Life Time Group Holdings, Inc. (LTH) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Life Time Group Holdings Inc. Q2 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. (Operator Instructions)

各位好，歡迎參加 Life Time Group Holdings Inc. 2026 年第二季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。(接線員指示)

It's now my pleasure to turn the call over to Connor Wienberg, Vice President, Capital Markets and Investor Relations. Connor, please go ahead.

現在我很榮幸將電話交給 Connor Wienberg，資本市場與投資人關係副總裁。Connor，請開始。

Good morning. Thank you for joining us for the second quarter 2026 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.

各位早安。感謝各位參加 Life Time Group Holdings 2026 年第二季財報電話會議。今天與我一同出席的有創辦人、董事長兼執行長 Bahram Akradi，以及執行副總裁兼財務長 Erik Weaver。

During the call, we will make forward-looking statements, which involve a number of risks and uncertainties that may cause actual results to differ materially from those forward-looking statements made today. There's 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，我們將發表前瞻性陳述，其中涉及多項風險與不確定性，可能導致實際結果與今日所作之前瞻性陳述存在重大差異。公司向 SEC 提交的文件中對風險因素有完整討論，建議各位查閱。

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.

公司也將討論若干非 GAAP 財務衡量指標，包括調整後淨利、調整後 EBITDA、調整後稀釋每股盈餘（EPS）、淨負債對調整後 EBITDA（或我們所稱之淨負債槓桿比率）以及自由現金流。上述資訊以及在適用情況下與最直接可比 GAAP 指標的調節表，均已載於公司今早發布的財報新聞稿、向 SEC 提交的 8-K 文件，以及我們網站的投資人關係專區。

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

接下來，我將把電話交給 Erik。

Thank you, Connor, and good morning, everyone. We appreciate you joining us for our Q2 business and financial update. Please note this morning, we posted an earnings supplement on our Investor Relations website, which includes additional detail on our membership mix and comparable center revenue.

謝謝你，Connor，各位早安。感謝各位參加我們第二季業務與財務更新電話會議。請注意，今天早上我們已在投資人關係網站上發布財報補充資料，包含更多關於會員組合與同店（可比）中心營收的細節。

Starting with our second quarter revenue. Total revenue increased 13.7% to $866 million, driven by continued strength in performance across our clubs, including higher dues revenue and strong utilization of our in-center businesses.

先從第二季營收談起。總營收成長 13.7% 至 8.66 億美元，主要受惠於我們各俱樂部持續強勁的表現，包括會費收入提高，以及中心內業務的強勁使用率。

Comparable center revenue grew 9.1%. This was above our expectations, driven by an outperformance in our membership acquisition and in-center business performance. As outlined in our earnings supplement, there are four components of our comparable center revenue growth.

同店中心營收成長 9.1%。此表現高於我們的預期，主要由會員招募與中心內業務表現優於預期所帶動。如我們的財報補充資料所述，同店中心營收成長由四個組成部分構成。

Improved membership mix contributed 3.1% growth. Price contributed 2.9% growth. In-center businesses contributed 2.9% growth, largely driven by double-digit year-over-year growth in dynamic personal training and LifeSpa. And volume contributed 0.2% to comparable center growth. As a result of our Q2 performance, we have raised our full year comparable center revenue guidance to 7.9% to 8.3%, up from 6.9% to 7.5%.

會員組合改善貢獻 3.1% 的成長。價格貢獻 2.9% 的成長。中心內業務貢獻 2.9% 的成長，主要由動態私人教練與 LifeSpa 年增雙位數成長所帶動。而量（volume）對同店中心成長貢獻 0.2%。基於我們第二季的表現，我們已將全年同店中心營收指引上調至 7.9% 至 8.3%，高於先前的 6.9% 至 7.5%。

Average monthly dues were $245, up approximately 12.3% year over year, and average revenue per center membership was $993, up 11.8% year over year. Growth in average dues was driven primarily by positive membership mix trends and execution of our pricing strategy. We ended the quarter with approximately 860,000 center memberships, which reflects 1.2% year-over-year growth.

平均每月會費為 245 美元，年增約 12.3%；每中心會員的平均營收為 993 美元，年增 11.8%。平均會費的成長主要由正向的會員組合趨勢以及我們定價策略的執行所驅動。本季末我們約有 86 萬個中心會員數，年增 1.2%。

As we've discussed on past calls, we have been managing our membership mix. Part of our strategy has been to limit certain qualified memberships, specifically those administered by third-party medical insurance providers. We refer to these as qualified medical memberships. This strategy continued in the second quarter.

如同我們在過去的電話會議中所討論，我們一直在管理會員組合。我們策略的一部分是限制某些合格會員，特別是由第三方醫療保險提供者管理的會員。我們將其稱為合格醫療會員。此策略在第二季持續推進。

Qualified medical memberships declined by approximately 20,600, down 18.9% year over year. All other memberships grew by approximately 30,900, up 4.2% year over year. Our strategy is working as reflected in our 13.3% growth in total news revenue year over year. We expect total center membership growth of 1% to 1.5% in the third quarter and 2% to 3% in the fourth quarter. Excluding qualified medical memberships, we expect center membership growth of 4% to 5% in both the third and fourth quarters.

合格醫療會員約減少 20,600 名，年減 18.9%。其他所有會員約增加 30,900 名，年增 4.2%。我們的策略正在奏效，反映在總新會費收入（news revenue）年增 13.3%。我們預期第三季中心會員總數成長 1% 至 1.5%，第四季成長 2% 至 3%。若排除合格醫療會員，我們預期第三季與第四季中心會員成長皆為 4% 至 5%。

Moving on to net income. For the quarter, net income was $101.4 million, an increase of 40.6% year over year. Second quarter net income included approximately $8.5 million of net tax-affected items excluded from adjusted net income, primarily consisting of share-based compensation.

接著談淨利。本季淨利為 1.014 億美元，年增 40.6%。第二季淨利包含約 850 萬美元（稅後）的項目，該等項目自調整後淨利中排除，主要為股份基礎給付。

Net income in the prior year included tax-affected net cash proceeds of $9.3 million received from employee retention credits under the CARES Act, partially offset by a tax-affected net loss of $9 million on a sale-leaseback transaction.

前一年度的淨利包含依《CARES 法案》取得之員工留任抵免（Employee Retention Credits）稅後淨現金收入 930 萬美元，部分被售後租回交易（sale-leaseback）稅後淨損 900 萬美元所抵銷。

Adjusted net income, which excludes the tax-affected impact of these items, was $109.8 million, up 30.6% year over year. Adjusted EBITDA was $246.5 million, an increase of 16.8% over the prior year quarter, and our adjusted EBITDA margin improved by 80 basis points to 28.5%.

調整後淨利（排除上述項目的稅後影響）為 1.098 億美元，年增 30.6%。調整後 EBITDA 為 2.465 億美元，較去年同期成長 16.8%，調整後 EBITDA 利潤率提升 80 個基點至 28.5%。

As noted in our earnings release, we increased our full year 2026 revenue, net income, and adjusted EBITDA guidance. We also increased the midpoint of our full year adjusted EBITDA margin guidance to 28.2%. Our updated guidance includes the impact of seven clubs scheduled to open in the fourth quarter and the associated preopening expenses and early operating ramp impact on margin.

如我們在財報新聞稿中所述，我們上調了 2026 全年營收、淨利與調整後 EBITDA 指引。我們也將全年調整後 EBITDA 利潤率指引的中位數上調至 28.2%。我們更新後的指引已納入預計於第四季開幕的 7 家俱樂部，以及相關的開幕前費用與初期營運爬坡對利潤率的影響。

Net cash provided by operating activities increased to $209.6 million, approximately 7.1% higher compared to the prior year quarter. Total capital expenditures were $263.3 million, up 18.6% from the prior year, reflecting construction activity in support of our new club openings for 2026 as well as the construction on clubs planned for 2027.

