Life Time (LTH) 10-Q 1 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		199,389,627
Entity Central Index Key	0001869198
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 34,527	$ 11,161
Restricted cash and cash equivalents	14,831	18,805
Accounts receivable, net	25,204	23,903
Center operating supplies and inventories	54,539	52,803
Prepaid expenses and other current assets	58,825	57,751
Income tax receivable	8,153	10,101
Total current assets	196,079	174,524
Property and equipment, net	3,146,740	3,171,616
Goodwill	1,235,359	1,235,359
Operating lease right-of-use assets	2,297,649	2,202,601
Intangible assets, net	172,196	172,127
Other assets	76,230	75,914
Total assets	7,124,253	7,032,141
Current liabilities:
Accounts payable	78,172	81,252
Construction accounts payable	53,070	108,730
Deferred revenue	51,864	49,299
Accrued expenses and other current liabilities	183,625	185,305
Current maturities of debt	12,755	73,848
Current maturities of operating lease liabilities	62,090	58,764
Total current liabilities	441,576	557,198
Long-term debt, net of current portion	1,830,241	1,859,027
Operating lease liabilities, net of current portion	2,374,522	2,268,863
Deferred income taxes, net	68,440	56,066
Other liabilities	41,977	36,875
Total liabilities	4,756,756	4,778,029
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock, $0.01 par value per share; 500,000 shares authorized; 199,052 and 196,671 shares issued and outstanding, respectively.	1,990	1,967
Additional paid-in capital	2,873,839	2,835,883
Accumulated deficit	(499,091)	(576,813)
Accumulated other comprehensive loss	(9,241)	(6,925)
Total stockholders’ equity	2,367,497	2,254,112
Total liabilities and stockholders’ equity	$ 7,124,253	$ 7,032,141

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 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)	199,052	196,671
Common stock, outstanding (in shares)	199,052	196,671

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Total revenue	$ 667,761	$ 561,731	$ 1,264,478	$ 1,072,582
Operating expenses:
Cost, Product and Service [Extensible Enumeration]	Center revenue	Center revenue	Center revenue	Center revenue
Center operations	$ 355,510	$ 302,603	$ 677,410	$ 576,712
Rent	74,947	67,434	147,229	133,971
General, administrative and marketing	53,246	52,840	102,099	95,337
Depreciation and amortization	69,714	58,252	135,617	116,449
Other operating expense	9,588	28,194	25,310	30,321
Total operating expenses	563,005	509,323	1,087,665	952,790
Income from operations	104,756	52,408	176,813	119,792
Other (expense) income:
Interest expense, net of interest income	(37,669)	(31,979)	(75,072)	(63,174)
Equity in (loss) earnings of affiliates	(464)	88	(287)	231
Total other expense	(38,133)	(31,891)	(75,359)	(62,943)
Income before income taxes	66,623	20,517	101,454	56,849
Provision for income taxes	13,818	3,513	23,732	12,385
Net income	$ 52,805	$ 17,004	$ 77,722	$ 44,464
Income per common share:
Basic (in usd per share)	$ 0.27	$ 0.09	$ 0.39	$ 0.23
Diluted (in usd per share)	$ 0.26	$ 0.08	$ 0.38	$ 0.22
Weighted-average common shares outstanding:
Basic (in shares)	198,903	195,476	198,200	195,026
Diluted (in shares)	206,044	204,821	204,851	203,872
Cost, Product and Service [Extensible Enumeration]	Center revenue	Center revenue	Center revenue	Center revenue
Center revenue
Revenue:
Total revenue	$ 645,007	$ 542,125	$ 1,225,492	$ 1,039,877
Other revenue
Revenue:
Total revenue	$ 22,754	$ 19,606	$ 38,986	$ 32,705

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 52,805	$ 17,004	$ 77,722	$ 44,464
Foreign currency translation adjustments, net of tax of $0	(649)	1,894	(2,316)	1,962
Comprehensive income	$ 52,156	$ 18,898	$ 75,406	$ 46,426

