Life Time (LTH) 10-Q 7 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		198,835,049
Entity Central Index Key	0001869198
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 18,598	$ 11,161
Restricted cash and cash equivalents	18,126	18,805
Accounts receivable, net	22,854	23,903
Center operating supplies and inventories	53,140	52,803
Prepaid expenses and other current assets	71,000	57,751
Income tax receivable	7,752	10,101
Total current assets	191,470	174,524
Property and equipment, net	3,234,238	3,171,616
Goodwill	1,235,359	1,235,359
Operating lease right-of-use assets	2,183,544	2,202,601
Intangible assets, net	172,364	172,127
Other assets	76,662	75,914
Total assets	7,093,637	7,032,141
Current liabilities:
Accounts payable	69,063	81,252
Construction accounts payable	81,656	108,730
Deferred revenue	53,217	49,299
Accrued expenses and other current liabilities	161,550	185,305
Current maturities of debt	23,261	73,848
Current maturities of operating lease liabilities	60,772	58,764
Total current liabilities	449,519	557,198
Long-term debt, net of current portion	1,987,180	1,859,027
Operating lease liabilities, net of current portion	2,254,736	2,268,863
Deferred income taxes, net	61,962	56,066
Other liabilities	37,381	36,875
Total liabilities	4,790,778	4,778,029
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, $0.01 par value per share; 500,000 shares authorized; 198,791 and 196,671 shares issued and outstanding, respectively.	1,988	1,967
Additional paid-in capital	2,861,359	2,835,883
Accumulated deficit	(551,896)	(576,813)
Accumulated other comprehensive loss	(8,592)	(6,925)
Total stockholders’ equity	2,302,859	2,254,112
Total liabilities and stockholders’ equity	$ 7,093,637	$ 7,032,141

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2024	Dec. 31, 2023
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)	198,791	196,671
Common stock, outstanding (in shares)	198,791	196,671

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Total revenue	$ 596,717	$ 510,851
Operating expenses:
Rent	72,282	66,537
General, administrative and marketing	48,853	42,497
Depreciation and amortization	65,903	58,197
Other operating expense	15,722	2,127
Total operating expenses	524,660	443,467
Income from operations	72,057	67,384
Other (expense) income:
Interest expense, net of interest income	(37,403)	(31,195)
Equity in earnings of affiliates	177	143
Total other expense	(37,226)	(31,052)
Income before income taxes	34,831	36,332
Provision for income taxes	9,914	8,872
Net income	$ 24,917	$ 27,460
Income per common share:
Basic (in usd per share)	$ 0.13	$ 0.14
Diluted (in usd per share)	$ 0.12	$ 0.14
Weighted-average common shares outstanding:
Basic (in shares)	197,498	194,572
Diluted (in shares)	202,756	202,855
Center revenue
Revenue:
Total revenue	$ 580,485	$ 497,752
Operating expenses:
Center operations	321,900	274,109
Other revenue
Revenue:
Total revenue	$ 16,232	$ 13,099

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 24,917	$ 27,460
Foreign currency translation adjustments, net of tax of $0	(1,667)	68
Comprehensive income	$ 23,250	$ 27,528

