Life Time Group Holdings Inc (LTH) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Life Time Group Holdings, Inc. Q3 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. (Operator Instructions). As a reminder, this conference is being recorded.

您好，歡迎參加 Life Time Group Holdings, Inc. 2024 年第三季財報電話會議。此時，所有參與者都處於只聽模式。（操作員說明）。提醒一下，本次會議正在錄製中。

It's now my pleasure to turn the call over to Ken Cooper, Investor Relations. Please go ahead

現在我很高興將電話轉給投資者關係部的肯‧庫柏 (Ken Cooper)。請繼續

Good morning, and thank you for joining us for the third 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 and CFO.

早安，感謝您參加我們 2024 年第三季 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)；以及執行副總裁兼財務長埃里克·韋弗 (Erik Weaver)。

During the 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.

在電話會議期間，公司將做出前瞻性陳述，其中涉及許多風險和不確定性，可能導致實際結果與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 also discuss certain non-GAAP financial measures, including adjusted net income, adjusted EBITDA, adjusted diluted EPS and net debt to adjusted EBITDA or what we refer to as net debt leverage ratio and free cash flow. 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.

本公司向 SEC 提交的文件中對風險因素進行了全面討論，建議您查看。公司還將討論某些非公認會計原則財務指標，包括調整後淨利潤、調整後 EBITDA、調整後稀釋每股收益和調整後 EBITDA 的淨債務或我們所說的淨債務槓桿率和自由現金流。這些資訊以及與最直接可比較的 GAAP 衡量標準的對帳（如果適用）均包含在公司今天早上發布的收益報告、我們向 SEC 提交的 8-K 以及我們網站的投資者關係部分中。

With that, I will turn the call over to Erik.

這樣，我會將電話轉給艾瑞克。

Thank you, Ken, and good morning, everyone. We appreciate you joining us this morning. We're excited to share with you our third 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。我們感謝您今天早上加入我們。我們很高興與您分享我們的第三季業績，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 third quarter, total revenue increased 18% to $693 million, driven by a 20% increase in membership dues and enrollment fees and a 16% increase in incentive revenue. Center memberships increased 5% compared to last year to end the quarter at more than 826,000 memberships.

第三季度，由於會員費和註冊費增加 20%，以及獎勵收入增加 16%，總收入成長 18%，達到 6.93 億美元。中心會員數較去年增加 5%，本季末會員數超過 826,000 名。

When combined with our digital on-hold memberships, total membership ended the quarter at approximately 877,000. Average monthly dues were $198, up approximately 13% from the third quarter of last year. Average revenue per center membership increased to $815 from $722 in the prior period as we continue to benefit from higher dues and increased in-center activity. Net income for the third quarter was $41.4 million versus $7.9 million in the third quarter 2023.

加上我們的數位保留會員資格，本季末會員總數約為 877,000 名。平均每月會費為 198 美元，比去年第三季成長約 13%。由於我們繼續受益於更高的會費和增加的中心內活動，每個中心會員的平均收入從上一期的 722 美元增加到 815 美元。第三季淨利為 4,140 萬美元，而 2023 年第三季淨利為 790 萬美元。

Adjusted net income was $56.3 million versus $26.7 million in the prior year period an increase of $29.6 million. Diluted earnings per share was $0.19 compared to $0.04 per share in the third quarter last year and $0.26 per share on an adjusted basis compared to $0.13 in the prior year period. This was an increase of 100% versus the prior year period.

調整後淨利潤為 5,630 萬美元，較上年同期的 2,670 萬美元增加了 2,960 萬美元。稀釋每股收益為 0.19 美元，去年第三季為 0.04 美元；調整後每股收益為 0.26 美元，去年同期為 0.13 美元。這比去年同期增長了 100%。

Adjusted EBITDA for the third quarter was $180.3 million, an increase of 26% versus $143.0 million in the third quarter 2023 and our adjusted EBITDA margin of 26.0% increased 160 basis points as compared to the third quarter 2023. Net cash provided by operating activities increased 32% to $151 million as compared to the third quarter of 2023.

第三季調整後 EBITDA 為 1.803 億美元，比 2023 年第三季的 1.43 億美元成長 26%，調整後 EBITDA 利潤率為 26.0%，比 2023 年第三季成長 160 個基點。與 2023 年第三季相比，經營活動提供的淨現金成長 32%，達到 1.51 億美元。

For the second consecutive quarter, we achieved positive free cash flow. Free cash flow increased by $169 million to $138 million in the third quarter compared to the prior year period. While this number includes sale-leaseback and land sale proceeds of $74 million for the quarter, we achieved positive free cash flow prior to these proceeds. We reduced our net debt to adjusted EBITDA leverage to 2.4 times in the third quarter versus 3.7 times in the prior year period.

我們連續第二季實現了正自由現金流。與去年同期相比，第三季自由現金流增加了 1.69 億美元，達到 1.38 億美元。雖然這個數字包括本季 7,400 萬美元的售後回租和土地出售收益，但我們在這些收益之前就實現了正的自由現金流。第三季我們將淨負債與調整後 EBITDA 槓桿率降低至 2.4 倍，而去年同期為 3.7 倍。

With that, I will now pass the call over to Bahram

現在我將把電話轉給巴赫拉姆

Thank you, Erik, for doing such a fantastic job and let me extend my thanks to our more than 41,000 team members who made this great performance Erik just shared with you possible. I'm going to keep my remarks very short the numbers that speak for themselves.

感謝 Erik 所做的如此出色的工作，並讓我向我們 41,000 多名團隊成員致以謝意，是他們使 Erik 剛剛與您分享的出色表演成為可能。我的發言將非常簡短，讓數字說明一切。

As many of you know, I am never satisfied, but I am as pleased as I've ever been with the accomplishments of our entire team over the last few years. We responded to the challenges presented over the last four years, reinventing, transforming and improving every aspect of Life Time.

正如你們許多人所知，我永遠不會滿意，但我對我們整個團隊在過去幾年中取得的成就感到一如既往的高興。我們應對過去四年出現的挑戰，重新發明、改造和改進 Life Time 的各個方面。

We elevated our brand, we've evolved our clubs and today, we're engaging with our members deeply and profoundly as never before. Our members love Life Time. At the same time, we have rewired our business and organizational structure to maximize efficiency. Today, we are, by far, the best version of ourselves that we have ever been.

我們提升了我們的品牌，我們發展了我們的俱樂部，今天，我們與我們的會員進行前所未有的深入接觸。我們的會員熱愛一生。同時，我們重新調整了業務和組織結構，以最大限度地提高效率。今天，我們是迄今為止最好的自己。

We offer the highest quality member experiences in the best facilities in the health and leisure industry. Our momentum has been spectacular, and it continues today. We exceeded every financial goal and every performance metric we set for ourselves: membership retention, revenue, adjusted EBITDA, free cash flow and EPS.

我們在健康和休閒行業最好的設施中提供最高品質的會員體驗。我們的勢頭非常驚人，並且一直持續到今天。我們超越了為自己設定的每一個財務目標和每一個績效指標：會員留任率、收入、調整後的 EBITDA、自由現金流和每股盈餘。

Now that we have deleveraged our balance sheet, and we are generating free cash flow, our focus will be on continuing to deliver double-digit revenue and adjusted EBITDA growth. As you read in this morning's press release, we are raising revenue guidance to a range of $2.595 billion to $2.605 billion, and our adjusted EBITDA guidance to a range of $658 million to $662 million.

現在我們已經去槓桿化了資產負債表，並且正在產生自由現金流，我們的重點將是繼續實現兩位數的收入和調整後的 EBITDA 成長。正如您在今天早上的新聞稿中所讀到的那樣，我們將收入指引提高到 25.95 億美元至 26.05 億美元的範圍，並將調整後的 EBITDA 指引提高至 6.58 億美元至 6.62 億美元的範圍。

We are now looking forward to take your questions.

我們現在期待回答您的問題。

Thank you. Now, we conduct our question-and-answer session. (Operator Instructions).

謝謝。現在，我們進行問答環節。（操作員說明）。

Our first question is coming from Brian Nagel from Oppenheimer. Your line is now live.

