What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-24 compared with 2025-02-27 · 100 added, 98 removed, 182 unchanged (52% of the section changed)

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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.”

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.

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 nearly 1.6 million individual members, who together comprise nearly 873,000 memberships, as of December 31, 2025.

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.

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Our centers serve communities in both suburban and urban markets across North America.

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.

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, recovery 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 44,000 Life Time team members, including over 11,100 certified fitness professionals, ranging from personal trainers to studio performers.

We have a model and scale that would be difficult to replicate.

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 premium real estate portfolio of owned and leased athletic country clubs spans over 18 million of indoor square feet and over seven million of outdoor square feet in the aggregate.

Our footprint of athletic country clubs as of December 31, 2025:

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• 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;

• 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;

• 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.

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.

We currently report our Life Time Digital memberships within our digital on-hold membership totals.

Our digital offering is available to consumers at no charge through our Life Time digital app.

Users of our free digital app are not included in our membership count.

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.

• qualified base memberships that can be purchase d at a reduced rate and which may be subsidized through partnerships with third party administrators including certain medical insurance providers and which may have limited hours and have limited locations at which they are offered;

• 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 on-hold memberships cost $15 per month.

Our membership mix is notably shifting with couples and families comprising increasingly larger portions of total memberships.

These memberships have historically been more engaged with higher retention and higher average monthly dues.

With these membership dynamics and our premium, high-use model, our newer centers are typically reaching their desired utilization and revenue with fewer memberships and in certain centers we are limiting qualified memberships, which have significantly lower average membership dues.

Our Highly Predictable Subscription-Based Revenue Model

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Membership dues and enrollment fees comprise our largest source of revenue, representing over 70% of our total Center revenue.

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.

Our strategic shift to a more robust subscription offering coming out of the pandemic has resulted in our membership dues and enrollment fees now representing over 72% of our total Center revenue for the year ended December 31, 2025.

We believe this recurring revenue stream, the strength of our brand and the effective execution of our operating and new center growth strategy have driven our long-term track record of growth.

Except in 2020 due to the impact of COVID-19, we have grown our revenue each year since 2000 and, in 2025, we recognized the highest revenue in our history, as shown below.

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Our Engaged Members

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.

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 we believe 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.

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 per membership to our athletic country clubs.

Our average revenue per center membership increased to $3,160 in 2024 compared to $2,810 and $2,528 in 2023 and 2022, respectively.

Total visits to our clubs were over 114 million in 2024 as compared to 103 million and 86 million in 2023 and 2022, respectively.

Our average revenue per center membership increased to $3,531 in 2025 as compared to $3,160 and $2,810 in 2024 and 2023, respectively.

Total visits to our clubs were over 122 million in 2025 as compared to over 114 million and over 103 million in 2024 and 2023, respectively.

Average visits per membership to our centers remained strong at 149 for 2025.

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Kids’ Birthday Parties

Parents Night Out

Summer and Vacation Camps for Kids

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Charity Events

Nutritional Supplements

LTH Nutritional Supplements

During 2025, we also organized approximately 51,800 events and served as a social and community hub for our members.

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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.

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.

We are 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.

We are also elevating our member experiences through new and improved in-center service offerings, omni-channel offerings and wellness products.

Expand National Footprint in Affluent Metropolitan Statistical Areas

We believe we have significant opportunities to continue expanding our portfolio of premium centers in an asset-light manner.

We are now targeting 12 to 14 new locations on average per year starting in 2026.

We also expect a larger percentage of our new centers will be large format ground up construction builds as compared to 2024 and 2025.

Our new center expansion initiatives are focused on strategic locations in increasingly affluent markets with higher income members that we expect 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.

Since 2015, we have introduced more strategic 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.

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.

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.

Flexible Asset-light Real Estate Model

We have a diversified portfolio of 189 resort-like athletic country club destinations that are primarily located in affluent markets across 31 states and one Canadian province.

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.

Our growth strategy is flexible and we can capitalize on a variety of opportunities including (i) ground-up suburban builds leveraging sale-leaseback proceeds as a mechanism to recycle capital and reduce our overall net invested capital;

(ii) existing facilities that we can acquire at below market value and open more quickly;

(iii) entering into or taking over leases with tenant improvement contributions from landlords;

and (iv) adapting existing retail or office space with tenant improvement contributions.