營運活動提供之淨現金增加至 2.096 億美元，較去年同期約成長 7.1%。資本支出總額為 2.633 億美元，年增 18.6%，反映為支持 2026 年新俱樂部開幕的建設活動，以及規劃於 2027 年開幕之俱樂部的施工。

As of today, we have opened 7 of the 14 clubs scheduled to open this year. The remaining seven clubs are expected to open in the fourth quarter. We still expect 12 to 14 new clubs in 2027, 10 of these clubs are already under construction.

截至今日，我們已開幕今年預計開幕的 14 家俱樂部中的 7 家。其餘 7 家預期將於第四季開幕。我們仍預期 2027 年將新增 12 至 14 家新俱樂部，其中 10 家已在施工中。

In April, we closed on sale-leaseback transactions that generated approximately $200 million of sale-leaseback proceeds, and we expect to complete approximately $400 million for the full year, supporting our ongoing focus on generating annual positive free cash flow.

4 月，我們完成售後租回交易，產生約 2 億美元的售後租回收益（proceeds）；我們預期全年可完成約 4 億美元，支持我們持續聚焦於每年產生正向自由現金流。

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

接下來，我將把電話交給 Bahram。

Thank you, Erik. Good morning, everyone, and thank you to our teams across the company for another outstanding quarter. Much like last quarter, we continue to see strong performance across all aspects of our business. Demand has been strong from our existing members as well as our new members.

謝謝你，Erik。各位早安，也感謝公司各地團隊在本季再次交出亮眼成績。如同上一季，我們持續看到業務各方面皆有強勁表現。現有會員與新會員的需求都很強勁。

At the core of our performance is our intense focus on delivering exceptional experiences for our members. We plan to continue this strategy by delivering new desirable programs and services with the highest level of attention and care.

我們表現的核心在於高度專注於為會員提供卓越體驗。我們計畫透過推出新的、具吸引力的方案與服務，並以最高程度的關注與用心來交付，持續推進此一策略。

For example, we have accelerated the rollout of CTR and Hybrid XT, our two newest group training formats. CTR is our large group Pilates reformer class. This class blends performance-based training with the precision and the control of reformer movement.

例如，我們已加速推出 CTR 與 Hybrid XT，這是我們最新的兩種團體訓練形式。CTR 是我們的大型團體皮拉提斯 Reformer 課程。這堂課將以表現為導向的訓練，與 Reformer 動作的精準度與控制力相結合。

Hybrid XT combines conditioning and strength training for real-world and competition-ready performance and is paired with our UT Games hybrid athlete competition. We are seeing incredible demand from our members for these classes.

Hybrid XT 結合體能與肌力訓練，以打造符合真實情境與競賽需求的表現，並搭配我們的 UT Games 混合型運動員競賽。我們看到會員對這些課程有驚人的需求。

Our balance sheet and cash flow also remain exceptionally strong with the sale leasebacks completed this quarter and an additional $200 million of proceeds expected by end of the year, we expect to deliver positive free cash flow while achieving all of our revenue and adjusted EBITDA growth targets.

我們的資產負債表與現金流也依然格外強勁；本季完成售後回租交易，且預計年底前還將取得額外 2 億美元的款項，我們預期在達成所有營收與調整後 EBITDA 成長目標的同時，仍能實現正向自由現金流。

We are currently on track to open 14 new clubs in 2026, the high end of our initial range, and we continue to see an incredibly strong pipeline of opportunities ahead. Overall, we feel very good about where we are and the trajectory of our business. We look forward to your questions.

我們目前有望在 2026 年開設 14 家新俱樂部，達到我們初始區間的上緣，且我們持續看到前方有極為強勁的機會管線。整體而言，我們對目前的狀況與業務發展軌跡感到非常樂觀。我們期待各位的提問。

(Operator Instructions)

(接線員指示)

Arpine Kocharyan, UBS.

Arpine Kocharyan，瑞銀（UBS）。

So really solid set of results this morning. And it's not every day you look at results and you say, actually, I have very few questions. But I do have two. First, your guidance upside for the year is flowing through at a nice 55%. So you raised revenue by about $28 million, and that's raising EBITDA by $15 million.

今天早上的業績表現確實非常扎實。而且不是每天你看完業績後會說，其實我幾乎沒有什麼問題。但我確實有兩個。第一，你們今年指引上修的增量有不錯的 55% 流入率。也就是說，你們把營收上調約 2,800 萬美元，同時把 EBITDA 上調 1,500 萬美元。

And we're now looking at 14 club openings this year from 12 to 14 before. I know it's difficult to talk about 2027 given everything that's going on in the world. But as we think about the ramp-up of these large-scale clubs as we get into next year, anything you would like to share on revenue per member dynamics to kind of help us better understand the opportunity as it relates to actual ramp and also flow-through for next year? Then I have a quick follow-up.

另外，我們現在看到今年將開設 14 家俱樂部，先前是 12 到 14 家。我知道在全球局勢之下，要談 2027 年很困難。但當我們思考這些大型俱樂部在明年逐步爬坡時，關於每位會員營收（revenue per member）的動態，你們是否願意分享一些觀察，幫助我們更好理解機會，尤其是實際爬坡速度以及明年的流入率？然後我有個簡短追問。

You're asking -- this is Bahram. You're asking a great question. The impact of this certainty of the 14 clubs is actually more on the next year than this year because they're opening so late into 2026 that they really don't have material impact on our numbers for this year. But we have a pretty robust opening scheduled for next year as well. And we have tremendous amount of real estate deals in the pipeline that I am more excited than I've ever been.

你在問——我是 Bahram。你問得很好。這 14 家俱樂部的確定性，對明年的影響其實大於今年，因為它們在 2026 年開得很晚，對今年的數字實質影響不大。但我們明年也排了相當強勁的開店計畫。而且我們的管線裡有大量不動產交易機會，我比以往任何時候都更興奮。

So we anticipate really, really good growth across the -- in the foreseeable future, we don't see any slowdown in the reason for anything to slow down. However, we don't usually share results or guidance for the next year. But things are -- we have nothing to look at and think that there is anything going the wrong way. Everything is going positively right now.

因此我們預期在可預見的未來會有非常、非常好的成長；我們看不到任何放緩的理由，也沒有任何因素會讓成長放慢。不過，我們通常不會分享明年的結果或指引。但目前我們沒有看到任何事情朝錯誤方向發展。現在一切都在正向進展。

Great. That's helpful. In-center business contribution to same-store growth came close to about 3% this quarter, which was an acceleration from something like 2% earlier this year. And I know you're doing more in CTR and hybrid training classes and maybe on spa and F&B. With larger club footprint ramping next year, do you see this in-center business contribution to same-store growth sustaining at that 3% level as we go into next year?

很好。這很有幫助。本季店內業務（in-center business）對同店成長的貢獻接近約 3%，相較今年稍早大約 2% 有所加速。我知道你們在 CTR 與混合訓練課程上做得更多，可能也包括 SPA 與餐飲（F&B）。隨著明年更大的俱樂部面積逐步爬坡，你們是否認為店內業務對同店成長的貢獻能在明年維持在 3% 左右？

Yes. So again, without -- this is Erik, giving numbers into next year, I think when we think about sustainability of that number, you're absolutely right. That number increased from 2.3 to 2.9. And it really comes down to us continuing to deliver on the experience, right? And so we've seen excellent engagement in our in-centers.

