliminated in consolidation. We have one operating segment and one reportable segment. Reclassification A reclassification has been made on our December 31, 2023 condensed consolidated balance sheet in order to conform to the current period presentation. Specifically, our restricted cash and cash equivalents balance of $18.8 million at December 31, 2023 was reclassified out of Cash and cash equivalents and into a separate line item labeled Restricted cash and cash equivalents. This reclassification had no impact on our previously reported statements of operations or cash flows.
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v3.24.2.u1
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Summary of Significant Accounting Policies Fair Value Measurements The accounting guidance establishes a framework for measuring fair value and expanded disclosures about fair value measurements. The guidance applies to all assets and liabilities that are measured and reported on a fair value basis. This enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The guidance requires that each asset and liability carried at fair value be classified into one of the following categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The carrying amounts related to cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, income tax receivable, accounts payable and accrued liabilities approximate fair value. Fair Value Measurements on a Recurring Basis. We had no material remeasurements of such assets or liabilities to fair value during the three and six months ended June 30, 2024 and 2023. Financial Assets and Liabilities. At June 30, 2024 and December 31, 2023, the carrying value and fair value of our outstanding long-term debt was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | Long-term debt (1) | $ | 1,854,657 | | | $ | 1,853,245 | | | $ | 1,948,145 | | | $ | 1,934,695 | |
(1) Excludes unamortized debt discounts and issuance costs. The fair value of our debt is based on the amount of future cash flows discounted using rates we would currently be able to realize for similar instruments of comparable maturity. If our long-term debt were recorded at fair value, it would be classified as Level 2 in the fair value hierarchy. For more information regarding our debt, see Note 5, Debt. Fair Value Measurements on a Nonrecurring Basis. Assets and liabilities that are measured at fair value on a nonrecurring basis primarily relate to our goodwill, intangible assets and other long-lived assets, which are remeasured when the derived fair value is below carrying value on our condensed consolidated balance sheets. For these assets, we do not periodically adjust carrying value to fair value except in the event of impairment. If we determine that impairment has occurred, the carrying value of the asset would be reduced to fair value and the difference would be recorded as a loss within operating income in our condensed consolidated statements of operations. We had no material remeasurements of such assets or liabilities to fair value during the three and six months ended June 30, 2024 and 2023.
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v3.24.2.u1
Supplemental Balance Sheet and Cash Flow Information
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Supplemental Balance Sheet and Cash Flow Information |
Supplemental Balance Sheet and Cash Flow Information Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Property held for sale | $ | 8,600 | | | $ | 8,600 | | Construction contract receivables | 18,392 | | | 25,280 | | Prepaid insurance | 5,680 | | | 2,393 | | Prepaid commissions | 5,683 | | | 5,059 | | Prepaid software licenses and maintenance | 6,729 | | | 5,481 | | Other | 13,741 | | | 10,938 | | Prepaid expenses and other current assets | $ | 58,825 | | | $ | 57,751 | |
Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Real estate taxes | $ | 33,863 | | | $ | 32,165 | | Accrued interest | 40,469 | | | 38,723 | | Payroll liabilities | 31,614 | | | 40,357 | | | | | | Self-insurance accruals | 26,422 | | | 24,869 | | Corporate accruals | 31,016 | | | 33,066 | | | | | | Other | 20,241 | | | 16,125 | | Accrued expenses and other current liabilities | $ | 183,625 | | | $ | 185,305 | |
Supplemental Cash Flow Information (Increases) decreases in operating assets and increases (decreases) in operating liabilities are as follows: | | | | | | | | | | | | | Six Months Ended June 30, | | 2024 | | 2023 | Accounts receivable | $ | (1,802) | | | $ | (6,610) | | Center operating supplies and inventories | (1,761) | | | (2,476) | | Prepaid expenses and other current assets | (8,630) | | | (2,510) | | Income tax receivable | 1,947 | | | (5,921) | | Other assets | 10 | | | 131 | | Accounts payable | (2,875) | | | 9,619 | | Accrued expenses and other current liabilities | 16,014 | | | 8,896 | | Deferred revenue | 2,259 | | | 4,664 | | Other liabilities | 480 | | | 941 | | Changes in operating assets and liabilities | $ | 5,642 | | $ | 6,734 |
Additional supplemental cash flow information is as follows: | | | | | | | | | | | | | Six Months Ended June 30, | | 2024 | | 2023 | Net cash paid for income taxes, net of refunds received | $ | 9,235 | | | $ | 12,445 | | Cash payments for interest, net of capitalized interest | 69,984 | | | 57,380 | | Capitalized interest | 3,962 | | | 9,756 | | Non-cash activity: | | | | Issuances of common stock in connection with a business acquisition | — | | | 1,472 | | Right-of-use assets obtained in exchange for initial lease liabilities: | | | | Operating leases | 128,486 | | 58,419 | Finance leases | 705 | | 605 | Right-of-use asset adjustments recognized as a result of the remeasurement of existing operating lease liabilities | 4,631 | | 16,429 | Non-cash increase in operating lease right-of-use assets associated with below-market sale-leaseback transactions | — | | 5,900 | Non-cash increase in financing obligations as a result of interest accretion | 70 | | 46 |
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v3.24.2.u1
Revenue
|
6 Months Ended |
Jun. 30, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Revenue |
