Life Time Group Holdings Inc (LTH) 2025 Q1 法說會逐字稿

Greetings, and welcome to Life Time Group Holdings Inc first quarter 2025 earnings conference call. (Operator Instructions). As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Connor Wienberg, Vice President of Capital Markets and Investor Relations. Please go ahead.

您好，歡迎參加 Life Time Group Holdings Inc 2025 年第一季財報電話會議。（操作員指令）。提醒一下，本次會議正在錄製中。現在我很高興介紹您的主持人，資本市場和投資者關係副總裁康納溫伯格 (Connor Wienberg)。請繼續。

Good morning, and thank you for joining us for the first quarter 2025 Lifetime 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 2025 年第一季 Lifetime Group Holdings 收益電話會議。今天與我一起的還有創辦人、董事長兼執行長 Bahram Akradi；以及執行副總裁兼財務長 Erik Weaver。

During the call, we will make forward-looking statements, which involve a number of risks and uncertainties that may cause actual results to differ materially from those forward-looking statements made today. There is a comprehensive discussion of risk factors in the company's SEC filings which you are encouraged to review. The company will also discuss certain non-GAAP financial measures, including adjusted net income, adjusted EBITDA, adjusted diluted EPS, net debt to adjusted EBITDA and or what we refer to as net debt leverage ratio and free cash flow.

在電話會議中，我們將做出前瞻性陳述，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。該公司向美國證券交易委員會提交的文件中對風險因素進行了全面的討論，鼓勵您查看。該公司還將討論某些非 GAAP 財務指標，包括調整後淨收入、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.

這些資訊以及與最直接可比較的 GAAP 指標的對帳（如適用）均包含在公司今天早上發布的收益報告、我們向美國證券交易委員會提交的 8-K 文件中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.

說完這些，我會把電話轉給艾瑞克。

Thank you, Connor. We appreciate you joining us this morning. Starting with our first quarter results. Total revenue increased 18.3% to $706 million, driven by a 17.9% increase in our membership dues and enrollment fees and an 18.7% increase in our incentive revenue. We continue to see strong revenue growth in our clubs opened within the last 12 months, which are outpacing their anticipated revenue plans.

謝謝你，康納。感謝您今天上午加入我們。從我們的第一季業績開始。總營收成長 18.3%，達到 7.06 億美元，其中會員費和入會費成長 17.9%，獎勵收入成長 18.7%。我們繼續看到過去 12 個月內開業的俱樂部收入強勁增長，其收入增長速度超過了預期的收入計劃。

In addition, we are seeing strong comparable center performance. Comparable center revenue was 12.9%, which increased from 11.1% in the prior year period. We continue to see robust comparable center revenue due to, first, an increase in our membership dues revenue, which is primarily a result of a full quarter benefit of legacy member price increases taken in the previous year, we took virtually no legacy price increase in the first quarter and on average -- members continue to pay approximately $30 per month below our -- back rate.

此外，我們還看到了強勁的可比中心表現。可比中心收入為 12.9%，高於去年同期的 11.1%。我們繼續看到強勁的可比中心收入，首先是因為我們的會員費收入增加，這主要是由於上一年傳統會員價格上漲帶來的整個季度收益，我們在第一季度幾乎沒有享受到傳統會員價格上漲，平均而言 - 會員每月繼續支付比我們的返還率低約 30 美元。

And we also realized a benefit from new members joining at higher dues rates replacing members who are paying a lower rate. For example, if we lose an existing member paying monthly dues of $178 and gain a new member at a current -- rate of $208, we realized a net revenue benefit. Second, our ramping clubs continue to perform to our expectations. And third, we continue to see strong performance in our in-center businesses, particularly in our dynamic personal training.

我們也發現，以較高會費率加入的新會員取代繳納較低會費率的會員會帶來好處。例如，如果我們失去一名每月支付 178 美元會費的現有會員，並以當前 208 美元的會費獲得一名新會員，我們就實現了淨收入收益。其次，我們的升級俱樂部持續表現出色，符合我們的預期。第三，我們的中心業務持續表現強勁，特別是在動態個人培訓方面。

With our strong first quarter, we raised our guidance for our comparable center revenue to be between 8.5% and 9.5% for the full year as we normalize towards our long-term revenue growth targets in the following quarters. Center memberships increased 3.0% compared to Q1 last year to end the quarter at more than $826,000. When combined with our on-hold memberships, total memberships ended the quarter at approximately 880,000. These membership totals are in line with our strategy.

由於第一季業績表現強勁，我們將全年可比中心營收預期上調至 8.5% 至 9.5% 之間，並在接下來的幾季中逐步實現長期營收成長目標。與去年第一季相比，中心會員人數增加了 3.0%，本季末會員人數超過 826,000 美元。加上我們暫停的會員人數，本季末的會員總數約為 88 萬人。這些會員總數符合我們的策略。

As noted in our earnings release this morning, we are focused on our member experience and adding memberships with high revenue and visits per membership. In addition, retention continues to pace at record levels, and our in-center businesses are performing exceptionally well. Average monthly dose grew 11.8% year-over-year to $208. We continue to open locations in premium markets with strong demand and higher news rates. Average revenue per center membership was $844, an increase of 13.3% from the prior year quarter.

正如我們今天早上發布的收益報告中所指出的，我們專注於會員體驗，並增加高收入和高訪問量的會員。此外，保留率繼續保持創紀錄的水平，我們的中心業務表現非常出色。平均每月劑量年增 11.8%，達到 208 美元。我們將繼續在需求強勁、新聞報道率較高的高端市場開設門市。每個中心會員的平均收入為 844 美元，比去年同期成長 13.3%。

Net income was $76.1 million, an increase of 206% and adjusted net income was $88.1 million, an increase of 189% from the prior year quarter. We received an income tax benefit of $14.6 million related to the onetime exercise of stock options by our CEO, which is now factored into our updated guidance. For the remaining quarters of fiscal year 2025, we expect net income to benefit from reduced interest expense as a result of entering into the fixed interest rate swap of under 6% on our Term Loan B.

淨收入為 7,610 萬美元，年增 206%，調整後淨收入為 8,810 萬美元，年增 189%。我們獲得了與執行長一次性行使股票選擇權相關的 1,460 萬美元的所得稅優惠，這筆優惠現已計入我們最新的指引中。對於 2025 財年的剩餘幾個季度，我們預計淨收入將受益於利息支出的減少，因為我們的定期貸款 B 簽訂了低於 6% 的固定利率互換。

Adjusted EBITDA was $191.6 million, an increase of 31.2% and our adjusted EBITDA margin of 27.1% increased 260 basis points versus the first quarter 2024. Net cash provided by operating activities increased approximately 103% to $184 million as compared to the first quarter of 2024. This increase was largely a result in income from operations as well as timing of cash interest in the first quarter 2025.