我們的第一個問題來自奧本海默的布萊恩·內格爾。您的線路現已上線。

Morning, good morning, Brian. Once again, congrats on a very nice quarter. So,I have two questions. I guess, one bigger picture, maybe one smaller bit put them together. But first off, along on the bigger picture side, so of all the work on the balance sheet, your debt ratio is now at or below the targets you articulated previously. How should we be thinking about, sort of say, the growth profile of Life Time going through there, particularly as we start looking towards 2025 and new openings?

早上好，早上好，布萊恩。再次恭喜您度過了一個非常美好的季度。所以，我有兩個問題。我想，一張更大的圖片，也許一張更小的圖片把它們放在一起。但首先，從大局來看，在資產負債表上的所有工作中，您的債務比率現在等於或低於您先前闡明的目標。我們應該如何思考 Life Time 在那裡的成長概況，特別是當我們開始展望 2025 年和新開幕時？

And then the second question I have this is just shorter term, just with respect to guidance, once again, maybe beat the street estimates and we lifted guidance for the year. You don't give quarterly guidance now, but I guess the question I'm asking is, are you actually with this guidance increase lifting your own internal targets for the fourth quarter as well? Thank you.

然後我提出的第二個問題只是短期的，只是關於指導，也許再次超出了街頭估計，我們提高了今年的指導。您現在不提供季度指導，但我想我要問的問題是，您實際上透過增加指導來提高第四季度的內部目標嗎？謝謝。

Okay. So, we let me start with your first question. Our targeted EBITDA is debt to EBITDA is $1.75 billion to $2.25 billion. That's the range that I think is appropriate for our company, considering the fact that we own over $3 billion of market price on real estate, more like $3.5 billion. If we didn't have that, I would like to have our debt-to-EBITDA will be 1 to 1.25 to 1.5. So, Life Time brand is such an incredible brand. It's paying such an incredible dividend. Our mindset has been the balance sheet has to match that brand.

好的。那麼，我們讓我從你的第一個問題開始。我們的目標 EBITDA 債務為 17.5 億至 22.5 億美元。考慮到我們擁有超過 30 億美元的房地產市場價格（更像是 35 億美元），我認為這個範圍適合我們公司。如果我們沒有這個，我希望我們的債務與 EBITDA 之比將為 1 比 1.25 比 1.5。所以，Life Time 品牌是一個令人難以置信的品牌。它正在支付如此令人難以置信的股息。我們的想法是資產負債表必須與該品牌相符。

And thanks to our partners and our team, Erik, everybody, we kind of had been steadfast to getting that leverage where we want to.

感謝我們的合作夥伴和我們的團隊，艾瑞克，以及大家，我們一直堅定地在我們想要的地方獲得這種影響力。

The other thing that I have in mind is a company that is cash flow positive after its growth capital is a different kind of company. It's the kind of company that basically has the destiny in their own hand. So, we have guided everybody or and over the $25 million to $30 million of net out of our pocket per location. And when I say that, and it's basically in our mind, sort of a large-format equivalent per 100,000 square feet is what's going to take to build.

我想到的另一件事是，一家在成長資本之後現金流為正的公司是一種不同類型的公司。基本上就是那種命運掌握在自己手上的公司。因此，我們為每個人提供了超過 2500 萬至 3000 萬美元的淨收益。當我這麼說時，我們基本上想到的是，每 10 萬平方英尺需要建造一個相當於大型的建築。

And we have probably about 100 different deals in the pipeline we're chasing right now. The pipeline looks very good for '25, looks even better for '26 and '27. And we will manage the growth so that, a, we can continue to deliver excellent results and continue to make sure we uphold our brand; and two, we are able to generate incremental $50 million to $100 million of free cash flow per year. The rest of it is intended to grow the Company.

我們現在可能正在尋求大約 100 項不同的交易。該管道在 25 年看起來非常好，在 26 和 27 年看起來甚至更好。我們將管理成長，以便，a，我們能夠繼續取得優異的業績，並繼續確保我們維護我們的品牌；第二，我們每年能夠增加 5,000 萬至 1 億美元的自由現金流。其餘部分旨在發展公司。

So, we have substantial free cash flow after interest, which is now going to be significantly lower after what we were able to accomplish last couple of days. for 2025 than it has been in '24 and '23. But after the interest and what we call maintenance CapEx modernization CapEx, we will have significant additional capital. We can start projects, expedite growth and still maintain that free cash flow positive. So that's really what your first question.

因此，我們擁有大量的扣除利息後的自由現金流，與我們過去幾天實現的目標相比，現在的自由現金流將大大降低。 2025 年的成長率將高於 24 年和 23 年。但在利息和我們所謂的維護資本支出現代化資本支出之後，我們將擁有大量額外資本。我們可以啟動專案、加速成長並且仍然保持正的自由現金流。這確實是你的第一個問題。

The second question is, look, we have always guided you guys with a number that we foresee hard to miss. We want to incorporate any potential macro headwinds or anything conservatively, make sure the number we give you, Erik and I, is one that we have a very, very high level of confidence that we can deliver. It doesn't mean that's all it can be.

第二個問題是，看，我們一直在為你們提供一些我們預計很難錯過的數字。我們希望保守地考慮任何潛在的宏觀阻力或任何因素，確保我們給艾瑞克和我的數字是我們對我們所能實現的非常非常高的信心。這並不意味著這就是全部。

All that means is the number we want to share with you to make sure we don't go below that

這意味著我們想與您分享的數字，以確保我們不會低於該數字

Yes, just to add to that, the guidance, we increased it because we're obviously seeing still very positive trends in the business. And so, the implied guidance for Q4 on a revenue basis is about 15% year-over-year growth and about 16% on adjusted EBITDA. And then for the second half, it's 17% on the revenue side and 21% on adjusted EBITDA. So still a very great momentum in the business that we're seeing.

是的，只是為了補充這一點，我們增加了指導，因為我們顯然看到業務仍然非常積極的趨勢。因此，第四季營收的隱含指引為年增約 15%，調整後 EBITDA 成長約 16%。下半年，營收佔 17%，調整後 EBITDA 佔 21%。因此，我們所看到的業務勢頭仍然非常強勁。

Thanks guys, I appreciate It.

謝謝你們，我很感激。

John Heinbockel from Guggenheim Securities.

古根漢證券公司的約翰·海因博克爾。

Hey, Bahram, I want to start with the 100-plus deals in the pipeline. How would you segregate those out, the ground-ups, right, maybe take club takeovers, your various channels, right? Residential buildings, how would you segregate that out? And then I know you talked about the 10 to 12 LOEs. What do you think is the organization's capacity can you eventually do more, if you look out a couple of years, do more than the 10 to 12? Or you would prefer to limit it to that?

嘿，Bahram，我想從正在醞釀的 100 多項交易開始。你會如何將這些分開，從頭開始，對吧，也許會接管俱樂部，你的各種管道，對吧？住宅大樓，你會如何隔離？然後我知道您談到了 10 到 12 個 LOE。你認為組織的能力是多少，你最終能做更多的事情嗎？或者您更願意將其限制於此？

No. Actually, as it looks like right now, next year could be that 10 to 12, 25, 26 right now as the way the schedule rolls out is already probably 12 to 14, and I think that number can expand. So, we have the pipeline and we're working on deals.

不。事實上，從目前的情況來看，明年可能是 10 到 12、25、26，因為時間表的推出方式可能已經是 12 到 14，而且我認為這個數字可以擴大。因此，我們已經有了管道，並且正在進行交易。

And some of the gestations are much longer than others. And we the ground up obviously, are the ones that they take longer time to put together. The ones that go into the high-rise resi buildings, those take a long time, but there are deals we're working on those that they have been in the pipeline for a long time

有些妊娠期比其他妊娠期長得多。顯然，我們是那些需要更長時間才能組裝起來的。那些進入高層 Resi 建築的項目需要很長時間，但我們正在處理一些已經醞釀了很長時間的交易

So as what I can answer you and everybody else. It's you have to look at our we're not building sweetgreens. We're building anywhere from 40,000, 50,000 square feet to 120,000, 130,000, 140,000 square feet and on a variety of different real estate opportunities.

我可以回答你和其他人。你必須看看我們不是在建造甜菜。我們正在開發各種不同的房地產機會，面積從 40,000、50,000 平方英尺到 120,000、130,000、140,000 平方英尺不等。

So and we have these deals in the pipeline, and each of them have their own schedule that it's the right timing for the developer, for us for the whole project. So, they're going to be lumpy. What I mean by that is next year could be more of clubs that their takeovers and transformations, the following year is going to be a lot more our ground up.

