Life Time Group Holdings Inc (LTH) 2024 Q2 法說會逐字稿

Good morning, and welcome to the Life Time Group Holdings, Inc. Q2 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded. I'd now like to turn the conference to Ken Cooper, Investor Relations. Please go ahead.

早安，歡迎參加 Life Time Group Holdings, Inc. 2024 年第二季財報電話會議。（操作員說明）請注意此事件正在被記錄。我現在想請投資者關係部的肯‧庫柏 (Ken Cooper) 主持會議。請繼續。

Good morning, and thank you for joining us for the second quarter 2024 Life Time Group Holdings earnings conference call. With me today are Bahram Akradi, Founder, Chairman, and CEO; and Erik Weaver, Executive Vice President, CFO.

早安，感謝您參加我們 2024 年第二季 Life Time Group Holdings 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)；艾瑞克‧韋弗 (Erik Weaver)，執行副總裁兼財務長。

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.

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有重大差異。

There is a comprehensive discussion of Risk Factors in the company's SEC filings, which you are encouraged to review. The company will discuss certain non-GAAP financial measures, including adjusted net income, adjusted EBITDA, adjusted diluted EPS, net debt to adjusted EBITDA, or what we refer to as net debt leverage ratio and free cash flow.

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。本公司將討論某些非公認會計準則財務指標，包括調整後淨利潤、調整後EBITDA、調整後稀釋每股收益、淨債務與調整後EBITDA 之比，或我們所說的淨債務槓桿率和自由現金流。

This information along with the reconciliations to the most directly comparable GAAP measures are included when applicable 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. With that, I'll turn the call over to Erik.

這些資訊以及與最直接可比較的 GAAP 衡量標準的對賬，均包含在今天早上發布的公司收益報告、我們向 SEC 提交的 8-K 以及我們網站的投資者關係部分中。這樣，我會將電話轉給 Erik。

Thank you, Ken, and good morning, everyone. As always, we appreciate you being on the call with us. We are pleased to share with you our second quarter results, the full details of which can be found in the earnings release we issued this morning.

謝謝你，肯，大家早安。一如既往，我們感謝您與我們通話。我們很高興與您分享我們的第二季業績，其完整詳細資訊可以在我們今天早上發布的收益報告中找到。

For the second quarter, total revenue increased 19% to $668 million versus the prior year quarter, driven by a 20% increase in membership dues and enrollment fees and an 18% increase in incentive revenue. Access memberships increased 5% compared to last year to end the quarter at nearly 833,000 memberships. When combined with our digital on-hold memberships, total memberships ended the quarter at approximately 879,000.

第二季的總營收較去年同期成長 19%，達到 6.68 億美元，主要得益於會員費和註冊費增加 20%，以及獎勵收入增加 18%。與去年相比，Access 會員人數增加了 5%，本季末會員人數達到近 833,000 名。加上我們的數位保留會員資格，本季末會員總數約為 879,000 名。

Average monthly dues were $198, up approximately 13% from the second quarter of last year. Revenue per access membership increased to $784 from $701 in the prior year period, as we continue to benefit from higher dues and increased incentive activity.

平均每月會費為 198 美元，比去年第二季成長約 13%。由於我們繼續受益於更高的會費和增加的激勵活動，每個 Access 會員的收入從去年同期的 701 美元增加到 784 美元。

Net income for the quarter was $53 million versus $17 million in the second quarter of 2023. Adjusted net income was $52 million, an increase of $14 million versus the second quarter 2023. Diluted earnings per share was $0.26 compared to $0.08 per share in the second quarter last year.

該季度的淨利潤為 5,300 萬美元，而 2023 年第二季的淨利潤為 1,700 萬美元。調整後淨利為 5,200 萬美元，比 2023 年第二季增加 1,400 萬美元。稀釋後每股收益為 0.26 美元，而去年第二季為每股 0.08 美元。

Adjusted EBITDA for the second quarter was $173.5 million, an increase of 28% versus the second quarter of 2023 and our adjusted EBITDA margin of 26.0% increased 180 basis points as compared to the second quarter of 2023.

第二季調整後 EBITDA 為 1.735 億美元，較 2023 年第二季成長 28%，調整後 EBITDA 利潤率為 26.0%，較 2023 年第二季成長 180 個基點。

Net cash provided by operating activities increased 20% to $170 million as compared to the second quarter 2023. As a result of our strong financial performance, we generated positive free cash flow in the second quarter. In addition, we received net sale-leaseback proceeds of approximately $143 million in the second quarter.

與 2023 年第二季相比，經營活動提供的淨現金成長 20%，達到 1.7 億美元。由於我們強勁的財務業績，我們在第二季產生了正的自由現金流。此外，我們在第二季還獲得了約 1.43 億美元的淨售後租回收益。

Free cash flow was $175 million in the second quarter compared to $21 million in the prior year period. As a reminder, we include proceeds from sale leasebacks and the sale of land in the calculation of free cash flow. However, we are pleased to note that we delivered approximately $26 million of positive free cash flow this quarter before sale leasebacks or land sale proceeds.

第二季自由現金流為 1.75 億美元，去年同期為 2,100 萬美元。提醒一下，我們在計算自由現金流時包括了售後回租和出售土地的收益。然而，我們很高興地註意到，在售後回租或土地出售收益之前，本季我們交付了約 2,600 萬美元的正自由現金流。

We reduced our net debt to adjusted EBITDA leverage to 3.0 times in the second quarter versus 4.3 times in the prior year period. We are extremely pleased with our continued financial performance and the expedited fashion in which we are achieving our key financial objectives. I will now turn the call over to Bahram.

第二季我們將淨負債與調整後 EBITDA 槓桿率降低至 3.0 倍，而去年同期為 4.3 倍。我們對持續的財務表現和快速實現關鍵財務目標感到非常滿意。我現在將把電話轉給巴赫拉姆。

Thank you, Erik. On behalf of the Board of Directors and the entire team of Life Time, I would like to thank you for all of your contribution over the past 20 years and congratulate you on the well-deserved promotion to Chief Financial Officer. You have certainly earned it my friend.

謝謝你，埃里克。我謹代表 Life Time 董事會和整個團隊，感謝您在過去 20 年中所做的所有貢獻，並祝賀您當之無愧地晉升為財務長。我的朋友，你確實贏得了它。

Now to our financial results. During our Investor Day in May, we shared our strategies and priorities that have transformed Life Time into the best version we have ever seen the numbers that Erik just shared with you demonstrate how strongly our members have embraced the Life Time brand and our dramatic evolution over the past three years.

現在我們的財務表現。在五月的投資者日期間，我們分享了我們的策略和優先事項，這些策略和優先事項將Life Time 轉變為我們所見過的最佳版本，Erik 剛剛與您分享的數字表明我們的會員對Life Time 品牌的接受程度以及我們在過去幾年中的巨大發展過去三年。

For Q2, we exceeded every one of our goals in terms of membership growth, retention, revenue, adjusted EBITDA, free cash flow, leverage, and EPS, every single financial goal we had set for ourselves and shared with you we exceeded.

第二季度，我們在會員成長、留任率、收入、調整後EBITDA、自由現金流、槓桿率和每股盈餘方面都超出了我們的每一項目標，我們為自己設定並與您分享的每一項財務目標都超出了。

At the beginning of the year, we shared our objective of improving our net debt to adjusted EBITDA leverage ratio to 3 times by year end, we achieved this important milestone six months ahead of schedule and in the upcoming quarters, we will continue our path towards a leverage ratio of equal to 2.5 times or less.

今年年初，我們分享了改善淨債務的目標，以在年底前將調整後的EBITDA 槓桿率提高至3 倍，我們提前六個月實現了這一重要里程碑，在接下來的幾個季度中，我們將繼續朝著目標邁進槓桿率等於或小於2.5倍。

We also shared our objective of becoming free cash flow positive by the end of the second quarter there, whilst funding doubled digit top line and bottom line growth. Again, we accomplished this objective and expect our free cash flow to improve over the quarters ahead as adjusted EBITDA grows and our interest burden is lightened.

