Life Time (LTH) 10-Q 31 Jul 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-40887
Entity Registrant Name	Life Time Group Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-3481985
Entity Address, Address Line One	2902 Corporate Place
Entity Address, City or Town	Chanhassen
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55317
City Area Code	952
Local Phone Number	947-0000
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	LTH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		196,103,459
Entity Central Index Key	0001869198
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 30,858	$ 25,509
Accounts receivable, net	18,146	13,381
Center operating supplies and inventories	48,148	45,655
Prepaid expenses and other current assets	49,595	45,743
Income tax receivable	6,669	748
Total current assets	153,416	131,036
Property and equipment, net	3,030,480	2,901,242
Goodwill	1,235,029	1,233,176
Operating lease right-of-use assets	2,161,837	2,116,761
Intangible assets, net	173,056	173,404
Other assets	74,218	69,744
Total assets	6,828,036	6,625,363
Current liabilities:
Accounts payable	83,721	73,973
Construction accounts payable	120,404	125,031
Deferred revenue	41,303	36,859
Accrued expenses and other current liabilities	170,289	154,427
Current maturities of debt	64,814	15,224
Current maturities of operating lease liabilities	54,793	51,892
Total current liabilities	535,324	457,406
Long-term debt, net of current portion	1,792,373	1,805,698
Operating lease liabilities, net of current portion	2,216,647	2,162,424
Deferred income taxes, net	47,347	41,393
Other liabilities	35,633	34,181
Total liabilities	4,627,324	4,501,102
Commitments and contingencies (Note 10)
Stockholders’ equity:
Common stock, $0.01 par value per share; 500,000 shares authorized; 196,031 and 194,271 shares issued and outstanding, respectively.	1,960	1,943
Additional paid-in capital	2,814,424	2,784,416
Accumulated deficit	(608,412)	(652,876)
Accumulated other comprehensive loss	(7,260)	(9,222)
Total stockholders’ equity	2,200,712	2,124,261
Total liabilities and stockholders’ equity	$ 6,828,036	$ 6,625,363

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000	500,000
Common stock, issued (in shares)	196,031	194,271
Common stock, outstanding (in shares)	196,031	194,271

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue:
Total revenue	$ 561,731	$ 461,267	$ 1,072,582	$ 853,521
Operating expenses:
Rent	67,434	59,989	133,971	115,953
General, administrative and marketing	52,840	51,950	95,337	118,511
Depreciation and amortization	58,252	57,173	116,449	115,280
Other operating expense (income)	28,194	(8,212)	30,321	(25,247)
Total operating expenses	509,323	440,457	952,790	843,627
Income from operations	52,408	20,810	119,792	9,894
Other (expense) income:
Interest expense, net of interest income	(31,979)	(27,093)	(63,174)	(57,036)
Equity in earnings of affiliate	88	8	231	34
Total other expense	(31,891)	(27,085)	(62,943)	(57,002)
Income (loss) before income taxes	20,517	(6,275)	56,849	(47,108)
Provision for (benefit from) income taxes	3,513	(3,990)	12,385	(6,857)
Net income (loss)	$ 17,004	$ (2,285)	$ 44,464	$ (40,251)
Income (loss) per common share:
Loss per common share - basic (in usd per share)	$ 0.09	$ (0.01)	$ 0.23	$ (0.21)
Loss per common share - diluted (in usd per share)	$ 0.08	$ (0.01)	$ 0.22	$ (0.21)
Weighted-average common shares outstanding:
Weighted-average common shares outstanding - basic (in shares)	195,476	193,692	195,026	193,082
Weighted-average common shares outstanding - diluted (in shares)	204,821	193,692	203,872	193,082
Center revenue
Revenue:
Total revenue	$ 542,125	$ 445,882	$ 1,039,877	$ 827,503
Operating expenses:
Center operations	302,603	279,557	576,712	519,130
Other revenue
Revenue:
Total revenue	$ 19,606	$ 15,385	$ 32,705	$ 26,018

