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Life Time Group Holdings, Inc.
−Removed: completed its initial public offering (“IPO”) in October 2021 and its common stock trades on the New York Stock Exchange (“NYSE”) under the symbol “LTH.” For more information on the IPO, see Note 1, Nature of Business and Basis of Presentation—Initial Public Offering, to our consolidated financial statements included in Part II, Item 8 of this Annual Report.
−Removed: Life Time, the “Healthy Way of Life Company,” is a leading lifestyle brand offering premium health, fitness and wellness experiences to a community of nearly 1.5 million individual members, who together comprise nearly 815,000 memberships, as of December 31, 2023.
−Removed: 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.
+Added: completed its initial public offering (“IPO”) in October 2021 and its common stock trades on the New York Stock Exchange (“NYSE”) under the symbol “LTH.”
+Added: Life Time, the “Healthy Way of Life Company,” is a premier 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 866,000 memberships, as of December 31, 2024.
+Added: We are a leading innovator in the industry having successfully created a leisure model that incorporates the country club wellness lifestyle within a fitness and active living community.
+Added: We have earned the trust of our members for over 30 years to make their lives healthier and happier by offering them the best places, programs and performers.
We believe that consumers equate our brand with the uncompromising quality, luxury and “Healthy Way of Life” experiences that Life Time offers.
−Removed: We have built this reputation and robust brand equity through our continuous focus on delivering 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.
−Removed: Our brand loyalty and track record of providing differentiated experiences to our members has fueled our strong, long-term financial performance.
−Removed: Our luxurious athletic country clubs total approximately 17 million square feet in the aggregate.
−Removed: Our centers are located in affluent suburban and urban locations and include ground-up suburban builds, mall or retail locations, vertical residential and urban locations.
−Removed: 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, indoor and outdoor pools and bistros, indoor and outdoor tennis courts, pickleball courts, basketball courts, LifeSpa, LifeCafe and our childcare and Kids Academy learning spaces.
+Added: We have built our reputation and robust brand equity through our continuous focus on delivering high-quality experiences through our omni-channel physical and digital ecosystem that includes more than 175 centers—distinctive, resort-like athletic country club destinations—across 31 states in the United States and one province in Canada.
+Added: Our continuous commitment to members has resulted in strong brand loyalty and fueled our strong, long-term financial performance.
+Added: Our centers serve communities in both suburban and urban markets across North America.
+Added: 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 42,000 Life Time team members, including over 10,800 certified fitness professionals, ranging from personal trainers to studio performers.
+Added: We have a model and scale that would be difficult to replicate.
+Added: Our premium real estate portfolio of owned and leased athletic country clubs spans over 17 million of indoor square feet and approximately seven million of outdoor square feet.
Our footprint of athletic country clubs as of December 31, 2024:
−Removed: Coming out of the COVID-19 pandemic, we believe that we have built an even healthier and stronger business.
−Removed: Our initial focus on center recovery produced strong results in member engagement and increasing memberships, visits and Center revenue.
−Removed: We were then able to focus on expanding margins by optimizing our average revenue per center membership and significantly improving the efficiency of our club operations and corporate office.
−Removed: We have also benefited from the greater flow through of our increased revenue and from new members joining at higher membership dues rates.
−Removed: In 2023, we achieved a 3.4% net income margin and a 24.2% Adjusted EBITDA margin, both of which exceeded the 1.6% net income margin and 23.0% Adjusted EBITDA margin in 2019 before the pandemic.
Our Membership Offering
−Removed: We define a membership in two ways:
−Removed: Center memberships and Digital On-hold memberships.
−Removed: As of December 31, 2023, we had 814,936 total memberships, comprised of 763,216 Center memberships and 51,720 Digital On-hold memberships.
−Removed: Center Memberships.
−Removed: A center membership provides general access to one or more of our centers.
−Removed: We offer a variety of convenient month-to-month Center memberships with no long-term contracts.
−Removed: Each Center membership is defined as one or more adults, plus any children under the age of 14.
−Removed: • Base Memberships.
−Removed: We offer base memberships that provide general access (with some amenities excluded) to a selected home center and all centers with the same or lower base monthly dues rate.
−Removed: Our optimized pricing for a Center membership is determined center-by-center based on a variety of factors, including geography, market presence, demographic nature, population density, competition, initial investment in the center and available services and amenities.