Approximately 71% of our centers are now leased, including approximately 84% of our new centers opened since 2015, versus a predominantly owned real estate strategy prior to 2015.

We also benefit from our in-house architecture and design expertise that allows us to create operationally efficient centers and a consistent feel across our centers.

This internal expertise has also helped us identify opportunities to better manage the cost of new centers as we balance our growth with any inflationary, labor or supply pressures.

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 cash on cash return 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.

Our acquisitions can be single assets or portfolios of assets.

We take a disciplined approach to sourcing, acquiring and integrating high quality assets and/or locations and complementary businesses that can help us continue to expand into new geographic areas, acquire key talent and offer new services and experiences.

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.

Expand and Elevate In-Center Service Offerings

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.

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:

Over the past few years, we have been executing the following strategic initiatives, which are driving member engagement and participations in these areas:

• Pickleball.

We now have over 700 dedicated pickleball courts and we had approximately 5.2 million participations during 2024.

We now have over 800 dedicated pickleball courts and we had over 5.9 million participations during 2025.

We believe pickleball is driving both new memberships and member engagement.

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During 2025, we averaged over 220,000 Dynamic Personal Training sessions per month, an 18% increase in total sessions compared to 2024.

We also launched Dynamic Stretch in the third quarter of 2023.

After launching Dynamic Stretch in the third quarter of 2023, we averaged over 20,000 Dynamic Stretch sessions per month in 2025, a 34% increase in total sessions compared to 2024.

• Small Group Training.

During 2025, we averaged over 42,000 small group training sessions per month, a 6% increase in total sessions compared to 2024, while also increasing total participation and average participants per session.

Our small group training includes Alpha, GTX and Ultra Fit.

Our small group training includes Alpha, GTX, Ultra Fit and MB360.

We are also expanding our offering of CTR, a reformer-focused class where pilates meets athletic conditioning.

Our ARORA community is focused on members aged 55 years and older.

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population continues to age.

Our new MIORA health optimization and longevity services include comprehensive assessments, proprietary therapies, supplements and recovery and rejuvenation tools.

After launching a pilot location in 2024, we plan to expand these services to additional locations in 2025 and beyond.

We have also been executing on enhanced offerings within our LifeCafe, LifeShop and LifeSpa, including our newly branded LTH nutritional products.

Our MIORA performance and longevity health offering includes comprehensive assessments, proprietary therapies, supplements and recovery and rejuvenation tools.

After launching a pilot location in 2024, we now have a total of eight locations.

We launched LT Games in 2025, which is a unique hybrid-athletic competition.

We have also been executing on enhanced offerings to accelerate growth beyond our centers, including selling our LTH nutritional products more broadly on e-commerce platforms .

Optimize Revenue per Center Membership

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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 expect to continually refine our strategy to optimize center performance including 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 $3,531 in 2025, up from $3,160 in 2024 and $2,810 in 2023.

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.

We believe our total Center revenue 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.

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.

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

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.

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.

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.

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.

We opened eight, 11 and 10 new centers in 2024, 2023 and 2022, respectively.

We are targeting opening 10 to 12 new locations on average per year going forward.

Flexible Asset-light Real Estate Model

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.

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;

(ii) by entering into or taking over leases with tenant improvement contributions from landlords;

(iii) by adapting existing retail or office space with tenant improvement contributions;

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.

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.

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.

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.

Our acquisitions can be single assets or portfolios of assets.

As of December 31, 2025, we had 29 centers open for less than three years and 17 new centers under construction.

Continue to Expand Our Omni-Channel Offerings

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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.

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.

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.

Our digital app user base continues to grow and we are strengthening our streaming and on-demand offerings and content.

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.

Our digital platform is delivering a true omni-channel experience through our integrated digital app, including live streaming fitness classes, remote goal-based personal training, nutrition and weight loss support and curated award-winning health, fitness and wellness content.

We are continuing to invest in our digital capabilities, including artificial intelligence such as L•AI•C, our

first generative, artificial intelligence driven healthy way of life personal companion with personalized content and recommendations, 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 have offered a direct-to-consumer Life Time Digital membership for non-members.

Our current strategy, however, is to focus on our member experience as we invest in our integrated digital app and L•AI•C.

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.

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.

