Life Time Group Holdings Inc (LTH) 2022 Q4 法說會逐字稿

Good morning, and welcome to the Life Time Group Holdings 2022 Fourth Quarter and Full Year Earnings Conference Call. Please be advised that reproduction of this call in whole or in part is not permitted without written authorization from the company. As a reminder, this conference is being recorded. I will now turn the call over to Ken Cooper with Investor Relations for Lifetime Group Holdings. Please go ahead.

早上好，歡迎來到 Life Time Group Holdings 2022 年第四季度和全年收益電話會議。請注意，未經公司書面授權，不得全部或部分複制此電話。提醒一下，這次會議正在錄製中。我現在將把電話轉給 Lifetime Group Holdings 投資者關係部的 Ken Cooper。請繼續。

Good morning, and thank you for joining us for the Life Time 2022 Fourth Quarter and Full Year Earnings Conference Call. With me today are Bahram Akradi, Founder, Chairman and CEO; and Bob Houghton, CFO. During this call, the company will make forward-looking statements, which involve a number of risks and uncertainties that may cause actual results to differ materially from our forward-looking statements made today. There is a comprehensive list of risk factors in the company's SEC filings, which you are encouraged to review. Also, the company will discuss certain non-GAAP financial measures, including adjusted EBITDA and free cash flow before growth capital expenditures. This information, along with reconciliations to the most directly comparable GAAP measures where possible without unreasonable efforts are included in the earnings release issued this morning and in the company's 8-K filed with the SEC and on the Investor Relations section of Life Time's website. I'm now pleased to turn the call over to Bob Houghton, Bob?

早上好，感謝您加入我們的 Life Time 2022 第四季度和全年收益電話會議。今天和我在一起的是創始人、董事長兼首席執行官 Bahram Akradi；和首席財務官 Bob Houghton。在此電話會議期間，公司將做出前瞻性陳述，其中涉及許多風險和不確定性，可能導致實際結果與我們今天做出的前瞻性陳述存在重大差異。公司向美國證券交易委員會提交的文件中有一份完整的風險因素清單，我們鼓勵您查閱。此外，公司將討論某些非 GAAP 財務指標，包括調整後的 EBITDA 和增長資本支出前的自由現金流。這些信息，以及在沒有不合理努力的情況下與最直接可比的 GAAP 措施的對賬，包括在今天上午發布的收益報告、公司向美國證券交易委員會提交的 8-K 報告以及 Life Time 網站的投資者關係部分。我現在很高興將電話轉給鮑勃霍頓，鮑勃？

Thank you, Ken, and good morning, everyone. We appreciate you taking the time to join us today. I will briefly cover our fourth quarter and full year results. The full details can be found in the earnings release we issued this morning. Bahram will then outline our strategies and key initiatives followed by updated guidance for 2023. Starting with our 2022 results, fourth quarter total revenue increased 31% to $473 million, driven by a 32% increase in membership dues and enrollment fees and a 28% increase in in-center revenue. For the full year, total revenue increased 38% to $1.8 billion. Center memberships increased 12% to end the year at more than 725,000 memberships. Fourth quarter average monthly dues were $162, up 20% from $135 in the fourth quarter last year. Fourth quarter revenue per center membership increased to $640, up 19% from $536 in the prior year period as we continue to benefit from higher dues and increased in-center activity. We generated net income for the fourth quarter of $14 million compared with a net loss of $305 million in the fourth quarter of 2021. Excluding the onetime expenses detailed in our earnings release in both periods, net income improved by $51 million. Adjusted EBITDA increased 123% to $107 million and adjusted EBITDA margin of 22.6% increased 9.3 percentage points versus 13.3% in the fourth quarter of 2021. For the full year, our net loss improved to $2 million, and our adjusted EBITDA was $282 million. We delivered another quarter of improving cash flow with net cash provided by operating activities of $76 million versus a $5 million net use of cash in the prior year period. We reduced our net debt to adjusted EBITDA leverage in the quarter and our year-end liquidity position remains strong with cash and cash equivalents of $26 million and $423 million in total available borrowings on our revolving credit facility.

謝謝你，肯，大家早上好。感謝您今天抽出時間加入我們。我將簡要介紹我們的第四季度和全年業績。完整的細節可以在我們今天早上發布的收益報告中找到。然後，Bahram 將概述我們的戰略和關鍵舉措，然後是 2023 年的更新指南。從我們 2022 年的業績開始，第四季度總收入增長 31% 至 4.73 億美元，這主要得益於會員費和入會費增長 32% 以及 28% 的增長在中心收入中。全年總收入增長 38% 至 18 億美元。中心會員人數增加了 12%，年底會員人數超過 725,000 人。第四季度平均每月會費為 162 美元，比去年第四季度的 135 美元增長了 20%。第四季度每個中心會員的收入增加到 640 美元，比去年同期的 536 美元增長 19%，因為我們繼續受益於更高的會費和增加的中心活動。我們第四季度的淨收入為 1400 萬美元，而 2021 年第四季度的淨虧損為 3.05 億美元。扣除我們在兩個時期的收益發布中詳述的一次性費用，淨收入增加了 5100 萬美元。調整後的 EBITDA 增長 123% 至 1.07 億美元，調整後的 EBITDA 利潤率為 22.6%，較 2021 年第四季度的 13.3% 增長了 9.3 個百分點。全年，我們的淨虧損改善至 200 萬美元，調整後的 EBITDA 為 2.82 億美元。我們又一個季度改善了現金流，經營活動提供的現金淨額為 7600 萬美元，而去年同期為 500 萬美元。我們在本季度將淨債務減少到調整後的 EBITDA 槓桿，我們的年終流動性狀況仍然強勁，現金和現金等價物為 2600 萬美元，循環信貸額度的可用借款總額為 4.23 億美元。

As we turn to 2023, our business is in great shape, and our strategies are working. We believe we are successfully using price to optimize our club performance and enhance our member experience, driving increased club usage across our strategic investments, opening new clubs and expanding margins, helping to drive increased cash flow and reduce leverage on our balance sheet. I will now turn it over to Bahram to outline our 2023 strategic initiatives and financial guidance.

展望 2023 年，我們的業務狀況良好，我們的戰略正在發揮作用。我們相信我們正在成功地利用價格來優化我們的俱樂部績效並增強我們的會員體驗，推動我們戰略投資中俱樂部的使用率增加，開設新俱樂部和擴大利潤率，幫助推動現金流增加並降低我們資產負債表上的槓桿率。我現在將其交給 Bahram 來概述我們 2023 年的戰略計劃和財務指導。

Thanks, Bob. I am very proud of our more than 34,000 team members and our accomplishments in 2022. Our main priority in 2022 was to grow back our revenue and adjusted EBITDA margins and prove that our business model is intact and healthy. In 2022, we successfully made adjustments to our pricing strategy and executed our strategic initiatives of ARORA, which is our active aging program, DPT, our dynamic personal training model, SGT, execution of our small group training and, of course, the rollout of pickleball. These initiatives were critical to increasing our traffic and revenue. Additionally, we rewired our decision-making process to have significantly less layers to get things done, which helped our margin expansion effort. We took the past 3 years as a great challenge and made necessary adaptations to keep Life Time in a leading position.

謝謝，鮑勃。我為我們的 34,000 多名團隊成員和我們在 2022 年取得的成就感到非常自豪。我們在 2022 年的首要任務是恢復我們的收入和調整後的 EBITDA 利潤率，並證明我們的商業模式是完整和健康的。 2022 年，我們成功地調整了我們的定價策略並執行了我們的 ARORA 戰略舉措，這是我們的積極老齡化計劃、DPT、我們的動態個人培訓模型、SGT、我們的小組培訓的執行，當然還有匹克球。這些舉措對於增加我們的流量和收入至關重要。此外，我們重新調整了決策流程，使完成工作的層次明顯減少，這有助於我們擴大利潤。我們將過去 3 年視為一個巨大的挑戰，並進行了必要的調整，以保持 Life Time 的領先地位。

As I have visited more than 1/3 of our clubs over the last few months, I'm happy to report that our clubs are both, busy and vibrant. For our clubs that were open at the end of 2019, January of 2023, membership dues in aggregate were 103% of membership dues in January of 2020 and are still reramping. As we have explained over the past several months, it takes 3 to 4 years to ramp or re-ramp 1 of our large athletic clubs. While we have already surpassed January 2020 membership dues across these clubs in aggregate, we're still in recovery period and expect to continue to improve results.

由於在過去幾個月裡我訪問了我們超過 1/3 的俱樂部，我很高興地報告我們的俱樂部既忙碌又充滿活力。對於我們在 2019 年底，即 2023 年 1 月開業的俱樂部，會費總額是 2020 年 1 月會費的 103%，並且仍在增加。正如我們在過去幾個月中所解釋的那樣，我們的大型運動俱樂部之一需要 3 到 4 年的時間才能升級或重新升級。雖然我們已經超過了這些俱樂部 2020 年 1 月的會費總額，但我們仍處於恢復期，並期望繼續改善結果。

In addition to the tailwinds for our reramping clubs, we feel we have significant pricing power and opportunity driven by a strong value proposition. The average dues of our memberships sold this year through February is $208. This compares to the total average dues of all memberships of $164. Not only we're adding new memberships at higher rates, each membership churn results in roughly $44 additional dues per month. In addition, there are over 510,000 memberships that, in aggregate, are paying roughly $17 million less in dues per month than our current rates. Furthermore, the first couple of months of the year have been very strong, and we're looking forward to the full year 2023 and beyond. I am proud to say that our brand and business model has never been in a better shape.

