Life Time Group Holdings Inc (LTH) 2025 Q3 法說會逐字稿

Greetings. Welcome to the Life Time Group Holdings Inc. third quarter 2025 earnings conference call. (Operator Instructions) Please note, this conference is being recorded. At this time, I'll turn the conference over to Connor Wienberg, Vice President of Capital Markets and Investor Relations.

問候。歡迎參加 Life Time Group Holdings Inc. 2025 年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。現在，我將把會議交給資本市場和投資者關係副總裁康納·維恩伯格。

Thank you, Connor. You may now begin your presentation.

謝謝你，康納。現在你可以開始演講了。

Good morning and thank you for joining us for the third 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，感謝各位參加 Lifetime Group Holdings 2025 年第三季業績電話會議。今天陪同我的是創辦人、董事長兼執行長巴赫拉姆·阿克拉迪，以及執行副總裁兼財務長艾瑞克‧韋弗。

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.

在本次電話會議中，我們將發表一些前瞻性聲明，這些聲明涉及許多風險和不確定性，可能導致實際結果與今天發表的前瞻性聲明有重大差異。本公司向美國證券交易委員會提交的文件對風險因素進行了全面討論，建議您仔細閱讀。

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.

公司也將討論一些非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）以及自由現金流。

This information, along with the reconciliations to the most directly comparable GAAP measures are included when applicable, in the company's earnings release and earnings supplement 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 指標的調節表（如適用）包含在公司今天早上發布的盈利報告和盈利補充文件中、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。

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

接下來，我將把電話交給艾瑞克。

Thank you, Connor, and good morning, everyone. Starting with our third quarter results. Total revenue increased 12.9% to $783 million. Average monthly dues grew 10.0% year-over-year to $218. Comparable center revenue grew 10.6%.

謝謝你，康納，大家早安。首先來看我們第三季的業績。總營收成長12.9%，達到7.83億美元。平均每月會費年增 10.0%，達到 218 美元。同店營收成長10.6%。

We are proud of the sustained growth in our comparable center revenue, driven by continued strong performance in both dues and our in-center businesses. Particularly in our dynamic personal training. As a result, we have raised our full year comparable center revenue guidance to be between 10.8% and 11.0%.

我們為同店營收的持續成長感到自豪，這得益於會費收入和店內業務的持續強勁表現。尤其是在我們充滿活力的私人訓練中。因此，我們將全年可比中心收入預期上調至 10.8% 至 11.0%。

We ended the quarter with nearly 841,000 center memberships, including on-hold memberships, total memberships reached approximately 891,000 in line with our expectations. Net income for the quarter was $102 million, an increase of 147% and includes an approximately $5.7 million tax-effected gain on sale leasebacks. This compares to a $3.5 million tax affected loss in the prior year quarter.

本季末，中心會員人數接近 841,000 人，包括暫停會員資格在內，會員總數達到約 891,000 人，符合我們的預期。本季淨收入為 1.02 億美元，成長 147%，其中包括售後回租產生的約 570 萬美元稅收收益。相較之下，去年同期受稅收影響的虧損為 350 萬美元。

This quarter's net income also benefited from $16.2 million in tax-adjusted proceeds from employee retention credits received under the CARES Act. Adjusted net income, which excludes the impacts of gain and losses on sale leasebacks, share-based compensation, ERC credits and other nonrecurring items was $93 million, up 65.2% year-over-year.

本季淨收入也受惠於根據《新冠病毒援助、救濟和經濟安全法案》(CARES Act) 收到的員工留任稅收抵免，稅後收入達 1,620 萬美元。調整後的淨收入（不包括售後回租、股份支付、ERC 抵免和其他非經常性項目損益的影響）為 9,300 萬美元，年增 65.2%。

Adjusted EBITDA was $220 million, an increase of 22% and our adjusted EBITDA margin improved by 210 basis points to 28.1%. Net cash provided by operating activities rose approximately 66% to $251 million compared to the prior year quarter. Our consistently strong cash flow from operating activities remains a key driver of our long-term growth strategy.

調整後 EBITDA 為 2.2 億美元，成長 22%，調整後 EBITDA 利潤率提高了 210 個基點，達到 28.1%。經營活動產生的淨現金流量較上年同期成長約 66%，達到 2.51 億美元。我們持續強勁的經營活動現金流仍是我們長期成長策略的關鍵驅動力。

Free cash flow was $63 million for the third quarter. In Q3, we closed on the sale-leaseback of one property, generating net proceeds of approximately $34 million. We expect to complete between $55 million and $65 million of additional sale-leaseback transactions before the end of this year.

第三季自由現金流為6300萬美元。第三季度，我們完成了一處房產的售後回租交易，淨收益約為 3,400 萬美元。我們預計在今年年底前完成價值 5,500 萬至 6,500 萬美元的額外售後回租交易。

We delivered another strong quarter and remainedencouraged by our continued momentum as we approach the close of a successful year. We look forward to giving everyone a preview of our full year 2025 performance in our initial thoughts on 2026 in the second half of January.

我們又迎來了一個強勁的季度，並且在即將結束這個成功的一年之際，我們持續的成長勢頭令人鼓舞。我們期待在1月下半月發表2026年初步展望時，向大家展示我們2025年全年的業績概況。

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

接下來，我將把電話轉給巴赫拉姆。巴赫拉姆？

Thank you, Erik. We are pleased with another quarter of strong performance and growth. Thank you, as always, to our 43,000 team members. The core of our success has been our team members and our consistent delivery of the best places, programs and performance to our members.

謝謝你，埃里克。我們對又一個季度強勁的業績和成長感到滿意。一如既往，感謝我們43,000位團隊成員。我們成功的核心在於我們的團隊成員，以及我們始終如一地為會員提供最好的場所、專案和服務。

Our growth strategy is clear, first, accelerating new club growth; second, continued our maniacal focus on member experiences growing member engagement and revenue per center membership. With the balance sheet strong and our net leverage ratio below 2 times, we remain well positioned for our accelerated development and construction of new clubs.

我們的成長策略很明確，首先，加速新俱樂部的成長；其次，繼續我們瘋狂地專注於會員體驗，以提高會員參與度和每個中心會員的收入。憑藉穩健的資產負債表和低於 2 倍的淨槓桿率，我們仍處於加速開發和建造新俱樂部的良好狀態。

We expect to deliver 12 to 14 new clubs in 2026 and beyond. This is our new baseline of new club growth. We're particularly excited for the next year's new club openings. 11 of the 2026 clubs are a large format. 13 clubs scheduled to open in 2026 are currently under construction, which provides great visibility for these openings.

我們預計在 2026 年及以後新建 12 至 14 傢俱樂部。這是我們衡量新俱樂部成長的新基準線。我們對明年即將開幕的新俱樂部感到格外興奮。 2026年計畫開業的俱樂部中，有11家是大型俱樂部。另有13傢俱樂部目前正在建設中，這將為它們的開幕帶來極高的關注。

For more details on these locations, you can refer to the earnings supplement posted to our website this morning. As it relates to the second part of our strategy, which is growing membership engagement and revenue per center membership, Membership optimization is increasingly important as clubs are busier than ever.

有關這些地點的更多詳細信息，您可以參考今天早上在我們網站上發布的收益補充說明。至於我們策略的第二部分，即提高會員參與度和每個中心會員的收入，隨著俱樂部比以往任何時候都更加繁忙，會員優化變得越來越重要。

As highlighted in our earnings supplement, this includes one, improving the mix with more couples and families and two limiting qualified memberships in certain clubs. Our strategy is working, as evidenced by average monthly visit, per membership reached 12.5% for the quarter, up 5.9% year-over-year.

正如我們在收益補充說明中所強調的那樣，這包括：一、改善會員組成，增加情侶和家庭的數量；二、限制某些俱樂部的合格會員資格。我們的策略正在奏效，平均每月每位會員的訪問量在本季度達到了 12.5%，同比增長 5.9%，這證明了我們的策略是正確的。

Total visits are up 7% year-over-year for the quarter, revenue per center membership is up 11.3% year-over-year for the quarter, and in-center business revenue was up 14.4% year-over-year for the quarter with the particularly strong growth in dynamic personal training.

本季總訪問量較去年同期成長 7%，中心會員營收年增 11.3%，中心內業務營收年增 14.4%，其中動態私人訓練的成長尤為強勁。

Our strong performance and increase to our year-end revenue, net income and adjusted EBITDA guidance are direct results of our focused strategy on growing revenue and adjusted EBITDA by delivering the best programs and experiences in every club and optimizing memberships.

