Life Time Group Holdings Inc (LTH) 2025 Q2 法說會逐字稿

Greetings. Welcome to the Life Time Group Holdings Inc. second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Connor Wienberg, Vice President of Capital Markets and Investor Relations. Thank you. You may begin.

問候。歡迎參加 Life Time Group Holdings Inc. 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹資本市場和投資者關係副總裁康納溫伯格 (Connor Wienberg)。謝謝。你可以開始了。

Good morning, and thank you for joining us for the second-quarter 2025 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. 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.

早上好，感謝您參加 2025 年第二季 Life Time Group Holdings 收益電話會議。今天與我一起的有創辦人、董事長兼執行長 Bahram Akradi 和執行副總裁兼財務長 Erik Weaver。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。

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 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.

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，鼓勵您進行查看。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 比率（即我們所謂的淨債務槓桿率）和自由現金流。這些資訊以及與最直接可比較的 GAAP 指標的對帳在適用時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 表格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, and thank you all for joining us this morning. Let me begin with our second-quarter results. Total revenue increased 14% to $761 million, driven by a 14% increase in membership dues and enrollment fees and a 14.4% increase in in-center revenue. Comparable center revenue grew 11.2%. Given continued strong performance in both dues and in-center businesses, we are raising our full year comparable center revenue guidance to be between 9.5% and 10%.

謝謝你，康納，也謝謝大家今天早上加入我們。讓我先介紹一下我們的第二季業績。總營收成長 14%，達到 7.61 億美元，其中會員費和入會費成長 14%，中心營收成長 14.4%。可比中心收入成長11.2%。鑑於會費和中心業務持續強勁表現，我們將全年可比中心收入預期上調至 9.5% 至 10% 之間。

We ended the quarter with more than 849,000 center memberships. Including on-hold memberships, total memberships reached approximately 899,000. Average monthly dues grew 10.6% year-over-year to $219. Average revenue per center membership was $888, an increase of 11.8% from the prior year quarter.

本季結束時，我們的中心會員人數已超過 849,000 人。包括暫停會員資格在內，會員總數達到約 899,000 人。平均每月會費年增 10.6% 至 219 美元。每個中心會員的平均收入為 888 美元，比去年同期成長 11.8%。

Net income for the quarter was $72.1 million, an increase of 36.5% and includes approximately $9 million of tax-affected losses on sale leaseback. This compares to a $6 million tax-effected gain in the prior year quarter. More importantly, adjusted net income, which excludes the impact of gains and losses on sale leasebacks, was $84.1 million, up 60.5% year-over-year. Adjusted EBITDA was $211 million, an increase of 21.6% and our adjusted EBITDA margin improved by 170 basis points to 27.7%. Net cash provided by operating activities rose approximately 15% to $196 million compared to the prior year quarter.

本季淨收入為 7,210 萬美元，成長 36.5%，其中包括約 900 萬美元的售後回租稅收損失。相比之下，去年同期的稅收收益為 600 萬美元。更重要的是，調整後的淨收入（不包括售後回租損益的影響）為 8,410 萬美元，較去年同期成長 60.5%。調整後的 EBITDA 為 2.11 億美元，成長 21.6%，調整後的 EBITDA 利潤率提高 170 個基點至 27.7%。與去年同期相比，經營活動產生的淨現金成長約 15%，達到 1.96 億美元。

Free cash flow was $112 million for the second quarter, marking our fifth consecutive quarter of delivering positive free cash flow. We remain committed to funding our growth through net cash from operations and sale leasebacks with a target of sustaining annual positive free cash flow. In Q2, we closed on the sale leaseback of three properties, generating net proceeds of approximately $149 million, $139 million of these proceeds were reported in the investing section of our cash flow statement and the remaining $10 million was reported in the financing section.

第二季的自由現金流為 1.12 億美元，這是我們連續第五個季度實現正向自由現金流。我們仍然致力於透過經營淨現金和售後回租來為我們的成長提供資金，目標是維持每年正的自由現金流。在第二季度，我們完成了三處房產的售後回租，產生了約 1.49 億美元的淨收益，其中 1.39 億美元報告在我們現金流量表的投資部分，其餘 1000 萬美元報告在融資部分。

With that, I will now turn 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 quarter, thanks to the efforts of our entire team. And as a result of that, we are once again in a position to raise our full year revenue and adjusted EBITDA guidance. Visits remain at all-time high with visits per membership up 5.7% versus the same quarter last year. Retention continues to stay at record levels as well with Q2 improving over the prior year quarter.

謝謝你，埃里克。由於我們整個團隊的努力，我們度過了一個美好的季度。因此，我們再次能夠提高全年收入和調整後的 EBITDA 預期。訪問量仍處於歷史最高水平，與去年同期相比，每位會員的訪問量增長了 5.7%。保留率也繼續保持在創紀錄的水平，第二季度比去年同期有所提高。

We accomplished all of this while strengthening our balance sheet and achieving a BB credit rating, a critical milestone that provides us the opportunity to lower interest costs and increase earnings. As to liquidity, at the end of the Q2, we had no balance on our revolver and more than $175 million in cash on hand following our most recent sale leaseback.

我們在完成所有這些的同時，也加強了我們的資產負債表並獲得了 BB 信用評級，這是一個重要的里程碑，為我們提供了降低利息成本和增加收益的機會。至於流動性，在第二季末，我們的循環信貸餘額為零，並且在最近的售後回租之後，我們的手頭現金超過 1.75 億美元。

The sale-leaseback market remains open and attractive, and we expect to close another $100 million in transactions in the second half of the year. With the methodical and sequential progress we have made over the past four years, we are now perfectly positioned to shift our focus a bit. Growth is now our top priority. To that end, we're modestly accelerating the development of our new club openings from our robust pipeline and are now targeting 12 to 14 club openings in 2026.