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 17,004	$ (2,285)	$ 44,464	$ (40,251)
Foreign currency translation adjustments, net of tax of $0	1,894	(2,955)	1,962	(1,324)
Comprehensive income (loss)	$ 18,898	$ (5,240)	$ 46,426	$ (41,575)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 0	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2021		193,060
Beginning balance at Dec. 31, 2021	$ 2,091,392	$ 1,931	$ 2,743,560	$ (651,083)	$ (3,016)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(40,251)			(40,251)
Other comprehensive income	(1,324)				(1,324)
Share-based compensation	27,411		27,411
Stock option exercises (in shares)		114
Stock option exercises	1,194	$ 1	1,193
Equity issuance costs	(270)		(270)
Issuance of common shares in connection with the vesting of restricted stock units (in shares)		622
Issuances of common stock in connection with the vesting of restricted stock units	0	$ 6	(6)
Settlement of accrued compensation liabilities through the issuance of share-based compensation awards	505		505
Ending balance (in shares) at Jun. 30, 2022		193,796
Ending balance at Jun. 30, 2022	2,078,657	$ 1,938	2,772,393	(691,334)	(4,340)
Beginning balance (in shares) at Mar. 31, 2022		193,060
Beginning balance at Mar. 31, 2022	2,077,000	$ 1,931	2,765,503	(689,049)	(1,385)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(2,285)			(2,285)
Other comprehensive income	(2,955)				(2,955)
Share-based compensation	5,973		5,973
Stock option exercises (in shares)		114
Stock option exercises	1,194	$ 1	1,193
Equity issuance costs	(270)		(270)
Issuance of common shares in connection with the vesting of restricted stock units (in shares)		622
Issuances of common stock in connection with the vesting of restricted stock units	0	$ 6	(6)
Ending balance (in shares) at Jun. 30, 2022		193,796
Ending balance at Jun. 30, 2022	$ 2,078,657	$ 1,938	2,772,393	(691,334)	(4,340)
Beginning balance (in shares) at Dec. 31, 2022	194,271	194,271
Beginning balance at Dec. 31, 2022	$ 2,124,261	$ 1,943	2,784,416	(652,876)	(9,222)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	44,464			44,464
Other comprehensive income	1,962				1,962
Share-based compensation	13,937		13,937
Stock option exercises (in shares)		1,210
Stock option exercises	13,276	$ 12	13,264
Issuance of common shares in connection with the vesting of restricted stock units (in shares)		337
Issuances of common stock in connection with the vesting of restricted stock units	(110)	$ 3	(113)
Issuances of common stock in connection with the employee stock purchase plan (in shares)		123
Issuances of common stock in connection with the employee stock purchase plan	1,450	$ 1	1,449
Issuance of common stock in connection with a business acquisitions (in shares)		90
Issuances of common stock in connection with business acquisitions	$ 1,472	$ 1	1,471
Ending balance (in shares) at Jun. 30, 2023	196,031	196,031
Ending balance at Jun. 30, 2023	$ 2,200,712	$ 1,960	2,814,424	(608,412)	(7,260)
Beginning balance (in shares) at Mar. 31, 2023		194,998
Beginning balance at Mar. 31, 2023	2,162,037	$ 1,950	2,794,657	(625,416)	(9,154)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	17,004			17,004
Other comprehensive income	1,894				1,894
Share-based compensation	8,515		8,515
Stock option exercises (in shares)		883
Stock option exercises	9,820	$ 9	9,811
Issuance of common shares in connection with the vesting of restricted stock units (in shares)		27
Issuances of common stock in connection with the vesting of restricted stock units	(8)		(8)
Issuances of common stock in connection with the employee stock purchase plan (in shares)		123
Issuances of common stock in connection with the employee stock purchase plan	$ 1,450	$ 1	1,449
Ending balance (in shares) at Jun. 30, 2023	196,031	196,031
Ending balance at Jun. 30, 2023	$ 2,200,712	$ 1,960	$ 2,814,424	$ (608,412)	$ (7,260)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 44,464	$ (40,251)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	116,449	115,280
Deferred income taxes	5,864	(9,009)
Share-based compensation	22,171	27,411
Non-cash rent expense	17,630	15,635
Impairment charges associated with long-lived assets	1,280	0
Loss (gain) on disposal of property and equipment, net	904	(49,743)
Amortization of debt discounts and issuance costs	3,919	3,918
Changes in operating assets and liabilities	6,734	17,909
Other	(3,124)	(825)
Net cash provided by operating activities	216,291	80,325
Cash flows from investing activities:
Capital expenditures	(337,076)	(252,640)
Proceeds from sale-leaseback transactions	78,040	174,246
Other	(462)	692
Net cash used in investing activities	(259,498)	(77,702)
Cash flows from financing activities:
Proceeds from borrowings	44,291	8,657
Repayments of debt	(7,430)	(11,539)
Proceeds from revolving credit facility	620,000	420,000
Repayments of revolving credit facility	(620,000)	(390,000)
Repayments of finance lease liabilities	(508)	(697)
Payments of debt discounts and issuance costs	(2,550)	0
Proceeds from stock option exercises	13,276	1,194
Proceeds from issuances of common stock in connection with the employee stock purchase plan	1,450	0
Other	(109)	(476)
Net cash provided by financing activities	48,420	27,139
Effect of exchange rates on cash and cash equivalents	136	(110)
Increase in cash and cash equivalents	5,349	29,652
Cash and cash equivalents – beginning of period	25,509	31,637
Cash and cash equivalents – end of period	$ 30,858	$ 61,289

Nature of Business and Basis of

Nature of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	Nature of Business and Basis of Presentation Nature of Business Life Time Group Holdings, Inc. (collectively with its direct and indirect subsidiaries, “Life Time,” “we,” “our,” or the “Company”) is a holding company incorporated in the state of Delaware. As a holding company, Life Time Group Holdings, Inc. does not have its own independent assets or business operations, and all of our assets and business operations are through Life Time, Inc. and its direct and indirect subsidiaries. We are primarily dedicated to providing premium health, fitness and wellness experiences at our athletic country club destinations and via our comprehensive digital platform and portfolio of iconic athletic events – all with the objective of inspiring healthier, happier lives. We design, build and operate our athletic country club destinations that are distinctive and large, multi-use sports and athletic, professional fitness, family recreation and spa centers in a resort-like environment. As of June 30, 2023, we operated 164 centers in 30 states and one Canadian province. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and as required by rules and regulations of the Securities and Exchange Commission (the “SEC”). While these statements reflect normal recurring adjustments that are, in the opinion of management, necessary for a fair statement of the results of the interim period, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. When preparing financial statements in conformity with GAAP, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. All intercompany balances and transactions have been eliminated in consolidation. We have one operating segment and one reportable segment.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Recently Adopted Accounting Pronouncements We adopted Accounting Standard Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” during the second quarter of 2023. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met, and provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. In connection with the debt refinancing that we completed in May 2023, we transitioned from LIBOR to Term Secured Overnight Financing Rate (“SOFR”). The adoption of this ASU did not have a material impact on our consolidated financial statements. Fair Value Measurements The accounting guidance establishes a framework for measuring fair value and expanded disclosures about fair value measurements. The guidance applies to all assets and liabilities that are measured and reported on a fair value basis. This enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The guidance requires that each asset and liability carried at fair value be classified into one of the following categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The carrying amounts related to cash and cash equivalents, accounts receivable, income tax receivable, accounts payable and accrued liabilities approximate fair value. Fair Value Measurements on a Recurring Basis. We had no material remeasurements of such assets or liabilities to fair value during the three and six months ended June 30, 2023 and 2022. Financial Assets and Liabilities. At June 30, 2023 and December 31, 2022, the carrying value and fair value of our outstanding long-term debt was as follows: June 30, December 31, Carrying Value Fair Carrying Value Fair Long-term debt (1) $ 1,875,463 $ 1,844,444 $ 1,840,171 $ 1,724,178 (1) Excludes unamortized debt discounts and issuance costs. The fair value of our debt is based on the amount of future cash flows discounted using rates we would currently be able to realize for similar instruments of comparable maturity. If our long-term debt were recorded at fair value, it would be classified as Level 2 in the fair value hierarchy. For more information regarding our debt, see Note 6, Debt. Fair Value Measurements on a Nonrecurring Basis. Assets and liabilities that are measured at fair value on a nonrecurring basis primarily relate to our goodwill, intangible assets and other long-lived assets, which are remeasured when the derived fair value is below carrying value on our condensed consolidated balance sheets. For these assets, we do not periodically adjust carrying value to fair value except in the event of impairment. If we determine that impairment has occurred, the carrying value of the asset would be reduced to fair value and the difference would be recorded as a loss within operating income in our condensed consolidated statements of operations. We had no material remeasurements of such assets or liabilities to fair value during the three and six months ended June 30, 2023 and 2022.