因此，我們正在醞釀這些交易，每個交易都有自己的時間表，這對開發商、對於我們整個專案來說都是正確的時機。所以，它們會變得凹凸不平。我的意思是，明年可能會有更多的俱樂部進行收購和轉型，接下來的一年將更多是我們的基礎。

So, what I would basically recommend to everybody is to really think about them as a blended half and half at this point. I think as we go into about three, four years from today, based on the number of conversations we're in and based on the incredible results that the Life Time living is producing for the Life Time living the owners of the actual buildings in terms of ramp consistently, we're getting about 15%, 20% more rent. Consistently, we have retention that they have never seen before is 20% attrition rate in that side of the business for them versus as much as 40 in other apartment buildings.

所以，我基本上建議每個人在這一點上真正將它們視為混合體。我認為，從今天開始，我們將進入大約三四年，基於我們正在進行的對話數量，以及終生生活為實際建築業主的終生生活所產生的令人難以置信的結果。的租金增加了約15%、20%。我們始終保持著他們以前從未見過的保留率，他們在該業務方面的流失率為 20%，而其他公寓大樓的流失率高達 40%。

And of course, we ramp these faster. So that has increased, and we now have five, six, seven of these locations in place so they can look at the data. It's not just a thought process. It's actually fact supporting. So, they we are in a lot of those discussions.

當然，我們會更快地提高這些速度。所以這個數字已經增加了，我們現在有五個、六個、七個這樣的位置，這樣他們就可以查看數據。這不僅僅是一個思考過程。其實是有事實支撐的。所以，我們正在進行很多這樣的討論。

So, I think as I look out four or five years out, John, I see there's going to be probably a lot more of those coming online. But for right now, I would like to guide everyone to, hey, take a look at a three-year period of 30 to 40 locations in that three-year period about half and half is the right mix of ground up versus other stuff.

所以，約翰，我認為，當我展望四、五年後，我發現可能會有更多的人上網。但現在，我想引導大家，嘿，看看三年期間的 30 到 40 個地點，在這三年期間，大約一半是從地面到其他東西的正確組合。

And then maybe as a follow-up on that, right? So, I think about the incentive revenue spend, right, per month per member is I think it's like $75. It certainly in theory, it could be higher than that, right, if people are engaging with all your offerings. But I think you've also not wanted to do a hard sell there. How do you think about expanding that wallet share over the next several years? Is there anything you want to do differently to accelerate that? Or it just happens naturally.

然後也許作為後續行動，對嗎？所以，我想一下激勵收入支出，對吧，每位會員每個月的支出大概是 75 美元。當然，從理論上講，如果人們正在參與您的所有產品，那麼它可能會更高，對吧。但我認為你也不想在那裡進行強行推銷。您如何看待未來幾年擴大錢包份額的問題？您想採取什麼不同的措施來加速這項進程嗎？或者它只是自然發生。

Yes. So, there are two, three categories. One, we have really done a nice job. My team has done a nice job with DPT, with our dynamic personal training. And that has been growing really nicely. But despite that, you have clubs that they're doing $5 million a year in DPT and you have clubs at similar-sized clubs doing $2 million. So, we have always opportunity to go through risk practices to the top 25, bottom 25 clubs in terms in each category, Cafe, Spa, PT, Kids. We do that routinely.

是的。所以，有兩三類。第一，我們確實做得很好。我的團隊透過充滿活力的個人訓練在 DPT 方面做得很好。而且這種情況成長得非常好。但儘管如此，有些俱樂部的 DPT 每年收入為 500 萬美元，而類似規模的俱樂部也有俱樂部的收入為 200 萬美元。因此，我們總是有機會對咖啡廳、水療中心、PT、兒童等各個類別中排名前 25 名、排名後 25 名的俱樂部進行風險實踐。我們經常這樣做。

And then as more things are going really well, we have more time to focus on the areas where there is more opportunity. And that's exactly what's happening at Life Time. So, I think there's still substantial opportunity to execute better across the board.

然後，隨著越來越多的事情進展順利，我們就有更多的時間專注於有更多機會的領域。這正是 Life Time 所發生的事。因此，我認為仍然有很大的機會全面且更好地執行。

And when I say that is there is some clubs are doing amazing exceptional performance in PT or in food or in Spa and then there are clubs or not. So, we have in aggregate, we have room to do better job with our F&B we have aggregately room to do better job with Spa and even with PT.

當我說的是，有一些俱樂部在體能訓練、食物或水療方面取得了驚人的出色表現，然後有或沒有俱樂部。因此，總的來說，我們有空間在餐飲方面做得更好，我們在水療甚至 PT 方面都有做得更好的空間。

Those are the three big drivers of in-center. Of course, kids is also one, but we do a pretty good job with that. Now MIORA, which we talked about a while back and I told you guys to not get excited about it, it's important, you still don't get excited about it.

這些是中鋒的三大驅動力。當然，孩子也是其中之一，但我們在這方面做得很好。現在是 MIORA，我們不久前討論過，我告訴你們不要對此感到興奮，重要的是，你們仍然不會對此感到興奮。

My goal was to deliver a customer journey that is fantastic. We've done that. Then the goal was to create a profitable unit business model. we are doubling our revenue right now, sometimes by the week, sometimes by the month-over-month for sure is doubling September over August, October over September.

我的目標是提供一個非常棒的客戶旅程。我們已經做到了。然後的目標是創建一個有利可圖的單位業務模式。我們現在的收入正在翻倍，有時是按週翻倍，有時是按月翻倍，肯定是 9 月比 8 月翻倍，10 月比 9 月翻倍。

And once we have that, and the goal for that is end of this year, once we have a model that is absolutely perfect, then I would say probably 40, 50 locations across the country. Not one in every club, but basically at least one, two, three in per market, we can roll out MIORA.

一旦我們實現了這一目標，目標是在今年年底，一旦我們擁有了絕對完美的模型，那麼我想說可能會在全國範圍內開設 40、50 個地點。不是每個俱樂部都有一個，但基本上每個市場至少有一個、兩個、三個，我們可以推出 MIORA。

The beauty of that is you need the IP we have it. You need the Chief Science Officer. We have it. You need space, so you're going to have to like it's a freestanding business has be we already have the space. We already have the customers. We have the demand. So, we got that.

這樣做的好處是您需要我們擁有的 IP。你需要首席科學官。我們有。你需要空間，所以你必須喜歡它是一個獨立的業務，因為我們已經有了空間。我們已經有了客戶。我們有需求。所以，我們明白了。

We have we are just about to launch LTH, Life Time Health brand. That's all of the supplements and nutritional products. We expect that business to grow substantially over year-on-year. I mean, not 10% or 20%, but significantly more than that in 2025.

我們即將推出 LTH，Life Time Health 品牌。這就是所有的補充品和營養產品。我們預計該業務將比去年同期大幅成長。我的意思是，不是 10% 或 20%，而是比 2025 年高得多。

The digital subscription is growing about 100,000 subscribers a year. We are a month to just be now over 1 million 1 million to subscribers, that will fuel the partnership, LP partnerships revenue that will increase the opportunities to LTH products. Our apparel that we partner with the different partners and the products of other partners.

數位訂閱訂閱者每年增長約 10 萬名。我們每個月的訂閱者數量剛剛超過 100 萬，這將推動合作夥伴、LP 合作夥伴的收入，從而增加 LTH 產品的機會。我們與不同合作夥伴合作的服裝以及其他合作夥伴的產品。

So, we anticipate continuing to roll out opportunities to expand the revenue of the Company and EBITDA of the Company on an incredibly asset-light format based on the power of our brand and our footprint, as we are expanding that footprint, building more incredible exceptional brand building as well as revenue square foot building locations, we continue to look for ways to expand our revenue and EBITDA and deliver more asset-light.

因此，我們預計將繼續推出機會，以基於我們品牌的力量和足跡的令人難以置信的輕資產形式擴大公司的收入和公司的EBITDA，因為我們正在擴大足跡，以創造更多令人難以置信的卓越產品品牌建設以及收入平方英尺建設地點，我們繼續尋找擴大收入和 EBITDA 並提供更多輕資產的方法。

So, we expect to deliver. Now, we don't want to commit to more than a very low double-digit revenue and EBITDA for the 10% to 12% revenue EBITDA, just like I mentioned before per year, which I think is a very respectable number. But we obviously aren't going to be satisfied with that, and that's not the internal goal. But we're not going to commit to anything more.