調整後的 EBITDA 為 1.916 億美元，成長 31.2%，調整後的 EBITDA 利潤率為 27.1%，較 2024 年第一季增加了 260 個基點。與 2024 年第一季相比，經營活動提供的淨現金增加約 103%，達到 1.84 億美元。這一增長主要是由於 2025 年第一季的營業收入以及現金利息的時間安排。

For the fourth consecutive quarter, we achieved positive free cash flow. Free cash flow was approximately $41 million, and we had no sale-leaseback proceeds in the first quarter. We have signed a letter of intent for the sale leaseback of three properties for approximately $150 million which we expect to complete in the second quarter.

我們連續第四個季度實現了正自由現金流。自由現金流約 4,100 萬美元，第一季我們沒有售後回租收益。我們已簽署意向書，以約 1.5 億美元的價格售後回租三處房產，預計第二季完成。

Before I conclude my remarks, I will give a brief comment on how we look at our exposure to tariffs. We have completed a review of key areas of our company that could be subject to tariffs, including construction, equipment and retail, and we currently do not expect there to be a significant impact. As tariff policies are still evolving, we are diligently monitoring the situation to assess and respond as needed. After a strong first quarter, we have deleveraged our balance and net debt leverage ratio of 2.0 times. We have clear visibility into our cash interest expense for the next three years, having fixed the interest rate on our entire term loan to below 6%. And with over 30 years of operating experience, we believe we are well positioned to navigate any macroeconomic conditions.

在結束我的演講之前，我將簡要地評論我們如何看待關稅的影響。我們已經完成了對公司可能受到關稅影響的關鍵領域的審查，包括建築、設備和零售，目前我們預計不會產生重大影響。由於關稅政策仍在不斷發展，我們正在密切監測情況，以便根據需要進行評估和應對。在經歷了第一季的強勁表現後，我們已將資產負債表和淨債務槓桿率降至 2.0 倍。我們對未來三年的現金利息支出有清晰的了解，並將整個定期貸款的利率固定在 6% 以下。憑藉 30 多年的營運經驗，我們相信我們有能力應對任何宏觀經濟狀況。

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

說完這些，我現在將電話轉給巴赫拉姆。巴赫拉姆？

Thank you, Erik. We had a great start to the year, and the business has continued to perform well. We have raised our revenue and adjusted EBITDA guidance but only modestly in recognition of the uncertainty in the macroeconomic environment. Our focus in the near term is to maintain our very strong balance sheet position and positive free cash flow as we grow the business.

謝謝你，埃里克。今年我們有了一個很好的開端，並且業務持續表現良好。我們提高了收入並調整了 EBITDA 指引，但考慮到宏觀經濟環境的不確定性，調整幅度不大。我們近期的重點是在業務成長的同時保持強勁的資產負債表狀況和正的自由現金流。

Our clubs continue to experience increased traffic with many at or near optimal levels. visits in our comparable centers are up 4.7% versus the -- first quarter of last year. Many clubs are using waitlist as a mean to protect the member experience. The large majority of our first quarter membership adds were full dose paying customers. This strategy is reflected in our results, including record visits for membership and retention, record ins performance and revenue per membership and record total revenue and adjusted EBITDA.

我們的俱樂部的客流量持續增加，許多俱樂部的客流量已達到或接近最佳水準。與去年第一季相比，我們同類中心的訪客量成長了 4.7%。許多俱樂部使用候補名單作為保護會員體驗的手段。我們第一季新增的會員絕大多數都是全額付費客戶。這項策略反映在我們的業績中，包括創紀錄的會員訪問量和保留率、創紀錄的會員表現和每位會員的收入以及創紀錄的總收入和調整後的 EBITDA。

We have a robust pipeline of club growth, and we expect to deliver 10 to 12 clubs per year. We will continue to use cash flow from business as well as proceeds from sale leasebacks to pay for our growth. We will maintain the strength of our balance sheet and our current debt levels while growing revenue and adjusted EBITDA. This aligns with our focus of achieving and maintaining a strong BB credit. We are well positioned to operate in any macroeconomic conditions. We are also pleased with the progress in our three additional growth areas, including LT Digital, which is already over 2 million subscribers, MIORA and LCH.

我們擁有強勁的俱樂部發展管道，預計每年將新增 10 至 12 個俱樂部。我們將繼續利用業務現金流以及售後回租收益來支付我們的成長。我們將維持資產負債表的強勁和當前的債務水平，同時增加收入和調整後的 EBITDA。這與我們實現和維持良好 BB 信用的重點一致。我們有能力在任何宏觀經濟條件下開展業務。我們也對另外三個成長領域的進展感到高興，包括已擁有超過 200 萬用戶的 LT Digital、MIORA 和 LCH。

With that, we are ready to take your questions

好了，我們準備好回答你們的問題了

(Operator Instructions)

（操作員指示）

John Heinbockel, Guggenheim.

古根漢美術館的約翰·海因博克爾。

How broad -- how many clubs have wait lists? Where can that go? Can most of them have them? I know you've -- on cases, you've charged like a country club like join fee. How about is that? And then Bahram, the question is I know the wait list, you're trying to limit traffic because you've got capacity on visitation. I guess there's no good way to increase capacity in a club, correct? It sounds like you can do an easy remodel and accommodate more members. So is there anything to be done on that front?

範圍有多廣——有多少俱樂部有候補名單？那能去哪裡呢？大部分人都可以擁有嗎？我知道你——在某些情況下，你收取的費用就像鄉村俱樂部的入會費一樣。那怎麼樣？然後巴赫拉姆，問題是我知道等候名單，你正試圖限制流量，因為你的訪問容量已經滿了。我想沒有什麼好辦法可以增加球團的容量，對嗎？聽起來您可以輕鬆進行改造並容納更多成員。那麼在這方面有什麼可以做的嗎？

Let's handle this, once and for all, because I'm sure this will be the #1 question for everyone. We are extremely pleased with all the statistics of the company and everything working the way we want to. We have experienced this year an increased level of visits. We still also measure number of swipes or number of visits per clubs and number of visits per clubs were up over a very healthy number in the past last years.

讓我們一勞永逸地解決這個問題，因為我確信這將是每個人最關心的問題。我們對公司的所有統計數據感到非常滿意，一切都按照我們想要的方式進行。今年我們的訪問量有所增加。我們仍然會測量每個俱樂部的滑動次數或訪問次數，並且過去幾年每個俱樂部的訪問次數都增長了非常多。

We have opportunistically focused on shutting down any sort of membership that would come with some -- any kind of a discount from a third-party payers in some clubs, some of the new clubs don't have any opportunity for sort of the Aurora memberships. And we really have gained the memberships we wanted to gain as members were -- joining with the full dose paying customers.