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 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, 2022		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	27,460			27,460
Other comprehensive loss	68				68
Share-based compensation	5,422		5,422
Stock option exercises (in shares)		327
Stock option exercises	3,456	$ 3	3,453
Issuance of common shares in connection with the vesting of restricted stock units (in shares)		310
Issuances of common stock in connection with the vesting of restricted stock units	(102)	$ 3	(105)
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 Mar. 31, 2023		194,998
Ending balance at Mar. 31, 2023	$ 2,162,037	$ 1,950	2,794,657	(625,416)	(9,154)
Beginning balance (in shares) at Dec. 31, 2023	196,671	196,671
Beginning balance at Dec. 31, 2023	$ 2,254,112	$ 1,967	2,835,883	(576,813)	(6,925)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	24,917			24,917
Other comprehensive loss	(1,667)				(1,667)
Share-based compensation	7,831		7,831
Stock option exercises (in shares)		46
Stock option exercises	484		484
Issuance of common shares in connection with the vesting of restricted stock units (in shares)		627
Issuances of common stock in connection with the vesting of restricted stock units	(876)	$ 6	(882)
Settlement of accrued compensation liabilities through the issuance of common stock (in shares)		1,447
Settlement of accrued compensation liabilities through the issuance of common stock	$ 18,058	$ 15	18,043
Ending balance (in shares) at Mar. 31, 2024	198,791	198,791
Ending balance at Mar. 31, 2024	$ 2,302,859	$ 1,988	$ 2,861,359	$ (551,896)	$ (8,592)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 24,917	$ 27,460
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	65,903	58,197
Deferred income taxes	5,996	6,333
Share-based compensation	7,626	5,622
Non-cash rent expense	5,958	9,028
Loss (gain) on disposal of property and equipment, net	245	(6,693)
Amortization of debt discounts and issuance costs	2,003	1,966
Changes in operating assets and liabilities	(23,820)	(23,650)
Other	1,579	(3,915)
Net cash provided by operating activities	90,407	74,348
Cash flows from investing activities:
Capital expenditures	(156,801)	(170,814)
Proceeds from sale-leaseback transactions	0	32,676
Other	(1,787)	1,287
Net cash used in investing activities	(158,588)	(136,851)
Cash flows from financing activities:
Proceeds from borrowings	0	7,916
Repayments of debt	(54,117)	(3,701)
Proceeds from revolving credit facility	445,000	345,000
Repayments of revolving credit facility	(315,000)	(280,000)
Repayments of finance lease liabilities	(193)	(244)
Proceeds from stock option exercises	484	3,456
Other	(1,199)	(102)
Net cash provided by financing activities	74,975	72,325
Effect of exchange rates on cash and cash equivalents and restricted cash and cash equivalents	(36)	6
Increase in cash and cash equivalents and restricted cash and cash equivalents	6,758	9,828
Cash and cash equivalents and restricted cash and cash equivalents – beginning of period	29,966	25,509
Cash and cash equivalents and restricted cash and cash equivalents – end of period	$ 36,724	$ 35,337

Nature of Business and Basis of

Nature of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, we operated 172 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, 2023 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. Reclassification A reclassification has been made on our December 31, 2023 condensed consolidated balance sheet in order to conform to the current period presentation. Specifically, our restricted cash and cash equivalents balance of $18.8 million at December 31, 2023 was reclassified out of Cash and cash equivalents and into a separate line item labeled Restricted cash and cash equivalents. This reclassification had no impact on our previously reported statements of operations or cash flows.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies 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, restricted 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 months ended March 31, 2024 and 2023. Financial Assets and Liabilities. At March 31, 2024 and December 31, 2023, the carrying value and fair value of our outstanding long-term debt was as follows: March 31, December 31, Carrying Value Fair Carrying Value Fair Long-term debt (1) $ 2,023,907 $ 2,022,145 $ 1,948,145 $ 1,934,695 (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 5, 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 months ended March 31, 2024 and 2023.

Supplemental Balance Sheet and

Supplemental Balance Sheet and Cash Flow Information	3 Months Ended
	Mar. 31, 2024
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: March 31, December 31, Property held for sale $ 10,622 $ 8,600 Construction contract receivables 22,499 25,280 Prepaid insurance 8,177 2,393 Prepaid software licenses and maintenance 8,127 5,481 Other 21,575 15,997 Prepaid expenses and other current assets $ 71,000 $ 57,751 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: March 31, December 31, Real estate taxes $ 27,935 $ 32,165 Accrued interest 38,687 38,723 Payroll liabilities 24,642 40,357 Self-insurance accruals 25,194 24,869 Corporate accruals 30,248 33,066 Other 14,844 16,125 Accrued expenses and other current liabilities $ 161,550 $ 185,305 Supplemental Cash Flow Information (Increases) decreases in operating assets and increases (decreases) in operating liabilities are as follows: Three Months Ended 2024 2023 Accounts receivable $ 732 $ (4,428) Center operating supplies and inventories (355) (577) Prepaid expenses and other current assets (14,664) (8,268) Income tax receivable 2,349 748 Other assets 5 82 Accounts payable (12,050) (8,921) Accrued expenses and other current liabilities (4,192) (8,353) Deferred revenue 3,756 5,920 Other liabilities 599 147 Changes in operating assets and liabilities $ (23,820) $ (23,650) Additional supplemental cash flow information is as follows: Three Months Ended 2024 2023 Net cash paid for income taxes, net of refunds received $ 1,546 $ 66 Cash payments for interest, net of capitalized interest 35,826 35,953 Capitalized interest 2,739 4,955 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 — 17,615 Finance leases 324 163 Right-of-use asset adjustments recognized as a result of the remeasurement of existing operating lease liabilities 187 18,869 Non-cash increase in financing obligations as a result of interest accretion 20 23