−Removed: ◦ Our standard multi-center access memberships include general access to our centers, including the locker rooms (with locker and towel service), fitness floor, child center and other benefits such as the Life Time app.
−Removed: ◦ In 2021, we launched our signature membership.
−Removed: Signature multi-center access memberships provide the benefits of a standard membership along with certain products, services or spaces that would otherwise be accessible only upon payment of additional dues or fees, such as small group training and court time for certain racquet sports at certain centers.
−Removed: As a result, some revenue that was historically reported as in-center revenue is now reported as membership dues revenue.
−Removed: Certain of our centers are accessible only with a signature membership.
−Removed: • Junior Memberships.
−Removed: We offer junior memberships (as an add-on to a base membership) that provide one or more children 13 years of age or younger access to the child center, pools and gymnasiums at designated times, drop-off events and Kids Academy, which includes more in-depth programming focused on activity, learning and fitness.
−Removed: Junior memberships currently cost $20 to $100 per month depending upon the center.
−Removed: We do not count junior memberships as incremental in our membership count since they are already part of the Center membership.
−Removed: • Other Memberships and Products .
−Removed: We offer several other recurring memberships and access-related products at select centers, including a pool pass that provides access to the outdoor pool area at select centers.
−Removed: We also offer base memberships that can be purchase d at a reduced rate in partnership with certain medical insurance providers.
−Removed: We refer to these memberships as qualified memberships and recognize the memb ership dues and related revenue if the member visits a center within a given month.
−Removed: Beginning in 2024, qualified memberships associated with a Medicare insurance plan have access to centers during limited hou rs, which helps to optimize center usage by shifting their visits to non-peak hours.
−Removed: Digital On-hold Memberships .
−Removed: We offer Digital On-hold memberships for members who do not currently wish to access our centers, but still want to maintain certain member benefits, including our Life Time Digital membership and the right to convert back to a Center membership without paying an enrollment fee.
+Added: We offer a variety of convenient month-to-month memberships with no long-term contracts, including:
+Added: • base memberships that provide general access (with some amenities excluded) to a selected home center and all centers with the same or lower base monthly dues rate, with the option for a junior membership as an add-on.
+Added: The junior membership add-on for children 13 years old and younger currently costs $20-$100 per month.
+Added: We do not count junior memberships as incremental in our membership count since they are already part of our base membership;
+Added: • signature memberships that are base memberships plus access to certain products, services or spaces that would otherwise be accessible only upon payment of additional dues or fees such as small group training and court time for certain racquet sports at certain centers;
+Added: • qualified base memberships that can be purchase d at a reduced rate through partnerships with third party administrators including certain medical insurance providers and which may have limited hours;
+Added: • digital on-hold memberships for members who do not currently wish to access our centers, but still want to maintain certain member benefits, including the right to convert back to a Center membership without paying an enrollment fee.
The majority of our digital on-hold memberships cost $15 per month.
We also have Life Time Digital memberships for direct-to-consumer memberships that do not provide access to our centers and do not convert back to a Center membership.
+Added: Our digital membership is accessible through our Life Time integrated digital app.
Life Time Digital features include live streaming fitness classes, remote goal-based personal training, nutrition and weight loss support, and curated award-winning health, fitness and wellness content.
−Removed: Currently, our digital membership is included with both our Center and Digital On-hold memberships at no additional charge or it can be purchased separately as a digital-only membership.
−Removed: We currently report our Digital memberships within our Digital On-hold membership totals.
−Removed: As we continue to invest in our technology, including the Life Time app and artificial intelligence, we believe our members will be able to further utilize and benefit from our “Healthy Way of Life” ecosystem.
−Removed: Our Recurring Revenue Model
−Removed: Membership dues create a recurring and relatively predictable revenue stream that has proven to be resilient for over 30 years and across economic cycles.
−Removed: Membership dues and enrollment fees provide our largest source of revenue, representing over 70% of our total Center revenue.
+Added: We currently report our Life Time Digital memberships within our digital on-hold membership totals.
+Added: Our digital offering is available to consumers at no charge through our Life Time digital app.
+Added: Users of our free digital app are not included in our membership count.
+Added: As we continue to invest in our technology, including the Life Time app and artificial intelligence, we believe our members and users of our digital app will be able to further utilize and benefit from our “Healthy Way of Life” ecosystem.
+Added: Our Highly Predictable Subscription-Based Revenue Model
+Added: Our subscription-based membership model creates highly predictable and recurring revenue that has proven to be resilient for over 30 years and across economic cycles.