我們強勁的業績以及年終收入、淨利潤和調整後 EBITDA 預期值的增長，是我們專注於透過在每個俱樂部提供最佳的項目和體驗以及優化會員資格來增加收入和調整後 EBITDA 的策略的直接結果。

Given the high club utilization, we expect to further manage our membership mix to continue to increasing revenue per center membership and anticipate an additional seasonal decline in membership units in the fourth quarter.

鑑於俱樂部利用率較高，我們預計將進一步調整會員結構，以繼續提高每個中心會員的收入，並預計第四季度會員數量將出現季節性下降。

Finally, a couple of updates on our growth accelerators. We now have 2.75 million non-club members, LT Digital accounts and expect to cross 3 million by early 2026. More importantly, we are very excited to release new features and capabilities offered by Lacy, our AI health companion for both our club members and our non-member digital subscribers by end of this year.

最後，關於我們的成長加速器，有幾點最新進展。我們現在擁有 275 萬個非俱樂部會員和 LT Digital 帳戶，預計到 2026 年初將超過 300 萬。更重要的是，我們非常高興地宣布，到今年年底，我們將推出 Lacy 的新功能和特性，Lacy 是我們的 AI 健康助手，面向我們的俱樂部會員和非會員數位訂閱用戶。

Our trusted nutritional brand, LTH continues to grow year-over-year, and we are expanding our product lines. And we expect to add four to five new [mural] locations in various clubs by early 2026, as we continue to see progress in our first two locations.

我們值得信賴的營養品牌 LTH 持續逐年成長，我們也不斷擴大產品線。隨著前兩個地點的進展，我們預計到 2026 年初將在各個俱樂部新增四到五個[壁畫]地點。

With that, we will now open the call for questions.

接下來，我們將開始接受提問。

(Operator Instructions) John Heinbockel, Guggenheim Partners.

（操作說明）約翰·海因博克爾，古根漢合夥公司。

Bahram, I want to start with the in-center revenue opportunity, where do you think -- because the spend is still a small part of what your customer's wallet is, where do you see the biggest opportunities? And you think about DPT penetration, how much upside is there to that from where it is today?

巴赫拉姆，我想先談談店內收入機會，你認為──因為消費在顧客皮夾裡仍然只佔很小一部分──最大的機會在哪裡？你想想DPT的滲透率，與目前的情況相比，還有多少提升空間？

Hello John, how are you? John, our personal training program is absolutely doing an amazing job under the positioning, branding, DPT, the particular execution of the team all the way from the corporate office under the leadership of Ryan and then everybody who works with him as well as the focus in the clubs from our RVPs and our lead generals, all the way to the PTLs.

你好約翰，你好嗎？John，我們的私人訓練計劃在定位、品牌、DPT（私人訓練總監）以及團隊的具體執行方面都做得非常出色，這要歸功於公司總部在 Ryan 的領導下，以及所有與他一起工作的人，還有俱樂部從區域副總裁和首席總經理到私人訓練主管的關注。

We are executing a detailed plan, and the results are incredible. There are many clubs that are setting new records, month after month. And then there are other clubs that they're basically following -- seeing what's possible and executing. So I think that possibility is right there, and we are very, very, very pleased with what they're doing and my hats off to all of them, but there's still opportunity there.

我們正在執行一項詳細的計劃，結果令人難以置信。許多俱樂部都在不斷刷新紀錄，月復一月。此外，他們也正在關注其他一些俱樂部——看看哪些是可行的，然後付諸實行。所以我認為這種可能性就在那裡，我們對他們所做的一切非常、非常、非常滿意，我向他們所有人致敬，但那裡仍然存在著機會。

As we have mentioned on the other in centers, there are our cafes and our spas and both of them showing some strength in the execution of the certain strategies, but look, when we rolled out dynamic personal training, dynamic stretch and all the different new concepts and ideas, they've actually took roughly about 6 to 12 months before you start seeing the momentum change.

正如我們在其他中心提到的，我們的咖啡館和水療中心在某些策略的執行方面都表現出了一定的優勢，但是，當我們推出動態私人訓練、動態拉伸以及所有不同的新概念和想法時，實際上大約需要 6 到 12 個月的時間才能開始看到勢頭的變化。

And so we expect to see this momentum change early next year on the capes and spas. So I feel like we have plenty of room there. And then as I mentioned in my remarks, we've been working diligently on MIORA and LCH, both of which are -- have been in the early stage testing, development introducing new products, same people, how people like it. And then we're going to really put pressure on growth and marketing of those in 2026 and beyond.

因此，我們預計明年年初海角和溫泉地區的這種發展動能將會改變。所以我覺得我們那裡空間很充足。正如我在演講中提到的，我們一直在努力研發 MIORA 和 LCH，這兩個產品都處於早期測試和開發階段，引入了新產品，同樣的人員，看看人們是否喜歡。然後，我們將在 2026 年及以後大力推動這些產品的成長和行銷。

So we feel really, really good. about all aspects of the business, John.

所以，我們對公司的各個方面都感覺非常好，約翰。

And then as a follow-up, right, now that you're starting to get really good momentum in the club openings. How do you think about prioritizing beyond '26 different channels, ground up, club takeover, et cetera. And do you have sort of a number in mind that you -- in the intermediate term, you would prefer not to exceed in terms of maintaining a healthy level of execution?

然後，接下來，對吧，既然你們在俱樂部開業方面開始取得非常好的進展。您如何考慮除了「26 個不同的管道、自下而上、俱樂部接管等等」之外的優先事項？那麼，在中期內，為了保持健康的執行水平，你心中是否有一個理想的數字，你希望這個數字不要超過？

Yeah, so I think the -- as we stated this morning and earlier, the new baseline is 12 to 14 clubs for right now. The pipeline is super strong. The real estate team is again doing an amazing job. And I am super, super excited about what we have on the pipeline. And the management of those, what we -- you've asked and we are providing supplement material for you online, so you can see a little more visibility to club openings where they're coming from.

是的，所以我認為——正如我們今天早上和早些時候所說，目前新的基準是 12 到 14 支球隊。這條管道非常堅固。房地產團隊再次表現出色。我對我們即將推出的項目感到無比興奮。至於這些俱樂部的管理，正如您所問，我們正在網上為您提供補充材料，以便您能更清楚地了解俱樂部開業的來源。

We will have a variety of facilities. Our urban clubs are doing incredibly well. Everything we have opened up in Brooklyn, in New York and -- they're all doing really well, and our suburban clubs are doing better than ever.

我們將擁有多種設施。我們的城市俱樂部發展得非常出色。我們在布魯克林、紐約等地開設的所有門市都經營得非常好，郊區的俱樂部也比以往任何時候都做得更好。

These clubs are ramping faster and clean memberships which matches the way we like the company being positioned from the get-go. So I don't have any -- we have really -- we have balance sheet restraints, last year through the first half of this year because we just really wanted to make sure, we deliver the [BB] credit standards, we've delivered that the target, as I've always mentioned, for the debt-to-EBITDA is under 2 times.

這些俱樂部正在快速發展，會員制度也更加完善，這符合我們希望公司從一開始就採取的定位方式。所以，我沒有任何——我們確實——我們有資產負債表限制，從去年到今年上半年，因為我們真的想確保達到[BB]信用評級標準，我們已經實現了目標，正如我一直提到的，債務與EBITDA之比低於2倍。

And we have now a significant opportunity to grow the business we can do a bunch of round ups and take them to the sale-leaseback market at the right time. So we have all kinds of flexibility on growing the business, and I'm super excited about that.

現在我們有了發展業務的絕佳機會，我們可以進行一系列的資產收購，並在適當的時機將它們推向售後回租市場。因此，我們在業務成長方面擁有各種靈活性，我對此感到非常興奮。

Arpine Kocharyan, UBS.

Arpine Kocharyan，瑞銀集團。

Hi, thanks so much for taking my question. You raised comparable center revenue guide and what that implies for Q4 is actually nicely ahead of expectations. But there is this near-term debate among investors about sort of average number per center growth and how that ties to your revenue, same-store growth trajectory.

您好，非常感謝您回答我的問題。你們提高了中心營收預期，這意味著第四季的營收將遠超預期。但投資者之間存在著一個近期爭論，即每個中心的平均成長數量以及這與你的收入、同店成長軌跡之間的關係。

Essentially, we're going back to the question of price and ability to take price as investors are increasingly more worried about macro. Is there any way you could give an update on your current thinking on how you maximize revenue without meaning too much on percent or membership, which I think you're sort of trying to control more? And then I have a quick follow-up.