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 Membership dues and enrollment fees $ 425,411 $ 357,488 In-center revenue 155,074 140,264 Total center revenue 580,485 497,752 Other revenue 16,232 13,099 Total revenue $ 596,717 $ 510,851 The timing associated with the revenue we recognized during the three months ended March 31, 2024 and 2023 is as follows: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Center Other Total Center Other Total Goods and services transferred over time $ 516,833 $ 16,232 $ 533,065 $ 439,017 $ 13,099 $ 452,116 Goods and services transferred at a point in time 63,652 — 63,652 58,735 — 58,735 Total revenue $ 580,485 $ 16,232 $ 596,717 $ 497,752 $ 13,099 $ 510,851 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 March 31, 2024 and December 31, 2023 were $53.6 million and $49.9 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 March 31, 2024 and December 31, 2023 was $53.2 million and $49.3 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 March 31, 2024 and December 31, 2023

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following: March 31, December 31, 2023 Term Loan Facility, maturing January 2026 $ 310,000 $ 310,000 Revolving Credit Facility, maturing December 2026 220,000 90,000 5.75% Senior Secured Notes, maturing January 2026 925,000 925,000 8.00% Senior Unsecured Notes, maturing April 2026 475,000 475,000 Construction Loan, maturing February 2026 27,945 28,000 Mortgage Notes, various maturities 61,440 115,502 Other debt 4,122 4,122 Fair value adjustment 400 521 Total debt 2,023,907 1,948,145 Less unamortized debt discounts and issuance costs (13,466) (15,270) Total debt less unamortized debt discount and issuance costs 2,010,441 1,932,875 Less current maturities (23,261) (73,848) Long-term debt, less current maturities $ 1,987,180 $ 1,859,027 Term Loan Facility Loans under the Term Loan Facility bear interest at a floating rate per annum of, at our option, Term Secured Overnight Financing Rate (“SOFR”) plus an applicable credit adjustment spread ranging from 0.11448% to 0.42826% depending on the duration of borrowing plus the continued applicable margin of 4.00% or a base rate plus 3.00%. The applicable margins will increase to 4.25% and 3.25%, respectively, if our public corporate family ratings falls below B2 and B from Moody’s and S&P, respectively. We are not required to make principal payments on the Term Loan Facility prior to its maturity. Revolving Credit Facility At March 31, 2024, there were $220.0 million of outstanding borrowings under the $475.0 million Revolving Credit Facility and there were $30.9 million of outstanding letters of credit, resulting in total revolver availability of $224.1 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 three months ended March 31, 2024 was 9.26% and $183.6 million, respectively. The highest balance during that same period was $285.0 million. Mortgage Notes In February 2024, we fully paid at maturity the principal balance and remaining accrued interest associated with one of our Mortgage Notes totaling $51.0 million. Debt Covenants We are required to comply with certain affirmative and restrictive covenants under our Credit Facilities, Secured Notes, Unsecured Notes, Construction Loan 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 March 31, 2024, 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 March 31, 2024 were as follows: April 2024 through March 2025 $ 23,261 April 2025 through March 2026 1,275,530 April 2026 through March 2027 705,747 April 2027 through March 2028 15,799 April 2028 through March 2029 181 Thereafter 2,989 Total future maturities of long-term debt $ 2,023,507