+Added: Membership dues and enrollment fees comprise our largest source of revenue, representing over 70% of our total Center revenue.
+Added: Coming out of the pandemic, we made a strategic shift to a more robust subscription offering and, as a result, our membership dues and enrollment fees now represent over 72% of our total Center revenue for the year ended December 31, 2024.
We believe this recurring revenue stream, the strength of our brand and the effective execution of our operating strategy have driven our long-term track record of growth.
−Removed: Except in 2020 due to the impact of COVID-19, we have grown our revenue each year since 2000 and we had our highest ever amount of revenue in 2023, as shown below.
+Added: Except in 2020 due to the impact of COVID-19, we have grown our revenue each year since 2000 and, in 2024, we recognized the highest revenue in our history, as shown below.
Revenue ($ in millions)
Our Engaged Members
−Removed: The power of our lifestyle brand, attractive member demographics, breadth of amenities and services and high utilization of our centers allow us to build deeply meaningful connections with our members, which are difficult for others in our industry to replicate fully.
−Removed: Additionally, we support our existing and prospective members through a concierge service model that keeps our members’ interests first.
−Removed: Our shift from a sales-driven culture to delivering a concierge-type experience to our members is enhancing how we interact with prospective and existing members.
+Added: The power of our lifestyle brand, attractive member demographics, breadth and desirability of amenities and services and high utilization of our centers allow us to build deeply meaningful connections with our members, which are difficult for others in our industry to replicate fully.
Our members are highly engaged and draw inspiration from the experiences and community we have created.
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Our average revenue per center membership increased to $3,160 in 2024 compared to $2,810 and $2,528 in 2023 and 2022, respectively.
−Removed: We had 135 average visits per membership to our centers in 2023 compared to 124 and 113 in 2022 and 2021, respectively.
+Added: Total visits to our clubs were over 114 million in 2024 as compared to 103 million and 86 million in 2023 and 2022, respectively.
+Added: Average visits per membership to our centers remained strong at 143 for 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.
−Removed: Our member engagement is driven by the vast array of amenities, services and activities that enable an entire family to grow and develop, regardless of where they are in their health and wellness journey.
−Removed: We have something for every generation, from young children attending our swim lessons, parent-child dances, pool parties and Kids Academy classes, teenagers engaged in our sports and agility training, adults engaged in our Dynamic Personal Training and small group training and more senior adults engaged in our ARORA community, to members of all ages participating in pickleball, our iconic athletic events and a variety of our other in-center activities.
−Removed: The table below displays this wide assortment:
−Removed: Amenities Services Activities and Events
+Added: Our member engagement is driven by the vast array of amenities, services, products and activities that enable an entire family to grow and develop, regardless of where they are in their health and wellness journey.
+Added: We support our existing and prospective members through a concierge service model that keeps our members’ interests first.
+Added: We also recruit, hire and certify those whom we believe are the best professionals in our industry to empower, educate and entertain our members.
+Added: We offer something for every generation, from young children attending our swim lessons and Kids Academy classes, teenagers and adults engaged in our state-of-the-art fitness equipment, Dynamic Personal Training and small group training and more senior adults engaged in our ARORA community, to members of all ages participating in pickleball, our iconic athletic events and a variety of our other in-center activities.
+Added: The table below displays this wide assortment of physical and digital experiences:
+Added: Amenities Services Activities, Products and Events
Indoor and Outdoor Pools
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Indoor and Outdoor Tennis Courts
−Removed: Pickleball Courts
+Added: Indoor and Outdoor Pickleball Courts
LifeCafe with Poolside Service
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Towel and Locker Service
+Added: Experience Life
Athletic Leagues and Tournaments
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Charity Events
+Added: Nutritional Supplements
During 2024, we also organized approximately 44,100 events and served as a social and community hub for our members.
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We believe our membership base has a discretionary spending level that, on average, is less susceptible to adverse economic conditions.
−Removed: As of December 31, 2023, our members had a median household income of $145,000, 80% owned a home and approximately 58% of our members are part of a couples or family membership, and these members typically engage more fully within our centers.
−Removed: Approximately 59% of our members had at least a college education.
−Removed: Additionally, our gender mix is balanced and approximately 46% of our members are under 35 years of age and approximately 79% are under 55 years of age.