從本質上講，我們又回到了價格和接受價格的能力的問題上，因為投資者越來越擔心宏觀經濟狀況。您能否簡要介紹一下您目前關於如何在不過度關注百分比或會員數量的情況下最大化收入的想法？我覺得您似乎更傾向於控制這些因素。然後我還有一個簡短的後續問題。

Right. Let me take a little bit of that and give it back to Erik, so both of us speak to that. The focus of the company has been brand and member experience, deliver a brand that is unmatched deliver a brand that the customer wants it and wants to be a part of it and does not want to get away from it.

正確的。讓我把其中一部分內容轉述給艾瑞克，這樣我們兩個都能談談這方面的內容。公司一直專注於品牌和會員體驗，打造一個無與倫比的品牌，打造一個客戶想要擁有、想要成為其中一部分、不想離開的品牌。

When we went, public second time, our materials suggested repeatedly, we're focused on memberships from 90 days old to 90 years old and basically trying to provide incredible programming for all of these people. When we came right at COVID, clubs were at about 40%, all clubs of 40%, 50%, 45% of the membership capacity of the clubs.

當我們第二次公開亮相時，我們的宣傳資料一再強調，我們專注於90天至90歲的會員，並努力為所有這些人提供精彩的節目。新冠疫情爆發之初，各俱樂部的會員人數約為俱樂部容量的 40%，所有俱樂部的會員人數都在 40%、50% 或 45% 左右。

So we basically took in through all the programs, all the different types of memberships that we bring in to [perhaps] enough traffic in the club, enough swipes in the club to make sure you run the programs. As the clubs have reached this optimum level of utilization. So many of the clubs are operating at very, very parking lots are full. Clubs are busy. So now -- in all of these clubs, the opportunity is in membership optimization, which basically means you manage to get more revenue per membership.

所以我們基本上透過所有項目、所有不同類型的會員資格，來確保俱樂部有足夠的客流量和足夠的刷卡次數，從而保證項目的順利進行。由於俱樂部已達到最佳利用率。很多俱樂部都在營業，但停車場都爆滿了。俱樂部生意興隆。所以現在——在所有這些俱樂部中，機會在於會員優化，這基本上意味著你要設法從每個會員中獲得更多收入。

Sometimes that means you focus on getting full-blown members, family memberships, which very, very high average dues, and you select to restrict the number of memberships you get from third-party kind of a discounted programs.

有時這意味著你要專注於發展正式會員、家庭會員，這些會員的平均會費非常非常高，並且你會選擇限制從第三方折扣計劃中獲得的會員數量。

So we are constantly going to manage the total experience of the customer. We're constantly going to manage the brand, we're constantly going to manage the growth of revenue and EBITDA. And that is really what the company is focused on it's a little less focused for center membership units, because that is going to fluctuate with depending on club-by-club based on the position that club is at.

因此，我們將持續管理客戶的整體體驗。我們將持續管理品牌，我們將持續管理收入和 EBITDA 的成長。而這正是公司真正關注的重點，對於中心會員單位的關注度則相對較低，因為會員單位的數量會根據俱樂部所處的位置而波動。

Yeah, and just to add to that, Bahram talked about mix and he talked about engagement. If you see in the supplement that we provided, you can see there is that shift happening where we're getting more couples and families. And so that with the increased utilization is requiring fewer memberships for those clubs to reach the desired utilization.

是的，補充一點，巴赫拉姆談到了混合，也談到了參與。如果您查看我們提供的補充資料，您會發現這種轉變正在發生，越來越多的夫婦和家庭正在加入。因此，隨著利用率的提高，這些俱樂部達到預期利用率所需的會員人數就會減少。

In fact, if you look forward to next year's pipeline and the year after, those clubs are actually getting business planned with units somewhere in the range of 3,500 to 4,000. And so again, it's just a testament to the utilization and that improving mix requiring that smaller base.

事實上，如果你展望明年和後年的發展計劃，這些俱樂部實際上正在製定業務計劃，單位數量在 3,500 到 4,000 之間。所以，這再次證明了這種較小的基數對資源利用和不斷改進的組合的必要性。

Many of the new locations are basically positioned in a way that they're ramping so fast with just the full price paying type of memberships that we basically do not open it up for restricted membership -- restricted memberships or qualified memberships or third party paid membership. So that the really -- what I want to tell you guys, we are going to continue to emphasize revenue growth and EBITDA growth in every single club.

許多新店的選址基本上都是為了快速發展，只接受全價會員，所以我們基本上不開放限制性會員——限制性會員、合格會員或第三方付費會員。所以，我真正想告訴大家的是，我們將繼續在每個俱樂部強調收入成長和 EBITDA 成長。

Yeah. And one last comment on that. As we hit those targets, we're still papering those things to do plus 30% cash-on-cash return. So the unit economics are still extremely attractive and in some markets, can be better. So I just wanted to call out that that's all part of our growth algorithm.

是的。最後還有一點要補充。當我們實現這些目標時，我們仍在推進這些事項，並爭取 30% 的現金回報率。因此，單位經濟效益仍然非常有吸引力，在某些市場甚至可能更好。所以我只想指出，這一切都是我們成長演算法的一部分。

That is very, very helpful. Just a quick follow-up. You mentioned all centers you're targeting to open next year are mostly under construction currently, whether you're at the lower end versus the high end of that range, what is that a function? Is it just sort of construction time lines making it to next year or kind of more tied to sale-leaseback cadence that you're looking at for next year?

這非常非常有幫助。再補充一點。您提到您計劃明年開設的所有中心目前大多都在建設中，無論您的計劃是處於較低水平還是較高水平，這有什麼影響？您指的是明年的施工進度，還是指明年的售後回租節奏？

Yeah, we're pretty comfortable that 13 of the 14 are for sure. And one club may end up a month earlier or a month later. And we're just making sure that what we're telling you is accurate. But the goal has been 12 to 14 clubs and I guess I mentioned, 13 of them are pretty firmly in the pipeline there is going to take some monumental event for them not to come out during the year.

是的，我們相當有把握地說，14 個人中有 13 個肯定沒問題。有的俱樂部可能會提前一個月結束比賽，有的可能會延後一個月。我們只是想確保我們告訴您的資訊準確無誤。但我們的目標是12到14傢俱樂部，我想我已經提到過，其中13傢俱樂部基本上已經進入計劃之中，除非發生一些重大事件，否則它們今年肯定會成立。

Brian Nagel, Oppenheimer Company.

Brian Nagel，奧本海默公司。

Great quarter. Congratulations. For my first question, a just stepping back, obviously, we're seeing the numbers say and your commentary is extraordinarily positive. But just given all the -- given the concerns out there with amongst investors about consumer dislocations. So the question I want to ask is you look at your business, are you seeing anything geographically income cohort that would suggest some type of weakness or growing weakness in your consumer base?

很棒的季度。恭喜。我的第一個問題，先退一步來看，顯然，我們看到的數據表明，您的評論也異常積極。但考慮到——考慮到投資者對消費秩序混亂的擔憂。所以我想問的問題是，您審視一下您的業務，您是否發現任何地域收入群體方面的資訊表明您的消費者群體存在某種弱點或正在惡化的弱點？

Look, as you can appreciate, what I am proud of with our team. And again, this is really all about our team from the very, very top-level executive team, all the way to the people who run the clubs, is just an incredible passionate commitment to delivering a place that people want to go to and enjoy.

你看，你應該能體會到，我為我們的團隊感到驕傲的地方。再次強調，這一切都歸功於我們的團隊，從最高管理層到俱樂部營運人員，每個人都懷著無比的熱情，致力於打造一個人們想要去並享受的地方。

As we look at the company's history over 35 years, we have opened clubs in a variety of markets. And right now, we are largely opening in a more affluent markets. When the memberships were $39, $49, $59 a month, there were markets that was well suited for that.

回顧公司35年的發展歷程，我們已經在各種市場開設了俱樂部。目前，我們主要在較富裕的市場開展業務。當會員費為每月 39 美元、49 美元、59 美元時，有一些市場非常適合這種收費方式。

And they're not really well suited for $290 to $350 memberships. So the interesting thing, Brian, is that all the clubs are making money. All of our mature clubs collectively are making more money than they were making in the past. So all the execution that we have put in place is working.