Revenue Revenue associated with our membership dues, enrollment fees, and certain services from our in-center businesses is recognized over time as earned. Revenue associated with products and services offered in our cafes and spas, as well as through e-commerce, is recognized at a point in time. The following is a summary of revenue, by major revenue stream, that we recognized during the three and six months ended June 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Membership dues and enrollment fees | $ | 462,696 | | | $ | 387,115 | | | $ | 888,107 | | $ | 744,603 | In-center revenue | 182,311 | | | 155,010 | | | 337,385 | | 295,274 | Total center revenue | 645,007 | | | 542,125 | | | 1,225,492 | | 1,039,877 | Other revenue | 22,754 | | | 19,606 | | | 38,986 | | 32,705 | Total revenue | $ | 667,761 | | | $ | 561,731 | | | $ | 1,264,478 | | $ | 1,072,582 |
The timing associated with the revenue we recognized during the three months ended June 30, 2024 and 2023 is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | Three Months Ended June 30, 2023 | | Center Revenue | | Other Revenue | | Total Revenue | | Center Revenue | | Other Revenue | | Total Revenue | Goods and services transferred over time | $ | 567,920 | | $ | 22,754 | | $ | 590,674 | | $ | 476,332 | | $ | 19,606 | | $ | 495,938 | Goods and services transferred at a point in time | 77,087 | | — | | 77,087 | | 65,793 | | — | | 65,793 | Total revenue | $ | 645,007 | | $ | 22,754 | | $ | 667,761 | | $ | 542,125 | | $ | 19,606 | | $ | 561,731 |
The timing associated with the revenue we recognized during the six months ended June 30, 2024 and 2023 is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | Six Months Ended June 30, 2023 | | Center Revenue | | Other Revenue | | Total Revenue | | Center Revenue | | Other Revenue | | Total Revenue | Goods and services transferred over time | $ | 1,084,753 | | $ | 38,986 | | $ | 1,123,739 | | $ | 915,349 | | $ | 32,705 | | $ | 948,054 | Goods and services transferred at a point in time | 140,739 | | — | | 140,739 | | 124,528 | | — | | 124,528 | Total revenue | $ | 1,225,492 | | $ | 38,986 | | $ | 1,264,478 | | $ | 1,039,877 | | $ | 32,705 | | $ | 1,072,582 |
Contract liabilities represent payments or consideration received in advance for goods or services that the Company has not yet transferred to the customer. Contract liabilities consist primarily of deferred revenue for fees collected in advance for membership dues, enrollment fees, Dynamic Personal Training and other in-center services offerings, as well as our media and athletic events. Contract liabilities at June 30, 2024 and December 31, 2023 were $52.1 million and $49.9 million, respectively. Contract liabilities that will be recognized within one year are classified as deferred revenue in our condensed consolidated balance sheets. Deferred revenue at June 30, 2024 and December 31, 2023 was $51.9 million and $49.3 million, respectively, and consists primarily of prepaid membership dues, enrollment fees, Dynamic Personal Training and other in-center services, as well as media and athletic events. Contract liabilities that will be recognized in a future period greater than one year are classified as a component of Other liabilities in our condensed consolidated balance sheets. Long-term contract liabilities at June 30, 2024 and December 31, 2023 were $0.2 million and $0.6 million, respectively, and consist primarily of deferred enrollment fees.
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Debt
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Debt |
Debt Debt consisted of the following: | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Term Loan Facility, maturing January 2026 | $ | 310,000 | | $ | 310,000 | Revolving Credit Facility, maturing December 2026 | 65,000 | | 90,000 | 5.75% Senior Secured Notes, maturing January 2026 | 925,000 | | 925,000 | 8.00% Senior Unsecured Notes, maturing April 2026 | 475,000 | | 475,000 | Construction Loan, maturing February 2026 | 27,973 | | 28,000 | Mortgage Notes, various maturities | 47,882 | | 115,502 | Other debt | 3,440 | | 4,122 | Fair value adjustment | 362 | | 521 | Total debt | 1,854,657 | | 1,948,145 | Less unamortized debt discounts and issuance costs | (11,661) | | (15,270) | Total debt less unamortized debt discount and issuance costs | 1,842,996 | | 1,932,875 | Less current maturities | (12,755) | | (73,848) | Long-term debt, less current maturities | $ | 1,830,241 | | $ | 1,859,027 |
Term Loan Facility Loans under the Term Loan Facility bear interest at a floating rate per annum of, at our option, Term Secured Overnight Financing Rate (“SOFR”) plus an applicable credit adjustment spread ranging from 0.11448% to 0.42826% depending on the duration of borrowing plus the continued applicable margin of 4.00% or a base rate plus 3.00%. The applicable margins will increase to 4.25% and 3.25%, respectively, if our public corporate family ratings falls below B2 and B from Moody’s and S&P, respectively. We are not required to make principal payments on the Term Loan Facility prior to its maturity. Revolving Credit Facility At June 30, 2024, there were $65.0 million of outstanding borrowings under the $475.0 million Revolving Credit Facility and there were $30.9 million of outstanding letters of credit, resulting in total revolver availability of $379.1 million, which was available at intervals ranging from 30 to 180 days at interest rates of SOFR plus the applicable credit adjustment spread plus 3.50% or base rate plus 2.50%. During the three months ended June 30, 2024, we amended the credit agreement governing the Revolving Credit Facility to replace the Canadian Dollar Offered Rate (CDOR), which ceased at the end of June 2024, with the Canadian Overnight Repo Rate Average (CORRA). We do not have any outstanding borrowings in Canadian dollars under the Revolving Credit Facility. The weighted average interest rate and debt outstanding under the Revolving Credit Facility for the six months ended June 30, 2024 was 9.51% and $187.7 million, respectively. The highest balance during that same period was $285.0 million. Mortgage Notes During the six months ended June 30, 2024, we fully paid at maturity the principal balance and remaining accrued interest associated with two of our Mortgage Notes totaling $62.9 million. Debt Covenants We are required to comply with certain affirmative and restrictive covenants under our Credit Facilities, Secured Notes, Unsecured Notes, Construction Loan and Mortgage Notes. We are also required to comply with a first lien net leverage ratio covenant under the Revolving Credit Facility, which requires us to maintain a first lien net leverage ratio, if 30.00% or more of the Revolving Credit Facility commitments are outstanding shortly after the end of any fiscal quarter (excluding all cash collateralized undrawn letters of credit and other undrawn letters of credit up to $20.0 million). As of June 30, 2024, we were either in compliance in all material respects with the covenants or the covenants were not applicable. Future Maturities of Long-Term Debt Aggregate annual future maturities of long-term debt, excluding unamortized discounts, issuance costs and fair value adjustments, at June 30, 2024 were as follows: | | | | | | July 2024 through June 2025 | $ | 12,755 | July 2025 through June 2026 | 1,750,386 | July 2026 through June 2027 | 86,816 | July 2027 through June 2028 | 1,495 | July 2028 through June 2029 | 173 | Thereafter | 2,670 | Total future maturities of long-term debt | $ | 1,854,295 |