因此，我們期望交付。現在，我們不想承諾超過非常低的兩位數收入和 EBITDA，即 10% 到 12% 的收入 EBITDA，就像我之前每年提到的那樣，我認為這是一個非常可觀的數字。但我們顯然不會滿足於此，這也不是我們的內在目標。但我們不會再做出任何承諾。

As I mentioned earlier, we do not want to disappoint you or any investor by overpromising and underdelivering.

正如我之前提到的，我們不想因過度承諾和兌現不足而讓您或任何投資者失望。

Megan Alexander from Morgan Stanley.

摩根士丹利的梅根亞歷山大。

Hey, good morning. I Wanted to just maybe touch on the change in the leverage target around 2 times. You're talking about at that midpoint versus the 2.5-ish prior. Can you just talk about the thinking around that a bit for us?

嘿，早安。我想談談槓桿目標大約 2 倍的變化。你說的是那個中點與之前的 2.5 左右。您能為我們談談對此的想法嗎？

No. I think you might have misunderstood. Our target was to get to we're committed to get to the three beginning of the under three, which is a critical point for so many investors, but many investors, some of the large, large bulge bracket investors basically said, hey, three is okay. We really don't want to even engage until it's really under 2.5 times.

不。我想你可能誤會了。我們的目標是達到我們致力於達到三歲以下的前三名，這對許多投資者來說是一個關鍵點，但許多投資者，一些大型的大型投資者基本上是說，嘿，三沒關係。我們真的不想參與，直到它真正低於 2.5 倍。

We believe the company is a strong BB credit. Thank God, regardless of Moody's or S&P wanting to wait another quarter or two before they actually give that in a corporate rating. The investors held us by giving us the rate that matches a strong BB. So, we are very, very grateful for what we were able to accomplish this last week.

我們認為該公司具有較強的 BB 信用。感謝上帝，無論穆迪或標準普爾都想再等一兩個季度才能真正在企業評級中給出這一點。投資者透過給予我們與強 BB 相符的利率來持有我們。因此，我們非常非常感謝上週所取得的成就。

But the target that I believe makes a company a strong BB is exactly the numbers I told you. It needs to be under 2 times debt to EBITDA. For sure, if you don't have enough real estate assets, what gives me the comfort to be between 1.75% and 2.25% is the fact that our entire debt could be completely retired by just doing $1.5 billion sale leaseback.

但我相信使一家公司成為強大 BB 的目標正是我告訴你的數字。它的債務必須低於 EBITDA 的 2 倍。當然，如果你沒有足夠的房地產資產，讓我感到安慰的是，在 1.75% 到 2.25% 之間，我們的全部債務只需進行 15 億美元的售後回租就可以完全清償。

So, that is what allows me to say, okay, let's go between 1.75 to 2.25 target. And that number is easily going to we're going to be our estimate Erik's estimate right now is we're going to be under 2.25 by end of the year, which gives us at least one more step down on our revolver.

所以，這就是我可以說的，好吧，讓我們把目標定在 1.75 到 2.25 之間。這個數字很容易達到我們的估計，而艾瑞克現在的估計是到今年年底我們將低於 2.25，這讓我們至少在左輪手槍上又邁出了一步。

So, we just feel like that's where we want to be. We want to have a brand and a balance sheet that they're both excellent, and we get the cheapest cost of capital.

所以，我們只是覺得這就是我們想要的地方。我們希望擁有一個優秀的品牌和一個資產負債表，並且我們能夠獲得最便宜的資本成本。

But it doesn't, by no means, Megan, it's going to restrict our growth opportunity. We can grow inside of that envelope as much as we really feel like the growth opportunities are there.

但這絕對不是，梅根，它會限制我們的成長機會。只要我們真正感覺到成長機會就在那裡，我們就可以在這個範圍內成長。

That's really helpful. Makes a lot of sense. And maybe just a follow-up on that. I think you said you could do as much as $1.5 billion of sale leasebacks. Obviously, the sale leaseback proceeds have come in better this year than what you were talking about to start the year. Is that still mostly opportunistic? Are you starting to see cap rates that are closer to what you'd like to see? And how are you thinking about kind of the market for sale leasebacks as we head into 2025.

這真的很有幫助。很有道理。也許只是後續行動。我想你說過你可以進行高達 15 億美元的售後回租。顯然，今年的售後回租收益比您所說的年初要好。這仍然是機會主義的嗎？您是否開始看到更接近您希望看到的上限利率？進入 2025 年，您如何看待售後回租市場？

Yeah, fantastic question, Megan. So, it's going to be incredibly robust. We are already getting inbound sort of conversations from our partners that they like to have couple of hundred million dollars, $100 million worth of sale leaseback that if we can out provide the assets.

是的，很好的問題，梅根。因此，它將非常強大。我們已經收到來自合作夥伴的對話，他們希望獲得價值數億美元、1 億美元的售後回租，如果我們能夠提供資產的話。

So, let's think about it this way. If we were to build 10 ground-up facilities that could take as much as $600 million of capital, all in. What we keep telling everybody, and we keep reiterating is $25 million to $30 million.

那麼，讓我們這樣想一下。如果我們要建造 10 個地面設施，可能需要高達 6 億美元的資金，全部投入。我們不斷告訴大家、不斷重申的是 2,500 萬至 3,000 萬美元。

So, if you take that number, take even the $30 million off of it on 10 of those that's $300 million, $350 million. The other portion of it is recycling clubs that we have already built, if you know what I'm saying to you. So, we have right now at least half a dozen clubs, we built just in the last year or two paid for all of the ground up very, very amazing assets, large format, super large. We still own all the real estate. We haven't taken those to sell these back.

因此，如果你計算這個數字，甚至可以從其中 10 個 3 億美元、3.5 億美元的項目中扣除 3,000 萬美元。另一部分是我們已經建立的回收俱樂部，如果你知道我在對你說什麼的話。所以，我們現在至少有六個俱樂部，我們是在過去一兩年建造的，支付了所有基礎設施的費用，非常非常令人驚嘆的資產，大型，超大型。我們仍然擁有所有房地產。我們沒有拿走這些來賣回去。

So, when the incoming offers are attractive. And I think by middle of next year, we will see sell leasebacks based on our credit more favorable than the best sale leasebacks we've ever done. And I expect us to do about $250 million to $300 million worth of sale leaseback on an annual basis. Take that money and recycle it so that the net invested capital in each new ground up is no more than $25 million, $30 million. Does that make sense?

因此，當收到的報價很有吸引力時。我認為到明年年中，我們將看到基於我們信用的售後回租比我們曾經做過的最好的售後回租更優惠。我預計我們每年會進行價值約 2.5 億至 3 億美元的售後回租。拿走這筆錢並循環利用，使每次新項目的淨投資資本不超過 2500 萬美元、3000 萬美元。這樣有道理嗎？

Makes a lot of sense.

很有道理。

All right. Thank you so much, Megan.

好的。非常感謝你，梅根。

Chris Woronka from Deutsche Bank.

德意志銀行的克里斯·沃龍卡。

Hey guys, good morning, good morning. Hey, good morning. So Bahram, when you talk about the some of the, I guess, club takeovers or conversion opportunities, right, that are separate and distinct from the new builds. When you look at those existing assets, is there obviously, you're solving for an ROIC, you're solving for some kind of free cash flow yield ultimately.

嘿夥計們，早安，早安。嘿，早安。所以巴赫拉姆，當你談論一些俱樂部收購或轉換機會時，我猜，這些是獨立於新建築的。當你查看這些現有資產時，很明顯，你正在解決投資回報率，你最終正在解決某種自由現金流收益率。

Do you tend to think you'll be more surprised on revenue upside or in the case of an existing center or something like that or a takeover? Is there more opportunity to just get a better, whether it's rent or to existing club better operating models? Is there any way to think about which opportunity means more to you?

您是否傾向於認為您會對收入成長或現有中心或類似情況或收購的情況感到更加驚訝？是否有更多機會獲得更好的，無論是租金還是現有俱樂部更好的營運模式？有沒有什麼方法可以考慮哪個機會對你來說比較重要？

Not at all. I'll give you just two examples. One club has been opened in Tampa. One, we took two clubs last year and the last year, we took on from the landlord basically gave it to us with in great TI package one in Tampa, one in Detroit in Atlanta.