是的。再次說明——我是 Erik——在不提供明年具體數字的前提下，談到這個數字的可持續性，你說得完全正確。這個數字從 2.3 提升到 2.9，關鍵在於我們持續交付體驗，對吧？因此我們看到會員在店內的參與度非常好。

We've seen it across DPT and SPA. And so to the extent that we continue to deliver on that experience, we expect the financial performance will follow.

我們在 DPT 與 SPA 都看到了這種情況。因此，只要我們持續交付這樣的體驗，我們預期財務表現也會隨之而來。

Yes. We have to continue to look for places in our business where we have opportunity to do better than we are doing. And so this year, we are seeing great growth on the revenue from PT from SPA. We are having great process improvement in our F&B. So we're getting the margin improvement in F&B first, reorganizing certain things, menus, processes. And then we then focus on developing revenue growth strategy in F&B for 2027.

是的。我們必須持續在業務中尋找可以做得比現在更好的機會點。因此今年我們看到私人教練（PT）與 SPA 的營收都有很好的成長。我們在餐飲（F&B）方面也有很好的流程改善。所以我們先在 F&B 取得毛利率改善，重新整理某些事項、菜單與流程。接著我們會把重點放在為 2027 年制定 F&B 的營收成長策略。

Meanwhile, we're always working and developing different programs, different products that can add to what our consumer can purchase from us. So we expect similar results going into the next year very comfortably.

同時，我們也一直在研發不同的方案與產品，讓消費者能向我們購買更多內容。因此我們相當有信心，明年會有類似的成果。

John Heinbockel, Guggenheim Partners.

John Heinbockel，Guggenheim Partners。

Bahram, I wanted to follow up on that. Can you talk about the penetration from your members in things like DPT and spa, right? Because I think the penetration is still pretty low, right? DPT, I think, right, is still in the single digits. And talk about awareness, right?

Bahram，我想就此追問一下。你能談談會員在 DPT 和 SPA 這類服務上的滲透率嗎？因為我認為滲透率仍然相當低，對吧？例如 DPT，我想仍是個位數。也請談談認知度（awareness），對吧？

So the penetration and then also the awareness, right? Because I think you have not wanted to hard sell members on these services, you wanted to happen organically. So is that awareness now picking up meaningfully?

也就是滲透率，以及認知度。因為我認為你們一直不想對會員強力推銷這些服務，而是希望自然發生。那麼現在這方面的認知度是否已明顯提升？

Yes. I don't believe that you can sit there and say that penetration of the personal training is low. It's been pretty consistent for years and years and years. Our clubs are realistically 50% training exercise, 50% all other things. So the social aspects of the business, which we are stepping on sort of aggressively right now, the family, the kids, the sports.

是的。我不認為你可以坐在那裡說私人教練的滲透率很低。多年來它一直相當穩定。我們的俱樂部實際上是 50% 訓練運動、50% 其他所有事情。因此，這門生意的社交面向——我們現在正相對積極地加碼——包括家庭、孩子、運動。

So the personal training really applies to 50%, 60% of our customers. And that 50%, 60% -- so the number is like you say, okay, we have a 7% penetration at a particular month. We have a 10%, 11%, 12% penetration when you look at the larger window throughout in a yearly basis. That number is actually double the number of people who are working out in our clubs for -- come to our clubs for exercise, for lifting, for getting training.

所以私人教練實際上適用於我們 50%、60% 的客戶。而那 50%、60%——所以你會說，好吧，某個月份我們的滲透率是 7%。但如果你用更長的時間窗、以年度來看，滲透率會是 10%、11%、12%。而這個數字其實是那些到我們俱樂部來運動、重訓、接受訓練的人數的兩倍。

So I don't think the number is like drastically low. The team does a phenomenal job. We have branded DPT masterfully over the last four or five years. We are getting productivity that this company has never seen from the personal trainer. We have more successful trainers than we've ever had.

所以我不認為這個數字低得離譜。團隊做得非常出色。過去四、五年我們把 DPT 的品牌打造得非常到位。我們從私人教練身上取得了公司前所未見的生產力。我們擁有比以往更多成功的教練。

The reputation of the business is that this is the best place for them to come and make the most money and have been in the most professional environment. So we have significant amounts of qualified applicants. So I trust that our team will continue pathways. We also have to deliver additional programming. So part of the success of last year was dynamic stretch still growing, dynamic nutrition still growing.

市場對我們的口碑是：這裡是他們能賺最多錢、並且處在最專業環境的最佳去處。因此我們有大量合格的應徵者。所以我相信我們的團隊會持續推進各種成長路徑。我們也必須提供更多額外的課程與方案。因此去年成功的一部分原因是 Dynamic Stretch 仍在成長、Dynamic Nutrition 仍在成長。

So these things will lend to one another. We have other things we're working on right now, which I don't want to discuss that would also bring in another set of customers and then they can expand their work. It's a constant work. Results are really, really good. And I expect the team to continue to grow that percentage.

因此，這些事情會彼此相互帶動。我們目前還在推進其他一些工作，我不想討論細節；那些也會帶來另一批客戶，然後他們就能擴大他們的業務量。這是一項持續性的工作。成果真的、真的很好。我也預期團隊會持續把那個比例再往上提升。

And if I could just add one thing to that, John. Keep in mind, penetration is just one part, one metric of the story. Penetration is up year over year in DPT, but it's also about trainer efficiency, revenue per trainer and how much new business they're bringing in. And all of those metrics are up year over year. So you have to look at it holistically.

John，如果我可以再補充一點。請記住，滲透率只是故事的一部分、其中一個指標。DPT 的滲透率年增，但同時也要看教練效率、每位教練的營收，以及他們帶來多少新業務。而且這些指標也都年增。所以你必須用更全面的角度來看。

Okay. And then my follow-up, just -- maybe as you now get to 14 openings a year, maybe talk about gating factors on expansion, right? Because I think lots of landlords, right, malt and otherwise want you in their locations. So the real estate opportunities are there. Maybe more from a people standpoint, where do you think you're not comfortable going beyond just in terms of executing the experience?

好的。那我的追問是——當你們現在可能要達到一年 14 家開幕時，能否談談擴張的限制因素（gating factors）？因為我想很多房東——不論是商場或其他類型——都希望你們進駐他們的據點。所以不動產機會是存在的。也許更多是從人力角度來看，你覺得在哪些方面你們不太願意再往上加速，主要是就體驗落地執行而言？

John, you're trying to get information out of me. You're masterful at it. So I'm going to try to masterfully respond back to you. We have tremendous amount of opportunity more than -- like I said earlier, more than I have ever seen before. There is more developers, more large projects, more office buildings that they're reaching to us and they want to have the Life Time brand, not just the fitness center, the Life Time Athletic Country Club, coupled with Life Time Living or their development.

John，你想從我這裡套出一些資訊。你很擅長這件事。所以我也要試著很巧妙地回應你。我們面前的機會非常多——就像我先前說的，比我過去任何時候看到的都還多。有更多開發商、更多大型專案、更多辦公大樓主動找上我們，他們想要的是 Life Time 品牌，不只是健身中心，而是 Life Time Athletic Country Club，再搭配 Life Time Living 或他們的開發案。

So we have tremendous amount of opportunities in front of us. PJ is working his butt off his entire team. I'm working as hard as I can with them. We are looking to expand our growth over the next several years. I'm not going to tell you how other than 14 clubs a year for now is the limit.

所以我們面前有大量機會。PJ 和他的整個團隊非常拼。我也盡我所能和他們一起努力。我們正在尋求在未來幾年擴大成長。我不會告訴你具體怎麼做；但就目前而言，一年 14 家會所是上限。

But we are looking for ways to have bigger development rollout because the opportunity coming our way is significantly bigger than it has been in the past.

