Life Time Group Holdings Inc (LTH) 2023 Q2 法說會逐字稿

Good morning and welcome to Life Time Group Holdings Second Quarter of 2023 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 call is being recorded. I will now turn the call over to Ken Cooper with Investor Relations for Life Time.

早上好，歡迎參加終身集團控股 2023 年第二季度收益電話會議。請注意，未經公司書面授權，不得複製本次通話的全部或部分內容。謹此提醒，本次電話會議正在錄音中。我現在將把電話轉給終身投資者關係部的肯·庫珀 (Ken Cooper)。

Good morning, and thank you for joining us for the Life Time Second Quarter of 2023 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 those forward-looking statements made today. There is a comprehensive discussion 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, net debt to adjusted EBITDA or what we refer to as our net debt leverage ratio and the free cash flow before growth capital expenditures.

早上好，感謝您參加我們的 2023 年第二季度收益電話會議。今天與我在一起的有創始人、董事長兼首席執行官巴赫拉姆·阿卡迪 (Bahram Akradi)；和首席財務官鮑勃·霍頓。在本次電話會議中，該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今天做出的前瞻性陳述存在重大差異。該公司向 SEC 提交的文件中對風險因素進行了全面討論，建議您查看。此外，公司還將討論某些非公認會計準則財務指標，包括調整後的 EBITDA、淨債務與調整後的 EBITDA 之比，或者我們所說的淨債務槓桿率和增長資本支出前的自由現金流。

This information, along with reconciliations to the most directly comparable GAAP measures are included in the company's earnings release issued this morning, our 8-K filed with the SEC and on the Investor Relations section of our website. I'm now pleased to turn the call over to Bob Houghton. Bob?

這些信息以及與最直接可比的 GAAP 衡量標準的對賬均包含在公司今天上午發布的收益報告、我們向 SEC 提交的 8-K 以及我們網站的投資者關係部分中。我現在很高興將電話轉給鮑勃·霍頓。鮑勃？

Thank you, Ken, and good morning. We appreciate you joining us for our business update. I will briefly review our second quarter 2023 financial results, which include continued strong revenue and adjusted EBITDA growth. Bahram will then provide his thoughts on the quarter and our strategic initiatives, which are all working to grow our business, improve profitability, increase cash flow and reduce leverage.

謝謝你，肯，早上好。感謝您加入我們的業務更新。我將簡要回顧我們 2023 年第二季度的財務業績，其中包括持續強勁的收入和調整後的 EBITDA 增長。然後，巴拉姆將提供他對本季度和我們戰略舉措的看法，這些舉措都致力於發展我們的業務、提高盈利能力、增加現金流和降低杠桿率。

Our second quarter revenue increased 22% to $562 million, driven by a 25% increase in membership dues and enrollment fees and a 13% increase in in-center revenue. Center memberships increased 26,000 from the first quarter, and we ended June with approximately 790,000 memberships. Total subscriptions, including digital on hold memberships are now at approximately 832,600. Second quarter average center revenue per membership increased to $701, up 10% from $639 in the prior year quarter. We generated net income for the second quarter of $17 million compared with a net loss of $2 million in the prior year quarter. Adjusted EBITDA increased 116% and to $136 million. Our adjusted EBITDA margin increased by over 10 percentage points to 24.2% versus 13.7% in the second quarter of 2022.

我們第二季度的收入增長了 22%，達到 5.62 億美元，這得益於會員費和註冊費增長 25%，以及中心收入增長 13%。中心會員數量比第一季度增加了 26,000 名，截至 6 月，我們的會員數量約為 790,000 名。包括數字保留會員在內的訂閱總數目前約為 832,600 名。第二季度每位會員的平均中心收入增至 701 美元，比去年同期的 639 美元增長 10%。我們第二季度的淨利潤為 1700 萬美元，而去年同期淨虧損為 200 萬美元。調整後 EBITDA 增長 116%，達到 1.36 億美元。我們調整後的 EBITDA 利潤率增長了 10 個百分點以上，達到 24.2%，而 2022 年第二季度為 13.7%。

Rent as a percentage of revenue was 12% in the second quarter of 2023 and 13% in the prior year quarter. We delivered another quarter of improved cash flow with net cash provided by operating activities of $142 million versus $71 million in the prior year quarter. Year-to-date, we have generated net cash provided by operating activities of $216 million versus $80 million in the prior year-to-date period.

2023 年第二季度租金佔收入的百分比為 12%，去年同期為 13%。我們的現金流又一個季度有所改善，經營活動提供的淨現金為 1.42 億美元，而去年同期為 7100 萬美元。年初至今，我們的經營活動產生的淨現金為 2.16 億美元，而去年同期為 8000 萬美元。

We are incredibly pleased with our performance in the first half of this year. Our strategic initiatives are successfully driving growth in revenue and adjusted EBITDA at sustainably higher profit margins. We are seeing a significant increase in the number of asset-light opportunities to grow our business and we are rapidly deleveraging our balance sheet. Looking forward, we remain confident in our ability to continue delivering growth in revenue and earnings while providing the unrivaled athletic country club member experience that is unique to Life Time. I will now turn the call over to Bahram.

我們對今年上半年的表現非常滿意。我們的戰略舉措成功地推動了收入的增長，並以持續較高的利潤率調整了調整後的 EBITDA。我們看到用於發展我們業務的輕資產機會顯著增加，並且我們正在迅速去槓桿化我們的資產負債表。展望未來，我們仍然對繼續實現收入和收益增長的能力充滿信心，同時提供 Life Time 獨有的無與倫比的運動鄉村俱樂部會員體驗。我現在將把電話轉給巴赫拉姆。

Thanks, Bob, and good morning, everyone. I am very pleased with our progress in the second quarter towards our main objectives. Our strategic initiatives are all paying off, and our team is focused and excited. We are delivering the best quality programming and experiences to our members and at the same time, we are delivering great operating margins. We're continuing to see more asset-light opportunities to grow the company, and we're securing these opportunities.

謝謝鮑勃，大家早上好。我對第二季度在實現主要目標方面取得的進展感到非常高興。我們的戰略舉措都取得了成效，我們的團隊專注且興奮。我們為我們的會員提供最優質的節目和體驗，同時，我們也提供巨大的運營利潤。我們不斷看到更多促進公司發展的輕資產機會，並且我們正在抓住這些機會。

Net debt to adjusted EBITDA is dropping at a very fast pace and it has decreased to 4.2x at the end of second quarter compared to 9x at the end of same period last year. We expect this rapid deleveraging to continue in the third quarter. We have included some potential recessionary headwinds in our guidance. However, we are not seeing that impact yet. As we have mentioned before, June was the first month that our attrition rate was below 2019. We are seeing these trends now through July and August, which reflects strong member sentiment to the Life Time brand. Nevertheless, we will maintain our conservative perspective.

調整後 EBITDA 的淨債務正在快速下降，第二季度末已降至 4.2 倍，而去年同期末為 9 倍。我們預計這種快速去槓桿化將在第三季度持續。我們在我們的指導中納入了一些潛在的衰退阻力。然而，我們還沒有看到這種影響。正如我們之前提到的，6 月是我們的流失率低於2019 年的第一個月。我們從現在到7 月和8 月都看到了這些趨勢，這反映了會員對Life Time 品牌的強烈情緒。儘管如此，我們仍將保持保守的觀點。

Based on our first half financial results and despite our conservatism, we're still raising our full year adjusted EBITDA guidance to $510 million to $520 million from $470 million to $490 million. This reflects an adjusted EBITDA margin of 22.5% to 23.3%. We are also narrowing our full year revenue guidance to $2.235 billion to $2.265 billion for the year and maintaining the same midpoint despite shifts in some club openings later in the year.

根據我們上半年的財務業績，儘管我們持保守態度，但我們仍將全年調整後 EBITDA 指導從 4.7 億美元至 4.9 億美元上調至 5.1 億美元至 5.2 億美元。這反映出調整後的 EBITDA 利潤率為 22.5% 至 23.3%。我們還將全年收入指引縮小至 22.35 億美元至 22.65 億美元，並保持相同的中點，儘管今年晚些時候一些俱樂部開業情況發生了變化。

For the third quarter, we expect revenue to be $585 million to $595 million and adjusted EBITDA to be $136 million to $138 million.