而且它們不太適合 290 美元到 350 美元的會員費。布萊恩，有趣的是，所有俱樂部都在賺錢。我們所有成熟的俱樂部加起來的收入都比過去高了。所以，我們採取的所有執行措施都奏效了。

The consumer that goes to lifetime chooses a lifetime because of all of its differentiation, and that exists in Omaha in Algonquin, in Chicago suburb. It does also in New York and in Florida and in California. So -- but do we manage all of these the same. We have the same strategy to be the best provider, but they take different type of programming and techniques to try to continue to manage each and every one of those locations.

選擇 Lifetime 的消費者是因為 Lifetime 的各種差異化優勢，而 Lifetime 在奧馬哈、阿爾岡昆和芝加哥郊區都存在。紐約、佛羅裡達和加州也是如此。那麼——但我們對所有這些的處理方式都一樣嗎？我們的目標是成為最好的供應商，但我們採取了不同的程式設計和技術手段來管理每個地點。

And so we are not seeing any new trends. We're not seeing anything different than the past in terms of how the customer is responding to what we are delivering right now. We keep thinking that, that might change, and we keep hedging and embracing what if times get tougher, so we have strategies laid out, but we're not seeing anything at this point. Erik?

因此，我們沒有看到任何新的趨勢。就客戶對我們目前提供的產品或服務的反應而言，我們看到的與過去並無不同。我們一直認為這種情況可能會改變，我們也一直在未雨綢繆，做好應對可能出現的困難時期的準備，所以我們制定了相應的策略，但目前為止我們還沒有看到任何改變的跡象。艾瑞克？

Yeah, no, I would reiterate that. I mean we've talked about DPT, new business revenue in September was the highest for that quarter. Same thing in our spas, revenue per technician was up, and our group classes on average were up 7.6%. So by all indications, we're seeing exactly what Bahram was talking about.

是的，沒錯，我還要重申這一點。我的意思是，我們已經討論過DPT，9月的新業務收入是該季度最高的。我們的水療中心也出現了同樣的情況，每位技師的收入都增加了，團體課程的平均收入增加了 7.6%。所以種種跡象表明，我們正在看到巴赫拉姆所說的一切。

No, that's very helpful. I appreciate all the detail on that. My second question, just with respect to capital allocation. So it's great to see now you were ramping new center growth. You talked about the 12 to 14 for '26 and most of those now under construction sets.

不，這很有幫助。非常感謝您提供的所有細節。我的第二個問題，僅關於資本配置方面。很高興看到你們正在加速發展新的中心。你談到了 2026 年的 12 到 14 套公寓，以及現在正在建造中的大部分公寓。

So the question I have is, to what extent especially with at least some ideas, the stock underperforming languishing relative to some very strong fundamentals. To what extent are you thinking about potential using capital potentially to buy back stock here?

所以我的問題是，尤其是在至少有一些想法的情況下，相對於一些非常強勁的基本面，股票表現不佳並持續低迷的程度究竟有多大？您在多大程度上考慮利用現有資金回購股票？

Yeah, so I'm going to respond to that. We -- number one objective here is to remain extremely strong on the balance sheet. So the company has all kinds of options in any kind of environment, okay? Environment gets tough, we want to be in a win position. Environment gets stronger. We want to be in the wind position.

是的，所以我打算對此作出回應。我們－首要目標是維持資產負債表的強勁動能。所以，無論在何種環境下，公司都有各種各樣的選擇，懂嗎？環境變得艱難，我們想要佔優勢。環境變得更強。我們想處於順風的位置。

And based on where we are today, we are still adding even if we do $350 million, $400 million of sale leaseback next year. We're still adding net asset value. We're still building more new assets, new club development, more money spent than that, then we are taking to sell leaseback.

根據我們目前的狀況，即使明年我們進行 3.5 億美元到 4 億美元的售後回租，我們仍然會增加收入。我們仍在增加淨資產價值。我們仍在建造更多的新資產，開發新的俱樂部，投入的資金比我們出售回租的資金還要多。

So basically, the company continues to get stronger. So at some point, this is a Board discussion to decide should we be buying some stock back. That's definitely on the table for discussion at the Board level. No decision has been made at this moment. But all options are on the table.

所以基本上，公司實力持續增強。所以，在某個時候，董事會需要討論是否要回購一些股票。這絕對是董事會層級需要討論的問題之一。目前尚未做出任何決定。但所有選項都在考慮範圍內。

The company is super strong. And that's exactly where we like it. We like to have this opportunity to basically go one way or the other if we need to. The main focus right now is to step on growth and make sure we have the ability to keep delivering these clubs. As I mentioned, 11 of these 14 clubs are ground ups.

這家公司實力非常強大。而這正是我們想要的。我們希望擁有這樣的機會，可以根據需要選擇走哪條路。目前的主要重點是加快成長，確保我們有能力繼續運作這些俱樂部。正如我之前提到的，這 14 個俱樂部中有 11 個是從零開始創建的。

So they're taking a substantial amount of capital to build them. We're going to continue to invest in our programming and remodernizing the clubs to make sure all clubs are adapted to all things people are looking for in total health and wellness today.

所以他們需要投入大量資金來建造這些設施。我們將繼續投資於我們的計畫和俱樂部的現代化改造，以確保所有俱樂部都能適應當今人們在全面健康和福祉方面所追求的一切。

So we just like the flexibility, but every option is on the table.

我們喜歡這種靈活性，但所有選項都在考慮範圍內。

John Baumgartner, Mizuho Securities.

John Baumgartner，瑞穗證券。

Good morning. Thanks for the question. First off, Bahram, I'd like to ask about relative value. As you see it, because fitness industry does are moving higher across multiple concepts for the first time in years. And I'd imagine that some of these concepts, the boutiques, the studios, their prices are increasing, but the offerings aren't really evolving much to match that.

早安.謝謝你的提問。巴赫拉姆，首先我想問相對價值的問題。正如你所看到的，健身產業多年來首次在多個概念上取得了進步。我想，這些概念店、精品店、工作室的價格都在上漲，但它們提供的產品和服務並沒有真正隨之發展改變。

So I'm curious, are you seeing anecdotally anything that's pushing some folks are stimulating more interest from folks to trade up or into lifetime because that value gap. I realize the number of members isn't necessarily your main KPI focused. But have you seen tipping points historically in that relative value versus other concepts, where you capture more market share that sort of high-quality engaged consumer that you prioritize?

所以我很好奇，你是否注意到，有沒有什麼因素促使一些人因為價值差距而對升級換代或購買終身產品產生了更大的興趣？我知道會員數不一定是你們主要的KPI指標。但從歷史上看，你是否看到過這種相對價值與其他概念相比的轉折點，在這些轉折點上，你能夠獲得更多市場份額，尤其是那些你優先考慮的高品質、高參與度的消費者？

Yeah, we're totally seeing that happening in our clubs. I mean when you look at our urban markets, where there are many studios offerings, we're really not seeing any impact. Nobody is leaving a lifetime to go to studios. But on the reverse, we do see the reverse of that taking place.

是的，我們在俱樂部裡確實看到了這種情況。我的意思是，看看我們城市市場，那裡有很多單身公寓可供選擇，我們真的沒有看到任何影響。沒有人會放棄一輩子的時間去拍電影。但反過來，我們也看到相反的情況發生了。

So the -- overall, despite the transitioning the company to the super high end, which was part of our multifaceted strategy after COVID to completely reposition the company to the highest level and the best programs being delivered under one growth, everything is working.

所以——總的來說，儘管公司轉型為超高端市場，這是我們在新冠疫情後採取的多方面戰略的一部分，旨在將公司徹底重新定位到最高水平，並在一個增長體系下提供最好的項目，但一切都在順利進行。

Really, the clubs are -- as evidenced by the utilization of the clubs, the clubs are having more utilization that they've had ever before with significantly, and I mean sometimes literally 50% of membership count of what they used to be at 2019.

確實，俱樂部——從俱樂部的利用率來看——俱樂部的利用率比以往任何時候都高，會員人數有時甚至達到了 2019 年的 50%。

And so the utilization is the higher. The customers are using the club a lot more. They're seeing the value in the business. They appreciate the brand, and they see the differentiation, so the strategy is working. Lifetime is working.

因此，利用率更高。顧客們使用俱樂部的頻率大大增加。他們看到了這項業務的價值。他們欣賞這個品牌，也看到了其中的差異化優勢，所以這個策略是有效的。Lifetime 正在運作。

Yeah, you mentioned relative value. I mean if you look at the relative value for -- we're seeing more couples and families, and you look at our pricing model. There's still significant value proposition there when you think of all the amenities that come with a membership.

