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NEWS
Tennis legend Andre Agassi joins Life Time as company announces record revenues
POSTED 29 Feb 2024 . BY Kath Hudson
Andre Agassi has joined Life Time to develop pickleball Credit: shutterstock/Photo Works
Andre Agassi joins Life Time as inaugural chair of its new Pickleball and Tennis Board
Company plans to invest in pickleball, America’s fastest growing sport
EBITDA up by more than 90 per cent for the year
Member engagement is up along with revenues
In the same week as tennis legend, Andre Agassi, was appointed to the board of Life Time, the company has released strong year-end results, achieving record revenues and EBITDA.

Total revenue increased 18.2 per cent to US$558.8 million (€516 million, £442 million) for the fourth quarter and 21.6 per cent to US$2,216.6 million (€2047.5 million, £1754 million) for the year.

Adjusted net income increased to US$38 million (€35 million, £30 million) for the fourth quarter and US$129.7 million (€120 million, £102.62 million) for the year.

Adjusted EBITDA increased 28.7 per cent to US$137.7 million (€127 million, £109 million) for the fourth quarter and 90.6 per cent to US$536.8 million (€119.8 million, £425 million) for the year.

Bahram Akradi, founder, chair and CEO, is delighted with the results, saying: "We set record levels of revenue and adjusted EBITDA, improved our balance sheet and further reduced our net debt leverage ratio.”

Thanks to some strategic programming initiatives, member engagement also improved. “We increased average visits per membership to 135/year, compared to 124/year in 2022 and most notably, 108/year in 2019 before the pandemic. The increase is a clear indication that our members are more engaged, with higher retention as a key outcome,” said Akradi.

“We're off to a great start in 2024 and expect to build on our progress and success this year by executing our plan to be free cash flow positive after all capital expenditures beginning in the second quarter, further improving our balance sheet, reducing our net debt leverage ratio to 2.0 x by 31 December, and continuing to grow our revenue and adjusted EBITDA."

The company currently operates 171 athletic country clubs across the United States and Canada. Eleven were opened last year, with nine to 10 planned for this year.

Agassi – who won eight Grand Slam titles and an Olympic gold medal during his tennis career – is the newly appointed inaugural chair of Life Time's newly formed Pickleball and Tennis Board. Pickleball is the fastest growing sport in the US and will feature strongly in Life Time’s future plans.

In 2021, Akradi made the commitment to become the nation's leader in pickleballcourts and programming. It now operates 630 courts at 130 of its clubs – with more to come. It also has some 260 tennis courts across nearly 30 of its athletic country clubs.

Agassi’s vision for his new role includes expanding accessibility to racquet sports for all ages and experience levels; developing innovative programming, clinics, events and tournaments and building a community of racquet sports enthusiasts who will connect on and off the court.

"I strongly support the ongoing growth of tennis and pickleball and could not be more excited to partner with Bahram and Life Time as we work to elevate these sports as a staple element for millions of people living healthy, active and happy lives," said Agassi.

Akradi says: “Having Andre lead our Life Time Pickleball and Tennis Board is a true honour. Together, I foresee endless possibilities for the impact we will have in the racquet community."
RELATED STORIES
  Living a longer, healthier life is bigger motivation to exercise than looking good, finds Life Time research


According to the annual US consumer health and wellness survey from Life Time, people are placing increasing importance on their health and wellbeing.
  Life Time gets into the medical wellness market with new Miora brand


Life Time is launching into the medical wellness market with a longevity and performance concept called Miora.
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Remedy Place, a US-based social wellness club brand, is poised for steady expansion in the coming years, with plans to open two new clubs annually moving forward.
Clinique La Prairie to operate health resort at Tri Vananda in Phuket
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NEWS
Tennis legend Andre Agassi joins Life Time as company announces record revenues
POSTED 29 Feb 2024 . BY Kath Hudson
Andre Agassi has joined Life Time to develop pickleball Credit: shutterstock/Photo Works
Andre Agassi joins Life Time as inaugural chair of its new Pickleball and Tennis Board
Company plans to invest in pickleball, America’s fastest growing sport
EBITDA up by more than 90 per cent for the year
Member engagement is up along with revenues
In the same week as tennis legend, Andre Agassi, was appointed to the board of Life Time, the company has released strong year-end results, achieving record revenues and EBITDA.

Total revenue increased 18.2 per cent to US$558.8 million (€516 million, £442 million) for the fourth quarter and 21.6 per cent to US$2,216.6 million (€2047.5 million, £1754 million) for the year.