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
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, 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	44,464			44,464
Other comprehensive income (loss)	1,962				1,962
Share-based compensation	13,937		13,937
Stock option exercises (in shares)		1,210
Stock option exercises	13,276	$ 12	13,264
Issuance of common shares in connection with the vesting of restricted stock units (in shares)		337
Issuances of common stock in connection with the vesting of restricted stock units	(110)	$ 3	(113)
Issuances of common stock in connection with the employee stock purchase plan (in shares)		123
Issuances of common stock in connection with the employee stock purchase plan	1,450	$ 1	1,449
Issuance of common stock in connection with a business acquisitions (in shares)		90
Issuances of common stock in connection with business acquisitions	1,472	$ 1	1,471
Ending balance (in shares) at Jun. 30, 2023		196,031
Ending balance at Jun. 30, 2023	2,200,712	$ 1,960	2,814,424	(608,412)	(7,260)
Beginning balance (in shares) at Mar. 31, 2023		194,998
Beginning balance at Mar. 31, 2023	2,162,037	$ 1,950	2,794,657	(625,416)	(9,154)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	17,004			17,004
Other comprehensive income (loss)	1,894				1,894
Share-based compensation	8,515		8,515
Stock option exercises (in shares)		883
Stock option exercises	9,820	$ 9	9,811
Issuance of common shares in connection with the vesting of restricted stock units (in shares)		27
Issuances of common stock in connection with the vesting of restricted stock units	(8)		(8)
Issuances of common stock in connection with the employee stock purchase plan (in shares)		123
Issuances of common stock in connection with the employee stock purchase plan	1,450	$ 1	1,449
Ending balance (in shares) at Jun. 30, 2023		196,031
Ending balance at Jun. 30, 2023	$ 2,200,712	$ 1,960	2,814,424	(608,412)	(7,260)
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	77,722			77,722
Other comprehensive income (loss)	(2,316)				(2,316)
Share-based compensation	17,951		17,951
Stock option exercises (in shares)		145
Stock option exercises	1,490	$ 1	1,489
Issuance of common shares in connection with the vesting of restricted stock units (in shares)		686
Issuances of common stock in connection with the vesting of restricted stock units	(982)	$ 6	(988)
Issuances of common stock in connection with the employee stock purchase plan (in shares)		103
Issuances of common stock in connection with the employee stock purchase plan	1,462	$ 1	1,461
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 Jun. 30, 2024	199,052	199,052
Ending balance at Jun. 30, 2024	$ 2,367,497	$ 1,990	2,873,839	(499,091)	(9,241)
Beginning balance (in shares) at Mar. 31, 2024		198,791
Beginning balance at Mar. 31, 2024	2,302,859	$ 1,988	2,861,359	(551,896)	(8,592)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	52,805			52,805
Other comprehensive income (loss)	(649)				(649)
Share-based compensation	10,120		10,120
Stock option exercises (in shares)		98
Stock option exercises	1,006	$ 1	1,005
Issuance of common shares in connection with the vesting of restricted stock units (in shares)		60
Issuances of common stock in connection with the vesting of restricted stock units	(106)		(106)
Issuances of common stock in connection with the employee stock purchase plan (in shares)		103
Issuances of common stock in connection with the employee stock purchase plan	$ 1,462	$ 1	1,461
Ending balance (in shares) at Jun. 30, 2024	199,052	199,052
Ending balance at Jun. 30, 2024	$ 2,367,497	$ 1,990	$ 2,873,839	$ (499,091)	$ (9,241)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 77,722	$ 44,464
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	135,617	116,449
Deferred income taxes	12,505	5,864
Share-based compensation	18,698	22,171
Non-cash rent expense	13,650	17,630
Impairment charges associated with long-lived assets	1,420	1,280
(Gain) loss on disposal of property and equipment, net	(11,067)	904
Amortization of debt discounts and issuance costs	4,006	3,919
Changes in operating assets and liabilities	5,642	6,734
Other	2,637	(3,124)
Net cash provided by operating activities	260,830	216,291
Cash flows from investing activities:
Capital expenditures	(301,107)	(337,076)
Proceeds from Sale of Other Property, Plant, and Equipment	142,671	78,040
Proceeds from the sale of land	6,328	0
Other	(2,173)	(462)
Net cash used in investing activities	(154,281)	(259,498)
Cash flows from financing activities:
Proceeds from borrowings	0	44,291
Repayments of debt	(67,647)	(7,430)
Proceeds from revolving credit facility	670,000	620,000
Repayments of revolving credit facility	(695,000)	(620,000)
Repayments of finance lease liabilities	(403)	(508)
Proceeds from financing obligations	4,300	0
Payments of debt discounts and issuance costs	0	(2,550)
Proceeds from stock option exercises	1,490	13,276
Proceeds from issuances of common stock in connection with the employee stock purchase plan	1,462	1,450
Other	(1,304)	(109)
Net cash (used in) provided by financing activities	(87,102)	48,420
Effect of exchange rates on cash and cash equivalents and restricted cash and cash equivalents	(55)	136
Increase in cash and cash equivalents and restricted cash and cash equivalents	19,392	5,349
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	$ 49,358	$ 30,858

