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EX - 99.1 2 lth - 20210930xex991.htm EX - 99.1 LIFE TIME® Life Time Announces Third Quarter Fiscal 2021 Financial Results Revenue increased 66.7 % to $ 385 million ; Comparable center sales increased 58.7 % ; Net loss improved to $ ( 45.4 ) million ; Adjusted EBITDA increased to $ 47.0 million CHANHASSEN , Minn . – October 28 , 2021 - Life Time Group Holdings , Inc. ( " Life Time " or the " Company " ) ( NYSE : LTH ) today announced its financial results for the fiscal third quarter ended September 30 , 2021 . Bahram Akradi , founder , Chairman and CEO , stated : “ Our third quarter results reflect the continued momentum of our business , and I'm particularly pleased with our performance despite nearly 20 % of our centers experiencing additional COVID - 19 masking and other related restrictions during the quarter . While the near - term slope of our COVID - 19 recovery curve continues to be somewhat difficult to predict , we remain confident that our strategy is working and we expect to continue our recovery at a strong pace . We are gaining market share , which gives us confidence that we are on the path to a full recovery of our 2019 results . We are focused on our core strategic goal of delivering to our growing community of members the best , most comprehensive omni - channel health and wellness experiences and programming via our physical spaces and digital platform . Additionally , we believe we have significant opportunities to continue expanding our portfolio of premium clubs with 10 or more planned new centers annually for the foreseeable future in increasingly affluent markets . " Third Quarter 2021 Results and Prior Year Comparisons • • Total revenue increased 66.7 % to $ 385.0 million from $ 231.0 million . • • • Comparable center sales increased 58.7 % . Center memberships increased 16.7 % to 668,310 as of September 30 , 2021 , from 572,811 as of September 30 , 2020 . Net loss improved to $ ( 45.4 ) million from $ ( 93.6 ) million and included tax - effected expenses of $ 3.2 million related to share- based compensation and $ 2.0 million primarily related to non - recurring losses incurred on a sale - leaseback of one of our centers . Adjusted EBITDA increased to $ 47.0 million from $ ( 12.4 ) million . Nine - Month 2021 Results and Prior Year Comparisons • Total revenue increased 33.0 % to $ 957.5 million from $ 719.9 million . • Comparable center sales increased 29.9 % . Net loss improved to $ ( 274.6 ) million from $ ( 276.3 ) million and included tax - effected , non - recuring expenses of $ 54.3 million , of which $ 49.6 million related to additional interest expense incurred as a result of a loss on the conversion of a related party secured note into preferred stock as well as costs written off in connection with our debt refinancing , and $ 4.7 million primarily related to non - recurring losses incurred on the sale - leaseback of certain of our centers , and tax - effected expenses of $ 5.7 million related to share - based compensation . • Adjusted EBITDA increased to $ 32.3 million from $ ( 44.9 ) million . New Center Openings • During the quarter , the Company opened two new centers : Peabody , MA ( at Northshore Mall ) and Coral Gables , FL , bringing its year - to - date 2021 new center openings to six . • The Company had 12 new centers under construction as of September 30 , 2021 .