Life Time (LTH) 10-Q 31 Oct 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		196,408,901
Entity Central Index Key	0001869198
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 25,441	$ 25,509
Accounts receivable, net	19,190	13,381
Center operating supplies and inventories	48,557	45,655
Prepaid expenses and other current assets	48,369	45,743
Income tax receivable	11,715	748
Total current assets	153,272	131,036
Property and equipment, net	3,074,634	2,901,242
Goodwill	1,235,359	1,233,176
Operating lease right-of-use assets	2,187,804	2,116,761
Intangible assets, net	172,422	173,404
Other assets	73,572	69,744
Total assets	6,897,063	6,625,363
Current liabilities:
Accounts payable	76,138	73,973
Construction accounts payable	107,955	125,031
Deferred revenue	39,357	36,859
Accrued expenses and other current liabilities	179,382	154,427
Current maturities of debt	64,033	15,224
Current maturities of operating lease liabilities	56,320	51,892
Total current liabilities	523,185	457,406
Long-term debt, net of current portion	1,815,965	1,805,698
Operating lease liabilities, net of current portion	2,248,026	2,162,424
Deferred income taxes, net	57,377	41,393
Other liabilities	35,621	34,181
Total liabilities	4,680,174	4,501,102
Commitments and contingencies (Note 10)
Stockholders’ equity:
Common stock, $0.01 par value per share; 500,000 shares authorized; 196,183 and 194,271 shares issued and outstanding, respectively.	1,962	1,943
Additional paid-in capital	2,824,949	2,784,416
Accumulated deficit	(600,497)	(652,876)
Accumulated other comprehensive loss	(9,525)	(9,222)
Total stockholders’ equity	2,216,889	2,124,261
Total liabilities and stockholders’ equity	$ 6,897,063	$ 6,625,363

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Sep. 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)	196,183	194,271
Common stock, outstanding (in shares)	196,183	194,271

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue:
Total revenue	$ 585,177	$ 496,381	$ 1,657,759	$ 1,349,902
Operating expenses:
Rent	69,225	63,213	203,196	179,166
General, administrative and marketing	51,668	57,139	147,005	175,650
Depreciation and amortization	63,618	56,400	180,067	171,680
Other operating expense (income)	34,516	(31,358)	64,837	(56,605)
Total operating expenses	538,428	440,647	1,491,218	1,284,274
Income from operations	46,749	55,734	166,541	65,628
Other (expense) income:
Interest expense, net of interest income	(33,075)	(27,696)	(96,249)	(84,732)
Equity in earnings of affiliate	56	95	287	129
Total other expense	(33,019)	(27,601)	(95,962)	(84,603)
Income (loss) before income taxes	13,730	28,133	70,579	(18,975)
Provision for (benefit from) income taxes	5,815	3,401	18,200	(3,456)
Net income (loss)	$ 7,915	$ 24,732	$ 52,379	$ (15,519)
Income (loss) per common share:
Income (loss) per common share - basic (in usd per share)	$ 0.04	$ 0.13	$ 0.27	$ (0.08)
Income (loss) per common share - diluted (in usd per share)	$ 0.04	$ 0.12	$ 0.26	$ (0.08)
Weighted-average common shares outstanding:
Weighted-average common shares outstanding - basic (in shares)	196,146	193,918	195,404	193,364
Weighted-average common shares outstanding - diluted (in shares)	204,298	198,381	203,954	193,364
Center revenue
Revenue:
Total revenue	$ 568,402	$ 479,995	$ 1,608,279	$ 1,307,498
Operating expenses:
Center operations	319,401	295,253	896,113	814,383
Other revenue
Revenue:
Total revenue	$ 16,775	$ 16,386	$ 49,480	$ 42,404

