Life Time Group Holdings, Inc. (NYSE:LTH) Q1 2024 Earnings Conference Call May 1, 2024 10:00 AM ET
Company Participants
Danielle Matzke - VP of Corporate Finance
Bahram Akradi - Founder, Chairman and CEO
Erik Weaver - SVP, Interim CFO and CAO
Conference Call Participants
Megan Alexander - Morgan Stanley
Brian Nagel - Oppenheimer & Company
Alex Perry - Bank of America
Simeon Siegel - BMO Capital Markets
Chris Woronka - Deutsche Bank
Owen Rickert - Northland Securities
Michael Hirsh - Wells Fargo
John Baumgartner - Mizuho Securities
Operator
Greetings, and welcome to the Life Time Group Holdings Inc., First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Dani Matzke, Vice President of Corporate Finance. Thank you, Dani. You may begin.
Danielle Matzke
Good morning, and thank you for joining us for the Q1 2024 Life Time Group Holdings earning conference call. With me today are Bahram Akradi, Founder, Chairman and CEO; and Erik Weaver, Senior Vice President, 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 when applicable 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, Dani, and good morning, everyone. We appreciate you all joining the call this morning. I will provide an update regarding our first quarter results, the full details of which can be found in the earnings release we issued this morning.
We are pleased with the strong financial results we achieved this quarter. Total revenue for the first quarter increased 16.8% to $596.7 million versus the prior year, driven by a 19% increase in membership dues and enrollment fees and a 10.5% increase in incentive revenue.