+Added: As of December 31, 2024, our members had a median household income of $158,000, which is 1.4 times the median income in the respective trade areas, 73% owned a home, approximately 58% are part of a couples or family membership and these members typically engage more fully within our centers, and approximately 56% had at least a college education.
+Added: Additionally, our gender mix is balanced and approximately 44% are under 35 years of age and approximately 78% are under 55 years of age.
Our Growth Strategies and Member Experience Initiatives
We have built a strong foundation with an engaged membership base in pursuit of a healthy way of living.
−Removed: We continue to build on that foundation by executing several strategies and initiatives to grow our business, further engage our members, optimize our memberships and increase revenue per center membership.
−Removed: We are elevating our member experiences through new and improved in-center service offerings and omni-channel offerings.
+Added: We continue to build on that foundation by executing several strategies and initiatives to grow and expand our business, further engage our members, optimize our memberships and member experience, and increase revenue per center membership.
+Added: We are elevating our member experiences through new and improved in-center service offerings, omni-channel offerings and wellness products.
We are also expanding the number of our centers in an asset-light model that targets higher income members, higher average annual revenue per center membership and higher returns on invested capital.
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We continue to evolve our premium lifestyle brand in ways that elevate and broaden our member experiences and allow our members to integrate health, fitness and wellness into their lives with greater ease and frequency.
−Removed: The following strategic initiatives, which we began to invest more into in 2022, are driving signific ant increases in unique participants or total sessions in these areas:
+Added: Over the past few years, we have increased our investment in the following strategic initiatives, which are driving member engagement and signific ant increases in unique participants or total sessions in these areas:
• Pickleball.
−Removed: We now have over 500 permanent pickleball courts.
−Removed: Over the last two years, we saw an 841% increase in unique participants in pickleball.
+Added: We now have over 700 dedicated pickleball courts and we had approximately 5.2 million participations during 2024.
We believe pickleball is driving both new memberships and member engagement.
• Dynamic Personal Training.
−Removed: During 2023, we averaged 160,000 dynamic personal training sessions per month, resulting in a 26% increase in total sessions over the last two years.
+Added: During 2024, we averaged over 180,000 Dynamic Personal Training sessions per month, an 18% increase in total sessions compared to 2023.
We also launched Dynamic Stretch in the third quarter of 2023.
−Removed: We believe this service can increase our member engagement and drive incremental revenue.
• Small Group Training.
−Removed: During 2023, we averaged 30,000 small group training sessions per month and experienced a 277% increase in unique participants over the last two years.
+Added: During 2024, we averaged over 39,000 small group training sessions per month, a 25% increase in total sessions compared to 2023, while also increasing total participation and average participants per session.
Our small group training includes Alpha, GTX and Ultra Fit.
Our ARORA community is focused on members aged 55 years and older.
−Removed: We averaged over 7,000 classes per month in 2023 and saw a 344% increase in unique participants over the last two years.
+Added: We averaged over 9,000 classes per month in 2024, a 34% increase in total sessions compared to 2023.
We believe we have opportunities to further grow our offerings to this community as the U.S.
population continues to age.
−Removed: We believe we also have opportunities to enhance our offerings within our LifeCafe and LifeSpa during 2024.
−Removed: We have also launched a pilot location for our new MIORA service offering, which offers health optimization and longevity services, including comprehensive assessments, proprietary therapies, unique supplements and recovery and rejuvenation tools.
+Added: Our new MIORA health optimization and longevity services include comprehensive assessments, proprietary therapies, supplements and recovery and rejuvenation tools.
+Added: After launching a pilot location in 2024, we plan to expand these services to additional locations in 2025 and beyond.
+Added: We have also been executing on enhanced offerings within our LifeCafe, LifeShop and LifeSpa, including our newly branded LTH nutritional products.
Optimize Revenue per Center Membership
−Removed: Historically, we focused on a higher membership, lower usage business model.
−Removed: Approximately a decade ago and coming out of the great recession, we began to shift our model by delivering the highest quality member experiences.
−Removed: Coming out of the COVID-19 pandemic, we continued to elevate and expand our member experiences with a focus on our engaged members while optimizing membership levels and increasing membership dues in our centers.
−Removed: We believe that the pricing actions we have taken to better reflect our premier brand and offering has resulted in higher revenue and better member experiences.
+Added: We expect to continue to elevate and expand our member experiences with a continued focus on increasing member engagement, while optimizing membership levels and membership dues in our centers.
+Added: We believe that the pricing actions we have taken to better reflect our premier brand and the value our members receive has resulted in higher revenue and better member experiences.