Supplemental Balance Sheet and

Supplemental Balance Sheet and Cash Flow Information	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Balance Sheet and Cash Flow Information	Supplemental Balance Sheet and Cash Flow Information Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: June 30, December 31, Property held for sale $ 8,687 $ 4,987 Construction contract receivables 7,209 8,867 Prepaid insurance 5,166 3,414 Prepaid software licenses and maintenance 11,187 10,009 Other 17,346 18,466 Prepaid expenses and other current assets $ 49,595 $ 45,743 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: June 30, December 31, Real estate taxes $ 30,722 $ 32,373 Accrued interest 38,945 36,518 Payroll liabilities 30,256 19,908 Utilities 8,774 7,285 Self-insurance accruals 24,129 21,369 Corporate accruals 31,648 29,731 Other 5,815 7,243 Accrued expenses and other current liabilities $ 170,289 $ 154,427 Supplemental Cash Flow Information (Increases) decreases in operating assets and increases (decreases) in operating liabilities are as follows: Six Months Ended 2023 2022 Accounts receivable $ (6,610) $ (4,215) Center operating supplies and inventories (2,476) (2,739) Prepaid expenses and other current assets (2,510) (2,199) Income tax receivable (5,921) 961 Other assets 131 453 Accounts payable 9,619 4,064 Accrued expenses and other current liabilities 8,896 17,503 Deferred revenue 4,664 7,368 Other liabilities 941 (3,287) Changes in operating assets and liabilities $ 6,734 $ 17,909 Additional supplemental cash flow information is as follows: Six Months Ended 2023 2022 Net cash paid for income taxes, net of refunds received $ 12,445 $ 1,158 Cash payments for interest, net of capitalized interest 57,380 53,514 Capitalized interest 9,756 6,497 Non-cash activity: Issuances of common stock in connection with a business acquisition 1,472 — Right-of-use assets obtained in exchange for initial lease liabilities: Operating leases 58,419 196,256 Finance leases 605 — Right-of-use asset adjustments recognized as a result of the remeasurement of existing operating lease liabilities 16,429 5,626 Non-cash increase in operating lease right-of-use assets associated with below-market sale-leaseback transactions 5,900 26,240 Non-cash increase in financing obligations as a result of interest accretion 46 —

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The goodwill balance was $1,235.0 million and $1,233.2 million at June 30, 2023 and December 31, 2022, respectively. The $1.8 million change in goodwill for the six months ended June 30, 2023 was related to a business acquisition during the first quarter of 2023. There were no goodwill impairment charges recorded during the three and six months ended June 30, 2023 and 2022.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenue associated with our membership dues, enrollment fees, and certain services from our in-center businesses is recognized over time as earned. Revenue associated with products and services offered in our cafes and spas, as well as through e-commerce, is recognized at a point in time. The following is a summary of revenue, by major revenue stream, that we recognized during the three and six months ended June 30, 2023 and 2022: Three Months Ended Six Months Ended 2023 2022 2023 2022 Membership dues and enrollment fees $ 387,115 $ 309,262 $ 744,603 $ 581,178 In-center revenue 155,010 136,620 295,274 246,325 Total center revenue 542,125 445,882 1,039,877 827,503 Other revenue 19,606 15,385 32,705 26,018 Total revenue $ 561,731 $ 461,267 $ 1,072,582 $ 853,521 The timing associated with the revenue we recognized during the three months ended June 30, 2023 and 2022 is as follows: Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Center Other Total Center Other Total Goods and services transferred over time $ 476,332 $ 19,606 $ 495,938 $ 384,898 $ 15,385 $ 400,283 Goods and services transferred at a point in time 65,793 — 65,793 60,984 — 60,984 Total revenue $ 542,125 $ 19,606 $ 561,731 $ 445,882 $ 15,385 $ 461,267 The timing associated with the revenue we recognized during the six months ended June 30, 2023 and 2022 is as follows: Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Center Other Total Center Other Total Goods and services transferred over time $ 915,349 $ 32,705 $ 948,054 $ 717,885 $ 26,018 $ 743,903 Goods and services transferred at a point in time 124,528 — 124,528 109,618 — 109,618 Total revenue $ 1,039,877 $ 32,705 $ 1,072,582 $ 827,503 $ 26,018 $ 853,521 Contract liabilities represent payments or consideration received in advance for goods or services that the Company has not yet transferred to the customer. Contract liabilities consist primarily of deferred revenue for fees collected in advance for membership dues, enrollment fees, Dynamic Personal Training and other center services offerings, as well as our media and athletic events. Contract liabilities at June 30, 2023 and December 31, 2022 were $43.5 million and $38.9 million, respectively. Contract liabilities that will be recognized within one year are classified as deferred revenue in our condensed consolidated balance sheets. Deferred revenue at June 30, 2023 and December 31, 2022 was $41.3 million and $36.9 million, respectively, and consists primarily of prepaid membership dues, enrollment fees, Dynamic Personal Training and other in-center services, as well as media and athletic events . Contract liabilities that will be recognized in a future period greater than one year are classified as a component of Other liabilities in our condensed consolidated balance sheets. Long-term contract liabilities at June 30, 2023 and December 31, 2022

