Life Time Group Holdings, Inc. (NYSE:LTH) Q3 2024 Results Conference Call October 24, 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
Brian Nagel - Oppenheimer
John Heinbockel - Guggenheim Securities
Megan Alexander - Morgan Stanley
Chris Woronka - Deutsche Bank
Michael Hirsch - Wells Fargo
Alex Perry - Bank of America
Alex Fuhrman - Craig-Hallum
Owen Rickert - Rockland Capital Markets
Logan Reich - RBC Capital Markets
Operator
Greetings, and welcome to the Life Time Group Holdings, Inc. Q3 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions]. As a reminder, this conference is being recorded.
It's now my pleasure to turn the call over to Ken Cooper, Investor Relations. Please go ahead.
Ken Cooper
Good morning, and thank you for joining us for the third 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 and CFO.
During the 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 also discuss certain non-GAAP financial measures, including adjusted net income, adjusted EBITDA, adjusted diluted EPS and 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 will turn the call over to Erik.
Erik Weaver
Thank you, Ken, and good morning, everyone. We appreciate you joining us this morning. We're excited to share with you our third quarter results, the full details of which can be found in the earnings release we issued this morning.
For the third quarter, total revenue increased 18% to $693 million, driven by a 20% increase in membership dues and enrollment fees and a 16% increase in incentive revenue. Center memberships increased 5% compared to last year to end the quarter at more than 826,000 memberships.