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Life Time Group Holdings, Inc. [LTH] has reported a net loss of $76.1 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $2.2 billion
Based in CHANHASSEN, Minnesota, Life Time Group Holdings, Inc. operates in the SERVICES sector.
In the consolidated statements of operations for the 12 months ended on December 31st, 2023, compared to the same period in the previous two years, the financial performance saw significant improvements. Total revenue for the current period stood at $2.22 billion, showing a notable increase from $1.82 billion in 2022 and $1.32 billion in 2021.
Operating expenses also increased over the years. In 2023, the total operating expenses amounted to $1.99 billion, up from $1.71 billion in 2022 and $1.81 billion in 2021. Despite the rise in expenses, income from operations saw a substantial growth, reaching $225.21 million in 2023 compared to $110.62 million in 2022 and a loss of $495.19 million in 2021.
Other expenses, including interest expenses and equity in earnings (loss) of affiliates, resulted in a total expense of $130.42 million in 2023, slightly higher than $113.24 million in 2022 and $224.52 million in 2021. Income before income taxes rebounded strongly to $94.79 million in 2023 from a loss of $2.62 million in 2022 and a significant loss of $719.71 million in 2021.
The provision for income taxes in 2023 was $18.73 million, compared to a benefit of $0.83 million in 2022 and a provision of $140.34 million in 2021. Net income for the current period showed a substantial positive turn, amounting to $76.06 million in 2023, after a loss of $1.79 million in 2022 and a significant loss of $579.37 million in 2021.
Earnings per common share improved as well. The basic earnings per share for 2023 stood at $0.39, rebounding from negative earnings of $0.01 in 2022 and a loss of $3.73 in 2021. Similarly, diluted earnings per share showed a positive trend at $0.37 in 2023 compared to negative earnings of $0.01 in 2022 and a loss of $3.73 in 2021.
Weighted-average common shares outstanding increased slightly to 195.67 thousand in 2023 from 193.57 thousand in 2022, while the diluted shares outstanding were 204.00 thousand in 2023 and 193.57 thousand in 2022.
Center revenue also experienced growth, with total revenue reaching $2.15 billion in 2023, up from $1.77 billion in 2022 and $1.29 billion in 2021. Operating expenses for center operations increased to $1.18 billion in 2023 from $1.06 billion in 2022 and $844.10 million in 2021.
In other revenue segments, the total revenue increased to $62.26 million in 2023, up from $53.04 million in 2022 and $31.42 million in 2021, indicating a positive performance across different revenue streams.
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