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Share-Based Compensation Expense Share-based compensation expense for the three months ended March 31, 2024 and 2023 was $7.6 million and $5.6 million, respectively. Restricted Stock Units During the three months ended March 31, 2024 , the Company granted approximately 1.6 million restricted stock unit awards under the 2021 Incentive Award Plan, of which approximately 1.1 million were time-based vesting awards that vest in three four Performance Stock Units During the three months ended March 31, 2024 , the Company granted approximately 0.5 million three-year performance stock unit awards under the 2021 Incentive Award Plan, all of which were granted to our executives in connection with our long-term incentive compensation program. Approximately 0.3 million of the performance stock unit awards are based on our Adjusted EBITDA with performance determined each year for one-third of such award but the entire award does not vest until the end of the three year period and approximately 0.2 million of the performance stock unit awards are based on our leverage ratio at the end of each year with one-third vesting each year dependent on achieving the leverage ratio target for such year. We determine the grant date fair value of performance stock unit awards by multiplying the number of performance stock unit awards by the closing trading price of our common stock on the grant date. Other Share-Based Payment Awards Our Board of Directors determined in February 2024 that our 2023 performance exceeded the maximum performance metric under our short-term incentive program and issued corresponding shares of common stock to our employees. As a result, the $18.1 million liability we had recognized in connection with these liability-classified share-based payment awards, which was included in Accrued expenses and other current liabilities on our December 31, 2023 condensed consolidated balance sheet, was reclassified out of Accrued expenses and other current liabilities and into Common stock and Additional paid-in capital on our condensed consolidated balance sheet during the three months ended March 31, 2024.

Income Per Share

Income Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Income Per Share	Income Per Share For the three months ended March 31, 2024 and 2023 , o ur potentially dilutive securities included stock options, restricted stock units and shares to be issued under our employee stock purchase plan. The following table sets forth the calculation of basic and diluted income per share for the three months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 Net income $ 24,917 $ 27,460 Weighted-average common shares outstanding – basic 197,498 194,572 Dilutive effect of stock-based compensation awards 5,258 8,283 Weighted-average common shares outstanding – diluted 202,756 202,855 Income per common share – basic $ 0.13 $ 0.14 Income per common share – diluted $ 0.12 $ 0.14 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 months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 Stock options 6,849 6,044 Restricted stock units 354 693 Potential common shares excluded from the weighted average share calculations 7,203 6,737

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2024
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 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	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsIn preparing the accompanying condensed consolidated financial statements, we have evaluated the period from March 31, 2024 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
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 24,917	$ 27,460

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Erik Weaver [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Erik Weaver, the Company’s Senior Vice President, Interim Chief Financial Officer and Controller, has entered into sell-to-cover arrangements, which constitute “non-Rule 10b5-1 trading arrangements,” authorizing the pre-arranged sale of shares to satisfy tax withholding obligations of the Company arising exclusively from the vesting of restricted stock units and issuance of shares of the Company’s common stock. The amount of shares to be sold to satisfy the Company’s tax withholding obligations under these arrangements is dependent on future events which cannot be known at this time, including the future trading price of the Company’s common stock. The expiration date relating to these arrangements is dependent on future events which cannot be known at this time, including the vest date and any termination of service.
Name	Erik Weaver
Title	Senior Vice President, Interim Chief Financial Officer and Controller
Non-Rule 10b5-1 Arrangement Adopted	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	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, 2023 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.
Reclassification	Reclassification A reclassification has been made on our December 31, 2023 condensed consolidated balance sheet in order to conform to the current period presentation. Specifically, our restricted cash and cash equivalents balance of $18.8 million at December 31, 2023 was reclassified out of Cash and cash equivalents and into a separate line item labeled Restricted cash and cash equivalents. This reclassification had no impact on our previously reported statements of operations or cash flows.
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, restricted 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 months ended March 31, 2024 and 2023. Financial Assets and Liabilities. At March 31, 2024 and December 31, 2023, the carrying value and fair value of our outstanding long-term debt was as follows: March 31, December 31, Carrying Value Fair Carrying Value Fair Long-term debt (1) $ 2,023,907 $ 2,022,145 $ 1,948,145 $ 1,934,695 (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 5, 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 months ended March 31, 2024 and 2023.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Debt	At March 31, 2024 and December 31, 2023, the carrying value and fair value of our outstanding long-term debt was as follows: March 31, December 31, Carrying Value Fair Carrying Value Fair Long-term debt (1) $ 2,023,907 $ 2,022,145 $ 1,948,145 $ 1,934,695 (1) Excludes unamortized debt discounts and issuance costs.