但我們正在尋找方法，讓開發推進的規模更大，因為主動找上門的機會明顯比過去大得多。

Randy Konik, Jefferies.

Randy Konik，Jefferies。

I guess a question for Erik. You have, I think, a lot of the openings weighted to the fourth quarter. There's got to be some kind of opening -- the preopening kind of expenses impacting kind of weighing on the numbers, even though the numbers are much better than expected. So maybe kind of give us some perspective there on how much of an impact that's been.

我想問 Erik 一個問題。我認為你們很多開幕是集中在第四季。一定會有某種開幕前（preopening）的費用影響、拖累數字，儘管整體數字比預期好很多。所以能否請你給我們一些觀點，這對結果的影響大概有多少？

And then when you think about next year, just not giving us a number of openings, what have you, would you expect a change in cadence on when you open clubs next year versus this year? Just curious just because it moves the numbers around a little bit.

另外，當你看明年時——不是要你給我們開幕家數——你預期明年開幕節奏（cadence）會和今年不同嗎？只是好奇，因為這會讓數字在期間分布上有些變動。

Yes. I mean there certainly is an impact on margin as you think about those clubs opening later in the year. You've got seven of them that are going to open up in Q4. So whether it's 30, 40 -- there's a little bit of an impact there as we know.

是的。當你想到那些會所在年底才開幕時，確實會對毛利率/利潤率造成影響。你們有 7 家會在第四季開幕。所以不論是 30、40——我們知道那裡會有一些影響。

But we've said for next year, we're targeting 12 to 14 as well. The timing of those obviously are not all announced yet. You may have a little bit of that in the back half of the year. But again, as you've seen from our increase in our overall margin, even this year, obviously, we've increased that. And so we've been able to absorb that. But it does have a small impact as we open those in the back half of the year.

但我們也說過，明年同樣目標是 12 到 14 家。當然，這些開幕時間點還沒有全部公布。你可能會看到有一部分仍落在下半年。但再說一次，從我們整體利潤率的提升你也看到了，即使在今年，我們顯然也提高了。因此我們有能力吸收這些影響。不過，當我們在下半年開幕時，確實會帶來一些小幅影響。

Got it. And then I guess a follow-up back to you would be, last quarter, I think the big unlock was the idea of reaching this inflection point in cash flow such that you could self-fund growth with optionality around sale leasebacks if wanting to. Just when you think about that target year, what would change to kind of -- because these numbers keep coming in better than expected.

了解。那我對你再追問一下：上季我認為最大的關鍵突破，是你們提到現金流達到拐點，因而可以用自有資金支持成長，同時保留在需要時做售後回租（sale leasebacks）的選擇權。當你想到那個目標年份時，什麼因素可能會改變——因為這些數字一直比預期更好。

So I'm assuming the ramps are coming and also starting to ramp a little bit better than expected as well. Anything that would kind of change to kind of get that number or that year kind of pulled forward a little bit? And just remind us how you're thinking about utilizing that optionality in not next year or beyond, but like the next three to five years from now as you kind of unlock all that cash flow to either do more units or buy back more stock? Or just kind of give us some, again, parameters on how you're thinking long term on the business.

所以我假設新店爬坡（ramps）也在發生，而且可能也比預期更順利。有沒有什麼會讓那個數字或那個年份被提前一些？另外也請提醒我們，你們如何看待運用這個選擇權——不是明年或更近，而是未來三到五年——當你們解鎖這些現金流後，是用來開更多店、或回購更多股票？或是再給我們一些你們長期思考這門生意的框架/參數。

I'll take this. This is Bahram. We are going to stay disciplined to deliver what we say we do. We've committed to doing $400 million of sale leaseback this year. So we're going to first and foremost deliver that.

我來回答。我是 Bahram。我們會保持紀律，做到我們說要做到的事。我們已承諾今年要完成 4 億美元的售後回租。所以我們首先、最重要的是把這件事交付完成。

As we get into strategies for next year, you're absolutely correct. Our cash flow is increasing each year nicely. We have more optionality than we have ever had. That's the way I have always wanted to lead to get the company financially in a position where we have a significant number of options and flexibility on managing through great times, managing through bad times. And so that requires having super, super strong fundamentals on your balance sheet.

至於明年的策略，你說得完全正確。我們的現金流每年都在穩健增加。我們擁有的選擇權比以往任何時候都多。這一直是我想要帶領公司達到的財務狀態：讓我們在景氣好時、景氣差時，都有大量選項與彈性可以應對。而這需要資產負債表具備非常、非常強的基本面。

And we are there now. We have all kinds of options in front of us. And we're going to be more clearly focused on our WACC, our weighted average cost of capital and our ROIC and with a clear focus on taking the capital that is afforded to us by shareholders and debt structures and make sure we provide great return to our investors by putting those in the right places.

而我們現在已經到達那個位置。我們面前有各式各樣的選項。我們會更清楚地聚焦在 WACC（加權平均資本成本）與 ROIC（投入資本報酬率），並明確聚焦於：把股東與債務架構所提供給我們的資本，放在正確的地方，確保為投資人創造很好的報酬。

We are examining all different types of options for the future years. And I think you are correct to have that question, but I would probably expand on the strategy for that towards end of the year or early next year if we choose to change anything because it definitely delivers a better result for our shareholders. But right now, we're staying on course and just evaluating the options.

我們正在檢視未來年度各種不同的選項。我認為你提出這個問題很合理；但如果我們選擇做任何調整——因為那確實能為股東帶來更好的結果——我可能會在今年底或明年初再更完整地說明策略。但目前我們會按既定方向前進，同時評估各種選項。

Molly Baum, Morgan Stanley.

Molly Baum，Morgan Stanley。

Maybe shifting gears a little bit to talk about MIORA. Can you give an update on how you're thinking about the white space opportunity? And can you maybe frame the revenue or the EBITDA contribution that you're seeing from the mature locations you have open right now?

也許稍微換個話題談 MIORA。你能否更新一下你們如何看待白地市場（white space）機會？另外，你能否大致說明目前已開業的成熟據點，對營收或 EBITDA 的貢獻情況？

Yes. Great question, not a great answer for you right now. So it is in incubation, we have 6 or 7 locations that we are working. I have been adamant with the team that we are not going to add additional locations until we deliver what I would consider to be a perfect customer journey experience. And we do have some challenges with the technology and some of the processes around that.

是的。問題問得很好，但我現在沒有一個很好的答案可以給你。目前仍在孵化階段，我們正在運作 6 或 7 個據點。我一直很堅持：在我們交付我認為「完美」的客戶旅程體驗之前，我們不會再增加更多據點。而我們在技術以及相關流程上確實還有一些挑戰。

So we are kind of working around those challenges. Our full intention is to roll out MIORA extremely robustly. But what I believe we need to do is we need to perfect the model and then roll out extremely fast and aggressively once we have a model that doesn't -- our clubs when we open, they open right now with a wait list, they open contribution margin positive in the second month, the third month. I mean, everything is working because we have mastered the execution of a club opening.

所以我們算是在繞開那些挑戰來推進。我們的完整意圖是以極其強健的方式推出 MIORA。但我認為我們需要做的是先把模型打磨到位，然後一旦我們有一個不會——我們的俱樂部在開幕時，目前都是帶著候補名單開幕，第二個月、第三個月就能達到貢獻毛利為正。我的意思是，一切都運作良好，因為我們已經掌握了開設俱樂部的執行方法。

We have some work to do with MIORA. However, I am the most convinced that it will be absolutely a massive growth opportunity. We can grow really, really fast as soon as we fine-tune these final little touch points that we have to get corrected. So numbers right now on MIORA, the six or seven locations are just not material. It's really working on the customer journey.