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.2.u1
Leases
|
6 Months Ended |
Jun. 30, 2024 |
Leases [Abstract] |
|
Leases |
Leases Sale-Leaseback Transactions During the six months ended June 30, 2024, we entered into and consummated sale-leaseback transactions with two unrelated third parties. Under these transactions, we sold four properties for gross proceeds of $147.9 million, which was reduced by transaction costs of $0.9 million, for net cash proceeds of $147.0 million. The estimated fair value of the properties sold was $143.6 million. Accordingly, the aggregate cash sales price associated with these arrangements was decreased by a $4.3 million aggregate off-market adjustment to $142.7 million. This aggregate off-market adjustment was recognized as financing obligations and the proceeds are reported within financing activities on our condensed consolidated statement of cash flows. During the six months ended June 30, 2024, we recognized a net gain of $7.5 million on the sale-leaseback transactions, which is included in Other operating expense in our condensed consolidated statement of operations. Right-of-use assets and lease liabilities recognized in connection with these sale-leaseback transactions were $93.6 million and $92.8 million, respectively.
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- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.24.2.u1
Stockholders' Equity
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Stockholders' Equity |
Stockholders’ Equity Share-Based Compensation Expense Share-based compensation expense for the three months ended June 30, 2024 was $11.1 million, of which $10.1 million and $1.0 million was associated with equity-classified awards and liability-classified awards, respectively. Share-based compensation expense for the six months ended June 30, 2024 was $18.7 million, of which $18.0 million and $0.7 million was associated with equity-classified awards and liability-classified awards, respectively. Share-based compensation expense for the three months ended June 30, 2023 was $16.5 million, of which $8.5 million and $8.0 million was associated with equity-classified awards and liability-classified awards, respectively. Share-based compensation expense for the six months ended June 30, 2023 was $22.2 million, of which $13.9 million and $8.3 million was associated with equity-classified awards and liability-classified awards, respectively. Restricted Stock Units During the six months ended June 30, 2024, the Company granted approximately 1.6 million restricted stock unit awards under the 2021 Incentive Award Plan, of which approximately 1.1 million were time-based vesting awards and approximately 0.5 million were performance-based vesting awards granted to our executives in connection with our short-term incentive compensation program. We determine the grant date fair value of restricted stock unit awards by multiplying the number of restricted stock unit awards by the closing trading price of our common stock on the grant date. Performance Stock Units During the six months ended June 30, 2024, the Company granted approximately 0.5 million three-year performance stock unit awards under the 2021 Incentive Award Plan, all of which were granted to our executives in connection with our long-term incentive compensation program. Approximately 0.3 million of the performance stock unit awards are based on our Adjusted EBITDA with performance determined each year for one-third of such award but the entire award does not vest until the end of the three-year period and approximately 0.2 million of the performance stock unit awards are based on our leverage ratio at the end of each year with one-third vesting each year dependent on achieving the leverage ratio target for such year. We determine the grant date fair value of performance stock unit awards by multiplying the number of performance stock unit awards by the closing trading price of our common stock on the grant date. Other Share-Based Payment Awards In the event specified performance metrics are met under our 2024 incentive compensation program for team members who are not executive officers, awards thereunder will be paid out in cash or through the issuance of fully-vested shares of the Company’s common stock or a combination thereof at the time of such performance determination in 2025. As of June 30, 2024, we expect that these awards will be settled in a combination of cash and shares of the Company’s common stock. Because the portion of incentive compensation that we currently expect to pay through the issuance of shares of the Company’s common stock represents a fixed dollar that, if payable, will be settled in a variable number of shares of the Company’s common stock, we are currently accounting for this portion of these awards as liability-classified share-based payment awards. Accordingly, the offset to the share-based compensation expense we have recognized in connection with these awards during the six months ended June 30, 2024 is included in Accrued expenses and other current liabilities on our June 30, 2024 condensed consolidated balance sheet. In February 2024, our Board of Directors determined that our 2023 performance exceeded the maximum performance metric under our 2023 short-term incentive program and issued corresponding shares of common stock to our employees. As a result, the $18.1 million liability we had recognized in connection with liability-classified share-based payment awards, which was included in Accrued expenses and other current liabilities on our December 31, 2023 condensed consolidated balance sheet, was reclassified out of Accrued expenses and other current liabilities and into Common stock and Additional paid-in capital on our condensed consolidated balance sheet during the six months ended June 30, 2024.