我們預計第三季度收入為 5.85 億至 5.95 億美元，調整後 EBITDA 為 1.36 億至 1.38 億美元。

I would like to finish my remarks by emphasizing the equity value in the Life Time brand. With more than 120 billion impressions annually, our brand is providing an increasing number of opportunities to become bigger and stronger through asset-light growth. We expect that this will continue well into the future.

我想通過強調 Life Time 品牌的股權價值來結束我的發言。我們的品牌每年的曝光量超過 1200 億次，為我們提供了越來越多的通過輕資產增長做大做強的機會。我們預計這種情況將持續到未來。

Before we start Q&A, I would like to take a moment to thank our incredible team of more than 34,000 people. Each of our enthusiastic and passionate team members plays a vital role in helping our members live healthier, happier lives. This has allowed us to extend the power of our brand and fuel the strong results we're seeing. We're now looking forward to your questions.

在開始問答之前，我想花點時間感謝我們由 34,000 多人組成的令人難以置信的團隊。我們每一位熱情洋溢的團隊成員在幫助我們的會員過上更健康、更幸福的生活方面都發揮著至關重要的作用。這使我們能夠擴展我們品牌的力量並推動我們所看到的強勁業績。我們現在期待您的提問。

(Operator Instructions) Our first question is from Chris Carril with RBC Capital Markets.

（操作員說明）我們的第一個問題來自 RBC 資本市場的 Chris Carril。

So can you expand a bit more on the membership growth that you saw in the 2Q, maybe how that came in relative to your own expectations? And then how you're thinking about membership counts here going forward into the 3Q and the 4Q and how that's embedded in your guidance?

那麼，您能否詳細介紹一下您在第二季度看到的會員增長情況，也許這與您自己的預期相比如何？那麼您如何考慮第三季度和第四季度的會員數量以及如何將其納入您的指導中？

It's been growing exactly to our expectation, Chris. We're very happy with the growth. We're not seeing any weakness in any of the trends, the memberships that they're coming in. As we have told you guys and you understand there is zero marketing, zero promotions, zero effort to sell. Our focus has been continuing to work on desirability in our clubs. And it's working. I mean our attrition rates are dropping. And as attrition rates drop, that makes the net increase in memberships much easier to attain. We're very happy with where we're at.

它的增長完全符合我們的預期，克里斯。我們對這種增長感到非常高興。我們沒有看到任何趨勢、他們的會員資格有任何弱點。正如我們告訴你們的那樣，你們也明白，零營銷、零促銷、零銷售努力。我們的重點是繼續提高俱樂部的吸引力。它正在發揮作用。我的意思是我們的員工流失率正在下降。隨著流失率下降，會員數量的淨增長變得更容易實現。我們對目前的處境非常滿意。

Got it. And then I did want to ask about the development update this morning. And just specifically, what's driving that increase in the openings guidance here, I think, from 10 previously to 12 openings for the full year and just driving -- what's driving the confidence there?

知道了。然後我確實想問一下今天早上的開發更新。具體來說，我認為，是什麼推動了職位空缺指引的增加，從之前的 10 個職位空缺增加到全年的 12 個空缺職位，並且只是推動 - 是什麼推動了那裡的信心？

Yes. It's a great question, Chris. We are systematically looking to see what are the number of opportunities that are available out there for us. And to our surprise, that number is nearly almost 200 asset-light opportunities. This is not building our big battleships, which is another couple of hundred possible locations. But on the asset-light ones, we have already done about 10% of those. We've already done about 20 asset-light deals. And then there's another 20 in discussions. So they are legit and I think we can continue to basically harvest this opportunity in the years to come in the next 4 or 5 years, which allows the company to grow revenue and EBITDA at a very, very nice pace without having to add significant amounts of leverage. Actually, we should be able to continue to delever the company.

是的。這是一個很好的問題，克里斯。我們正在系統地尋找可供我們使用的機會數量。令我們驚訝的是，這個數字接近 200 個輕資產機會。這不是建造我們的大型戰艦，而是另外數百個可能的地點。但在輕資產方面，我們已經做了10%左右。我們已經完成了大約 20 筆輕資產交易。然後還有另外 20 個正在討論中。所以它們是合法的，我認為我們可以在未來 4 或 5 年內繼續基本上收穫這個機會，這使得公司能夠以非常非常好的速度增長收入和 EBITDA，而不必增加大量資金的槓桿作用。其實我們應該可以繼續給公司去槓桿。

Our next question is from John Heinbockel with Guggenheim Securities.

我們的下一個問題來自古根海姆證券公司的約翰·海因博克爾。

So guys, let me follow on that last one, right, about sort of the expansion cadence and the capital-light nature, right? So Bahram, would you think -- one, if I think about openings that the organization can handle, do you think that's about 1 a month, right? So we settle in kind of 12 a year. And do you think the capital-light piece ends up being maybe 2 or 3 of that 12 or is it more than that? And then I guess the last piece, the suburban battleships, is there a way to bring the cost of those down without harming the experience?

那麼伙計們，讓我繼續最後一個，對吧，關於擴張節奏和輕資本性質，對吧？那麼，Bahram，你會認為——一，如果我考慮一下該組織可以處理的空缺，你認為大約是每月 1 個，對嗎？所以我們每年安排12個。你認為資本輕的部分最終可能是這 12 個中的 2 或 3 個，還是更多？然後我想最後一塊，郊區​​戰艦，有沒有辦法在不損害體驗的情況下降低它們的成本？

Yes. Actually, the cost will start coming down in the next -- we're starting to see already the construction cost sort of starting to get leveled off with feet on the ground with some of the contractors instead of being up in the sky. And so -- and what we are -- what we -- this is giving us the ability to do, John, is to sort of pick and choose which way we're going to grow the business. With the asset-light opportunities, we can grow the revenue, EBITDA easily in the double-digit levels if we didn't launch many of the big boxes, we are continuing to purchase the land, get the permits, get the approval, have the designs ready. And then we'll just decide systematically when to deploy the construction on those with a huge focus on making sure that we are continuing to delever the company as we go forward, growing the EBITDA and making sure we maintain the debt levels at the levels that they are right now without it going up.

是的。事實上，成本將在接下來開始下降——我們已經開始看到建築成本開始趨於平穩，一些承包商腳踏實地，而不是天上掉餡餅。所以，約翰，我們是什麼，我們是什麼，這讓我們有能力選擇我們發展業務的方式。憑藉輕資產的機會，如果我們沒有推出許多大型盒子，我們可以輕鬆增加收入，EBITDA 可以輕鬆達到兩位數水平，我們將繼續購買土地，獲得許可證，獲得批准，設計準備好了。然後，我們將系統地決定何時在那些重點關注的領域部署建設，以確保我們在前進的過程中繼續去槓桿化公司，增加 EBITDA 並確保我們將債務水平維持在他們現在還沒有上漲。

So that will continue to delever the business. And then strategically, we'll pick locations where we feel like the market is so amazing and we have pent-up demand. We'll just start construction on the bigger ones.

因此，業務將繼續去槓桿化。然後從戰略上講，我們將選擇那些我們認為市場非常驚人並且我們有被壓抑的需求的地點。我們將開始建造更大的。

Okay. Great. And then curious your assessment of the in-center -- the big in-center businesses today, right? And their recovery from COVID, obviously, personal training you retooled, but where do you think we stand on that? And I know that you talked about trying to build in some macro headwinds. Is that where it will show up? My dues will be fine, but maybe engagement with some of the personal -- some of the in-center businesses -- is that what you think we see softness, if we see it anywhere?

