CHANHASSEN, Minn. (BRAIN) – Life Time Group Holdings, the health club operator that also owns major cycling events such as Sea Otter Classic, UNBOUND Gravel and the Leadville 100, has recovered from pandemic club closures in 2021 to see a 57.8% increase in company-wide revenue to $1.3 billion. In 2019, before the pandemic, Life Time’s revenue was $1.9 billion; revenue fell to $948 million in 2020.
Life Time operates more than 150 “sports resort destinations”. While COVID restrictions impacted its business in 2020 and most of 2021, the company said that as of mid-March, all of its US clubs were free of COVID-19 restrictions.
Outside of its fitness center revenue, its “other” business more than doubled last year, from $3.4 million in 2020 to $7.6 million in 2021. activities are mainly its sporting event activities. In addition to bike races, Life Time owns and operates more than 30 sporting events, including several marathons and triathlons.
Life Time did an IPO in October, just as the Sea Otter Classic opened. Its share is now listed NYSE under symbol LTH.
The company-wide net loss for the year was $579.4 million. AAdjusted EBITDA increased to $80.3 million from a loss of $63.0 million the previous year. During the year, Life Time opened six new clubs and the company plans to open 12 new clubs this year – it has opened two in 2022 so far.
Life Time cycling events are: Sea Otter Classic, UNBOUND Gravel, Wilmington Whiteface, Lutsen 99er, Tahoe Trail, Crusher in the Tushar, Silver Rush 50 MTB, Leadville Stage race, Leadville Trail 100 MTB, Barn Burner, Chequamegon, The Rad Dirt Fest, Big Sugar and the Austin Rattler ATV. This year Life Time has launched its Life Time Grand Prixa professional racing series of mountain and gravel bike events with an overall prize list of $250,000.