我們也分享了我們的目標，在第二季末實現自由現金流為正，同時為兩位數的頂線和底線成長提供資金。我們再次實現了這一目標，並預計隨著調整後 EBITDA 的成長和利息負擔的減輕，我們的自由現金流將在未來幾季有所改善。

Our next objective is to achieve a BB credit rating in the near term. We also intend to extend the maturities of our debt in the coming quarters. We expect that the powerful combination of our revenue and adjusted EBITDA growth, our positive cash flow, and BB rating will reduce our total interest expense, further enhancing our free cash flow and EPS.

我們的下一個目標是在短期內實現 BB 信用評級。我們還打算在未來幾季延長債務期限。我們預計，我們的收入和調整後 EBITDA 成長、正現金流和 BB 評級的強大組合將減少我們的總利息支出，進一步提高我們的自由現金流和每股盈餘。

As we stated in our earnings release this morning, we are raising our revenue guidance for the year to $2.56 billion in the low end and up to $2.59 billion on the high end, the midpoint of this range will deliver approximately $1.31 billion of revenue in the back half of this year versus $1.14 billion last year, implying a 14.6% revenue growth rate for the second half of 2024.

正如我們在今天早上的財報中所說，我們將今年的收入指引上調至低端 25.6 億美元，高端至 25.9 億美元，該範圍的中點將在 2019 年帶來約 13.1 億美元的收入。下半年的營收成長率為11.4 億美元，這意味著2024 年下半年的營收成長率為14.6%。

For adjusted EBITDA, we raised our guidance to $642 million on the low end, up to $652 million on the high end. The midpoint of this range would deliver approximately $327.5 million of adjusted EBITDA in the back half of this year versus [$280.7 million] last year, implying a 16.7% adjusted EBITDA growth rate for the second half of 2024.

對於調整後的 EBITDA，我們將低階指引上調至 6.42 億美元，高階指引上調至 6.52 億美元。該範圍的中點將在今年下半年帶來約 3.275 億美元的調整後 EBITDA，而去年為 2.807 億美元，這意味著 2024 年下半年調整後 EBITDA 成長率為 16.7%。

I want to thank the entire incredibly dedicated Life Time team members for their relentless commitment to delivering the best experiences to our members and great financial results for our investors. With that, we now are ready to take your questions.

我要感謝所有非常敬業的 Life Time 團隊成員，他們堅持不懈地致力於為我們的會員提供最佳的體驗，並為我們的投資者提供出色的財務表現。至此，我們現在準備好回答您的問題了。

(Operator Instructions) Alex Perry, Bank of America.

（操作員指示）Alex Perry，美國銀行。

Hey, thanks for taking my questions and congrats on a really strong quarter here. I just wanted to first ask Bahram the in-center business dollar contribution was really strong in the quarter. Can you just talk about sort of what drove the strength in the in-center business and sort of what the plans are for that? Thank you.

嘿，感謝您提出我的問題，並祝賀這裡的季度表現非常強勁。我只是想先問巴拉姆，本季中心業務的美元貢獻確實強勁。您能否談談推動中心業務實力的因素以及為此制定的計劃？謝謝。

Thanks, Alex. It's the progress we're making on executing on our stated strategy that we had before. So we still have some room to go. We still have room to improve on the progress. Some clubs, as I've mentioned before, are ahead of others, and they are really executing on the exact play and the numbers are absolutely incredible.

謝謝，亞歷克斯。這是我們在執行之前所製定的策略方面所取得的進展。所以我們還有一些空間可以去。我們的進展仍有改進的空間。正如我之前提到的，有些俱樂部領先於其他俱樂部，他們確實在精確執行比賽，數字絕對令人難以置信。

Some clubs are mediocre and some clubs still have significant opportunity and our dashboards and our systems today, our base to be set up to identify where the opportunities lie and our team does an amazing job of getting together with those clubs where they still have significant opportunity and kind of troubleshoot how they can improve those.

有些俱樂部很平庸，有些俱樂部仍然有重要的機會，今天我們的儀表板和系統，我們的基地將建立起來以確定機會在哪裡，我們的團隊在與那些仍然有重要機會的俱樂部聚集在一起方面做得非常出色並解決他們如何改進這些問題。

So we still have room in spa. We still have room in the cafe. We still have room in personal training. We still have room in many parts of our business to continue to progress on executing the strategies we have laid out for you guys.

所以我們的水療中心還有空間。我們咖啡館還有空位。我們在個人訓練方面還有空間。我們業務的許多部分仍然有空間繼續執行我們為你們制定的策略。

Thanks really helpful. And then my follow-up is, it looks like you raised the EBITDA guide by more than you sort of beat the street. I guess what's driving that? Is it based on the momentum you're seeing carry into the third quarter? Thanks.

謝謝真的很有幫助。然後我的後續行動是，看起來你的 EBITDA 指南的提高程度比你的平均值還要高。我想是什麼推動了這一點？是基於您看到的第三季的勢頭嗎？謝謝。

Yeah, exactly, Alex. It's the momentum that we're seeing. As you noticed (technical difficulty) and we're seeing a nice flow through from that. So that's just continuing to carry from Q2 in the Q3 and Q4. Exactly.

是的，完全正確，亞歷克斯。這就是我們所看到的勢頭。正如您所注意到的（技術難度），我們看到了一個很好的流程。因此，這只是從第二季度繼續延續到第三季和第四季。確切地。

Megan Alexander, Morgan Stanley.

梅根亞歷山大，摩根士丹利。

Hi, this is [Louise Doss] on for Megan Alexander. You just said a 26% EBITDA margin and your updated guide implies something in the 25% range for the year. I think you have said in the past that 2Q is a seasonally lower quarter from a margin perspective, given the cost associated with the pool. So if that's the case, why can't you do better than a 26% in the second half? Was there anything unique about 2Q that we should be aware of as we think about the second half.

大家好，我是梅根·亞歷山大 (Megan Alexander) 的[路易斯·多斯 (Louise Doss)]。您剛剛提到 26% 的 EBITDA 利潤率，而您更新後的指南暗示今年的利潤率在 25% 範圍內。我想您過去曾說過，考慮到與資金池相關的成本，從利潤角度來看，第二季是季節性較低的季度。那如果是這樣的話，為什麼下半場你不能做得比26%更好呢？在我們思考下半年時，第二季有什麼獨特之處是我們應該注意的嗎？

That's there. I'll take that. So Q2 was again, we had a lot -- we saw a lot of really great things. PT for example, we saw nice growth, nice growth in PT, stretch was a part of that. We had a very strong Bistro season. So that helped us as well. And then we've got we got some lift from the MCOs as well.

就在那裡。我會接受的。所以第二季又是，我們有很多——我們看到了很多真正偉大的事情。例如，PT，我們看到了良好的成長，PT 的良好成長，伸展是其中的一部分。我們度過了一個非常強勁的小酒館季節。這對我們也有幫助。然後我們也從 MCO 中得到了一些提升。

But as you know, we have typical seasonality as we go into Q3 and Q4, which is typical for our business, and so 26% margin is higher than we would guide you. And as we've said before, we're targeting that 23.5% to 24.5%. So a couple of things there, but those are the primary drivers.

但如您所知，進入第三季和第四季時，我們有典型的季節性，這對我們的業務來說是典型的，因此 26% 的利潤率高於我們指導的水平。正如我們之前所說，我們的目標是 23.5% 到 24.5%。有幾件事，但這些是主要驅動因素。

And I want to add to that to Erik's statement. He is all absolutely correct. Look, a company needs to be thinking about the next three years, four years, five years, and beyond. We need to continue to invest in developing new programs, new ideas in new initiatives that would accelerate the future growth of the company.