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 7,915	$ 24,732	$ 52,379	$ (15,519)
Foreign currency translation adjustments, net of tax of $0	(2,265)	(6,015)	(303)	(7,339)
Comprehensive income (loss)	$ 5,650	$ 18,717	$ 52,076	$ (22,858)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 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)	(15,519)			(15,519)
Other comprehensive loss	(7,339)				(7,339)
Share-based compensation	33,214		33,214
Stock option exercises (in shares)		309
Stock option exercises	3,190	$ 3	3,187
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 Sep. 30, 2022		193,991
Ending balance at Sep. 30, 2022	2,105,173	$ 1,940	2,780,190	(666,602)	(10,355)
Beginning balance (in shares) at Jun. 30, 2022		193,796
Beginning balance at Jun. 30, 2022	2,078,657	$ 1,938	2,772,393	(691,334)	(4,340)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	24,732			24,732
Other comprehensive loss	(6,015)				(6,015)
Share-based compensation	5,803		5,803
Stock option exercises (in shares)		195
Stock option exercises	1,996	$ 2	1,994
Ending balance (in shares) at Sep. 30, 2022		193,991
Ending balance at Sep. 30, 2022	$ 2,105,173	$ 1,940	2,780,190	(666,602)	(10,355)
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)	52,379			52,379
Other comprehensive loss	(303)				(303)
Share-based compensation	22,842		22,842
Stock option exercises (in shares)		1,362
Stock option exercises	14,898	$ 14	14,884
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 Sep. 30, 2023	196,183	196,183
Ending balance at Sep. 30, 2023	$ 2,216,889	$ 1,962	2,824,949	(600,497)	(9,525)
Beginning balance (in shares) at Jun. 30, 2023		196,031
Beginning balance at Jun. 30, 2023	2,200,712	$ 1,960	2,814,424	(608,412)	(7,260)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	7,915			7,915
Other comprehensive loss	(2,265)				(2,265)
Share-based compensation	8,906		8,906
Stock option exercises (in shares)		152
Stock option exercises	$ 1,621	$ 2	1,619
Ending balance (in shares) at Sep. 30, 2023	196,183	196,183
Ending balance at Sep. 30, 2023	$ 2,216,889	$ 1,962	$ 2,824,949	$ (600,497)	$ (9,525)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 52,379	$ (15,519)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	180,067	171,680
Deferred income taxes	15,994	(10,957)
Share-based compensation	37,029	33,214
Non-cash rent expense	26,900	27,304
Impairment charges associated with long-lived assets	6,620	153
Loss (gain) on disposal of property and equipment, net	13,742	(98,498)
Amortization of debt discounts and issuance costs	5,862	5,898
Changes in operating assets and liabilities	(4,407)	14,055
Other	(3,240)	(2,010)
Net cash provided by operating activities	330,946	125,320
Cash flows from investing activities:
Capital expenditures	(525,796)	(409,946)
Proceeds from sale-leaseback transactions	121,831	373,451
Other	416	(985)
Net cash used in investing activities	(403,549)	(37,480)
Cash flows from financing activities:
Proceeds from borrowings	44,291	8,657
Repayments of debt	(11,202)	(21,993)
Proceeds from revolving credit facility	986,000	710,000
Repayments of revolving credit facility	(961,000)	(710,000)
Repayments of finance lease liabilities	(771)	(1,043)
Proceeds from financing obligations	1,500	0
Payments of debt discounts and issuance costs	(2,550)	(43)
Proceeds from stock option exercises	14,897	3,190
Proceeds from issuances of common stock in connection with the employee stock purchase plan	1,450	0
Other	(110)	(476)
Net cash provided by (used in) financing activities	72,505	(11,708)
Effect of exchange rates on cash and cash equivalents	30	(700)
(Decrease) increase in cash and cash equivalents	(68)	75,432
Cash and cash equivalents – beginning of period	25,509	31,637
Cash and cash equivalents – end of period	$ 25,441	$ 107,069

Nature of Business and Basis of

Nature of Business and Basis of Presentation	9 Months Ended
	Sep. 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 September 30, 2023, we operated 170 centers in 31 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2023 and 2022. Financial Assets and Liabilities. At September 30, 2023 and December 31, 2022, the carrying value and fair value of our outstanding long-term debt was as follows: September 30, December 31, Carrying Value Fair Carrying Value Fair Long-term debt (1) $ 1,896,529 $ 1,851,542 $ 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. Except for an impairment charge of $5.3 million related to the sale of an outparcel of land that was recognized during the three months ended September 30, 2023 , we had no material remeasurements of such assets or liabilities to fair value during the three and nine months ended September 30, 2023 and 2022.