Adjusted net income increased to US$38 million (€35 million, £30 million) for the fourth quarter and US$129.7 million (€120 million, £102.62 million) for the year.

Adjusted EBITDA increased 28.7 per cent to US$137.7 million (€127 million, £109 million) for the fourth quarter and 90.6 per cent to US$536.8 million (€119.8 million, £425 million) for the year.

Bahram Akradi, founder, chair and CEO, is delighted with the results, saying: "We set record levels of revenue and adjusted EBITDA, improved our balance sheet and further reduced our net debt leverage ratio.”

Thanks to some strategic programming initiatives, member engagement also improved. “We increased average visits per membership to 135/year, compared to 124/year in 2022 and most notably, 108/year in 2019 before the pandemic. The increase is a clear indication that our members are more engaged, with higher retention as a key outcome,” said Akradi.

“We're off to a great start in 2024 and expect to build on our progress and success this year by executing our plan to be free cash flow positive after all capital expenditures beginning in the second quarter, further improving our balance sheet, reducing our net debt leverage ratio to 2.0 x by 31 December, and continuing to grow our revenue and adjusted EBITDA."

The company currently operates 171 athletic country clubs across the United States and Canada. Eleven were opened last year, with nine to 10 planned for this year.

Agassi – who won eight Grand Slam titles and an Olympic gold medal during his tennis career – is the newly appointed inaugural chair of Life Time's newly formed Pickleball and Tennis Board. Pickleball is the fastest growing sport in the US and will feature strongly in Life Time’s future plans.

In 2021, Akradi made the commitment to become the nation's leader in pickleballcourts and programming. It now operates 630 courts at 130 of its clubs – with more to come. It also has some 260 tennis courts across nearly 30 of its athletic country clubs.

Agassi’s vision for his new role includes expanding accessibility to racquet sports for all ages and experience levels; developing innovative programming, clinics, events and tournaments and building a community of racquet sports enthusiasts who will connect on and off the court.

"I strongly support the ongoing growth of tennis and pickleball and could not be more excited to partner with Bahram and Life Time as we work to elevate these sports as a staple element for millions of people living healthy, active and happy lives," said Agassi.

Akradi says: “Having Andre lead our Life Time Pickleball and Tennis Board is a true honour. Together, I foresee endless possibilities for the impact we will have in the racquet community."
RELATED STORIES
Living a longer, healthier life is bigger motivation to exercise than looking good, finds Life Time research


According to the annual US consumer health and wellness survey from Life Time, people are placing increasing importance on their health and wellbeing.
Life Time gets into the medical wellness market with new Miora brand


Life Time is launching into the medical wellness market with a longevity and performance concept called Miora.
MORE NEWS
US named world’s largest wellness economy, reaching US$1.8 trillion valuation
The Global Wellness Institute (GWI) has released new data on the US’ wellness economy, valuing it at US$1.8 trillion.
Remedy Place to launch two new social wellness clubs annually as part of rollout strategy
Remedy Place, a US-based social wellness club brand, is poised for steady expansion in the coming years, with plans to open two new clubs annually moving forward.
Clinique La Prairie to operate health resort at Tri Vananda in Phuket
Swiss longevity brand Clinique La Prairie (CLP) has inked a deal with Montara Hospitality Group to operate a resort at Tri Vananda – a purpose-built wellness community in Phuket, Thailand.
Six Senses La Sagesse launches with lagoon-fronted spa inspired by Caribbean fishing villages
Six Senses has announced the grand opening of its first-ever property and spa in the Caribbean, called Six Senses La Sagesse.
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Embrace the future of luxury science-backed skincare with Amra's Micro-Cellular Actives
Amra Skincare has positioned itself at the forefront of dermatological science and introduced its Micro-Cellular Actives line – a range of innovative molecular agents formulated to redefine the brand’s clinically-driven skincare applications for unparalleled results. [more...]

Elevate your spa business: master global standards and thrive in Saudi Arabia's tourism boom
Discover how to prepare your spa or wellness facility for the influx of international guests and meet global standards as tourism in Saudi Arabia surges. [more...]
+ More featured suppliers  
COMPANY PROFILES
Wynne Business Consulting and Education

Wynne Business, founded in 1998, specialises in creating, growing and fine- tuning spas, salons, wel [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  

DIRECTORY
+ More directory  
DIARY

 

22-24 Apr 2024

UK Aufguss Championships

Galgorm Resort, York,
23-25 Apr 2024

ISPA Conference 2024

Phoenix Convention Center, Phoenix, United States
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2024

ABOUT LEISURE MEDIA
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