我想在埃里克的聲明中補充這一點。他完全正確。看，公司需要考慮未來三年、四年、五年以及更長的時間。我們需要繼續投資開發新計劃、新舉措中的新想法，以加速公司未來的發展。

And we feel strong as 24%, 25% EBITDA margin is a great margin and rather than trying to continued squeeze that for more and start hurting the customer experience, we like to make sure we have the bullets to invest in the future of the company properly. So we do not want to guide you guys to a higher number than what we are putting in front of you. You have a choice to do what you want to do.

我們感覺到 24%、25% 的 EBITDA 利潤率是一個很大的利潤率，我們不想繼續擠壓這個利潤並開始損害客戶體驗，而是希望確保我們有足夠的資金來投資公司的未來適當地。因此，我們不想引導你們獲得比我們擺在你們面前的數字更高的數字。你可以選擇做你想做的事。

John Heinbockel, Guggenheim.

約翰·海因博克爾，古根漢。

Hey Bahram, a question now that you've sort of gotten the balance sheet almost where you want it and sale leasebacks have come back. Maybe talk about your efforts to reaccelerate growth, right and get to those 10 to 12 openings a year. Where do we stand on that process?

嘿，巴拉姆，現在有一個問題，你的資產負債表幾乎已經達到你想要的水平，而且售後回租也回來了。也許可以談談您為重新加速成長所做的努力，對吧，每年增加 10 到 12 個職缺。我們在這個過程中處於什麼位置？

And I think it's probably more unless I'm wrong, '26 that we get there. But where do we stand on that when you think about the pipeline through whether it's the ground ups or the takeovers. How do you think about that over the next two years?

我認為除非我錯了，否則我們可能會在 26 年到達那裡。但是，當你考慮管道是從頭開始還是收購時，我們的立場是什麼？您如何看待未來兩年的發展？

It's a great question, John. We deliberately decelerated. We deliberately decelerated the new club expansion to achieve the very, very important milestone of becoming cash flow positive, responsible in how we spend our cash, yet we didn't slow down at all, searching and securing growth opportunities.

這是一個很好的問題，約翰。我們故意減速。我們故意放慢了新俱樂部的擴張速度，以實現非常非常重要的里程碑，即現金流為正，對我們如何花錢負責，但我們根本沒有放慢腳步，尋找並確保成長機會。

As a result, we have a significant pipeline where I believe over '24, '25, and '26, we can deliver easily 30-plus locations of a large format equivalent. So I am least worried we had so much momentum in the benefits we would get, as we have stated before, from our strategic initiatives, and we knew we have tailwind momentum coming from all the existing clubs could deliver double digit growth.

因此，我們擁有一條重要的管道，我相信在 24 年、25 年和 26 年期間，我們可以輕鬆交付 30 多個同等大幅面的地點。因此，我最不擔心的是，正如我們之前所說，我們從我們的戰略舉措中獲得的好處有如此大的動力，而且我們知道我們擁有來自所有現有俱樂部的順風動力，可以實現兩位數的增長。

We could balance the new club launch, but continue to build the pipeline. So our pipeline is more robust than ever and I am absolutely confident we will deliver the type of top line and bottom line that you guys are looking for.

我們可以平衡新俱樂部的推出，但繼續建立管道。因此，我們的管道比以往任何時候都更加強大，我絕對有信心我們將提供你們正在尋找的頂線和底線類型。

And look, all the stuff we are doing right now is mapping out how we can accelerate the top line and bottom line growth from what we are willing to guide you to, and so that's combination of additional unit growth and all the initiatives we have in the pipeline in the final stages of roll out in '25 and '26, including LT Digital, LTH, Life Time health products, as well as Life Time partnerships, all of those things as well as MIORA. All of those things are additional opportunities to roll out, but our real estate pipeline is very, very robust.

看，我們現在正在做的所有事情都是根據我們願意引導您的內容來規劃如何加速頂線和底線增長，因此這是額外單位增長和我們在管道已進入25 和26 年推出的最後階段，包括LT Digital、LTH、Life Time 健康產品以及Life Time 合作夥伴關係，所有這些產品以及MIORA。所有這些都是額外的推出機會，但我們的房地產管道非常非常強勁。

Great. Maybe as a follow-up to that, look, it does make sense right to continue to reinvest in the business. But can you talk a little bit about you mentioned a few of them, right, but the things you want to invest in, right, because I mean, you can leverage overhead pretty significantly. So the investment dollars are pretty, are quite large. But one, what do you want to invest in kind of program wise? And then to maybe for Erik, the geography of that, is that all going to show up in center ops as opposed to G&A?

偉大的。也許作為後續行動，繼續對業務進行再投資確實是有意義的。但你能談談你提到的其中一些，對吧，但是你想投資的東西，對吧，因為我的意思是，你可以相當大地利用管理費用。所以投資是相當大的。但第一，你想在什麼樣的專案上進行明智的投資？然後，也許對於埃里克來說，地理位置，這一切都會出現在中心行動中，而不是 G&A 中嗎？

Well, let's go to this. I think the most important transformation in this era is AI. If you're not going to be ahead, you're going to be ridiculously behind. Technology is an area that you cannot not invest appropriately.

好吧，讓我們開始吧。我認為這個時代最重要的改變就是AI。如果你不打算領先，那麼你就會嚴重落後。技術是一個你不能不適當投資的領域。

So we continue to be open minded to see where we have to, where we must invest in terms of technology. So that's always going to eat some incremental capital and very, very intent full at Life Time with that. First, AI needs to improve the customer experience, so that the customer has easier time to transact, easier time to engage.

因此，我們繼續保持開放的態度，看看我們必須在哪些方面、我們必須在技術方面進行投資。因此，這總是會消耗一些增量資本，並且在一生中非常非常專注。首先，人工智慧需要改善客戶體驗，讓客戶有更輕鬆的時間進行交易、更輕鬆的參與。

And then secondly, we need to use AI to create more additional efficiencies in the way we run everything. So that's one area that we're going to continue to keep a very, very keen eye on.

其次，我們需要使用人工智慧來提高我們運作一切的效率。因此，這是我們將繼續密切關注的領域。

And then the second piece is just continue to invest in developing new initiatives, new accelerators of growth. Initially, those things will cost money before they can actually pay a dividend. And again, we don't want to pigeonhole ourselves into can we do more than 25% EBITDA margin? Sure. Do I want to guide anybody to it? Absolutely not. Hopefully, I'm going to turn it over to Erik.

第二部分就是繼續投資開發新的措施、新的成長加速器。最初，這些東西在實際支付股息之前需要花錢。再說一遍，我們不想把自己歸結為我們能否達到 25% 以上的 EBITDA 利潤率？當然。我想指導任何人嗎？絕對不是。希望我能把它交給艾瑞克。

Yeah, and John, just to answer your question there, you know, as we think about those initiatives that includes digital, retail, Bahram's mentioned cafe. We expect to see a lot of that come through in our center performance. And so yes, we'll invest the capital dollars, but we expect the margins of those initiatives to be accretive not dilutive.

是的，約翰，只是為了回答你的問題，你知道，當我們思考這些舉措時，包括數位、零售、巴赫拉姆提到的咖啡館。我們希望在我們中心的表演中看到很多這樣的內容。因此，是的，我們將投資資本，但我們預計這些舉措的利潤將是增值的，而不是稀釋的。

Initially, they take some money and you just want to make sure you have enough cushion between -- the last thing we want to do is come back and basically disappoint the Street by saying we have to invest in such, such in order to deliver the future. We are just making sure we are measured and how much we guide you guys.