是的，你提到了相對價值。我的意思是，如果你看看相對價值——我們看到越來越多的情侶和家庭，再看看我們的定價模式。考慮到會員資格附帶的所有便利設施，它仍然具有很大的價值。

And when you compare that to a studio or what have you, all you need to -- one or two studios, it's not long before that's going to be in excess of what a couple of membership would be. So, the value proposition is still very, very strong, and that's what we're seeing.

如果你把這跟一個工作室之類的比較一下，你只需要──一兩個工作室，很快就會超過幾個會員的費用。所以，它的價值主張仍然非常非常強，而這正是我們所看到的。

Great. And then my follow-up, back to LTH Nutrition, I think the strategy there is for more of a phased rollout. But I'm curious, Bahram, your perspective fall in the consumer reports investigation into the contaminants and supplements, especially the protein powders, does that lead you to revisit how you build this business? I mean is there an opportunity to lean a bit harder, especially with non-lifetime households to leverage your third-party purity testing and kind of grow or market this business a bit more aggressively or differently?

偉大的。然後，我繼續跟進 LTH Nutrition，我認為他們的策略是分階段推出。但我很好奇，巴赫拉姆，你對消費者報告調查污染物和補充劑（尤其是蛋白質粉）的看法，是否會讓你重新思考你如何建立這項業務？我的意思是，有沒有機會更努力一些，特別是針對非終身家庭，利用第三方純度測試，以更積極或不同的方式發展或推廣這項業務？

It's a brilliant question, and that's exactly the strategy for 2026. So here is what we have been doing. We needed to -- we did not own lifetime nutritional brand some company had this before we established the name lifetime until last year.

這是一個絕妙的問題，而這正是我們2026年的策略。這就是我們一直在做的事情。我們需要－我們之前並不擁有 Lifetime Nutritional 品牌，在我們去年正式創立 Lifetime 這個品牌之前，這個品牌已經被其他公司擁有了。

So if you look at our materials, you see, we actually were -- had the opportunity to buy that brand and that creates the opportunity to make sure that the LTH and lifetime brand can basically be synonymous, which we haven't been able to execute in the past. So that was one strategic move.

所以，如果你看看我們的資料，你會發現，我們實際上有機會收購那個品牌，這創造了一個機會，可以確保 LTH 和 lifelife 品牌基本上可以成為同義詞，而這是我們過去一直未能實現的。所以，這是一項策略性舉措。

The second piece is to basically take our product offering and make them look more unified because a lot of the work we did with Lifetime started by looking at the nutritional space and seeing how the lack of regulation in nutritional space has created so many products that actually do not have the proper manufacturing, the proper third-party testing, which is expensive.

第二點主要是將我們的產品組合統一起來，因為我們與 Lifetime 合作的許多工作都是從關注營養領域開始的，我們發現營養領域缺乏監管，導致許多產品實際上沒有經過適當的生產和第三方測試，而這些測試成本很高。

So people just don't do it. And basically, they have either not the stuff that they claim they have in their product or they have contamination. So our strategy in the company is -- has been, will remain forever for 30 years after I'm gone, the strategy will remain to be the best to if we're not the best, don't do it. If we're not the best provider, don't do it. So we basically put a significant amount of energy in making sure every product is formulated correctly.

所以人們乾脆就不做了。基本上，他們的產品要么沒有他們聲稱的成分，要么受到了污染。所以，我們公司的策略是──過去是，將來在我離開後的30年裡也將永遠如此，那就是做到最好，如果我們做不到最好，那就不要做。如果我們不是最佳供應商，那就不要做。因此，我們投入了大量精力來確保每款產品的配方都正確無誤。

We test them -- look, there are -- as an example, when you think about protein powders, the -- there are certain vegetables you eat that they own heavy metal. So basically, that heavy metals are going to come in through different foods that you eat.

讓我們測試它們——你看，舉個例子，當你想到蛋白質粉時，——你吃的某些蔬菜含有重金屬。所以基本上，重金屬會透過你所吃的各種食物進入體內。

Now the key is to make sure you have incredibly safe minimal amount of that, if there is any in them. And we basically have some of the absolute best cleaners that we test them. So to your point, what we needed to do is we need to kind of get everything lined up, make sure the packaging becomes more consistent.

現在關鍵是要確保其中含有的這種物質含量極低，而且必須非常安全（如果有的話）。我們基本上測試了一些市面上最好的清潔劑。所以，正如你所說，我們需要做的就是把所有事情都安排妥當，確保包裝更加統一。

That's all underway. Throughout the end of this year, early next year and test the success of the product. I mean, our nutritional products like our dream for sleep, I can tell you personally, it is absolute home run. We launched it. It immediately is doing great. And so there is some level of methodical development and testing and we're feeling out what products are working, repackaging.

一切都在進行中。在今年年底至明年年初期間，我們將測試該產品的成功情況。我的意思是，我們的營養產品，例如我們的助眠產品，我可以親自告訴你，它絕對是成功的。我們發布了它。它立刻就表現出色。因此，我們進行一定程度的系統性開發和測試，並摸索哪些產品有效，然後重新包裝。

And then the strategy for 2026, as I mentioned before, is to completely and entirely press on and maybe [in between] spend some -- we're not spending a lot of money on marketing as you guys have known, known. And then maybe it's time to start spending some dollars on marketing.

正如我之前提到的，2026 年的策略是全力以赴，也許（期間）會花一些錢——正如你們所知，我們不會在行銷上花很多錢。那麼或許是時候開始在行銷上投入一些資金了。

But we're probably three, four, five months premature to basically getting there. Right now, we're seeing all the growth, within our facilities, our team members and members are recognizing the superiority of these products, the trust that they can have for the brand, and we want to make sure we test and examine that, use lifetime as a beta before we go to the outside world.

但我們可能離真正達成目標還有三、四、五個月的時間。目前，我們看到公司內部、團隊成員和會員都在不斷成長，他們認識到這些產品的優越性，以及他們對品牌的信任。我們希望確保對產品進行測試和檢驗，在正式推向市場之前，將產品生命週期作為測試版。

Kate McShane, Goldman Sachs.

Kate McShane，高盛集團。

Hi, good morning. Thanks so much for taking our questions. These questions kind of verge a little bit into 2026. So I'm not sure how much you can answer at this point that given that you're not giving guidance, but we wondered of the 13 clubs that you have under construction, we know there's a nice list of them in the presentation today.

您好，早安。非常感謝您回答我們的問題。這些問題似乎有點牽涉到2026年了。鑑於您沒有提供指導，我不確定您目前能回答多少問題，但我們想知道您正在建立的 13 個俱樂部，我們知道今天的簡報中有一個不錯的清單。

We just wondered what the breakdown was between new and existing markets. And if there was a little bit more in the new markets, what does it mean for marketing spend into 2026. And then just our other question unrelated was just about expenses in general, what you're maybe seeing or expecting on the labor side of things as you go into '26 in newer markets?

我們只是想知道新市場和現有市場之間的比例是多少。如果新市場的成長幅度更大一些，那麼到 2026 年，行銷支出將面臨怎樣的局面？然後，我們還有一個與此無關的問題，是關於一般的支出，您在進入 2026 年進入新興市場時，在勞動力方面可能會看到或預期到什麼情況？

It's a great -- those are great questions. Let me take the first one for you, Kate. When we build the ground-ups, in any market, new or old, it makes no difference. They work exactly the same. The -- if you think about lifetimes, how long it's been in existence and 30-some years and the amount of loyal customers who love lifetime.

這些問題問得很好。凱特，我來幫你拿第一個吧。無論在哪個市場，無論是新興市場或舊市場，從零開始建造都一樣。它們的工作原理完全相同。——如果你想想 Lifetime，它已經存在了 30 多年，並且擁有大量熱愛 Lifetime 的忠實客戶。

But let's say they move to San Diego, and now we have nothing in San Diego. When we open clubs in new markets, they are just as robust as opening other club in Dallas. So I don't see right now any sort of difference. We haven't seen. We're seeing great success in similar success in new markets as well as the established markets.

但假設他們搬到了聖地牙哥，那我們在聖地牙哥就什麼都沒有了。我們在新市場開設俱樂部時，其營運狀況與在達拉斯開設其他俱樂部一樣穩健。所以目前我看不出有什麼差別。我們還沒見過。我們在新興市場和成熟市場都取得了類似的巨大成功。

And then as far as the expectation of wage growth, look, I believe that as the cost-of-living increases, wage growth is absolutely given. So we basically model all of those things into our -- while we're not going to give inter-quarter guidance or 2026 guidance, the team is very, very incredibly thoughtful led by Erik and rest of his financial team, our President of Club Operation, P.J.

