Life Time Group Holdings, Inc. (NYSE: LTH)

Life Time Group Holdings, Inc. operates as a premier lifestyle and leisure brand, offering a range of health, fitness, and wellness experiences. The company is a leader in the health and wellness industry, known for its innovative approach to integrating fitness, active living, and community engagement. Life Time operates over 185 centers across 31 states in the United States and one province in Canada, providing a unique blend of athletic country club destinations that cater to a diverse membership base.

Life Time generates revenue primarily through membership dues and enrollment fees, which account for over 72% of its total center revenue. The company offers a variety of membership options, including base memberships, signature memberships, qualified base memberships, and on-hold memberships. These memberships provide access to a wide array of amenities and services, such as expansive fitness floors, group fitness studios, indoor and outdoor pools, tennis and pickleball courts, LifeSpa, LifeCafe, and childcare services. Additionally, Life Time offers premium service offerings delivered by over 44,000 team members, including over 11,100 certified fitness professionals. The company's revenue model is highly predictable and recurring, with a strong focus on subscription-based memberships that have proven resilient across economic cycles.

• Athletic Country Clubs: Life Time's primary segment involves operating athletic country club destinations that offer a comprehensive range of health, fitness, and wellness amenities. These centers include top-of-the-line equipment, spacious locker rooms, group fitness studios, recovery spaces, indoor and outdoor pools, bistros, tennis and pickleball courts, basketball courts, LifeSpa, LifeCafe, and childcare services. The company's centers cater to a diverse membership base, including individuals, couples, and families, with a focus on affluent suburban and urban locations.

• Digital and Omni-Channel Offerings: Life Time has expanded its offerings to include digital platforms that deliver an omni-channel experience. This includes live streaming fitness classes, remote goal-based personal training, nutrition and weight loss support, and curated health, fitness, and wellness content. The company's digital app integrates with its physical centers to provide a seamless experience for members.

• Life Time Work and Life Time Living: These segments offer asset-light models that provide premium workspaces and luxury wellness-oriented residences in close proximity to Life Time's athletic country clubs. Life Time Work offers branded co-working spaces, while Life Time Living provides luxury residences that integrate health and wellness into daily living. These offerings cater to professionals and residents seeking a healthy lifestyle.

Life Time holds a strong position within the health, fitness, and wellness industry. The company faces competition from various groups, including health center operators like Equinox Holdings, Inc., The Bay Club Company, and ClubCorp, as well as non-profit organizations like the YMCA. Other competitors include physical fitness facilities established by local governments, hospitals, and businesses, boutique fitness offerings, racquet and athletic centers, and providers of digital fitness and wellness services. Despite this competition, Life Time's brand, comprehensive product offering, and focus on premium services and amenities provide a distinct competitive advantage. The company's ability to create a trusted community and deliver high-quality experiences has positioned it well in the industry.

Life Time's customer base primarily consists of members in affluent suburban and urban locations. As of December 31, 2025, the company's members had a median household income of $160,000, which is 1.4 times the median income in the respective trade areas. Approximately 73% of members owned a home, and about 60% were part of couples or family memberships. The gender mix is balanced, with approximately 44% of members under 35 years of age and 77% under 55 years of age. This demographic profile indicates a customer base with a higher discretionary spending level, which is less susceptible to adverse economic conditions.