+Added: Our optimized pricing for a Center membership is determined center-by-center based on a variety of factors, including geography, market presence, demographic nature, population density, competition, initial investment in the center and available services and amenities.
We expect to continually refine our strategy to strike the right balance between the number of members at any given center with the membership dues for that center.
We have grown our average revenue per center membership to $3,160 in 2024, up from $2,810 in 2023 and $2,528 in 2022.
−Removed: We believe our average revenue per center membership will continue to grow as our new centers ramp to expected performance, we open new centers in desirable locations across the country and we continue to execute on our strategic initiatives discussed above.
+Added: We believe our average revenue per center membership will continue to grow as we open new centers in desirable locations across the country, new members join at higher membership dues rates, our new centers ramp to expected performance and we continue to execute on our strategic initiatives discussed above.
Our new centers on average have taken three to four years to ramp to expected performance.
−Removed: As of December 31, 2023, we had 27 centers open for less than three years.
−Removed: We believe the combined dynamic of our ramping new centers plus the capital expenditures already invested in our centers under construction creates a strong tailwind for the continued growth of our revenue.
+Added: As of December 31, 2024, we had 29 centers open for less than three years and 12 new centers under construction, with significant growth capital expenditures already invested into these new centers that have yet to open.
+Added: We believe these combined dynamics create a strong tailwind for the continued growth of our total Center revenue.
Expand National Footprint in Affluent Metropolitan Statistical Areas
−Removed: Our diversified portfolio of over 170 resort-like athletic country club destinations are primarily located in affluent markets across 31 states and one Canadian province.
Our new center expansion initiatives are focused on strategic locations in increasingly affluent markets with higher income members that will generate higher average dues, higher in-center revenue per membership and higher revenue per square foot.
We believe we have significant whitespace opportunity for our premium athletic country clubs across the United States and Canada, as well as internationally.
−Removed: Since 2015, we have introduced more strategic and flexible center formats that can be modified to accommodate various settings, including ground-up suburban builds, mall or retail locations, vertical residential and urban locations.
+Added: Since 2015, we have introduced more strategic and flexible asset-light center formats that can be modified to accommodate various settings, including ground-up suburban builds, mall or retail locations, vertical residential and urban locations.
The strength of our brand, paired with this flexibility, has allowed us to expand our footprint on the East and West coasts and increased our presence in premium urban and coastal areas such as Boston, Chicago, New York City, Florida and California.
We have developed a disciplined and sophisticated process to evaluate markets and specific sites in those markets where we may want to build, lease or acquire new centers.
−Removed: This dynamic process is based upon demographic, psychographic and competitive criteria generated from profiles of our most successful centers, and we continue to refine these criteria based upon the performance of our centers.
−Removed: We believe that the presence of a Life Time center benefits landlords and property developers and the value of the underlying property and surrounding neighborhoods.
+Added: This dynamic process is based upon demographic, psychographic and competitive criteria generated from profiles of our most successful centers, and we continue to refine these criteria based upon
+Added: the performance of our centers.
+Added: We believe that the presence of a Life Time center benefits landlords and property developers by bringing our attractive membership base to their locations and increasing the value of the underlying property and surrounding neighborhoods.
We seek to leverage this halo effect of our brand, as well as long-term relationships with landlords and property developers, to achieve favorable lease or development agreements and increased construction reimbursements to support our asset-light expansion.
−Removed: We opened 11, 10 and six new centers in 2023, 2022 and 2021, respectively, and have plans to open nine to 10 new centers in 2024.
−Removed: Asset-light, Flexible Real Estate Strategy
−Removed: We are expanding the number of our centers using an asset-light model that targets acquisitions of existing facilities at below market value that we are able to open more quickly, taking over leases with tenant improvement contributions from landlords, adapting existing retail or office space with tenant improvement contributions, and through ground-up suburban builds with sale-leaseback proceeds.
−Removed: This asset-light strategy is expected to help us achieve our objective to be cash flow positive after all capital expenditures starting in the second quarter of 2024 while maintaining a robust pipeline of new centers.
+Added: We opened eight, 11 and 10 new centers in 2024, 2023 and 2022, respectively.
+Added: We are targeting opening 10 to 12 new locations on average per year going forward.
+Added: Flexible Asset-light Real Estate Model
+Added: We have a diversified portfolio of 179 resort-like athletic country club destinations that are primarily located in affluent markets across 31 states and one Canadian province.