至於薪資成長的預期，我認為隨著生活成本的增加，薪資成長是必然的。因此，我們基本上將所有這些因素都納入了我們的模型中——雖然我們不會給出季度間指引或 2026 年指引，但我們的團隊在 Erik 和他的財務團隊其他成員、我們的俱樂部運營總裁 P.J. 的領導下，考慮得非常周全。

And all of our analysts we are working diligently on thinking about what are those items that can cost more, what are the things we can do to mitigate if there is opportunities to hedge on the energy or this or that. So the team is doing an amazing job credit goes to all of our team, like our insurance -- health care insurance is managed amazingly by our team. None of that credit zero goes to me. Everything is going to the team is doing a maniacally great job on all aspects of the business.

我們所有的分析師都在努力思考哪些專案可能會增加成本，以及如果有對沖能源或其他風險的機會，我們可以採取哪些措施來減輕成本。所以團隊的工作非常出色，這要歸功於我們團隊的每一位成員，例如我們的醫療保險——我們的醫療保險管理得非常好。這些功勞零分都跟我無關。一切都歸功於團隊在業務的各個方面都做得非常出色。

But -- it's given. I mean as you see cost of chicken going up, as you see all the different inflationary cost to the consumer, I think you -- the customer who -- the team member who works in the club also needs to have a pay increase in order to get through the life. And that's all planned for.

但是——這是既定的。我的意思是，隨著雞肉價格上漲，隨著消費者面臨各種通貨膨脹成本，我認為你——顧客——以及在俱樂部工作的團隊成員也需要加薪才能維持生計。這一切都在計劃之中。

Yeah, and I would just add to that, to your point, we'll give 2026 outlook here at the end of January. But -- as far as labor expenses in our centers, those have been trending roughly around at the level of CPI 2.5%, 3%, and we wouldn't expect that to be any different, Bahram mentioned utilities, of course, utilities with energy demand, there's always going to be a potential for increase there.

是的，我還要補充一點，正如您所說，我們將在1月底給予2026年的展望。但是——就我們中心的勞動成本而言，這些成本一直大致在 CPI 2.5% 到 3% 的水平附近波動，我們預計不會有任何不同。巴赫拉姆提到了公用事業，當然，公用事業的能源需求總是有成長的可能性。

But we do a number of things to hedge and rate lock in a lot of our markets. So I would say we've managed exposure nicely there. And of course, R&M supplies COGS, those things will always be subject to regular inflation. But for the most part, I think we've done a nice job of managing a lot of those risks.

但是，我們在許多市場中都採取了多種措施來進行避險和利率鎖定。所以我覺得我們在這方面控制得很好。當然，R&M 的供應成本總是會受到通貨膨脹的影響。但總的來說，我認為我們在管理這些風險方面做得很好。

And I want to add a comment. Look, I talk to investors all the time. Our environment is dynamic, our world's dynamic. Things change, sometimes they change slowly. Sometimes they change rapidly and you need to constantly be ready for adaptation.

我想補充一點。你看，我常常和投資人交流。我們的環境是動態的，我們的世界是動態的。事物總會改變，有時改變得很慢。有時情況變化很快，你需要隨時做好適應的準備。

And this team is doing an amazing job of thinking about adapting as necessary. And we're very, very, proud of what the team has been executing over the last several years. With that, we'll just deal with the future as it comes.

這個團隊在根據需要進行調整方面做得非常出色。我們為團隊在過去幾年所取得的成就感到非常非常自豪。那麼，我們就順其自然，迎接未來吧。

Eric Des Lauriers, Craig-Hallum.

埃里克·德·勞里耶斯，克雷格-哈勒姆。

Thank you for taking my questions and congrats on another very impressive quarter here. Wondering if you could expand a bit more on dynamic personal training, certainly been a driver of incentive growth for a few quarters now. Could you just expand a bit on what changes have been driving that growth?

感謝您回答我的問題，並祝賀您又一個季度取得了非常出色的成績。想請您再詳細談談動態私人訓練，這無疑是近幾季激勵員工績效成長的重要因素。能否詳細說明一下推動這項成長的因素有哪些？

And then maybe even more importantly, what kind of -- I guess, how should we think about capacity in terms of continued growth in DPT. I mean do these personal trainers have a lot of capacity to add new clients? Are they pretty much booked throughout the day at this point? Just kind of help us understand a bit more how to think about the capacity for continued growth?

然後，或許更重要的是，我們該如何看待 DPT 持續成長的產能問題？我的意思是，這些私人教練有足夠的能力招收新客戶嗎？他們現在一天的檔期都快排滿了嗎？請您幫助我們更理解如何看待持續成長的能力？

That's a really, really complicated question. The response is not going to be something you like. There are some trainers who are booked solid. They don't have other hours to sell. So their opportunity is to adjust their price up a little higher and charge a little more sometimes they do and sometimes because of their loyalty to their customer base they have, they don't. It's their call.

那真是個極為複雜的問題。答案可能不會讓你滿意。有些教練的檔期已經排滿了。他們沒有其他時間可以出售商品。所以他們有機會稍微提高價格，多收一點錢；有時候他們會這樣做，但有時候，由於他們對現有客戶群的忠誠，他們不會這樣做。這是他們的決定。

The -- some trainers are new. They come in. We have a great opportunity right now with the lifetime brand, the DPT, the clubs to attract really, really, solid people for that business. We have an incredibly robust program for them. The top performers get compensated extremely well taken care of really well, and we're continually adding to the number of productive trainers at a very good pace.

有些教練是新來的。他們進來了。我們現在擁有一個絕佳的機會，透過 Lifetime 品牌、DPT 和俱樂部，吸引真正優秀的人才加入這項業務。我們為他們制定了一套非常完善的方案。表現優異者會獲得非常優的報酬和很好的照顧，而且我們正以非常好的速度不斷增加優秀培訓師的數量。

Some clubs are doing PT dynamic personal training revenues that are record-breaking month after month. And some clubs have opportunity to do significantly more than what they're doing based on their particular location and their membership base and their dues base. So it's managing and is not the simple answer for the whole company as a whole, it's club by club, location by location, trainer by trainer.

有些俱樂部正在進行 PT 動態私人訓練，其收入逐月打破紀錄。根據俱樂部的具體地理位置、會員基礎和會費基礎，有些俱樂部有機會做得比現在多得多。所以，這是管理問題，不是整個公司都能輕易解決的問題，而是要逐個俱樂部、逐個地點、逐個培訓師來解決的問題。

That's helpful. And it certainly sounds like there's room for this to continue to be a growth driver, though I appreciate that it certainly varies center by center. Next question for me. Just on the decision to expand new more locations. Can you just comment on what you're seeing from the few that you have opened now and just expand a bit more on that decision? Thanks.

那很有幫助。聽起來這確實有繼續成為成長動力的空間，不過我也明白，具體情況因中心而異。下一個問題。只是關於決定拓展更多新地點。能否就您目前開設的幾家門市的情況發表一下看法，並詳細闡述您做出這項決定的原因？謝謝。

Yeah, so the decision -- we kind of set the bar a year or two ago is about 10 to 12 club openings balancing that with some acquired clubs that had a great opportunity to kind of convert those. And all of that was to sort of balance two things at the same time. The club growth and the balance sheet to the safe, safe BB level credits, we were just kind of delivering on two objectives. We achieved our BB credit a year ahead of what would have been expected.

是的，所以我們做出的決定——我們在一兩年前就設定了目標，那就是開設 10 到 12 傢俱樂部，同時收購一些俱樂部，這些俱樂部有很大的機會進行轉型。這一切都是為了同時平衡兩件事。俱樂部發展和資產負債表都達到了安全可靠的 BB 級信用額度，我們當時只是在實現兩個目標。我們比預期提前一年獲得了BB信用評級。

And I'm proud of the team for executing that 100% and then as soon as we did that, the focus was come back, look at our pipeline and see what could be expedited and then take that into the equation. And that was the change. And now, as I mentioned to you, the balance sheet is strong. Our number one priority is growth. We have a significant amount of we told all the investors over and over in '23, '24, '25.

我為團隊百分之百地執行了這項任務而感到自豪，然後我們一完成這項任務，重點就回到正題，審視我們的流程，看看哪些可以加快，然後把這些因素考慮進去。這就是改變的開始。正如我之前提到的，公司的資產負債表狀況良好。我們首要任務是發展。我們在 2023 年、2024 年、2025 年一再告訴所有投資者，我們有大量的資金。

We have significant opportunity to grow the -- all of the clubs [re-ramping] a lot of clubs because they had lost. And with a clear understanding at some point, the clubs will get to a high level organization and then you need to sort of get the -- your growth coming in from new center growth.