一點也不。我只給你舉兩個例子。坦帕開設了一個俱樂部。第一，我們去年拿了兩傢俱樂部，去年，我們從房東那裡接手的基本上是在很棒的TI套餐中給我們的，其中一個在坦帕，一個在亞特蘭大的底特律。

The Tampa Club just opened this year and this summer, August, I think, and the Atlanta facility will open in November. Both of the incredible deals, it starts as a lease. Landers providing some additional TI dollars. We go in and we got those things out.

坦帕俱樂部今年才剛開業，我想今年夏天是八月，亞特蘭大俱樂部將於十一月開幕。這兩筆令人難以置信的交易都是從租賃開始的。Landers 提供一些額外的 TI 資金。我們進去然後把那些東西拿出來。

When we take a club out from somebody else, many times, it's just like a new build. The benefit is you already have the right zoning. You already have that location is approved for a club business. So, it's just it cuts through some challenges, but we literally designed it redesign it from a get-go. And sometimes we we're getting is really a piece of land.

很多時候，當我們從別人那裡拿走一根球桿時，它就像一個新的球桿。好處是您已經擁有正確的分區。您已經將該地點批准用於俱樂部業務。所以，它只是克服了一些挑戰，但我們確實從一開始就重新設計了它。有時我們得到的確實是一塊土地。

We're getting a shell and the fact that it's already zoned for that use. But then it's completely rebuilt from scratch like a brand-new club. Now because you have the zoning, you have the curb and gutter, you have all that instead of taking 40 years, it takes a year or 18 months to do so.

我們得到了一個外殼，事實上它已經被劃定用於該用途。但隨後它就像一個全新的俱樂部一樣從頭開始重建。現在，因為你有了分區，你有了路緣石和排水溝，你已經擁有了這一切，而不是花 40 年，而是需要一年或 18 個月。

Then we expect it to deliver exactly the same type of return. Our business plan isn't going to go into these things and be excited about it if it has a lower rate of return than the other things we do. And that rate of return, generally speaking, is in that 30% to 40% IRR on a net invested capital basis. We always look at these the same way.

然後我們期望它能提供完全相同類型的回報。如果這些事情的回報率低於我們所做的其他事情，我們的商業計劃就不會涉及這些事情，也不會對此感到興奮。一般來說，以淨投資資本為基礎的 IRR 為 30% 至 40%。我們總是以同樣的方式看待這些。

And so, there are other and then there are some that are strategic, you might take over some assets because it's extremely strategic. You're intending to do something with Tennis or Pickleball or some other deal that it blends in.

所以，還有其他的，有些是策略性的，你可能會接管一些資產，因為它極具策略性。你打算用網球或匹克球或其他一些與之融合的項目做一些事情。

But I really just want to make your work, all of your work, easy enough is that if you can about how we are guiding you with the $25 million, $30 million net invested capital per large format equivalent, really what we need to maybe try to help you guys with best is to try to give you a schedule of opening as soon as we can commit to it for how many hundreds of thousand square feet per quarter is probably the better way to go about it.

但我真的只是想讓你的工作，你所有的工作，足夠簡單的是，如果你能了解我們如何指導你使用每個大幅面等價物的2500 萬美元、3000 萬美元淨投資資本，這確實是我們可能需要嘗試的為了最好地幫助你們，我們會在我們承諾每季開放數十萬平方英尺的情況下盡快給你們一個開業時間表，這可能是更好的方法。

Otherwise, it is really, really hard to create a model that anticipates, Oh my god, in a 26 you're going to get 12 all ground-up clubs. And 27, you might get something a little bit different. So, it's just we will try to manage that and simplify it and give you guys a way to model much easier.

否則，真的很難創建一個模型來預測，哦天哪，在 26 中你將得到 12 個全地面球桿。27歲，你可能會得到一些不同的東西。所以，我們只是會嘗試管理它並簡化它，並為你們提供更容易建模的方法。

Okay,

好的，

Thanks. Thanks

謝謝。謝謝

Okay. That's super helpful. And yes, we'd certainly appreciate any color on that. I have a quick follow-up, if I could. And that just on the LTH, the brand, branded things you'll be doing. Is there any way to put together a framework now for how big that opportunity is? And how do you measure it? Is it going to be based on per revenue you ultimately generate per digital member plus in-center member? Or how are you going to know that you've reached the full potential whenever you do?

好的。這非常有幫助。是的，我們當然會欣賞任何顏色。如果可以的話，我會快速跟進。就在 LTH 上，你將要做的品牌、品牌化的事情。現在有什麼方法可以建立一個框架來說明這個機會有多大嗎？你如何衡量它？是否將基於您最終為每個數位會員加上中心會員產生的收入？或者，無論何時，您如何知道自己已充分發揮潛力？

Yeah. No, I think you might want to look at companies like Thorn. Look at the top four, five high quality and I'm going to give some props to Thorn because I take a bunch of their product myself other than my products are just generally either LTH or Thorn. But there are other really great brands, take a look at really, really high-quality brands, high-quality production, which is very rare to come by. Very hard to trust nutritional products because they're not regulated like the drugs are, and that's why I take about 80 supplement pills a day. I'm not going to put anything in my body that is not tested for what it is.

是的。不，我想你可能想看看像 Thorn 這樣的公司。看看前四名、前五名的高品質，我會給 Thorn 一些支持，因為我自己也拿了很多他們的產品，而我的產品通常不是 LTH 就是 Thorn。但還有其他真正偉大的品牌，看看真正非常高品質的品牌，高品質的生產，這是非常難得的。很難相信營養產品，因為它們不像藥物那樣受到監管，這就是為什麼我每天服用大約 80 粒補充藥片。我不會把任何未經測試的東西放入我的體內。

So, we have been we've had this discipline for 20-plus years to produce the absolute best products. We didn't really didn't have enough scale to really put energy behind it. But now, I emphasize with the Life Time subscription growing at 100,000 subscribers a month.

因此，20 多年來，我們一直遵循這項原則來生產絕對最好的產品。我們並不是真的沒有足夠的規模來真正投入精力。但現在，我強調的是，終身訂閱訂閱人數以每月 10 萬名訂閱者的速度成長。

Athletic event is growing. Our partnerships is growing. The brand is 130 billion, 140 billion impressions, and it's going to keep growing now is the time to sit we can build the business that five years, 10 years could be easily a $500 billion supplement business. And so, and nobody has a better right to win in that space than Life Time.

體育賽事日益增多。我們的合作關係正在不斷擴大。這個品牌有 1300 億、1400 億的印象，而且它會繼續成長，現在是我們可以建立業務的時候了，五年、十年就可以輕鬆成為價值 5000 億美元的補充業務。因此，沒有人比《Life Time》更有資格在這個領域獲勝。

So my long term, not 2024 or 2025, my long-term vision is, yes, we haven't built a $0.5 billion business out of that than I really have not achieved my vision with that thing.

所以我的長期目標，不是 2024 年或 2025 年，我的長期願景是，是的，我們還沒有從中建立起 5 億美元的業務，而我確實還沒有透過這件事實現我的願景。

And it's not just about money. There is a place where we really can do some incredible good for the society because there just aren't that many supplement lines, that you take and you take it to a lab, you have them tested, and you're going to find half the stuff that stays in there, it's not there or they're not in the quantities they say it's there.

這不僅僅是錢的問題。有一個地方，我們確實可以為社會做一些令人難以置信的好事，因為沒有那麼多補充品，你拿去實驗室，對它們進行測試，你會發現一半留在裡面的東西，它不在那裡，或者它們的數量沒有他們所說的那樣。

Thanks, from very, very insightful. Thank

謝謝，非常非常有洞察力。感謝

You.

你。

Michael Hirsch from Wells Fargo.

富國銀行的麥可·赫希。

At your Investor Day, you announced your long-term target of 4% to 5% growth from fully ramped centers. 2024 exceeded that. So, I'm just wondering how should we think about this for 2025?

在投資者日，您宣布了全面啟用的中心實現 4% 至 5% 成長的長期目標。 2024 年超過了這個數字。所以，我只是想知道 2025 年我們應該如何考慮這個問題？

So, Michael, this is Bahram. I'm going to start taking those 40 pills with my shake and give a chance to Erik to give you some good state. Erik, come on.