+Added: Since 2015, we have expanded our center base using an asset-light strategy that has also allowed us to grow the number of centers in a more cost-effective manner and to enter attractive urban and coastal markets with premium centers, where the price of real estate had historically been a deterrent to entry.
+Added: Our growth strategy is flexible and we can capitalize on a variety of opportunities including (i) within existing facilities that we can acquire at below market value and open more quickly;
+Added: (ii) by entering into or taking over leases with tenant improvement contributions from landlords;
+Added: (iii) by adapting existing retail or office space with tenant improvement contributions;
+Added: and (iv) through ground-up suburban builds leveraging sale-leaseback proceeds as a mechanism to recycle capital and reduce our overall net invested capital.
Approximately 68% of our centers are now leased, including approximately 87% of our new centers opened since 2015, versus a predominantly owned real estate strategy prior to 2015.
−Removed: Our focus on an asset-light real estate strategy has enabled us to develop a business model that targets a new center return on invested capital, after sale-leaseback proceeds or construction reimbursements, in the mid-to-upper 30% range, which is more than double historical trends before implementing this strategy.
−Removed: This strategy has also allowed us to grow the number of centers in a more cost-effective manner and to enter attractive urban and coastal markets with premium centers where the price of real estate had historically been a deterrent to entry.
We also benefit from our in-house architecture, design and construction expertise that allows us to create operationally efficient centers and a consistent feel across our centers.
This internal expertise has also helped us control the cost and pace of capital expenditures, including in determining when to begin construction on a new location after we have purchased the land as we balance the timing of our growth with any inflationary, labor or supply pressures.
+Added: Our asset-light strategy helped us achieve our objective to be free cash flow positive starting in the second quarter of 2024 and we expect to remain free cash flow positive on an annual basis while maintaining a robust pipeline of new centers.
+Added: We generally expect to have net invested capital, which we define as gross invested capital, net of construction reimbursements, less net proceeds from sale-leaseback transactions, of $25-$30 million per new location on average, with an average return on net invested capital across our portfolio targeted at in excess of 30% after the three to four years it takes on average for our new centers to ramp to expected performance.
We have acquired, and expect to continue to acquire, centers as well as events and services that complement our offerings.
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Our post-acquisition integration process often involves significant investments in both the acquired physical assets and human capital to improve each acquired site and to rebrand the look and feel of the center to create the Life Time brand experience for our members.
−Removed: Expanded Omni-Channel Offerings
−Removed: We believe the importance of health, fitness and wellness coupled with the structural shift of consumer preferences toward experiential and proactive health and wellness spending creates new opportunities for us to leverage our “Healthy Way of Life” lifestyle brand.
+Added: Continue to Expand Our Omni-Channel Offerings
+Added: We believe the importance of health, fitness and wellness coupled with the structural shift of consumer preferences toward experiential and proactive health and wellness spending creates new opportunities for us to leverage our “Healthy Way of Life” lifestyle and leisure brand.
We expect to leverage our brand reputation and deep understanding of the member experience to add a growing portfolio of products and services to our omni-channel platform.
−Removed: We continue to invest in our technology, including in the Life Time app and artificial intelligence, which we believe will enable our members to further utilize our “Healthy Way of Life” ecosystem.
−Removed: Our omni-channel experience currently includes live streaming fitness classes, remote goal-based personal training, nutrition and weight loss support and curated award-winning health, fitness and wellness content.
−Removed: In addition, we are improving our e-commerce platform that includes the purchase of a wide variety of equipment, wearables, apparel, beauty products and nutritional supplements.
+Added: We continue to invest in our digital capabilities, including in the Life Time integrated digital app and artificial intelligence, which we believe will enable our members to further utilize our “Healthy Way of Life” ecosystem.
+Added: We have also made our digital app available to everyone free of charge, which we believe will strengthen our brand and allow many more people to experience and benefit from our ecosystem.
+Added: Our digital app user base continues to grow and we are strengthening our streaming and on-demand offerings and content.
+Added: In addition, we are improving our e-commerce presence that includes the purchase of a wide variety of equipment, wearables, apparel, beauty products and nutritional supplements, including our newly branded LTH nutritional products.
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.
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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.
−Removed: Additionally, our Life Time Living locations offer luxury wellness-oriented residences, also in close proximity to one of our athletic country clubs.