Nature of Business and Basis of

Nature of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 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 June 30, 2024, we operated 175 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023. Financial Assets and Liabilities. At June 30, 2024 and December 31, 2023, the carrying value and fair value of our outstanding long-term debt was as follows: June 30, December 31, Carrying Value Fair Carrying Value Fair Long-term debt (1) $ 1,854,657 $ 1,853,245 $ 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 and six months ended June 30, 2024 and 2023.

Supplemental Balance Sheet and

Supplemental Balance Sheet and Cash Flow Information	6 Months Ended
	Jun. 30, 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: June 30, December 31, Property held for sale $ 8,600 $ 8,600 Construction contract receivables 18,392 25,280 Prepaid insurance 5,680 2,393 Prepaid commissions 5,683 5,059 Prepaid software licenses and maintenance 6,729 5,481 Other 13,741 10,938 Prepaid expenses and other current assets $ 58,825 $ 57,751 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: June 30, December 31, Real estate taxes $ 33,863 $ 32,165 Accrued interest 40,469 38,723 Payroll liabilities 31,614 40,357 Self-insurance accruals 26,422 24,869 Corporate accruals 31,016 33,066 Other 20,241 16,125 Accrued expenses and other current liabilities $ 183,625 $ 185,305 Supplemental Cash Flow Information (Increases) decreases in operating assets and increases (decreases) in operating liabilities are as follows: Six Months Ended 2024 2023 Accounts receivable $ (1,802) $ (6,610) Center operating supplies and inventories (1,761) (2,476) Prepaid expenses and other current assets (8,630) (2,510) Income tax receivable 1,947 (5,921) Other assets 10 131 Accounts payable (2,875) 9,619 Accrued expenses and other current liabilities 16,014 8,896 Deferred revenue 2,259 4,664 Other liabilities 480 941 Changes in operating assets and liabilities $ 5,642 $ 6,734 Additional supplemental cash flow information is as follows: Six Months Ended 2024 2023 Net cash paid for income taxes, net of refunds received $ 9,235 $ 12,445 Cash payments for interest, net of capitalized interest 69,984 57,380 Capitalized interest 3,962 9,756 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 128,486 58,419 Finance leases 705 605 Right-of-use asset adjustments recognized as a result of the remeasurement of existing operating lease liabilities 4,631 16,429 Non-cash increase in operating lease right-of-use assets associated with below-market sale-leaseback transactions — 5,900 Non-cash increase in financing obligations as a result of interest accretion 70 46

Revenue

Revenue	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 Membership dues and enrollment fees $ 462,696 $ 387,115 $ 888,107 $ 744,603 In-center revenue 182,311 155,010 337,385 295,274 Total center revenue 645,007 542,125 1,225,492 1,039,877 Other revenue 22,754 19,606 38,986 32,705 Total revenue $ 667,761 $ 561,731 $ 1,264,478 $ 1,072,582 The timing associated with the revenue we recognized during the three months ended June 30, 2024 and 2023 is as follows: Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Center Other Total Center Other Total Goods and services transferred over time $ 567,920 $ 22,754 $ 590,674 $ 476,332 $ 19,606 $ 495,938 Goods and services transferred at a point in time 77,087 — 77,087 65,793 — 65,793 Total revenue $ 645,007 $ 22,754 $ 667,761 $ 542,125 $ 19,606 $ 561,731 The timing associated with the revenue we recognized during the six months ended June 30, 2024 and 2023 is as follows: Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Center Other Total Center Other Total Goods and services transferred over time $ 1,084,753 $ 38,986 $ 1,123,739 $ 915,349 $ 32,705 $ 948,054 Goods and services transferred at a point in time 140,739 — 140,739 124,528 — 124,528 Total revenue $ 1,225,492 $ 38,986 $ 1,264,478 $ 1,039,877 $ 32,705 $ 1,072,582 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 in-center services offerings, as well as our media and athletic events. Contract liabilities at June 30, 2024 and December 31, 2023 were $52.1 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 June 30, 2024 and December 31, 2023 was $51.9 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 June 30, 2024 and December 31, 2023