最初，他們拿了一些錢，你只是想確保之間有足夠的緩衝——我們最不想做的事情就是回來後基本上讓華爾街失望，因為我們說我們必須投資這樣的東西，這樣才能提供未來。我們只是確保我們得到衡量並指導你們多少。

Brian Nagel, Oppenheimer.

布萊恩·內格爾，奧本海默。

Hey, Good morning. Erik, congratulations.

嘿，早安。艾瑞克，恭喜你。

Thank you, Brian.

謝謝你，布萊恩。

So I'll ask two really quick questions merging together, Bahram and Erik, maybe just discuss you recently opened a number of new units, just the performance of those centers. If you're seeing anything particularly notable as you're opening new centers?

所以我會問兩個非常簡短的問題，巴赫拉姆和艾瑞克，也許只是討論你們最近開設了一些新單位，只是這些中心的表現。在開設新中心時，您是否看到任何特別值得注意的事情？

And then the second question, I know this is a question I've asked before, but I wanted to get an update, as analysts we're follow-up consumers, we keep looking around. We see signs of incremental weakness there. We're clearly not seeing that in your results today. So I guess the question to you Erik and Bahram, as you watch the behavior of your consumer, are you seeing anything to suggest a slower trend anywhere? Thanks.

然後是第二個問題，我知道這是我之前問過的問題，但我想了解最新情況，作為分析師，我們是後續消費者，我們一直在四處尋找。我們看到那裡逐漸疲軟的跡象。我們顯然沒有在您今天的結果中看到這一點。所以我想問埃里克和巴拉姆，當你們觀察消費者的行為時，你們是否發現任何地方有任何跡象表明趨勢放緩？謝謝。

No, I can take that. Actually, quite the opposite, as I mentioned, we had a very strong Bistro season, so we're seeing a really good lift there in our PT group. stretch, nutritionals, we're actually seeing an increase there. So as we look across our in-center business offerings in almost all categories there, we're seeing significant growth there. So we're actually experiencing quite the opposite. And that's part of the engagement and all the things that we've been doing to continue to get members using those services.

不，我可以接受。事實上，恰恰相反，正如我所提到的，我們度過了一個非常強勁的 Bistro 季節，所以我們看到 PT 組的表現非常好。伸展、營養，我們實際上看到了這些方面的成長。因此，當我們審視幾乎所有類別的中心業務產品時，我們看到了那裡的顯著成長。所以我們實際上正在經歷完全相反的情況。這是參與的一部分，也是我們為繼續讓會員使用這些服務而一直在做的所有事情。

Yeah, I think there are more opportunities in improving your execution than there are headwinds from a macroeconomic. So yes, I think that maybe the overall customer base for the for the full universe has got some challenges, but for an entity focused on particular deliverables as long as you're delivering the customer, what they're looking for, I think there's plenty of customers who are willing to pay for that. We are not seeing any weakness at all anywhere across our business.

是的，我認為提高執行力的機會比宏觀經濟帶來的阻力更多。所以，是的，我認為也許整個宇宙的整體客戶群遇到了一些挑戰，但對於專注於特定可交付成果的實體來說，只要你向客戶交付他們正在尋找的東西，我認為就存在有很多願意為此付費的客戶。我們在整個業務中沒有發現任何弱點。

Right. And just I mean the new centers, anything notable there?

正確的。我指的是新中心，那裡有什麼值得注意的地方嗎？

Yeah, to add to my earlier comment there, new club openings are performing very well. They're at or above expectations. So we're seeing that was part of the lift I had mentioned earlier, so on track as expected.

是的，補充我之前的評論，新開的俱樂部表現非常好。他們達到或高於預期。所以我們看到這是我之前提到的提升的一部分，所以正如預期的那樣。

They're actually ramping faster generally speaking than what we had seen in the past in a decade or so. And it's just a function of the fact the repositioning of the company to the brand delivers. And this is one thing that I have to emphasize, our brand is delivering when we announce a club going into a market, we will get a massive natural buildup of people who await this morning to join that club.

一般來說，它們的成長速度實際上比我們過去十年左右所看到的要快。這只是公司對品牌的重新定位所帶來的結果。這是我必須強調的一件事，當我們宣布一個俱樂部進入市場時，我們的品牌正在傳遞，我們將自然而然地聚集大量等待今天早上加入該俱樂部的人。

That allows us to navigate much more clearly on how to price the club and everything else as we roll it out. We also are seeing the most amazing reflection of the brand on the other side of the business, which is attracting the best talent.

這使我們能夠在推出時更清楚地了解如何為俱樂部和其他一切定價。我們也看到了品牌在業務另一面最令人驚奇的反映，那就是吸引最優秀的人才。

We're just opening a club in West Lake in Dallas. We are launching with 30 amazing personal trainers. The demand for lifestyle for these positions are right now virtually, we have about 20 times as many applicants as we need to fill positions. So it's really the best position we have ever been.

我們剛在達拉斯西湖開設一傢俱樂部。我們將推出 30 位出色的私人教練。這些職位對生活方式的需求實際上是目前的，我們的申請人數大約是職位所需人數的 20 倍。所以這確實是我們有史以來最好的位置。

Simeon Siegel, BMO Capital Markets.

西蒙‧西格爾 (Simeon Siegel)，BMO 資本市場。

Thanks. Morning, everyone, and nice job. Hope you're all doing well, and congrats on the promotion, Erik. So among the other achievements, obviously, congrats on increased dues, you guys have been talking about that. Could you characterize how much of those increased membership dues was like-for-like increases in rate versus maybe the new members signing up at higher rates or upselling.

謝謝。大家早安，幹得好。希望你們一切順利，並祝賀你們晉升，埃里克。因此，在其他成就中，顯然，祝賀會費增加，你們一直在談論這一點。您能否描述一下，增加的會員費中有多少是費率的同比增長，而不是新會員以更高的費率註冊或追加銷售。

And then maybe it was nice to hear maybe speak a little bit more about the comment you made about the greater flow through you're seeing on the revenue from the structural business improvements you guys have been doing? Thank you.

然後，也許很高興聽到更多地談論您對您一直在進行的結構性業務改進所帶來的收入的更大流量的評論？謝謝。

Yeah, I mean, I can take the rate. So I would say it's roughly half and half. We're still seeing nice benefit from the new club openings. We're also seeing some nice benefit from, as you know, we have the churn and members coming on at a higher rack rate. So if I were to split it, I would say roughly 50-50.

是的，我的意思是，我可以接受這個價格。所以我想說大約是一半一半。我們仍然看到新俱樂部開幕帶來的巨大好處。如您所知，我們也看到了一些不錯的好處，因為我們的流失率和會員的加入率更高。所以如果要我分的話，我會說大約50-50。

And the second part of your question, can you say that again, what was the structural --

你問題的第二部分，你能再說一遍，結構性的是什麼？--

You guys have outlined in the release about just seeing greater flow-through on revenues now from structural business improvements you've affected. So it's great to hear. So maybe just elaborate on that a little bit more.

你們在新聞稿中概述了現在從你們所影響的結構性業務改進中看到了更大的收入流動。所以很高興聽到這個消息。所以也許只是詳細說明一下。

Yeah, so earlier, I think on one of the earlier calls, we kind of said, and we saw just a little bit of cost creep there. What we've done a nice job of, especially in our labor area year over year, we've done a great job of getting that down relative to prior year. So that's obviously direct flow through to the bottom line. So we've done a really great job of just getting our labor hours, managing the summer hours and bringing those down versus prior year, not only in our new clubs, but our mature clubs.

是的，所以早些時候，我想在之前的一次電話會議上，我們說過，我們看到那裡的成本略有上升。我們做得很好，尤其是在我們的勞動領域，我們在同比去年下降方面做得很好。所以這顯然是直接流向底線。因此，我們在控制勞動時間、管理夏季工作時間以及將其與去年相比有所下降方面做得非常出色，不僅在我們的新俱樂部，而且在我們成熟的俱樂部。

Owen Rickert, Northland Securities.