除了對我們重新規劃俱樂部的順風之外，我們認為我們在強大的價值主張驅動下擁有強大的定價權和機會。今年截至 2 月，我們出售的會員資格的平均會費為 208 美元。相比之下，所有會員的平均會費總額為 164 美元。我們不僅以更高的速度增加新會員，而且每次會員流失都會導致每月大約 44 美元的額外會費。此外，總共有超過 510,000 名會員每月支付的會費比我們目前的費率少大約 1700 萬美元。此外，今年前幾個月表現非常強勁，我們期待著 2023 年及以後的全年。我很自豪地說，我們的品牌和商業模式從未像現在這樣好過。

With all that, we are setting the expectation for adjusted EBITDA in the first quarter to $108 million to $110 million. And we are raising our full year guidance to $440 million to $460 million from the $430 million to $450 million that we established on January 9 of this year. Our focus for 2023 will remain on continuation of our recovery and margin expansion, growing our adjusted EBITDA to record levels and reduction of debt to adjusted EBITDA. We have already announced $123 million in sale-leaseback transactions. So far this year, we have closed on the first $33 million of that at the end of February. We are well on track to accomplish our goal of $300 million of sale leasebacks for the year.

儘管如此，我們將第一季度調整後的 EBITDA 預期設定為 1.08 億至 1.1 億美元。我們將全年指導從今年 1 月 9 日確定的 4.3 億至 4.5 億美元提高到 4.4 億至 4.6 億美元。我們 2023 年的重點仍將是繼續我們的複蘇和利潤率擴張，將調整後的 EBITDA 提高到創紀錄水平，並將債務減少到調整後的 EBITDA。我們已經宣布了 1.23 億美元的售後回租交易。今年到目前為止，我們已經在 2 月底完成了其中的第一筆 3300 萬美元。我們有望實現今年 3 億美元的售後回租目標。

Additionally, we're continuing to work on more growth coming from asset-light opportunities where facilities are funded largely from landlords. Every move we make is focused on enhancing our brand, customer experience, our balance sheet and making Life Time stronger. Now we're looking forward to answer your questions.

此外，我們將繼續致力於從輕資產機會中獲得更多增長，在這些機會中，設施的資金主要來自房東。我們所做的一舉一動都專注於提升我們的品牌、客戶體驗、我們的資產負債表並讓 Life Time 變得更強大。現在我們期待著回答您的問題。

(Operator Instructions) Our first question comes from the line of Chris Carril from RBC Capital Markets.

（操作員說明）我們的第一個問題來自 RBC Capital Markets 的 Chris Carril。

So you previously disclosed that you expect 35% to 40% of your [close] will reach profitability maturity this year. That's up from about 15% in '22. Can you update us on whether you still think that's the case here? I presume it's still is just based on the EBITDA guidance that you provided this morning. It's largely unchanged from what you gave us in early January, but also how you expect that maturity to ramp over the course of the year?

所以你之前透露，你預計今年 35% 到 40% 的 [close] 將達到盈利能力成熟度。這比 22 年的大約 15% 有所上升。你能告訴我們你是否仍然認為這裡是這種情況嗎？我認為它仍然只是基於您今天早上提供的 EBITDA 指南。它與您在 1 月初給我們的內容基本沒有變化，但您預計在這一年中成熟度會如何增加？

Yes. Great question, Chris. We are seeing the clubs continuing to pick up under swipe, (inaudible) catching up to the swipes of the past. Obviously, they are doing that at much higher average dues. The in-center is catching up and improving in some cases, moving ahead of the past performance as well. So I don't -- I think that we still have more runway for the clubs gaining to the 2019, 2020 -- early 2020 prior to closure, our revenues and margins and then get beyond that as they are still -- as I've mentioned, they're still ramping. While our dollars have recovered, I think in terms of the opportunity to get more revenue and more memberships, more traffic in majority of the clubs is still plenty abundant. So the -- each month, as we mentioned to you guys, you see more and more clubs, more states are getting past their past performance and then easily go beyond. And I don't know how to really reconcile your question mathematically right now, but I think it's just -- there's quite a bit -- when we said these clubs -- I don't think the clubs, when you call it maturer, you're talking about like they have ramped up to a level that they can't keep going. And we have room in most of the clubs that have recovered the dollar revenue, dollar margin, they still have room to gain more memberships and fill up more, if that helps you.

是的。好問題，克里斯。我們看到俱樂部在輕掃下繼續回升，（聽不清）趕上過去的輕掃。顯然，他們這樣做的平均會費要高得多。在某些情況下，中心正在追趕和改進，也超越了過去的表現。所以我不 - 我認為我們仍然有更多的跑道讓俱樂部獲得 2019 年，2020 年 - 2020 年初關閉之前，我們的收入和利潤率然後超越它們仍然 - 正如我'已經提到過，他們還在爬坡。雖然我們的錢已經恢復，但我認為就獲得更多收入和更多會員的機會而言，大多數俱樂部的更多流量仍然充足。所以 - 每個月，正如我們向你們提到的那樣，你會看到越來越多的俱樂部，越來越多的州正在超越他們過去的表現，然後輕鬆超越。我現在不知道如何從數學上真正調和你的問題，但我認為這只是 - 有很多 - 當我們說這些俱樂部時 - 我不認為俱樂部，當你稱之為成熟時，你說的好像他們已經上升到一個他們無法繼續前進的水平。我們在大多數已經恢復美元收入和美元利潤的俱樂部中都有空間，如果這對您有幫助，他們仍然有空間獲得更多會員資格並填補更多。

Got it. Yes. And then just as a follow-up on pricing. Can you talk about maybe recent reception to the pricing actions you've taken?

知道了。是的。然後作為定價的後續行動。你能談談最近對你所採取的定價行動的接受嗎？

Yes. We've sold tens of thousands of memberships in the first couple of months of the year and not any resistance. It's interesting, our rejoins are still at a higher rate today than they were pre-pandemic. And there is 0 resistance to the price front. The customer is finding the value proposition at Life Time. It's not a gym. It's not a -- it's really the variety of athletic things they do for their family, sports. So it's a social community. So actually, we're getting 0 price resistance. And we're continuing to adjust the prices, and we will see if they work, they don't. If they don't, we can easily just go back and change the price in the club for the next week. But so far, we haven't had to take any club backwards.

是的。今年頭幾個月，我們已經賣出了數万名會員，而且沒有遇到任何阻力。有趣的是，我們今天的重新加入率仍然高於大流行前。價格戰線阻力為0。客戶在 Life Time 找到價值主張。這不是健身房。這不是——這真的是他們為家人所做的各種各樣的運動，運動。所以這是一個社交社區。所以實際上，我們的價格阻力為 0。我們正在繼續調整價格，我們將看看它們是否有效，但它們沒有。如果他們不這樣做，我們可以很容易地返回並更改下週俱樂部的價格。但到目前為止，我們還沒有讓任何俱樂部倒退。

Chris, it's Bob. Just to add a little more color to that. Not only are memberships up, membership churn or membership departures are actually down the first 2 months of '23 relative to '22, and that's despite the fact that our average dues are up roughly $20 versus last year.

克里斯，是鮑勃。只是為了增加一點顏色。不僅會員人數增加，23 年前兩個月的會員流失率或會員離職率實際上比 22 月份有所下降，儘管事實上我們的平均會費比去年增加了大約 20 美元。

Our next question comes from the line of Brian Nagel from Oppenheimer.

我們的下一個問題來自 Oppenheimer 的 Brian Nagel。

Nice quarter. So the first question I have, just with respect to your cost control and some of the repositioning of costs within the model, you've clearly done a nice job here over the last couple of quarters, controlling costs. I mean as we look at the business and especially in (inaudible) improving top line from the dues' perspective of membership, how should we think about the sustainability of these cost controls or another way the leverageability of them?

不錯的季度。所以我的第一個問題，關於你的成本控制和模型中的一些成本重新定位，你在過去幾個季度顯然在控製成本方面做得很好。我的意思是，當我們審視業務，尤其是從會員會費的角度來看（聽不清）提高收入時，我們應該如何考慮這些成本控制的可持續性或以其他方式考慮它們的槓桿作用？

Yes. That's a great question. I don't expect us to continue to create more, more and more margin. I want to be clear. Now as the club's revenue continues to go up in aggregate, many of the clubs are still going to grow dues revenue, which is substantially, that's going to add to our margins by the fact that the revenue percentage is going to grow. On the cost side, we completely rewired the company, as I mentioned. The decision-making process of Life Time instead of going through 5, 6, 7 different people to get an approval and something, it's now down to 3. So we are basically making decisions much faster. We've eliminated layers -- those are being eliminated. So that the cost isn't going to -- and then we also have transitioned the corporate office to a structure that as we grow additional clubs, the corporate office -- majority of the office does not need to grow. So it's -- that actually allows us to benefit from the scale of the company. So it should move, we're not intending to go back and cut more cost, I want to be clear. But what we have put in place should be here permanently.