We have also begun to dedicate space within many of our athletic country clubs for work lounges that have a design aesthetic similar to our Life Time Work locations.

Additionally, our Life Time Living locations, which are also an asset-light model, offer luxury wellness-oriented residences in close proximity to our athletic country clubs.

As of December 31, 2025, 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 .

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.

As we expand our footprint with new centers and nearby work and living spaces, as well as strengthen our digital capabilities, we expect to continue to grow our omni-channel platform to support the “Healthy Way of Life” journey of our members wherever they are in the United States and Canada.

Our Life Time Living concept 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.

Impact of COVID-19 on Our Financial Performance

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We therefore recruit, hire and certify those whom we believe are the best professionals in the industry to empower, educate and entertain our members.

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.

We value a welcoming and inclusive culture.

Our focus on engagement among team members attracts and fosters our multi-generational member base.

By building a strong team, Life Time has continued to grow and consistently deliver exceptional experiences and strong financial results.

In addition, to enhance our member experience and drive consistency in our hospitality and services, we have a strong focus on team member culture, training and certification.

We value a welcoming and inclusive culture where team members know they belong, they matter, and they make an impact.

Our focus on engagement among team members attracts and fosters our diverse multi-generational member base.

By building a strong team, Life Time has continued to grow and consistently deliver exceptional experiences and financial results.

As of December 31, 2025, we employed over 44,000 Life Time team members, including over 33,000 part-time employees and over 11,100 certified fitness professionals, ranging from personal trainers to studio performers.

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We call this collective approach and lens to physical, mental and social well-being “Healthy Way of Life” (“HWOL”).

To build our HWOL brand, we aim to recruit, train, promote and empower team members through our culture of care and such initiatives as the Life Time Inclusion Council and Life Time University discussed below.

To build our HWOL brand, we aim to recruit, train, develop and empower team members through our culture of care and such initiatives as the Life Time Inclusion Council and Life Time Education discussed below.

Our culture of care encourages our team members to exemplify HWOL in their personal and professional lives.

We believe in supporting our team members throughout their journey from casting, onboarding, training, certification, career-path planning and employee resource or affinity groups.

We believe in supporting our team members

throughout their journey from casting, onboarding, training, certification, career-path planning and employee resource or affinity groups.

We also offer numerous supportive programs, including education, training and surveys.

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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.

Our inclusion council works through committees to identify and incubate areas for enhancing diversity and inclusion within our organization.

To continue to make Life Time “A Place for Everyone”, we created the Life Time Inclusion Council, which is comprised of a group of core team members who govern in adherence to a charter with support from an executive sponsor, along with a larger network of ambassadors representing each of our center locations and many corporate divisions.

Our Inclusion Council works through committees to identify and incubate areas for enhancing inclusion and cultural competency within our organization.

Among other initiatives, Life Time has supported mentoring, coaching, engagement forums and inclusive leadership feedback and learning.

Further, team members are encouraged to find support and resources in one or more of our five employee resource groups, which are open to all team members.

Development and Training

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Additionally, all center team members are required to participate in a training and certification program that is specifically designed for their role and in education that promotes health and safety and reinforces our non-discrimination and anti-harassment policies.

We also provide comprehensive training through our Life Time Education platform that is comprised of both an externally licensed school branded as Life Time Academy (“LTA”) and an internal team member education and certification division that we call Life Time University (“LTU”).

We also provide comprehensive training through our Learning Well platform that is comprised of both an externally licensed school branded as Life Time Academy (“LTA”) and an internal team member education and certification division that we call Life Time Education (“LTE”).

LTA offers a certification for entry-level professionals to prepare for a career with Life Time or within the health, fitness and wellness industry.

LTU delivers certification, learning, education and development opportunities for all team members.

Life Time Education supports the culture of Life Time through programs in service, inclusion and diversity and personal and professional growth.

LTE delivers certification, learning, education and development opportunities for all team members.

Life Time Education supports the culture of Life Time through programs in service, inclusion and belonging and personal and professional growth.

Team members may also engage in ongoing mentoring and continuing education.

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In addition to paid time off, paid sick leave, parental leave, adoption assistance, subsidized medical, dental and vision insurance, company paid life insurance, short and long-term disability, and a center membership, we also provide:

• Employee Assistance Program – Offers confidential assistance with personal, legal, work, financial and other life issues on a 24-hours-a-day, 7-days-a-week basis;

• Life Time Mind (“LT Mind”) – LT Mind is a holistic performance coaching program proprietary to Life Time aimed at helping team members optimize their performance, achieve their goals and enhance their well-being.