售後回租市場仍然開放且具有吸引力，我們預計今年下半年將完成另外 1 億美元的交易。憑藉過去四年來取得的系統性和連續性進展，我們現在完全有能力稍微轉移我們的焦點。現在，成長是我們的首要任務。為此，我們正在適度加快新俱樂部開業的開發，目前的目標是到 2026 年開設 12 至 14 傢俱樂部。

These new clubs will average nearly 100,000 square feet and will primarily be ground-up developments compared to the 78,000 square feet average of clubs opened in '24 and '25. We're excited about our continued strong performance, and the significant growth opportunities ahead, including several high potential accelerators.

這些新俱樂部的平均面積將接近 100,000 平方英尺，並且主要為從頭開始開發，而 24 年和 25 年開業的俱樂部平均面積為 78,000 平方英尺。我們對持續強勁的業績以及未來巨大的成長機會（包括幾個高潛力的加速器）感到非常興奮。

Life Time Digital now has 2.3 million accounts, up 216% year-over-year. We recently launched L.AI.C, our AI-powered personal health companion to digital and center access members. Our LTH nutritional supplement line continues to grow with revenues up 31% versus the prior year quarter. Our first two MIORA locations continue to perform well with subscription and revenues growing month-over-month.

Life Time Digital 目前擁有 230 萬個帳戶，較去年同期成長 216%。我們最近推出了 L.AI.C，這是我們為數位和中心訪問會員提供的人工智慧個人健康伴侶。我們的 LTH 營養補充品系列持續成長，營收較去年同期成長 31%。我們的前兩家 MIORA 門市繼續表現良好，訂閱量和收入逐月成長。

Several additional locations are slated to open in the second half of the year. In short, we are pleased with our current momentum. We are laser-focused on accelerating club growth and capitalizing on our asset-light, high-margin expansion opportunities to drive sustained revenue and adjusted EBITDA growth.

另外幾家門市預計將於今年下半年開幕。簡而言之，我們對當前的發展動能感到滿意。我們專注於加速俱樂部的發展，並利用輕資產、高利潤的擴張機會來推動持續的收入和調整後的 EBITDA 成長。

With that, we will open the call for questions.

接下來，我們將開始提問。

(Operator Instructions) Brian Nagel, Oppenheimer & Company.

（操作員指示）Brian Nagel，Oppenheimer & Company。

Very nice quarter. Congratulations. The question I want to ask, I know it's been a topic that a lot of -- we've been discussing here for a bit now. But going back to the first quarter conference call, we discussed what may have been a softer initial trend in new member sign-ups as we headed into the summer pool season. We obviously got the numbers today.

非常好的季度。恭喜。我想問的問題是，我知道這是我們在這裡討論過很多次的話題。但回顧第一季的電話會議，我們討論了隨著夏季泳池季節的到來，新會員註冊的初始趨勢可能較為疲軟。我們今天顯然得到了這些數字。

So I guess one of the question I'm asking is how from your perspective, did new membership sign-ups track through the quarter? Did they perform in line with your expectations? Did you see some type of recovery as the quarter progressed?

所以我想我要問的一個問題是，從您的角度來看，本季新會員註冊情況如何？他們的表現符合你的預期嗎？隨著本季的進展，您是否看到了某種形式的復甦？

Yes. Brian, good to hear from you. This is Bahram. As I mentioned during the last call, a single month is really no indication of anything. And I just had to emphasize that I covered that with you guys.

是的。布萊恩，很高興收到你的來信。這是巴赫拉姆。正如我在上次通話中提到的那樣，一個月的數據並不能說明任何問題。我只是想強調一下，我和你們討論過這個問題。

The back half of the quarter, basically, it was just timing, the members that planned to come maybe slightly slower the first half of the quarter to come in, but they came back in. And so we were able to finish the month -- the quarter super strong and make up for the little slow that membership sign-ups in the first 40 days of the quarter, and it just all made it up naturally. We didn't have to do anything in particular to do that.

基本上，本季的後半段只是時間問題，計劃在前半段到來的成員可能來得稍慢一些，但他們又回來了。因此，我們能夠在本季結束時取得超強的業績，彌補本季前 40 天會員註冊量略有放緩的現象，這一切都自然而然地完成了。我們不需要做任何特別的事情來做到這一點。

That's very helpful, Bahram. And then my follow-up question, again, we're seeing the numbers today, but just any further commentary on your efforts or your abilities to further monetize that membership. And we talked quarter in, quarter out about selectively lifting dues versus rack rates. Are you seeing anything change in that dynamic whatsoever?

這非常有幫助，巴赫拉姆。然後我的後續問題是，我們今天再次看到了這些數字，但您能否進一步評論您的努力或進一步將會員資格貨幣化的能力。我們每季都會討論選擇性地提高會費而不是標準價格。您是否看到這種動態有任何變化？

No. I think the business, as we both have mentioned, is very, very solid. Memberships are strong. The customers are using the club a lot. They are engaging in all in centers.

不。我認為，正如我們都提到的那樣，這項業務非常非常穩固。會員人數眾多。顧客們經常使用該俱樂部。他們正致力於一切中心工作。

And we just -- at this point, we're cautious the first half of the year, as I mentioned to you guys because of the macro picture, not because of tariffs or anything like that. We just wanted to know that there isn't going to be a meltdown.