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v3.24.2.u1
Income Per Share
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
Income Per Share |
Income Per Share For the three and six months ended June 30, 2024 and 2023, our potentially dilutive securities included stock options, restricted stock units and shares to be issued under our employee stock purchase plan. The following table sets forth the calculation of basic and diluted income per share for the three and six months ended June 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Net income | $ | 52,805 | | $ | 17,004 | | $ | 77,722 | | $ | 44,464 | | | | | | | | | Weighted-average common shares outstanding – basic | 198,903 | | 195,476 | | 198,200 | | 195,026 | Dilutive effect of stock-based compensation awards | 7,141 | | 9,345 | | 6,651 | | 8,846 | Weighted-average common shares outstanding – diluted | 206,044 | | 204,821 | | 204,851 | | 203,872 | | | | | | | | | Income per common share – basic | $ | 0.27 | | $ | 0.09 | | $ | 0.39 | | $ | 0.23 | Income per common share – diluted | $ | 0.26 | | $ | 0.08 | | $ | 0.38 | | $ | 0.22 |
The following is a summary of potential shares of common stock that were antidilutive and excluded from the weighted average share computations for the three and six months ended June 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Stock options | 5,843 | | 5,370 | | 5,843 | | 6,310 | Restricted stock units | 382 | | 766 | | 382 | | 824 | Potential common shares excluded from the weighted average share calculations | 6,225 | | 6,136 | | 6,225 | | 7,134 |
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v3.24.2.u1
Commitment and Contingencies
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Commitments and Contingencies Life Time, Inc. et al. v. Zurich American Insurance Company On August 19, 2020, Life Time, Inc., several of its subsidiaries, and a joint venture entity, Bloomingdale Life Time Fitness LLC (collectively, the “Life Time Parties”) filed a complaint against Zurich American Insurance Company (“Zurich”) in the Fourth Judicial District of the State of Minnesota, County of Hennepin (Case No. 27-CV-20-10599) (the “Action”) seeking declaratory relief and damages with respect to Zurich’s failure under a property/business interruption insurance policy to provide certain coverage to the Life Time Parties related to the closure or suspension by governmental authorities of their business activities due to the spread or threat of the spread of COVID-19. On March 15, 2021, certain of the Life Time Parties filed a First Amended Complaint in the Action adding claims against Zurich under a Builders’ Risk policy related to the suspension of multiple construction projects. The Court granted Zurich’s dispositive motions on July 25, 2024, dismissing Life Time’s claims with prejudice, and entered judgment on July 26, 2024. Life Time intends to appeal from that judgment, in whole or in part, to the Minnesota Court of Appeals. The Action is subject to many uncertainties, and the outcome of the matter is not predictable with any assurance.
Other We are also engaged in other proceedings incidental to the normal course of business. Due to their nature, such legal proceedings involve inherent uncertainties, including but not limited to court rulings, negotiations between affected parties and governmental intervention. We establish reserves for matters that are probable and estimable in amounts we believe are adequate to cover reasonable adverse judgments. Based upon the information available to us and discussions with legal counsel, it is our opinion that the outcome of the various legal actions and claims that are incidental to our business will not have a material adverse impact on our consolidated financial position, results of operations or cash flows. Such matters are subject to many uncertainties, and the outcomes of individual matters are not predictable with assurance.
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v3.24.2.u1
Subsequent Events
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Subsequent Events On July 29, 2024, the Company entered into an agreement for the sale-leaseback of one property for gross proceeds of $25.0 million. The closing on this property is expected to be completed early in the fourth quarter 2024. In preparing the accompanying condensed consolidated financial statements, we have evaluated the period from June 30, 2024 through the date the condensed consolidated financial statements were issued for material subsequent events. There have been no other events or transactions during this time which would have a material effect on the condensed consolidated financial statements and therefore would require recognition or disclosure
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.2.u1
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Pay vs Performance Disclosure |
|
|
|
|
Net income |
$ 52,805
|
$ 17,004
|
$ 77,722
|
$ 44,464
|
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- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.2.u1
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and as required by rules and regulations of the Securities and Exchange Commission (the “SEC”). While these statements reflect normal recurring adjustments that are, in the opinion of management, necessary for a fair statement of the results of the interim period, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. When preparing financial statements in conformity with GAAP, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. All intercompany balances and transactions have been eliminated in consolidation. We have one operating segment and one reportable segment.
|
Reclassification |
Reclassification A reclassification has been made on our December 31, 2023 condensed consolidated balance sheet in order to conform to the current period presentation. Specifically, our restricted cash and cash equivalents balance of $18.8 million at December 31, 2023 was reclassified out of Cash and cash equivalents and into a separate line item labeled Restricted cash and cash equivalents. This reclassification had no impact on our previously reported statements of operations or cash flows.
|
Fair Value Measurements |
Fair Value Measurements The accounting guidance establishes a framework for measuring fair value and expanded disclosures about fair value measurements. The guidance applies to all assets and liabilities that are measured and reported on a fair value basis. This enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The guidance requires that each asset and liability carried at fair value be classified into one of the following categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The carrying amounts related to cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, income tax receivable, accounts payable and accrued liabilities approximate fair value. Fair Value Measurements on a Recurring Basis. We had no material remeasurements of such assets or liabilities to fair value during the three and six months ended June 30, 2024 and 2023. Financial Assets and Liabilities. At June 30, 2024 and December 31, 2023, the carrying value and fair value of our outstanding long-term debt was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | Long-term debt (1) | $ | 1,854,657 | | | $ | 1,853,245 | | | $ | 1,948,145 | | | $ | 1,934,695 | |
(1) Excludes unamortized debt discounts and issuance costs. The fair value of our debt is based on the amount of future cash flows discounted using rates we would currently be able to realize for similar instruments of comparable maturity. If our long-term debt were recorded at fair value, it would be classified as Level 2 in the fair value hierarchy. For more information regarding our debt, see Note 5, Debt. Fair Value Measurements on a Nonrecurring Basis. Assets and liabilities that are measured at fair value on a nonrecurring basis primarily relate to our goodwill, intangible assets and other long-lived assets, which are remeasured when the derived fair value is below carrying value on our condensed consolidated balance sheets. For these assets, we do not periodically adjust carrying value to fair value except in the event of impairment. If we determine that impairment has occurred, the carrying value of the asset would be reduced to fair value and the difference would be recorded as a loss within operating income in our condensed consolidated statements of operations. We had no material remeasurements of such assets or liabilities to fair value during the three and six months ended June 30, 2024 and 2023.