那麼，邁克爾，這是巴赫拉姆。我將開始一邊喝奶昔一邊服用這 40 粒藥片，並給 Erik 一個讓你保持良好狀態的機會。埃里克，來吧。

Yeah, we're still benefiting a little bit this year from some of the pricing, but the 4% to 5% is still what we're modeling long term. So, for next year and going forward, that's going to begin to normalize into that 4.5% range.

是的，今年我們仍然從一些定價中受益，但 4% 到 5% 仍然是我們長期建模的目標。因此，從明年開始，這一數字將開始正常化到 4.5% 的範圍內。

Okay. And then as my follow-up, I know you mentioned 10 to 12 openings for 2025. You had opened two new centers during the third quarter. and then the Atlanta location in November. So, I'm just wondering, was there anything specific in 2024 that led to around seven new openings versus the 10 to 12 targets?

好的。作為我的後續行動，我知道您提到 2025 年有 10 到 12 個職缺。你們在第三季開設了兩個新中心。然後是 11 月的亞特蘭大地點。所以，我只是想知道，2024 年是否有什麼具體的事情導致了大約 7 個新職位空缺，而目標是 10 到 12 個？

Yeah, we've had some delays in projects getting pushed back. Well, I can say, again, you got to look at this in a multiyear rather than a year by year. Because as of right now, 26 looks like we make up for everything in 24 and more, all with big humongous clubs. So, it’s getting delayed into the 20 but they're still coming. And we have a pretty good opportunity to get some additional deals done, it's not done yet, 100%, but we are working on some additional growth potentially yet for '25.

是的，我們的專案出現了一些延誤。好吧，我可以再說一遍，你必須以多年的時間而不是一年一年的時間來看待這個問題。因為截至目前，26 歲看起來我們彌補了 24 歲甚至更多的一切，所有這些都是巨大的俱樂部。所以，雖然推遲到了 20 週年，但他們仍然會來。我們有一個很好的機會來完成一些額外的交易，但還沒有完成，100%，但我們正在努力為 25 年實現一些額外的增長。

So, it's really irrelevant because we as we've told you, we've been very, very methodical about delivering the numbers that we commit to you in terms of top line and bottom line. and then keep enough latitude for how we execute that on our own.

所以，這真的無關緊要，因為正如我們告訴您的那樣，我們一直非常非常有條理地交付我們在頂線和底線方面向您承諾的數字。然後為我們自己如何執行保留足夠的自由度。

And we've known we have so much and we've told you, we have so much momentum in our core business that we could manage to slower openings right now to make sure we are capturing that in-center opportunity and the two-growth opportunity in the entire portfolio.

我們知道我們有這麼多，我們已經告訴過你，我們的核心業務有如此大的動力，我們現在可以設法放慢開業速度，以確保我們抓住中心機會和雙重增長整個投資組合中的機會。

By the time it drops down to 4%, 5% whenever that is, we will then have to have a very, very robust new club opening and additional growth like MIORA or LTH and LTH partnership to continue to deliver that double-digit growth, which is a strong desire of the Company. But we'll figure out a way to deliver what we commit to you. Thank you.

當它下降到 4%、5% 的時候，我們將必須有一個非常非常強勁的新俱樂部開業和額外的增長，如 MIORA 或 LTH 和 LTH 合作夥伴關係，以繼續實現兩位數的增長，這是公司的強烈意願。但我們會找到一種方法來兌現我們對您的承諾。謝謝。

Alex Perry from Bank of America.

美國銀行的亞歷克斯·佩里。

Hi. Thanks for taking my question. I just wanted to go back to the guidance raise a bit. What gives you confidence to lift the guide and maybe sort of dissect the pieces for us? Is it you're seeing less membership churn than you would normally, seasonally, see? Are you baking in higher expectations for pricing, which continues to be a tailwind for you? Just maybe go through some of the pieces that led to the raise.

你好。感謝您提出我的問題。我只是想回到指導加薪。是什麼讓您有信心拿起指南並為我們剖析這些碎片？您是否發現會員流失率比正常情況（季節性）少？您是否對定價抱有更高的期望，這對您來說仍然是有利的？也許只是回顧一下導致加薪的一些部分。

Yeah, this is Erik. So, a couple of things here. We're still seeing really great flow-through from our membership does. So that's one big piece. In retention, as you mentioned, continues to be very strong. You also probably saw in our release, our same-store sales, was north of 12%. And another big driver of that, and Bahram talked about it earlier, was our DPT.

是的，這是埃里克。所以，這裡有幾件事。我們仍然看到我們的會員帶來了巨大的流量。所以這是一大塊。正如您所提到的，保留率仍然非常強勁。您可能還在我們的發布中看到，我們的同店銷售額超過 12%。巴赫拉姆之前談到的另一個重要推動因素是我們的 DPT。

So, we continue to see very strong demand in DPT, which is a big driver of that. So, all of those things are, again, as we've talked about, just the consumer, continuing to show strong demand gives us absolute confidence in being able to raise that guidance.

因此，我們繼續看到 DPT 的需求非常強勁，這是一個重要的推動因素。因此，正如我們所討論的，所有這些都是消費者的需求，持續表現出強勁的需求使我們對能夠提高這一指導有絕對的信心。

Alex, to speak to you with a little more color. We have told you or and over, we told all of you guys that we are seeing the best retention. When I say the customers love Life Time, they really do love Life Time. We have the best retention I have ever seen in the history of the Company in 34, 35 years.

亞歷克斯，用更生動的方式跟你說話。我們已經告訴過你們，或者一遍又一遍，我們告訴過你們所有人，我們看到了最好的保留率。當我說客戶喜歡 Life Time 時，他們確實喜歡 Life Time。我們擁有公司 34 年、35 年歷史上最好的保留率。

And on top of that, it's really like it looks like it could be like even better than that in 2025. So, we're at this point, retention. Again, it's not a number we're going to continue to give, but I have given it during the presentation with the debt guys. So, I just want to we're going to finish the year north of 70% in retention.

最重要的是，看起來真的會比 2025 年更好。所以，我們現在處於保留狀態。再說一遍，這不是我們要繼續給出的數字，但我在與債務人的演示中已經給出了它。所以，我只是希望我們今年的留存率能達到 70% 以上。

And for anybody who really understands this business, there is no more important metric than that retention, just no different than our partner business. It's really strong. And the brand is resonating with the customer, and it's giving us additional opportunities where we're working to kind of create more products for that. But that's the reason.

對於任何真正了解這項業務的人來說，沒有比保留率更重要的指標了，這與我們的合作夥伴業務沒有什麼不同。真的很強。該品牌正在與客戶產生共鳴，這給了我們更多的機會，我們正在努力為此創造更多產品。但這就是原因。

The retention is really the key. And it results into the dues. And once you have a strong dues, everything else will follow.

保留確實是關鍵。它會產生會費。一旦你有足夠的義務，其他一切都會隨之而來。

Perfect. And then just on pricing, are you expecting the same level of year-over-year price lift as we move into the fourth quarter? And then as you think about your pricing structure for next year, as we move into 2025, will you likely reset prices even higher to start the year given the membership demand you're seeing?

完美的。然後就定價而言，您是否預計進入第四季度時價格會出現相同水平的同比上漲？然後，當您考慮明年的定價結構時，隨著我們進入 2025 年，考慮到您所看到的會員需求，您是否可能在年初將價格重置得更高？

Look, I think we have largely repositioned the Company to where we want to be. We want to be the athletic country club destination. It's not a gym, it's people's third place, second place as we see with our customers. They're now using the facilities just about on average every other day.

看，我認為我們已經在很大程度上將公司重新定位到了我們想要的位置。我們希望成為鄉村運動俱樂部的目的地。這不是健身房，它是人們的第三場所，就像我們與客戶所看到的第二個場所。他們現在平均每隔一天使用一次這些設施。

So that is another reason for the strong retention is this engagement that is at an all-time high, and we are working strongly on actually, okay, what can we do right now to deliver even more exceptional desirability in every aspect of our business.

因此，保留率高的另一個原因是這種參與度處於歷史最高水平，我們實際上正在大力努力，好吧，我們現在能做些什麼來在我們業務的各個方面提供更出色的需求。

That's really the strategic work that is taking place today with me, Parham, President of Club Operations, Real Estate, and then everybody, all the RVPs and all the lead generals.