Supplemental Balance Sheet an_2

Supplemental Balance Sheet and Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid Expenses	Prepaid expenses and other current assets consisted of the following: March 31, December 31, Property held for sale $ 10,622 $ 8,600 Construction contract receivables 22,499 25,280 Prepaid insurance 8,177 2,393 Prepaid software licenses and maintenance 8,127 5,481 Other 21,575 15,997 Prepaid expenses and other current assets $ 71,000 $ 57,751
Accrued Expenses	Accrued expenses and other current liabilities consisted of the following: March 31, December 31, Real estate taxes $ 27,935 $ 32,165 Accrued interest 38,687 38,723 Payroll liabilities 24,642 40,357 Self-insurance accruals 25,194 24,869 Corporate accruals 30,248 33,066 Other 14,844 16,125 Accrued expenses and other current liabilities $ 161,550 $ 185,305
Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: March 31, December 31, Real estate taxes $ 27,935 $ 32,165 Accrued interest 38,687 38,723 Payroll liabilities 24,642 40,357 Self-insurance accruals 25,194 24,869 Corporate accruals 30,248 33,066 Other 14,844 16,125 Accrued expenses and other current liabilities $ 161,550 $ 185,305
Supplemental Cash Flow Information	(Increases) decreases in operating assets and increases (decreases) in operating liabilities are as follows: Three Months Ended 2024 2023 Accounts receivable $ 732 $ (4,428) Center operating supplies and inventories (355) (577) Prepaid expenses and other current assets (14,664) (8,268) Income tax receivable 2,349 748 Other assets 5 82 Accounts payable (12,050) (8,921) Accrued expenses and other current liabilities (4,192) (8,353) Deferred revenue 3,756 5,920 Other liabilities 599 147 Changes in operating assets and liabilities $ (23,820) $ (23,650) Additional supplemental cash flow information is as follows: Three Months Ended 2024 2023 Net cash paid for income taxes, net of refunds received $ 1,546 $ 66 Cash payments for interest, net of capitalized interest 35,826 35,953 Capitalized interest 2,739 4,955 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 — 17,615 Finance leases 324 163 Right-of-use asset adjustments recognized as a result of the remeasurement of existing operating lease liabilities 187 18,869 Non-cash increase in financing obligations as a result of interest accretion 20 23

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 Membership dues and enrollment fees $ 425,411 $ 357,488 In-center revenue 155,074 140,264 Total center revenue 580,485 497,752 Other revenue 16,232 13,099 Total revenue $ 596,717 $ 510,851 The timing associated with the revenue we recognized during the three months ended March 31, 2024 and 2023 is as follows: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Center Other Total Center Other Total Goods and services transferred over time $ 516,833 $ 16,232 $ 533,065 $ 439,017 $ 13,099 $ 452,116 Goods and services transferred at a point in time 63,652 — 63,652 58,735 — 58,735 Total revenue $ 580,485 $ 16,232 $ 596,717 $ 497,752 $ 13,099 $ 510,851

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt Components	Debt consisted of the following: March 31, December 31, 2023 Term Loan Facility, maturing January 2026 $ 310,000 $ 310,000 Revolving Credit Facility, maturing December 2026 220,000 90,000 5.75% Senior Secured Notes, maturing January 2026 925,000 925,000 8.00% Senior Unsecured Notes, maturing April 2026 475,000 475,000 Construction Loan, maturing February 2026 27,945 28,000 Mortgage Notes, various maturities 61,440 115,502 Other debt 4,122 4,122 Fair value adjustment 400 521 Total debt 2,023,907 1,948,145 Less unamortized debt discounts and issuance costs (13,466) (15,270) Total debt less unamortized debt discount and issuance costs 2,010,441 1,932,875 Less current maturities (23,261) (73,848) Long-term debt, less current maturities $ 1,987,180 $ 1,859,027
Future Maturities of Long-Term Debt	Aggregate annual future maturities of long-term debt, excluding unamortized discounts, issuance costs and fair value adjustments, at March 31, 2024 were as follows: April 2024 through March 2025 $ 23,261 April 2025 through March 2026 1,275,530 April 2026 through March 2027 705,747 April 2027 through March 2028 15,799 April 2028 through March 2029 181 Thereafter 2,989 Total future maturities of long-term debt $ 2,023,507