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v3.24.2.u1
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Schedule of Debt |
At June 30, 2024 and December 31, 2023, the carrying value and fair value of our outstanding long-term debt was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | Long-term debt (1) | $ | 1,854,657 | | | $ | 1,853,245 | | | $ | 1,948,145 | | | $ | 1,934,695 | |
(1) Excludes unamortized debt discounts and issuance costs.
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v3.24.2.u1
Supplemental Balance Sheet and Cash Flow Information (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Schedule of Prepaid Expenses |
Prepaid expenses and other current assets consisted of the following: | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Property held for sale | $ | 8,600 | | | $ | 8,600 | | Construction contract receivables | 18,392 | | | 25,280 | | Prepaid insurance | 5,680 | | | 2,393 | | Prepaid commissions | 5,683 | | | 5,059 | | Prepaid software licenses and maintenance | 6,729 | | | 5,481 | | Other | 13,741 | | | 10,938 | | Prepaid expenses and other current assets | $ | 58,825 | | | $ | 57,751 | |
|
Schedule of Accrued Expenses |
Accrued expenses and other current liabilities consisted of the following: | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Real estate taxes | $ | 33,863 | | | $ | 32,165 | | Accrued interest | 40,469 | | | 38,723 | | Payroll liabilities | 31,614 | | | 40,357 | | | | | | Self-insurance accruals | 26,422 | | | 24,869 | | Corporate accruals | 31,016 | | | 33,066 | | | | | | Other | 20,241 | | | 16,125 | | Accrued expenses and other current liabilities | $ | 183,625 | | | $ | 185,305 | |
|
Schedule of Other Current Liabilities |
Accrued expenses and other current liabilities consisted of the following: | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Real estate taxes | $ | 33,863 | | | $ | 32,165 | | Accrued interest | 40,469 | | | 38,723 | | Payroll liabilities | 31,614 | | | 40,357 | | | | | | Self-insurance accruals | 26,422 | | | 24,869 | | Corporate accruals | 31,016 | | | 33,066 | | | | | | Other | 20,241 | | | 16,125 | | Accrued expenses and other current liabilities | $ | 183,625 | | | $ | 185,305 | |
|
Schedule of Supplemental Cash Flow Information |
(Increases) decreases in operating assets and increases (decreases) in operating liabilities are as follows: | | | | | | | | | | | | | Six Months Ended June 30, | | 2024 | | 2023 | Accounts receivable | $ | (1,802) | | | $ | (6,610) | | Center operating supplies and inventories | (1,761) | | | (2,476) | | Prepaid expenses and other current assets | (8,630) | | | (2,510) | | Income tax receivable | 1,947 | | | (5,921) | | Other assets | 10 | | | 131 | | Accounts payable | (2,875) | | | 9,619 | | Accrued expenses and other current liabilities | 16,014 | | | 8,896 | | Deferred revenue | 2,259 | | | 4,664 | | Other liabilities | 480 | | | 941 | | Changes in operating assets and liabilities | $ | 5,642 | | $ | 6,734 |
Additional supplemental cash flow information is as follows: | | | | | | | | | | | | | Six Months Ended June 30, | | 2024 | | 2023 | Net cash paid for income taxes, net of refunds received | $ | 9,235 | | | $ | 12,445 | | Cash payments for interest, net of capitalized interest | 69,984 | | | 57,380 | | Capitalized interest | 3,962 | | | 9,756 | | Non-cash activity: | | | | Issuances of common stock in connection with a business acquisition | — | | | 1,472 | | Right-of-use assets obtained in exchange for initial lease liabilities: | | | | Operating leases | 128,486 | | 58,419 | Finance leases | 705 | | 605 | Right-of-use asset adjustments recognized as a result of the remeasurement of existing operating lease liabilities | 4,631 | | 16,429 | Non-cash increase in operating lease right-of-use assets associated with below-market sale-leaseback transactions | — | | 5,900 | Non-cash increase in financing obligations as a result of interest accretion | 70 | | 46 |
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v3.24.2.u1
Revenue (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Disaggregation of Revenue |
The following is a summary of revenue, by major revenue stream, that we recognized during the three and six months ended June 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Membership dues and enrollment fees | $ | 462,696 | | | $ | 387,115 | | | $ | 888,107 | | $ | 744,603 | In-center revenue | 182,311 | | | 155,010 | | | 337,385 | | 295,274 | Total center revenue | 645,007 | | | 542,125 | | | 1,225,492 | | 1,039,877 | Other revenue | 22,754 | | | 19,606 | | | 38,986 | | 32,705 | Total revenue | $ | 667,761 | | | $ | 561,731 | | | $ | 1,264,478 | | $ | 1,072,582 |
The timing associated with the revenue we recognized during the three months ended June 30, 2024 and 2023 is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | Three Months Ended June 30, 2023 | | Center Revenue | | Other Revenue | | Total Revenue | | Center Revenue | | Other Revenue | | Total Revenue | Goods and services transferred over time | $ | 567,920 | | $ | 22,754 | | $ | 590,674 | | $ | 476,332 | | $ | 19,606 | | $ | 495,938 | Goods and services transferred at a point in time | 77,087 | | — | | 77,087 | | 65,793 | | — | | 65,793 | Total revenue | $ | 645,007 | | $ | 22,754 | | $ | 667,761 | | $ | 542,125 | | $ | 19,606 | | $ | 561,731 |
