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Life Time Group Holdings Inc (NYSE:LTH) shares are trading lower by around 5% after it disclosed its CFO's departure and reaffirmed its guidance.
Life Time Group disclosed in a regulatory filing that on December 22, the company agreed with Robert Houghton, its Executive Vice President and Chief Financial Officer, that Houghton will resign from his position as Chief Financial Officer effective as of December 31, 2023, and will cease his service to the company effective January 5, 2024.
The company disclosed the appointment of Erik Weaver, Senior Vice President and Controller, as an interim Chief Financial Officer effective January 1, 2024.
Guidance Reaffirmed: The company expects growth of around 18.5% to $555 million-$565 million (vs. consensus $554.82 million) and adjusted EBITDA increase of about 24.3% to $131 million-$135 million in Q4.
Also, for FY23, LTH projects revenue is expected to increase around 21.7% to $2.213 billion-$2.223 billion (vs. $2.21 billion) and adjusted EBITDA growth of about 88.9% to $530 million-$534 million.
Bahram Akradi, Founder, Chairman and CEO, stated "We remain on track for a strong close to 2023 with average member visits and demand for our programming at an all-time high."
"In addition, as shared previously, we expect to be free cash flow positive after all capital expenditures, including new club growth, by the middle of 2024."
Price Action: LTH shares are down 4.95% at $14.60 on the last check Wednesday.
Posted In: LTH