我們抓住機會，專注於取消某些俱樂部中第三方付款人提供的任何形式的會員資格——任何形式的折扣，一些新俱樂部沒有任何機會獲得 Aurora 會員資格。我們確實獲得了我們想要獲得的會員資格——加入全額付費客戶行列。

So the focus of the business has been, as always, nothing changed, is manage the clubs, adapt the clubs so that we deliver the ultimate experience. the clear indication that our strategy is working is that we are basically getting the highest revenue per memberships. We're getting the highest in-center revenue. Our in-center revenue, as Eric mentioned, in the first quarter of this year, outperformed the in-center revenue of last year same quarter as a percentage of our revenue.

因此，業務重點一如既往，沒有任何改變，就是管理俱樂部、調整俱樂部，以便我們提供終極體驗。我們的策略正在奏效的明顯跡像是，我們基本上獲得了最高的每位會員的收入。我們獲得了最高的中心收入。正如 Eric 所提到的，今年第一季我們的中心收入佔比超過了去年同期的中心收入。

So I think the -- on the strong message that I can give you guys is that we are executing the strategy we've always executed. Member point of view first, and when the clubs feel like they're being pinched, the peak hours of the clubs are like at a point where your experience might start getting pinched. We basically put the club on a waitlist, and we definitely have the opportunity to take that waitlist both ways, it's waitlist for the people who join and pay the full dose or wait list for the people who joined through the third-party insurance programs. And we basically execute one or the other or both.

所以我認為——我可以向你們傳達的強烈訊息是，我們正在執行我們一直以來執行的策略。首先從會員的角度來看，當俱樂部感覺受到擠壓​​時，俱樂部的高峰時段就像是您的體驗可能會開始受到擠壓的點。我們基本上把俱樂部放在候補名單上，我們絕對有機會以兩種方式採用候補名單，這是加入並支付全額費用的人的候補名單，或是透過第三方保險計劃加入的人的候補名單。我們基本上執行其中一個或兩個。

And this year, we definitively took steps to make sure more of the memberships we gained in the first quarter came from full dose paying customers rather than the third-party customers. So that's really the only major issue in this -- in the major point in this call. Otherwise, everything else is basically moving exactly. This moved exactly the way we wanted it and so is everything else in the business.

今年，我們採取了明確措施，確保第一季獲得的更多會員來自全額付費客戶，而不是第三方客戶。所以這確實是本次通話中唯一的主要問題——也是本次通話中的重點。否則，其他一切基本上都在準確移動。這一切正如我們所希望的那樣發展，業務中的其他一切也都是如此。

Let me transition right to the club pipeline because that also you had more clubs that takes pressure off the existing locations. So the pipelines, we're getting visibility on that. You talked about 10 to 12 months. What's the organization's capacity to do more than that, right? Because I think the opportunities you're going to get from landlords and ground up would exceed -- eventually exceed 10 to 12. What's your capacity to do more than that, if you could?

讓我直接轉到俱樂部管道，因為這樣你就可以擁有更多的俱樂部，從而減輕現有地點的壓力。因此，我們正在逐步了解管道的情況。您談到了 10 到 12 個月。該組織還能做更多的事情嗎？因為我認為你從房東和基層獲得的機會最終會超過 10 到 12。如果可以的話，您能做到更多嗎？

As the gestation of these clubs is longer, I can tell you that 10 to 12 for '25 is just the right number. For '26, we have the opportunity to do 10 to 12. We have the opportunity to do more. We are very, very carefully studying all the impacts of different scenarios that can happen with the economy. As you guys might have heard right now, this is the first time that some of the new homebuilders are having a tough time moving inventory. That type of impact is a positive impact for us in the sense that once the some of the construction, it's spotty by market by market, some markets because of government contracts like Phoenix, et cetera, they are not impacted. Most markets you'll be able to do the construction significantly better if you take the time to rebid before you have a solid construction.

由於這些俱樂部的孕育期較長，我可以告訴你，25 年擁有 10 到 12 傢俱樂部是一個合適的數字。對於 26 年來說，我們有機會做到 10 到 12 個。我們有機會做更多的事情。我們正在非常非常仔細地研究可能發生的各種情況對經濟的所有影響。大家現在可能已經聽說了，這是一些新房屋建築商第一次在轉移庫存時遇到困難。這種影響對我們來說是正面的影響，因為一旦某些建設完成，各個市場就會出現問題，而有些市場由於與鳳凰城等政府簽訂了合同，不會受到影響。在大多數市場中，如果您在完成穩固的施工之前花時間重新投標，那麼您將能夠更好地完成施工。

So we are methodically going through where the opportunities are, and we can continue to deliver 10 to 12. And if the economy gets robust, and the volatilities settle down that we are dealing with, we can step on the gas and do more. So otherwise, my approach, our approach is to focus on having a balance sheet that allows us to take advantage of the opportunities that will arise if the economy is tough, or opportunities that arise if the economy is robust. It's sort of a mathematical hedge so that if it's heads up, we win, just tails up, we win. And with that, no, I think I have given you a very clear answer. For '26, we could deliver more clubs if we want to.

因此，我們正在有條不紊地尋找機會，並將繼續提供 10 到 12 個機會。如果經濟變得強勁，並且我們所面臨的波動逐漸平息，我們可以加強採取更多行動。因此，我的方法、我們的方法是專注於擁有資產負債表，使我們能夠利用經濟困難時出現的機會，或經濟強勁時出現的機會。這是一種數學對沖，如果正面朝上，我們就贏，如果反面朝上，我們也贏。就此而言，不，我認為我已經給了你一個非常明確的答案。對於 26 年，如果我們願意的話，我們可以提供更多的俱樂部。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

Nice quarter. Congratulations. So first question I want to ask, Erik, you talked in your prepared comments, you mentioned just the pricing. And clearly, as we see every quarter, I mean, Life Time's done a great job monetizing memberships. So the question I have is with regard to the actions you took in Q1, if I heard you correctly, you didn't raise dues on legacy members. So I want to make sure I heard that correctly. But was that planned? And how should we think about that effort going forward?

不錯的季度。恭喜。所以我想問的第一個問題是，艾瑞克，你在準備好的評論中只提到了定價。顯然，正如我們每季所看到的，Life Time 在會員獲利方面做得非常出色。所以我的問題是，關於您在第一季採取的行動，如果我沒聽錯的話，您並沒有提高遺留成員的會費。所以我想確認一下我聽得是否正確。但這是計劃好的嗎？我們該如何看待未來的努力？

Yes. That's right. We didn't take a lot of legacy pricing in Q1. That was our intention. We're obviously monitoring the macro very closely. And so a lot of what we saw was legacy price increases that were from last year, and those members are lapping a full quarter, right? The other important impact to understand is the churn. So when somebody attrits out, right, they trade out at a lower rate typically. And so then the new member joins in at a higher rate. And so that was really the -- most of the, what we call it, pricing benefit that we saw in Q1. So not a lot from legacy in this quarter.