好的。偉大的。然後很好奇您對中心內的評估——當今大型中心內業務，對吧？他們從新冠病毒中恢復過來，顯然，你重新調整了個人訓練，但你認為我們對此持什麼立場？我知道你談到了試圖克服一些宏觀阻力。那是它會出現的地方嗎？我的會費會很好，但也許與一些個人——一些中心內的企業——的接觸是你認為我們看到的軟弱，如果我們在任何地方看到它的話？

No, I actually don't think it has anything to do with that. Everything has to do with our execution. And we have tremendous opportunity within our control with the execution of our in-center programming. We have significant performance in certain clubs, and we have so-so performance in some others with similar demographics, similar conditions and similar size of the clubs, similar offering. So this is just going to take time. It's an opportunity to gradually take those places where there's significant opportunity to execute.

不，我實際上不認為這與此有任何關係。一切都與我們的執行有關。通過執行中心編程，我們擁有巨大的機會。我們在某些俱樂部中表現出色，而在其他一些具有相似人口統計、相似條件、相似俱樂部規模、相似產品的俱樂部中，我們的表現一般。所以這需要時間。這是一個逐步佔據那些有重要執行機會的地方的機會。

The really positive news is we have -- continue to work on innovation, creating new ways to grow the business and I'm really excited about what we are launching right now. It will take a couple of more months before we have at least 150 locations robustly executing this dynamic stretch, which will be another opportunity for our personal training to get yet another double-digit growth within itself on a per month basis.

真正積極的消息是我們繼續致力於創新，創造新的業務增長方式，我對我們現在推出的產品感到非常興奮。還需要幾個月的時間，我們才會有至少 150 個地點強有力地執行這一動態延伸，這將是我們的個人培訓每月再次實現兩位數增長的另一個機會。

So -- and then beyond that, we have other things that we've been working on to basically increase the volume of revenue and the profitability in the 4 walls of each asset that we already own or anything that we will launch going forward. So look, if you're standing still and if you're creating nothing and you're expecting the same business to continue to do well for you, that's going to get tapped out at some point. But Life Time has never stood still. We have constantly looked to see what are the other opportunities to elevate the experience to a higher quality, more extraordinary and invent and introduce new programming that gives us more opportunity.

因此，除此之外，我們還一直在做其他事情，從根本上增加我們已經擁有的每項資產或我們未來將推出的任何資產的收入和盈利能力。所以看，如果你原地踏步，沒有創造任何東西，並且你期望同樣的業務繼續為你帶來好處，那麼在某個時候你就會被淘汰。但Life Time從未停滯不前。我們不斷尋找其他機會將體驗提升到更高質量、更非凡，並發明和引入新的節目，為我們提供更多機會。

So the last couple of years, we had to really work on all the different innovations, all different transformations to get the company to a level where we are producing record levels of EBITDA margin from our business. And at this point, I think we're just now super excited to roll out these new opportunities to continue our growth for '24 and beyond.

因此，在過去的幾年裡，我們必須真正致力於所有不同的創新、所有不同的轉型，以使公司達到我們的業務 EBITDA 利潤創紀錄水平的水平。在這一點上，我認為我們現在非常興奮能夠推出這些新機會，以繼續我們在 24 世紀及以後的發展。

Our next question is from Brian Nagel with Oppenheimer & Company.

我們的下一個問題來自奧本海默公司的布萊恩·內格爾。

Nice quarter. Congratulations. So the first question -- I have a couple of questions. But the first question, we've talked a lot about the leverage ratios and Bob and Bahram, you both mentioned leverage ratios in your prepared comments. But -- so I guess I'll maybe ask in a couple of parts, but I mean if I'm doing the math correctly, given the guidance, the EBITDA guidance you laid out for Q3, that implies a leverage ratio for Q3 down to 3.6x, 3.7x. So I just want to make sure I did my math correctly there. But I guess the bigger question is, how -- with that, how close are you now getting to that target you want to be at?

不錯的季度。恭喜。第一個問題——我有幾個問題。但第一個問題，我們已經討論了很多關於槓桿率的問題，鮑勃和巴赫拉姆，你們在準備好的評論中都提到了槓桿率。但是 - 所以我想我可能會問幾個部分，但我的意思是，如果我計算正確，考慮到您為第三季度製定的 EBITDA 指導，這意味著第三季度的槓桿率下降至3.6 倍、 3.7 倍。所以我只是想確保我的數學計算正確。但我想更大的問題是，你現在距離想要達到的目標有多近？

Yes. It's a great question. Brian, I mean, rough and tough, you just came to the thumbnail, the guidance for the 3Q plus what we have delivered the first couple and then the first -- in the last quarter of last year, trailing 12 months. EBITDA is rough and tough, is looking right just about $500 million at the end of 3Q when you look at trailing 12 months EBITDA. So I'm very, very proud of our team. We always have had the goal of doing a $500 million of EBITDA this year. That was the internal goal for the company. And we steadily have executed. Our team has steadily executed on the goal, and we've been able to raise -- beat and raise the guidance every quarter.

是的。這是一個很好的問題。布萊恩，我的意思是，粗略地說，你剛剛看到了縮略圖，第三季度的指導，加上我們在去年最後一個季度、過去 12 個月裡交付的第一批和第一批。 EBITDA 很艱難，當你查看過去 12 個月的 EBITDA 時，你會發現第三季度末的 EBITDA 大約只有 5 億美元。所以我為我們的團隊感到非常非常自豪。我們一直有一個目標，今年的 EBITDA 達到 5 億美元。這是公司的內部目標。我們已經穩步執行。我們的團隊一直在穩步執行目標，並且我們每個季度都能夠提高——超過並提高指導值。

Our expectation is that, obviously, we're going to grow the revenue and EBITDA again on a trailing 12-month basis in every quarter, the foreseeable future. And so one way or the other, we're going to quickly, very rapidly get the company to under 3x debt to EBITDA. And I want to emphasize this is with at least -- debt to EBITDA is a nice number, but what's really not being considered that Life Time owns well in excess of $3 billion of fee-owned assets today that it continues to support the strength of the balance sheet of the company. And so we feel very, very good about getting the company under 3x, and we're clearly on our way to get there. Thanks for the question, Brian.

顯然，我們的預期是，在可預見的未來，我們將在每個季度的過去 12 個月的基礎上再次實現收入和 EBITDA 的增長。因此，無論怎樣，我們都會很快、非常迅速地讓公司的 EBITDA 債務低於 3 倍。我想強調的是，至少 - EBITDA 債務是一個不錯的數字，但真正沒有考慮到的是，Life Time 如今擁有超過 30 億美元的收費資產，它繼續支持著公司的資產負債表。因此，我們對將公司的增長率控制在 3 倍以下感到非常非常高興，而且我們顯然正在實現這一目標。謝謝你的提問，布萊恩。

That's very helpful. And the second question I want to ask, just with regard to the center or the club openings. So we talked some about the delays here. So maybe, I guess, the first question would be particularly more like what is causing these delays? But then I think more importantly, how has the performance of your new clubs has been? Because as I'm looking through my model. These are delayed, but I think they've been performing very well. So that should actually bode well then for '24, right? I mean I recognize you haven't given specific guidance for '24.

這非常有幫助。我想問的第二個問題是關於中心或俱樂部空缺的。所以我們在這裡討論了一些關於延誤的問題。因此，我想，第一個問題可能更類似於是什麼導致了這些延誤？但我想更重要的是，你們的新俱樂部的表現怎麼樣？因為當我正在查看我的模型時。這些都被推遲了，但我認為他們表現得很好。那麼對於 24 世紀來說這實際上應該是個好兆頭，對吧？我的意思是我認識到你沒有為 '24 提供具體指導。

Absolutely. So we have -- everything is within our control, and then there are things outside of our control. I want to be clear. Being able to get the initial building permits to get launched, it's something that we work, our team is a professional group of that. But sometimes, it's completely outside of our control and the municipalities will take their time to give you the plumbing permits or the electrical permit, and we just can't get started. I mean, so once we start, then we can go.