+Added: Additionally, our Life Time Living locations, which are also an asset-light model, offer luxury wellness-oriented residences, also in close proximity to our athletic country clubs.
As of December 31, 2024, we had 15 Life Time Work and four Life Time Living locations open and operating.
−Removed: Our Life Time Living offering is generating interest from new property developers and presenting opportunities for new center development that were not previously available to us .
+Added: 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 .
While we are in the early stages of capitalizing on this opportunity, we believe integrating how and where consumers live, work, move and play is a promising opportunity that Life Time is uniquely positioned to capture.
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Throughout this Annual Report, including in this “Business” section and the sections entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” 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.
−Removed: 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.
−Removed: 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.
−Removed: The performance of our centers has improved significantly as our centers have ramped back from the adverse impacts of COVID-19.
Human Capital
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In addition, to enhance our member experiences and drive consistency in our hospitality and services, we have a strong focus on team member culture, training and certification.
−Removed: We value diversity, equity and inclusion and strive to create a welcoming and inclusive culture.
+Added: We value a welcoming and inclusive culture.
Our focus on engagement among team members attracts and fosters our multi-generational member base.
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Our team members are dedicated to providing the best programs and experiences in the best facilities, and we know this happens by hiring and inspiring the best people.
−Removed: By consistently delivering extraordinary experiences, we have built a highly trusted, premium lifestyle brand that embraces all aspects of healthy living, healthy aging and healthy entertainment.
+Added: By consistently delivering extraordinary experiences, we have built a highly trusted, premium lifestyle and leisure brand that embraces all aspects of healthy living, healthy aging and healthy entertainment.
We call this collective approach and lens to physical, mental and social well-being “Healthy Way of Life” (“HWOL”).
6 unchanged sentences
We aspire to create healthy environments and workspaces that recognize, empower and celebrate the unique talents, backgrounds and perspectives of individuals so team members feel welcomed, respected, supported and valued.
−Removed: We believe inclusion is at the heart of our team members’ and members’ sense of belonging, and so our diversity, equity and inclusion (“DEI”) efforts are focused on making Life Time “A Place for Everyone.”
+Added: We believe inclusion is at the heart of our team members’ and members’ sense of belonging, and so our efforts are focused on making Life Time “A Place for Everyone.”
To help create “A Place for Everyone” at Life Time, we created the Life Time Inclusion Council, which is comprised of a small group of core team members, along with a larger group of ambassadors representing each of our club locations and many corporate divisions.
−Removed: Our inclusion council works through committees to identify and incubate areas for enhancing DEI within our organization.
+Added: Our inclusion council works through committees to identify and incubate areas for enhancing diversity and inclusion within our organization.
Among other initiatives, Life Time has supported mentoring, coaching, engagement forums and inclusive leadership feedback and learning.
7 unchanged sentences
Life Time Education supports the culture of Life Time through programs in service, inclusion and diversity and personal and professional growth.
−Removed: Team members also receive ongoing
−Removed: mentoring and continuing education, and we require an annual re-certification before any team member is permitted to work or to advance to other positions within our Company.
+Added: Team members may also engage in ongoing mentoring and continuing education.
+Added: We require an annual re-certification before any team member is permitted to work or to advance to other positions within our Company.
Our personal trainers, registered dietitians, massage therapists and cosmetologists are required to maintain a professional license or one of their industry’s top certifications.
7 unchanged sentences
We are not a party to a collective bargaining agreement with any of our employees.
−Removed: We believe our continued efforts to build a diverse, equitable and inclusive environment for our team members has created a positive environment where they can thrive while delivering an uncompromising member experience, and we believe relations with our employees are good.
+Added: We believe we have created a positive environment where our employees can thrive while delivering an uncompromising member experience, and we believe relations with our employees are good.
Information Systems
3 unchanged sentences
The system allows us to streamline the collection of membership dues electronically, thereby offering additional convenience for our members while at the same time reducing our corporate overhead and accounts receivable.
−Removed: In addition, we use a customer relationship management system to enhance our marketing campaigns and management oversight regarding daily sales and marketing activities.
+Added: In addition, we use a customer relationship
+Added: management system to enhance our marketing campaigns and management oversight regarding daily sales and marketing activities.
We consider the following groups to be the primary participants in the health, fitness and wellness industry:
10 unchanged sentences
• athletic event operators and related suppliers;
+Added: • providers of office co-working spaces and luxury apartments;
• providers of wellness and other health and wellness-orientated products and services.