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following: June 30, December 31, 2023 Term Loan Facility, maturing January 2026 $ 310,000 $ 310,000 Revolving Credit Facility, maturing December 2026 65,000 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 27,973 28,000 Mortgage Notes, various maturities 47,882 115,502 Other debt 3,440 4,122 Fair value adjustment 362 521 Total debt 1,854,657 1,948,145 Less unamortized debt discounts and issuance costs (11,661) (15,270) Total debt less unamortized debt discount and issuance costs 1,842,996 1,932,875 Less current maturities (12,755) (73,848) Long-term debt, less current maturities $ 1,830,241 $ 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 June 30, 2024, there were $65.0 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 $379.1 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%. During the three months ended June 30, 2024, we amended the credit agreement governing the Revolving Credit Facility to replace the Canadian Dollar Offered Rate (CDOR), which ceased at the end of June 2024, with the Canadian Overnight Repo Rate Average (CORRA). We do not have any outstanding borrowings in Canadian dollars under the Revolving Credit Facility. The weighted average interest rate and debt outstanding under the Revolving Credit Facility for the six months ended June 30, 2024 was 9.51% and $187.7 million , respectively. The highest balance during that same period was $285.0 million. Mortgage Notes During the six months ended June 30, 2024 , we fully paid at maturity the principal balance and remaining accrued interest associated with two of our Mortgage Notes totaling $62.9 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 June 30, 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 June 30, 2024 were as follows: July 2024 through June 2025 $ 12,755 July 2025 through June 2026 1,750,386 July 2026 through June 2027 86,816 July 2027 through June 2028 1,495 July 2028 through June 2029 173 Thereafter 2,670 Total future maturities of long-term debt $ 1,854,295

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases Sale-Leaseback Transactions During the six months ended June 30, 2024 , we entered into and consummated sale-leaseback transactions with two unrelated third parties. Under these transactions, we sold four properties for gross proceeds of $147.9 million , which was reduced by transaction costs of $0.9 million , for net cash proceeds of $147.0 million . The estimated fair value of the properties sold was $143.6 million . Accordingly, the aggregate cash sales price associated with these arrangements was decreased by a $4.3 million aggregate off-market adjustment to $142.7 million . This aggregate off-market adjustment was recognized as financing obligations and the proceeds are reported within financing activities on our condensed consolidated statement of cash flows. During the six months ended June 30, 2024, we recognized a net gain of $7.5 million on the sale-leaseback transactions, which is inclu ded in Other operating expense in o ur condensed consolidated statement of operations. Right-of-use assets and lease liabilities recognized in connection with these sale-leaseback transactions were $93.6 million and $92.8 million , respectively.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Share-Based Compensation Expense Share-based compensation expense for the three months ended June 30, 2024 was $11.1 million, of which $10.1 million and $1.0 million was associated with equity-classified awards and liability-classified awards, respectively. Share-based compensation expense for the six months ended June 30, 2024 was $18.7 million, of which $18.0 million and $0.7 million was associated with equity-classified awards and liability-classified awards, respectively. Share-based compensation expense for the three months ended June 30, 2023 was $16.5 million, of which $8.5 million and $8.0 million was associated with equity-classified awards and liability-classified awards, respectively. Share-based compensation expense for the six months ended June 30, 2023 was $22.2 million, of which $13.9 million and $8.3 million was associated with equity-classified awards and liability-classified awards, respectively. Restricted Stock Units During the six months ended June 30, 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 and approximately 0.5 million were performance-based vesting awards granted to our executives in connection with our short-term incentive compensation program. We determine the grant date fair value of restricted stock unit awards by multiplying the number of restricted stock unit awards by the closing trading price of our common stock on the grant date. Performance Stock Units During the six months ended June 30, 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 In the event specified performance metrics are met under our 2024 incentive compensation program for team members who are not executive officers, awards thereunder will be paid out in cash or through the issuance of fully-vested shares of the Company’s common stock or a combination thereof at the time of such performance determination in 2025. As of June 30, 2024, we expect that these awards will be settled in a combination of cash and shares of the Company’s common stock. Because the portion of incentive compensation that we currently expect to pay through the issuance of shares of the Company’s common stock represents a fixed dollar that, if payable, will be settled in a variable number of shares of the Company’s common stock, we are currently accounting for this portion of these awards as liability-classified share-based payment awards. Accordingly, the offset to the share-based compensation expense we have recognized in connection with these awards during the six months ended June 30, 2024 is included in Accrued expenses and other current liabilities on our June 30, 2024 condensed consolidated balance sheet. In February 2024, our Board of Directors determined that our 2023 performance exceeded the maximum performance metric under our 2023 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 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 six months ended June 30, 2024.