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following: June 30, December 31, 2022 Term Loan Facility (1) $ 310,000 $ 273,625 Revolving Credit Facility, maturing December 2026 20,000 20,000 Secured Notes, maturing January 2026 925,000 925,000 Unsecured Notes, maturing April 2026 475,000 475,000 Construction Loan, maturing February 2026 28,000 21,330 Mortgage Notes, various maturities 112,498 119,928 Other debt 4,122 4,122 Fair value adjustment 843 1,166 Total debt 1,875,463 1,840,171 Less unamortized debt discounts and issuance costs (18,276) (19,249) Total debt less unamortized debt discount and issuance costs 1,857,187 1,820,922 Less current maturities (64,814) (15,224) Long-term debt, less current maturities $ 1,792,373 $ 1,805,698 (1) See “—Refinancing Transaction” below. Refinancing Transaction On May 9, 2023, Life Time, Inc. and certain of our other wholly-owned subsidiaries entered into a tenth amendment to the credit agreement governing our senior secured credit agreement (the “Amended Credit Agreement”). Pursuant to the Amended Credit Agreement, we refinanced our $273.6 million Term Loan Facility that had a maturity date in December 2024 to our $310.0 million Term Loan Facility that has a maturity date of January 15, 2026. A portion of the net incremental cash proceeds we received under the Amended Credit Agreement was used to pay down the then existing balance on our Revolving Credit Facility. We also converted the facilities under the Amended Credit Agreement from LIBOR to SOFR. Loans under the Term Loan Facility bear interest at a floating rate per annum of, at our option, SOFR plus an applicable credit adjustment spread ranging from 0.11448% to 0.42826% dependi ng on the duration of borrowing plus the continued applicable margin of 4.75% or a base rate plus 3.75%. The applicable margins will decrease to 4.50% and 3.50%, respectively, upon our achievement of public corporate family ratings of B2 and B from Moody's and S&P, respectively. Loans under the Term Loan Facility were issued with original issue discount of 0.50%. This refinancing transaction was accounted for as a debt modification. Revolving Credit Facility At June 30, 2023, there were $20.0 million of outstanding borrowings under the Revolving Credit Facility and there were $30.5 million of outstanding letters of credit, resulting in total revolver availability of $424.5 million, which was available at intervals ranging from 30 to 180 days at interest rates of SOFR plus the applicable credit adjustment spread plus 3.50% or base rate plus 2.50%. The weighted average interest rate and debt outstanding under the Revolving Credit Facility for the six months ended June 30, 2023 was 8.56% and $63.5 million, respectively. The highest balance during that same period was $150.0 million. Debt Covenants We are required to comply with certain affirmative and restrictive covenants under our Credit Facilities, Secured Notes, Unsecured Notes and Mortgage Notes. We are also required to comply with a first lien net leverage ratio covenant under the Revolving Credit Facility, which requires us to maintain a first lien net leverage ratio, if 30.00% or more of the Revolving Credit Facility commitments are outstanding shortly after the end of any fiscal quarter (excluding all cash collateralized undrawn letters of credit and other undrawn letters of credit up to $20.0 million). As of June 30, 2023, we were either in compliance in all material respects with the covenants or the covenants were not applicable. Future Maturities of Long-Term Debt Aggregate annual future maturities of long-term debt, excluding unamortized discounts, issuance costs and fair value adjustments, at June 30, 2023 were as follows: July 2023 through June 2024 $ 64,814 July 2024 through June 2025 12,379 July 2025 through June 2026 1,751,066 July 2026 through June 2027 41,816 July 2027 through June 2028 1,496 Thereafter 3,049 Total future maturities of long-term debt $ 1,874,620

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	Leases Sale-Leaseback Transactions During the six months ended June 30, 2023, we entered into and consummated sale-leaseback transactions with two unrelated third parties. Under these transactions, we sold two properties with a combined net book value of $84.7 million for $78.5 million, which was reduced by transaction costs of $0.5 million, for net cash proceeds of $78.0 million. The estimated fair value of the property sold was $84.4 million. Accordingly, the aggregate sales price associated with these arrangements was increased by $5.9 million, which resulted in the recognition of a loss of $0.8 million on these transactions. This loss is inclu ded in Other operating expense (income) in o ur condensed consolidated statement of operations. Right-of-use assets and lease liabilities recognized related to these sale-leaseback transactions were $49.9 million and $43.5 million, respectively. On March 29, 2023, the Company entered into an agreement for the sale-leaseback of one property for gross proceeds of $45.5 million. The closing on this property is expected to be completed on or before September 30, 2023.
Leases	Leases Sale-Leaseback Transactions During the six months ended June 30, 2023, we entered into and consummated sale-leaseback transactions with two unrelated third parties. Under these transactions, we sold two properties with a combined net book value of $84.7 million for $78.5 million, which was reduced by transaction costs of $0.5 million, for net cash proceeds of $78.0 million. The estimated fair value of the property sold was $84.4 million. Accordingly, the aggregate sales price associated with these arrangements was increased by $5.9 million, which resulted in the recognition of a loss of $0.8 million on these transactions. This loss is inclu ded in Other operating expense (income) in o ur condensed consolidated statement of operations. Right-of-use assets and lease liabilities recognized related to these sale-leaseback transactions were $49.9 million and $43.5 million, respectively. On March 29, 2023, the Company entered into an agreement for the sale-leaseback of one property for gross proceeds of $45.5 million. The closing on this property is expected to be completed on or before September 30, 2023.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Share-Based Compensation Expense For the three and six months ended June 30, 2023, total share-based compensation expense was $16.5 million and $22.2 million, respectively. Of this amount, $8.5 million and $13.9 million, respectively, was associated with equity-classified awards and $8.0 million and $8.3 million, respectively, was associated with liability-classified awards. For the three and six months ended June 30, 2022, total share-based compensation expense was $6.0 million and $27.4 million, respectively, all of which was associated with equity-classified awards. The liability-classified awards granted during the three and six months ended June 30, 2023 were performance-based and relate to our short-term incentive compensation program. In the event specified performance metrics are met, these awards will be settled through the issuance of fully-vested shares of the Company’s common stock at such time of determination in 2024. Because the incentive compensation associated with these awards represents a fixed dollar amount that, if payable, will be settled in a variable number of shares of the Company’s common stock, we are currently accounting for these awards as liability-classified awards. Accordingly, the offset to the $8.3 million of share-based compensation expense we have recognized in connection with these awards during the six months ended June 30, 2023 is included in Accrued expenses and other current liabilities on our June 30, 2023 condensed consolidated balance sheet.