我們只是——就目前而言，我們對上半年持謹慎態度，正如我向你們提到的那樣，這是因為宏觀形勢，而不是因為關稅或類似因素。我們只是想知道是否會發生熔毀。

And we also were focused on getting our BB rating and getting a strong balance sheet. So the company can really bulldozer through any condition. If it's great, we'll go faster. If it's tough conditions, we're going to do great in that condition as well. That's been the strategy.

我們也致力於獲得 BB 評級和強勁的資產負債表。因此該公司確實能夠克服任何困難。如果效果很好，我們會加快速度。如果條件艱苦，我們也會在這種情況下做得很好。這就是我們的策略。

Now we have the strength in the balance sheet. We have the BB. Leverage is low, and we can see continued opportunity to grow the business faster and faster while we maintain the leverage or even have it go lower. So I really don't have anything to look at and be concerned about just day-to-day operation and take advantage of all the growth opportunities ahead.

現在我們的資產負債表實力雄厚。我們有 BB。槓桿率很低，我們可以看到，在維持槓桿率甚至降低槓桿率的同時，業務仍有機會越來越快地成長。所以我真的沒有什麼可看的，只需擔心日常營運並利用未來的所有成長機會。

And just to maybe put a quantitative point on that, Brian. I mean, if you look at our revenue per membership for Q2, it's up nearly 12%. So I think our ability to monetize that has been very effective.

也許只是為了對此提出一個量化的觀點，布萊恩。我的意思是，如果你看看我們第二季的每位會員收入，它成長了近 12%。所以我認為我們將其貨幣化的能力非常有效。

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 a little bit more about the unit guide commentary. I think you narrowed the unit guide from 10 to 12 units this year to 10. Was there a timing shift into next year that leads you to accelerate the growth next year? Did the timeline of openings get elongated based on build schedules? Just trying to square up the unit guide this year versus next year.

恭喜本季業績強勁。我只是想再多談一點單元指南評論的事情。我認為您今年將單元指南從 10 到 12 個單元縮小到了 10 個。明年的時間安排是否發生變化，促使您加速明年的成長？開業時間是否會根據建設計劃而延長？只是想將今年和明年的單位指南進行比較。

Yes. So I think, as we mentioned, the '24, '25 was more of a collection of some of the clubs that they're going into existing spaces, great locations, opportunistic, but not sometimes in markets like New York, Florida, they're a little smaller than 100,000 square feet because they're more urban and then some conversion clubs.

是的。所以我認為，正如我們所提到的，24、25 年更多的是一些俱樂部的集合，它們進入現有的空間，地理位置優越，機會主義，但有時在紐約、佛羅裡達這樣的市場並不常見，它們的面積略小於 100,000 平方英尺，因為它們更具城市特色，然後是一些轉換俱樂部。

We were also focused on really watching the spend on the balance sheet to make sure we get to that exact level that we wanted to make sure the company sits financially. So all of those resulted in the number of clubs that are coming up being closer to that 10 number. And sometimes they just shift a little bit, construction takes a little longer.

我們也專注於密切關注資產負債表上的支出，以確保達到我們想要的、公司財務狀況良好的水平。因此，所有這些因素都使得即將成立的俱樂部數量更接近 10 個。有時它們只是稍微移動一下，施工時間就會稍微長一點。

Now we also have spent quite a bit of time over this past four or five months on construction to make sure we get better bids, better construction numbers, which we have been getting them now. It's super important. And so -- and then with all of those things set, we are aiming to deliver, like I said, 12 to 14. And obviously, we're hoping to get the 14 clubs opened for the next year.

在過去的四五個月裡，我們也花了相當多的時間在施工上，以確保我們能獲得更好的投標、更好的施工數量，而現在我們已經得到了這些。這非常重要。所以 — — 在所有這些事情都確定之後，我們的目標是實現，就像我說的，12 到 14 個。顯然，我們希望明年能開設 14 傢俱樂部。

So I think that's really the key, and we have a huge pipeline. There's more deals coming in. So we should be able to continue to grow. As I mentioned earlier, the balance sheet also points out to the fact that we can do this growth and continue keeping this low leverage point that we have achieved now.

所以我認為這才是關鍵，而且我們擁有龐大的通路。還有更多交易即將達成。所以我們應該能夠繼續成長。正如我之前提到的，資產負債表也表明我們可以實現這種成長，並繼續保持我們現在所實現的低槓桿率點。

That's really helpful. And then just my follow-up is on memberships. What is the expectation for the back half in terms of membership? Should it follow the normal seasonality curve that we see? Have you seen the really strong, what it sounds like good strong exit rate out of the quarter in terms of gross adds continue here as we move through July?

這真的很有幫助。接下來我要關注的是會員資格。對於後半部的會員有什麼期望？它是否應該遵循我們看到的正常季節性曲線？您是否看到了真正強勁的勢頭，就 7 月份的總增量而言，本季度的退出率聽起來不錯，但仍在繼續？

Yes. We're going to continue. Obviously, in Q3, we've got our typical seasonality. If you look back at last year, memberships went down 6,000. But I will say, if you look at last year, there was a little bit of some of our new builds masking maybe a little bit of that seasonality.

是的。我們將繼續。顯然，在第三季度，我們經歷了典型的季節性。如果回顧去年，會員人數下降了 6,000 人。但我要說的是，如果你看看去年，我們的一些新建築可能掩蓋了一點季節性。

So in 2023, we had 7 clubs, 600,000 square feet. So they would have been in year 2 of their ramp last year. And last year, we opened up 4 clubs with about 300,000 square feet. So you're going to -- last year was maybe a little bit light because we had more clubs in their second year of ramp. So the expectation is that, yes, Q3 will come down. We won't have the benefit of having as many clubs in Q3 this year, maybe 50% less square feet. So you need to take that into account.