這確實是今天與我、俱樂部營運、房地產總裁帕勒姆、然後是每個人、所有 RVP 和所有主要將軍一起進行的戰略工作。

So, as we roll that out, where we see that getting that demand at the level that we are creating gives you pricing power. And then the way to adjust the price is really a function of clubs have 3,000 visits a day. At that level, we really don't want any more visits in that club per day. It's busy throughout the day.

因此，當我們推出這項計劃時，我們發現，將需求達到我們正在創造的水平將為您提供定價權。然後調整價格的方式實際上是俱樂部每天有3000人次訪問的函數。在這個水平上，我們真的不想每天再去那個俱樂部了。一整天都很忙。

Now the key is, okay, maybe there is an enrollment fee. We're now starting more locations. We started with just a few. Now we're looking at other locations where we have to raise the enrollment fee from a few hundred box, $300 to $1,000, $500 in order to manage that type of club.

現在的關鍵是，好吧，也許有報名費。我們現在正在開設更多地點。我們從幾個開始。現在我們正在考慮其他地方，我們必須將註冊費從幾百盒、300 美元提高到 1,000 美元、500 美元，才能管理這類俱樂部。

The clubs that they are sitting at 55,000, this is a large format location equivalent. 55,000 swipes, 60,000 swipes in a month, they have room to get more memberships. So, there's not necessarily we've got to get that club yet to 70,000, 80,000 people going to.

俱樂部擁有 55,000 名觀眾，相當於一個大型場地。 55,000次刷卡，一個月60,000次刷卡，他們還有空間獲得更多會員資格。所以，我們不一定要讓這個俱樂部有 70,000、80,000 人參加。

So, it's club-by-club location by location. We have opportunity right now. I think this last, few weeks for six weeks, there has been quite a few have gotten that rack rate moved a little bit. And based on everything I just told you, it's not just because we want to raise rates or something like that. It's really managing to the club experience, the right customer mix into a particular club.

因此，這是逐個俱樂部地點的。我們現在有機會。我認為在過去的六週裡，有相當多的人的機架費率發生了一些變化。根據我剛才告訴你的一切，這不僅僅是因為我們想提高利率或類似的事情。這實際上是對俱樂部體驗的管理，將正確的客戶組合融入特定的俱樂部。

And then the real big thing is that gap between the pricing of a rack rate. And once you run that rack rate for a month or two and is a clear indication of the customer that, oh, that's completely unacceptable rate. Nobody is having a hard time with it. So not that so that you know that, you've tested that price.

真正的大問題是機架價格之間的差距。一旦你按照這個機架費率運行一兩個月，就會清楚地向客戶表明，哦，這是完全不可接受的費率。沒有人會為此感到困難。所以不是這樣讓你知道的，你已經測試過這個價格了。

Then the gap is everybody who's paying below that rate gives you that $17 million, $18 million, $19 million that we've told you, that there's a difference between what people are paying versus if everybody pays the rack rate that creates that reservoir to you can basically draw from two ways to draw from it, either people churn, new people coming in, same number of swipes, you get more dues for it.

那麼差距就是每個支付低於該費率的人給你1700萬美元、1800萬美元、1900萬美元，我們已經告訴過你，人們支付的費用與每個人支付為你創造水庫的門架費率之間存在差異基本上可以從兩種方式中提取，要么是人們流失，要么是新人進來，同樣數量的刷卡，你會得到更多的會費。

Or a number of memberships or you pass on a $10, $15, $20 legacy price increase per year per those people pay below the rack rate they're happy because they're still ending up in below the rack rate, and they recognize we appreciate their loyalty to the Company.

或者是一些會員資格，或者您每年將傳統價格上漲10 美元、15 美元、20 美元，這些人支付低於門市價的價格，他們很高興，因為他們最終仍低於門市價，他們認識到我們很感激他們對公司的忠誠。

And we're good and you guys are good and the investors are good because you keep getting this a natural same-store coming through even when other retailers don't have the opportunity to fight maybe a little bit of a tough macro and then maybe their sales go down 2%, we are buffered extremely well for that

我們很好，你們也很好，投資者也很好，因為即使其他零售商沒有機會對抗可能有點艱難的宏觀環境，你也會不斷地獲得自然的同店經營，然後也許他們的銷售額下降了2 %，我們為此做好了很好的緩衝

Perfect. That's incredibly helpful. Best of luck going forward. Thank you.

完美的。這非常有幫助。祝你好運。謝謝。

Alex Fuhrman from Craig-Hallum.

來自 Craig-Hallum 的 Alex Fuhrman。

Great. Bahram, you alluded to this in what you were just saying, but it looks like over the past couple of months, just in September and October, you've taken up the new member price at a pretty meaningful number of your clubs here. Does that mean we should expect see you starting to kind of reach out to new members over the next couple of months in those clubs now that the gap between what they're paying and the rack rate is expanding?

偉大的。Bahram，您在剛才所說的內容中提到了這一點，但看起來在過去的幾個月中，就在九月和十月，您已經在相當多的俱樂部中接受了新會員價格。這是否意味著我們應該期望看到您在接下來的幾個月內開始接觸這些俱樂部的新會員，因為他們所支付的費用與門市費之間的差距正在擴大？

It's a good question. No, it's not just those clubs. So, we go through, I think, probably seven, eight times a year. there are three, four months that we skip, but there's like 40,000 or 50,000 or 30,000. Whatever the program, the AI is suggesting members will get that lovely due increase letter. And we have like very systematic categories. It can be it's not hitting all members of five clubs or all members of four.

這是一個好問題。不，不僅僅是那些俱樂部。所以，我想，我們一年可能會經歷七、八次。我們跳過了三、四個月，但大約有 40,000 或 50,000 或 30,000。無論是什麼計劃，人工智慧都建議會員會收到那封可愛的到期加薪信。我們有非常系統化的類別。它可能沒有擊中五個俱樂部的所有成員或四個俱樂部的所有成員。

It basically goes across the whole membership platform. 500,000 people are paying the low rack rate as an example or 600,000 people being in the low rack rate, it will sort through those so these guys signed up six months ago. They're paying below the rack rate. They're not going to get dues increase right now. We don't generally give dues increases more than once a year.

它基本上貫穿整個會員平台。例如，有 50 萬人支付低機架費，或 60 萬人處於低機架費，它將對這些人進行排序，以便這些人在六個月前註冊。他們支付的費用低於門市價。他們現在不會增加會費。我們通常每年增加會費的次數不會超過一次。

So, there is a very, very sophisticated AI algorithm that we have developed over the last, I want to say, seven, eight years and it's gotten significantly better. And I've seen the best version of it this year over even last year, we're right now we hardly see any incremental attrition when those 30,000, 40,000, 50,000 letters go out or the notices go out, we hardly see any incremental attrition out of it. So, we have fine-tuned that extremely well.

所以，我們在過去七、八年裡開發了一種非常非常複雜的人工智慧演算法，而且它已經變得更好了。我今年看到了最好的版本，甚至比去年還好，現在我們幾乎看不到任何增量損耗，當 30,000、40,000、50,000 封信發出或通知發出時，我們幾乎看不到任何增量損耗出來了。所以，我們對此進行了非常好的微調。

Owen Rickert from Rockland Capital Markets.

來自羅克蘭資本市場的歐文‧里克特。

Congrats again on another phenomenal quarter. And it sounds like the vast majority of clubs are very high performing. But as we take a look at some of the clubs in the portfolio that may be not as high performing, what's the goal of these? Is it renovation of the club, getting new equipment, providing more offerings? I guess just all in all, how do you look at these locations? And what is the plan going forward with these ones?

再次恭喜又一個非凡的季度。聽起來絕大多數俱樂部的表現都非常出色。但當我們看看投資組合中的一些表現可能不那麼出色的俱樂部時，這些俱樂部的目標是什麼？是對俱樂部進行翻新、購買新設備、提供更多服務嗎？我想總而言之，您如何看待這些地點？這些項目的後續計劃是什麼？

Yes. So, look. Internally, what we are running is a comprehensive business plan is in the works right now for every single location of the Company, every single location. What is the vision for that particular location? What's the opportunity? Where we add to that opportunity? What are the things we need to do? Do we need to change programming? Do we need to change facility do we need to add? Do we need to make some changes in the leadership of the business? It doesn't really stock or end at one of those.