歐文‧里克特，北國證券。

Hey, Bahram, Erik, congrats on the stellar quarter here. Just quickly, could you provide us with some more color on initiation fees. I know they were implemented at the new Harbor Island location, but are these going to become a bigger part of the story with new club openings going forward.

嘿，巴赫拉姆，埃里克，恭喜這裡的恆星季度。請盡快為我們提供有關啟動費用的更多資訊。我知道它們是在新的海港島地點實施的，但隨著新俱樂部的開業，這些是否會成為故事中更重要的一部分。

And then quickly, can these fees go even higher given the extreme levels of demand for new clubs? I mean, there's 12,000 people on the waitlist at Harbour Island. So how does that influence initiation fees going forward? Thank you.

那麼很快，考慮到對新俱樂部的極端需求，這些費用還會更高嗎？我的意思是，海港島的候補名單上有 12,000 人。那麼這對未來的啟動費用有何影響呢？謝謝。

Thank you. Well, look, if you look at that number, it's still always will be a minuscule number on a total dues revenue. So when we look at the membership revenue, I think initiation fees, 1%, 1.5%, so it's just really a non-event. It's more strategic than it is a numerical.

謝謝。好吧，如果你看一下這個數字，它在會費總收入中仍然是一個很小的數字。因此，當我們查看會員收入時，我認為入會費為 1%、1.5%，所以這實際上是一個無關緊要的事件。它比數字更具戰略意義。

So again, I can't emphasize enough, for 30 years my team has focused on building the best brand in leisure space. I really believe they are delivering. I'm indebted to the entire Life Time team more than ever, they really are delivering on that brand experience. The brand experience is creating the demand and then managing the experience requires you being thoughtful about how do you properly gate the flow of the customer in and out of the club?

再次強調，30 年來我的團隊一直專注於打造休閒空間的最佳品牌。我真的相信他們正在交付。我比以往任何時候都更感謝整個 Life Time 團隊，他們確實正在提供這種品牌體驗。品牌體驗正在創造需求，然後管理體驗需要您深思熟慮如何正確地控制顧客進出俱樂部的流程？

So when clubs get to a weightless status does almost like the ultimate status for a lead general of one of our locations to get their club to the level where they can actually go on a waitlist. That means they're delivering on the experiences to a level that the customer is appreciating that delivery, they're creating more demand and there's supply than managing that supply and demand becomes the opportunity.

因此，當俱樂部達到失重狀態時，幾乎就像我們某個地點的首席將軍的最終狀態一樣，讓他們的俱樂部達到實際上可以進入候補名單的水平。這意味著他們提供的體驗達到了客戶讚賞的水平，他們創造了更多的需求，並且供應比管理供應和需求成為了機會。

So we are more focused on applying a waitlist and a larger initiation fee to make sure we can deliver the right experience to you when you go to that club. And we're going to see more clubs achieve that by really honing in on what they're not doing, right in that experience delivery. We have all the dashboards. We guide them on hey, here's where your opportunity is, you're not delivering the best experience in this part of your club in that part of the club and the clubs to deliver on all aspects, the cafes doing great, the spas doing great, the PT is doing great, the kids program is doing great. That dues will automatically do great.

因此，我們更專注於申請候補名單和更高的入會費，以確保當您去該俱樂部時我們可以為您提供正確的體驗。我們將看到更多的俱樂部透過在體驗交付中真正磨練他們沒有做的事情來實現這一目標。我們有所有的儀表板。我們引導他們嘿，這就是你的機會所在，你沒有在俱樂部的這一部分提供最好的體驗，而俱樂部在各個方面都提供最好的體驗，咖啡館做得很好，水療中心做得很好，PT 做得很好，兒童計畫也做得很好。會費會自動做得很好。

And so then you can add the -- then when we get to that level where you have more demand for that. So it's again, much more strategic than it is numerical. And I'm really proud of our team for really embracing the strategies we launched post-COVID.

然後你可以添加——然後當我們達到你對此有更多需求的水平時。所以這又是一個比數字更有戰略意義的事情。我為我們的團隊真正擁抱我們在新冠疫情後推出的策略感到自豪。

No salespeople, these results are with zero sales person in the company. We've told you guys this for the last three years, but maybe now the results speak for themselves, there is zero promotions. There is no advertising for the membership. And that really is all done through the hard, hard sweat of my team embracing the idea of being the best.

沒有銷售人員，這些結果是公司中銷售人員為零的情況。過去三年我們已經告訴你們這一點，但也許現在的結果不言自明，晉升為零。沒有針對會員的廣告。這一切都是透過我的團隊秉持著「成為最好」的理念所付出的辛勤汗水而完成的。

Alex Fuhrman, Craig-Hallum Capital.

亞歷克斯·福爾曼，克雷格·哈勒姆資本。

Terrific. Thanks, guys for taking my question. Bahram, you shared some really impressive numbers at the Analyst Day a couple of months ago about pickle ball participation in court counts. Curious, have you continued to see pickle ball scale over the last couple of months? And how big of an opportunity could there be to potentially build more courts?

了不起。謝謝你們回答我的問題。Bahram，您在幾個月前的分析師日上分享了一些關於泡菜球在球場計數中的參與度的令人印象深刻的數據。好奇，在過去的幾個月裡你是否繼續看到泡菜球秤？建造更多法院的機會有多大？

Yeah, we are on our continuous path of sort of delivering on the pickle ball opportunity. We will continue methodically building locations, adding courts to get to that stated 1,000 courts in the next 18 months, and we just got our patent filed for the -- one of the problems with pickle ball and has been a player for the last three years, most frustrated with the pickle ball, the ball themselves, there are balls, and when you get to the higher level of play, everybody wants a faster ball, but then they have had all kinds of design flaws where they basically are inconsistent are the ones that the people like because they're fast, they break within like one game, what they most importantly, they play super inconsistent.

是的，我們正在不斷提供泡菜球機會。我們將繼續有條不紊地建造場地，在接下來的18 個月內增加球場，達到規定的1,000 個球場，我們剛剛申請了專利——這是泡菜球的問題之一，並且在過去三年裡一直是球員，最令人沮喪的是泡菜球，球本身，有球，當你達到更高水平的比賽時，每個人都想要一個更快的球，但他們有各種設計缺陷，基本上不一致的是人們喜歡它們，因為它們速度很快，就像一場比賽一樣，最重要的是，它們打得非常不穩定。

So as an engineer, I looked at these balls and I started looking at why is it so flawed in the design? So we designed a new ball. We took it through the testing trick, took it through with our folks in the company, which is basically designed and tested it, ran with it, played with it, made two, three, and we filed the patent officially yesterday, super excited about that.

因此，作為一名工程師，我研究了這些球，並開始研究為什麼它的設計有如此大的缺陷？所以我們設計了一個新球。我們通過了測試技巧，與我們公司的人員一起完成了它，基本上是設計和測試它，運行它，玩弄它，製作了兩個，三個，我們昨天正式申請了專利，超級興奮那。

I think we have the answer, the ultimate answer to that thing. And so we're going to continue to play in that sport. I saw the opportunity to be the first leader in a sport where I believe as soon as the first time I played, I thought this will be the sport most participated by most people in North America. I think it has got very high potential of being an Olympic sport by the next Olympics. So we're all in, we're going to support this sport, just like we do with everything else.

我想我們已經找到了答案，最終的答案。所以我們將繼續參與這項運動。我看到了成為一項運動的第一位領導者的機會，我相信當我第一次參與這項運動時，我就認為這將是北美大多數人參與最多的運動。我認為它在下一屆奧運會上成為奧運項目的潛力非常大。所以我們全力以赴，我們將支持這項運動，就像我們支持其他一切一樣。

We're going to support other folks who want to play in this arena from MLP to PPA partnerships, everybody else and even other ball manufacturers are paddled manufacturers. We're going to trade to help everybody. We think this is the sport that will get America off the couch into a physical activity beyond pickle ball, what these people need to do it is they need to actually work the rest of their body, so they don't get pickle ball injuries.