因此，到 2023 年，我們將擁有 7 個俱樂部，佔地 600,000 平方英尺。所以，去年他們就進入了發展的第二年。去年，我們開設了 4 傢俱樂部，面積約 30 萬平方英尺。所以你會——去年可能會有點輕鬆，因為我們有更多的俱樂部處於第二年的發展階段。因此，預期第三季的銷售額將會下降。我們今年第三季不會擁有那麼多俱樂部的優勢，面積可能會減少 50%。所以你需要考慮到這一點。

Yes. To respond clearly is that we're not seeing anything that shows any sign of weakness. All we see is the seasonality of execution. It's just a normal seasonal ups and downs. In fact, things are going extremely well.

是的。明確的回答是，我們沒有看到任何顯示出疲軟跡象。我們所看到的只是執行的季節性。這只是正常的季節性波動。事實上，事情進展得非常順利。

And you asked about this quarter, I want to make it clear that we do not want to make a practice of commenting on mid-quarter things going forward like I did last quarter. I'm going to make a comment now, but I hope that in the future, nobody asks mid-quarter questions. But the first half -- the first part of this quarter is following the same trends of the last half of the quarter before. So things are very, very good, but I want to make sure we are very clear. We don't want to get into Q&A about the mid-quarter stuff, if it's okay with you guys.

如果你問到本季的情況，我想明確表示，我們不想像上個季度那樣，對本季中期的情況發表評論。我現在要發表評論，但我希望將來沒有人會問中期問題。但上半部——本季的前半部與上一季的後半部趨勢相同。所以事情非常非常好，但我想確保我們非常清楚。如果你們不同意的話，我們不想討論中期事情的問答。

John Heinbockel, Guggenheim Securities.

古根漢證券公司的約翰‧海因博克爾 (John Heinbockel)。

Bahram, I want to start off with how you think about managing the pipeline, right? I think that would be helpful for everybody, right? When you look out '26 or even maybe thinking about '27, how many projects are in the pipeline? You think about doing 12 to 14, there's sort of 15 to 20 or 20-plus candidates, or maybe more than that floating around in case some slip. And then when you think about the timing of that, what you can do with, let's say, takeovers, malls, right, stuff that has a shorter time horizon, how quickly can you move on that if you wanted to move up a couple of projects?

巴赫拉姆，我想先了解您對管理管道的看法，對嗎？我認為這對每個人都有幫助，對嗎？當您展望 26 年，甚至思考 27 年時，有多少專案正在籌備中？你想想做 12 到 14 個，大概有 15 到 20 個或 20 多個候選人，甚至更多，以防有人失誤。然後，當您考慮時間安排時，您可以做什麼，比如說收購、商場等等，這些時間跨度較短的事情，如果您想推進幾個項目，您可以多快推進？

I love this, John. I think this is the constant challenge that you have in a public world is getting chasing your tail. We have always done the right thing for the company. The right thing for this company is use the strong cash flow that we're generating and put it to work. We have -- at all times, the real estate team is working to have between 85 to 100 deals in the pipeline, then that's the number that we are managing. We can step on the gas, try to expedite start-ups and constructions when all things make sense when -- just like right now, the business is strong, in-center is strong, dues is strong, ramp is strong in the new clubs and then the balance sheet is strong.

我喜歡這個，約翰。我認為這是你在公共世界中不斷面臨的挑戰，即追逐你的尾巴。我們始終為公司做正確的事。對於這家公司來說，正確的做法是利用我們產生的強勁現金流並使其發揮作用。我們的房地產團隊始終致力於處理 85 至 100 筆交易，這就是我們管理的交易數量。當一切順利時，我們可以加大油門，嘗試加快啟動和建設——就像現在一樣，業務強勁，中心強勁，會費強勁，新俱樂部的坡道強勁，資產負債表強勁。

So now is the time you basically say, okay, now can we expedite some of these deals in the pipeline. But at no time, John, we're going to risk just trying to push a number out just because then you end up doing things that are not long-term benefit of the company. But I do not see a reason why we can't continue to deliver the growth numbers that we have guided you guys to that light double-digit top line revenue is what our target is, and we see a clear path to delivering that.

所以現在基本上可以說，好的，現在我們可以加快一些正在進行的交易嗎？但是約翰，任何時候我們都不會冒險僅僅為了推行一個數字，因為這樣最終做的事情對公司沒有長期的利益。但我看不出為什麼我們不能繼續實現我們已經引導你們實現的成長數字，即兩位數的營收是我們的目標，而且我們看到了實現這一目標的明確途徑。

Maybe as a follow-up, right, when you think about the maturation of -- I know every club is different, but a maturation process here. I think the idea, right, wasn't it -- you want to start out with, I don't know, 2,200, 2,300 members, right? So the staff is new, the members are new, they got to feel it out.

也許作為後續行動，對吧，當你考慮成熟時——我知道每個俱樂部都是不同的，但這裡有一個成熟的過程。我認為這個想法是對的，不是嗎——你想從 2,200 或 2,300 名成員開始，對嗎？所以工作人員是新的，成員也是新的，他們必須去感受。

And then you grow from there pretty rapidly over a couple of year period. Is that still the idea because the brand awareness is larger, the wait lists are bigger. You could certainly open up stronger than that. But are you still significantly restraining your membership acquisition for the sake of experience?