是的。這是正確的。我們在第一季沒有採取太多的遺留定價措施。這就是我們的意圖。我們顯然正在密切關注宏觀形勢。因此，我們看到的很多都是去年遺留的價格上漲，而這些成員的價格已經上漲了整整一個季​​度，對嗎？需要了解的另一個重要影響是客戶流失。因此，當有人流失時，他們通常會以較低的價格進行交易。這樣新成員的加入率就會更高。這就是我們在第一季看到的大部分定價優勢。因此本季的遺留問題並不多。

Yes. We have had a schedule. And when we roll out legacy price increases that was not planned out for the first quarter. It was planned out for second quarter there for April, May, June. We are doing exactly -- executing exactly our plan. We, as I mentioned to you, is extremely sophisticated programming AI-driven on how we do this. where that's not something we're going to get into the details of that with [Eddie], but we are still experiencing best retention rates than we have ever experienced in the history of the company. We're still having better retention than last year. And second quarter -- from second quarter of last year forward, we had our very, very best retention, and we're still doing better than that at this moment in time. So all indications that the macro adjustments we are making on day-to-day, it's all working, Brian.

是的。我們已經有時間表了。當我們推出第一季未計劃的遺留價格上漲時。計劃在第二季進行，即 4 月、5 月和 6 月。我們正在嚴格執行我們的計劃。正如我向您提到的，我們在如何做到這一點方面採用了極其複雜的人工智慧程式設計。我們不會與 [Eddie] 詳細討論這個問題，但我們的員工留任率仍是公司歷史上最高的。我們的保留率仍然比去年更好。從去年第二季開始，我們的客戶保留率一直非常高，目前我們的表現仍然更好。所以所有跡像都表明，我們每天所做的宏觀調整都是有效的，布萊恩。

That's very helpful. And then my second question, recognizing you don't provide quarterly guidance anymore. We obviously have the updated annual guidance. But so you reported results through March. I mean we're into the, I guess, how the -- we're into kind of the pool season. I mean any comment on how you're seeing member sign-ups or member activity as the pools get ready to go for the season?

這非常有幫助。然後是我的第二個問題，承認您不再提供季度指導。我們顯然有更新的年度指導。但是您報告了截至三月的結果。我的意思是，我想，我們正進入泳池季節。我的意思是，當游泳池準備迎接新賽季的到來時，您對會員註冊或會員活動有何評論？

Yes. I think it's too early to make any indications on that at this moment in time. The overall -- the in centers are performing extremely well at this moment and the days of the week and timing of the week. So it's too early to actually get into the -- how that's moving, but it's just pretty much right in line with what it has been.

是的。我認為現在就對此做出任何暗示還為時過早。總體而言，目前各中心的表現都非常好，包括一周中的幾天和一周中的某個時間。因此，現在討論進展還為時過早，但情況基本上與以往一致。

Alex Perry, Bank of America.

美國銀行的亞歷克斯·佩里。

Congrats on a strong quarter. I just wanted to talk about the guidance a little bit. So how much of the sort of same store center raise was 1Q flow-through versus higher expectations in 2Q through 4Q. I think the guidance implies a slowdown in comps in sort of the remainder of the year what's the driver here? Is that just an element of conservatism? And then have you seen any impact to your business to join cancels as we've seen consumer confidence soften a bit here as of late?

恭喜本季業績強勁。我只是想稍微談談指導。那麼，同店中心銷售額的成長有多少是第一季的流通量，而第二季至第四季的預期較高呢？我認為該指引意味著今年剩餘時間內同店銷售額將放緩，其驅動因素是什麼？這僅僅是保守主義的因素嗎？那麼，您是否發現取消加入對您的業務有任何影響，因為我們最近發現消費者信心減弱？

No. I think the -- what we are seeing right now is a stronger retention and a strong in-center spend. That means the customer who is inside of lifetime is extremely happy. They're having more visits into the club. They're using the clubs more. They're doing their in-center purchases, and they are seeing with us longer, okay? That's all positive news. The memberships coming in per sort of -- which is extremely -- of our business that when you think about one month worth of new membership sales versus last month versus the overall revenue impact.

不。我認為——我們現在看到的是更強的保留率和強勁的中心支出。這意味著終身客戶非常高興。他們越來越多地訪問俱樂部。他們更多地使用俱樂部。他們在中心購買商品，並且與我們一起看貨的時間更長，好嗎？這些都是好消息。當您考慮一個月的新會員銷售額與上個月相比對整體收入的影響時，會員人數對我們業務的影響就顯得尤為重要。

It's very, very, very small. We are seeing a sort of customer who is a little more thoughtful about the timing of when they join, maybe they wait a little longer before they start. We are seeing some of that conservative in that but that is such a small piece of our business. I don't think it has an immediate impact on our numbers. But I think that if that type of situation continues, where you have customer holding back for the next 12 months in a row, then you're going to see a little more impact on the business. Therefore, our guidance is guarded for this potential macroeconomic volatility, customer sensitivity, sustaining for a long period of time. Does that answer your question?

它非常非常小。我們看到有這樣一種客戶，他們對加入的時間更加慎重，也許他們會等待更長時間才開始。我們看到其中存在一些保守的因素，但這只是我們業務的一小部分。我認為這不會對我們的數字產生直接影響。但我認為，如果這種情況持續下去，即客戶在接下來的 12 個月內連續猶豫不決，那麼業務將受到更大的影響。因此，我們對這種潛在的宏觀經濟波動、客戶敏感度以及長期持續性持謹慎態度。這回答了你的問題嗎？

That's perfect. And then I just -- my follow-up is just on tariffs, I guess, like the net exposure here, is it like 0? Are construction equipment costs not going up for you to source? Any of the fitness equipment out of China, any of the tariff regions right now? Are you seeing price increases on any of that? Can you just -- it sounds minimal, but could you just maybe walk through that?

那很完美。然後我只是 - 我的後續問題只是關於關稅，我想，就像這裡的淨曝光量，它是 0 嗎？您購買的建築設備成本是否沒有上漲？目前有任何健身器材出口到中國嗎？有任何關稅地區嗎？您是否看到其中任何一項的價格上漲了？你能不能──聽起來很簡單，但你能不能簡單講一下？

Look, there are -- for the most part, on the big purchases, we are not seeing -- I mean, it's like a 0.5%, 0.4%. And the big purchases as an overall impact, it doesn't have a huge impact. T-shirts we buy for our athletic events which is -- I mean, it's just -- these are de minimis numbers in terms of the lifetime total revenue, EBITDA, you are seeing some things coming in like 30%, 40% higher. But those things don't just don't matter to us. And we're talking about buying $60,000, $200,000 worth of T-shirts that we use for athletic events.