Supplemental Balance Sheet and

Supplemental Balance Sheet and Cash Flow Information	9 Months Ended
	Sep. 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: September 30, December 31, Property held for sale $ 8,600 $ 4,987 Construction contract receivables 11,886 8,867 Prepaid insurance 2,718 3,414 Prepaid software licenses and maintenance 9,743 10,009 Other 15,422 18,466 Prepaid expenses and other current assets $ 48,369 $ 45,743 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: September 30, December 31, Real estate taxes $ 37,420 $ 32,373 Accrued interest 36,082 36,518 Payroll liabilities 37,377 19,908 Utilities 6,154 7,285 Self-insurance accruals 26,070 21,369 Corporate accruals 28,223 29,731 Other 8,056 7,243 Accrued expenses and other current liabilities $ 179,382 $ 154,427 Supplemental Cash Flow Information (Increases) decreases in operating assets and increases (decreases) in operating liabilities are as follows: Nine Months Ended 2023 2022 Accounts receivable $ (8,044) $ (6,056) Center operating supplies and inventories (2,903) (3,140) Prepaid expenses and other current assets 3,316 2,166 Income tax receivable (10,967) 3,533 Other assets 5,203 638 Accounts payable 2,191 2,069 Accrued expenses and other current liabilities 10,596 19,954 Deferred revenue 1,277 (1,467) Other liabilities (5,076) (3,642) Changes in operating assets and liabilities $ (4,407) $ 14,055 Additional supplemental cash flow information is as follows: Nine Months Ended 2023 2022 Net cash paid for income taxes, net of refunds received $ 13,172 $ 3,628 Cash payments for interest, net of capitalized interest 91,896 82,607 Capitalized interest 14,498 11,228 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 106,285 316,071 Finance leases 963 142 Right-of-use asset adjustments recognized as a result of the remeasurement of existing operating lease liabilities 17,845 7,366 Non-cash increase in operating lease right-of-use assets associated with below-market sale-leaseback transactions 5,900 10,090 Non-cash increase in financing obligations as a result of interest accretion 83 —

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The goodwill balance was $1,235.4 million and $1,233.2 million at September 30, 2023 and December 31, 2022, respectively. The $2.2 million change in goodwill for the nine months ended September 30, 2023 was related to business acquisitions during the nine months ended September 30, 2023. There were no goodwill impairment charges recorded during the three and nine months ended September 30, 2023 and 2022.

Revenue

Revenue	9 Months Ended
	Sep. 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 nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Membership dues and enrollment fees $ 407,903 $ 335,717 $ 1,152,506 $ 916,895 In-center revenue 160,499 144,278 455,773 390,603 Total center revenue 568,402 479,995 1,608,279 1,307,498 Other revenue 16,775 16,386 49,480 42,404 Total revenue $ 585,177 $ 496,381 $ 1,657,759 $ 1,349,902 The timing associated with the revenue we recognized during the three months ended September 30, 2023 and 2022 is as follows: Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Center Other Total Center Other Total Goods and services transferred over time $ 502,003 $ 16,775 $ 518,778 $ 419,758 $ 16,386 $ 436,144 Goods and services transferred at a point in time 66,399 — 66,399 60,237 — 60,237 Total revenue $ 568,402 $ 16,775 $ 585,177 $ 479,995 $ 16,386 $ 496,381 The timing associated with the revenue we recognized during the nine months ended September 30, 2023 and 2022 is as follows: Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Center Other Total Center Other Total Goods and services transferred over time $ 1,417,352 $ 49,480 $ 1,466,832 $ 1,137,643 $ 42,404 $ 1,180,047 Goods and services transferred at a point in time 190,927 — 190,927 169,855 — 169,855 Total revenue $ 1,608,279 $ 49,480 $ 1,657,759 $ 1,307,498 $ 42,404 $ 1,349,902 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 September 30, 2023 and December 31, 2022 were $40.1 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 September 30, 2023 and December 31, 2022 was $39.4 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 September 30, 2023 and December 31, 2022