Income (Loss) Per Share

Income (Loss) Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Income (Loss) Per Share	Income (Loss) Per Share For the three and six months ended June 30, 2023 , o ur potentially dilutive securities include stock options, restricted stock units and shares to be issued under our ESPP. For the three and six months ended June 30, 2022 , o ur potentially diluti ve securities include stock options and restricted stock units. Due to the net loss that we recognized during th e three and six months ended June 30, 2022, the potentially dilutive shares of common stock associated with these equity-based securities were determined to be antidilutive and, therefore, are excluded from the computation of diluted loss per share for the three and six months ended June 30, 2022. The following table sets forth the calculation of basic and diluted income (loss) per share for the three and six months ended June 30, 2023 and 2022: Three Months Ended Six Months Ended 2023 2022 2023 2022 Net income (loss) $ 17,004 $ (2,285) $ 44,464 $ (40,251) Weighted-average common shares outstanding – basic 195,476 193,692 195,026 193,082 Dilutive effect of stock-based compensation awards 9,345 — 8,846 — Weighted-average common shares outstanding – diluted 204,821 193,692 203,872 193,082 Income (loss) per common share – basic $ 0.09 $ (0.01) $ 0.23 $ (0.21) Income (loss) per common share – diluted $ 0.08 $ (0.01) $ 0.22 $ (0.21) The following is a summary of potential shares of common stock that were antidilutive and excluded from the weighted average share computations for the three and six months ended June 30, 2023 and 2022: Three Months Ended Six Months Ended 2023 2022 2023 2022 Stock options 5,370 25,318 6,310 25,318 Restricted stock units 766 2,787 824 2,787 Potential common shares excluded from the weighted average share calculations 6,136 28,105 7,134 28,105

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Life Time, Inc. et al. v. Zurich American Insurance Company On August 19, 2020, Life Time, Inc., several of its subsidiaries, and a joint venture entity, Bloomingdale Life Time Fitness LLC (collectively, the “Life Time Parties”) filed a complaint against Zurich American Insurance Company (“Zurich”) in the Fourth Judicial District of the State of Minnesota, County of Hennepin (Case No. 27-CV-20-10599) (the “Action”) seeking declaratory relief and damages with respect to Zurich’s failure under a property/business interruption insurance policy to provide certain coverage to the Life Time Parties related to the closure or suspension by governmental authorities of their business activities due to the spread or threat of the spread of COVID-19. On March 15, 2021, certain of the Life Time Parties filed a First Amended Complaint in the Action adding claims against Zurich under a Builders’ Risk policy related to the suspension of multiple construction project s. The parties are currently in discovery. The Action is subject to many uncertainties, and the outcome of the matter is not predictable with any assurance. Other We are also engaged in other proceedings incidental to the normal course of business. Due to their nature, such legal proceedings involve inherent uncertainties, including but not limited to court rulings, negotiations between affected parties and governmental intervention. We establish reserves for matters that are probable and estimable in amounts we believe are adequate to cover reasonable adverse judgments. Based upon the information available to us and discussions with legal counsel, it is our opinion that the outcome of the various legal actions and claims that are incidental to our business will not

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsIn preparing the accompanying condensed consolidated financial statements, we have evaluated the period from June 30, 2023 through the date the condensed consolidated financial statements were issued for material subsequent events. There have been no such events or transactions during this time which would have a material effect on the condensed consolidated financial statements and therefore would require recognition or disclosure

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements We adopted Accounting Standard Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” during the second quarter of 2023. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met, and provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. In connection with the debt refinancing that we completed in May 2023, we transitioned from LIBOR to Term Secured Overnight Financing Rate (“SOFR”). The adoption of this ASU did not have a material impact on our consolidated financial statements.
Fair Value Measurements	Fair Value Measurements The accounting guidance establishes a framework for measuring fair value and expanded disclosures about fair value measurements. The guidance applies to all assets and liabilities that are measured and reported on a fair value basis. This enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The guidance requires that each asset and liability carried at fair value be classified into one of the following categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The carrying amounts related to cash and cash equivalents, accounts receivable, income tax receivable, accounts payable and accrued liabilities approximate fair value. Fair Value Measurements on a Recurring Basis. We had no material remeasurements of such assets or liabilities to fair value during the three and six months ended June 30, 2023 and 2022. Financial Assets and Liabilities. At June 30, 2023 and December 31, 2022, the carrying value and fair value of our outstanding long-term debt was as follows: June 30, December 31, Carrying Value Fair Carrying Value Fair Long-term debt (1) $ 1,875,463 $ 1,844,444 $ 1,840,171 $ 1,724,178 (1) Excludes unamortized debt discounts and issuance costs. The fair value of our debt is based on the amount of future cash flows discounted using rates we would currently be able to realize for similar instruments of comparable maturity. If our long-term debt were recorded at fair value, it would be classified as Level 2 in the fair value hierarchy. For more information regarding our debt, see Note 6, Debt. Fair Value Measurements on a Nonrecurring Basis. Assets and liabilities that are measured at fair value on a nonrecurring basis primarily relate to our goodwill, intangible assets and other long-lived assets, which are remeasured when the derived fair value is below carrying value on our condensed consolidated balance sheets. For these assets, we do not periodically adjust carrying value to fair value except in the event of impairment. If we determine that impairment has occurred, the carrying value of the asset would be reduced to fair value and the difference would be recorded as a loss within operating income in our condensed consolidated statements of operations. We had no material remeasurements of such assets or liabilities to fair value during the three and six months ended June 30, 2023 and 2022.