我們將支持其他想要在這個領域發揮作用的人，從 MLP 到 PPA 合作夥伴關係，其他所有人，甚至其他球製造商都是槳製造商。我們將透過交易來幫助所有人。我們認為這項運動將讓美國人離開沙發進入泡菜球之外的體育活動，這些人需要做的是他們需要真正鍛鍊身體的其他部分，這樣他們就不會受到泡菜球傷害。

So some people, unfortunately, all they do is play pickle ball. And if all you do is do any one kind of sport, you are prone to enter injuries. So Life Time provides a full picture for them. They can play pickle ball, they can also do all the supplementary things they need to do from nutrition to exercise all to training to stretch all of those things is basically are available in one-stop shop for everyone. We're fully committed at the pickle ball, Alex.

不幸的是，有些人所做的只是打泡菜球。如果你只做任何一種運動，你就很容易受傷。所以《Life Time》為他們提供了一幅完整的圖像。他們可以打泡菜球，他們還可以做所有他們需要做的補充事情，從營養到鍛煉所有到訓練伸展所有這些事情基本上都可以一站式為每個人提供。我們完全致力於泡菜球，亞歷克斯。

Logan Reich, RBC Capital Markets.

Logan Reich，加拿大皇家銀行資本市場部。

Hey, morning, everyone. Congrats on the results, and congrats to Erik on the CFO role more currently. My question was just on Q1 in the prepared, you guys sort of alluded to, basically the entire quarter was better than you expected on every sort of KPI. I guess I'm just trying to understand sort of what changed from relative to last quarter to this quarter and what was so much better that drove the outperformance? And maybe just sort of expectations on those trends continuing through the year and through 2025.

嘿，大家早安。祝賀結果，並祝賀 Erik 目前擔任財務長。我的問題只是關於準備好的第一季度，你們有點暗示，基本上整個季度的各種 KPI 都比你們預期的要好。我想我只是想了解相對於上個季度到本季發生了什麼變化，以及是什麼推動了表現出色？也許只是對這些趨勢持續到 2025 年的預期。

Okay. So first quarter, we executed well and yet we left some opportunities on the table. It was abundantly clear to us that we needed to sort of focus our team, the way we run our company today is our lead general. We call them the general rather than general manager because everybody has Life Time leads, nobody manages all the department has lead. They actually do the work in the front line to demonstrate them to be in the loop.

好的。所以第一季度，我們執行得很好，但我們留下了一些機會。我們非常清楚，我們需要集中我們的團隊，我們今天經營公司的方式就是我們的首席將軍。我們稱他們為總經理而不是總經理，因為每個人都有終身領導，沒有人管理所有部門都有領導者。他們實際上在第一線做工作，以證明他們參與其中。

So our lead generals run their clubs with quite a bit of autonomy. We have provided the most amazing revolutionary dashboards for them and support system from the corporate. So we can break down their business for them, show them their opportunities and then show them where they are basically maybe missing the opportunities and then coach them and help them to kind of get better execution.

因此，我們的主要將軍擁有相當大的自主權來管理他們的俱樂部。我們為他們提供了最令人驚嘆的革命性儀表板和公司的支援系統。因此，我們可以為他們分解他們的業務，向他們展示機會，然後向他們展示他們基本上可能錯過機會的地方，然後指導他們並幫助他們獲得更好的執行力。

We were able to see this execution more like a symphony are our President of Club Operations, Parham and our RVPs and our area directors as well as our lead generals, they absolutely embraced the fact that they have the opportunity to look and not have waste. I am very, very forceful that the experiences cannot be compromised, as you're basically looking for efficiencies, but you also don't want to waste.

我們能夠看到這種執行更像是一首交響樂，我們的俱樂部營運總裁帕勒姆和我們的RVP、我們的地區總監以及我們的主要將軍，他們絕對接受這樣一個事實，即他們有機會看看而不是浪費。我非常非常強烈地認為，體驗不能受到損害，因為你基本上是在尋求效率，但你也不想浪費。

So they were able to respond. They literally responded within four weeks. And I'll turn it over to Erik to because as a controller, as a CFO, as the guy who runs all the numbers and everything goes through him, he can tell you what he is seeing, the company's ability to react today versus three, four years ago. Erik?

所以他們能夠做出回應。他們確實在四個星期內做出了回應。我會把它交給埃里克，因為作為一名控制者，作為一名首席財務官，作為負責管理所有數字和所有事情的人，他可以告訴你他所看到的，公司今天的反應能力與三個，四年前。艾瑞克？

And that was part of my comment earlier that I had made. In the first quarter we had kind of said a little bit of that labor cost creep. Again, we've addressed that and we saw very nice progression on that year over year in Q2, which of course falls to the bottom line. As we mentioned, we've had more dues flow through.

這是我之前發表的評論的一部分。在第一季度，我們稍微提到了勞動成本的上升。再次，我們已經解決了這個問題，我們在第二季度看到了同比的非常好的進展，這當然屬於底線。正如我們所提到的，我們收到了更多的會費。

Another thing that we're continuing to see is very, very good retention better than we had planned better than we had expected. So you've got better retention. You've got some churn from members. We've got some really great progress that office is making on the labor side.

我們繼續看到的另一件事是非常非常好的保留率，比我們計劃的要好，比我們預期的要好。所以你有更好的保留率。您的會員出現了一些流失。我們辦公室在勞工方面取得了一些非常大的進展。

And then of course, as we mentioned earlier on the in-center businesses, if you look across PT, cafe, kids, and aquatics, those are all up year over year. And again, that's indicating strong consumer demand for all of our product and services. So it's all of those things at that symphony that Bahram mentioned.

當然，正如我們之前提到的中心內業務，如果你看看 PT、咖啡館、兒童和水上運動，這些業務都在逐年增長。這再次表明消費者對我們所有產品和服務的需求強勁。所以這就是巴拉姆提到的交響樂中的所有這些事情。

Got it. Super helpful. And then just one quick follow-up if I could. I think you sort of alluded to, maybe some gap in some center performance. I guess like if the centers that are maybe sort of lagging the higher end centers, if those sort of got to wait maybe where the average is or if you've got sort of improve those just on the blocking and tackling that you guys need to do.

知道了。超有幫助。如果可以的話，然後快速跟進。我認為你有點暗示，也許某些中鋒的表現存在一些差距。我想，如果那些中鋒可能落後於高端中鋒，如果這些中鋒必須等待平均水平，或者如果你們需要改進那些你們需要的阻擋和鏟球做。

Is there any sort of, I guess, like upside to the 25% margins, like I would assume those doors have lower margins and like would you reinvest those additional dollars? Or do you think you could get to above 25% margins, while still being able to adequately invest for future growth?

我想，25% 的利潤率是否有任何上升空間，就像我假設這些門的利潤率較低，你會再投資這些額外的美元嗎？或者您認為您可以達到 25% 以上的利潤率，同時仍能為未來的成長進行充分的投資？

All right. So I'm going to answer this a little differently to you how many companies are delivering 25% EBITDA margin. I am adamant that we are not going to get pigeonholed into pushing, pushing, pushing until like most businesses, you basically start deteriorating your business. We're not going to guide you to a higher margin than that. Does it mean we can't deliver more than that once in a while?

好的。因此，我對這個問題的回答略有不同，有多少公司的 EBITDA 利潤率為 25%。我堅信，我們不會陷入推動、推動、推動的困境，直到像大多數企業一樣，你的業務基本上開始惡化。我們不會引導您獲得比這更高的利潤。這是否意味著我們不能偶爾提供更多的服務？

Yes, we probably can. Do I want you guys to go put those numbers in? Definitely I don't. But you can do what you want. We want to be able to deliver time and time again to you guys when we give you a guidance, we want to make sure we have a very, very high certainty of delivering that number.