The timing associated with the revenue we recognized during the six months ended June 30, 2024 and 2023 is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | Six Months Ended June 30, 2023 | | Center Revenue | | Other Revenue | | Total Revenue | | Center Revenue | | Other Revenue | | Total Revenue | Goods and services transferred over time | $ | 1,084,753 | | $ | 38,986 | | $ | 1,123,739 | | $ | 915,349 | | $ | 32,705 | | $ | 948,054 | Goods and services transferred at a point in time | 140,739 | | — | | 140,739 | | 124,528 | | — | | 124,528 | Total revenue | $ | 1,225,492 | | $ | 38,986 | | $ | 1,264,478 | | $ | 1,039,877 | | $ | 32,705 | | $ | 1,072,582 |
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v3.24.2.u1
Debt (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Debt Components |
Debt consisted of the following: | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | Term Loan Facility, maturing January 2026 | $ | 310,000 | | $ | 310,000 | Revolving Credit Facility, maturing December 2026 | 65,000 | | 90,000 | 5.75% Senior Secured Notes, maturing January 2026 | 925,000 | | 925,000 | 8.00% Senior Unsecured Notes, maturing April 2026 | 475,000 | | 475,000 | Construction Loan, maturing February 2026 | 27,973 | | 28,000 | Mortgage Notes, various maturities | 47,882 | | 115,502 | Other debt | 3,440 | | 4,122 | Fair value adjustment | 362 | | 521 | Total debt | 1,854,657 | | 1,948,145 | Less unamortized debt discounts and issuance costs | (11,661) | | (15,270) | Total debt less unamortized debt discount and issuance costs | 1,842,996 | | 1,932,875 | Less current maturities | (12,755) | | (73,848) | Long-term debt, less current maturities | $ | 1,830,241 | | $ | 1,859,027 |
|
Future Maturities of Long-Term Debt |
Aggregate annual future maturities of long-term debt, excluding unamortized discounts, issuance costs and fair value adjustments, at June 30, 2024 were as follows: | | | | | | July 2024 through June 2025 | $ | 12,755 | July 2025 through June 2026 | 1,750,386 | July 2026 through June 2027 | 86,816 | July 2027 through June 2028 | 1,495 | July 2028 through June 2029 | 173 | Thereafter | 2,670 | Total future maturities of long-term debt | $ | 1,854,295 |
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v3.24.2.u1
Income Per Share (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
Basic and Diluted Loss Per Share |
The following table sets forth the calculation of basic and diluted income per share for the three and six months ended June 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Net income | $ | 52,805 | | $ | 17,004 | | $ | 77,722 | | $ | 44,464 | | | | | | | | | Weighted-average common shares outstanding – basic | 198,903 | | 195,476 | | 198,200 | | 195,026 | Dilutive effect of stock-based compensation awards | 7,141 | | 9,345 | | 6,651 | | 8,846 | Weighted-average common shares outstanding – diluted | 206,044 | | 204,821 | | 204,851 | | 203,872 | | | | | | | | | Income per common share – basic | $ | 0.27 | | $ | 0.09 | | $ | 0.39 | | $ | 0.23 | Income per common share – diluted | $ | 0.26 | | $ | 0.08 | | $ | 0.38 | | $ | 0.22 |
|
Potential Common Shares Excluded from Computation of Diluted Loss Per Share |
The following is a summary of potential shares of common stock that were antidilutive and excluded from the weighted average share computations for the three and six months ended June 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | Stock options | 5,843 | | 5,370 | | 5,843 | | 6,310 | Restricted stock units | 382 | | 766 | | 382 | | 824 | Potential common shares excluded from the weighted average share calculations | 6,225 | | 6,136 | | 6,225 | | 7,134 |
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v3.24.2.u1
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Accounting Policies [Abstract] |
|
|
Carrying Value |
$ 1,854,657
|
$ 1,948,145
|
Fair Value |
$ 1,853,245
|
$ 1,934,695
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v3.24.2.u1
Supplemental Balance Sheet and Cash Flow Information - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
Property held for sale |
$ 8,600
|
$ 8,600
|
Construction contract receivables |
18,392
|
25,280
|
Prepaid insurance |
5,680
|
2,393
|
Prepaid commissions |
5,683
|
5,059
|
Prepaid software licenses and maintenance |
6,729
|
5,481
|
Other |
13,741
|
10,938
|
Prepaid expenses and other current assets |
$ 58,825
|
$ 57,751
|
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Supplemental Balance Sheet and Cash Flow Information - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
Real estate taxes |
$ 33,863
|
$ 32,165
|
Accrued interest |
40,469
|
38,723
|
Payroll liabilities |
31,614
|
40,357
|
Self-insurance accruals |
26,422
|
24,869
|
Corporate accruals |
31,016
|
33,066
|
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20,241
|
16,125
|
Accrued expenses and other current liabilities |
$ 183,625
|
$ 185,305
|
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v3.24.2.u1
Supplemental Balance Sheet and Cash Flow Information - Changes in Operating Assets and Liabilities (Details) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
Accounts receivable |
$ (1,802)
|
$ (6,610)
|
Center operating supplies and inventories |
(1,761)
|
(2,476)
|
Prepaid expenses and other current assets |
(8,630)
|
(2,510)
|
Income tax receivable |
1,947
|
(5,921)
|
Other assets |
10
|
131
|
Accounts payable |
(2,875)
|
9,619
|
Accrued expenses and other current liabilities |
16,014
|
8,896
|
Deferred revenue |
2,259
|
4,664
|
Other liabilities |
480
|
941
|
Changes in operating assets and liabilities |
$ 5,642
|
$ 6,734
|
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v3.24.2.u1
Supplemental Balance Sheet and Cash Flow Information - Additional Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
Net cash paid for income taxes, net of refunds received |
