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29 Feb 2024
Tennis legend Andre Agassi joins Life Time as company announces record revenues
BY
Kath Hudson
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Andre Agassi has joined Life Time to develop pickleball
photo: shutterstock/Photo Works
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."
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