Accounting Policies (Tables)

Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of Debt	Financial Assets and Liabilities. At June 30, 2023 and December 31, 2022, the carrying value and fair value of our outstanding long-term debt was as follows: June 30, December 31, Carrying Value Fair Carrying Value Fair Long-term debt (1) $ 1,875,463 $ 1,844,444 $ 1,840,171 $ 1,724,178 (1) Excludes unamortized debt discounts and issuance costs.

Supplemental Balance Sheet an_2

Supplemental Balance Sheet and Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid Expenses	Prepaid expenses and other current assets consisted of the following: June 30, December 31, Property held for sale $ 8,687 $ 4,987 Construction contract receivables 7,209 8,867 Prepaid insurance 5,166 3,414 Prepaid software licenses and maintenance 11,187 10,009 Other 17,346 18,466 Prepaid expenses and other current assets $ 49,595 $ 45,743
Accrued Expenses	Accrued expenses and other current liabilities consisted of the following: June 30, December 31, Real estate taxes $ 30,722 $ 32,373 Accrued interest 38,945 36,518 Payroll liabilities 30,256 19,908 Utilities 8,774 7,285 Self-insurance accruals 24,129 21,369 Corporate accruals 31,648 29,731 Other 5,815 7,243 Accrued expenses and other current liabilities $ 170,289 $ 154,427
Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: June 30, December 31, Real estate taxes $ 30,722 $ 32,373 Accrued interest 38,945 36,518 Payroll liabilities 30,256 19,908 Utilities 8,774 7,285 Self-insurance accruals 24,129 21,369 Corporate accruals 31,648 29,731 Other 5,815 7,243 Accrued expenses and other current liabilities $ 170,289 $ 154,427
Supplemental Cash Flow Information	(Increases) decreases in operating assets and increases (decreases) in operating liabilities are as follows: Six Months Ended 2023 2022 Accounts receivable $ (6,610) $ (4,215) Center operating supplies and inventories (2,476) (2,739) Prepaid expenses and other current assets (2,510) (2,199) Income tax receivable (5,921) 961 Other assets 131 453 Accounts payable 9,619 4,064 Accrued expenses and other current liabilities 8,896 17,503 Deferred revenue 4,664 7,368 Other liabilities 941 (3,287) Changes in operating assets and liabilities $ 6,734 $ 17,909 Additional supplemental cash flow information is as follows: Six Months Ended 2023 2022 Net cash paid for income taxes, net of refunds received $ 12,445 $ 1,158 Cash payments for interest, net of capitalized interest 57,380 53,514 Capitalized interest 9,756 6,497 Non-cash activity: Issuances of common stock in connection with a business acquisition 1,472 — Right-of-use assets obtained in exchange for initial lease liabilities: Operating leases 58,419 196,256 Finance leases 605 — Right-of-use asset adjustments recognized as a result of the remeasurement of existing operating lease liabilities 16,429 5,626 Non-cash increase in operating lease right-of-use assets associated with below-market sale-leaseback transactions 5,900 26,240 Non-cash increase in financing obligations as a result of interest accretion 46 —

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following is a summary of revenue, by major revenue stream, that we recognized during the three and six months ended June 30, 2023 and 2022: Three Months Ended Six Months Ended 2023 2022 2023 2022 Membership dues and enrollment fees $ 387,115 $ 309,262 $ 744,603 $ 581,178 In-center revenue 155,010 136,620 295,274 246,325 Total center revenue 542,125 445,882 1,039,877 827,503 Other revenue 19,606 15,385 32,705 26,018 Total revenue $ 561,731 $ 461,267 $ 1,072,582 $ 853,521 The timing associated with the revenue we recognized during the three months ended June 30, 2023 and 2022 is as follows: Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Center Other Total Center Other Total Goods and services transferred over time $ 476,332 $ 19,606 $ 495,938 $ 384,898 $ 15,385 $ 400,283 Goods and services transferred at a point in time 65,793 — 65,793 60,984 — 60,984 Total revenue $ 542,125 $ 19,606 $ 561,731 $ 445,882 $ 15,385 $ 461,267 The timing associated with the revenue we recognized during the six months ended June 30, 2023 and 2022 is as follows: Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Center Other Total Center Other Total Goods and services transferred over time $ 915,349 $ 32,705 $ 948,054 $ 717,885 $ 26,018 $ 743,903 Goods and services transferred at a point in time 124,528 — 124,528 109,618 — 109,618 Total revenue $ 1,039,877 $ 32,705 $ 1,072,582 $ 827,503 $ 26,018 $ 853,521

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt Components	Debt consisted of the following: June 30, December 31, 2022 Term Loan Facility (1) $ 310,000 $ 273,625 Revolving Credit Facility, maturing December 2026 20,000 20,000 Secured Notes, maturing January 2026 925,000 925,000 Unsecured Notes, maturing April 2026 475,000 475,000 Construction Loan, maturing February 2026 28,000 21,330 Mortgage Notes, various maturities 112,498 119,928 Other debt 4,122 4,122 Fair value adjustment 843 1,166 Total debt 1,875,463 1,840,171 Less unamortized debt discounts and issuance costs (18,276) (19,249) Total debt less unamortized debt discount and issuance costs 1,857,187 1,820,922 Less current maturities (64,814) (15,224) Long-term debt, less current maturities $ 1,792,373 $ 1,805,698 (1) See “—Refinancing Transaction” below.
Future Maturities of Long-Term Debt	Aggregate annual future maturities of long-term debt, excluding unamortized discounts, issuance costs and fair value adjustments, at June 30, 2023 were as follows: July 2023 through June 2024 $ 64,814 July 2024 through June 2025 12,379 July 2025 through June 2026 1,751,066 July 2026 through June 2027 41,816 July 2027 through June 2028 1,496 Thereafter 3,049 Total future maturities of long-term debt $ 1,874,620