Income Per Share

Income Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Income Per Share	Income Per Share For the three and six months ended June 30, 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 and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 Net income $ 52,805 $ 17,004 $ 77,722 $ 44,464 Weighted-average common shares outstanding – basic 198,903 195,476 198,200 195,026 Dilutive effect of stock-based compensation awards 7,141 9,345 6,651 8,846 Weighted-average common shares outstanding – diluted 206,044 204,821 204,851 203,872 Income per common share – basic $ 0.27 $ 0.09 $ 0.39 $ 0.23 Income per common share – diluted $ 0.26 $ 0.08 $ 0.38 $ 0.22 The following is a summary of potential shares of common stock that were antidilutive and excluded from the weighted average share computations for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 Stock options 5,843 5,370 5,843 6,310 Restricted stock units 382 766 382 824 Potential common shares excluded from the weighted average share calculations 6,225 6,136 6,225 7,134

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Jun. 30, 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 projects. The Court granted Zurich’s dispositive motions on July 25, 2024, dismissing Life Time’s claims with prejudice, and entered judgment on July 26, 2024. Life Time intends to appeal from that judgment, in whole or in part, to the Minnesota Court of Appeals. 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	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 29, 2024, the Company entered into an agreement for the sale-leaseback of one property for gross proceeds of $25.0 million. The closing on this property is expected to be completed early in the fourth quarter 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 52,805	$ 17,004	$ 77,722	$ 44,464

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023. Financial Assets and Liabilities. At June 30, 2024 and December 31, 2023, the carrying value and fair value of our outstanding long-term debt was as follows: June 30, December 31, Carrying Value Fair Carrying Value Fair Long-term debt (1) $ 1,854,657 $ 1,853,245 $ 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 and six months ended June 30, 2024 and 2023.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Debt	At June 30, 2024 and December 31, 2023, the carrying value and fair value of our outstanding long-term debt was as follows: June 30, December 31, Carrying Value Fair Carrying Value Fair Long-term debt (1) $ 1,854,657 $ 1,853,245 $ 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)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Prepaid Expenses	Prepaid expenses and other current assets consisted of the following: June 30, December 31, Property held for sale $ 8,600 $ 8,600 Construction contract receivables 18,392 25,280 Prepaid insurance 5,680 2,393 Prepaid commissions 5,683 5,059 Prepaid software licenses and maintenance 6,729 5,481 Other 13,741 10,938 Prepaid expenses and other current assets $ 58,825 $ 57,751
Schedule of Accrued Expenses	Accrued expenses and other current liabilities consisted of the following: June 30, December 31, Real estate taxes $ 33,863 $ 32,165 Accrued interest 40,469 38,723 Payroll liabilities 31,614 40,357 Self-insurance accruals 26,422 24,869 Corporate accruals 31,016 33,066 Other 20,241 16,125 Accrued expenses and other current liabilities $ 183,625 $ 185,305
Schedule of Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: June 30, December 31, Real estate taxes $ 33,863 $ 32,165 Accrued interest 40,469 38,723 Payroll liabilities 31,614 40,357 Self-insurance accruals 26,422 24,869 Corporate accruals 31,016 33,066 Other 20,241 16,125 Accrued expenses and other current liabilities $ 183,625 $ 185,305
Schedule of Supplemental Cash Flow Information	(Increases) decreases in operating assets and increases (decreases) in operating liabilities are as follows: Six Months Ended 2024 2023 Accounts receivable $ (1,802) $ (6,610) Center operating supplies and inventories (1,761) (2,476) Prepaid expenses and other current assets (8,630) (2,510) Income tax receivable 1,947 (5,921) Other assets 10 131 Accounts payable (2,875) 9,619 Accrued expenses and other current liabilities 16,014 8,896 Deferred revenue 2,259 4,664 Other liabilities 480 941 Changes in operating assets and liabilities $ 5,642 $ 6,734 Additional supplemental cash flow information is as follows: Six Months Ended 2024 2023 Net cash paid for income taxes, net of refunds received $ 9,235 $ 12,445 Cash payments for interest, net of capitalized interest 69,984 57,380 Capitalized interest 3,962 9,756 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 128,486 58,419 Finance leases 705 605 Right-of-use asset adjustments recognized as a result of the remeasurement of existing operating lease liabilities 4,631 16,429 Non-cash increase in operating lease right-of-use assets associated with below-market sale-leaseback transactions — 5,900 Non-cash increase in financing obligations as a result of interest accretion 70 46

