Description
Short -- Life Time Group Holdings (LTH US)
Life Time is a highly levered recent IPO that has a business model that is fundamentally impaired post-Covid. Life Time, despite structurally lower membership numbers and continued free cash flow burn on existing clubs, is continuing to take on more leverage and build new clubs. Fitness businesses are, by their nature, fad -driven businesses and the current trends have moved away from Life Time. So far, as a new public company, Life Time has disappointed investors with lowered membership and EBITDA guidance. We believe there is a lot more downside to go. Despite these troubling trends, Life Time is still trading at 14x CY EBITDA. Life Time has a 10% short interest and can be borrowed at GC.
Company Overview
Life Time operates 153 premium health and fitness clubs around the United States and Canada. Life Time is a high-end fitness offering with average monthly revenue per member at ~$180. Life Time clubs are built in affluent suburban locations and average ~100,000 square feet (vs 5,000-10,000 square feet for Planet Fitness). The cost of new clubs is in the $50-$60m range and have historically needed 10,000 to 11,000 members to earn the appropriate level of return.
VAR Completed
We conducted >10 VAR calls with industry consultants, former employees and executives at competitors. We have also analyzed credit card data and website visitation data.
Thesis
- Life Time’s members are not coming back after Covid – this calls into question the entire business model
Life Time lost 40% of its members over the course of 2020 due to Covid, or close to 350,000 total members. The company came to the public markets late in 2021 promising the street a compelling Covid re-opening story with fast membership growth, high incremental margins, new club openings and robust revenue growth over the next few years. In the last four quarters, with virtually all of the clubs open, Life Time only added net 67,000 new members TOTAL, or only 20% of the members it lost in 2020. In our conversations with Industry consultants, we learned that this trend is not an industry wide issue, but seemingly more idiosyncratic to higher end gyms like Life Time Fitness and Equinox. Value gyms and boutiques are back to pre-pandemic levels with many above ’19 levels. For example, Planet Fitness is close to 100% of ’19 membership levels with many clubs above ’19 levels. Life Time is still materially below this (see below)
Fitness trends have gone the opposite way of Life Time -> smaller scale boxes, cheaper prices, digital offerings, at home workouts, etc.
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)
In a troubling strategy, Management realizes the members are not coming back, so in an attempt to still make the math work, the company is raising dues 10-20+% across the portfolio. For example, many clubs’ dues were raised earlier this year from $179/m to $219/m. The problem with this strategy is that 30% of current members don’t ever come to the club and management is still trying to attract back those who dropped during Covid, so this pricing strategy makes it that much more likely the membership numbers will not rebound. In addition, ~35% of pre-pandemic revenue came from on-site extras like personal training, spas and cafes. With total membership at a structurally lower number, this revenue stream will be permanently lower. Our conversations with fitness experts and Life Time formers confirms this fact - at 100,000 square feet and 300-350 employees per club, Life Time clubs cannot be running at 70-80% of pre-pandemic membership levels in order to generate the 20% margins that is promised by management. The math just doesn’t work.
- Life Time is HIGHLY levered and relies on robust capital markets to maintain and grow its business
Life Time’s net debt/EBITDA is 6.6x on ’22 EBITDA and does NOT include $1.8bn in operating leases. The company has been burning FCF, even prior to Covid, as it is investing hundreds of millions of dollars a year into new and existing clubs. If we give them the benefit of the doubt and define FCF as operating cash flow less maintenance capex (which is disclosed), the company is still burning FCF.
![Chart, waterfall chart
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)
So how is Life Time is funding its business? It is funding it by selling real estate in sale leaseback transactions over the last few years. If and when the capital markets close down, Life Time will not be able to fund its rapid expansion and could run into debt problems on its term loan due in 2024 and both tranches of notes due in 2026.
- Highly susceptible to a weakening consumer and competition from much cheaper alternatives
Life Time is attempting to charge $220+ per month compared to lower cost gyms like Planet Fitness that charges $25 for its highest level. Life Time, like other gyms, traditionally sees 3-4% attrition a month. In order to maintain flat membership levels, it needs to replace almost half of its members per year. ~80% of Life Time locations are within a 5 mile radius of a Planet Fitness and over 90% are within 5 miles of Orange Theory:
![Table
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)
Home and outdoor fitness solutions are widespread after Covid and offer MUCH cheaper alternatives to Life Time. Any consumer weakness is going to hurt Life Time pretty dramatically given the highly discretionary nature of the offering and the plethora of cheaper alternatives.
- Despite much lower membership numbers and weak mature club economics, Life Time is continuing to take on debt and build new clubs and other facilities in highly competitive areas
Life Time’s current clubs are operating at 75-80% membership levels compared to pre-covid numbers and there is no reason to believe these numbers are going dramatically improving anytime soon. In fact, in the last earnings call, Life Time guided to FLAT membership net adds for the second half of 2022. In order to continue to show the street topline growth, management is guiding to building an additional 10-12 clubs per year at a cost of $50m-$60m per club. The industry consultants we spoke with believe management is doing this purely in an attempt to boost headline membership levels and revenue growth, despite the fact that the returns do not justify such spend. In addition to continuing to build out traditional health clubs, Life Time is entering the luxury condo business with a recently announced new property just outside of Las Vegas.
Conclusion
The history of the fitness club business is filled with fads and bankruptcies. Life Time is on the wrong side of current fitness trends. Given the size of the investments made by Life Time, the math does not work at structurally lower membership levels. Over the next 6-12 months, we believe Life Time will report disappointing membership numbers which will reverberate through the income and cash flow statements and lead to liquidity issues.
Valuation
Life Time will continue to disappoint investors and EBITDA will not reach its expected 20% margins, leading to continued lowering of consensus expectations. We are 10-12% below consensus for next year. Using a fitness industry historical average multiple of 8x, we are getting to >40% downside in the stock in our base case.
RISK / REWARD |
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BASE |
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YE 12/31 |
2023 |
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EBITDA |
380 |
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EBITDA Multiple |
8.0x |
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EV |
3,039 |
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Less: Net debt+MI |
41 |
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MV |
3,080 |
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Shares |
194 |
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Core Stock Price |
15.90 |
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Upside / (Downside) |
44.5% |
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I do not hold a position with the issuer such as employment, directorship, or consultancy.
I and/or others I advise hold a material investment in the issuer's securities.
Catalyst
Earnings Disappointments