是的。這是一個很好的問題。我不希望我們繼續創造越來越多的利潤。我想說清楚。現在，隨著俱樂部的總收入繼續增長，許多俱樂部的會費收入仍將增長，這在很大程度上會增加我們的利潤率，因為收入百分比將會增長。在成本方面，正如我提到的，我們對公司進行了徹底的重組。 Life Time 的決策過程不是通過 5、6、7 個不同的人來獲得批准等等，現在減少到 3 個。所以我們基本上可以更快地做出決策。我們已經消除了層次——那些正在被消除。這樣成本就不會——然後我們還將公司辦公室轉變為一種結構，隨著我們發展更多的俱樂部，公司辦公室——大部分辦公室都不需要增長。所以它 - 這實際上讓我們從公司的規模中受益。所以它應該移動，我們不打算回去削減更多成本，我想說清楚。但是我們已經放置的東西應該永久存在。

Yes, Brian, just to emphasize 1 point that Bahram made, most of the cost efficiency actions were taken in the fourth quarter of last year. So we'll see the full annual benefit in 2023. There aren't a lot of additional cost saving steps we need to take to see that full year benefit this year.

是的，Brian，只是為了強調 Bahram 提出的一點，大部分成本效率行動是在去年第四季度採取的。因此，我們將在 2023 年看到全部的年度收益。我們不需要採取很多額外的成本節約步驟就可以看到今年的全年收益。

But they're rolling through right now every month.

但他們現在每個月都在滾動。

That's great. Very helpful. And then my second -- my follow-up question, obviously, we're seeing the results track well here. But how would you -- if you look at these clubs -- the new center openings, how are those -- generally, how are you feeling about those? How are those tracking versus your expectations versus historic levels, that sort of thing?

那太棒了。很有幫助。然後是我的第二個——我的後續問題，顯然，我們在這裡看到了很好的結果。但是你會如何 - 如果你看看這些俱樂部 - 新的中心開放，那些 - 總體來說，你感覺如何？這些跟踪與您的期望與歷史水平相比如何？

They're fantastic. I mean our new model, again, both in the way we're modeling the operations of the clubs, the programming and the pricing of this system, we're generally opening up the clubs right now above the business plan in our dues revenue, and they're ramping beautifully. So we have no issue. Generally, we take a substantial loss, the few months before the club opens and about 3 to 4 months, maybe after the club is open, that so we've been -- as you know, we have opened significant number of clubs in December and 1 opening just this week, a big one in California. But -- and we are covering that sort of a negative EBITDA from those. But within about 4, 5 months from the time they open, they flip over and they start kind of giving back EBITDA. So we're pretty excited about where everything is going. And again, as I mentioned on my remarks earlier, the business has never looked healthier, stronger than it is today.

他們太棒了。我的意思是我們的新模式，無論是在我們模擬俱樂部運營的方式，這個系統的編程和定價方面，我們現在通常在我們的會費收入中高於商業計劃開放俱樂部，他們正在漂亮地斜坡。所以我們沒有問題。一般來說，我們會在俱樂部開業前幾個月和大約 3 到 4 個月內遭受重大損失，也許在俱樂部開業之後，所以我們已經 - 如您所知，我們在 12 月開設了大量俱樂部本周剛開業 1 家，加利福尼亞州的一家大型酒店。但是——我們正在從這些中覆蓋那種負的 EBITDA。但在他們開業後大約 4、5 個月內，他們就會翻身，開始回饋 EBITDA。所以我們對一切的進展感到非常興奮。再一次，正如我之前在發言中提到的，該業務從未像今天這樣健康、強大。

Our next question comes from the line of Robby Ohmes from Bank of America.

我們的下一個問題來自美國銀行的 Robby Ohmes。

2 questions. Just the center memberships fell less than we were expecting in the fourth quarter. Is that the departure rates just being a lot less as Bob said, and based on that, like was it -- can you kind of talk about the initiatives and if that played a role in that? Was it pickleball versus personal group training in ARORA? And maybe more color we would want to know, like can you give us any examples of like clubs that don't have pickleball versus clubs that do? Is there a significant difference in performance of memberships and departures and things like that?

2 個問題。只是中心會員在第四季度的降幅低於我們的預期。離職率是否像 Bob 所說的那樣低了很多，並且基於此，就像它一樣 - 你能談談這些舉措以及它是否在其中發揮了作用嗎？匹克球與 ARORA 的個人團體訓練相比嗎？也許我們想知道更多的顏色，比如你能給我們舉一些沒有泡菜球的俱樂部和有泡菜球的俱樂部的例子嗎？會員和離職等方面的表現是否存在顯著差異？

Yes. It's not just pickleball, though. So I think to be clear, we -- all the programs I mentioned, [area,] small group training, personal training is having an amazing come back and recovery for us under new programming DPT. The -- and that obviously generates more customers. The sort of revenue margins are up and the number of people doing personal training has increased. Small group training is more than tripled since the beginning of last year. So basically, it's simple. Our business in our company, in our particular business, on average, about 10 swipes generates 1 membership. So we focused on what we called SSR, which is basically creating swipes, giving people reasons to have to be in our large athletic facilities, and then that swipe would generate subscription and the subscription generates the revenue. So that was the full strategy last year. And that's what we're continuing to execute. We expect to grow ARORA, our active aging program significantly this year, we expect to -- it grew massively in the first quarter.

是的。不過，這不僅僅是匹克球。所以我想明確一點，我們 - 我提到的所有項目，[區域，] 小組培訓，個人培訓在新的編程 DPT 下為我們帶來了驚人的回歸和恢復。 - 這顯然會產生更多的客戶。那種收入利潤率上升了，並且進行私人培訓的人數增加了。自去年年初以來，小組培訓增加了兩倍多。所以基本上，這很簡單。我們公司的業務，在我們的特定業務中，平均大約 10 次刷卡會產生 1 個會員資格。所以我們專注於我們所謂的 SSR，它基本上是創造刷卡，讓人們有理由必須進入我們的大型體育設施，然後刷卡會產生訂閱，而訂閱會產生收入。這就是去年的完整戰略。這就是我們將繼續執行的工作。我們預計今年我們的積極老齡化計劃 ARORA 會顯著增長，我們預計它會在第一季度大幅增長。

So far, we are growing small group training significantly. We have, again, steady growth in pickleball. We're continuing to convert opportunities to pickleball and running the programs. So [NVPT], as I mentioned, is working. So all the programs are working. And then we usually gain membership -- substantial membership in the first quarter there seasonally, and we're doing better than our own expectation this quarter. It's going fantastic. And so we're very, very optimistic about the year as we're seeing the programs that we have initiated, they really are catching momentum and getting into that leap stage that I really like to see with the programs.

到目前為止，我們正在顯著增加小組培訓。泡菜球再次穩步增長。我們將繼續將機會轉化為 pickleball 並運行這些程序。因此，正如我提到的，[NVPT] 正在發揮作用。所以所有的程序都在工作。然後我們通常會獲得會員資格——第一季度季節性的大量會員資格，我們本季度的表現好於我們自己的預期。太棒了。因此，我們對這一年非常、非常樂觀，因為我們看到了我們已經啟動的項目，它們確實正在抓住勢頭，進入我真正希望通過這些項目看到的飛躍階段。

That's helpful. And just a follow-up. The in-center revenue growth, what is the sort of expectation on in-center growth in the guidance for 2023? And is there -- do you guys disclose sort of the frequency driver to in-center revenue growth versus spend per visit?

這很有幫助。只是一個跟進。中心收入增長，2023 年指導中對中心增長的預期是什麼？還有——你們是否透露了中心收入增長與每次訪問支出的某種頻率驅動因素？

Yes. So let's go through this. The in-center is broken into a number of things. The personal training, which is the biggest factor. And we reinvented our approach to training and wiring from the corporate office [down to] the clubs, up and down, back and forth. And it's just -- it's really working. It's working significantly better than it ever has, and I expect that to continue to grow. The second one is [kids] and [aquatics]. Our programming is very strong right now. We are getting more sign-ups for like summer camps, selling them much earlier. So we have full capability of seeing where we have the opportunity to expand the capacity, because we're going to get sold out in many clubs on that to the capacity we have. So we're just sort of laying that out.