你看，在大多數情況下，在大額購買中，我們沒有看到——我的意思是，它就像 0.5%、0.4%。而大宗採購從整體來看，不會產生巨大的影響。我們為體育賽事購買的 T 卹 — — 我的意思是 — — 就終身總收入、EBITDA 而言，這些只是最低數字，你會看到有些東西的收入增長了 30%、40%。但這些事情對我們來說並非不重要。我們正在討論購買價值 6 萬到 20 萬美元的 T 卹，用於體育賽事。

So it's just not -- we are not a company that is heavily impacted directly by these events. And there are all the type of things we are doing on continuation of value engineering and how we're designing our new prototypes that we have a dozen of them that we basically choose which one works in what market. We're continually working on having flexibility to be their use of steel or concrete when we build those. We have both types of plans. I mean we are working to make sure we mitigate any of those impacts.

所以，我們並不是一家直接受到這些事件嚴重影響的公司。我們在繼續價值工程以及設計新原型方面正在做各種事情，我們有十幾個新原型，我們基本上選擇哪一個適用於哪個市場。我們一直致力於在建造這些建築時靈活地使用鋼材或混凝土。我們有兩種類型的計劃。我的意思是我們正在努力確保減輕任何這些影響。

And at this point, I can tell you, we are super comfortable that we can bring in the new boxes in at or better prices than last year despite changes in that furthermore. That's two way street. If the economy does actually get a little more headwind. You hit recession, housing slows down. The contractors who basically before like this is the price taken to leave it. I have too many jobs they basically start begging for work and then you can basically get them to do the work for 5% overhead and profit instead of 20% overhead and profit.

此時，我可以告訴您，儘管情況有所變化，但我們非常放心，我們可以以比去年或更優惠的價格引進新箱子。這是雙行道。如果經濟確實遭遇一些阻力。一旦遭遇經濟衰退，房屋市場就會放緩。以前承包商基本上都是這樣拿著價格走的。我接到了太多工作，他們基本上開始乞求工作，然後你基本上可以讓他們以 5% 的管理費用和利潤而不是 20% 的管理費用和利潤來完成工作。

So we can manage that I don't believe we are in a position to worry about those types of things. And we are going to continue to work on how to we basically mitigate any of those impacts. And as Erik said and [ISAT], we have been anticipating for two years, we've been wrong about the headwind, sometimes we're going to switch from tailor to headwind. And we have been preparing and preparing and preparing and preparing for, what if we switch from sort of the tailwind economy to a headwind economy? And our strategy is to win in either kind, okay?

所以我們可以做到這一點，我認為我們沒有必要擔心這些事情。我們將繼續努力尋找從根本上減輕這些影響的方法。正如艾瑞克和 [ISAT] 所說，我們已經預測了兩年，但我們對逆風的判斷一直是錯誤的，有時我們會從順風轉為逆風。我們一直在準備，如果我們從順風經濟轉向逆風經濟會怎麼樣？無論哪種情況，我們的策略都是獲勝，好嗎？

And so based on our strong balance sheet, we just mentioned $150 million of sale-leaseback, definite agreements to basically close by this year, by this second quarter -- in the second quarter, debt levels are at $1.5 billion without that cash coming in. So our growth is going to be funded pretty much entirely with either proceeds, taking the money from sale leaseback and putting it right back into new builds or we just basically from the substantial free cash flow the company is generating on its own. So we feel like being in a super, super strong financial position allows us to basically negotiate better, get more deals, get better deals, be the game changer for the residential buildings. So we feel like we are stacked correctly for any kind of a wind, head or tail.

因此，基於我們強勁的資產負債表，我們剛才提到了 1.5 億美元的售後回租，這些最終協議將在今年第二季度基本完成——在第二季度，如果沒有現金流入，債務水平將達到 15 億美元。因此，我們的成長幾乎完全依靠收益來資助，要麼把售後回租所得的錢直接投入到新建築中，要麼基本上依靠公司自己產生的大量自由現金流。因此，我們覺得，擁有超級強大的財務狀況使我們能夠更好地談判，獲得更多交易，獲得更好的交易，從而改變住宅建築的遊戲規則。因此，我們感覺無論順風或逆風，我們的部署都是正確的。

And Alex, I know you mentioned equipment is one of your questions specifically. So we don't source that from China. Most of our equipment comes from Italy and Sweden. And so given the size of what we do with those vendors, they have not passed on, and we do not expect any tariff impact there so.

亞歷克斯，我知道你提到設備是你特別提出的問題之一。所以我們不從中國採購。我們的大部分設備來自義大利和瑞典。因此，考慮到我們與這些供應商的合作規模，他們還沒有放棄，我們預計不會對關稅產生任何影響。

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

完美的。這非常有幫助。祝你未來好運。

Megan Alexander, Morgan Stanley.

摩根士丹利的梅根亞歷山大。

I wanted to start with a question on the balance sheet, and then I do have a quick follow-up just to one of Alex's questions. You took your leverage target down. You're now talking about under 2 times versus 2.25 times last quarter. You're going to get some sale stock proceeds here in the second quarter. And leverage is already at 2 times. So it should be pretty easy for you to stay under there.

我想先問一個關於資產負債表的問題，然後我會快速跟進 Alex 的一個問題。您降低了槓桿目標。您現在談論的是低於 2 倍，而上一季是 2.25 倍。您將在第二季獲得一些銷售股票收益。而且槓桿已經​​是2倍了。所以你待在那裡應該會很輕鬆。

And Brian, you talked about wanting to have a strong balance sheet to give you some flexibility. But I guess, theoretically, let's just say the macro remains volatile and maybe does it make sense to accelerate club opens. How does the strategy around capital allocation evolve? And you start to think about other uses of cash like something like buybacks? Or would you rather just sit on higher cash balances and leverage and build some -- over when things settle down?

布萊恩，您說過希望擁有強大的資產負債表，以便為您提供一些靈活性。但我想，從理論上講，宏觀經濟仍然不穩定，加速俱樂部開業也許有意義。資本配置策略如何演變？您是否開始考慮現金的其他用途，例如回購？還是你寧願坐擁更高的現金餘額和槓桿，並在穩定下來後再進行一些累積？

Yes. Definitely the latter. We're not going to -- we're not Amazon. We're not Apple. We're not JPMorgan. We're a very strong good-sized mid-cap company. We need to be thoughtful about our balance sheet and make sure that works to our strength. So we're going to have -- we're going to have the ability at least with half of our development, which is the ground up to start a couple of months later if we want to. We have the ability to start -- we start faster because we have the permits.