絕對地。所以我們——一切都在我們的控制範圍之內，但也有一些事情是我們無法控制的。我想澄清一下。能夠獲得啟動的初始建築許可，這是我們的工作，我們的團隊是一個專業團隊。但有時，這完全超出了我們的控制範圍，市政當局會花時間給你管道許可證或電力許可證，而我們就是無法開始。我的意思是，一旦我們開始，我們就可以走了。

And then once we get to the other end, we have to have the health inspectors to come in through the health inspection and the building permits, you get the occupancy permit. And some of those, frankly, are just completely outside of your control and there's a little bit of a delay on the construction, it's really a nonevent situation in here. Our revenue in the clubs in the first few months, 2, 3 months is either a negative EBITDA revenue or slightly positive after 2, 3 months contribution margin positive. So it really doesn't move the needle on the EBITDA. If anything, it's just a little bit of a negative, but that's already baked into our numbers.

然後一旦我們到達另一端，我們必須讓衛生檢查員進來，通過衛生檢查和建築許可證，你就可以獲得入住許可證。坦率地說，其中一些完全超出了你的控制範圍，而且施工有一點延遲，這確實是一個無關緊要的情況。我們在俱樂部的前幾個月、第二、三個月的收入要么是負 EBITDA 收入，要么在 2、3 個月貢獻邊際收益為正後略有正數。所以它實際上並沒有對 EBITDA 產生任何影響。如果有的話，這只是一點點負面影響，但這已經融入到我們的數據中。

But on the other hand, you look back, we're going to open like literally 5 or 6, 7 clubs here in the next -- in 90 days. And we're going to get those all opened up and then all of that will start generating revenue in the fourth quarter, but it's going to generate really nice EBITDA in the 2024 and years after that. So we're not seeing anything in here that would concern us, everything is moving very satisfactory to us as a management group and looking forward to continue to deliver the growth that we have been delivering that we -- and the increase in EBITDA.

但另一方面，你回頭看看，我們將在接下來的 90 天內開設 5、6、7 個俱樂部。我們將把這些全部開放，然後所有這些都將在第四季度開始產生收入，但它將在 2024 年及之後的幾年中產生非常好的 EBITDA。因此，我們在這裡沒有看到任何讓我們擔心的事情，作為一個管理團隊，一切進展都令我們非常滿意，並期待繼續實現我們一直在實現的增長以及 EBITDA 的增長。

Our next question is from Brian Harbour with Morgan Stanley.

我們的下一個問題來自摩根士丹利的布萊恩·哈伯。

Yes. I wanted to follow up just on that question about in-center revenue as well. You mentioned it's kind of on you guys just to execute. But what is that specifically? Is it just like more training is required or it just takes time to launch some of these programs? Do you think that you have to hire more to actually roll out some of those initiatives to better harvest some of that revenue? Is there any sort of capital cost that's going to be required? What specifically is it that will drive that revenue?

是的。我也想跟進有關中心收入的問題。你提到這只是你們的責任來執行。但這具體是什麼？是否只是需要更多培訓，或者只是需要時間來啟動其中一些計劃？您是否認為您必須僱用更多人員來實際推出其中一些舉措才能更好地收穫一些收入？是否需要任何資本成本？具體是什麼推動了該收入？

It's a great question, Brian. It actually -- when we went through -- before we went through COVID, and we have clubs that they performed really well in spa, in personal training, in the cafe. And then we had equivalent clubs who weren't performing as well, but they were doing okay. During COVID, with the shutdown and stuff, we basically had almost everything go backwards and then as we came back with the reintroduction of the way we're running the business, is much more focused on casting the real leaders in each category and getting those going.

這是一個很好的問題，布萊恩。事實上，當我們經歷新冠疫情之前，我們的俱樂部在水療中心、個人訓練和咖啡館中都表現得非常好。然後我們有一些同等的俱樂部，雖然表現不佳，但他們做得還不錯。在新冠疫情期間，由於停工等原因，我們基本上幾乎所有事情都倒退了，然後當我們重新引入我們的業務運營方式時，我們更加專注於在每個類別中選拔真正的領導者並獲得這些領導者。去。

Where we have been able to -- it's not just hiring, hiring just personal trainers isn't going to work. You have to cast the absolute highest quality professional trainers. So when we're able to get those secured and placed and then support them from the -- all the initiatives from the office, we're seeing that thing. It's a work in progress. It all is growing. It's not going to all happen at once. It's just going to take time to roll it in.

在我們能夠做到的地方——不僅僅是僱傭，僅僅僱傭私人教練是行不通的。你必須選拔絕對最高質量的專業培訓師。因此，當我們能夠確保並安置這些人員，然後從辦公室的所有舉措中支持他們時，我們就看到了這一點。這是一項正在進行的工作。一切都在增長。這一切不會同時發生。只是需要時間來將其捲進去。

And then we are, like I told you, the next piece of innovation is like the dynamic stretch. That's going to have a significant impact on the opportunity of each trainer at Life Time to make more money, each massage therapist to make more money as we create a better opportunity for our team members to have a really nice living and a good income with good benefits, and we continually grab those best talents in the community to come to work with Life Time.

然後，就像我告訴你的那樣，下一個創新就像動態拉伸一樣。這將對Life Time 每位培訓師賺更多錢的機會、每位按摩治療師賺更多錢的機會產生重大影響，因為我們為我們的團隊成員創造了更好的機會，讓他們過上美好的生活，獲得良好的收入。我們不斷吸引社區中最優秀的人才來與 Life Time 合作。

That is continuing on. There is -- nothing has stopped. Nothing has slowed down from that. It's just a continued progress. So we're not seeing a -- again, I'm not unsatisfied overall with the growth in our in-center. It's just going to take time, but it is steadily growing.

這還在繼續。一切都沒有停止。一切都沒有因此而放緩。這只是一個持續的進步。所以我們沒有看到——再說一次，我對我們中心的整體增長並不滿意。這只是需要時間，但它正在穩步增長。

Okay. That makes sense. Some of the asset-light opportunities you've called out, is this a shift at all in the sense that do you think you may, in fact, grow faster, but with kind of like the same quantum of CapEx? Or do you think CapEx could even be more restrained going forward if you're going to kind of lean into these. I don't know if this is just -- if you're thinking about this differently or if it's largely status quo.

好的。這就說得通了。您提到的一些輕資產機會，從某種意義上說，這是否是一種轉變，您認為實際上您可能會增長得更快，但資本支出的數量卻相同？或者您是否認為，如果您打算傾向於這些，那麼未來的資本支出可能會更加受到限制。我不知道這是否只是——如果你以不同的方式思考這個問題，或者這在很大程度上是現狀。

This is a great question again, and I want to just give it to you in a different form. My -- as I've stated repeatedly, my personal goal is to get this company to a level of EBITDA that we are able to finance 100% of our growth with internally generated cash. And that is basically in the horizon in the next 2 to 3 years, we can continue to grow the EBITDA significantly. And basically, with being able to do locations where there are $5 million to $10 million upfront it's just timing. For right now, we can lean heavier on these to sort of get the EBITDA to $500 million, then to $600 million. And then as we get to the $600 million to $700 million of EBITDA, we're also going to be able to kind of build the big battleships.

這又是一個很好的問題，我想以不同的形式向您提出這個問題。正如我反复所說，我的個人目標是讓這家公司的 EBITDA 水平達到我們能夠用內部產生的現金為我們 100% 的增長提供資金的水平。這基本上是在未來 2 到 3 年內，我們可以繼續大幅增長 EBITDA。基本上，能夠製作預付 500 萬至 1000 萬美元的地點，這只是時機。目前，我們可以更加依賴這些，將 EBITDA 提高到 5 億美元，然後達到 6 億美元。然後，當我們的 EBITDA 達到 6 億至 7 億美元時，我們也將能夠建造大型戰艦。

Again, those look fantastic once you go through the sale leaseback with them, they're just sort of a front heavy. And so we are just balancing all of this. The great news is we have absolutely completely under our control opportunity to grow this narrative. We can grow the revenue, we can grow the EBITDA, reduce leverage, and then when the revenue and EBITDA has grown significantly more, we'll take that excess cash flow and we do more of the big battleships as well.