是的。讓我們來看看這個。中心被分解成許多東西。個人訓練，這是最大的因素。我們重新設計了從公司辦公室 [到] 俱樂部，上下，來回的培訓和佈線方法。它只是 - 它真的很有效。它的工作比以往任何時候都好得多，我希望它會繼續增長。第二個是 [kids] 和 [aquatics]。我們的編程現在非常強大。我們越來越多地報名參加夏令營之類的活動，並更早地出售它們。所以我們有充分的能力看到我們有機會擴大容量的地方，因為我們將在許多俱樂部中以我們擁有的容量售罄。所以我們只是把它擺出來。

The Cafe, we're making improvements in that. On aggregate, we're way ahead of the past revenue for our Cafe business. In the same store, I think we're close, but we're making progress on that, and I expect that to get past -- so all of our in-centers are growing. In the past, it used to be 1/3 in-center, 2/3 revenue. Once we got into the pandemic period, that number shrank some, and it was more like 70% dues. But now we gradually as we go back and we kind of readjust the programming that we need. I expect that number to come back up as well. So -- and we're seeing it, that is happening.

咖啡廳，我們正在對此進行改進。總的來說，我們的咖啡館業務收入遠遠超過過去。在同一家商店，我認為我們很接近，但我們正在這方面取得進展，我希望它能過去——所以我們所有的中心都在增長。過去，它曾經是 1/3 的中心，2/3 的收入。一旦我們進入大流行時期，這個數字就會減少一些，更像是 70% 的會費。但是現在我們逐漸回過頭來重新調整我們需要的編程。我希望這個數字也會回升。所以——我們看到了，這正在發生。

Our next question comes from the line of John Baumgartner from Mizuho Securities.

我們的下一個問題來自瑞穗證券的 John Baumgartner。

I guess first off, I want to come back to pricing. And I think conceptually, Bahram, you've been clear about the lack of resistance to price increases on the part of your members thus far. But from your perspective, for the memberships that have seen pricing already increased, how consistent are these new prices with your objective relative to what you perceive the Life Time experience to be worth? I'm sort of more curious about how you think about price versus value from an operator's perspective.

我想首先，我想回到定價上。而且我認為從概念上講，Bahram，到目前為止，您已經清楚地知道您的成員對價格上漲缺乏抵抗力。但從您的角度來看，對於已經看到價格已經上漲的會員，這些新價格與您的目標（相對於您認為終身體驗的價值）的一致性如何？我更好奇您如何從運營商的角度考慮價格與價值。

Yes. So the reality is that I have repeatedly admitted my mistake when we started the business, is that building these massive big athletic clubs and just pricing them extremely low. And that really was a challenge. We saw the problems with that was, a, we couldn't run the clubs with a level of excellence that I want to [support season] Ritz-Carlton level of quality, a real athletic country club quality. We just couldn't do it. There was too many people beating down on the club, number one. And number two, we just were stuck there because of the system we have with the salespeople in the company, they just could not -- they could not react to price changes. And it was just really, really clunky. So the most critical piece we did was eliminate the middleman, the sales person in here and go to a system where the customer just goes online, looks at the product or goes to the club, looks at the product, we have member concierge, both in the corporate office that they do this via chat room, calls, et cetera, or in the clubs that they can show people what the facilities and people would just choose to buy or not buy. Nobody will call you back and harass you to buy a membership. I mean, is this really a different approach than I took the first 30-some years that was in this business.

是的。所以現實情況是，當我們開始這項業務時，我一再承認我的錯誤，就是建立這些龐大的大型體育俱樂部並只是將它們定價極低。這真的是一個挑戰。我們看到的問題是，a，我們無法以我想要 [支持賽季] 麗思卡爾頓質量水平，真正的運動鄉村俱樂部質量的卓越水平來經營俱樂部。我們就是做不到。打俱樂部的人太多了，第一。第二，我們只是被困在那裡，因為我們與公司銷售人員的系統，他們就是不能——他們無法對價格變化做出反應。它真的非常非常笨重。所以我們所做的最關鍵的事情是消除中間人，這裡的銷售人員，並進入一個系統，客戶可以上網，查看產品或去俱樂部，查看產品，我們有會員禮賓，兩者在公司辦公室，他們通過聊天室、電話等方式來做到這一點，或者在俱樂部，他們可以向人們展示設施和人們只會選擇購買或不購買的東西。沒有人會回電話騷擾您購買會員資格。我的意思是，這真的是一種不同於我最初 30 年從事這項業務的方法嗎？

And we really love what's happening because there is no fear that you're making a mistake on the price. Let's say, we took a club from [$179 to $199] and then the management says, "Oh, that's not enough, we want to take it to [$229]." This [has] just happened. We take the price of $229 , assume it didn't work. If it doesn't work, it takes us 24 hours to change that price on the computer back to [$219] or [$209]. We -- it's just -- it's not one that anybody should get some sort of a fear, oh God, this is not a big mistake. It's just basically you test and you run. It works, you keep it, it doesn't. So we have had 0 friction with this. What's happening, though, is we have clubs that they were saturated and I'll give you like 1 example, South Austin. That club was saturated with membership pre-pandemic, and dues levels were just maybe $1 million a month or something. And now is $1 million, $3 million, $4 million. So it's just -- it really has took the lid off of the potential of our facilities. I mean these clubs are not -- as I've mentioned, they're not easy to replicate. They are $60 million, $70 million, $80 million today, cost of new construction, $60 million, $70 million, $80 million facilities, you can't replicate these but you also don't have to give them away. So we just have a system now that naturally and intuitively helps us find that right equilibrium for what price should be for the club.

我們真的很喜歡正在發生的事情，因為不用擔心您在價格上犯了錯誤。比方說，我們把一個俱樂部的價格從 [179 美元提高到 199 美元]，然後管理層說，“哦，這還不夠，我們想把它提高到 [229 美元]。”這[已經]剛剛發生。我們採用 229 美元的價格，假設它不起作用。如果它不起作用，我們需要 24 小時才能將計算機上的價格更改回 [$219] 或 [$209]。我們 - 它只是 - 它不是任何人都應該感到某種恐懼的人，哦上帝，這不是一個大錯誤。基本上就是你測試然後運行。它有效，你保留它，它沒有。所以我們對此的摩擦為 0。不過，正在發生的事情是，我們的俱樂部已經飽和了，我會給你舉一個例子，南奧斯汀。那個俱樂部在大流行前就已經滿員了，會費水平可能只有每月 100 萬美元左右。現在是 100 萬美元、300 萬美元、400 萬美元。所以它只是——它真的揭開了我們設施潛力的面紗。我的意思是這些俱樂部不是——正如我提到的，它們不容易複製。它們是今天的 6000 萬美元、7000 萬美元、8000 萬美元，新建築的成本，6000 萬美元、7000 萬美元、8000 萬美元的設施，你無法複製這些，但你也不必放棄它們。因此，我們現在只有一個系統，可以自然而直觀地幫助我們找到俱樂部價格的正確平衡。

Okay. And then just as a follow-up, I wanted to dig in a little bit around the phasing for 2023. The outlook for EBITDA in Q1 was stronger than expected. But it also implies sort of a sequential step down in EBITDA margin for the duration of the year. Are there any timing considerations, whether it's new opening expenses, rent or anything else that would drive that margin moderation fall in Q1? Or I guess is there anything that elevates margin temporarily in Q1?

好的。然後作為後續行動，我想深入了解 2023 年的階段性。第一季度 EBITDA 的前景強於預期。但這也意味著今年 EBITDA 利潤率連續下降。是否有任何時間考慮因素，無論是新的開業費用、租金還是其他任何會導致第一季度利潤率下降的因素？或者我想在第一季度有什麼可以暫時提高保證金的嗎？

We just want to be -- no, I don't think anything elevates -- the first quarter margins are right exactly what they should be right now. As we grow the revenues in the summer, the next 2 quarters, their revenue grows substantially. Obviously, we all expect to have a bigger EBITDA come in the next 2 quarters. And then obviously, we also have incremental cost with like the summer camp. So we have big revenue. Also, we have big payroll with that. So furthermore, the reason we haven't taken the numbers up more than we have for this -- for the guidance increase is obviously, we are trying to be conservative in the sense that we still have (inaudible) in the world, and we just want to make sure we have the ability to deliver on what we say we will do quarter after quarter. But we don't expect the margins to go down as the rest of the revenue goes up. The only place that we have real pinch on our margin is when we open new clubs, but that's already baked in. So no, we don't have any event to think that the margins should decrease throughout the year.

我們只是想——不，我認為沒有任何提升——第一季度的利潤率正是他們現在應該達到的水平。隨著我們在夏季增加收入，接下來的兩個季度，他們的收入將大幅增長。顯然，我們都希望在接下來的兩個季度中有更大的 EBITDA。然後顯然，我們也有像夏令營這樣的增量成本。所以我們有很大的收入。此外，我們有大量的工資單。因此，此外，我們沒有將數字增加得比我們為此多的原因——因為指導增加顯然是，我們試圖在世界上仍然有（聽不清）的意義上保持保守，我們只是想確保我們有能力兌現我們所說的每季度都會做的事情。但我們預計利潤率不會隨著其餘收入的增加而下降。唯一真正影響我們利潤率的地方是當我們開設新俱樂部時，但這已經存在。所以不，我們沒有任何事件認為全年利潤率應該下降。

Our next question comes from the line of Simeon Siegel from BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Simeon Siegel。

Could you guys break out the revenue lift you're expecting from pricing versus new units -- new members for 1Q and full year embedded within the revenue guide? And then sorry if I missed it, it might just be sale-leaseback timing. Did you say why rent came in $10 million less than the expected number from January? And just is there any offset we need to keep in mind on expected cash balance or anything?