然後，在幾年的時間裡，你就會從那裡迅速成長。這仍然是個想法嗎？因為品牌知名度更高，等待名單也更大。你當然可以表現得更堅強。但你是否仍會為了體驗而大幅限制自己的會員獲取呢？

Well, you have to because it when you open a brand-new club with 50% memberships on that first, call it, three to six months as the natural capacity of the club, just with 50% more membership, the club feels as busy as a couple of years down the road when you have twice as many members. Now why is that? Because the members are all new. They are using the club not as efficiently for themselves. I mean, as time goes on, the members dissipate themselves accordingly.

嗯，你必須這樣做，因為當你開設一個全新的俱樂部時，最初的 50% 的會員人數，也就是俱樂部的自然容量的三到六個月，只要增加 50% 的會員人數，俱樂部就會感覺像幾年後會員人數增加一倍時一樣繁忙。那為什麼呢？因為成員都是新人。他們沒有有效率地利用俱樂部。我的意思是，隨著時間的推移，成員們也會相應地消散。

Some like to go into the busy times of the club. They like that busy. They like the social aspects of the club being busy. They come at that time and they're okay with the club being busy.

有些人喜歡在俱樂部繁忙的時候去。他們喜歡那種忙碌。他們喜歡俱樂部熱鬧的社交氛圍。他們在那個時候到來，並且不介意俱樂部很忙。

Some don't like it, they start finding shoulder times where the club is less busy. So it's just a natural process that will take place in a club with -- the worst thing you can do is just get greedy and try to open a club with too many members and make that initial experience be awkward and strange. And we don't want to do that. We don't need to. We're delivering the numbers that we're telling you we're going to guide you to by just managing the experience at all times.

有些人不喜歡這樣，他們開始尋找俱樂部不那麼繁忙的平日。所以這只是俱樂部裡自然發生的一個過程——你能做的最糟糕的事情就是貪婪，試圖開辦一個有太多會員的俱樂部，讓最初的體驗變得尷尬和奇怪。但我們不想這麼做。我們不需要。我們正在提供我們告訴您的數字，我們將透過始終管理體驗來指導您。

Chris Woronka, Deutsche Bank.

德意志銀行的克里斯‧沃倫卡 (Chris Woronka)。

Bahram, maybe you can add a little bit of color here. This is somewhat of a follow-on to the last question. I mean, I think one of the things that sometimes folks get confused about or lose sight of is the effect that the waitlist have on your member growth. So maybe you can add a little bit of color on -- I don't know if you want to give us a number what you would look at on a, I guess, member growth outside of clubs with waitlist or how that impacts things, but I think that would be super helpful to put things in perspective.

巴赫拉姆，也許你可以在這裡添加一點顏色。這在某種程度上是對上一個問題的延續。我的意思是，我認為人們有時會感到困惑或忽視的事情之一是候補名單對會員成長的影響。所以也許您可以添加一些細節——我不知道您是否想給我們一個數字，我想您會看的是，除了有候補名單的俱樂部之外的會員增長情況，或者這對事情有何影響，但我認為這將非常有助於正確看待事情。

Yes. I mean, I can take that, and Bahram can add to it. But again, we look at waitlist similar to how we look at enrollment fees. Waitlist is, just to be clear, is not intended to be really a KPI. It is one of the tools that we use to manage the member experience.

是的。我的意思是，我可以接受這一點，而 Bahram 可以對其進行補充。但同樣，我們看待候補名單的方式與看待入學費的方式類似。需要明確的是，等候名單並不是真正的 KPI。這是我們用來管理會員體驗的工具之一。

And we do that -- we look at traffic. We look at hours of the day for a particular club. So a club may come on a waitlist, it may come off a waitlist. Again, it's a means for us to be able to manage that member experience. And so again, look at it more that way as opposed -- and again, similar to (inaudible) and even in some ways, similar to price, just one of the tools that we leverage, if that's helpful.

我們這樣做——我們觀察交通狀況。我們查看特定俱樂部一天中的營業時間。因此，俱樂部可能會進入候補名單，也可能會從候補名單中消失。再次強調，這是我們管理會員體驗的手段。所以，再一次，從相反的角度來看待它 — — 再一次，類似於（聽不清楚），甚至在某些方面，類似於價格，只是我們利用的工具之一，如果這有幫助的話。

We don't want that to become a KPI for you guys. I think it's a mistake to chase that. I have been probably redundant and maybe I don't want to sound disrespectful in any shape or form, but I do want to be clear. The reason we have built such a strong brand over 30-some years is because we have focused on the customer experience at all times, right? So our focus is to create a brand that is cool, a brand that is the place people want to go to, a brand that the experience is coveted. And that is our key focus on execution.

我們不希望這成為你們的 KPI。我認為追求這一點是錯誤的。我可能有些多餘，也許我不想以任何形式顯得不尊重人，但我確實想說清楚。我們之所以在過去30多年打造出如此強大的品牌，是因為我們始終專注於客戶體驗，對嗎？因此，我們的重點是創造一個很酷的品牌，一個人們想去的地方的品牌，一個體驗令人垂涎的品牌。這是我們執行的重點。

And sometimes we need to implement a wait list to make sure that doesn't get out of control. Sometimes we need to pull it off the wait list, not because of the demand is different, but we may have execution issues on responding to the people and the experience actually gets worse because the club -- particular club isn't executing on addressing the people on the waitlist correctly.