再說一次，一旦你和他們一起進行售後回租，這些看起來棒極了，他們只是有點沉重。所以我們只是在平衡所有這些。好消息是我們完全有機會發展這種敘事。我們可以增加收入，我們可以增加 EBITDA，降低杠桿，然後當收入和 EBITDA 顯著增長時，我們將利用多餘的現金流，並且我們也會做更多的大型戰艦。

We also are going to continue to do are sale leasebacks. I just want to be clear. We have no intention, however, changing the strategy of the company from asset-light strategy. But it's just -- we have so much opportunity right now that based on the macroeconomics, the company has chosen to take advantage of more of the asset-light ones early on. And then later on, we're layering the bigger boxes as well.

我們還將繼續進行售後回租。我只想說清楚。但我們無意改變公司的輕資產戰略。但只是——我們現在有太多的機會，基於宏觀經濟，公司選擇儘早利用更多的輕資產。然後，我們還將更大的盒子分層。

Our next question is from Robbie Ohmes with Bank of America.

我們的下一個問題來自美國銀行的 Robbie Ohmes。

Bahram, I wanted to sort of see if you could give us an update on how you're thinking about the continued pricing benefit you're getting, I think it was -- I think the average monthly dues are running around $163 now, and we're up about 15% versus last year. Can you -- how long can you keep growing? Where do you think the membership is going to end up? And how much of a tailwind is that going to continue to be for the back half of this year or next year?

Bahram，我想了解一下您是否可以向我們提供有關您如何看待您所獲得的持續定價優勢的最新信息，我認為 - 我認為現在平均每月會費約為 163 美元，並且與去年相比，我們增長了約15%。你能——你能持續成長多久嗎？您認為會員資格最終會走向何方？今年下半年或明年這將繼續帶來多大的推動力？

As I've covered that, we have adjusted the prices for the new customers coming in entirely to manage the experience we want. So we have had so many clubs doing so well that currently, we have about 7 or 8 clubs that they're actually on a wait list. Now we are still taking memberships with these, but we're able to go through the wait list, call people in and basically take these people in as using the clubs in the in the forms or the ways that will continue to help delivering them the experience that we want.

正如我所介紹的，我們已經調整了新客戶的價格，完全是為了管理我們想要的體驗。所以我們有很多俱樂部做得很好，目前我們有大約 7 或 8 個俱樂部，他們實際上在等待名單上。現在我們仍在接受這些會員資格，但我們能夠通過等候名單，召集人們加入，基本上讓這些人以表格或方式使用俱樂部，繼續幫助他們提供我們想要的體驗。

At the same time, this has allowed -- again, the price changes has been a function of completely and entirely controlling the experience we want to deliver as we are an experiential company. So the benefit is that when you look at what the price changes for -- on the new member rack rate versus the people who have joined earlier with lower dues, there is about $17 million, $18 million a month difference between if everybody who was at that rack rate, right? If everybody went to rack rate, it would be $17 million, $18 million a month. And I'm glad to cover this on this call because there is no way at any given time that we will ever do such a thing because that would be like a brand suicide.

與此同時，這再次表明，價格變化是完全控制我們想要提供的體驗的函數，因為我們是一家體驗式公司。因此，好處是，當你看看價格變化時——新會員的機架費率與較早加入的會員費率較低，如果每個人都在，每月大約有1700 萬美元、1800 萬美元的差異。那個機架率，對吧？如果每個人都按門市費計算，每月將是 1700 萬美元、1800 萬美元。我很高興在這次電話會議上討論這一點，因為在任何特定時間我們都不會做這樣的事情，因為這就像品牌自殺。

However, what we do have is we have a very, very big supply, massive opportunity to continually pass on a slight amount of dues increase very systematically with a complete sophisticated use of AI, where we know that it doesn't bump up the satisfaction or the attrition rate. And so we can continually see some increase in the dues revenue. And on top of that, as the -- even though with attrition rates dropping below 2019 numbers, we're going to keep seeing that people as they drop out and we get new customers coming in that also bumps the dues revenue of the clubs.

然而，我們所擁有的是，我們擁有非常非常大的供應，巨大的機會，可以通過完全複雜的人工智能使用，不斷系統地傳遞少量會費增加，但我們知道它不會提高滿意度或流失率。因此，我們可以不斷看到會費收入有所增加。最重要的是，即使流失率低於 2019 年的數字，我們仍將繼續看到人們退出，而我們會吸引新客戶進來，這也會增加俱樂部的會費收入。

We have more clubs, significantly more clubs doing over $1 million of dues a month now than we had before we went through the COVID. So it's really -- I mean, like I wish I could sit here and report something bad to try to balance things out. But we are extremely happy with the way everything is working out right now.

我們現在有更多的俱樂部，每月繳納會費超過 100 萬美元的俱樂部比新冠疫情爆發之前要多得多。所以這真的是——我的意思是，我希望我能坐在這里報告一些不好的事情，以試圖平衡事情。但我們對目前一切進展的方式感到非常滿意。

That's great. That's really helpful. And then just a follow-up, maybe for Bob. The center ops expense was lower than we were expecting this quarter. I think it was like $18 million. Is that -- that seems lower than we would have thought. Does that stay lower? How are you guys doing that? And then also the -- conversely, the center maintenance CapEx, I think, was like double year-over-year. Was that a timing thing? Or is there something going on there?

那太棒了。這真的很有幫助。然後是後續行動，也許是針對鮑勃的。本季度中心運營費用低於我們的預期。我想大概是 1800 萬美元。這似乎比我們想像的要低。那會保持較低嗎？你們怎麼樣？相反，我認為中心維護資本支出同比增長了一倍。這是一個時間問題嗎？或者那裡發生了什麼事情？

Yes. To answer the second part Robby, that's just timing. I mean, remember, we will always invest to protect that member experience, and that's something we'll do year in and year out. So that's just timing. As it relates to center ops, that's a function of the rewiring of the company that Bahram and I talked about previously, and that's sustainable. That's not a 1 quarter, and it's done. That's a sustainable change that we've made in how our clubs operate. So you should expect to see that benefit going forward.

是的。回答第二部分羅比，這只是時機。我的意思是，請記住，我們將始終投資以保護會員體驗，這是我們年復一年所做的事情。所以這只是時機。由於它與中心運營相關，這是巴赫拉姆和我之前討論過的公司重新佈線的一個功能，而且是可持續的。這不是一個季度，但它已經完成了。這是我們對俱樂部運作方式做出的可持續改變。因此，您應該期待看到這種好處的繼續發展。

Our next question is from Chris Woronka with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Chris Woronka。

I want to go back to the, I guess, the asset-light question one more time and come at it from maybe a slightly different way, which is what's most important when you're evaluating these sites? I mean you don't like -- obviously, you don't want to cannibalize your existing clubs. There's a lot of markets where that wouldn't be an issue. But what's the -- how do you rank order, prioritize in terms of a number of memberships you can get, a pricing you can get, a margin. Just trying to understand like what drives that decision to pick the old department store here, but not over here?

我想再次回到輕資產問題，並以一種可能略有不同的方式來解決這個問題，當您評估這些網站時，最重要的是什麼？我的意思是，你不喜歡——顯然，你不想蠶食你現有的俱樂部。在很多市場上這都不是問題。但問題是——你如何排列順序，根據你可以獲得的會員數量、你可以獲得的價格、利潤來確定優先順序。只是想了解一下是什麼促使我們決定在這裡選擇舊百貨商店，而不是在這裡？

Yes, it's a great question. First, we studied the markets, demographics, the locations we want to be in. Then we decide on exactly what type of product we want to deliver and what's the best way -- what is the best strategy to deliver those products and services in that community. And so we -- when you do the big clubs with all things in one, that's fantastic. But sometimes based on the more urban markets, the geographical situation does not allow you to go buy 12 acres or 14 acres or 20 acres of land and build your big boxes with everything under one roof. So then we deliver the product in some form of assortment. I mean, in some locations, it may be 40,000 or 50,000 or 60,000 square feet, and we delivered the -- some of the components of our total product, but we deliver with best-in-class in those services that we do offer.