你們能否打破您對定價與新單位的預期收入提升 - 收入指南中嵌入的第一季度和全年的新成員？然後很抱歉，如果我錯過了，這可能只是售後回租的時機。你有沒有說為什麼租金比 1 月份的預期數字少 1000 萬美元？我們需要記住預期現金餘額或其他任何抵消嗎？

Yes, Simeon, it's Bob. Let me tackle the rent piece first. That's just a function of -- relative to our initial guidance, some of the sale-leaseback proceeds received [and] completion will be a little bit later in the year versus evenly distributed, but we're still very much on track to deliver the $300 million. In terms of Q1 revenue contribution from pricing versus memberships, yes, they're both going to be meaningful contributors. As Bahram mentioned, we're seeing stronger-than-expected membership growth in the quarter. And as you know, historically, we add memberships in the first quarter. So there will both be meaningful contributors to that revenue growth in the quarter.

是的，西蒙，是鮑勃。讓我先解決租金問題。這只是一個函數 - 相對於我們的初始指導，收到的一些售後回租收益 [和] 完成將在今年晚些時候而不是均勻分佈，但我們仍然非常有望交付3億美元。就定價與會員的第一季度收入貢獻而言，是的，它們都將成為有意義的貢獻者。正如 Bahram 所提到的，我們看到本季度的會員增長強於預期。如您所知，從歷史上看，我們在第一季度增加了會員資格。因此，本季度的收入增長都會有有意義的貢獻。

Great. And then if I can quick follow-up on. In terms of the seasonality comment, out of the members that tend to fall off in 4Q, what percent tends to come back? So just maybe talk about the reactivations within the churn.

偉大的。然後如果我可以快速跟進。就季節性評論而言，在第 4 季度傾向於下降的會員中，有多少百分比傾向於回歸？所以也許可以談談流失中的重新激活。

Simeon, this is a good question, and you are really great about kind of looking through the good stuff and the bad stuff. I think in some ways -- and I've always gone back and questioned our reporting of membership count. Look, sometimes, we are -- we basically do not count a customer, right, if they haven't -- as soon as they drop out, they come off. Now in many times, these people are back within the 12 months and resigning back up, right? So a customer has a choice of going on hold for $15 a month, right, or just dropping out and coming back 4 months later. Now what they have is possibly they pay a little more in monthly dues, but that doesn't really -- stopping them from giving up their membership and coming back. They're not reacting to that. Where we see the opportunity is -- for that is to actually gradually start introducing enrollment fees as we have the strength. We wanted to wait to get to where we are today, which basically, in aggregate fully recovered and gone beyond. And once we have that strength coming through -- we are now at least about 10, 12 clubs across the system. We're charging initiation fees from a couple of hundred dollars all the way to $750. And I expect that by the summer season, we will have some enrollment fees in probably 100 of our locations across the system. And that is the real -- if there is a speed break for people just dropping out and coming back in is that enrollment fee that will help that process. But just really -- I mean, we're seeing no pattern that's given us a real concern. The customers generally loves what they get at Life Time. If they can afford it, they go to Life Time, if they can't, they go elsewhere.

Simeon，這是一個很好的問題，你真的很善於審視好事和壞事。我認為在某些方面——我總是回過頭來質疑我們對會員人數的報告。看，有時候，我們是——我們基本上不算客戶，對，如果他們沒有——一旦他們退出，他們就會離開。現在很多時候，這些人在 12 個月內回來並重新辭職，對嗎？因此，客戶可以選擇以每月 15 美元的價格暫停，對，或者直接退出並在 4 個月後回來。現在他們所擁有的可能是他們每月多付一點會費，但這並沒有真正阻止他們放棄會員資格並回來。他們對此沒有反應。我們看到機會的地方 - 因為我們有實力實際上逐漸開始引入註冊費。我們想等待到達今天的位置，基本上，總體上完全恢復並超越。一旦我們擁有了這種力量——我們現在在整個系統中至少有 10、12 個俱樂部。我們收取的啟動費從幾百美元一直到 750 美元不等。我預計到夏季，我們將在整個系統的大約 100 個地點收取一些註冊費。這是真實的——如果剛退學和回來的人有一個速度中斷，那麼註冊費將有助於這個過程。但真的——我的意思是，我們沒有看到任何讓我們真正擔心的模式。客戶通常喜歡他們在 Life Time 得到的東西。如果他們負擔得起，他們會去 Life Time，如果他們負擔不起，他們會去其他地方。

Our next question comes from the line of Dan Politzer from Wells Fargo.

我們的下一個問題來自富國銀行的 Dan Politzer。

I wanted to follow up on the enrollment fees. I know you just mentioned that could be something you're [facing] over the course of the year at 100-plus locations. Is that included in the guide at all? Because I would think that, that could be material.

我想跟進報名費。我知道你剛才提到這可能是你一年中在 100 多個地點 [面對] 的事情。指南中是否包含這些內容？因為我認為那可能很重要。

Yes, it's not material because the numbers are -- we charge more of a pool pass in the summer months because part of what we're trying to manage is people just joining for the pool season, overcrowding the customer who has been paying all year long. So we charge a pool pass and that pool pass basically goes into, I guess, averaged out over the several months of the pool open on the dues line. The memberships that we're selling now in the clubs that they have enrollment. That enrollment fee is basically gapped over the length of the membership. So if we charge, call it $660 fee, (inaudible) for a number and the customer was -- member for [average] which is 33 months, we're only taking $20 of that in revenue per month over the first -- for that 33 months. As you know how that works. So it's really like a 1%, 2% number for right now. Again, it's my desire as the company gets really, really where I like it to do in terms of revenue and EBITDA generation, I would really like to have actual enrollment fee be the next phase of introduction for our -- that just makes the experience of a Life Time customer once again closer to a country club rather than a health club.

是的，這並不重要，因為數字是——我們在夏季的幾個月裡收取更多的泳池通行證，因為我們試圖管理的部分原因是人們只是在泳池季節加入，導致全年付費的客戶過度擁擠長的。因此，我們收取泳池通行證，我猜，該泳池通行證基本上是在會費線上開放的幾個月內平均計算出來的。我們現在在他們註冊的俱樂部中出售的會員資格。該入會費基本上在會員資格的期限內存在差距。因此，如果我們收取 660 美元的費用，（聽不清）一個數字，並且客戶是 - [平均] 的會員，即 33 個月，我們只從第一個每月收入中收取 20 美元 - 對於那33個月。如您所知，它是如何工作的。所以現在真的很像 1%、2% 的數字。再一次，這是我的願望，因為公司在收入和 EBITDA 生成方面真的非常非常喜歡它，我真的很希望將實際的註冊費作為我們下一階段的介紹 - 這只是讓體驗Life Time 客戶再次接近鄉村俱樂部而不是健康俱樂部。

Interesting. That makes sense. On -- I think earlier on the call, you mentioned that memberships, the 2019 center commentary, I think you said 3% is where they're above at this point and so...

有趣的。這就說得通了。關於——我想早些時候在電話會議上，你提到了會員資格，2019 年的中心評論，我想你說 3% 是他們目前高於的地方，所以……

Let me make that really accurate. So it's actually a little bit higher relative to the same clubs are like 104% over the 2019 January dues. And then the clubs that open all the way through 2020 are 103% of the January of 2020. Now if you remember, January of 2020, we had a robust January and February, and then the shutdown came in March. So we had a very strong January, very, very strong. The best January we've ever had was January of 2020, and we were able to beat the similar clubs that were open, be able to hit that number at 103%. That's what that number is.

讓我說得非常準確。所以它實際上比相同的俱樂部高一點，比 2019 年 1 月的會費高出 104%。然後一直開放到 2020 年的俱樂部是 2020 年 1 月的 103%。現在如果你還記得，2020 年 1 月，我們有一個強勁的 1 月和 2 月，然後在 3 月關閉。所以我們有一個非常強勁的一月份，非常非常強勁。我們有史以來最好的 1 月是 2020 年 1 月，我們能夠擊敗開放的類似俱樂部，能夠達到 103% 的數字。這就是那個數字。

Okay. Got it. And I guess my question around that was, as we sit here today and your pricing is over $160 system-wide and getting those centers fully back. I mean is that membership? Is that pricing? Is it a combination of both? And what's the receptivity to those prior customers to come back at higher prices and possibly enrollment fees?

