Life Time Group Holdings, Inc. (NYSE:LTH) Q3 2023 Earnings Conference Call October 25, 2023 10:00 AM ET
Company Participants
Ken Cooper - IR
Robert Houghton - CFO
Bahram Akradi - Founder, Chairman and CEO
Conference Call Participants
Megan Alexander - Morgan Stanley
Brian Nagel - Oppenheimer & Company
John Heinbockel - Guggenheim Securities
Chris Carril - RBC Capital Markets
Kate McShane - Goldman Sachs
Dan Politzer - Wells Fargo
Simeon Siegel - BMO Capital Markets
Robbie Ohmes - Bank of America
Chris Woronka - Deutsche Bank
Operator
Greetings. Welcome to the Life Time Group Holdings Third Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
At this time, I would like to hand the call over to Ken Cooper of Investor Relations. Thank you. You may begin.
Ken Cooper
Good morning and thank you for joining us for the Life Time Third Quarter of 2023 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 those forward-looking statements made today.
There is a comprehensive discussion of risk factors in the company's SEC filings, which you are encouraged to review. The company will discuss certain non-GAAP financial measures including adjusted net income, adjusted EBITDA, adjusted diluted EPS, net debt to adjusted EBITDA or what we refer to as our net debt leverage ratio and free cash flow.
This information along with reconciliations to the most directly comparable GAAP measures are included in the company's earnings release issued this morning, our 8-K filed with the SEC and on the Investor Relations section of our website.
I'm now pleased to turn the call over to Bob Houghton. Bob?
Robert Houghton
Thank you, Ken, and good morning, everyone.
I'll walk you through some of our third quarter key highlights and metrics. Our revenue increased 18% to $585 million. The revenue in the quarter would have been approximately $2 million higher, if not for the delay in opening our Tampa Harbour Island takeover location.
Also, our third quarter results last year included approximately $3 million in revenue related to two non-profitable triathlons that we sold earlier this year. The combined impact of these two items is about $5 million of revenue. Our adjusted EBITDA increased 101% to $143 million in the quarter compared to $71 million in the prior year quarter.