是的，我們也許可以。我要你們把這些數字填進去嗎？我當然不知道。但你可以做你想做的事。當我們為你們提供指導時，我們希望能夠一次又一次地向你們提供指導，我們希望確保我們有非常非常高的確定性來提供這個數字。

So we're not going to put our neck on the line. We're not going to tell you go to 26% because we did this in one quarter, let's just enjoy the 25% for some time. If we can deliver more, we will deliver more.

所以我們不會把我們的脖子置於危險之中。我們不會告訴你達到 26%，因為我們在一個季度內做到了這一點，讓我們享受 25% 一段時間。如果我們能提供更多，我們就會提供更多。

Michael Hirsh, Wells Fargo.

麥可赫什，富國銀行。

Hi there, and congrats on the quarter and congratulations to you, Erik. Given your recent pricing increases. Could you talk about the competitive environment at this time? And also how does lifetime react when competitors waive enrollment fees or discount?

你好，恭喜這個季度，也恭喜你，艾瑞克。鑑於您最近的價格上漲。能談談目前的競爭環境嗎？當競爭對手免除註冊費用或折扣時，Lifelife 有何反應？

I'm going to answer your second question first and then go through. We really are focused on our execution, not concerned about others at all. The industry spends generally 5% or 6% of their revenue in marketing on average, we are at 1.4% or less in the future.

我先回答你的第二個問題，然後再講。我們真的專注於我們的執行，根本不關心其他人。該行業平均將收入的 5% 或 6% 用於行銷，未來我們將在 1.4% 或更少。

We just really don't focus on that. We'll focus on being one of the highest and leisure companies expanding the breadth of our offering to all aspects of lifestyle. And we don't really focus on what others are doing or not doing.

我們只是真的不關注這一點。我們將專注於成為最高的休閒公司之一，將我們的產品範圍擴展到生活方式的各個方面。我們並不真正關注別人在做什麼或沒有做什麼。

And I think that for the most part should answer your question. We are not concerned about any particular group or party. I have repeatedly stated if I personally left Life Time and I took top 100% -- of the top 100 of my team members with me, there is no way for us to replicate anything that could put a dent into Life Time in the next decade or more. It's just the scale of having 175 and adding 10, 12 more per year of these type of facilities, our technology, our brand 130-plus billion impressions a year.

我認為這在很大程度上應該回答你的問題。我們不關心任何特定團體或政黨。我曾多次說過，如果我個人離開了 Life Time，並且帶走了 100% 的團隊成員中的前 100 名，那麼我們就無法複製任何可能在未來十年內對 Life Time 產生影響的事情。更多。這只是擁有 175 個此類設施，並每年增加 10、12 個的規模，我們的技術、我們的品牌每年的印象數超過 1300 億次。

We are focused on what we can do better. There are still tons of opportunities in inventing new programs and really focused on our customer rather than focused on our competitor. Does that answer your question.

我們專注於我們可以做得更好的事情。在發明新程式方面仍然有大量的機會，並且真正關注我們的客戶而不是我們的競爭對手。這是否回答了你的問題。

Yes, thank you. And a quick follow-up. Could you talk about the sale leaseback environment now and how we should think about sale leasebacks in your cash flow profile into 2025?

是的，謝謝。並快速跟進。您能否談談現在的售後回租環境以及我們應如何在 2025 年現金流狀況中考慮售後回租？

It's great. So we have another [$65 million, $66 million] that we expect will get done here in the 3Q and then we really haven't been pursuing anything else. I am pretty confident that we will see a much better rate environment for all those people in the sale leaseback market. They'll be able to get access to a better cost of capital, and that will translate directly to us.

這很棒。因此，我們還有另一個 [6500 萬美元、6600 萬美元]，我們預計將在第三季度完成，然後我們真的沒有再追求任何其他目標。我非常有信心，我們將為售後回租市場上的所有人員看到更好的利率環境。他們將能夠獲得更好的資本成本，這將直接轉化為我們。

I also emphasized in my call, our next biggest goal is to establish this company, A, which I think we're almost there as a mid-cap and growing because we just crossed the $4.5 billion market cap, get to $5 billion, get beyond that and most importantly get to a BB credit.

我還在電話中強調，我們的下一個最大目標是建立這家公司 A，我認為我們幾乎已經成為一家中型企業並且正在成長，因為我們剛剛突破 45 億美元的市值，達到 50 億美元，得到除此之外，最重要的是獲得BB 學分。

With a BB credit, the interest environment on the way down, I think the sale leaseback market become way more robust and we can secure lower cost of capital on the debt side and on the sale leaseback, both the same.

憑藉 BB 信用，利率環境正在下降，我認為售後回租市場變得更加強勁，我們可以確保債務方面和售後回租方面的資本成本更低，兩者都是相同的。

So I think the '25 looks incredibly more robust. Now we have full intention of playing our strategy as an asset-light company. We basically intend to recycle our owned real estate assets to basically at the right time, at the right cap rate to fund the more accelerated growth in the next several years.

所以我認為 '25 看起來更加堅固。現在我們已經完全有意去發揮輕資產公司的策略了。我們基本上打算在正確的時間、以正確的上限利率回收我們擁有的房地產資產，為未來幾年更快的成長提供資金。

Okay. So sale leaseback is that part of the strategy, it's just the timing of the sale leaseback. We did as much as I think was prudent to do this year to achieve the 3 times debt to EBITDA. The other nice thing, as we mentioned and you guys have noticed is that the incremental rent we knew is a non-event relative to our overperformance of EBITDA.

好的。因此，售後回租是策略的一部分，只是售後回租的時機。今年我們做了我認為謹慎的事情，以實現 EBITDA 債務的 3 倍。正如我們所提到的，你們也注意到了，另一件好事是，我們所知道的增量租金相對於我們的 EBITDA 的超額表現來說並不是什麼大事。

So ultimately, these proceeds coming from sale leaseback are largely to just lower the debt to EBITDA substantially. Again, our goal is to get to 2.5 times sooner than later, hopefully in the next six months or more or so. And then that puts us in exactly where we want to be free cash flow positive 2.5 times or less debt to EBITDA, $4.5 billion, $5 billion market cap and growing to basically all of those things stack up in Life Time's favor to have the best sell leaseback rates going forward. Does that answer your question?

因此，最終，這些來自售後回租的收益很大程度上只是為了大幅降低 EBITDA 債務。同樣，我們的目標是儘早達到 2.5 倍，希望在接下來的六個月或更長時間內實現。然後，這使我們完全達到了我們希望的自由現金流為正的水平，即EBITDA 債務的2.5 倍或更少，45 億美元、50 億美元的市值，並且增長到基本上所有這些東西都對Life Time 有利，以實現最好的銷售未來的回租率。這能回答你的問題嗎？

Yes. Thank you.

是的。謝謝。

Chris Woronka, Deutsche Bank.

克里斯沃龍卡，德意志銀行。

Hey, good morning, guys. Thanks for taking the question. So Bahram, lot of good stuff going on, a lot of positive trends. And you've got a pretty clearly articulated growth plan with a lot of legs to the stool. So the question is kind of how do you juggle all this and do you have kind of the bandwidth internally to -- kind of as these things grow because you've talked in the past, including at Analyst Day about keeping up double digit top line, bottom line growth. You have the bandwidth at I think really at the corporate level, but maybe a little bit down at the center level too? Thanks.