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Basic and Diluted Loss Per Share	The following table sets forth the calculation of basic and diluted income (loss) per share for the three and six months ended June 30, 2023 and 2022: Three Months Ended Six Months Ended 2023 2022 2023 2022 Net income (loss) $ 17,004 $ (2,285) $ 44,464 $ (40,251) Weighted-average common shares outstanding – basic 195,476 193,692 195,026 193,082 Dilutive effect of stock-based compensation awards 9,345 — 8,846 — Weighted-average common shares outstanding – diluted 204,821 193,692 203,872 193,082 Income (loss) per common share – basic $ 0.09 $ (0.01) $ 0.23 $ (0.21) Income (loss) per common share – diluted $ 0.08 $ (0.01) $ 0.22 $ (0.21)
Potential Common Shares Excluded from Computation of Diluted Loss Per Share	The following is a summary of potential shares of common stock that were antidilutive and excluded from the weighted average share computations for the three and six months ended June 30, 2023 and 2022: Three Months Ended Six Months Ended 2023 2022 2023 2022 Stock options 5,370 25,318 6,310 25,318 Restricted stock units 766 2,787 824 2,787 Potential common shares excluded from the weighted average share calculations 6,136 28,105 7,134 28,105

Nature of Business and Basis _2

Nature of Business and Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 2023 province center state segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of centers | center	164
Number of states in which entity operates | state	30
Number of provinces in which entity operates | province	1
Number of operating segments	1
Number of reportable segments	1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Fair Value	$ 1,844,444	$ 1,724,178

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Carrying Value	$ 1,875,463	$ 1,840,171
Fair Value	$ 1,844,444	$ 1,724,178

Supplemental Balance Sheet an_3

Supplemental Balance Sheet and Cash Flow Information - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Property held for sale	$ 8,687	$ 4,987
Construction contract receivables	7,209	8,867
Prepaid insurance	5,166	3,414
Prepaid software licenses and maintenance	11,187	10,009
Other	17,346	18,466
Prepaid expenses and other current assets	$ 49,595	$ 45,743

Supplemental Balance Sheet an_4

Supplemental Balance Sheet and Cash Flow Information - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Real estate taxes	$ 30,722	$ 32,373
Accrued interest	38,945	36,518
Payroll liabilities	30,256	19,908
Utilities	8,774	7,285
Self-insurance accruals	24,129	21,369
Corporate accruals	31,648	29,731
Other	5,815	7,243
Accrued expenses and other current liabilities	$ 170,289	$ 154,427

Supplemental Balance Sheet an_5

Supplemental Balance Sheet and Cash Flow Information - Changes in Operating Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ (6,610)	$ (4,215)
Center operating supplies and inventories	(2,476)	(2,739)
Prepaid expenses and other current assets	(2,510)	(2,199)
Income tax receivable	(5,921)	961
Other assets	131	453
Accounts payable	9,619	4,064
Accrued expenses and other current liabilities	8,896	17,503
Deferred revenue	4,664	7,368
Other liabilities	941	(3,287)
Changes in operating assets and liabilities	$ 6,734	$ 17,909

Supplemental Balance Sheet an_6

Supplemental Balance Sheet and Cash Flow Information - Additional Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net cash paid for income taxes, net of refunds received	$ 12,445	$ 1,158
Cash payments for interest, net of capitalized interest	57,380	53,514
Capitalized interest	9,756	6,497
Non-cash activity:
Issuances of common stock in connection with business acquisitions	1,472	0
Right-of-use assets obtained in exchange for initial lease liabilities:
Operating leases	58,419	196,256
Finance leases	605	0
Right-of-use asset adjustments recognized as a result of the remeasurement of existing operating lease liabilities	16,429	5,626
Non-cash increase in operating lease right-of-use assets associated with below-market sale-leaseback transactions	5,900	26,240
Non-cash increase in financing obligations as a result of interest accretion	$ 46	$ 0

Goodwill - Narrative (Details)

Goodwill - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 1,235,029,000		$ 1,235,029,000		$ 1,233,176,000
Increase in goodwill			1,800,000
Goodwill and intangible asset impairment charges	$ 0	$ 0	$ 0	$ 0

Revenue - Revenue by Major Reve

Revenue - Revenue by Major Revenue Stream (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 561,731	$ 461,267	$ 1,072,582	$ 853,521
Total center revenue
Disaggregation of Revenue [Line Items]
Total revenue	542,125	445,882	1,039,877	827,503
Membership dues and enrollment fees
Disaggregation of Revenue [Line Items]
Total revenue	387,115	309,262	744,603	581,178
In-center revenue
Disaggregation of Revenue [Line Items]
Total revenue	155,010	136,620	295,274	246,325
Other revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 19,606	$ 15,385	$ 32,705	$ 26,018

Revenue - Revenue by Timing (De

Revenue - Revenue by Timing (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 561,731	$ 461,267	$ 1,072,582	$ 853,521
Goods and services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	495,938	400,283	948,054	743,903
Goods and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	65,793	60,984	124,528	109,618
Center revenue
Disaggregation of Revenue [Line Items]
Total revenue	542,125	445,882	1,039,877	827,503
Center revenue | Goods and services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	476,332	384,898	915,349	717,885
Center revenue | Goods and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	65,793	60,984	124,528	109,618
Other revenue
Disaggregation of Revenue [Line Items]
Total revenue	19,606	15,385	32,705	26,018
Other revenue | Goods and services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	19,606	15,385	32,705	26,018
Other revenue | Goods and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	$ 0	$ 0	$ 0	$ 0