是的。絕對是後者。我們不會——我們不是亞馬遜。我們不是蘋果。我們不是摩根大通。我們是一家實力雄厚、規模適中的中型公司。我們需要認真考慮我們的資產負債表，並確保它能發揮我們的優勢。因此，我們將擁有——我們將擁有至少一半開發工作的能力，如果我們願意的話，幾個月後就可以從頭開始。我們有能力開始——我們可以更快開始，因為我們有許可證。

So we want to have the full flexibility to basically navigate through how the world shakes up in here. So I feel super strong. I'm just telling you, I feel really, really, really strong about how we are positioned right now, we basically have put the company in a situation where we have every option.

因此，我們希望擁有充分的靈活性，以便從根本上應對世界如何改變。所以我感覺自己超強。我只是告訴你，我對我們目前的定位感到非常非常堅定，我們基本上已經讓公司處於一個擁有所有選擇的境地。

We don't need to start as many, and we have the ability not to. So if you have something just massively wrong, we're still going to grow revenue. We're still going to -- 2009, we're still going to grow EBITDA. We're still going to grow EPS, and we can be an extremely well tucked in defensive position. If things go robust, then we can step on it and go faster on development and build out. I don't know what else I could tell you guys other than based on our feel of what a straight ahead, we want to be in full control of how we manage our balance sheet. I absolutely want to achieve a BB from the next one from either S&P or Moody's to get the company to that BB status. That's super important. It's been my next big objective. And we're putting the company in a position where we can get that and stay in that position as we go forward.

我們不需要開始那麼多，而且我們有能力不這麼做。因此，即使出現重大失誤，我們的收入仍然會增加。我們仍將—2009 年，我們仍將實現 EBITDA 成長。我們的每股盈餘仍將成長，而且我們可以處於極其良好的防禦地位。如果一切進展順利，我們就可以趁勢而上，加快開發和建設步伐。我不知道我還能告訴你們什麼，除了基於我們的感覺，我們希望完全控制我們如何管理我們的資產負債表。我絕對希望在下次評級中取得標準普爾或穆迪的 BB 評級，以使公司達到 BB 級別。這非常重要。這是我的下一個大目標。我們正在使公司處於能夠實現這一目標並在前進過程中保持這一地位的位置。

Okay, great. Awesome. And then just a follow-up on the response to Alex's first question, Bahram, you said you're seeing a customer. I think you said that's more thoughtful on when they're join, maybe waiting a bit longer. Can you just expand a little bit maybe on when you started to see that? Clearly, there was a lot of there's been a lot of volatility over the last couple of months. Was that something you started to see with some of the stock market volatility we saw in the March, April time frame? And are there any markets in particular where you're seeing it more than others? Just hoping you could expand a bit more on that comment?

好的，太好了。驚人的。然後，針對 Alex 第一個問題的回答，Bahram，您說您正在見一位客戶。我認為您說的是，他們加入時需要更加慎重，也許需要等待更長時間。您能否稍微詳細說明一下您是什麼時候開始看到這種情況的？顯然，過去幾個月出現了許多波動。您是否從我們在 3 月和 4 月期間看到的一些股市波動中看到了這一點？您是否在哪些特定市場比其他市場更能感受到這種現象？只是希望您能對該評論進行更詳細的闡述？

Yes. It's a dynamic situation, Megan. We have clubs that they are on a waitlist. And even they're operating as such a maximum level of output from visits to in-center revenue EBITDA margins, everything. And so there are some natural limitations on how many more people you can take in. So they're on a waitlist. So we're managing that the best way we can. There are clubs where I've always said there are some clubs that they have the extra capacity.

是的。這是一個動態的情況，梅根。我們有一些俱樂部正在等候名單上。即使他們以這樣的最高水準運營，從訪問量到中心收入、EBITDA 利潤率等所有方面，都能實現產出最大化。因此，對於可以接收的人數存在一些自然的限制。所以他們在候補名單上。因此，我們正在盡最大努力解決這個問題。我總是說有些俱樂部有額外的容量。

And so when we're looking at the macro picture, we see that April and May, that new member sign up, which is, again, a de minimis number for our total picture is slightly softer than it has been the last couple of years. But that's partially because clubs are more full retention is higher. We're not losing as many people. When you don't lose as many people, you don't have as many opportunity for rejoins. So at this point, it's not something to have a huge concern about. But we got to shake this out through really Memorial Day June to see how that shakes up. So for right now, I think everything is just fine.

因此，當我們觀察宏觀情況時，我們發現 4 月和 5 月的新會員註冊數量（對於我們的總體情況而言，這是一個最低限度的數字）比過去幾年略有下降。但這部分是因為俱樂部更完整，保留率更高。我們並沒有失去那麼多人。當你沒有失去那麼多人時，你重新加入的機會就不會那麼多。因此就目前而言，這並不是什麼值得過度擔心的事情。但我們必須在六月陣亡將士紀念日之前解決這個問題，看看情況會如何改變。所以就目前而言，我認為一切都很好。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

You mentioned a few times that people are using the clubs more and there's higher in-center spend. And so we were wondering if there's a way to tell if you're just capturing more share of wallet and more share of time too. Is there a way -- do you think that is coming from other health and wellness activities? Or do you see this behavior as incremental. And then you called out the dynamic personal training as one of the higher growth areas of the in-center revenues, but we wondered if you could speak to the growth in other offerings?

您多次提到人們越來越多地使用俱樂部，並且在中心的消費也越來越多。因此，我們想知道是否有辦法判斷您是否不僅獲得了更多的錢包份額，還獲得了更多的時間份額。有沒有辦法—您認為這可以透過其他健康和保健活動來實現嗎？或者您是否認為這種行為是漸進的。然後您提到動態個人培訓是中心收入成長較高的領域之一，但我們想知道您是否可以談談其他產品的成長？

Yes. So the spa and cafes are doing better than they were doing last year. they're not doing as good as they want them. We haven't still implemented all of our strategies in all the clubs. We're basically going location by location, trying to improve the offering. The personal training -- training dynamic stretch is one of the first things that we implemented three years ago to transform how that business is done because as I mentioned during IPO, I didn't believe that business, as it was before, it would actually have the ability to kind of get its legs back under it.