MIORA 還有一些工作要做。不過，我最確信的是，它將會是非常巨大的成長機會。只要我們把最後這些小細節微調並修正到位，我們就能非常、非常快地成長。所以就 MIORA 目前的數字而言，那六、七個據點其實並不具重要性。重點真的在於把客戶旅程做好。

Got it. That makes a lot of sense. And one other question I had wanted to ask. I think that you -- as we think about these qualified medical memberships, I think you've spoken in the past that you have some contract renewals coming up at the end of 2026. So how are you evaluating what might happen with these memberships, which relationships to renew, which you might be able to convert into a standard membership? If you can give some more color there, that would be great.

了解。這很有道理。我還有另一個問題想問。我想你——當我們思考這些合格醫療會員資格時，我記得你過去提過在 2026 年底會有一些合約續約到期。那你們如何評估這些會員資格可能會發生什麼變化、哪些關係要續約、哪些可能可以轉成標準會員？如果你能多補充一些細節就太好了。

Yes. We're working on it. We have great partners. We have massive, massive companies, Fortune 50 companies in the country that we have great relationships with. There is a significant benefit to a certain portion of the population to absolutely love this program.

是的。我們正在處理。我們有很棒的合作夥伴。我們與國內一些規模非常、非常大的公司——《財富》50 強企業——都有很好的合作關係。對於人口中的某一部分而言，這個方案有顯著的好處，他們也確實非常喜歡這個計畫。

We are working on the details of not doing it or not doing it. Our partners want to continue on. We want to be good partners and do some, but we have to put in all the flexibilities in it so we can absolutely control the experiences in the clubs so that the number of certain type of memberships doesn't overtake the others.

我們正在研擬細節，關於要不要做、以及怎麼做。我們的合作夥伴希望能繼續。我們也希望成為好的合作夥伴，會做一部分，但我們必須把所有彈性都設計進去，讓我們能夠完全掌控俱樂部內的體驗，避免某一類會員的數量壓過其他類型。

Some clubs don't -- cannot afford to have any programming around that. So we are basically rolling out a strategy with this. The discussions are going extremely well. We don't expect anything negative to happen at this point other than we will gradually have a lower percentage of our membership being qualified membership. It will continually go down as a percentage of our total membership and become less and less significant to the point it wouldn't be really worth our time to discuss with you guys or you guys with us.

有些俱樂部——無法負擔為此安排任何相關的課程或方案。所以我們基本上正在推出一套策略來處理這件事。目前討論進展非常順利。就現階段而言，我們不預期會有任何負面情況發生；唯一可能的是，我們的會員結構中「合格會員」的占比會逐步降低。它會在我們總會員中的占比持續下降，變得越來越不重要，最後可能根本不值得我們跟各位討論，或各位跟我們討論。

But we do love the population in our clubs -- in certain clubs, I think it's just a really nice program to provide when we have the capacity and they don't interfere with the bigger opportunity in the club.

但我們確實喜歡這些族群在我們的俱樂部——在某些俱樂部裡，我認為當我們有容量、而且他們不會干擾俱樂部更大的機會時，提供這樣的方案是一個很不錯的計畫。

Yes. And I think that's key. If you remember, these memberships have restricted hours. So in some clubs, it's a great way to fill some of that off time.

是的。我想這是關鍵。如果你記得，這些會員資格有使用時段限制。所以在某些俱樂部，這是填補離峰時段的一個很好的方式。

And in some locations, we just simply don't have really the ability to provide them. I mean none of the new clubs are opening with them. So you can just feel and some of the open clubs, we don't have any more direct medical program available unless they are choosing to go to a full upgrade with it. So we will manage this. It just won't be a significant piece of what's going to drive the business up or down.

而在某些地點，我們確實就是沒有能力提供。我的意思是，所有新開的俱樂部都不會在開幕時就提供這個。所以你也能感覺到，在一些已開幕的俱樂部，除非他們選擇升級成完整方案，否則我們也不再提供更多直接的醫療方案名額。因此我們會管理這件事。它不會是驅動業務上升或下降的重要因素。

Anthony Bonadio, Wells Fargo.

Anthony Bonadio，富國銀行。

I just wanted to start on the comp -- the 9% comp center revenue. Can you just talk a little bit more about the cadence of that growth as you move through the quarter? And then back half guidance implies some deceleration, which I know isn't new, but that's clearly gone the other way this quarter. So can you just talk about assumptions there and how you're thinking around that has evolved?

我想先從同店——同店中心營收 9% 的成長談起。你能否多談一點，隨著季度推進，這個成長的節奏是怎樣的？另外，下半年指引暗示會有一些放緩，我知道這不是新訊息，但本季顯然是往相反方向走。所以你能談談這裡的假設，以及你們對此的思考有什麼演變嗎？

Yes, absolutely. I can take that. So absolutely right. We did see, as I talked about, an acceleration this quarter. Again, that goes back to all the things that we're doing in DCT and spa, et cetera.

是的，當然。我可以回答。你說得完全正確。我們確實如我所提到的，在本季看到加速。同樣地，這回到我們在 DCT 和 SPA 等各方面所做的所有事情。

You also mentioned that it is normal for a -- as seasonality kicks in some slight deceleration. The big thing to keep in mind is a lot of this is in-center business growth, right? And so as we're projecting the year, if you look at the midpoint of our updated guidance, that's still 8.1%. It's above kind of what we've been communicating in terms of our long-term algo. So it's nothing more than just being prudent as we're thinking about all the summer activity and as we're projecting rest of the year.

你也提到，隨著季節性因素出現，出現些微放緩是正常的。要記住的一個重點是，這當中有很大一部分是中心內（in-center）的業務成長，對吧？因此當我們推估全年時，如果你看我們更新後指引的中位數，仍然是 8.1%。這高於我們一直溝通的長期演算法（long-term algo）。所以這只是我們在考量所有夏季活動、以及推估今年剩餘期間時，採取更審慎的做法而已。

Got it. That's helpful. And then maybe just on the events. You announced the expansion of the LT Games, also the acquisition of the Phoenix 10-K in the quarter. I guess just given the growing popularity of some of these events and competitions, as I look at the other offers out there gaining traction, can you just talk a little bit more about the opportunity set and what growth prospects could look like?

了解。這很有幫助。接著可能談談活動（events）。你們宣布擴大 LT Games，也在本季收購 Phoenix 10-K。我想，鑑於這些活動與競賽的受歡迎程度正在提升，而我也看到市場上其他產品正在獲得動能，你能否多談談機會版圖，以及成長前景可能會是什麼樣子？

And just any thoughts on like how margins, returns compare to the rest of your business?

另外，關於像是毛利率、報酬率相較於你們其他業務的表現，有沒有任何想法？

Great question. So LT Games and Hybrid XT are sort of a yin and a yang. Hybrid XT is today, the sort of the current big driver of people wanting to come that -- do that type of a hybrid training. So the responsible thing to do, as we have always mentioned, these clubs were designed from day 1 to have the flexibility of adaptation. And so we can roll out the programs that the customers are seeking at that moment in time.

這問題問得很好。所以 LT Games 和 Hybrid XT 有點像陰與陽的關係。Hybrid XT 目前是驅動人們想來做那種混合式訓練的主要動力。因此，負責任的作法是——如我們一直提到的——這些俱樂部從第一天起就被設計成具備調整與適應的彈性。所以我們可以推出客戶在那個時間點所尋求的方案。

And LT Games is basically a very, very, very defined experience, very accurately measurable. It's -- I have a big vision for what LT Games can do for the company on its own and to sort of bringing the type of customer who wants to do that athletic training into Life Time to do Hybrid XT. It's sort of a thing that goes together.