Income Per Share (Tables)

Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Basic and Diluted Loss Per Share	The following table sets forth the calculation of basic and diluted income per share for the three months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 Net income $ 24,917 $ 27,460 Weighted-average common shares outstanding – basic 197,498 194,572 Dilutive effect of stock-based compensation awards 5,258 8,283 Weighted-average common shares outstanding – diluted 202,756 202,855 Income per common share – basic $ 0.13 $ 0.14 Income per common share – diluted $ 0.12 $ 0.14
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 months ended March 31, 2024 and 2023: Three Months Ended 2024 2023 Stock options 6,849 6,044 Restricted stock units 354 693 Potential common shares excluded from the weighted average share calculations 7,203 6,737

Nature of Business and Basis _2

Nature of Business and Basis of Presentation (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) province center state segment	Dec. 31, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of centers | center	172
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
Restricted cash and cash equivalents | $	$ 18,126	$ 18,805

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Carrying Value	$ 2,023,907	$ 1,948,145
Fair Value	$ 2,022,145	$ 1,934,695

Supplemental Balance Sheet an_3

Supplemental Balance Sheet and Cash Flow Information - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Property held for sale	$ 10,622	$ 8,600
Construction contract receivables	22,499	25,280
Prepaid insurance	8,177	2,393
Prepaid software licenses and maintenance	8,127	5,481
Other	21,575	15,997
Prepaid expenses and other current assets	$ 71,000	$ 57,751

Supplemental Balance Sheet an_4

Supplemental Balance Sheet and Cash Flow Information - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Real estate taxes	$ 27,935	$ 32,165
Accrued interest	38,687	38,723
Payroll liabilities	24,642	40,357
Self-insurance accruals	25,194	24,869
Corporate accruals	30,248	33,066
Other	14,844	16,125
Accrued expenses and other current liabilities	$ 161,550	$ 185,305

Supplemental Balance Sheet an_5

Supplemental Balance Sheet and Cash Flow Information - Changes in Operating Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 732	$ (4,428)
Center operating supplies and inventories	(355)	(577)
Prepaid expenses and other current assets	(14,664)	(8,268)
Income tax receivable	2,349	748
Other assets	5	82
Accounts payable	(12,050)	(8,921)
Accrued expenses and other current liabilities	(4,192)	(8,353)
Deferred revenue	3,756	5,920
Other liabilities	599	147
Changes in operating assets and liabilities	$ (23,820)	$ (23,650)

Supplemental Balance Sheet an_6

Supplemental Balance Sheet and Cash Flow Information - Additional Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net cash paid for income taxes, net of refunds received	$ 1,546	$ 66
Cash payments for interest, net of capitalized interest	35,826	35,953
Capitalized interest	2,739	4,955
Non-cash activity:
Issuances of common stock in connection with business acquisitions	0	1,472
Right-of-use assets obtained in exchange for initial lease liabilities:
Operating leases	0	17,615
Finance leases	324	163
Right-of-use asset adjustments recognized as a result of the remeasurement of existing operating lease liabilities	187	18,869
Non-cash increase in financing obligations as a result of interest accretion	$ 20	$ 23

Revenue - Revenue by Major Reve

Revenue - Revenue by Major Revenue Stream (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 596,717	$ 510,851
Total center revenue
Disaggregation of Revenue [Line Items]
Total revenue	580,485	497,752
Membership dues and enrollment fees
Disaggregation of Revenue [Line Items]
Total revenue	425,411	357,488
In-center revenue
Disaggregation of Revenue [Line Items]
Total revenue	155,074	140,264
Other revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 16,232	$ 13,099

Revenue - Revenue by Timing (De

Revenue - Revenue by Timing (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 596,717	$ 510,851
Goods and services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	533,065	452,116
Goods and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	63,652	58,735
Center revenue
Disaggregation of Revenue [Line Items]
Total revenue	580,485	497,752
Center revenue | Goods and services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	516,833	439,017
Center revenue | Goods and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	63,652	58,735
Other revenue
Disaggregation of Revenue [Line Items]
Total revenue	16,232	13,099
Other revenue | Goods and services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	16,232	13,099
Other revenue | Goods and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	$ 0	$ 0