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 43,500	$ 38,900
Contract liabilities, current	41,303	36,859
Contract liabilities, long-term	$ 2,200	$ 2,000

Debt - Components (Details)

Debt - Components (Details) - USD ($) $ in Thousands	Jun. 30, 2023	May 09, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Carrying Value	$ 1,874,620
Fair value adjustment	843		$ 1,166
Total debt	1,875,463		1,840,171
Less unamortized debt discounts and issuance costs	(18,276)		(19,249)
Total debt less unamortized debt discount and issuance costs	1,857,187		1,820,922
Less current maturities	(64,814)		(15,224)
Long-term debt, less current maturities	1,792,373		1,805,698
Term Loan Facility
Debt Instrument [Line Items]
Carrying Value	310,000	$ 273,600	273,625
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Carrying Value	20,000		20,000
Secured Notes
Debt Instrument [Line Items]
Carrying Value	925,000		925,000
Unsecured Notes
Debt Instrument [Line Items]
Carrying Value	475,000		475,000
Construction Loan
Debt Instrument [Line Items]
Carrying Value	28,000		21,330
Mortgage notes, various maturities
Debt Instrument [Line Items]
Carrying Value	112,498		119,928
Other debt
Debt Instrument [Line Items]
Carrying Value	$ 4,122		$ 4,122

Debt - Refinancing Transaction

Debt - Refinancing Transaction (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	May 09, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding balance	$ 1,874,620
Term Loan Facility
Debt Instrument [Line Items]
Outstanding balance	$ 310,000	$ 273,600	$ 273,625
Aggregate principal amount		$ 310,000
Term Loan Facility | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate	4.50%
Term Loan Facility | Base rate
Debt Instrument [Line Items]
Basis spread on variable interest rate	3.75%
Term Loan Facility | Base rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate	3.50%
Term Loan Facility | Adjustment to SOFR Rate
Debt Instrument [Line Items]
Basis spread on variable interest rate	4.75%
Term Loan Facility | Rate Discount
Debt Instrument [Line Items]
Basis spread on variable interest rate	0.50%

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Outstanding balance	$ 1,874,620
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Outstanding balance	20,000	$ 20,000
Available capacity	$ 424,500
Weighted average interest rate	8.56%
Weighted average amount outstanding	$ 63,500
Highest month-end balance	$ 150,000
Revolving Credit Facility | Line of Credit | Minimum
Line of Credit Facility [Line Items]
Debt Instrument, Term	30 days
Revolving Credit Facility | Line of Credit | Maximum
Line of Credit Facility [Line Items]
Debt Instrument, Term	180 days
Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	3.50%
Revolving Credit Facility | Line of Credit | Base rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	2.50%
Revolving Credit Facility | Line of Credit | Prime Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	0.11448%
Revolving Credit Facility | Line of Credit | Prime Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	0.42826%
Letter of Credit | Line of Credit
Line of Credit Facility [Line Items]
Outstanding balance	$ 30,500

Debt - Debt Covenants (Details)

Debt - Debt Covenants (Details) - Revolving Credit Facility - Line of Credit $ in Millions	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Debt covenant, first lien net leverage ratio, percent of commitments outstanding threshold	30%
Debt covenant, first lien net leverage ratio, amount of letters of credit excluded (up to)	$ 20

Debt - Future Maturities of Lon

Debt - Future Maturities of Long-Term Debt (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
July 2023 through June 2024	$ 64,814
July 2024 through June 2025	12,379
July 2025 through June 2026	1,751,066
July 2026 through June 2027	41,816
July 2027 through June 2028	1,496
Thereafter	3,049
Total future maturities of long-term debt	$ 1,874,620

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands			6 Months Ended
	Sep. 30, 2023 USD ($)	Mar. 29, 2023 property	Jun. 30, 2023 USD ($) unrelatedThirdParty property	Jun. 30, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Sale-leaseback transaction, number of unrelated third parties | unrelatedThirdParty			2
Sale-leaseback transaction, number of properties | property		1	2
Net book value			$ 84,700
Gross proceeds			78,500
Transaction costs			500
Net proceeds			78,040	$ 174,246
Fair value			84,400
Increase in sales price			5,900
Loss on transaction			800
Right-of-use assets			49,900
Lease liability			$ 43,500
Forecast | Subsequent Event
Lessee, Lease, Description [Line Items]
Gross proceeds	$ 45,500

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 16.5	$ 6	$ 22.2	$ 27.4
Equity Classified Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	8.5		13.9
Liability Classified Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 8		$ 8.3

Income (Loss) Per Share - Basic

Income (Loss) Per Share - Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income (loss)	$ 17,004	$ (2,285)	$ 44,464	$ (40,251)
Weighted average common shares outstanding - basic (in shares)	195,476	193,692	195,026	193,082
Dilutive effect of stock-based compensation awards - basic (in shares)	9,345	0	8,846	0
Weighted average common shares outstanding - diluted (in shares)	204,821	193,692	203,872	193,082
Loss per share - basic (in usd per share)	$ 0.09	$ (0.01)	$ 0.23	$ (0.21)
Loss per share - diluted (in usd per share)	$ 0.08	$ (0.01)	$ 0.22	$ (0.21)

Income (Loss) Per Share - Poten

Income (Loss) Per Share - Potential Common Shares Excluded from Computation of Diluted Loss Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from diluted loss per share (in shares)	6,136,000	28,105,000	7,134,000	28,105,000
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from diluted loss per share (in shares)	5,370,000	25,318,000	6,310,000	25,318,000
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from diluted loss per share (in shares)	766,000	2,787,000	824,000	2,787,000