而 LT Games 基本上是一個非常、非常、非常明確的體驗，而且可以非常精準地衡量。我對 LT Games 能夠為公司本身帶來的價值有很大的願景，同時也能把想做那種運動型訓練的客群帶進 Life Time，進而去做 Hybrid XT。它們算是相互搭配的一件事。

Ultimately, LT Games has the potential of being in a spectator competition. It's not tomorrow, it's not next year, it's going to take years for it to achieve to that, but that's the vision. And so those are the way we're going to drive those.

最終，LT Games 有潛力成為一項觀賞型競賽。這不是明天、也不是明年就會發生；要達到那個程度需要好幾年，但那就是願景。因此，我們會用這些方式來推動它們。

CTR is rolling out as fast as we can roll it out. And every class we put on ends up being waitlisted. So we are rolling as fast as we can. We're spending a little more money. We're investing more growth capital into these initiatives in our clubs because they are working extremely well.

CTR 正以我們能做到的最快速度在推出。而我們開出的每一堂課最後都會出現候補名單。所以我們正以最快速度推進。我們會多花一點錢。我們也會在這些俱樂部內的計畫上投入更多成長資本，因為它們的成效非常好。

So that's where we're deploying some additional capital to capture these growth opportunities. So hopefully, that answers your question.

因此，我們正在那裡投入一些額外資本，以把握這些成長機會。希望這能回答你的問題。

Ben Chaiken, Mizuho Securities.

Ben Chaiken，瑞穗證券。

This is Linda Chen on for Ben. We're wondering if you could go back to kind of clarifying your churn expectations for the qualified medical membership in 2027 and as well as the opportunities to convert and maybe like share some data points on the churn year-to-date and then any of the conversion into the standard membership?

我是代替 Ben 的 Linda Chen。我們想請教，你們能否再回頭釐清一下對於 2027 年合格醫療會員（qualified medical membership）的流失率（churn）預期，以及轉換的機會；另外也能否分享一些今年迄今的流失率數據點，以及轉換為標準會員的情況？

We don't look at it in that fashion. We're looking at sort of our calculation of how our expectation is on total -- the average dues per membership growth and the regular and the membership count growth and the blend of the -- some of these the way you have to think about it is, for sure, the percentage of medical qualified is going to go down. As that percentage goes down, the average dues on membership goes up. There's just sort of a direct correlation with it. It's virtually not significant enough.

我們不會用那種方式來看。我們看的比較是我們對整體的計算：也就是每位會員平均會費（dues）成長的預期、一般會員與會員數量的成長，以及組合（blend）—你需要這樣理解：可以確定的是，醫療合格會員的占比會下降。當這個占比下降時，每位會員的平均會費就會上升。兩者之間有相當直接的關聯。其實影響並不大到足以構成顯著性。

I'm telling you like this. The numbers that we are giving you and we're guiding -- and this thing is going to be less than 2% of our dues revenue in the future years.

我這樣跟你說。我們提供給你們的數字、以及我們所給出的指引—未來年度這部分將低於我們會費收入的 2%。

Yes. I mean by the end of the year, it's 3%. But it's a little too early to talk about next year. But --

是的。我的意思是到今年年底會是 3%。但現在談明年還稍微早了一點。但是—

It will drop down.

它會降下來。

Yes.

是的。

It will go from the 3% to below that.

會從 3% 降到更低。

Here's what I would tell you. The large decreases we're seeing this year is we've talked about that deemphasis of that in the prior year. So we're lapping a couple of quarters now that we're lapping that dynamic. So that's why we're giving this guidance here last quarter, this quarter and then probably in Q4. So again, we're kind of lapping those four quarters.

我可以這樣告訴你。我們今年看到的大幅下降，是因為我們先前提過去年對這一塊的弱化（deemphasis）。所以我們現在正在經歷幾個季度的「基期效應」（lapping）來反映那個動態。這也是為什麼我們在上季、本季，然後可能在第四季提供這樣的指引。所以再說一次，我們大致是在跨過那四個季度的比較基期。

As we get into '27, with some of the things Bahram was talking about, we'll provide obviously more information on that. But again, it's going to be less than 3% of our total.

等到進入 2027 年，配合 Bahram 剛才提到的一些事項，我們當然會提供更多資訊。但同樣地，它會低於我們總體的 3%。

Total revenue.

總收入。

And if we ever change anything, I mean the dues will go up. But again, it's not going to be significant. So it just -- so I think we really need to focus you guys on the -- where the big drivers will be on the business.

而且如果我們未來有任何調整，我是說會費會上升。但同樣地，影響不會顯著。所以—我認為我們真的需要把你們的焦點放在—業務的主要驅動因素會在哪裡。

Eric Des Lauriers, Craig-Hallum.

Eric Des Lauriers，Craig-Hallum。

Congrats again on another impressive quarter. As you look at the new club opportunities in '27 and beyond, obviously, there's lots of white space kind of across the board. But how should we be thinking about sort of larger versus smaller footprint, greenfield versus retrofit, and urban versus suburban? Can you just kind of give us a sense of either the changing opportunities there or your evolving priorities?

再次恭喜又交出一個令人印象深刻的季度。當你們看 2027 年及之後的新會所機會時，顯然整體還有很多「白地」（white space）。但我們應該如何思考較大與較小的面積（footprint）、綠地新建（greenfield）與改造（retrofit）、以及都會與郊區？你能否大致讓我們了解一下，這些機會是否正在改變，或你們的優先順序如何演進？

Yes. I can't tell you -- I would never want to tell you guys, we're going to do seven of these and seven of those or eight of these and six of those. I think the way to think about it is that these -- the pipeline is driven by both all the sites that we go find to buy, purchase a piece of land. And right now, we're in a position where we can actually pull the trigger, buy some parcels of land a bit earlier to create a land bank so we can have those ground-up opportunities laid out a little more clearly.

是的。我不會想告訴各位我們會做七個這種、七個那種，或八個這種、六個那種。我認為應該這樣理解：這些—我們的案源（pipeline）同時來自我們去找的所有可購買的地點、購買一塊土地。而目前我們的狀況是，我們其實可以更早一點扣扳機，先買下一些地塊，建立土地儲備（land bank），讓我們的從零興建（ground-up）機會能更清楚地規劃出來。

But then the other developments, they are just -- the [froth] of it right now is such that it's quite a bit. So I can't give you a direction to say it's going to be more of these over the time or more of those, but definitely more urban locations coming as a percentage of our whole portfolio. With New York, Miami, there's kind of a big markets, growth markets with sort of a big pipeline of developments.

但另一方面，其他開發案—目前的「熱度」（[froth]）非常高，量也相當多。所以我無法給你們一個方向說，未來會更多這種或更多那種；但可以確定的是，都市型據點占我們整體組合的比例會提高。以紐約、邁阿密來說，這些大型市場、成長型市場都有相當龐大的開發案管線。

But the question is what year they land in. Those are hard to give you guys because the larger the building, the larger the project, the larger the apartment building, the longer is the time for them to be developed and constructed and built and delivered.

但問題是它們會落在哪一年。這些很難跟各位說得很準，因為建築越大、專案越大、公寓大樓越大，開發、施工、建造與交付所需的時間就越長。

So we are a very, very good spot to delivering the total amount of square footage that we want to grow per year. And as we have gone through this, it really doesn't matter if it's one type or the other because the returns after the sale leaseback or from the rentals are always the same. They're in a 30-plus range -- IRR range, which is fantastic.