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 Membership dues and enrollment fees $ 462,696 $ 387,115 $ 888,107 $ 744,603 In-center revenue 182,311 155,010 337,385 295,274 Total center revenue 645,007 542,125 1,225,492 1,039,877 Other revenue 22,754 19,606 38,986 32,705 Total revenue $ 667,761 $ 561,731 $ 1,264,478 $ 1,072,582 The timing associated with the revenue we recognized during the three months ended June 30, 2024 and 2023 is as follows: Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Center Other Total Center Other Total Goods and services transferred over time $ 567,920 $ 22,754 $ 590,674 $ 476,332 $ 19,606 $ 495,938 Goods and services transferred at a point in time 77,087 — 77,087 65,793 — 65,793 Total revenue $ 645,007 $ 22,754 $ 667,761 $ 542,125 $ 19,606 $ 561,731 The timing associated with the revenue we recognized during the six months ended June 30, 2024 and 2023 is as follows: Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Center Other Total Center Other Total Goods and services transferred over time $ 1,084,753 $ 38,986 $ 1,123,739 $ 915,349 $ 32,705 $ 948,054 Goods and services transferred at a point in time 140,739 — 140,739 124,528 — 124,528 Total revenue $ 1,225,492 $ 38,986 $ 1,264,478 $ 1,039,877 $ 32,705 $ 1,072,582

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt Components	Debt consisted of the following: June 30, December 31, 2023 Term Loan Facility, maturing January 2026 $ 310,000 $ 310,000 Revolving Credit Facility, maturing December 2026 65,000 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 27,973 28,000 Mortgage Notes, various maturities 47,882 115,502 Other debt 3,440 4,122 Fair value adjustment 362 521 Total debt 1,854,657 1,948,145 Less unamortized debt discounts and issuance costs (11,661) (15,270) Total debt less unamortized debt discount and issuance costs 1,842,996 1,932,875 Less current maturities (12,755) (73,848) Long-term debt, less current maturities $ 1,830,241 $ 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 June 30, 2024 were as follows: July 2024 through June 2025 $ 12,755 July 2025 through June 2026 1,750,386 July 2026 through June 2027 86,816 July 2027 through June 2028 1,495 July 2028 through June 2029 173 Thereafter 2,670 Total future maturities of long-term debt $ 1,854,295

Income Per Share (Tables)

Income Per Share (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 Net income $ 52,805 $ 17,004 $ 77,722 $ 44,464 Weighted-average common shares outstanding – basic 198,903 195,476 198,200 195,026 Dilutive effect of stock-based compensation awards 7,141 9,345 6,651 8,846 Weighted-average common shares outstanding – diluted 206,044 204,821 204,851 203,872 Income per common share – basic $ 0.27 $ 0.09 $ 0.39 $ 0.23 Income per common share – diluted $ 0.26 $ 0.08 $ 0.38 $ 0.22
Potential Common Shares Excluded from Computation of Diluted Loss Per Share	The following is a summary of potential shares of common stock that were antidilutive and excluded from the weighted average share computations for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 Stock options 5,843 5,370 5,843 6,310 Restricted stock units 382 766 382 824 Potential common shares excluded from the weighted average share calculations 6,225 6,136 6,225 7,134

Nature of Business and Basis _2

Nature of Business and Basis of Presentation (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) province state segment center	Dec. 31, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of centers | center	175
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 | $	$ 14,831	$ 18,805