$ 9,235
|
$ 12,445
|
Cash payments for interest, net of capitalized interest |
69,984
|
57,380
|
Capitalized interest |
3,962
|
9,756
|
Non-cash activity: |
|
|
Issuances of common stock in connection with business acquisitions |
0
|
1,472
|
Right-of-use assets obtained in exchange for initial lease liabilities: |
|
|
Operating leases |
128,486
|
58,419
|
Finance leases |
705
|
605
|
Right-of-use asset adjustments recognized as a result of the remeasurement of existing operating lease liabilities |
4,631
|
16,429
|
Non-cash increase in operating lease right-of-use assets associated with below-market sale-leaseback transactions |
0
|
5,900
|
Non-cash increase in financing obligations as a result of interest accretion |
$ 70
|
$ 46
|
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v3.24.2.u1
Revenue - Revenue by Major Revenue Stream (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
$ 667,761
|
$ 561,731
|
$ 1,264,478
|
$ 1,072,582
|
Total center revenue |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
645,007
|
542,125
|
1,225,492
|
1,039,877
|
Membership dues and enrollment fees |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
462,696
|
387,115
|
888,107
|
744,603
|
In-center revenue |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
182,311
|
155,010
|
337,385
|
295,274
|
Other revenue |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
$ 22,754
|
$ 19,606
|
$ 38,986
|
$ 32,705
|
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v3.24.2.u1
Revenue - Revenue by Timing (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
$ 667,761
|
$ 561,731
|
$ 1,264,478
|
$ 1,072,582
|
Goods and services transferred over time |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
590,674
|
495,938
|
1,123,739
|
948,054
|
Goods and services transferred at a point in time |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
77,087
|
65,793
|
140,739
|
124,528
|
Center revenue |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
645,007
|
542,125
|
1,225,492
|
1,039,877
|
Center revenue | Goods and services transferred over time |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
567,920
|
476,332
|
1,084,753
|
915,349
|
Center revenue | Goods and services transferred at a point in time |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
77,087
|
65,793
|
140,739
|
124,528
|
Other revenue |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
22,754
|
19,606
|
38,986
|
32,705
|
Other revenue | Goods and services transferred over time |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
22,754
|
19,606
|
38,986
|
32,705
|
Other revenue | Goods and services transferred at a point in time |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
$ 0
|
$ 0
|
$ 0
|
$ 0
|
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v3.24.2.u1
Debt - Components (Details) $ in Thousands, $ in Millions |
Jun. 30, 2024
USD ($)
|
Jun. 30, 2024
CAD ($)
|
Dec. 31, 2023
USD ($)
|
Debt Instrument [Line Items] |
|
|
|
Carrying Value |
$ 1,854,295
|
|
|
Fair value adjustment |
362
|
|
$ 521
|
Total debt |
1,854,657
|
|
1,948,145
|
Less unamortized debt discounts and issuance costs |
(11,661)
|
|
(15,270)
|
Total debt less unamortized debt discount and issuance costs |
1,842,996
|
|
1,932,875
|
Less current maturities |
(12,755)
|
|
(73,848)
|
Long-term debt, less current maturities |
1,830,241
|
|
1,859,027
|
Term Loan Facility |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Carrying Value |
310,000
|
|
310,000
|
Revolving Credit Facility | Revolving Credit Facility |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Carrying Value |
65,000
|
$ 0.0
|
90,000
|
Secured Notes |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Carrying Value |
$ 925,000
|
|
925,000
|
Interest rate |
5.75%
|
5.75%
|
|
Unsecured Notes |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Carrying Value |
$ 475,000
|
|
475,000
|
Interest rate |
8.00%
|
8.00%
|
|
Construction Loan |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Carrying Value |
$ 27,973
|
|
28,000
|
Mortgage Notes, various maturities |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Carrying Value |
47,882
|
|
115,502
|
Other debt |
|
|
|
Debt Instrument [Line Items] |
|
|
|
Carrying Value |
$ 3,440
|
|
$ 4,122
|
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Debt - Revolving Credit Facility and Mortgage Notes (Details) $ in Thousands, $ in Millions |
6 Months Ended |
|
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2024
CAD ($)
|
Dec. 31, 2023
USD ($)
|
Line of Credit Facility [Line Items] |
|
|
|
Outstanding balance |
$ 1,854,295
|
|
|
Mortgage Notes, various maturities |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Outstanding balance |
47,882
|
|
$ 115,502
|
Mortgage Notes, various maturities | Two Mortgage Notes |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Fully paid principal balance |
62,900
|
|
|
Revolving Credit Facility | Revolving Credit Facility |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Outstanding balance |
65,000
|
$ 0.0
|
$ 90,000
|
Borrowing capacity |
475,000
|
|
|
Available capacity |
$ 379,100
|
|
|
Weighted average interest rate |
9.51%
|
|
|
Weighted average amount outstanding |
$ 187,700
|
|
|
Highest month-end balance |
$ 285,000
|
|
|
Revolving Credit Facility | Revolving Credit Facility | Minimum |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, term |
30 days
|
|
|
Revolving Credit Facility | Revolving Credit Facility | Maximum |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Debt instrument, term |
180 days
|
|
|