是的，這是一個很好的問題。首先，我們研究了市場、人口統計、我們想要進入的地點。然後我們決定我們想要提供什麼類型的產品以及最好的方式是什麼——在該地區提供這些產品和服務的最佳策略是什麼社區。所以我們——當你為大型俱樂部提供所有東西時，那真是太棒了。但有時基於更多的城市市場，地理情況不允許你去購買12英畝或14英畝或20英畝的土地並在一個屋簷下建造你的大盒子。然後我們以某種形式交付產品。我的意思是，在某些地方，它可能是 40,000 或 50,000 或 60,000 平方英尺，我們交付了整個產品的一些組件，但我們在我們提供的服務中提供了一流的服務。

We have clubs like Downtown Austin, it's a 58% contribution margin. So -- and it's only 35,000 square feet. So it's just as a network of our clubs, and as part of the Life Time brands, we have Alpha, we have Ultra Fit, we have Strike, we have -- I can go on and on. We have all these amazing brands that we can choose from in what -- each of the -- of which -- of all the brands that we provide will properly -- can be represented in a market. And if we feel like we've got the opportunity to assemble enough of those brands and deliver a profitable business model and service the community, then we'll just go ahead and deliver that.

我們有像奧斯汀市中心這樣的俱樂部，貢獻率為 58%。所以——它的面積只有 35,000 平方英尺。所以它就像我們俱樂部的網絡，作為 Life Time 品牌的一部分，我們有 Alpha，我們有 Ultra Fit，我們有 Strike，我們有——我可以繼續說下去。我們擁有所有這些令人驚嘆的品牌，我們可以從中進行選擇，我們提供的所有品牌中的每一個都可以在市場上得到適當的代表。如果我們覺得我們有機會聚集足夠多的品牌並提供有利可圖的商業模式並為社區服務，那麼我們就會繼續實現這一目標。

So -- and sometimes they become the opportunity where you have a couple of big, big clubs maybe 12 miles apart, and then you have the opportunity to put a smaller one in between and that sort of sews the whole thing together. So we -- we've been -- my team and I here at Life Time, we've been doing this for about 32 years. Prior to that, I did it for another 10 years prior to that time. So we've been selecting sites and delivering different types of boxes, sizes and all with similar profitability. We're always targeting that high 30s, low 40s IRR after sale leaseback or if we just go into a lease. But they're all depending on the situation and the development strategy can change.

所以，有時它們會成為一個機會，你擁有幾個相距 12 英里的大型俱樂部，然後你有機會在兩者之間放置一個較小的俱樂部，這樣就可以將整個事情縫合在一起。所以我們——我們一直——我和我的團隊在 Life Time，我們已經這樣做了大約 32 年。在此之前，我又做了10年。因此，我們一直在選擇地點並提供不同類型、尺寸的盒子，並且所有盒子的盈利能力都相似。我們始終以售後回租或直接租賃時的 IRR 高 30、低 40 為目標。但都是根據情況而定的，發展策略是可以改變的。

Okay. I appreciate that. So I know we're not talking about 2024 yet, but I wanted to ask a directional question, which is just to sanity check. I mean if we think we know roughly a number of units you might add next year and we layer in a little bit of pricing and in-center growth. I mean, I know you're not -- we're not economists and forecasting in depth. But is there any reason to think if we just add all those variables up that we're not going to still have significant, however you want to define that, revenue growth next year? And is there any reason that wouldn't flow through to positive margin expansion? Just trying to get a sense.

好的。我很感激。所以我知道我們還沒有談論 2024 年，但我想問一個定向問題，這只是為了進行合理性檢查。我的意思是，如果我們認為我們大致知道明年可能會增加的單位數量，我們會在定價和中心增長方面進行一些分層。我的意思是，我知道你不是——我們不是經濟學家，也不能進行深入的預測。但是，是否有任何理由認為，如果我們將所有這些變量加起來，明年的收入增長將不會仍然顯著（無論你想如何定義）？是否有任何原因不會導致利潤率的積極擴張？只是想了解一下。

Yes. So look, as we -- let's talk about the last piece of your question, on margin. So I -- as we put out 22% to 23%, 23.5% EBITDA margin right now is really what I see. Can that grow? The answer is yes. But can you just go ahead and could you get to the level on the low end of that or the high end of that, it depends on the -- how many clubs will open, all at the same time in a quarter or 5 months, and that can put a little bit of a negative pressure and put that on the lower end of that 22%, 22.5%. And so then as those clubs ramp and go from contribution margin negative to contribution margin positive, it can push you. So just rough and tough, we're pretty confident we believe we can deliver those margins going forward.

是的。所以，讓我們談談你問題的最後一個問題。所以我——當我們提出 22% 到 23% 時，我現在看到的 EBITDA 利潤率為 23.5%。那個能長出來嗎？答案是肯定的。但是你能繼續前進嗎？你能否達到低端或高端的水平，這取決於——有多少俱樂部將在一個季度或五個月內同時開業，這可能會帶來一點負面壓力，並將其置於22%、22.5% 的較低端。因此，當這些俱樂部的規模不斷擴大，從邊際貢獻率從負值變為正值時，它會推動你。因此，儘管困難重重，但我們非常有信心能夠在未來實現這些利潤。

And then as far as the growth, my expectation has been we will grow the company double-digit top and bottom line, and that's our goal. And I -- at this point, I don't want to get into delivering any sort of guidance for 2024. But with a number of opportunities ahead of us, I just -- I don't have a lot of concern making a commitment that we are committed to growing the company in double digits range.

至於增長，我的期望是我們將使公司的收入和利潤實現兩位數的增長，這就是我們的目標。在這一點上，我不想為 2024 年提供任何形式的指導。但是，我們面前有很多機會，我只是——我不太擔心做出承諾我們致力於使公司實現兩位數的增長。

Our next question is from Dan Politzer with Wells Fargo.

我們的下一個問題來自富國銀行的 Dan Politzer。

Thanks for all the color thus far. I wanted to -- yes, I wanted to follow up on the $300 million of sale leasebacks that you guys reiterated that you would get done this year. And in terms of -- in terms of the timing, obviously, we're in the back half of the year at this point. I just wanted to make sure on -- the $300 million is proceeds that you'll receive total this year. And if there's any update in terms of the tone of conversations? How far along you are? And maybe how you think about the risk-rewards to the extent that rates are a lot higher now and how these conversations have progressed even versus 3 or 6 months ago?

感謝迄今為止所有的顏色。我想——是的，我想跟進你們重申今年將完成的 3 億美元售後回租。就時間而言，顯然，我們現在正處於今年下半年。我只是想確定一下——這 3 億美元是你們今年將收到的總收益。談話的語氣是否有任何更新？你已經走了多遠？也許您如何看待現在利率高得多的風險回報以及這些對話與 3 或 6 個月前相比進展如何？

Great question, Dan. I am still fully expecting to go forward with what we have set forward as a goal. We have been working very methodically. My goal has been to get the company to this $500 million of trailing 12 months EBITDA range and then kind of attack that market. As I've mentioned to you guys repeatedly, I've been working that market for years and years and years. I have no concerns about us getting sale leasebacks done. They were still getting inbound calls to go through with those. It's just a matter of getting that rate. And I will give you guys an update on that in the next 60 days in terms of how we're going to get those done, but we're planning to get them done.

很好的問題，丹。我仍然滿懷期待地朝著我們設定的目標前進。我們的工作一直非常有條理。我的目標是讓公司過去 12 個月的 EBITDA 達到 5 億美元的範圍，然後進軍該市場。正如我反復向你們提到的那樣，我已經在這個市場工作了很多年。我不擔心我們完成售後回租。他們仍然接到來電來處理這些問題。這只是獲得這個利率的問題。我將在接下來的 60 天內向大家通報我們將如何完成這些工作的最新情況，但我們正計劃完成這些工作。

Got it. And then just for my follow-up. In terms of the fourth quarter, I think the implied center OpEx, I think you've touched on it a little bit, but I just want to make sure I was clear. It sounds like that's going to take higher just as you open a bunch of new centers in the third quarter, right? But I guess, were there any other variables in that guidance, like to the extent that you're reflecting that recessionary conservatism or a ramp-up of in-center revenues in the fourth quarter as you have these new centers come on? Or is it just that contribution margin is going to be a little bit pressured as you open these new centers at the onset?