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Carrying Value	$ 1,854,657	$ 1,948,145
Fair Value	$ 1,853,245	$ 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	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Property held for sale	$ 8,600	$ 8,600
Construction contract receivables	18,392	25,280
Prepaid insurance	5,680	2,393
Prepaid commissions	5,683	5,059
Prepaid software licenses and maintenance	6,729	5,481
Other	13,741	10,938
Prepaid expenses and other current assets	$ 58,825	$ 57,751

Supplemental Balance Sheet an_4

Supplemental Balance Sheet and Cash Flow Information - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Real estate taxes	$ 33,863	$ 32,165
Accrued interest	40,469	38,723
Payroll liabilities	31,614	40,357
Self-insurance accruals	26,422	24,869
Corporate accruals	31,016	33,066
Other	20,241	16,125
Accrued expenses and other current liabilities	$ 183,625	$ 185,305

Supplemental Balance Sheet an_5

Supplemental Balance Sheet and Cash Flow Information - Changes in Operating Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ (1,802)	$ (6,610)
Center operating supplies and inventories	(1,761)	(2,476)
Prepaid expenses and other current assets	(8,630)	(2,510)
Income tax receivable	1,947	(5,921)
Other assets	10	131
Accounts payable	(2,875)	9,619
Accrued expenses and other current liabilities	16,014	8,896
Deferred revenue	2,259	4,664
Other liabilities	480	941
Changes in operating assets and liabilities	$ 5,642	$ 6,734

Supplemental Balance Sheet an_6

Supplemental Balance Sheet and Cash Flow Information - Additional Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net cash paid for income taxes, net of refunds received	$ 9,235	$ 12,445
Cash payments for interest, net of capitalized interest	69,984	57,380
Capitalized interest	3,962	9,756
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	128,486	58,419
Finance leases	705	605
Right-of-use asset adjustments recognized as a result of the remeasurement of existing operating lease liabilities	4,631	16,429
Non-cash increase in operating lease right-of-use assets associated with below-market sale-leaseback transactions	0	5,900
Non-cash increase in financing obligations as a result of interest accretion	$ 70	$ 46

Revenue - Revenue by Major Reve

Revenue - Revenue by Major Revenue Stream (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 667,761	$ 561,731	$ 1,264,478	$ 1,072,582
Total center revenue
Disaggregation of Revenue [Line Items]
Total revenue	645,007	542,125	1,225,492	1,039,877
Membership dues and enrollment fees
Disaggregation of Revenue [Line Items]
Total revenue	462,696	387,115	888,107	744,603
In-center revenue
Disaggregation of Revenue [Line Items]
Total revenue	182,311	155,010	337,385	295,274
Other revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 22,754	$ 19,606	$ 38,986	$ 32,705

Revenue - Revenue by Timing (De

Revenue - Revenue by Timing (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 667,761	$ 561,731	$ 1,264,478	$ 1,072,582
Goods and services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	590,674	495,938	1,123,739	948,054
Goods and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	77,087	65,793	140,739	124,528
Center revenue
Disaggregation of Revenue [Line Items]
Total revenue	645,007	542,125	1,225,492	1,039,877
Center revenue | Goods and services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	567,920	476,332	1,084,753	915,349
Center revenue | Goods and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	77,087	65,793	140,739	124,528
Other revenue
Disaggregation of Revenue [Line Items]
Total revenue	22,754	19,606	38,986	32,705
Other revenue | Goods and services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	22,754	19,606	38,986	32,705
Other revenue | Goods and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	$ 0	$ 0	$ 0	$ 0

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 52,100	$ 49,900
Contract liabilities, current	51,864	49,299
Contract liabilities, long-term	$ 200	$ 600

Debt - Components (Details)

Debt - Components (Details) $ in Thousands, $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2024 CAD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Carrying Value	$ 1,854,295
Fair value adjustment	362		$ 521
Total debt	1,854,657		1,948,145
Less unamortized debt discounts and issuance costs	(11,661)		(15,270)
Total debt less unamortized debt discount and issuance costs	1,842,996		1,932,875
Less current maturities	(12,755)		(73,848)
Long-term debt, less current maturities	1,830,241		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	65,000	$ 0	90,000
Secured Notes
Debt Instrument [Line Items]
Carrying Value	$ 925,000		925,000
Interest rate	5.75%	5.75%
Unsecured Notes
Debt Instrument [Line Items]
Carrying Value	$ 475,000		475,000
Interest rate	8%	8%
Construction Loan
Debt Instrument [Line Items]
Carrying Value	$ 27,973		28,000
Mortgage Notes, various maturities
Debt Instrument [Line Items]
Carrying Value	47,882		115,502
Other debt
Debt Instrument [Line Items]
Carrying Value	$ 3,440		$ 4,122