所以我們現在處在一個非常、非常好的位置，能夠每年交付我們希望成長的總建築面積（square footage）。而且在我們走過這些之後，實際上是某一種類型或另一種類型並不重要，因為不論是售後回租（sale leaseback）或租賃（rentals），回報都一樣。它們的 IRR 大約在 30% 以上的區間，這非常出色。

That's very helpful. I think we got some kind of long-term direction in there. That's very helpful. So Bahram, you've mentioned a number of times sort of how robust the demand is for new clubs right now. Historically, I mean, at least some of your clubs have been offered attractive rent rates as developers look to kind of bring you in as an anchor tenant.

這很有幫助。我想我們從中得到了一些長期方向。非常有幫助。所以 Bahram，你多次提到目前新會所的需求有多強勁。從歷史來看，至少你們有些會所曾因開發商希望引入你們作為主力店（anchor tenant）而提供相當有吸引力的租金條件。

Is this dynamic still at play? And if so, do you think that sort of broadly as you look out a number of years that rent rates will generally improve? Or is -- are these kind of opportunities more limited to one-offs that we shouldn't necessarily extrapolate a broad trend as we look out a couple of years?

這種動態現在還存在嗎？如果存在，當你往未來幾年看，你是否認為租金水準整體而言會改善？或者—這類機會比較像是零星個案（one-offs），我們不應該在未來一兩年外推成為一個廣泛趨勢？

We're always positioning our clubs at a significantly attractive rent per square foot, either through the way we build and we do the sale leaseback, the rent per square foot is significantly below what it would be naturally in the market or when we go into development, we actually put in more dollars as a tenant -- as a leasehold improvement than we would absolutely have to because we protect that lower rent for years to come.

我們一向都把會所的每平方英尺租金定位在非常具吸引力的水準；不論是透過我們的建造方式並進行售後回租，使每平方英尺租金顯著低於市場自然水準，或是當我們進入開發案時，我們作為承租方—以租賃裝修（leasehold improvement）的形式投入比「最低必要」更多的資金，因為我們要在未來多年鎖定較低的租金。

So we will continue to negotiate great rates. Real estate goes through frenzies. There's times where there's abundance of certain type of real estate in a market and the landlords are more eager to negotiate and do deals. Sometimes they are absolutely desperate because nothing else can be the catalyst for the filling up the space and our product does or brand does.

所以我們會持續談到很好的條件。不動產市場會經歷不同的熱潮。有些時候某一類型的不動產在某個市場供給充裕，房東更願意談判、成交。有時候他們甚至非常迫切，因為沒有其他因素能成為把空間填滿的催化劑，而我們的產品或品牌可以做到。

So -- but across the board, I expect our rent percentages stay consistent to what Erik has kind of mapped out to you guys around that 12%.

所以—但整體而言，我預期我們的租金占比會維持一致，與 Erik 先前向各位說明的大約 12% 左右相符。

Chris Woronka, Deutsche Bank.

Chris Woronka，德意志銀行。

Bahram, maybe we could spend a minute talking about kind of the broader supplement space and there's been some headlines around peptides potentially getting more broadly approved by the FDA and other things. So can you maybe give us a little bit of a perspective on where you guys are on that and if you think the opportunities are perhaps increasing to monetize that?

Bahram，也許我們可以花一分鐘談談更廣泛的保健品／補充品（supplement）市場；最近有一些新聞提到胜肽（peptides）可能會更廣泛地獲得 FDA 核准，以及其他相關事項。你能否分享一下你們目前在這方面的看法，以及你是否認為將其變現（monetize）的機會可能正在增加？

Yes. We're all over it. We're studying it, working on it, testing it every single day. I was on the phone last night for two hours working on half a dozen different peptides and where they're at, what they do and who makes them and what are the pros and cons with them. And -- it's definitely -- most definitely a space that is going to continue to grow.

是的。我們非常密切地在跟進。我們每天都在研究、推進、測試。我昨晚還通了兩個小時的電話，討論半打不同的胜肽：它們目前的進展、作用機制、由誰製造，以及各自的優缺點。而且—這絕對—毫無疑問是一個會持續成長的領域。

It's going to grow substantially. We're going to play a big role in it within our facilities through MIORA and different forms to rolling that out. We have to be cautious today because it's sort of a wild, wild west with the pharmacies, the compound pharmacies who make these. And so the science is in many cases, well documented.

它將大幅成長。我們將透過 MIORA 以及不同形式在我們的設施內推動落地，並在其中扮演重要角色。但我們今天必須謹慎，因為在藥局端——尤其是製作這些產品的複方藥局——某種程度上仍像是「蠻荒西部」。因此在許多情況下，相關科學依據其實有充分的文獻支持。

In some places, it's a little more sort of a believe me kind of a thing. I don't know that there is as much human research, widespread human case studies with them, but the science is sound. So we are on the cutting edge of studying it. I just caution everyone that it is very, very new, and you have to be very, very thoughtful on how you roll this out.

但在某些地方，這更像是一種「你相信我就對了」的說法。我不確定是否有那麼多人體研究、或廣泛的人體案例研究，但科學基礎是可靠的。所以我們正站在研究它的最前沿。我只是提醒大家，這非常、非常新，你必須非常、非常審慎地思考要如何推行。

And we are. We are -- we have Jim Loval, who is our Chief Science Officer and one of the biggest speakers in this category across the country. We're following the science and administering some of these things right now in our current seven locations, MIORA locations.

而我們確實如此。我們——我們有 Jim Loval，他是我們的首席科學長，也是全國在這個領域最重要的講者之一。我們遵循科學，目前也已在我們現有的七個據點、也就是 MIORA 據點，開始施用其中一些項目。

So -- but it is going to be a massive, massive growth space because the science is actually pretty sound on some of the peptides are like solid in terms of the fact that they would work.

所以——但這將會是一個極其、極其龐大的成長領域，因為就某些胜肽而言，科學其實相當扎實，從「確實會有效」的角度來看是很有根據的。

Okay. Very helpful. And just as a follow-up, I know you got a lot of balls in the air, but on app monetization, is there anything kind of new to report there in terms of whether it's some kind of product or service or maybe an advertising revenue stream? Is there anything you're working on in the near term on that?

好的。非常有幫助。再追問一下，我知道你們同時在處理很多事情，但關於 App 變現，在是否會是某種產品或服務、或可能是廣告收入來源方面，有沒有什麼新的進展可以分享？近期你們在這方面有在做什麼嗎？

It's definitely not where our head is at. Our head is the technology at Life Time needs to be fully directed on delivering consistent to our clubs extraordinary experiences. And we have a long ways to go to make sure we can keep up with the evolution in technology and the AI. And so the customer can achieve what they want to achieve in our clubs, buy what they want to buy is to get the service they want as fast and as easy as they can. So this is all on me.

那絕對不是我們目前的重點。我們的重點是：Life Time 的技術必須完全聚焦在為我們的會所提供一致且卓越的體驗。而我們還有很長的路要走，才能確保我們跟得上科技與 AI 的演進。讓顧客能在我們的會所達成他們想達成的目標、買到他們想買的東西，並以最快、最容易的方式取得他們想要的服務。所以這一切都在我身上。

I launched the Life Time digital platform a couple of years back. I wanted to see that opportunity. We spent some time. We studied. I talked to some experts. And then my takeaway based on those studies is that the digital subscriptions have such a significant attrition rate that they virtually don't make sense.