• Employee Assistance Program:

Offers confidential assistance with personal, legal, work, financial and other life issues on a 24-hours-a-day, 7-days-a-week basis;

• Life Time Mind (“LT Mind”):

LT Mind is a holistic performance coaching program proprietary to Life Time aimed at helping team members optimize their performance, achieve their goals and enhance their well-being.

Offerings for team members include online training and virtual mental resiliency coaching.

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We have designed and developed our proprietary system to allow us to easily collect and process information.

Our system enables us to, among other things, enroll new members with an electronic membership agreement, capture digital pictures of members for identification purposes and capture and maintain specific member information, including usage.

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.

In addition, we use a customer relationship

management system to enhance our marketing campaigns and management oversight regarding daily sales and marketing activities.

Our system enables us to, among other things, enroll new members with a digital membership agreement, capture digital pictures of members for

identification purposes and capture and maintain specific member information, including usage.

The system allows us to streamline the collection of membership dues digitally, thereby offering additional convenience for our members while at the same time reducing our corporate overhead and accounts receivable.

In addition, we use a customer relationship 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:

• health center operators, including, but not limited to, Equinox Holdings, Inc., The Bay Club Company, Invited (formerly ClubCorp), LA Fitness International, LLC and 24 Hour Fitness Worldwide, Inc.;

• health center operators, including, but not limited to, Equinox Holdings, Inc., The Bay Club Company, Invited (formerly ClubCorp), LA Fitness International, LLC, Powerhouse Gym and 24 Hour Fitness Worldwide, Inc.;

• the YMCA and similar non-profit organizations or community centers;

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• country clubs;

• digital fitness and health services, including online or other technology-based personal training and fitness and nutrition coaching;

• digital fitness, wellness and health services, including online or other technology-based personal training and fitness, wellness and nutrition coaching;

• the home-use fitness equipment industry;

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• providers of office co-working spaces and luxury apartments;

• providers of wellness and other health and wellness-orientated products and services.

• providers of wellness and other health and wellness-orientated products and services, including nutritional supplements.

While competition in the industry varies from market to market, it may be impacted by various factors, including the breadth and price of membership offerings and other products and services, the flexibility of membership options, the overall quality of the offering, name or brand recognition and economies of scale.

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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.

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®.

Examples include LIFE TIME®, ®, EXPERIENCE LIFE®, DPT DYNAMIC PERSONAL TRAINING, ARORA®, MIORA®, LIFECAFE®, LTH, , LIFESPA®, LIFE TIME HEALTHY WAY OF LIFE®, L•AI•C, 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

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,

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.

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.

In particular, within the health, fitness and wellness industry, federal and state statutes regulate the sale and terms of our membership contracts.

State statutes often require that we:

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In 2003, we formed the Life Time Foundation with a focus on inspiring healthier families.

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.

In 2022, we complemented these efforts with a focus on increasing physical activity and healthy movement in our nation’s youth.

Since 2010, the Life Time Foundation has given over $10 million and positively impacted millions of children across the country in these areas.

In 2023, we expanded the mission of the Life Time Foundation to promote a healthy planet including forestation and environmental conservation efforts.

The Healthy Planet program supported planting over 230,000 trees across the United States in 2024.

In 2010, we further focused on youth nutrition by helping schools serve wholesome, nourishing, minimally processed food to children.

In 2022, we complemented these efforts with youth movement by helping increase physical activity and healthy movement in youth.

Since 2010, the Life Time Foundation has provided more than $12 million in support to communities nationwide and positively impacted millions of children.

In 2023, we expanded the mission of the Life Time Foundation to promote a healthy planet, including supporting forestation and conservation efforts aimed at fostering long‑term environmental well‑being.

The Life Time Foundation is committed to advancing Healthy People, a Healthy Planet, and a Healthy Way of Life.

Available Information

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Our filings with the SEC are available to the public on the SEC’s website at http://www.sec.gov.

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.

Those filings are also available to the public free of charge on, or accessible through, our investor relations website at https://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.

What changed 10-K

Item 1. Business