我們有很大的機會成長——所有俱樂部[重新崛起]很多俱樂部，因為他們都輸了。隨著對某個階段的清晰認識，俱樂部會發展成為一個高水準的組織，然後你需要從新的中心發展中獲得成長。

And so that is now part of the plan to grow the new center, as I mentioned, we have been working on our digital strategy as well. I know we didn't spend a lot of time on it, but I am super, super excited about the work our team is doing to deliver an amazing experience for AI to make the life of the member significantly easier with basically a pretty robust unveiling of the features that come in late December, January, February of this year, is what how we can do things so much easier for our customers in the club through AI, as well as what AI can do for digital subscribers who are getting all of this for free.

因此，正如我之前提到的，這也是發展新中心計畫的一部分，我們也一直在製定數位化策略。我知道我們在這方面投入的時間不多，但我對我們團隊正在努力為人工智慧帶來卓越體驗的工作感到無比興奮，這將大大簡化會員的生活。我們將在今年 12 月底、1 月和 2 月推出一系列功能，屆時我們將展示人工智慧如何讓俱樂部客戶的生活更加輕鬆便捷，以及人工智慧如何為免費享受所有這些服務的數位訂閱用戶帶來便利。

And the reason they're doing that is because the reason we're doing that is to make sure the lifetime brand is reached to people who are within our club vicinities and the people who are outside of that. And then, of course, we hope to establish opportunities with a much easier way for people to share link on, hey, why you should take Life Time's protein powder versus others and then the people can just click and purchase that.

他們這樣做的原因，也是因為我們這樣做的原因，是為了確保終身品牌能夠觸及我們俱樂部附近的人以及俱樂部以外的人。當然，我們也希望創造機會，讓人們能夠更輕鬆地分享鏈接，告訴大家為什麼應該選擇 Life Time 的蛋白粉而不是其他品牌的蛋白粉，然後人們就可以點擊鏈接進行購買。

So there's a lot of different works being done that basically is established to help the overall growth of Life Time as a healthy way of life, health and wellness, full service of all aspects of healthy living, healthy aging. Additionally, our MIORA offering, which is the longevity we are -- we have been at a sort of R&D stage for the last year, that results have been exactly in line with what our expectation is -- is we need to establish the relationships, get the doctors, bring them into the facilities and then get the providers, which are the nurse practitioners or physician assistants.

因此，目前正在進行許多不同的工作，其目的基本上是為了幫助 Life Time 整體發展成為一種健康的生活方式、健康和福祉，以及健康生活和健康老化的各個方面。此外，我們的 MIORA 產品，也就是我們所追求的長期性——過去一年我們一直處於研發階段，結果完全符合我們的預期——我們需要建立關係，找到醫生，把他們帶到醫療機構，然後再找到醫療服務提供者，也就是執業護士或醫師助理。

Get them fully trained and then take them through our approach of metabolic code and do that program. That program is going really well. It's right on schedule. We're expecting to open four to five additional locations in different markets.

先對他們進行全面培訓，然後讓他們學習我們的代謝密碼方法並執行該程序。那個專案進展非常順利。一切都按計劃進行。我們預計在不同的市場開設四到五個新店。

In the next 90 days and then roll those out and then it starts rolling that out much more aggressively by the end of '26 into many, many, more markets. So we're going to continue to look for ways to adapt the business to what the customers are seeking, make the adaptations necessary to provide that, make the adjustments in positioning the company into the market.

接下來的 90 天裡，我們將陸續推出這些產品，然後在 2026 年底之前，我們將更積極地將其推廣到更多市場。因此，我們將繼續尋找方法，使業務適應客戶的需求，並做出必要的調整來滿足這些需求，並調整公司在市場中的定位。

So it's the highest premium product in the market. And sort of address the customer who wants that quality, and they're not going to -- sacrifice the quality for anything. And that strategy has been working as evident to your -- our results, and we're going to continue to stay on that strategy until we see a need to come up with something different.

所以它是市場上最高端的產品。他們要迎合那些想要這種特質的客戶，他們不會為了任何事犧牲品質。從你們的表現和我們的結果來看，這項策略已經奏效，我們將繼續堅持這項策略，直到我們認為有必要採取其他措施為止。

Right now, we don't.

目前，我們沒有。

Owen Rickert, Northland Securities.

歐文‧里克特，北地證券。

Hey, bro, I'm Eric, thanks for taking my question here. First, where do lifetime living and lifetime work fit into your road map going forward? And maybe how should investors think about their contribution to growth over the next several years?

嘿，兄弟，我是艾瑞克，謝謝你在這裡回答我的問題。首先，終身生活和終身工作在你的未來規劃中扮演著怎樣的角色？那麼，投資人應該如何看待他們在未來幾年對經濟成長的貢獻呢？

That's a great question. Life Time work, actually, from the separately unique locations, a specified lifetime work, they're working. They're working just as good as our clubs are working. They're not really a big factor in the overall number. However, the opportunity there remains asset-light, when we can fit them in right next to the club, adjacent, we have similar success, wait list for them. They work great.

這是一個很好的問題。實際上，這是一份終身工作，他們從各自不同的地點從事特定的終身工作。他們的運作效果和我們俱樂部的運作效果一樣好。它們在總數中所佔比例並不大。然而，如果能將它們安置在俱樂部旁邊，我們就能以輕資產的方式獲得類似的成功，並且會有候補名單。它們非常好用。

What's interesting about that is that we have kind of launched the Life Time Work Club Lounge, which is basically a more expanded opportunity within our existing clubs, just part of the membership and it's really interesting to see how well that works. And we continue to make adaptations in existing clubs that just helps the regular membership.

有趣的是，我們已經推出了終身工作俱樂部休息室，這基本上是我們現有俱樂部內更擴展的機會，是會員資格的一部分，看到它運作得如此順利，真的很有意思。我們不斷對現有俱樂部進行調整，以幫助普通會員。

Life Time living -- it is clearly a superior performance in terms of -- we have six, seven locations that basically have lifetime leaving every single one ramp faster every single one of those will have a higher rate per square foot and every single one demonstrate better retention and regular apartment business.

終身居住——顯然在性能方面更勝一籌——我們有六七個地方基本上都有終身居住，每一個地方的入住率上升得更快，每一個地方的每平方英尺租金都會更高，每一個地方都表現出更好的續租率和穩定的公寓業務。

So it's truly a disruptive plan, it benefits from the [200 billion] of Life Time impressions per year. And so we are working on either ways to provide the CapEx for that, that is more or less off Life Time's balance sheet and using the Life Time's balance sheet and cash flow for building our regular business, which has a massive IRR after sale lease back or sort of fully leveraged, as you guys know, it's a great IRR.

所以這確實是一個顛覆性的計劃，它受益於每年 2000 億次的終身曝光量。因此，我們正在研究兩種方法來提供所需的資本支出，這或多或少都來自 Life Time 的資產負債表，而我們利用 Life Time 的資產負債表和現金流來發展我們的常規業務，正如你們所知，在售後回租或完全槓桿化之後，我們的內部收益率 (IRR) 非常高，這是一個非常好的內部收益率。

The apartment business, even if we are 25% superior apartment business, which so many times, we demonstrate that, it's still extremely below the IRR of our club operations. Therefore, what we are working very, very diligently on is having a different vehicle that is basically does not use lifetimes money to build it.

即使我們的公寓業務比其他公寓業務高出 25%（我們已經多次證明這一點），但它仍然遠低於我們俱樂部運營的內部收益率。因此，我們正在非常努力地研發一種不同的車輛，而這種車輛基本上不需要花費畢生的資金來製造。

Now we're talking with that, we're working with a lot of partners who are building the apartment business to name their apartment Life Time Living, and we just got the financing all in place and the location in Paradise Valley is under -- it's a very minimal investment from Life Time.

現在我們正在與許多合作夥伴洽談，他們正在打造公寓業務，並將公寓命名為 Life Time Living。我們已經完成了所有融資，位於天堂谷的這處房產——Life Time 的投資非常少。

Most of it is outside capital. But it right behind and attached to our Paradise value location, which will open ahead of the apartments. So it is definitely on a development plan part of Life Time to continue to grow the full campus of the Life Time Living, Life Time Work, Life Time Living Club. The capital structure, the cap stack of that is very, very different than the cap stack for just the club business.

