Life Time Group Holdings, Inc. (NYSE:LTH) Q2 2024 Earnings Conference Call August 1, 2024 10:00 AM ET
Company Participants
Ken Cooper - Investor Relations
Bahram Akradi - Founder, Chairman and CEO
Erik Weaver - SVP, Interim CFO and CAO
Conference Call Participants
Alexander Perry - Bank of America
Louise Doss - Morgan Stanley
John Heinbockel - Guggenheim
Brian Nagel - Oppenheimer & Company
Simeon Siegel - BMO Capital Markets
Owen Rickert - Northland Securities
Alex Fuhrman - Craig-Hallum Capital Group
Logan Reich - RBC Capital Markets
Michael Hirsh - Wells Fargo
Chris Woronka - Deutsche Bank
John Baumgartner - Mizuho Securities
Operator
Good morning, and welcome to the Life Time Group Holdings, Inc. Q2 2024 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator instructions] Please note this event is being recorded.
I would now like to turn the conference over to Ken Cooper, Investor Relations. Please go ahead.
Ken Cooper
Good morning, and thank you for joining us for the second quarter 2024 Life Time Group Holdings earnings conference call. With me today are Bahram Akradi, Founder, Chairman and CEO; and Erik Weaver, Executive Vice President, 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 net debt leverage ratio, and free cash flow. This information along with the 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, I'll turn the call over to Erik.
Erik Weaver
Thank you, Ken, and good morning, everyone. As always, we appreciate you being on the call with us. We are pleased to share with you our second quarter results, the full details of which can be found in the earnings release we issued this morning.
For the second quarter, total revenue increased 19% to $668 million versus the prior year quarter, driven by a 20% increase in membership dues and enrollment fees and an 18% increase in incentive revenue. Active memberships increased 5% compared to last year to end the quarter at nearly 833,000 memberships.