有時我們需要實施等待名單以確保不會失控。有時我們需要將其從等候名單中移除，這並不是因為需求不同，而是我們在回應人們時可能存在執行問題，而且由於俱樂部 - 特定俱樂部沒有正確處理等候名單上的人，體驗實際上變得更糟。

So we are managing a lot of things. And if you, the analyst, buy side or sell side is trying to take cues out of that, it honestly can just mislead the group. And so we are focused on being cautious right now with you guys is not giving you responses that creates unwanted KPIs. This is not -- it should not be a KPI.

所以我們正在管理很多事情。如果您作為分析師、買方或賣方試圖從中尋找線索，那麼這實際上只會誤導整個群體。因此，我們現在重點是謹慎對待你們，不會給你們帶來不必要的 KPI 的回應。這不是——它不應該是一個 KPI。

And what I would point you back to is two things. We said visits per membership 12.7. That's the highest it's been. And if you look at just total swipes across the system, they're up 7.9% versus prior year quarter. So the clubs are busy.

我想提醒大家注意兩件事。我們說的是，每位會員的訪問量是12.7次。這是有史以​​來的最高值。如果你只看整個系統的總刷卡次數，你會發現與去年同期相比成長了 7.9%。所以俱樂部很忙。

And really feel right. That's the most important thing.

確實感覺不錯。這是最重要的事。

Eric Des Lauriers, Craig-Hallum Capital Group.

艾瑞克‧德斯‧勞裡爾斯 (Eric Des Lauriers)，克雷格-哈勒姆資本集團。

Congrats on a very strong quarter here. First one for me, just on the average revenue per membership, obviously continues to demonstrate very robust growth, approaching $900 a quarter. Just curious how much room you see for this figure to continue increasing without materially impacting retention? Are you guys seeing any signs of fatigue among any demographics or geographies? And just overall, how do you assess whether you're approaching a wallet share limit with members?

恭喜本季業績表現強勁。對我來說，首先，僅就每位會員的平均收入而言，顯然繼續表現出非常強勁的成長勢頭，接近每季 900 美元。只是好奇，您認為這個數字在不對保留率產生實質影響的情況下還能繼續增長多少？你們是否看到任何人口統計或地理上出現疲勞跡象？整體而言，您如何評估您是否接近會員的錢包共享限額？

No. I mean, based on the results that we just posted, both in swipes, as Erik just mentioned, dues revenue and in-center execution, we are not seeing any weakness in any part of our business and anything with the customer at this point.

不。我的意思是，根據我們剛剛發布的結果，正如埃里克剛才提到的，無論是會費收入還是中心執行情況，我們目前都沒有看到我們業務的任何部分以及客戶的任何方面存在任何弱點。

All right. That's great. And I guess just as a follow-up there. So you called out in-center, personal training, obviously, cited as one of the drivers of that growth. Just curious if this is typical seasonality where personal training picks up heading into summer? Or is there something structurally -- something structural that you see causing the increased utilization of personal training or perhaps other in-center offerings?

好的。那太棒了。我想這只是後續行動。因此，您顯然指出中心內的個人訓練是推動這一增長的動力之一。我只是好奇這是否是典型的季節性現象，私人訓練在夏季開始興起？或者是否存在某種結構性因素——您認為是某種結構性因素導致了私人訓練或其他中心服務使用率的提高？

It's the fundamental of the programming and the creation of dynamic personal training and the execution of our team. There is constant methodical planning of programs, and it is not a seasonal thing. In fact, summer months typically aren't necessarily the big months for people coming inside. Our swipes are strong, which is really indication of the clubs working the way we want it to work. And then the personal training is strong, and that's due to the programs that our team are executing. It's not seasonal.

這是我們團隊的程式設計和動態個人訓練的創建以及執行的基礎。專案規劃是持續不斷、有條不紊的，而且不是季節性的。事實上，夏季通常不一定是人們外出的好時節。我們的打擊力度很大，這確實表明俱樂部正在按照我們希望的方式運作。然後個人訓練就很強了，這要歸功於我們的團隊正在執行的計劃。它不是季節性的。

Owen Rickert, Northland Securities.

里克·里克特（Owen Rickert），北國證券公司。

Can you guys -- kind of building off the last question, but can you comment on some of the in-center revenue trends and initiatives that are going on? I know [DPP] and some other membership engagement events like the pool parties are crushing it. But what else is working well? And then are there some areas you can see some improvement with going forward?

你們能否—基於最後一個問題，評論一下正在進行的一些中心收入趨勢和舉措？我知道 [DPP] 和一些其他會員參與活動（例如泳池派對）正在取得成功。但還有什麼運作良好呢？那麼，您是否看到有些領域在未來會有所改善？

Look, the couple of areas that we have been working on is LTH. Clearly, we are focused on building the absolute best nutritional lines -- line of products for everything from [AMPM] men, women, multivitamins, performance vitamins to everything that has to do with hydration or sleep or proteins, different protein isolates, et cetera. We're working on that. We have always been focused on building the best product, as you guys know, we don't cut corners. We don't deliver second best.

瞧，我們一直在努力的幾個領域是 LTH。顯然，我們專注於打造絕對最好的營養產品線——涵蓋從 [AMPM] 男士、女士、複合維生素、高性能維生素到與補水或睡眠或蛋白質、不同蛋白質分離物等相關的一切產品。我們正在努力。我們一直專注於打造最好的產品，正如你們所知，我們不會偷工減料。我們不會提供第二好的產品。

We are making sure the product is sound from a science standpoint. It is exactly what the people need. They doesn't have anything that they don't need, they shouldn't have in it, and it tastes good and performs well. And all of our indication right now is that this LTH line can continue to grow, and it has been growing in the clubs substantially, as I mentioned in my remarks, year-on-year.