3 unchanged sentences
Our business depends on the quality and reputation of our brand.
−Removed: We file a substantial number of our trademarks and service marks with the United States Patent and Trademark Office, including for Life Time and many of our branded studio classes and service offerings.
+Added: We file a substantial number of our trademarks and service marks with the United States Patent and Trademark Office, including for Life Time and many of our branded studio classes, service offerings and products.
We consider our brand to be one of our most important assets and certain of our trademarks and service marks to be of material importance to our business and actively defend and enforce such trademarks and service marks.
−Removed: Examples include LIFE TIME®, , EXPERIENCE LIFE®, DPT DYNAMIC PERSONAL TRAINING, ARORA, MIORA, LIFECAFE®, LIFESPA®, LIFE TIME HEALTHY WAY OF LIFE®, LIFE TIME WORK® and LIFE TIME LIVING®.
+Added: Examples include LIFE TIME®, , EXPERIENCE LIFE®, DPT DYNAMIC PERSONAL TRAINING, ARORA, MIORA, LIFECAFE®, LTH, , LIFESPA®, LIFE TIME HEALTHY WAY OF LIFE®, LIFE TIME WORK® and LIFE TIME LIVING®.
Solely for convenience, our trademarks, service marks or tradenames may appear in this Annual Report without the corresponding ® or TM symbols, but such references are not intended to indicate in any way that we will not assert, to the fullest extent, our rights to such trademarks, service marks and tradenames.
Governmental Laws and Regulations
−Removed: Our operations and business practices are subject to laws and regulations at federal, state, provincial and local levels, including consumer protection laws, health and safety regulations, licensing requirements related to our training, cafe and bistro, spa, aquatics, child care and ancillary health and fitness-related products and services, environmental laws and regulations, including those related to the handling, use, investigation, remediation and storage of hazardous materials, the emission, release and discharge of hazardous materials into the environment, the health and safety of our employees and the disclosure of our environmental initiatives, fair housing laws, accessibility laws, regulations and laws related to the collection, use and security of personal information about our members, guests and other third parties, and wage and hour and other labor and employment laws.
+Added: Our operations and business practices are subject to laws and regulations at federal, state, provincial and local levels, including consumer protection laws, health and safety regulations, licensing requirements and regulations related to our training, cafe and bistro, spa, aquatics, child care and ancillary health and fitness-related products and services, environmental laws and regulations, including those related to the handling, use, investigation, remediation and storage of hazardous materials, the emission, release and discharge of hazardous materials into the environment, the health and safety of our employees and the disclosure of our environmental initiatives, fair housing laws, accessibility laws, regulations and laws related to the collection,
+Added: use and security of personal information about our members, guests and other third parties, and wage and hour and other labor and employment laws.
In particular, within the health, fitness and wellness industry, state statutes regulate the sale and terms of our membership contracts.
14 unchanged sentences
In 2010, we further focused on helping children reach their full potential by collaborating with school food leaders to help them serve wholesome, nourishing, minimally processed food in schools across the United States.
−Removed: In 2022, we complemented these efforts with a focus on improving exercise and healthy movement in our nation’s youth.
−Removed: Since 2010, the Life Time Foundation has positively impacted over 6.3 million children across the country in these areas.
−Removed: In 2023, we expanded the mission of the Life Time Foundation to promote a healthy
−Removed: planet including forestation and environmental conservation efforts.
−Removed: The Healthy Planet program supported over 100,000 acres of land conservation in 2023.
+Added: In 2022, we complemented these efforts with a focus on increasing physical activity and healthy movement in our nation’s youth.
+Added: Since 2010, the Life Time Foundation has given over $10 million and positively impacted millions of children across the country in these areas.
+Added: In 2023, we expanded the mission of the Life Time Foundation to promote a healthy planet including forestation and environmental conservation efforts.
+Added: The Healthy Planet program supported planting over 230,000 trees across the United States in 2024.
Available Information
1 unchanged sentence
Our filings with the SEC are available to the public on the SEC’s website at http://www.sec.gov.
−Removed: Those filings are also available to the public free of charge on, or accessible through, our investor relations website at www.ir.lifetime.life under the “Filings” tab.
+Added: Those filings are also available to the public free of charge on, or accessible through, our investor relations website at www.ir.lifetime.life under the “SEC Filings” tab.
The information we file with the SEC or contained on or accessible through our corporate website or any other website that we may maintain is not part of this Annual Report.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.