大部分都在資本之外。但它就在我們 Paradise 超值地段的後面，並且與之相連，Paradise 超值地段將比公寓先開放。因此，Life Time 的發展計畫中肯定包含了整個繼續發展 Life Time Living、Life Time Work 和 Life Time Living Club 的園區。此資本結構，即資本組成，與俱樂部業務的資本組成非常非常不同。

Molly Baum, Morgan Stanley.

莫莉‧鮑姆，摩根士丹利。

Hi, thanks so much for taking our questions. I just wanted to ask two quick follow-ups on the new club openings for next year. So the first of which is I know you highlighted that you're going to be opening larger clubs next year. Are there any important considerations that we should keep in mind from a margin standpoint or maybe from a new club brand standpoint as we think about 2026 versus 2025?

您好，非常感謝您回答我們的問題。我只想快速問一下關於明年新俱樂部開業的兩個後續問題。首先，我知道您強調明年將開設更大的俱樂部。從利潤率的角度來看，或從新俱樂部品牌的角度來看，在考慮 2026 年與 2025 年相比，有哪些重要的因素需要考慮？

Yeah, I mean for those clubs, I mean, those are going to have margins that are going to be, I would say, relatively similar. We do expect those clubs with the larger square footage though, on a per average basis we'll be -- we'll have higher average revenue per club. So that would be one expectation to keep --

是的，我的意思是，對於這些俱樂部來說，它們的利潤率應該會比較接近。不過，我們預計面積較大的俱樂部，平均而言，每個俱樂部的平均收入會更高。所以，這是需要保持的一項期望。--

These are what you should look for. Higher average revenue lower membership count, as Erik mentioned, our new business model for the new clubs we don't need more than 3,500 to 4,000 memberships to achieve the best outcome, the best optimal returns.

這些是你應該注意的事項。正如 Erik 所提到的，我們新的俱樂部商業模式是：平均收入越高，會員人數越少，我們只需要 3500 到 4000 名會員就能取得最佳效果，獲得最佳回報。

And then you should also expect that we are going to press you guys on not keep calling for more EBITDA margin. We are -- last year, we started at 25%. We told you not to model beyond that. You asked -- can you do better. We said we didn't say we can't do better. But now we've got to consider that as we get into the next year, opening 13 or 14 new clubs, there will be a there would be a negative margin from those at the early stage of the opening.

此外，你們也應該預料到，我們會向你們施壓，要求你們不要再繼續要求提高 EBITDA 利潤率。去年，我們是從 25% 開始的。我們已經告訴你不要再做其他建模工作了。你問——你能做得更好嗎？我們說的是“我們沒做不好”，而不是“我們不能做得更好”。但現在我們必須考慮到，隨著我們進入明年，開設 13 或 14 家新俱樂部，開幕初期階段的利潤將會為負值。

So we feel really, really good about where the business is at as strong as we've ever felt. I just want to make sure that we guide you guys correctly with all of that. But those clubs should do really, really well.

所以我們對公司目前的狀況感到非常非常滿意，感覺比以往任何時候都更加強勁。我只是想確保我們能正確地指導你們完成所有這些事情。但這些俱樂部應該會取得非常非常好的成績。

Yeah, and you probably saw in the supplement the average size is about [95,000] or [94,000] for next year. So just -- so you guys can model that into your models because look at 2025, it was roughly [66,000]. So that's an important point as you're doing your model.

是的，你可能在補充資料中看到，明年的平均規模約為[95,000]或[94,000]。所以，你們可以把這一點納入你們的模型中，因為看看2025年，它大約是[66,000]。所以，在建立模型時，這一點非常重要。

Got it. Thanks so much. And then just quickly on my follow-up. When you think about the balance of using sale leasebacks for self-development for new club growth, how are you thinking about the implied interest rate on leases versus using that on the balance sheet? Is there an opportunity to improve your lease terms going forward? Or does it ever make sense for you to keep the stores on the balance sheet with your lower cost of debt? Thanks.

知道了。非常感謝。然後我簡單地跟進了一下。在考慮利用售後回租進行自我開發以促進新俱樂部發展時，您是如何看待租賃隱含利率與在資產負債表上使用該利率之間的平衡的？未來是否有機會改善租賃條款？或者說，對你而言，在債務成本較低的情況下，將門市保留在資產負債表上是否真的有意義？謝謝。

Yeah, it's a little bit of both, right? I think the -- when you're looking at these clubs after sale leaseback, the IRR are significantly better on the capital does this remain in the business. On the other hand, we do have a low financing charge, and I expect that our cap rates will start coming back down and we will be expecting to do sale leaseback with better cap rates as the interest rate starts coming down.

是的，兩者兼而有之，對吧？我認為——當你考察這些俱樂部售後回租時，其內部收益率 (IRR) 對於資本而言要好得多，這是否意味著它將繼續留在企業中。另一方面，我們的融資費用較低，我預計我們的資本化率將開始回落，隨著利率的下降，我們有望以更高的資本化率進行售後回租。

But your answer -- to your question is it's a thoughtful question, and we definitely will analyze those decisions as we go forward, balancing that out.

但對於你的問題，我的回答是──這是一個值得深思的問題，我們一定會分析這些決定，並在推進過程中權衡利弊。

Yeah, I mean the obvious objective there is to keep us cost of capital, right, whether that's a sale leaseback or sub-6 debt.

是的，我的意思是，顯而易見的目標是降低我們的資本成本，對吧，無論是售後回租還是低於6億美元的債務。

Chris Woronka, Deutsche Bank.

克里斯‧沃隆卡，德意志銀行。

Hey, good morning, guys. Thanks for squeezing me in, and I appreciate all the details so far. I just had one question, which is for Bahram, as you continue to open new clubs now builds especially, but maybe the supplies to some conversions. Is there anything you look at with respect to design and maybe not necessarily from an efficiency standpoint only, but also from a customer what customers are looking for.

嘿，大家早安。謝謝你擠出時間陪我，也非常感謝你目前為止提供的所有細節。我只有一個問題，是問巴赫拉姆的，因為你現在不斷開設新的俱樂部，特別是建築方面，但也許需要一些改造的物資。在設計方面，您是否會考慮一些因素，也許不一定只從效率的角度來看，也要從客戶的角度考慮客戶的需求？

I mean do these centers need to have more -- whether it's some of the sport courts or more room for trading or whatever it might be? Is there any element of the design and construction process that is going to change over time and what the impact might be?

我的意思是，這些中心是否需要增加一些設施——無論是運動場地、交易空間還是其他什麼？設計和施工過程中有哪些環節會隨著時間而改變？改變後會產生哪些影響？

Yeah, look, all large club formats from 30 years ago have been designed with maximum flexibility to offer the programming that is necessary for the time. And we've done those transformations that you guys have seen. And nobody has a crystal ball to know what 10 years or 15 years from now will look like. So whenever we work on a design and I was working for hours last night on design with my team, you have to think about as much flexibility as you can.

是的，你看，30 年前所有的大型俱樂部模式都經過精心設計，具有最大的靈活性，可以滿足時代所需的節目需求。我們已經完成了你們所看到的那些改造。誰也沒有水晶球能預知10年或15年後會是什麼樣子。所以每當我們進行設計工作時（昨晚我和我的團隊花了幾個小時進行設計工作），你都必須盡可能地考慮靈活性。

And we -- that's all you can do. You can basically plan for that, hey, what can we change what if things change what do you do with that space? And that's an ongoing work. It is not something for next year or for last year. That's been going on for 30 years is going to go on for the next 30 years.

而我們──你們也只能做到這些了。你基本上可以為此做好計劃，例如，我們可以改變什麼？如果情況改變怎麼辦？你如何利用那部分空間？這是一項持續進行的工作。這不是明年的事，也不是去年的事。這種情況已經持續了30年，而且還會繼續持續30年。

Thank you. At this time, this concludes our question-and-answer session. I'd like to turn the floor back to Connor Wienberg for closing comments.

謝謝。問答環節到此結束。我想把發言權交還給康納溫伯格，讓他做總結發言。

Yeah, thank you, everyone, and thank you for joining us this morning. We look forward to having you on the next call.

是的，謝謝大家，也謝謝各位今天早上收看我們的節目。我們期待在下次通話中與您見面。

This will conclude today's conference. Thank you for your participation, ladies and gentlemen. You may have a wonderful day. Please, you may disconnect your lines at this time.

今天的會議到此結束。感謝各位的參與，女士們、先生們。祝您今天過得愉快。請您現在斷開線路。