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following: September 30, December 31, 2022 Term Loan Facility (1) $ 310,000 $ 273,625 Revolving Credit Facility, maturing December 2026 45,000 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 108,725 119,928 Other debt 4,122 4,122 Fair value adjustment 682 1,166 Total debt 1,896,529 1,840,171 Less unamortized debt discounts and issuance costs (16,531) (19,249) Total debt less unamortized debt discount and issuance costs 1,879,998 1,820,922 Less current maturities (64,033) (15,224) Long-term debt, less current maturities $ 1,815,965 $ 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 September 30, 2023, there were $45.0 million of outstanding borrowings under the Revolving Credit Facility and there were $32.6 million of outstanding letters of credit, resulting in total revolver availability of $397.4 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 nine months ended September 30, 2023 was 8.54% and $59.5 million, respectively. The highest balance during that same period was $120.0 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 September 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 September 30, 2023 were as follows: October 2023 through September 2024 $ 64,033 October 2024 through September 2025 12,515 October 2025 through September 2026 1,751,209 October 2026 through September 2027 64,877 October 2027 through September 2028 165 Thereafter 3,048 Total future maturities of long-term debt $ 1,895,847

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	Leases Sale-Leaseback Transactions During the nine months ended September 30, 2023, we entered into and consummated sale-leaseback transactions with unrelated third parties. Under these transactions, we sold three properties with a combined net book value of $141.1 million for $124.0 million, which was reduced by transaction costs of $0.7 million, for net cash proceeds of $123.3 million. The estimated fair value of the property sold was $128.4 million. Accordingly, the aggregate sales price associated with these arrangements was increased by $4.4 million, which resulted in the recognition of a loss of $13.4 million on these transactions. This loss is inclu ded in Other operating expense (income) in o ur condensed consolidated statement of operations. Of the $4.4 million aggregate net sales price increase recognized in connection with these transactions, $5.9 million was associated with a property sale in which the sales price was less than the fair value of the properties sold, which was recognized as an increase in the aggregate sales price associated with this property and an increase in the related operating lease right-of-use asset, and $1.5 million was associated with a property sale in which the sales price was greater than the fair value of the property sold, which was recognized as a reduction in the aggregate sales price associated with this property and as a financing obligation separate from the related operating lease liability. For cash flow purposes, the $1.5 million of proceeds we received from this financing obligation are reported within financing activities on our condensed consolidated statement of cash flows.
Leases	Leases Sale-Leaseback Transactions During the nine months ended September 30, 2023, we entered into and consummated sale-leaseback transactions with unrelated third parties. Under these transactions, we sold three properties with a combined net book value of $141.1 million for $124.0 million, which was reduced by transaction costs of $0.7 million, for net cash proceeds of $123.3 million. The estimated fair value of the property sold was $128.4 million. Accordingly, the aggregate sales price associated with these arrangements was increased by $4.4 million, which resulted in the recognition of a loss of $13.4 million on these transactions. This loss is inclu ded in Other operating expense (income) in o ur condensed consolidated statement of operations. Of the $4.4 million aggregate net sales price increase recognized in connection with these transactions, $5.9 million was associated with a property sale in which the sales price was less than the fair value of the properties sold, which was recognized as an increase in the aggregate sales price associated with this property and an increase in the related operating lease right-of-use asset, and $1.5 million was associated with a property sale in which the sales price was greater than the fair value of the property sold, which was recognized as a reduction in the aggregate sales price associated with this property and as a financing obligation separate from the related operating lease liability. For cash flow purposes, the $1.5 million of proceeds we received from this financing obligation are reported within financing activities on our condensed consolidated statement of cash flows.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Share-Based Compensation Expense For the three and nine months ended September 30, 2023, total share-based compensation expense was $14.9 million and $37.0 million, respectively. Of this amount, $8.9 million and $22.8 million, respectively, was associated with equity-classified awards and $6.0 million and $14.2 million, respectively, was associated with liability-classified awards. For the three and nine months ended September 30, 2022, total share-based compensation expense was $5.8 million and $33.2 million, respectively, all of which was associated with equity-classified awards. The liability-classified awards granted during the nine months ended September 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