好的。知道了。我想我的問題是，當我們今天坐在這裡時，你們的全系統定價超過 160 美元，並且讓這些中心完全恢復。我的意思是那是會員資格？那是定價嗎？是兩者的結合嗎？那些以前的客戶以更高的價格和可能的註冊費回來的接受程度如何？

Well, that's really we -- it's a business is about supply and demand, right? And we have so many spots that we can deliver in anything, in pickleball, in a small group, in [assuming deck.] We basically have to manage that supply and demand so that the experience becomes -- this -- Life Time is a highly experiential company. And so we want to make sure the experience is what we wanted, and we have to adjust the pricing. As I mentioned, again, we are now -- if I go back, the aggregate clubs in that early part of 2020 before the shutdown would have been maybe [$122, $124, $125] is for the new membership sold at that time, all memberships sold at that price. Now it's [$208] for the period we told you, we've made some additional price increases. Now it's actually above [$210] this month so far for the memberships sold. And we are just -- again, we can -- if the fear is, "oh, what if it doesn't work?" We can adjust them. I mean it's not an issue. It is working. And we are seeing, as I mentioned to you, highest -- [first], I mean we are getting 30-some percent of our memberships are rejoins. Prior to pandemic, was 26% of membership being rejoined. So the answer is the customer is not even making a comment. They just go online and they sign up, they come to club, happy as they can be, and they go about doing their business. So we are very comfortable with the strategy, the way it's working. And so it goes to the -- you keep asking what portion is pricing. So some clubs they had like, let me give you individual clubs. So (inaudible) had north of 9,000 memberships prior to pandemic. It's too many. It was just uncomfortable for the brand we want to deliver was too much.

好吧，這真的是我們——這是一個關於供求的企業，對吧？而且我們有很多地方可以提供任何東西，在 pickleball 中，在小組中，在 [假設套牌] 中。我們基本上必須管理供求關係，以便體驗成為 - 這 - Life Time 是一個經驗豐富的公司。所以我們要確保體驗是我們想要的，我們必須調整定價。正如我再次提到的，我們現在——如果我回過頭來看，在關閉之前的 2020 年初，俱樂部的總數可能是 [122 美元、124 美元、125 美元] 是當時出售的新會員，所有以該價格出售的會員資格。現在我們告訴您的期間是 [208 美元]，我們已經進行了一些額外的提價。現在，本月到目前為止，已售出的會員資格實際上已超過 [$210]。我們只是——再一次，我們可以——如果恐懼是，“哦，如果它不起作用怎麼辦？”我們可以調整它們。我的意思是這不是問題。這是工作。正如我向您提到的，我們看到最高--[首先]，我的意思是我們有 30% 左右的會員重新加入。在大流行之前，有 26% 的會員重新加入。所以答案是客戶甚至沒有發表評論。他們只是上網並註冊，他們來到俱樂部，盡可能開心，然後他們開始做他們的生意。所以我們對這個策略及其運作方式感到非常滿意。所以它轉到了——你一直在問什麼部分是定價的。所以他們喜歡一些俱樂部，讓我給你個別的俱樂部。因此（聽不清）在大流行之前擁有超過 9,000 名會員。太多了。我們想要提供的品牌太多了，這讓人感到不舒服。

So now at 6,500 memberships, when we get to that we will have higher dues, higher margins and much better experience. So some of the clubs we basically don't ever want to get back to the old numbers. And some, we have the room to go beyond, because they weren't really at that threshold of giving uncomfortable experience. So now the opportunity for them is a higher number, but also at a higher dues. So we will -- we are still in a membership count in aggregate below the membership count that we were pre-pandemic. But again, I emphasize that's by design by choice of change in the business model that I mentioned, all the tweaks we have made to our adaptations, we have made to our business, that's one of them. So we would open the clubs. I mean, I'll say if I -- some of you guys look Brian Nagel has been covering this company at different firms since I was public the first time, we used to CPM every club, all the large clubs to 11,500 memberships at maturity. The last thing I ever want right now is to get to -- in most of those clubs, 7,500, 8,000 memberships is the max we would ever want the club to get to. But they're getting -- they're doing that. Today are almost more than 20-plus percent of the dues revenue. The personal training sessions are more money. So it's just really the cost structure and the position of the company has changed dramatically.

所以現在有 6,500 個會員，當我們達到這個數量時，我們將獲得更高的會費、更高的利潤和更好的體驗。所以我們基本上不想讓一些俱樂部回到原來的數字。還有一些，我們有超越的空間，因為他們並沒有真正處於提供不舒服體驗的門檻。所以現在他們的機會更多，但會費也更高。因此，我們將 - 我們的會員總數仍低於大流行前的會員總數。但我再次強調，這是通過設計來選擇我提到的商業模式的變化，我們對我們的適應所做的所有調整，我們對我們的業務所做的調整，這就是其中之一。所以我們會開設俱樂部。我的意思是，我會說，如果我——你們中的一些人看起來 Brian Nagel 自從我第一次上市以來一直在不同的公司報導這家公司，我們曾經對每個俱樂部進行 CPM，所有大型俱樂部在成熟時都有 11,500 個會員.我現在最不想做的事情就是——在大多數俱樂部中，7,500、8,000 名會員是我們希望俱樂部達到的最大值。但他們正在——他們正在這樣做。今天幾乎超過了會費收入的 20% 以上。私人培訓課程要花更多的錢。所以這真的只是成本結構和公司的地位發生了巨大變化。

I appreciate all the color. And if I could just sneak in 1 last housekeeping 1 for Bob. Just as we think about the rent and progressing throughout the year, is there a 4Q exit rate for the rent expense? And then on the leverage, I know you guys said 4 times at year-end. Is there a long-term target on a traditional or lease-adjusted basis we should think about?

我欣賞所有的顏色。如果我能偷偷為 Bob 做 1 最後的家務 1。正如我們考慮全年的租金和進步一樣，租金支出是否有第 4 季度的退出率？然後關於槓桿，我知道你們在年底說了 4 次。是否有我們應該考慮的基於傳統或租賃調整的長期目標？

The long-term leverage, I want to have it below [3x]. So we're going to continue working on [crusade] of improving the balance sheet until the leverage gets under 3x . Since everybody is on the call, that is not a leverage I would like 3x debt-to-EBITDA for a company that would not have all the real estate assets we still own. The change in that I think under 3x is a very healthy number is that at all times, we are carrying roughly about $3 billion worth of owned real estate even with the sale leasebacks that we continually do. That just doesn't allow that $3 billion to grow, right? But we recycled stuff coming in. So my target is to keep the debt to EBITDA under 3x , we're happy with the progress we're making. Obviously, the most improvement in that just keep growing the revenue and EBITDA to grow the margins, and that will help that number rapidly come down. And then I think Bob will get you that by the time you just -- you can run the math, go ahead.

長期槓桿，我希望它低於 [3x]。因此，我們將繼續努力改善資產負債表，直到槓桿率低於 3 倍。由於每個人都在通話中，這不是一個槓桿，我希望對於一家不會擁有我們仍然擁有的所有房地產資產的公司來說，債務與 EBITDA 的比率是 3 倍。我認為 3 倍以下的變化是一個非常健康的數字，即在任何時候，即使我們不斷進行售後回租，我們也持有價值約 30 億美元的自有房地產。那就是不允許那 30 億美元增長，對嗎？但我們回收了進來的東西。所以我的目標是將 EBITDA 的債務保持在 3 倍以下，我們對我們正在取得的進展感到滿意。顯然，最大的改進就是繼續增加收入和 EBITDA 以增加利潤率，這將有助於這個數字迅速下降。然後我認為 Bob 會在你可以運行數學時得到你，繼續。

Yes. So Dan, on the rent piece, we've guided to [$270 million to $280 million] for the full year. Obviously, we'd exit the fourth quarter at slightly higher than that run rate since that's the guide for the full year. So something just north of that [$70 million] (inaudible).

是的。所以丹，在租金方面，我們指導全年 [2.7 億至 2.8 億美元]。顯然，我們將以略高於該運行率的速度退出第四季度，因為這是全年的指導。所以就在那 [7000 萬美元] 的北部（聽不清）。

You just take our rent, because we only did $33 million that we just closed in end of February. We got -- 1 more is scheduled to close here in the next couple of months. Another 1 in June, July, and then we are working on the other deals that we would announce in the future. But if you assume $300 million of sale leaseback in the [mid-6s] range for the cap rate for the year and add that to where we exited, so that will give you the exit coming out of -- the timing of these will be -- depends on Life Time, the ability to deliver the product and/or the landlord's ability with the time they want that to go on their deals. So that's going to take sort of little moving target. But you're looking at about 20-some million of -- call it, $20 million of incremental rent annually added to our exiting rents on the fourth quarter 2022.

你只拿我們的租金，因為我們只做了 2 月底剛剛關閉的 3300 萬美元。我們得到了 - 計劃在接下來的幾個月內在這里關閉 1 個。 6 月、7 月的另一個 1，然後我們正在研究我們將在未來宣布的其他交易。但是，如果你假設 3 億美元的銷售回租在 [mid-6s] 範圍內用於當年的上限率並將其添加到我們退出的位置，那麼這將使你退出 - 這些時間將是-- 取決於生命週期、交付產品的能力和/或房東在他們希望進行交易的時間範圍內的能力。所以這需要一些小的移動目標。但是你看到的是大約 20 到 100 萬美元——可以這麼說，在 2022 年第四季度，我們現有的租金每年增加 2000 萬美元。

Our next question comes from the line of Brian Harbour from Morgan Stanley.