是的。因此水療中心和咖啡館的表現比去年更好。他們的表現並不如他們所願。我們還沒有在所有俱樂部實施所有的策略。我們基本上是逐一進行調查，試圖改善所提供的服務。個人訓練－訓練動態伸展是我們三年前實施的第一批措施之一，旨在改變這項業務的運作方式，因為正如我在 IPO 期間提到的那樣，我不相信這項業務能夠像以前那樣真正恢復元氣。

So we changed to a program where truly has incremental value. And we've been working an amazing execution of strategies. And I believe that the win on the personal training, which is substantial, is really just due to the function of all the things that we have been putting in place, and we're getting the benefits, the fruits of our groundwork that we've been putting in the last two, three years, okay? We still have opportunity to continue to improve in cafes and spas significantly. I'm not -- by any means, thrilled with what we are even though, they are better than last year. I want to be clear. There is significant more opportunity for us to execute better. That's within our control. And it has nothing to do with the macroeconomic and we got to work on that.

因此我們改為採用真正具有增量價值的程序。我們一直在努力執行令人驚嘆的策略。我相信，個人訓練的勝利是巨大的，這實際上只是因為我們一直在實施的所有措施的作用，而且我們也獲得了好處，獲得了過去兩三年來我們打下的基礎工作的成果，好嗎？我們仍有機會繼續顯著改善咖啡館和水療中心。無論如何，我並不為我們現在的表現感到興奮，儘管他們比去年表現更好。我想說清楚。我們有更多的機會來更好地執行。這在我們的控制範圍內。這與宏觀經濟無關，我們必須努力解決這個問題。

The customer who comes to Life Time once to interact with us. They want to do more things with us. All we have to do is deliver to them the type of things they want in a high level, and they spend the money. And we aren't -- and they love the brand. So I mean, it just -- it's a constant repetition of they love the brand, they travel around lifetime -- and when the economy gets a little -- as I've gone through this with all of you guys, when you get through a recessionary period, customers start pulling back on spending on big spends, right? So they have more time, as they have more time, they use the stuff they own more. They're going to spend more time in the clubs. They're going to utilize that membership better and that extra realization means better retention for us. And so we are well positioned for economy that is growing or an economy that might be in recession for two, three quarters.

曾經來過 Life Time 與我們互動的顧客。他們想和我們一起做更多的事情。我們所要做的就是向他們提供他們想要的高水準的東西，然後他們花錢。而我們不是──他們喜歡這個品牌。所以我的意思是，這只是——他們不斷重複他們喜歡這個品牌，他們一生都在旅行——當經濟變得有點——正如我和你們所有人經歷過的那樣，當你度過經濟衰退時期時，顧客就會開始減少大額支出，對嗎？因此他們有了更多的時間，隨著時間的增加，他們就會更多地使用自己擁有的東西。他們將會花更多的時間在俱樂部裡。他們將更好地利用會員資格，而額外的實現意味著我們可以獲得更好的保留率。因此，無論經濟是在未來兩三個季度內成長還是陷入衰退，我們都已做好充分準備。

John Baumgartner, Mizuho Securities.

瑞穗證券的約翰·鮑姆加特納。

Thanks for the question. First off, on programming, given the uncertainty in the consumer, do you see a situation similar to -- you take advantage and sort of accelerate program here, you throttle back a little bit given the uncertainty. And in terms of the programming offering, any highlights you can offer in terms of anything new rolling out over the next 12 months, whether it's recovery, cold plunge, whatever it may be?

謝謝你的提問。首先，在程式設計方面，考慮到消費者的不確定性，您是否看到類似的情況——您利用並加速程序，但考慮到不確定性，您會稍微放慢速度。就節目提供而言，您能否提供一些亮點，說明未來 12 個月將推出哪些新節目，無論是復甦、冷泉還是其他什麼？

Yes. So we have been on a steady execution. I was just talking to our regional VP for Texas and like that so far in that market, 30-plus hubs, seven clubs have converted to coal plant. We're putting a recovery in, we're putting in work launches. So we have a steady plan in our budget sort of the modernization and CapEx, and we're executing on those. And those are really, really great adds to our business. As far as the other question you had regarding programming, we're always working on what are the programs that naturally are losing steam and people are in participating naturally in as big of a format.

是的。因此我們一直在穩步執行。我剛剛和我們德克薩斯州的地區副總裁進行了交談，到目前為止，該市場已有 30 多個中心、7 個俱樂部改建為燃煤電廠。我們正在努力恢復，正在進行工作。因此，我們的預算中有一個穩定的現代化和資本支出計劃，我們正在執行這些計劃。這些對我們的業務來說確實有很大的幫助。至於您關於程式設計的另一個問題，我們一直在研究哪些程式自然而然地失去了動力，而人們自然而然地不願意以如此大的形式參與其中。

And then there are other ones that people are sort of kind of growing leaning into. As I've always told you guys, modality of exercise, how you achieve your fitness, your wellness, your health. That is more like a fad. People will do -- everybody goes crazy about spinning and you can -- each enough spin classes, then all of a sudden, these changes go to some other form and spinning or kind of getting rate down. So we have always designed and adapted the clubs to move and adjust those fabs and then lifetime is a big part of people's lifestyle.

然後還有其他一些人們越來越傾向的東西。正如我一直告訴你們的，運動的方式，如何實現你的健身、你的健康、你的保健。這更像是一種時尚。人們會這樣做——每個人都對旋轉感到瘋狂，你可以——每次參加足夠多的旋轉課程，然後突然間，這些變化就會變成其他形式，旋轉或速度會降低。因此，我們始終致力於設計和改造俱樂部，以移動和調整這些設施，而俱樂部的使用壽命是人們生活方式的重要組成部分。

We position lifetime, so it's part of your life. You're using it 10 times a month, 12 times a month, 14 times a month. It is how you live -- and within that, we keep adapting what insight of that we need to adapt to keep our customer with us for -- as we have customers who been with us for 30 years, 20 years, 10 years, and that is the approach that we take on running the business. So it's constant adjustments and constant adaptation.

我們定位於一生，因此它是您生活的一部分。您每月使用它 10 次、12 次、14 次。這就是你的生活方式——在這種生活方式中，我們不斷調整我們需要調整的洞察力，以留住我們的客戶——因為我們的客戶已經與我們合作了 30 年、20 年、10 年，這就是我們經營業務的方法。所以這是一個不斷調整、不斷適應的過程。

Okay. And if I think about how that ties into the P&L on the center operations expense this quarter, there was some nice leverage. I think it's the lowest it's been seasonally for a number of years now. And I know it's a line that you want to give yourself flex to reinvest back in terms of guidance. Was there any timing benefit this quarter? Or are we starting to see some sort of a rollover where the return on incremental investment is better relative to history? How do we think about that line in the context of the broader guidance, especially given, I think the EBITDA margins implied for the rest of the year are pretty solid relative to Q1?

