Life Time Group Holdings reported a strong QQ4 2024, underscoring continued demand for its premium wellness model and a deliberate shift toward asset-light growth. Q4 revenue rose 18.7% year over year to $663.3 million, led by an 18% rise in membership dues and enrollment fees and a 19.4% increase in in-center revenue. Management highlighted the strongest quarterly membership engagement of the year with center memberships ending the quarter at over 812,000 and total memberships near 866,000 when including digital on-hold members. For the full year, revenue grew 18.2% to $2.621 billion, with adjusted EBITDA up 26.1% to $676.8 million and an adjusted EBITDA margin of 25.8%. Net income rose 105% to $156.2 million, while adjusted net income increased 55% to $200.5 million. The company also generated positive free cash flow for the third consecutive quarter, ending 2024 with $27 million in free cash flow and net cash from operating activities of $163 million for Q4.
Management reaffirmed a disciplined capital allocation framework for 2025, lifting guidance to a revenue range of $2.925–$2.975 billion and adjusted EBITDA of $780–$800 million. They also signaled a robust growth pipeline, targeting 10–12 new clubs in 2025, and expect the debt profile to remain around $1.5 billion with net debt leverage under 2.0x by year-end. A material accelerator is the asset-light LT Digital platform, which has grown to 1.7 million subscribers and is expanding at roughly 100k subscribers per month, with a multi-year target of 2.5–3 million by year-end. The Miura longevity offering and LTH nutritional products are also positioned to contribute meaningfully to in-center revenue and gross margin expansion. The combination of durable membership trends, premium pricing power, and an increasingly diversified revenue mix supports a constructive long‑term view, though leverage, rate risk, and competitive dynamics remain key considerations for investors.