我們正在確保產品從科學角度來看是合理的。這正是人民所需要的。它們裡面沒有任何不需要、不該有的東西，而且味道好，性能好。而我們現在的所有跡像都表明，這條 LTH 線路可以繼續增長，而且正如我在發言中提到的那樣，它在俱樂部中一直呈大幅增長態勢，逐年遞增。

MIORA is one that we have taken two locations. We have been seeing month-over-month sequential growth. We see those -- that business model maturing to exactly what we hoped it to be. And therefore, right now, we are hustling to get at least four to six additional MIORA locations launched this year and then gradually grow that business. So that's going well.

MIORA 是我們在兩個地方拍攝的作品之一。我們看到逐月連續的成長。我們看到了——商業模式正在逐漸成熟，正如我們所希望的那樣。因此，目前，我們正在努力在今年開設至少四到六個額外的 MIORA 門市，然後逐步擴大業務。一切進展順利。

The spa and F&B, both have quite a bit of additional opportunities, and we're working on execution on both of those to make sure that we continue to get the extra growth that we can get out of those businesses and deliver the right experiences for our customers. So when they come to clubs, they get what they want.

水療中心和餐飲都有許多額外的機會，我們正在努力實現這兩個目標，以確保我們能夠繼續從這些業務中獲得額外的成長，並為我們的客戶提供正確的體驗。所以當他們來到俱樂部時，他們就得到了他們想要的東西。

We are working on L.AI.C. L.AI.C is really a big vision. It's a vision of bringing to the customer a whole picture of their health rather than just workout or just nutrition or just sleep. The vision of L.AI.C is to bring in just like a Life Time Club is the whole ecosystem of health and well-being rather than just a club -- like a studio of some sort. The L.AI.C is the AI companion for you with the vision for it is to help you assist you with all aspects of your health and well-being.

我們正在致力於 L.AI.C。 L.AI.C 確實是一個宏偉的願景。它的願景是讓顧客全面了解他們的健康狀況，而不僅僅是運動、營養或睡眠。L.AI.C 的願景是引入像 Life Time Club 一樣的整個健康和福祉生態系統，而不僅僅是一個俱樂部——就像某種工作室。L.AI.C 是您的人工智慧伴侶，其願景是幫助您改善健康和福祉的各個方面。

Where are we at with it? We just launched L.AI.C, the first, what I would call version is going to do maybe 2 or 3 of the 30 things extremely well. And over the next couple of years, we continue to expand on what L.AI.C can do for you exceptionally well. But then ultimately, it will deliver a whole picture of health viewpoint for you based that is personalized for you, based on your past, based on all the reservoir of information that Life Time has put together over the last 32, 33 years.

我們目前處於什麼階段？我們剛剛推出了 L.AI.C，我所說的第一個版本可能會在 30 項功能中出色地完成 2 到 3 項。在接下來的幾年裡，我們將繼續擴大 L.AI.C 可以為您提供的服務。但最終，它將根據您的過去情況以及 Life Time 在過去 32、33 年中積累的所有信息，為您提供個性化的健康觀點。

So it's something really special. It takes a lot of work. It takes -- it's a big vision, takes a long time for it to get there, but we're making solid progress with that literally every 30 to 90 days. And then that will -- actually will help LTH, will help MIORA, will help the clubs. It literally will help the whole ecosystem.

所以這確實是一件特別的事。這需要大量的工作。這是一個宏偉的願景，需要很長時間才能實現，但我們實際上每隔 30 到 90 天就會取得紮實的進展。然後這實際上將會幫助 LTH、幫助 MIORA、幫助俱樂部。它確實會幫助整個生態系統。

Vision for that is millions and millions, not 2 million, but tens of millions of people using Life Time Digital and they see whether if they're members or just simply subscribers. And so those are all the extra things we're working on in addition to adding -- ramping up the club opening and square footage growth. And so lots at work, and it's all working pretty well at this point.

我們的願景是讓數以百萬計的人（不是 200 萬，而是數千萬人）使用 Life Time Digital，看看自己是會員還是簡單的訂閱者。因此，除了增加俱樂部開業數量和增加營業面積之外，這些都是我們正在努力的額外事情。還有很多工作要做，目前一切都很順利。

Logan Reich, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Logan Reich。

Congrats on the strong results. I wanted to ask one on pricing. I mean, your retention is at all-time highs, swipes continues to improve. And I know you take that all into account when you're looking at pricing. But can you just give any color on what pricing you took on legacy members in Q2?

恭喜您取得如此優異的成績。我想問一個有關定價的問題。我的意思是，你的保留率達到了歷史最高水平，滑動次數也不斷提高。我知道您在考慮定價時會考慮到所有這些因素。但能否透露一下第二季對舊會員的定價？

And then what's your outlook for the rest of the year? I think the implied same-store sales for the second half of the year is around a 350 bps deceleration. So I'm just wondering if there's anything specific we should be looking at in terms of the deceleration? Or is there just some conservatism baked into the guidance?

那麼，您對今年剩餘時間的展望是什麼？我認為下半年的同店銷售額預計將下降約 350 個基點。所以我只是想知道在減速方面我們是否應該關注任何具體的事情？或只是指導意見中含有一些保守主義？

Yes. I mean, as you know, we always have some level of conservatism baked into the guidance. But we did raise the comp sales from 9.5% to 10%. It certainly wouldn't be unrealistic for us to hit or go north of that. But -- as it relates to pricing, we typically do take legacy pricing Q2, Q4.