Income (Loss) Per Share

Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Income (Loss) Per Share	Income (Loss) Per Share For the three and nine months ended September 30, 2023 , o ur potentially dilutive securities included stock options, restricted stock units and shares to be issued under our ESPP. For the three and nine months ended September 30, 2022 , o ur potentially diluti ve securities included stock options and restricted stock units. Due to the net loss that we recognized during th e nine months ended September 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 nine months ended September 30, 2022. The following table sets forth the calculation of basic and diluted income (loss) per share for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net income (loss) $ 7,915 $ 24,732 $ 52,379 $ (15,519) Weighted-average common shares outstanding – basic 196,146 193,918 195,404 193,364 Dilutive effect of stock-based compensation awards 8,152 4,463 8,550 — Weighted-average common shares outstanding – diluted 204,298 198,381 203,954 193,364 Income (loss) per common share – basic $ 0.04 $ 0.13 $ 0.27 $ (0.08) Income (loss) per common share – diluted $ 0.04 $ 0.12 $ 0.26 $ (0.08) 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 nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Stock options 6,533 6,060 6,272 25,139 Restricted stock units 872 2,658 872 2,786 Potential common shares excluded from the weighted average share calculations 7,405 8,718 7,144 27,925

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
	Sep. 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 have a material adverse impact on our consolidated financial position, results of operations or cash flows. Such matters are subject to many uncertainties, and the outcomes of individual matters are not predictable with assurance.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsIn preparing the accompanying condensed consolidated financial statements, we have evaluated the period from September 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

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 7,915	$ 24,732	$ 52,379	$ (15,519)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2023 shares	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Jeffrey Zwiefel [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 14, 2023, Jeffrey Zwiefel, the Company’s President and Chief Operating Officer, adopted a Rule 10b5-1 trading plan (the “Trading Plan”) that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The Trading Plan provides for the exercise of vested stock options to acquire up to a maximum of 250,000 shares and the associated sale of such shares. The Trading Plan will terminate on March 29, 2024 unless sooner terminated pursuant to its terms.
Name	Jeffrey Zwiefel
Title	President and Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 14, 2023
Arrangement Duration	228 days
Aggregate Available	250,000	250,000

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 nine months ended September 30, 2023 and 2022. Financial Assets and Liabilities. At September 30, 2023 and December 31, 2022, the carrying value and fair value of our outstanding long-term debt was as follows: September 30, December 31, Carrying Value Fair Carrying Value Fair Long-term debt (1) $ 1,896,529 $ 1,851,542 $ 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. Except for an impairment charge of $5.3 million related to the sale of an outparcel of land that was recognized during the three months ended September 30, 2023 , we had no material remeasurements of such assets or liabilities to fair value during the three and nine months ended September 30, 2023 and 2022.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Debt	Financial Assets and Liabilities. At September 30, 2023 and December 31, 2022, the carrying value and fair value of our outstanding long-term debt was as follows: September 30, December 31, Carrying Value Fair Carrying Value Fair Long-term debt (1) $ 1,896,529 $ 1,851,542 $ 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)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid Expenses	Prepaid expenses and other current assets consisted of the following: September 30, December 31, Property held for sale $ 8,600 $ 4,987 Construction contract receivables 11,886 8,867 Prepaid insurance 2,718 3,414 Prepaid software licenses and maintenance 9,743 10,009 Other 15,422 18,466 Prepaid expenses and other current assets $ 48,369 $ 45,743
Accrued Expenses	Accrued expenses and other current liabilities consisted of the following: September 30, December 31, Real estate taxes $ 37,420 $ 32,373 Accrued interest 36,082 36,518 Payroll liabilities 37,377 19,908 Utilities 6,154 7,285 Self-insurance accruals 26,070 21,369 Corporate accruals 28,223 29,731 Other 8,056 7,243 Accrued expenses and other current liabilities $ 179,382 $ 154,427
Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: September 30, December 31, Real estate taxes $ 37,420 $ 32,373 Accrued interest 36,082 36,518 Payroll liabilities 37,377 19,908 Utilities 6,154 7,285 Self-insurance accruals 26,070 21,369 Corporate accruals 28,223 29,731 Other 8,056 7,243 Accrued expenses and other current liabilities $ 179,382 $ 154,427
Supplemental Cash Flow Information	(Increases) decreases in operating assets and increases (decreases) in operating liabilities are as follows: Nine Months Ended 2023 2022 Accounts receivable $ (8,044) $ (6,056) Center operating supplies and inventories (2,903) (3,140) Prepaid expenses and other current assets 3,316 2,166 Income tax receivable (10,967) 3,533 Other assets 5,203 638 Accounts payable 2,191 2,069 Accrued expenses and other current liabilities 10,596 19,954 Deferred revenue 1,277 (1,467) Other liabilities (5,076) (3,642) Changes in operating assets and liabilities $ (4,407) $ 14,055 Additional supplemental cash flow information is as follows: Nine Months Ended 2023 2022 Net cash paid for income taxes, net of refunds received $ 13,172 $ 3,628 Cash payments for interest, net of capitalized interest 91,896 82,607 Capitalized interest 14,498 11,228 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 106,285 316,071 Finance leases 963 142 Right-of-use asset adjustments recognized as a result of the remeasurement of existing operating lease liabilities 17,845 7,366 Non-cash increase in operating lease right-of-use assets associated with below-market sale-leaseback transactions 5,900 10,090 Non-cash increase in financing obligations as a result of interest accretion 83 —