好的。如果我考慮這與本季度中心營運費用的損益表有何關聯，就會發現其中存在一些不錯的槓桿作用。我認為這是多年來季節性的最低水平。我知道這是一條你想給自己靈活性以便在指導方面重新投資的路線。本季是否存在時間效益？或者我們開始看到某種形式的轉變，其中增量投資的回報相對於歷史而言更好？我們如何在更廣泛的指導背景下看待這條線，特別是考慮到，我認為今年剩餘時間的 EBITDA 利潤率相對於第一季而言相當穩健？

Yes. I think full year, I think our guidance implies, I want to say, 27%. So yes, I think we're seeing a couple of things. We're seeing the flow-through from the additional membership revenue and also some of our intent -- businesses, particularly our as that continues to grow, that also has a flow through margin. So there's nothing -- to answer your question directly, there's nothing in terms of timing or anything like that. It really is kind of the strength of the model we've built and that additional flow through.

是的。我認為我們的全年預期是 27%。是的，我認為我們看到了一些事情。我們看到了來自額外會員收入的流通，以及我們的一些意圖——業務，特別是我們的業務，隨著業務的持續增長，也具有流通利潤率。所以沒有什麼——直接回答你的問題，沒有什麼時間或類似的事情。這確實是我們所建造的模型的優勢以及額外的流通。

Owen Rickert, Northland Securities.

里克·里克特（Owen Rickert），北國證券公司。

Thank you for taking my question here. Can you guys just talk a bit more about how LP Health or LTH is performing over the past couple of months, there were a decent chunk of press releases during the quarter on this growth initiative. Maybe just provide us a bit more color there and kind of what you're seeing going forward?

感謝您在這裡回答我的問題。你們能否再多談談 LP Health 或 LTH 在過去幾個月的表現，本季有大量關於這項成長計畫的新聞稿。也許只是向我們提供一些更多的資訊以及您對未來的展望？

Yes. So the strategy there is to grow LTH to the most trusted nutritional brand that exists. So we are working on building the product lineup, make sure it is absolutely the best. One of the things about nutritional products is that there isn't any sort of regulated vigorous testing for them. We have always, for 20 years, tested our products to make sure they have the right ingredients, the right efficacy. So as I take -- I just took my 40 psupplements that I normally take in the morning, while we were having our call. And we want to make sure what's in them. They're the best and it's the right product.

是的。因此，他們的策略是將 LTH 發展成為最值得信賴的營養品牌。因此，我們正在努力打造產品陣容，確保它絕對是最好的。營養產品的一個問題是，目前還沒有任何形式的、受監管的、嚴格的測試。20 年來，我們始終對我們的產品進行測試，以確保它們含有正確的成分並具有正確的功效。因此，當我服用時——我剛剛服用了我通常在早上服用的 40 粒補充劑，當時我們正在通話。我們想確認裡面有什麼。它們是最好的，而且是正確的產品。

We had a significant growth, like a 40%-plus month-over-month in March. We expect to see LTH grow substantially over the years. And then we are diligently working on LTE digital and Lacy, our AI companion. And that is moving exactly on our timetable right now. We're not behind. We expect to deliver an AI option for health and wellness, not for just building a workout, not just for meditation, not just for taking classes. I mean, the entire ecosystem that lifetime offers physically will be offered digitally, and we're continuing to work.

我們實現了顯著的成長，3 月環比成長超過 40%。我們預計 LTH 在未來幾年將大幅成長。然後我們正在努力研究 LTE 數字和我們的 AI 夥伴 Lacy。而這一切正按照我們的時間表進行。我們並不落後。我們希望提供一種用於健康和保健的人工智慧選項，而不僅僅是用於鍛鍊、冥想或上課。我的意思是，Lifetime 提供的整個生態系統將以數位方式提供，我們正在繼續努力。

We open our LT Digital Studio this week -- next week in New York to be able to generate more amazing content there. So and all ties in together between that on LTH and MIORA. MIORA is right on schedule in terms of the execution, the growth of the few places that we have opened, and we have scheduled openings for at least half a dozen more throughout the rest of the year, and then we will expand and start speeding up. So we're still looking for basically rollout of additional revenue opportunities that they're asset-light, and those are all in the works, and we look forward to them.

我們本週——下週將在紐約開設我們的 LT 數位工作室，以便在那裡製作更多精彩的內容。因此，LTH 和 MIORA 之間的一切都緊密相關。從執行情況來看，MIORA 的發展進度完全符合計劃，我們已開設的幾家門市都在增長，我們計劃在今年剩餘時間內再開設至少六家門店，然後我們將擴大規模並開始加速發展。因此，我們仍在尋找基本上可以增加資產規模的額外收入機會，這些都在規劃中，我們對此充滿期待。

Great. Super helpful. And then just quickly, does the LP Health products have any tariff exposure?

偉大的。超有幫助。那麼，LP Health 產品是否有關稅風險？

The LP Health Yes, I mean, look, there are -- obviously, we have some of the ingredients there. There are some potential risks there. Again, we don't think it's anything that's going to be material. But we continue to monitor.

LP Health 是的，我的意思是，看，有——顯然，我們在那裡有一些成分。其中存在一些潛在的風險。再說一次，我們認為這不會有什麼實質的事情。但我們會繼續監測。

And we are -- based on everything that we have done, there is this going to be half a dozen months before we get to the point where we might have to feel an exposure from that. So between now and then, our strong belief is that something will be worked out. As I've said before, I'm not in this agreement with our administration that the government that the U.S. needs to be treated with more respect and a more fair trade.

而且，根據我們所做的一切，我們還需要六個月的時間才能感受到這種影響。因此，從現在到那時，我們堅信事情一定會得到解決。正如我之前所說，我並不認同我們的政府認為美國需要更多的尊重和更公平的貿易。

However, I think having tariffs is basically nothing short of just additional friction for the growth of the economy worldwide. So I am not an expert on which way it's going to go. All I can say to you is that our expectation is that it will level off, and we are well insulated for our core business and for these type of things, all we have to do is execute better than other people. That's it.

然而，我認為關稅基本上只會為全球經濟成長帶來額外的摩擦。所以我不是專家，不知道事情會如何發展。我只能告訴你們，我們預期它會趨於平穩，我們的核心業務和這類事情都得到了很好的保護，我們所要做的就是比其他人執行得更好。就是這樣。

Thank you. Ladies and gentlemen, there are no further questions at this time. I'd like to turn the call back to Connor Wienberg for closing remarks.

謝謝。女士們、先生們，現在沒有其他問題了。我想請康納溫伯格 (Connor Wienberg) 作最後發言。

Yes. Thank you, operator, and thank you, everyone, for good questions. We're looking forward to next quarter.

是的。謝謝接線員，也謝謝大家提出的好問題。我們期待下個季度。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。