Debt - Term Loan Facility (Deta

Debt - Term Loan Facility (Details) - Term Loan Facility	6 Months Ended
	Jun. 30, 2024
Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	4.25%
Base rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	3.25%
Minimum | Prime Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	0.11448%
Minimum | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	4%
Minimum | Base rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	3%
Maximum | 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) $ in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 CAD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Outstanding balance	$ 1,854,295
Mortgage Notes, various maturities
Line of Credit Facility [Line Items]
Outstanding balance	47,882		$ 115,502
Mortgage Notes, various maturities | Two Mortgage Notes
Line of Credit Facility [Line Items]
Fully paid principal balance	62,900
Revolving Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Outstanding balance	65,000	$ 0	$ 90,000
Borrowing capacity	475,000
Available capacity	$ 379,100
Weighted average interest rate	9.51%
Weighted average amount outstanding	$ 187,700
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 - Debt Covenants (Details)

Debt - Debt Covenants (Details) - Revolving Credit Facility - Revolving Credit Facility $ in Millions	Jun. 30, 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	Jun. 30, 2024 USD ($)
Debt Disclosure [Abstract]
July 2024 through June 2025	$ 12,755
July 2025 through June 2026	1,750,386
July 2026 through June 2027	86,816
July 2027 through June 2028	1,495
July 2028 through June 2029	173
Thereafter	2,670
Total future maturities of long-term debt	$ 1,854,295

Leases (Details)

Leases (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) thirdParty property	Jun. 30, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Proceeds from financing obligations	$ 4,300	$ 0
Net amount of sale	142,671	78,040
Operating leases	$ 128,486	$ 58,419
Sale-Leaseback Transactions
Lessee, Lease, Description [Line Items]
Number of third parties | thirdParty	2
Number of properties sold | property	4
Gross proceeds	$ 147,900
Transaction costs	900
Cash proceeds, before adjustment	147,000
Fair value of properties sold	143,600
Proceeds from financing obligations	4,300
Net amount of sale	142,700
Gain on transaction	7,500
Lease liability	92,800
Operating leases	$ 93,600

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 11,100	$ 16,500	$ 18,700	$ 22,200
Accrued expenses and other current liabilities	$ 183,625		$ 183,625		$ 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 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
Performance Shares, Adjusted EBITDA
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	0.3
Vesting period	3 years
Performance Shares, Adjusted EBITDA | Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Annual Performance Determination, Percentage Of Awards			33.33%
Performance Shares, Adjusted EBITDA | Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Annual Performance Determination, Percentage Of Awards			33.33%
Performance Shares, Adjusted EBITDA | Tranche 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Annual Performance Determination, Percentage Of Awards			33.33%
Performance Shares, Leverage Ratio
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	0.2
Performance Shares, Leverage Ratio | Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares to vest			33.33%
Performance Shares, Leverage Ratio | Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares to vest			33.33%
Performance Shares, Leverage Ratio | Tranche 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares to vest			33.33%
Equity Classified Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 10,100	8,500	$ 18,000	13,900
Liability Classified Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1,000	$ 8,000	$ 700	$ 8,300

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 52,805	$ 17,004	$ 77,722	$ 44,464
Weighted average common shares outstanding - basic (in shares)	198,903	195,476	198,200	195,026
Dilutive effect of stock-based compensation awards (in shares)	7,141	9,345	6,651	8,846
Weighted average common shares outstanding - diluted (in shares)	206,044	204,821	204,851	203,872
Income per common share – basic (in usd per share)	$ 0.27	$ 0.09	$ 0.39	$ 0.23
Income per common share – diluted (in usd per share)	$ 0.26	$ 0.08	$ 0.38	$ 0.22

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from the weighted average share calculations (in shares)	6,225	6,136	6,225	7,134
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)	5,843	5,370	5,843	6,310
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)	382	766	382	824

Subsequent Events (Details)

Subsequent Events (Details) - Forecast $ in Millions	3 Months Ended
	Dec. 31, 2024 USD ($) property
Subsequent Event [Line Items]
Nnumber of sale-leaseback properties | property	1
Proceeds from the sale of land | $	$ 25