我們的下一個問題來自摩根士丹利的布賴恩港。

This is [Matt Morris] on for Brian. Just a follow-up on that conversation around membership dues versus 2019 levels. A couple of months back, you gave it broken down by state. You're obviously performing very well and in quite a few of those states, but a couple of other core markets in the Midwest, like Minnesota, Illinois are still running kind of below those levels or at least were when you last disclosed. Has that gap kind of closed? And is that mostly just due to kind of the timing of restrictions rolling off a bit later in those states? Or is there anything else to call out there?

這是 [Matt Morris] 替 Brian 做的。只是關於會費與 2019 年水平的對話的後續行動。幾個月前，你把它按州分類了。你顯然在其中的一些州表現得非常好，但中西部的其他幾個核心市場，如明尼蘇達州、伊利諾伊州，仍然低於這些水平，或者至少在你上次披露時是這樣。這種差距已經縮小了嗎？這主要是因為這些州的限制推出時間稍晚一些嗎？或者還有什麼可以叫出來的嗎？

Yes, majority of -- they're like just anomalies, but majority of those the ones that can be mapped out, like in orange, that hasn't fully recovered, was [really] timing. But if you go back right now, and we will -- as we meet with investors, we filed those before we go through an investor conference. And then you look at every single month, more states are turning green from orange and the other ones are keep coming up. Our expectation is every single state will recover to full numbers and go beyond. So it's just timing. And really, there hasn't been a situation saying, "Oh, the world is going to be different in Michigan or Minnesota", it is not. So the only other thing in Minnesota has always been a little bit off is that we have 1 large, large, super, mega club that opened in town and that depending on where you draw the line, that club takes a lot of members from the other ones, so dilutes the message. It's very close. And I think by this summer, I think we will hardly have any state that is left behind.

是的，大多數——它們就像異常現象，但大多數可以被映射出來的異常，比如橙色，還沒有完全恢復，是 [真的] 時機。但如果你現在回去，我們會——在與投資者會面時，我們會在召開投資者會議之前提交這些文件。然後你看每個月，更多的州從橙色變成綠色，而其他州則不斷出現。我們的期望是每個州都將恢復到完整數字並超越。所以這只是時機。真的，從來沒有人說，“哦，密歇根或明尼蘇達的世界將會不同”，事實並非如此。因此，明尼蘇達州唯一的另一件事一直有點不對勁，那就是我們在鎮上開設了一家大型、大型、超級、大型俱樂部，根據你劃定的界限，該俱樂部從其他的，所以稀釋了信息。非常接近。我認為到今年夏天，我認為我們幾乎不會有任何落後的州。

Yes. So Matt, just to give context of what happened in the fourth quarter from November to December in Q4, 2 states -- 2 additional states full recovered and 6 additional clubs, we're seeing similar, if not accelerated progress as we've rolled into 2023.

是的。所以馬特，只是為了說明第四季度從 11 月到 12 月發生的情況，有 2 個州——另外 2 個州完全康復，另外 6 個俱樂部，我們看到了類似的進展，如果不是加速進展的話，我們已經推出了進入 2023 年。

Yes, every month, you'll see that progress happening.

是的，每個月，您都會看到這種進展。

Okay. And then just 1 more. Curious on how Net Promoter Scores have evolved recently? Have you seen any noticeable shift given gyms are likely less crowded versus pre-COVID, but you also have some additional programming around whatever may be pickleball, small group chaining or revamped personal training, et cetera?

好的。然後還有 1 個。想知道淨推薦值最近是如何演變的嗎？你有沒有看到任何明顯的變化，因為健身房可能比 COVID 之前更不擁擠，但你也有一些額外的項目圍繞匹克球、小組連鎖或改進的個人訓練等等？

Yes. No significant change to our NPS. What's happening is we're getting a little better, obviously, results because of expanded programming and then the 2 things will reduce NPS. The most potent one is when the members get a letter saying their dues is going to go up $10 or $15. So the legacy dues increases usually is an impact. It's just a 1-month impact. And finally, yes, the January traffic in the clubs basically can make the experience a little pinched. And so those are just seasonal, but apples and apples, our NPS is as good as it's ever been.

是的。我們的 NPS 沒有重大變化。發生的事情是我們變得更好了，顯然，由於擴展的編程，結果會好一些，然後這兩件事會減少 NPS。最有力的一個是當成員收到一封信說他們的會費將上漲 10 美元或 15 美元時。因此，遺產稅的增加通常是一種影響。這只是1個月的影響。最後，是的，俱樂部 1 月份的交通基本上可以讓體驗變得有點緊張。所以那些只是季節性的，但是蘋果和蘋果，我們的 NPS 和以往一樣好。

Our next question comes from the line of Chris Woronka from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Chris Woronka。

Yes. Just a follow-up on the kind of the leasebacks. The big question we get a lot from investors is how do we get comfortable that the -- given the interest rate environment and such that the buyers, which I know includes some REITs that the economics still don't change materially. Any thoughts you can provide around that?

是的。只是對回租類型的跟進。我們從投資者那裡得到的一個大問題是，我們如何感到舒服——考慮到利率環境，以及我所知道的買家包括一些經濟仍然沒有發生重大變化的房地產投資信託基金。你有什麼想法可以提供嗎？

So -- go ahead.

所以請繼續。

Yes. So on sale leaseback, so yes, we -- from a cap rate perspective, Chris, we're seeing cap rates consistent a little [mid 6s.] Yes, consistent with what we've done historically, we still see strong demand from the REITs to participate in our properties. As you know, we paid every nickel of rent during the pandemic. Our clubs are cash flow positive. So we're a really attractive tenant for landlords. So we're seeing continued strong demand at rates consistent with what we (inaudible).

是的。所以在銷售回租方面，所以是的，我們 - 從上限率的角度來看，克里斯，我們看到上限率有點一致 [6s 中期]。是的，與我們歷史上所做的一致，我們仍然看到來自房地產投資信託基金參與我們的財產。如您所知，我們在大流行期間支付了每一分錢的租金。我們的俱樂部現金流為正。所以我們對房東來說是一個非常有吸引力的租戶。因此，我們看到持續強勁的需求，其增長率與我們（聽不清）一致。

One thing I would mention to you guys is that our leases are 20-plus year leases initially and then they have -- we have multiple options, 5-year options after that. There's a very, very long term area. And if you think of it, it should be more like the 30-year mortgage rather than the -- so our partners who are doing these deals with us, obviously, they're under pressure for -- their investors tying it into current rates. But we all know the current rates will change. If they don't change this year or -- they'll change soon enough relative to a 2030 year. So while the rates are volatile for a 2-year or a 5-year, even 10 years, they don't really have as big of a pull. It's not percent for percent on a [20-plus, 30, 25-year] lease. So there is virtually no concern that we can't get them done. The difference is just a quarter percentage point one way or the other on the cap rate.

我要向你們提到的一件事是，我們的租約最初是 20 多年的租約，然後他們有——我們有多種選擇，之後是 5 年的選擇。有一個非常非常長期的領域。如果你仔細想想，它應該更像是 30 年期抵押貸款，而不是——所以我們與我們進行這些交易的合作夥伴，顯然，他們承受著壓力——他們的投資者將其與當前利率掛鉤.但我們都知道當前的利率會發生變化。如果他們今年不改變，或者——相對於 2030 年，他們很快就會改變。因此，儘管 2 年期或 5 年期甚至 10 年的利率都在波動，但它們實際上並沒有那麼大的吸引力。這不是 [20 年以上、30 年、25 年] 租約的百分比。所以幾乎不用擔心我們無法完成它們。兩者在上限率上的差異僅為四分之一百分點。

Okay. Very helpful. Appreciate that. And then, Bahram, you've talked in the past about the potential M&A in the space and being an active participant in that. Has anything changed versus a year ago, 6 months ago in terms of what you're seeing relative to, again, debt markets being tough for some of the maybe weaker capitalized players? Is there anything that changes your view on what might happen over the next year or so?

好的。很有幫助。感謝。然後，Bahram，你過去曾談到該領域的潛在併購，並積極參與其中。與一年前、6 個月前相比，您所看到的相對於債務市場對一些可能資本較弱的參與者來說艱難的情況有什麼變化嗎？有什麼事情會改變你對未來一年左右可能發生的事情的看法嗎？

Yes. I think strategically, at some point, those opportunities will become very attractive for Life Time. For the last 12 months, the current 6 months -- the first 6 months of the year, our head's down focusing on fundamentals. We needed to make the adaptations that I have talked about to make sure our business model has overcome all the inflationary issues that everybody has dealt with and recovered from the pandemic ups and downs and overcome all the inflationary stuff, it's construction, supplies, payroll. And I am so excited, because we have accomplished that. I think as we look into the breakdown of the business unit, I tried to do it and give you guys some examples on this call. Unfortunately, it gets convoluted, because we have to -- we can't talk about the EBITDA when you exclude the impact of rents. So I just took it out so I can do it in a much more detailed approach, but we have the healthiest business model since the inception of the company today. And I'm proud of our company. I'm proud of our team, I'm proud of my partners for digging deep and making all the necessary adaptations to end up with a business that is better. Now once we get that done and then we are kind of building our normal course of clubs, and we can also look at opportunities hopefully. By the next call or 2 or 3, we can start sharing with you guys the opportunities that are popping up and how we're dealing with them.