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Membership dues and enrollment fees $ 407,903 $ 335,717 $ 1,152,506 $ 916,895 In-center revenue 160,499 144,278 455,773 390,603 Total center revenue 568,402 479,995 1,608,279 1,307,498 Other revenue 16,775 16,386 49,480 42,404 Total revenue $ 585,177 $ 496,381 $ 1,657,759 $ 1,349,902 The timing associated with the revenue we recognized during the three months ended September 30, 2023 and 2022 is as follows: Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Center Other Total Center Other Total Goods and services transferred over time $ 502,003 $ 16,775 $ 518,778 $ 419,758 $ 16,386 $ 436,144 Goods and services transferred at a point in time 66,399 — 66,399 60,237 — 60,237 Total revenue $ 568,402 $ 16,775 $ 585,177 $ 479,995 $ 16,386 $ 496,381 The timing associated with the revenue we recognized during the nine months ended September 30, 2023 and 2022 is as follows: Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Center Other Total Center Other Total Goods and services transferred over time $ 1,417,352 $ 49,480 $ 1,466,832 $ 1,137,643 $ 42,404 $ 1,180,047 Goods and services transferred at a point in time 190,927 — 190,927 169,855 — 169,855 Total revenue $ 1,608,279 $ 49,480 $ 1,657,759 $ 1,307,498 $ 42,404 $ 1,349,902

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt Components	Debt consisted of the following: September 30, December 31, 2022 Term Loan Facility (1) $ 310,000 $ 273,625 Revolving Credit Facility, maturing December 2026 45,000 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 108,725 119,928 Other debt 4,122 4,122 Fair value adjustment 682 1,166 Total debt 1,896,529 1,840,171 Less unamortized debt discounts and issuance costs (16,531) (19,249) Total debt less unamortized debt discount and issuance costs 1,879,998 1,820,922 Less current maturities (64,033) (15,224) Long-term debt, less current maturities $ 1,815,965 $ 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 September 30, 2023 were as follows: October 2023 through September 2024 $ 64,033 October 2024 through September 2025 12,515 October 2025 through September 2026 1,751,209 October 2026 through September 2027 64,877 October 2027 through September 2028 165 Thereafter 3,048 Total future maturities of long-term debt $ 1,895,847

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Net income (loss) $ 7,915 $ 24,732 $ 52,379 $ (15,519) Weighted-average common shares outstanding – basic 196,146 193,918 195,404 193,364 Dilutive effect of stock-based compensation awards 8,152 4,463 8,550 — Weighted-average common shares outstanding – diluted 204,298 198,381 203,954 193,364 Income (loss) per common share – basic $ 0.04 $ 0.13 $ 0.27 $ (0.08) Income (loss) per common share – diluted $ 0.04 $ 0.12 $ 0.26 $ (0.08)
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 nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Stock options 6,533 6,060 6,272 25,139 Restricted stock units 872 2,658 872 2,786 Potential common shares excluded from the weighted average share calculations 7,405 8,718 7,144 27,925