嘿，早上好，夥計們。感謝您提出問題。所以巴赫拉姆，有很多好事發生，有很多正面的趨勢。而且你已經有了一個非常清晰的成長計劃，並且有很多基礎。所以問題是你如何兼顧所有這些，以及你是否有內部頻寬——隨著這些事情的發展，因為你過去曾談到過，包括在分析師日上談到保持兩位數的營收，底線增長。我認為您確實在公司層級擁有頻寬，但在中心層級可能也有一點下降？謝謝。

Great question. The answer is absolutely. I have never been more impressed with the Life Time team members. I am fully and entirely indebted to everyone, from the frontline to my direct reports, the best alignment, the best teamwork I've ever seen in 30-some years. Everybody is acting as one. Nobody is self-centered and we can still deliver significantly more on other initiatives that we are adding on.

很好的問題。答案是絕對的。Life Time 團隊成員給我留下了前所未有的印象。我完全感謝每個人，從前線到我的直接下屬，這是我 30 多年來所見過的最好的協調和最好的團隊合作。每個人都像一個人一樣行動。沒有人是以自我為中心的，我們仍然可以在我們正在添加的其他措施上提供更多的成果。

So I have zero concern about us and I love what I do. I don't like it, I love it. And I'm never enough for all of those guys who work with me from your banks. They know I'm always on and so does the rest of my team and there isn't a team member that I will give a call on a Saturday afternoon, Sunday, night that I don't get -- either they pick up the phone or answer -- but it's not just me, that's the way we all work together. Everybody's on, everybody is working as a team, it's never been better my friend.

所以我對我們的關心為零，我熱愛我所做的事情。我不喜歡它，我喜歡它。對你們這些銀行裡所有和我一起工作的人來說，我永遠都不夠。他們知道我一直在線，我團隊的其他成員也知道，沒有一個團隊成員會在周六下午、週日、晚上給我打電話而我沒有接到——要么他們接聽電話電話或接聽——但這不只是我，這也是我們大家一起工作的方式。每個人都在工作，每個人都作為一個團隊工作，這從來沒有這麼好過，我的朋友。

John Baumgartner, Mizuho Securities.

約翰·鮑姆加特納，瑞穗證券。

Good morning, thanks for the question. First off Bahram, I guess I'm curious how you're thinking about member engagement and I guess specifically utilization, that's been increasingly pretty strongly, coincidentally with the investments you've made in programming the last couple of years, but how do you see utilization evolving from here?

早安，謝謝你的提問。首先，Bahram，我想我很好奇您如何看待會員參與度，我想具體的利用率，這已經越來越強烈，與您過去幾年在編程方面所做的投資相吻合，但是您如何看到利用率從這裡開始演變嗎？

Is there sort of a historical high watermark for member utilization and engagement that you haven't yet recovered back to at this point, is there a ceiling for engagement where you sort of tap out with the incremental ROI on programming, moderate it at some point? Just curious how you're thinking about utilization from here, but how that governs your decisions for incremental programming investments?

會員利用率和參與度是否存在歷史高位，您目前尚未恢復到這一點？只是好奇您如何考慮這裡的利用率，但這如何影響您的增量程式投資決策？

It's a great question. And it's the core of all programming. So basically, the connectivity to the members, understanding your member, knowing what incremental opportunities they have to maximize the benefits from their membership, guiding them on a -- we are in the final weeks of launching L.AI.C, all that's a Life Time AI companion to all of our members.

這是一個很好的問題。它是所有程式設計的核心。所以基本上，與會員的聯繫，了解您的會員，了解他們有哪些增量機會可以最大限度地從其會員資格中獲益，指導他們——我們正處於推出L.AI.C 的最後幾週，所有這些都是我們所有會員的終身人工智慧伴侶。

We've been in beta mode with that for quite some time. And again, the goal there is to help customers find the best opportunities to engage, have social of opportunities for them to come to all the amazing events we have in group fitness amazing events we have on the beach clubs, it is just a constant imagination and reimagination of how we can deliver more incredible experiences to the customer.

我們已經處於測試模式相當長一段時間了。再說一次，我們的目標是幫助顧客找到最好的參與機會，讓他們有機會參加我們在團體健身和海灘俱樂部舉辦的所有精彩活動，這只是一個不斷的想像並重新構想如何為客戶提供更令人難以置信的體驗。

Again, we're little frustrated when people just use the term gym. Because these places, as you guys know, it's everything to our members, it's their social place, it's their beach club, it's their programs, it's their network, yes, they get a workout, but it's all of those things.

同樣，當人們只使用“健身房”這個詞時，我們並不感到沮喪。因為這些地方，正如你們所知，對我們的會員來說就是一切，這是他們的社交場所，這是他們的海灘俱樂部，這是他們的項目，這是他們的網絡，是的，他們得到了鍛煉，但它就是所有這些東西。

And we are constantly working on how to improve those things from a member point of view. And as long as we continue to enhance the member point of view experiences, the engagement should increase and the more engagement they have, results and more demand for the clubs, more waitlist, which is good for us. It also creates better retention, which is basically mix, the churn go down, down, down.

我們一直致力於從會員的角度來改進這些事情。只要我們持續增強會員的觀點體驗，參與度就會增加，他們的參與度越高，結果對俱樂部的需求就越大，候補名單就會越多，這對我們有好處。它還可以創造更好的保留率，基本上是混合，客戶流失率不斷下降、下降、下降。

So we are fully engaged on it. I wouldn't say we are in any position to say this is it we're never going to get better than this. But the numbers we have today are incredibly great, so they don't need to improve, but we'd like to see what we can do to make it go better. But this is amazing engagement, I have ever seen in 40 years in this industry.

所以我們全心投入其中。我不會說我們有任何立場說我們永遠不會比這更好。但我們今天擁有的數字非常出色，因此不需要改進，但我們希望看看我們能做些什麼來讓它變得更好。但這是我在這個行業 40 年來從未見過的令人驚嘆的參與。

Excellent. I had a follow-up for Erik on the operating leverage and specifically the overhead and general and administrative line, the progress there has been very consistent for the past two years or so. I'm curious how much efficiency you can still get on that G&A line going forward with all the moving parts around programming and leveraging what you've had the last couple of years with sort of the outlook build-out?

出色的。我對艾瑞克進行了關於營運槓桿的後續跟踪，特別是管理費用、一般和行政方面的進展，在過去兩年左右的時間裡，進展非常一致。我很好奇，在圍繞編程的所有移動部分以及利用過去幾年的前景構建方面的所有活動部分中，您在 G&A 線上還能獲得多少效率？

Yeah, it's a good question. We've seen leverage. We've seen great leverage. I think we'll continue to see some leverage as we continue to grow, we will make some investments as we need to. But I would expect that we'll continue to see that lever down a little bit as we continue.

是的，這是一個好問題。我們已經看到了槓桿作用。我們已經看到了巨大的槓桿作用。我認為，隨著我們的不斷發展，我們將繼續看到一些槓桿作用，我們將根據需要進行一些投資。但我預計，隨著我們的繼續，我們將繼續看到這一槓桿略有下降。

This concludes our question-and-answer session. I'd like to turn the call back over to Bahram Akradi for any closing remarks.

我們的問答環節到此結束。我想將電話轉回巴赫拉姆·阿卡迪 (Bahram Akradi) 以供結束發言。

All right. I just had one quick comment before I leave the call. I want to make sure the credit goes to where the credit is due, and that's definitely not me, it's the entire Life Time team. I am most, most appreciative and impressed by the Life Time's, passionate, incredible team for executing on this vision with so much love and passion. So thanks to all of my team. Thanks all of you guys.

好的。在掛斷電話之前，我只是簡短地發表了一則評論。我想確保功勞歸於該功勞的地方，那絕對不是我，而是整個 Life Time 團隊。我對 Life Time 充滿熱情、令人難以置信的團隊以如此多的愛和熱情執行這一願景表示最、最感激和印象深刻。感謝我的團隊所有人。謝謝大家。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。