Life Time Group Holdings, Inc. (NYSE:LTH) Q4 2023 Earnings Conference Call February 28, 2024 10:00 AM ET
Company Participants
Bahram Akradi - Founder, Chairman, and Chief Executive Officer
Erik Weaver - Interim Chief Financial Officer
Conference Call Participants
Megan Alexander - Morgan Stanley
Chris Carril - RBC Capital Markets
Alex Perry - Bank of America
Brian Nagel - Oppenheimer & Company
John Heinbockel - Guggenheim Partners
John Baumgartner - Mizuho Securities
Simeon Siegel - BMO Capital Markets
Operator
Good morning, and welcome to the Life Time Group Holdings Fourth Quarter and Full-Year 2023 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 [indiscernible], Vice President of Corporate Finance.
Unidentified Company Representative
Good morning, and thank you for joining us for the Life Time 2023 annual earnings conference call. With me today are Bahram Akradi, Founder, Chairman and CEO; and Erik Weaver, Interim CFO and Chief Accounting Officer.
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 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.
With that, it is my pleasure to turn the call over to Erik Weaver. Erik?
Erik Weaver
Thank you, Danny, and good morning, everyone. Before I begin, I'd like to take a moment and share how excited I am to be on the call with you today. I've been with Life Time for over 20 years holding various roles in the finance department and have made a seamless transition into my role as Interim Chief Financial Officer. We have an amazing company and a strong financial team.
I'm now pleased to share our financial results. Starting with our fourth quarter. Total revenue increased 18.2% to $558.8 million driven by a 20.9% increase in membership dues and enrollment fees and an 11% increase in incentive revenue. Access memberships increased 5.2% to end the year at more than 763,000 memberships. Total memberships ended the quarter at approximately 815,000. Average monthly dues were $183 up 13.2% from the fourth quarter last year. Revenue per access membership increased to $711 from $640 in the prior year period as we continue to benefit from higher dues, increased visits, and increased in center activity.