知道了。然後只是為了我的後續行動。就第四季度而言，我認為隱含的中心運營支出，我認為您已經觸及了一點，但我只是想確保我說清楚了。聽起來就像你在第三季度開設了一堆新中心一樣，這個數字會更高，對嗎？但我想，該指導意見中是否還有其他變量，例如您反映了經濟衰退的保守主義或隨著這些新中心的出現而在第四季度中心內收入的增加？還是說，當您一開始開設這些新中心時，邊際收益會受到一些壓力？

Everything you -- everything you mentioned is that -- you're exactly correct, Dan. So the new club openings, there's quite a few, as I mentioned, some have been delayed a little bit here. So they're opening now. They're opening next month, a month after. We got a lot of openings. And again, all those clubs are going to open with a contribution margin negative early on. And then it's going to take, depending on the location, a month or 2 or 3 before they flip contribution margin positive. So we have taken that into consideration. We have, as we have mentioned, baked in some conservatism for the macroeconomics, right?

你所說的一切——你提到的一切都是——你完全正確，丹。正如我所提到的，新俱樂部的開業有相當多，有些已經推遲了一些。所以他們現在開業了。他們下個月、一個月後開業。我們有很多空缺。再說一次，所有這些俱樂部在開業之初都會出現邊際貢獻為負的情況。然後，根據地點的不同，他們需要一個月、兩到三個月的時間才能將邊際貢獻轉為正數。所以我們考慮到了這一點。正如我們所提到的，我們在宏觀經濟方面採取了一些保守主義，對吧？

And finally, as we continue to execute our strategy to get more locations, executing to our standards on the in-center, those -- many of the in-centers are going to -- spa, cafe, they all come at a lower margin than our 22%, 23%. So we still want to grow those because that's the differentiation of Life Time. Athletic country club providing those services for the customer, but they do come. They generate more revenue and more EBITDA, but they come at a lower margin. So all of those are exactly what you just covered, all of those are taken into consideration for that guidance we're giving you.

最後，當我們繼續執行我們的戰略來獲得更多地點，按照我們的中心標準執行時，那些 - 許多中心將 - 水療中心，咖啡館，它們的利潤率都較低比我們的22%、23% 。所以我們仍然想要發展這些，因為這就是 Life Time 的差異化。運動鄉村俱樂部為顧客提供這些服務，但他們確實來了。它們產生更多的收入和更多的 EBITDA，但利潤率較低。因此，所有這些正是您剛剛介紹的內容，所有這些都被考慮到我們為您提供的指導中。

Our next question is from Simeon Siegel with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Simeon Siegel。

Recognize -- so recognizing these centers a little different. Just any update how you're thinking about like the average, the right number of memberships per center? And then Bahram, could you speak to some of the learnings you have from the growing presence and maybe the higher traffic areas, Manhattan, you and I have been talking about other cities. And then, Bob, just could you speak to price versus new members that embedded within the third quarter and the full year revenue guidance?

認識——所以認識這些中心有點不同。您是否有任何更新，例如每個中心的平均會員數量？然後巴赫拉姆，你能談談你從不斷增長的存在中學到的一些教訓，也許是交通量較高的地區，曼哈頓，你和我一直在談論其他城市。然後，鮑勃，您能談談第三季度和全年收入指導中嵌入的價格與新成員嗎？

Okay. Let's go through those questions one at a time. First question again.

好的。讓我們一次一個地解決這些問題。又是第一個問題。

Yes. Just memberships per center.

是的。只是每個中心的會員資格。

Okay. So we -- Simeon, we have clubs from literally now with some of the urban ones 25,000, 30,000 square feet to 300,000 square feet. So I don't know that I can offer a membership per center. I don't know that I can offer a membership per center that basically, you can just take the number of the memberships we have, divide it up by a number of clubs and try to get an average. But it's not going to help anybody with anything. And as we are opening a variety of different clubs, I think we just need to sort of help you guys with maybe giving you a perspective of what we think is the right number of memberships in maturity, what number of membership is that we're looking for based on the pricing in a market. So I don't know how to answer that without creating more confusion, frankly, because there's nothing to average out. I mean the vastness of the variety of the products that we offer. The second question?

好的。所以我們——西蒙，我們從現在開始就有俱樂部，其中一些城市俱樂部的面積為 25,000、30,000 平方英尺到 300,000 平方英尺。所以我不知道我可以為每個中心提供會員資格。我不知道我可以為每個中心提供會員資格，基本上，您可以將我們擁有的會員資格數量除以俱樂部數量，然後嘗試得出平均值。但這不會對任何人有任何幫助。當我們開設各種不同的俱樂部時，我認為我們只需要為你們提供一些幫助，也許讓你們了解我們認為成熟的會員數量是多少，我們需要多少會員數量根據市場定價尋找。所以坦率地說，我不知道如何在不造成更多混亂的情況下回答這個問題，因為沒有什麼可以平均的。我的意思是我們提供的產品種類繁多。第二個問題？

Learning from high-traffic areas like opening clubs in Manhattan.

向人流量大的地區學習，例如在曼哈頓開設俱樂部。

Yes. So right now, what we are seeing is the brand is allowing Life Time to get a (inaudible) lift in terms of how we are processing things. We're getting wait list established before the clubs open up our teams then will -- approaches that group, and we're getting -- our presales are short there. They're only about 90 days because we have a bigger pool of wait list so it's much, much more efficient. And pretty steadily right now, Simeon, we are able to hit the desired dues goal that we have for a club opening and exceed it. So more clubs are reaching contribution margin faster than ever -- contribution margin positive faster than ever before. So the learning is to continue to do what we're doing, keep pressing on and keep looking for opportunistic places to grow the Life Time brand and deliver the products and services to people.

是的。所以現在，我們看到的是該品牌正在讓 Life Time 在我們處理事物的方式方面獲得（聽不清）提升。在俱樂部開放我們的球隊之前，我們會建立等候名單，然後我們會接近該群體，我們會發現，我們的預售在那裡很短。只有大約 90 天，因為我們有更多的等待名單，所以效率要高得多。現在相當穩定，西蒙，我們能夠達到並超越俱樂部開業所需的會費目標。因此，越來越多的俱樂部比以往任何時候都更快地達到邊際貢獻——邊際貢獻比以往任何時候都更快。因此，學習就是繼續做我們正在做的事情，繼續努力並繼續尋找機會來發展 Life Time 品牌並向人們提供產品和服務。

And then Simeon, I'll take the last one on price versus membership growth. If you look at the second quarter, we saw membership growth in clubs that were opened prior to the pandemic. We saw clubs open from 2020 to 2023 or '22, and we saw membership growth in clubs opening this year. So we've got very broad-based membership growth across all our clubs sort of regardless of when they were first opened. Any price benefit that we see, that is due to pricing that we've already taken, pricing action is already complete. The only additional pricing we would take, it's what Bahram mentioned earlier, really done to protect that member experience.

然後西蒙，我將討論最後一個關於價格與會員增長的問題。如果你看看第二季度，我們會發現在大流行之前開設的俱樂部的會員數量有所增長。我們看到俱樂部從 2020 年到 2023 年或 22 年開業，而且我們看到今年開業的俱樂部的會員數量有所增長。因此，無論俱樂部何時首次開業，我們的所有俱樂部的會員數量都得到了非常廣泛的增長。我們看到的任何價格優勢都是由於我們已經採取的定價而產生的，定價行動已經完成。我們採取的唯一額外定價，就是巴拉姆之前提到的，真正是為了保護會員體驗。

Our next question is from John Baumgartner with Mizuho Securities.

我們的下一個問題來自瑞穗證券的約翰·鮑姆加特納。

Bahram, just wanted to follow up on Simeon's question. When you look at the experience you're gaining with these new rack rates and sort of addressing the overcrowded facilities and applying the AI. When you think about these new learnings you're picking up, whether it's pricing sensitivity, demographics, singles, couples, families, willingness to pay services or amenities you're offering that sort of seals the deal and get you that new member, that new sign up. I guess what's the most surprising to you in terms of the new learnings that you've been getting over the past, I don't know, 12 or 18 months, as you dig into this data?