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 53,600	$ 49,900
Contract liabilities, current	53,217	49,299
Contract liabilities, long-term	$ 400	$ 600

Debt - Components (Details)

Debt - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying Value	$ 2,023,507
Fair value adjustment	400	$ 521
Total debt	2,023,907	1,948,145
Less unamortized debt discounts and issuance costs	(13,466)	(15,270)
Total debt less unamortized debt discount and issuance costs	2,010,441	1,932,875
Less current maturities	(23,261)	(73,848)
Long-term debt, less current maturities	1,987,180	1,859,027
Term Loan Facility
Debt Instrument [Line Items]
Carrying Value	310,000	310,000
Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Carrying Value	220,000	90,000
Secured Notes
Debt Instrument [Line Items]
Carrying Value	$ 925,000	925,000
Interest rate	5.75%
Unsecured Notes
Debt Instrument [Line Items]
Carrying Value	$ 475,000	475,000
Interest rate	8%
Construction Loan
Debt Instrument [Line Items]
Carrying Value	$ 27,945	28,000
Mortgage Notes, various maturities
Debt Instrument [Line Items]
Carrying Value	61,440	115,502
Other debt
Debt Instrument [Line Items]
Carrying Value	$ 4,122	$ 4,122

Debt - Term Loan Facility (Deta

Debt - Term Loan Facility (Details)	3 Months Ended
	Mar. 31, 2024
Term Loan Facility | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	4.25%
Term Loan Facility | Base rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	3.25%
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%
Minimum | Term Loan Facility | Prime Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	0.11448%
Minimum | Term Loan Facility | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	4%
Minimum | Term Loan Facility | Base rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	3%
Maximum | Term Loan Facility | Prime Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	0.42826%

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility and Mortgage Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Line of Credit Facility [Line Items]
Outstanding balance	$ 2,023,507
Repayment of principal balance	54,117	$ 3,701
Revolving Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Outstanding balance	220,000		$ 90,000
Borrowing capacity	475,000
Available capacity	$ 224,100
Weighted average interest rate	9.26%
Weighted average amount outstanding	$ 183,600
Highest month-end balance	$ 285,000
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	$ 30,900

Debt - Mortgage Notes (Details)

Debt - Mortgage Notes (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 29, 2024	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Repayment of principal balance		$ 54,117	$ 3,701
Mortgage Notes, various maturities
Debt Instrument [Line Items]
Repayment of principal balance	$ 51,000

Debt - Debt Covenants (Details)

Debt - Debt Covenants (Details) - Revolving Credit Facility - Revolving Credit Facility $ in Millions	Mar. 31, 2024 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	Mar. 31, 2024 USD ($)
Debt Disclosure [Abstract]
April 2024 through March 2025	$ 23,261
April 2025 through March 2026	1,275,530
April 2026 through March 2027	705,747
April 2027 through March 2028	15,799
April 2028 through March 2029	181
Thereafter	2,989
Total future maturities of long-term debt	$ 2,023,507

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 7,600	$ 5,600
Accrued expenses and other current liabilities	$ 161,550		$ 185,305
Equity Plan 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued expenses and other current liabilities			$ 18,100
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	1.6
Restricted Stock Units Time Vested
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	1.1
Restricted Stock Units Time Vested | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted Stock Units Time Vested | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Restricted Stock Units Performance Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	0.5
Performance Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	0.5
Vesting period	3 years
Percentage of shares to vest	33%
Performance Shares, Leverage Ratio
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	0.2
Performance Shares, Adjusted EBITDA
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	0.3

Income Per Share - Basic and Di

Income Per Share - Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 24,917	$ 27,460
Weighted average common shares outstanding - basic (in shares)	197,498	194,572
Dilutive effect of stock-based compensation awards (in shares)	5,258	8,283
Weighted average common shares outstanding - diluted (in shares)	202,756	202,855
Income per common share – basic (in usd per share)	$ 0.13	$ 0.14
Income per common share – diluted (in usd per share)	$ 0.12	$ 0.14

Income Per Share - Potential Co

Income Per Share - Potential Common Shares Excluded from Computation of Diluted Income Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from the weighted average share calculations (in shares)	7,203	6,737
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)	6,849	6,044
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)	354	693