Revolving Credit Facility | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Basis spread on variable interest rate |
3.50%
|
|
|
Revolving Credit Facility | Revolving Credit Facility | Base rate |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Basis spread on variable interest rate |
2.50%
|
|
|
Letter of Credit | Revolving Credit Facility |
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
Outstanding balance |
$ 30,900
|
|
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Leases (Details) $ in Thousands |
6 Months Ended |
Jun. 30, 2024
USD ($)
thirdParty
property
|
Jun. 30, 2023
USD ($)
|
Lessee, Lease, Description [Line Items] |
|
|
Proceeds from financing obligations |
$ 4,300
|
$ 0
|
Net amount of sale |
142,671
|
78,040
|
Operating leases |
$ 128,486
|
$ 58,419
|
Sale-Leaseback Transactions |
|
|
Lessee, Lease, Description [Line Items] |
|
|
Number of third parties | thirdParty |
2
|
|
Number of properties sold | property |
4
|
|
Gross proceeds |
$ 147,900
|
|
Transaction costs |
900
|
|
Cash proceeds, before adjustment |
147,000
|
|
Fair value of properties sold |
143,600
|
|
Proceeds from financing obligations |
4,300
|
|
Net amount of sale |
142,700
|
|
Gain on transaction |
7,500
|
|
Lease liability |
92,800
|
|
Operating leases |
$ 93,600
|
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v3.24.2.u1
Stockholders' Equity (Details) - USD ($) $ in Thousands, shares in Millions |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Share-based compensation expense |
$ 11,100
|
$ 16,500
|
$ 18,700
|
$ 22,200
|
|
Accrued expenses and other current liabilities |
$ 183,625
|
|
$ 183,625
|
|
$ 185,305
|
Equity Plan 2021 |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Accrued expenses and other current liabilities |
|
|
|
|
$ 18,100
|
Restricted stock units |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Awards granted (in shares) |
|
|
1.6
|
|
|
Restricted Stock Units Time Vested |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Awards granted (in shares) |
|
|
1.1
|
|
|
Restricted Stock Units Performance Vesting |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Awards granted (in shares) |
|
|
0.5
|
|
|
Performance Stock Units (PSUs) |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Awards granted (in shares) |
0.5
|
|
|
|
|
Vesting period |
3 years
|
|
|
|
|
Performance Shares, Adjusted EBITDA |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Awards granted (in shares) |
0.3
|
|
|
|
|
Vesting period |
3 years
|
|
|
|
|
Performance Shares, Adjusted EBITDA | Tranche 1 |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Share-Based Compensation Arrangement By Share-Based Payment Award, Annual Performance Determination, Percentage Of Awards |
|
|
33.33%
|
|
|
Performance Shares, Adjusted EBITDA | Tranche 2 |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Share-Based Compensation Arrangement By Share-Based Payment Award, Annual Performance Determination, Percentage Of Awards |
|
|
33.33%
|
|
|
Performance Shares, Adjusted EBITDA | Tranche 3 |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Share-Based Compensation Arrangement By Share-Based Payment Award, Annual Performance Determination, Percentage Of Awards |
|
|
33.33%
|
|
|
Performance Shares, Leverage Ratio |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Awards granted (in shares) |
0.2
|
|
|
|
|
Performance Shares, Leverage Ratio | Tranche 1 |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Percentage of shares to vest |
|
|
33.33%
|
|
|
Performance Shares, Leverage Ratio | Tranche 2 |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Percentage of shares to vest |
|
|
33.33%
|
|
|
Performance Shares, Leverage Ratio | Tranche 3 |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Percentage of shares to vest |
|
|
33.33%
|
|
|
Equity Classified Awards |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Share-based compensation expense |
$ 10,100
|
8,500
|
$ 18,000
|
13,900
|
|
Liability Classified Awards |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Share-based compensation expense |
$ 1,000
|
$ 8,000
|
$ 700
|
$ 8,300
|
|
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v3.24.2.u1
Income Per Share - Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
|
|
|
Net income |
$ 52,805
|
$ 17,004
|
$ 77,722
|
$ 44,464
|
Weighted average common shares outstanding - basic (in shares) |
198,903
|
195,476
|
198,200
|
195,026
|
Dilutive effect of stock-based compensation awards (in shares) |
7,141
|
9,345
|
6,651
|
8,846
|
Weighted average common shares outstanding - diluted (in shares) |
206,044
|
204,821
|
204,851
|
203,872
|
Income per common share – basic (in usd per share) |
$ 0.27
|
$ 0.09
|
$ 0.39
|
$ 0.23
|
Income per common share – diluted (in usd per share) |
$ 0.26
|
$ 0.08
|
$ 0.38
|
$ 0.22
|
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v3.24.2.u1
Income Per Share - Potential Common Shares Excluded from Computation of Diluted Income Per Share (Details) - shares shares in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Potential common shares excluded from the weighted average share calculations (in shares) |
6,225
|
6,136
|
6,225
|
7,134
|
Stock options |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Potential common shares excluded from the weighted average share calculations (in shares) |
5,843
|
5,370
|
5,843
|
6,310
|
Restricted stock units |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Potential common shares excluded from the weighted average share calculations (in shares) |
382
|
766
|
382
|
824
|
X |
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