是的。我認為從戰略上講，在某些時候，這些機會將對 Life Time 非常有吸引力。在過去的 12 個月中，當前的 6 個月——今年的前 6 個月，我們一直專注於基本面。我們需要做出我已經談到的調整，以確保我們的商業模式已經克服了每個人都處理過的所有通貨膨脹問題，並從大流行的起伏中恢復過來，並克服了所有通貨膨脹的東西，它是建築、供應、工資單。我很興奮，因為我們已經做到了。我想當我們調查業務部門的細分時，我試著這樣做，並在這次電話會議上給你們一些例子。不幸的是，它變得令人費解，因為我們必須——當你排除租金的影響時，我們不能談論 EBITDA。所以我把它拿出來，這樣我就可以用更詳細的方法來做，但我們擁有自今天公司成立以來最健康的商業模式。我為我們的公司感到自豪。我為我們的團隊感到自豪，我為我的合作夥伴感到自豪，他們深入挖掘並做出所有必要的調整，最終打造出更好的企業。現在，一旦我們完成了這項工作，我們就可以建立我們正常的俱樂部課程，我們也可以滿懷希望地尋找機會。到下一個電話或 2 或 3 時，我們可以開始與你們分享正在出現的機會以及我們如何應對這些機會。

Our next question comes from the line of John Heinbockel from Guggenheim Partners.

我們的下一個問題來自 Guggenheim Partners 的 John Heinbockel。

So 2 quick ones -- well, 1 will be quick. Can you talk about your philosophy, right, on -- there's a virtual flywheel here, right? You take in more dues, you invest in the business, the experience gets better and you can further raise pricing. Talk about that philosophically, right? And what would you like to -- when you think about raising the experience further, what would you like to invest in whether it's new services or upgrades that you're not doing today, right, that would elevate the experience?

所以 2 個快速的——好吧，1 個很快。你能談談你的理念嗎？這裡有一個虛擬飛輪，對吧？你收取更多的會費，你投資於業務，體驗變得更好，你可以進一步提高價格。從哲學上談談這個，對吧？你想要什麼——當你考慮進一步提升體驗時，你想投資什麼，無論是新服務還是你今天沒有做的升級，對吧，這會提升體驗？

Yes. So we are doing them -- we're not doing them across the system, John, it's a great question. So let me -- certain things you just can't do overnight. Like what I'd like to do is in terms of our ultra-fit class, which is really amazing small group training, kind of a sprint training, coupled with functional training for perception. It has completed a workout somebody would want to have. Okay, we have to build this pop-up studios for people to be able to do those, and we've been busy working our tails off nonstop to converting the floor plans to get this done. We are now done with maybe more than 2/3 of the clubs, and we're still kind of doing that remodeling the others going forward. That takes time to implement that idea. And then once you have that, now you have to get the talent that can actually coach that class that has the people wanting to follow. So just these things that we want to do is not like writing a new software for something and then rolling it out and everybody can -- it's just the speed of implementation is really one of those things that you have to take into consideration. So what I'd like to answer your question, what I'd love to see is more consistently across all the clubs in the country executing the locker room that smells like the best spa in the world, the cafe that gives you the best food, all the programs taught by the best coaches, best instructors. So it's just really continuing to work when we -- and any of the -- any CEO of a multiunit, you can get excited about the few stores that is closer to you that you see everything running perfectly. The question is, is that happening consistently across all the system? And how fast can you roll out new programs consistently across the whole system?

是的。所以我們正在做它們——我們不是在整個系統中做它們，約翰，這是一個很好的問題。所以讓我 - 某些事情你無法在一夜之間完成。就像我想做的是我們的超健身課程，這是非常棒的小組訓練，一種短跑訓練，加上感知功能訓練。它已經完成了一些人想要的鍛煉。好的，我們必須為人們建造這個彈出式工作室才能做到這些，我們一直忙於不停地工作以轉換平面圖來完成這項工作。我們現在已經完成了可能超過 2/3 的俱樂部，並且我們仍在對其他俱樂部進行改造。實施該想法需要時間。然後一旦你擁有了它，現在你必須得到能夠真正指導那些想要追隨的人的人才。因此，我們想要做的這些事情並不是像為某事編寫新軟件然後推出它並且每個人都可以 - 它只是實施速度確實是您必須考慮的事情之一。所以我想回答你的問題，我希望看到的是全國所有俱樂部更一致地執行聞起來像世界上最好的水療中心的更衣室，為你提供最好食物的咖啡館，所有課程均由最好的教練，最好的講師教授。因此，當我們——以及任何一位——多部門的任何首席執行官時，它真的會繼續工作，你會對離你較近的幾家商店感到興奮，因為你看到一切都在完美運行。問題是，這種情況是否在整個系統中始終如一地發生？您能以多快的速度在整個系統中一致地推出新程序？

So we are doing that. We have lots and lots and lots of runway right now to -- in continuation of implementation of the programs we have just talked about. There is plenty of runway there. I see our average dues for the new membership sold by this summer well in excess of [220 to 225]. And then that's almost Country Club like in terms of what you're charging. So then I feel like we got to make sure that, that sense of the longing for the customer where they just deeply believe they're going to the best brand. The other thing we're doing for the customer that nobody else can do, no Country Club can give is access to nearly 40 million square feet of facilities across the country. More and more, we hear from the customers saying, "I travel way of Life Time, we look for a home near Life Time." I mean it's happening constantly. So our desire has been to build one of the most well coveted brands in the country, and we've been working at it for 30 years. And I think today is in the best place it's ever been.

所以我們正在這樣做。我們現在有很多跑道 - 繼續實施我們剛剛談到的計劃。那裡有很多跑道。我看到我們今年夏天銷售的新會員的平均會費遠遠超過 [220 至 225]。然後就收費而言，這幾乎就像鄉村俱樂部一樣。因此，我覺得我們必須確保這一點，即對客戶的渴望，他們堅信他們會選擇最好的品牌。我們為客戶做的另一件事是其他人無法做到的，鄉村俱樂部無法提供的是使用全國近 4000 萬平方英尺的設施。越來越多的客戶說，“我在 Life Time 旅行，我們在 Life Time 附近尋找家。”我的意思是它一直在發生。因此，我們的願望一直是打造這個國家最令人垂涎的品牌之一，我們已經為此努力了 30 年。我認為今天是有史以來最好的地方。

And then just real quick, [Steve]. The quick one was going to be, if you look at the underpriced memberships, right, that you talked about before. So that's about $200 million of annual revenue. I mean how do you think about -- maybe not all of that is available, but you think about staging that over 1-year, 2-year, 3-year period?

然後很快，[史蒂夫]。快速的是，如果你看一下你之前談到的定價過低的會員資格，對吧。因此，這大約是年收入 2 億美元。我的意思是您如何考慮——也許並非所有這些都可用，但您考慮在 1 年、2 年、3 年的時間段內進行？

Yes. That's too aggressive. You really have to run your business from the customer point of view. You don't want to make the customer who's been with you for 6, 7, 8 years, feel like 10 years, 15 years, feel like you have no appreciation for that. So we are -- we have been doing this steadily. We didn't do it as smoothly as we're doing it now, we used to do a price increase every November for everybody at 1 time, too harsh. Now we go through a use of AI utilization, studies, everything and we may take $0.5 million worth of dues increase this month. We may take another $0.5 million next month. So it's a small number of people. And then that allows -- it's a small number of people per club that allows an individual conversation between that particular member and the lead general of the club. So we're going to lead that in methodically, slowly. But we have lots of dry powder, just that, that's really an opportunity for the company to kind of improve the dues revenue steadily throughout the year.

是的。那太咄咄逼人了。你真的必須從客戶的角度來經營你的業務。你不想讓和你在一起 6 年、7 年、8 年的客戶感覺像 10 年、15 年一樣，覺得你對此毫無感激之情。所以我們 - 我們一直在穩步這樣做。我們做的沒有現在這麼順利，以前我們每年11月都漲價，每個人漲1次，太苛刻了。現在我們通過人工智能的使用、研究和一切，我們可能會在本月增加 50 萬美元的會費。我們可能會在下個月再拿 50 萬美元。所以是少數人。然後允許 - 每個俱樂部的少數人允許該特定成員和俱樂部的首席將軍之間進行個人對話。因此，我們將有條不紊地、緩慢地引導它。但是我們有很多幹火藥，僅此而已，這確實是公司全年穩步提高會費收入的機會。

Ladies and gentlemen, we have reached the end of the question-and-answer session. And the conference of Life Time Group Holdings Inc. has now concluded. Thank you for your participation. You may now disconnect your lines.

女士們，先生們，我們的問答環節已經結束。而Life Time Group Holdings Inc.的會議現已結束。感謝您的參與。您現在可以斷開線路。