Life Time Group Holdings, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Supplemental Balance Sheet and Cash Flow Information

Supplemental Balance Sheet and Cash Flow Information

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Balance Sheet and Cash Flow Information

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	December 31,
	2021		2020
Property held for sale	$	—	$	49,686
Construction contract receivables	14,949		12,398
Deferred membership origination costs	3,150		7,212
Prepaid expenses	30,784		17,935
Prepaid expenses and other current assets	$	48,883	$	87,231

Of the $49.7 million balance in Property held for sale at December 31, 2020, $43.7 million represents the carrying value of a property that was associated with a sale-leaseback agreement that we entered into with an unrelated third party on December 16, 2020, and the remaining $6.0 million represents excess land purchased as part of our original center site acquisitions. This sale-leaseback transaction closed in March 2021. If property held for sale is currently under contract for sale, the cost is reflected as a current asset and is included in Prepaid expenses and other current assets on our consolidated balance sheet. Property held for sale is stated at the lower of cost or fair value less estimated costs to sell. Property is not depreciated during the period in which it is classified as held for sale.

For more information regarding sale-leaseback transactions with unrelated third parties that were consummated during the years ended December 31, 2021 and 2020, see Note 9, Leases.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	December 31,
	2021		2020
Real estate taxes	$	32,955	$	31,015
Accrued interest	35,006		15,010
Payroll liabilities	23,243		17,136
Utilities	7,022		5,379
Self-insurance accruals	18,921		22,444
Corporate accruals	24,741		24,123
Current maturities of finance lease liabilities	1,374		1,171
Other	4,658		1,397
Accrued expenses and other current liabilities	$	147,920	$	117,675

Supplemental Cash Flow Information

Decreases (increases) in operating assets and increases (decreases) in operating liabilities are as follows:


	Year Ended December 31,
	2021		2020		2019
Accounts receivable	$	(1,736)	$	11,645	$	(7,048)
Center operating supplies and inventories	(4,729)		8,044		(2,591)
Prepaid expenses and other current assets	(8,050)		12,545		640
Income tax receivable	660		4,768		31,786
Other assets	2,363		6,010		1,537
Accounts payable	17,189		397		(3,549)
Accrued expenses	38,299		(20,585)		24,055
Deferred revenue	(10,950)		(8,028)		(8,137)
Other liabilities	(6,329)		22,721		(134)
Changes in operating assets and liabilities	$	26,717	$	37,517	$	36,559

Additional supplemental cash flow information is as follows:


	Year Ended December 31,
	2021		2020		2019
Net cash received from income tax refunds, net of taxes paid	$	(885)	$	(32,447)	$	(25,319)
Cash payments for interest, net of capitalized interest	125,411		111,696		120,880
Capitalized interest	3,749		4,942		9,091
Issuance of Series A Preferred Stock in connection with the extinguishment of secured loan—related parties	108,591		—		—
Conversion of Series A Preferred Stock to common stock	149,585		—		—

See Note 9, Leases for supplemental cash flow information associated with our lease arrangements for the years ended December 31, 2021, 2020 and 2019.