Bahram，只是想跟進 Simeon 的問題。當您查看通過這些新的機架費率以及解決過度擁擠的設施和應用人工智能所獲得的經驗時。當你思考你所學到的這些新知識時，無論是價格敏感性、人口統計、單身、情侶、家庭、支付服務的意願還是你提供的便利設施，這些都有助於達成交易並吸引新會員，新註冊。我想，當您在過去（我不知道）12 或 18 個月深入研究這些數據時，您所獲得的新知識中最讓您感到驚訝的是什麼？

Well, what we are seeing that the customer that is interested in the experience, they are pretty insensitive to the price being $229 or $249 or $269. They just -- there is zero -- we cannot see any effect, that's the learning. It's just -- it doesn't impact the membership units, the growth. You either have to be 100% committed to metrics or you need to be 100% committed to deliver the brand experience that you want. And that's what Life Time has done.

嗯，我們看到，對體驗感興趣的客戶對 229 美元、249 美元或 269 美元的價格相當不敏感。他們只是——零——我們看不到任何效果，這就是學習。只是——它不會影響會員單位和增長。您要么必須 100% 致力於指標，要么需要 100% 致力於提供您想要的品牌體驗。這就是 Life Time 所做的。

And our learning is that this is what's working and the customer is appreciative and I see people are so passionate about Life Time. I was just talking to 1 member last night, "Hey, hi, my daughter basically refuses to live somewhere that is not close to a Life Time." So they moved from one state to another one, when go back, they're buying a house close to the brand-new Life Time opening up. So we are going to continue to focus on what has worked, it's just control the narrative around our brand for our customer experience. And that's giving us all the leverage, all the power, all the muscle we need right now. We're getting more amazing locations, more opportunities than we've ever had. And so we're going to continue to execute on that.

我們了解到，這就是有效的方法，客戶對此表示讚賞，而且我看到人們對 Life Time 充滿熱情。昨晚我剛剛和一位成員交談，“嘿，嗨，我女兒基本上拒絕住在離一生不遠的地方。”因此，他們從一個州搬到另一個州，回去後，他們買了一棟靠近全新的 Life Time 開業的房子。因此，我們將繼續關注有效的方法，只是控制圍繞我們品牌的敘述，以提高客戶體驗。這給了我們現在需要的所有槓桿、所有力量、所有力量。我們得到了比以往任何時候都更多的令人驚嘆的地點和更多的機會。所以我們將繼續執行這一點。

But that's the learning. The learning is you can't be wishy-washy. You can't try to control the cost conscious and experience conscious at the same time. And I emphasize, there's a lot of just a tremendous amount of narrative about cost of -- I read the stuff coming back. People that go cost efficiencies, cost efficiencies, cost efficiencies, I have been like a broken record. We have not focused on cost control. We rewired the company so we can make faster, better decisions to serve our customers more robustly with more ease and be more responsive to our lead generals so they can make decisions.

但這就是學習。我們學到的就是你不能軟弱無力。你不能試圖同時控製成本意識和體驗意識。我強調，有很多關於成本的敘述——我讀了回來的東西。人們追求成本效率、成本效率、成本效率，我就像打破了記錄。我們沒有註重成本控制。我們對公司進行了重組，以便我們能夠做出更快、更好的決策，更輕鬆、更穩健地為我們的客戶提供服務，並對我們的主要將軍做出更積極的響應，以便他們能夠做出決策。

And if that efficiency coming from the rewired business that is structural for long term, there is zero focus on cost control, like literally zero. Our focus is 100% on delivering the maximum experience for the customer. That's the instruction to every club, every lead general. That's the expectation of all the inspections, are -- inspections on how you're delivering the right brand quality for what we want. And the company has never been more succinct and aligned and homogeneously working well and we see the results of that.

如果這種效率來自於長期結構性的重組業務，那麼對成本控制的關注就為零，就像字面上的零一樣。我們的重點是 100% 為客戶提供最大的體驗。這是對每個俱樂部、每個主帥的指示。這是所有檢查的期望，即檢查您如何為我們想要的東西提供正確的品牌質量。該公司從未如此簡潔、一致且同質地運作良好，我們看到了其結果。

And then just I want to ask big picture about these new weight loss drugs that are hitting the market. Your membership base skews towards active individuals and a different target market than for pharma. But to the extent you thought about it, how do you think about the pharma complementing your business? Does it unlock new opportunities for outreach for some of these folks who may be more active for the first time? You can integrate them with membership basis like you're doing with ARORA for some of the older folks that are out there. I think some of the programs, personal training, the stretch you mentioned this morning, that could apply. I'm curious how you think about the potential macro impact on the business from the pharma side?

然後我想問一下有關這些正在上市的新型減肥藥的總體情況。您的會員基礎偏向於活躍的個人和與製藥公司不同的目標市場。但就您而言，您如何看待製藥公司對您業務的補充？它是否為其中一些可能第一次變得更加活躍的人帶來了新的外展機會？您可以將它們與會員資格結合起來，就像您為 ARORA 為一些老年人所做的那樣。我認為一些計劃、個人訓練、你今天早上提到的伸展運動都可以適用。我很好奇您如何看待製藥方面對業務的潛在宏觀影響？

That's a great question. I mean -- I think if we were purely a fitness company, it would impact us maybe because people that are taking pills to lose weight. The reality of that particular -- and I won't mention any names, is that whenever you take a pill that will -- suppresses your appetite and you don't eat, it is eventual lose of muscle and then eventual lose of bone density. For someone to take a jump start to lose a bunch of weight and get off of it, it's okay for someone to give them those things. And to stay on them is absolutely long-term detriment to their health. This will become, like everything else will come and go, people will learn their lesson with that, but it is an impact to our business.

這是一個很好的問題。我的意思是——我認為如果我們純粹是一家健身公司，它可能會影響我們，因為人們正在服用藥物減肥。這個特殊的現實——我不會提及任何名字，是，每當你服用一種會抑制食慾的藥丸並且你不吃東西時，最終會導致肌肉損失，然後最終會損失骨密度。對於想要快速減肥並擺脫體重的人來說，有人給他們這些東西是可以的。繼續使用它們絕對會對他們的健康造成長期損害。就像其他一切都會來來去去一樣，人們會從中吸取教訓，但這對我們的業務產生了影響。

I mean, again, I emphasize our clubs are focused on a very, very, very broad social aspect, country club aspect, beach club, it's the social gathering of people, there is all the amazing small and large group classes that is -- people is -- actually network or social community get together. The weight -- we have fewer people joining us for weight loss, then they have -- they are joining for these other reasons. It's always been the case. But we're not seeing the difference in our sign up because people are doing these stuff. It's just -- it's not really a factor.

我的意思是，我再次強調，我們的俱樂部專注於非常、非常、非常廣泛的社會方面，鄉村俱樂部方面，海灘俱樂部，這是人們的社交聚會，有所有令人驚嘆的小型和大型團體課程— —人們實際上是網絡或社交社區聚集在一起。體重——我們加入我們減肥的人越來越少，然後他們加入我們是因為其他原因。一直都是這樣。但我們沒有看到我們的註冊有什麼不同，因為人們正在做這些事情。這只是——這並不是一個真正的因素。

So hopefully, I answered that correctly for you, but we are not concerned about it. No, we're seeing, oh, my god, this person didn't join us because they're taking this particular drug to lose weight, they're not coming to Life Time. That's definitely not the case.

希望我為您正確回答了這個問題，但我們並不關心這一點。不，我們看到，哦，天啊，這個人沒有加入我們，因為他們正在服用這種特殊的藥物來減肥，他們不會來Life Time。絕對不是這樣的。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to Bahram for closing comments.

我們的問答環節已經結束。我想將會議轉回巴赫拉姆以徵求結束意見。

No, we're just appreciative everybody and all the great questions, looking forward to continue. And see you guys, hopefully, in between or next quarter.

不，我們只是感謝大家和所有提出的好問題，並期待繼續。希望在下個季度或下個季度與大家見面。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路，感謝您的參與。