Nature of Business and Basis _2

Nature of Business and Basis of Presentation (Details)	9 Months Ended
	Sep. 30, 2023 state center segment province
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of centers | center	170
Number of states in which entity operates | state	31
Number of provinces in which entity operates | province	1
Number of operating segments	1
Number of reportable segments	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Carrying Value	$ 1,896,529	$ 1,840,171
Fair Value	$ 1,851,542	$ 1,724,178

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	3 Months Ended
	Sep. 30, 2023 USD ($)
Accounting Policies [Abstract]
Asset impairment charges	$ 5.3

Supplemental Balance Sheet an_3

Supplemental Balance Sheet and Cash Flow Information - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Property held for sale	$ 8,600	$ 4,987
Construction contract receivables	11,886	8,867
Prepaid insurance	2,718	3,414
Prepaid software licenses and maintenance	9,743	10,009
Other	15,422	18,466
Prepaid expenses and other current assets	$ 48,369	$ 45,743

Supplemental Balance Sheet an_4

Supplemental Balance Sheet and Cash Flow Information - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Real estate taxes	$ 37,420	$ 32,373
Accrued interest	36,082	36,518
Payroll liabilities	37,377	19,908
Utilities	6,154	7,285
Self-insurance accruals	26,070	21,369
Corporate accruals	28,223	29,731
Other	8,056	7,243
Accrued expenses and other current liabilities	$ 179,382	$ 154,427

Supplemental Balance Sheet an_5

Supplemental Balance Sheet and Cash Flow Information - Changes in Operating Assets and Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ (8,044)	$ (6,056)
Center operating supplies and inventories	(2,903)	(3,140)
Prepaid expenses and other current assets	3,316	2,166
Income tax receivable	(10,967)	3,533
Other assets	5,203	638
Accounts payable	2,191	2,069
Accrued expenses and other current liabilities	10,596	19,954
Deferred revenue	1,277	(1,467)
Other liabilities	(5,076)	(3,642)
Changes in operating assets and liabilities	$ (4,407)	$ 14,055

Supplemental Balance Sheet an_6

Supplemental Balance Sheet and Cash Flow Information - Additional Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net cash paid for income taxes, net of refunds received	$ 13,172	$ 3,628
Cash payments for interest, net of capitalized interest	91,896	82,607
Capitalized interest	14,498	11,228
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	106,285	316,071
Finance leases	963	142
Right-of-use asset adjustments recognized as a result of the remeasurement of existing operating lease liabilities	17,845	7,366
Non-cash increase in operating lease right-of-use assets associated with below-market sale-leaseback transactions	5,900	10,090
Non-cash increase in financing obligations as a result of interest accretion	$ 83	$ 0

Goodwill - Narrative (Details)

Goodwill - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 1,235,359,000		$ 1,235,359,000		$ 1,233,176,000
Increase in goodwill			2,200,000
Goodwill impairment charges	$ 0	$ 0	$ 0	$ 0

Revenue - Revenue by Major Reve

Revenue - Revenue by Major Revenue Stream (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 585,177	$ 496,381	$ 1,657,759	$ 1,349,902
Total center revenue
Disaggregation of Revenue [Line Items]
Total revenue	568,402	479,995	1,608,279	1,307,498
Membership dues and enrollment fees
Disaggregation of Revenue [Line Items]
Total revenue	407,903	335,717	1,152,506	916,895
In-center revenue
Disaggregation of Revenue [Line Items]
Total revenue	160,499	144,278	455,773	390,603
Other revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 16,775	$ 16,386	$ 49,480	$ 42,404

Revenue - Revenue by Timing (De

Revenue - Revenue by Timing (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 585,177	$ 496,381	$ 1,657,759	$ 1,349,902
Goods and services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	518,778	436,144	1,466,832	1,180,047
Goods and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	66,399	60,237	190,927	169,855
Center revenue
Disaggregation of Revenue [Line Items]
Total revenue	568,402	479,995	1,608,279	1,307,498
Center revenue | Goods and services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	502,003	419,758	1,417,352	1,137,643
Center revenue | Goods and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	66,399	60,237	190,927	169,855
Other revenue
Disaggregation of Revenue [Line Items]
Total revenue	16,775	16,386	49,480	42,404
Other revenue | Goods and services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	16,775	16,386	49,480	42,404
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	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 40,100	$ 38,900
Contract liabilities, current	39,357	36,859
Contract liabilities, long-term	$ 700	$ 2,000