是的。我的意思是，如你所知，我們的指導中總是包含某種程度的保守主義。但我們確實將同店銷售額從 9.5% 提高到了 10%。對我們來說，到達或到達那個位置的北部當然不是不切實際的。但是 - 就定價而言，我們通常會採用 Q2、Q4 的遺留定價。

And so consistent with our strategy around pricing, we did do that in Q2. I would still point you to the fact that we still have quite a bit of embedded pricing, right, in our legacy. We've talked about that before. So nothing really, I guess, what I would call different or unusual that wasn't really aligned with how we were thinking about our pricing strategy. And then again, related to comps, we feel great about the raise and our ability to hit that.

因此，根據我們的定價策略，我們在第二季確實這樣做了。我仍然要指出的是，我們的遺產中仍然有相當多的嵌入式定價。我們之前已經討論過這個了。所以我想，我所說的不同或不尋常的東西實際上與我們考慮定價策略的方式並不一致。再說一次，與薪資相關，我們對加薪和實現加薪的能力感到非常滿意。

Great. Super helpful. And then just a follow-up. It's been asked a couple of different ways. Maybe I'll take a different approach at it.

偉大的。超有幫助。然後只是後續行動。這個問題已經透過幾種不同的方式被提出過。也許我會採取不同的方法來解決這個問題。

Just on the unit growth pipeline beyond '26. I appreciate the color on the 12% to 14% for next year. And I recognize you guys are very careful around making sure the new centers open successfully. I guess what are the things you guys need to do to continue accelerating the pipeline maybe beyond the 12% to 14% range and '27 in the years beyond?

僅在 26 年以後的單位成長管道。我很欣賞明年 12% 至 14% 的前景。我知道你們非常小心，確保新中心成功開放。我想你們需要做些什麼來繼續加速管道建設，或許可以超越 12% 到 14% 的範圍，並在未來幾年內達到 27% 呢？

Yes. Look, as the company gets bigger, to maintain that 10% plus top line growth, we also need to continue to deliver more growth, more new club growth. There are many ways that, that can manifest itself. We have a pipeline so solid right now and the real estate team is just adding to it, not losing any steam on that.

是的。你看，隨著公司規模的擴大，為了維持 10% 以上的營收成長，我們還需要繼續實現更多的成長，更多的新俱樂部成長。有很多方法可以實現這一點。我們目前擁有非常穩固的管道，房地產團隊正在不斷補充新資源，不會失去任何動力。

So it's hard to just come and give you guys a number for '27. But you got to expect that it's at least 10 to 12 clubs a year that we've said before. And when we can deliver more, we deliver more than that.

因此很難直接給你們一個 27 年的數字。但你必須預料到，正如我們之前所說的，每年至少會有 10 到 12 傢俱樂部。當我們能夠提供更多時，我們就會提供更多。

Molly Baum, Morgan Stanley.

摩根士丹利的莫莉·鮑姆。

This is Molly, on for Stephen. And I just want -- I know you talked a little bit about the maturation process of new stores, but I just wanted to ask a follow-up to that one. Can you talk a little bit more about how the same-store sales compare in your most mature markets versus those that have maybe been open for less than three years? And do you expect that new club waterfall to change at all given the opening of larger stores? Or just any detail about your expectations going forward?

我是莫莉，代替史蒂芬。我只是想——我知道您談到了新店的成熟過程，但我只是想就此問題進行後續詢問。您能否進一步談談，您最成熟的市場與開業不到三年的市場相比，同店銷售額有何不同？隨著大型商店的開業，您是否預計新的俱樂部瀑布會改變？或只是關於您對未來的期望的任何細節？

Look, once again, we are seeing growth across the board with our programming and with our dues growth, it's not isolated to any group. It's across the board. The overperformance is across the board in the system. So that's pretty much the level of color that I'd like to provide. We don't want to get into additional metrics.

你看，我們再一次看到我們的程式設計和會費全面成長，這並不是某個群體獨有的。這是全面的。整個系統都表現出超額表現。這就是我想要提供的色彩水平。我們不想討論額外的指標。

Yes. But I can tell you it's across the board is how the clubs are performing. It's in the older clubs. They're doing extremely well. New clubs are doing well and ramping clubs are doing well.

是的。但我可以告訴你，各球團的表現都是全面的。它位於較古老的俱樂部中。他們做得非常好。新俱樂部表現良好，新興俱樂部也表現良好。

Yes. And just to add that, you guys know our ramping profile. And some of those markets and some of those clubs, they do ramp quicker than some of our historical builds. And to Bahram's point, there's nothing really regional.

是的。另外補充一點，你們知道我們的成長概況。其中一些市場和一些俱樂部的成長速度確實比我們歷史上的一些建設速度更快。正如巴赫拉姆所說，這實際上並沒有什麼地區性問題。

As I look at the same-store sales in our various businesses, I mean, PT, aquatics, spa, kids, they're all up versus the prior quarter. So it's nothing really regional. It's just everything across the system that's driving that growth.

當我查看我們各個業務的同店銷售額時，我的意思是，PT、水上運動、水療、兒童，它們都比上一季上升。所以這實際上與地區無關。正是整個系統的一切推動了這一成長。

There are no further questions at this time. I would like to turn the conference back over to Connor for closing remarks.

目前沒有其他問題。我想將會議交還給康納，請他作最後發言。

Yes. Thank you, operator, and thank you, everyone, for joining us this morning. We look forward to the next call with you.

是的。謝謝接線生，也謝謝大家今天早上加入我們。我們期待與您的下次通話。

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

謝謝。今天的會議到此結束。此時您可以斷開連接，感謝您的參與。