是的。那麼，看吧。在內部，我們正在為公司的每個地點、每個地點制定全面的業務計劃。該特定地點的願景是什麼？有什麼機會？我們在哪裡增加這個機會？我們需要做哪些事情？我們需要改變程式設計嗎？我們需要更改設施嗎？我們是否需要對企業領導階層進行一些改變？它並沒有真正庫存或以其中之一結束。

It's a comprehensive analytical plan, full detailed business plan for every location. So, we know what is the ultimate opportunity of that, at least this time in that. And then we will go appropriately execute all those things. So, it's more it's a phenomenal question. I'm just not going to give you the exact answer. The only thing I can tell you is that we have a very, very robust strategy process in place that basically evaluate that and then we go systematically execute against it.

這是一個全面的分析計劃，針對每個地點都有完整詳細的業務計劃。所以，我們知道最終的機會是什麼，至少這次是這樣。然後我們將適當地執行所有這些事情。所以，這更是一個現象級的問題。我只是不會給你確切的答案。我唯一可以告訴你的是，我們有一個非常非常強大的策略流程，基本上可以對其進行評估，然後我們有系統地執行它。

Logan Reich from RBC Capital Markets.

來自加拿大皇家銀行資本市場的 Logan Reich。

I just had one on the incremental flow-through, maybe this one is for Erik. Just on the marginal flow-through of revenue to EBITDA, it looks like it's been running around 30% to 35% over the past several quarters. And obviously, I know you guys aren't sort of guiding us towards margin expansion.

我剛剛有一篇關於增量流程的文章，也許這是給艾瑞克的。僅就 EBITDA 的邊際收入流入而言，過去幾季的成長率似乎一直在 30% 至 35% 左右。顯然，我知道你們並沒有引導我們擴大利潤。

But just given the incremental flow-through over the past several quarters, I guess, I'm sort of curious what would be the puts and takes potentially driving that incremental flow-through down such that margins would be in the similar range? It looks as though you guys would get some fixed cost leverage. But obviously, there's some puts and takes in there. So maybe you could just walk us through those?

但考慮到過去幾季的增量流量，我想，我有點好奇什麼是看跌期權和看跌期權，可能會推動增量流量下降，從而使利潤率處於相似的範圍內？看來你們會獲得一些固定成本槓桿。但顯然，其中有一些投入和投入。那麼也許您可以引導我們完成這些？

Yes. I mean one of the things that we've really said is we want to make sure that we're leaving ourselves enough room to kind of reinvest back into the centers as we need to. So, as we look into Q4 and forward, we're doing things to make sure that we're making those clubs like and making sure that all the repairs and maintenance and all that, keeping it in that like new condition. So that's going to be one of the things that we're investing in.

是的。我的意思是，我們真正說過的一件事是，我們希望確保為自己留出足夠的空間，以便根據需要對中心進行再投資。因此，當我們展望第四季度及未來時，我們正在做一些事情來確保我們讓這些俱樂部喜歡並確保所有的維修和保養以及所有這些，使其保持像新的狀態。所以這將是我們投資的事情之一。

But again, on the flow-through, we're continuing to see it on the do side, as we mentioned before, Bahram talked about retention. So, we get a lot of flow through from that. And so that's one of the main drivers. And then as I mentioned on the DPT side, that's also been very, very strong for us, especially in the third quarter.

但同樣，在流量方面，我們繼續在做方面看到它，正如我們之前提到的，巴赫拉姆談到了保留。因此，我們從中獲得了許多流量。這是主要驅動因素之一。正如我在 DPT 方面提到的那樣，這對我們來說也非常非常強勁，尤其是在第三季。

The caution that we are wanting to issue is that we guided you guys to 23.5% to 24.5% on EBITDA margin from beginning of the year. And the question was asked, why can't you? You guys are all smart people you look at the numbers.

我們想要發出的警告是，從年初開始，我們指導你們的 EBITDA 利潤率為 23.5% 至 24.5%。有人問，為什麼不能？你們都是聰明人，看看數字就知道了。

So why can't you do more? So, we said we didn't say we can't do more. We just don't want to have you go tweak your models and keep ratcheting it up. There is no reason for that because number one goal of mine as the visionary founder of the Company is to make sure the brand continues to elevate and not goes backwards. And therefore, just like Erik said, we like to guide to a number that we don't disappoint.

那為什麼你不能做得更多呢？所以，我們說我們並沒有說我們不能做得更多。我們只是不想讓你去調整你的模型並不斷提高它。沒有理由這樣做，因為身為公司有遠見的創辦人，我的首要目標是確保品牌繼續提升而不是倒退。因此，就像艾瑞克所說，我們希望引導到一個不會令我們失望的數字。

Now I would suggest hey, don't take it much higher than 25% EBITDA margin. Now we want to invest into our brands, into our programming, into our facilities to make sure the clubs are modernized. They're like new.

現在我建議嘿，不要認為它的 EBITDA 利潤率高於 25%。現在我們希望投資我們的品牌、我們的節目、我們的設施，以確保俱樂部現代化。它們就像新的一樣。

The team members are getting the proper adequate education. They get proper incentives. And if we have more than takes all of those doing all those things, then we let it pass through, but I think the wise thing to do is to keep that margin, the range that we guide you guys to.

團隊成員正在接受適當的充分教育。他們得到適當的激勵。如果我們有超過所有這些事情的需要，那麼我們就讓它通過，但我認為明智的做法是保持這個餘量，也就是我們引導你們達到的範圍。

And I don't know how many companies actually are delivering 25% EBITDA margin. I don't know that this is a win that it is a game that anybody can win. If you keep ratcheting those expectations up higher and higher or higher eventually, the Company starts doing wrong things to achieve this ludicrous expectation.

我不知道有多少公司實際上實現了 25% 的 EBITDA 利潤率。我不知道這是一場勝利，這是一場任何人都可以贏的遊戲。如果你不斷地將這些期望提高得越來越高，最終公司就會開始做錯誤的事情來實現這種可笑的期望。

So, I guide super strong to all of you to maintain that 25% don't get overexcited as we grow the some of the challenging areas, the Spa, Cafe, when they grow, they're going to actually drag the margin back down.

因此，我強烈建議大家保持 25% 的人在我們發展一些具有挑戰性的領域（水療中心、咖啡館）時不要過度興奮，當它們發展時，它們實際上會將利潤率拉低。

Now, the total the club is going to make more money. But the margin is going to get pressed because they will never deliver 25% EBITDA margin. So, it's a better engagement. The more people are doing the cafe, the more people go to the Spa, the better it is for more engagements, you get more dues, which is great. That's a great margin. The negative side of it, the margin on those businesses are very low.

現在，俱樂部總共會賺更多的錢。但利潤率將受到壓力，因為他們永遠無法實現 25% 的 EBITDA 利潤率。所以，這是一個更好的參與。去咖啡館的人越多，去水療中心的人就越多，參與的次數就越多，你就會得到更多的會費，這很棒。這是一個很大的利潤。不利的一面是，這些業務的利潤率非常低。

We reached the end of our question-and-answer session. I'd like to turn the floor back over to Founder and CEO, Bahram Akradi for closing remarks. Please go ahead.

我們的問答環節結束了。我想請創辦人兼執行長巴赫拉姆‧阿卡迪 (Bahram Akradi) 致閉幕詞。請繼續。

Thank you so much. I really appreciate all of you, analysts, investors. We are really, really happy about the accomplishments this year. We feel like we're in a really, really great position to go into the fourth quarter into next year.

太感謝了。我非常感謝你們所有人、分析師、投資人。我們對今年所取得的成就感到非常非常高興。我們覺得我們處於非常非常好的位置，可以進入明年第四季。

And looking forward to continue to deliver what we promised to you. And I couldn't be more grateful to the Life Time team for literally just passionately delivering and giving the results that you guys are seeing.

並期待繼續兌現我們對您的承諾。我非常感謝 Life Time 團隊，他們熱情地交付並給出了你們所看到的結果。

So, with that, I'm going to thank you guys, and have a great day.

因此，我要感謝你們，祝你們有美好的一天。

Thank you. That does conclude today's teleconference. You may disconnect your lines at this time and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議到此結束。此時您可以斷開線路並度過美好的一天。我們感謝您今天的參與。