Debt - Components (Details)

Debt - Components (Details) - USD ($) $ in Thousands	Sep. 30, 2023	May 09, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Carrying Value	$ 1,895,847
Fair value adjustment	682		$ 1,166
Total debt	1,896,529		1,840,171
Less unamortized debt discounts and issuance costs	(16,531)		(19,249)
Total debt less unamortized debt discount and issuance costs	1,879,998		1,820,922
Less current maturities	(64,033)		(15,224)
Long-term debt, less current maturities	1,815,965		1,805,698
Term Loan Facility
Debt Instrument [Line Items]
Carrying Value	310,000	$ 273,600	273,625
Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Carrying Value	45,000		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	108,725		119,928
Other debt
Debt Instrument [Line Items]
Carrying Value	$ 4,122		$ 4,122

Debt - Refinancing Transaction

Debt - Refinancing Transaction (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	May 09, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding balance	$ 1,895,847
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%
Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding balance	$ 45,000		$ 20,000
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable interest rate	3.50%
Revolving Credit Facility | Base rate | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable interest rate	2.50%
Revolving Credit Facility | Prime Rate | Minimum | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable interest rate	0.11448%
Revolving Credit Facility | Prime Rate | Maximum | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable interest rate	0.42826%

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Outstanding balance	$ 1,895,847
Revolving Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Outstanding balance	45,000	$ 20,000
Available capacity	$ 397,400
Weighted average interest rate	8.54%
Weighted average amount outstanding	$ 59,500
Highest month-end balance	$ 120,000
Revolving Credit Facility | Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Debt instrument, term	30 days
Revolving Credit Facility | Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Debt instrument, term	180 days
Revolving Credit Facility | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	3.50%
Revolving Credit Facility | Revolving Credit Facility | Base rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	2.50%
Letter of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Outstanding balance	$ 32,600

Debt - Debt Covenants (Details)

Debt - Debt Covenants (Details) - Revolving Credit Facility - Revolving Credit Facility $ in Millions	Sep. 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	Sep. 30, 2023 USD ($)
Debt Disclosure [Abstract]
October 2023 through September 2024	$ 64,033
October 2024 through September 2025	12,515
October 2025 through September 2026	1,751,209
October 2026 through September 2027	64,877
October 2027 through September 2028	165
Thereafter	3,048
Total future maturities of long-term debt	$ 1,895,847

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)
Leases [Abstract]
Sale-leaseback transaction, number of properties | property	3
Net book value	$ 141,100
Gross proceeds	124,000
Transaction costs	700
Net proceeds	123,300
Fair value	128,400
Increase in sales price	4,400
Loss on transaction	13,400
Increase	5,900
Proceeds from financing obligations	1,500	$ 0
Right-of-use assets	74,000
Lease liability	$ 67,300

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 14.9	$ 5.8	$ 37	$ 33.2
Equity Classified Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	8.9		22.8
Liability Classified Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 6		$ 14.2

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income (loss)	$ 7,915	$ 24,732	$ 52,379	$ (15,519)
Weighted average common shares outstanding - basic (in shares)	196,146	193,918	195,404	193,364
Dilutive effect of stock-based compensation awards (in shares)	8,152	4,463	8,550	0
Weighted average common shares outstanding - diluted (in shares)	204,298	198,381	203,954	193,364
Income (loss) per share - basic (in usd per share)	$ 0.04	$ 0.13	$ 0.27	$ (0.08)
Income (loss) per share - diluted (in usd per share)	$ 0.04	$ 0.12	$ 0.26	$ (0.08)

Income (Loss) Per Share - Poten

Income (Loss) Per Share - Potential Common Shares Excluded from Computation of Diluted Loss Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from the weighted average share calculations (in shares)	7,405	8,718	7,144	27,925
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from the weighted average share calculations (in shares)	6,533	6,060	6,272	25,139
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from the weighted average share calculations (in shares)	872	2,658	872	2,786