Life Time Group Holdings, Inc. (NYSE:LTH) Q4 2022 Earnings Conference Call March 8, 2023 8:30 AM ET
Company Participants
Ken Cooper - IR
Bob Houghton - CFO
Bahram Akradi - CEO
Conference Call Participants
Chris Carril - RBC Capital Markets
Brian Nagel - Oppenheimer
Robby Ohmes - Bank of America Merrill Lynch
John Baumgartner - Mizuho Securities
Simeon Siegel - BMO Capital Markets
Dan Politzer - Wells Fargo Securities
Matt Morris - Morgan Stanley
Chris Woronka - Deutsche Bank
John Heinbockel - Guggenheim Securities
Operator
Good morning, and welcome to the Lifetime Group Holdings 2022 Fourth Quarter and Full Year Earnings Conference Call. Please be advised that reproduction of this call in whole or in part is not permitted without written authorization from the company. As a reminder, this conference is being recorded.
I will now turn the call over to Ken Cooper with Investor Relations for Lifetime Group Holdings. Please go ahead.
Ken Cooper
Good morning, and thank you for joining us for the Lifetime 2022 fourth quarter and full year earnings conference call. With me today are Bahram Akradi, Founder, Chairman and CEO; and Bob Houghton, CFO.
During this call, the company will make forward-looking statements, which involve a number of risks and uncertainties that may cause actual results to differ materially from our forward-looking statements made today. There is a comprehensive list of risk factors in the company's SEC filings, which you are encouraged to review.
Also, the company will discuss certain non-GAAP financial measures, including adjusted EBITDA and free cash flow before growth capital expenditures. This information, along with reconciliations to the most directly comparable GAAP measures where possible without unreasonable efforts are included in the earnings release issued this morning and in the company's 8-K filed with the SEC and on the Investor Relations section of Lifetime's website.
I'm now pleased to turn the call over to Bob Houghton, Bob?
Bob Houghton
Thank you, Ken, and good morning, everyone. We appreciate you taking the time to join us today. I will briefly cover our fourth quarter and full year results. The full details can be found in the earnings release we issued this morning. Bahram will then outline our strategies and key initiatives followed by updated guidance for 2023.
Starting with our 2022 results, fourth quarter total revenue increased 31% to $473 million, driven by a 32% increase in membership dues and enrollment fees and a 28% increase in in-center revenue. For the full year, total revenue increased 38% to $1.8 billion. Center memberships increased 12% to end the year at more than 725,000 memberships.