我在幾年前推出了 Life Time 數位平台。我想看看那個機會。我們花了一些時間。我們做了研究。我也和一些專家聊過。然後根據那些研究，我的結論是：數位訂閱的流失率非常高，高到幾乎不太合理。

Now we didn't lose any money because we didn't invest money in the customer acquisition, but we also couldn't see the customer coming back on a regular basis. So instead of diluting our technology team's focus on trying to do that divide it and then try to work on the customer, we decided early this year, seven, eight, nine months ago to put all of the focus on delivering the customer.

當然我們沒有虧錢，因為我們沒有在客戶獲取上投入資金，但我們也看不到客戶會規律地回來使用。所以與其分散我們技術團隊的焦點去做那件事、把資源切開再去嘗試經營客戶，我們在今年年初——大概七、八、九個月前——就決定把所有重點都放在服務顧客上。

The number of people on the digital platform are still growing naturally, but those customers are able to sign up anybody for free can sign up on Life Time app and get all those features. We're just not doing two different versions.

數位平台上的人數仍在自然成長，但這些客戶都可以註冊——任何人都可以免費註冊 Life Time App 並使用所有功能。我們只是沒有再做兩個不同版本。

Owen Rickert, Northland Capital Markets.

Owen Rickert，Northland Capital Markets。

On CTR and Hybrid XT, what's the current penetration across the center base as of right now? And how much more room is there to add them to additional clubs?

關於 CTR 和 Hybrid XT，目前在整體中心基礎中的滲透率到現在為止是多少？以及還有多少空間可以把它們擴增到更多會所？

Well, they're both different stages. Hybrid XT is extremely new. It's just rolling out. It's in really -- I mean, it's being executed to some level, but not to the way that we actually want to call it branded programming, maybe about under 20. And I think the -- our goal is to get to about 60 locations on CTR by the end of the year.

嗯，它們兩者處在不同階段。Hybrid XT 非常新。才剛開始推行。目前真的——我的意思是，它在某種程度上已經在執行，但還沒有達到我們真正想稱之為品牌化課程（branded programming）的程度，大概不到 20 個據點。而我想——我們的目標是在年底前把 CTR 擴到大約 60 個據點。

We're moving as fast as we can. And ultimately, we will have CTR in just about every club. So I would say that 80% of the clubs, 90% of clubs will have the space to deliver CTR at some point. So it's just how fast we can map that out. And we've allocated more of our growth capital to the CTR rollout this year, but we're rolling them out.

我們正以最快速度推進。最終，我們幾乎每一家會所都會有 CTR。所以我會說，大約 80% 的會所、90% 的會所，某個時間點都會有空間提供 CTR。所以問題只是我們能多快把它規劃出來。而且今年我們也把更多成長資本配置到 CTR 的推廣上，但我們正在持續擴點。

But they're not -- they're still, I would say, we're not halfway there.

但它們——我會說，我們還沒到一半。

And Bahram, you mentioned earlier, there's a nice waitlist for CTR, which is absolutely true. CTR also has the highest fill rate across our programming. So it's a very, very popular program.

另外 Bahram，你先前提到 CTR 有很不錯的候補名單，這完全正確。CTR 也是我們所有課程中滿班率最高的。所以這是一個非常、非常受歡迎的課程。

Awesome. Glad to hear, guys. And then secondly for me, you had some repurchase activity during the quarter at a pretty solid price relative to where we are today. I guess given the stock has moved since then, how are you thinking about the pace and prioritization of the remaining capacity.

太棒了。很高興聽到，各位。第二個問題是，你們在本季以相對於今天水準來看相當不錯的價格做了一些回購。我想既然股價之後已經變動了，你們現在如何看待剩餘回購額度的執行節奏與優先順序？

That's a great question. I'm not going to give you any answers.

這是個很好的問題。我不會給你任何答案。

Fair enough. I thought I'd --

可以理解。我想我會——

Logan Reich, RBC Capital Markets.

Logan Reich，RBC Capital Markets。

Congrats on the really solid results. My question was on the in-center acceleration. It's been decelerating a few quarters now and some really impressive numbers in Q2. I guess like what is the key driver of that acceleration? I know you called out dynamic personal training as a driver, but anything else to call out maybe on the cafe.

恭喜你們交出非常亮眼的成果。我的問題是關於館內（in-center）加速成長。它已經連續幾季在放緩，而 Q2 的數字非常令人印象深刻。我想問推動這次加速的關鍵驅動因素是什麼？我知道你提到動態私人教練（dynamic personal training）是一個驅動因素，但還有沒有其他值得一提的，例如咖啡廳（cafe）方面？

And then just within the sort of membership in-center spending, like is that coming from newer members or existing members? Or is that coming from higher frequency or higher penetration? Just any sort of color you guys can give on what's driving that acceleration quarter over quarter would be much appreciated.

另外，就會員的館內消費來看，這是來自新會員還是既有會員？或者是來自更高的到訪頻率或更高的滲透率？任何你們能提供的補充說明，關於是什麼在逐季推動這個加速成長，我都會非常感謝。

Yes. I mean it's really coming from both new and ramping. And when you ask about what's driving that in-center, again, it goes back to delivering on our brand and that experience. And so we talked about a couple of the big drivers being DPT and SPA, okay? So that strategy is all around engagement. It's all around experience.

是的。我的意思是，這其實同時來自新會員以及正在爬坡（ramping）的會員。而當你問是什麼在推動館內表現時，回到根本，還是我們是否兌現了品牌與那個體驗。所以我們談到幾個主要驅動因素是 DPT 和 SPA，對吧？所以這個策略完全圍繞在參與度（engagement），完全圍繞在體驗。

And so what we've really focused on is the casting in those businesses to meet the demand. And we're hiring the right number of trainers, the right trainers, the right technicians, et cetera. And so our expectation is that we have the right number, they're delivering on the experience, and that's driving the performance.

因此我們真正聚焦的是在這些業務上配置人力（casting）以滿足需求。我們正在聘用適當數量的教練、合適的教練、合適的技術人員等等。所以我們的預期是：人力數量正確、他們能交付體驗，進而帶動業績表現。

Got it. That's helpful. And then just a follow-up on CCR and Hybrid XT. Just confirming those are included in the membership. So that's not an additional in-center portion of the business.

了解。這很有幫助。再追問一下 CCR 和 Hybrid XT。確認一下，這些都包含在會員會籍裡。所以這不是館內業務的額外收費部分。

And then like, I guess, just trying to think about -- sorry, go ahead.

然後我想，就是試著再想一下——抱歉，你先說。

That's correct. Those are both part of the programs designed to bring in members, keep them engaged, and continue to build the revenue for the business.

沒錯。這兩者都是為了引進會員、維持他們的參與度，並持續為業務建立營收而設計的方案之一部分。

Got it. So is that like a pricing opportunity for you guys to -- because I know you use a lot of different metrics and data in your pricing decisions. Like is the right way to think about it like that is just an additional component of the pricing calculation and you'll view that as like a pricing opportunity? Or is that maybe even like a member growth opportunity as well? Just trying to think about how that's going to drive the model.

了解。所以這對你們來說算是一個定價機會嗎——因為我知道你們在定價決策中會使用很多不同的指標和數據。是不是可以這樣理解：這只是定價計算中的一個額外組成部分，而你們會把它視為一個定價機會？或者這也可能同時是一個會員成長機會？我只是想理解這會如何推動模型。

Look, I think the way we have transitioned the company over the last five years is the new clubs are coming in at a much higher rack rate right off the get-go. And they are designed for significantly fewer memberships, 3,000 to 4,000 membership units. And they -- at much higher dues with the most robust experiences and programming. Those models are working exceptionally well, all of them.

你看，我認為我們在過去五年把公司轉型的方式是：新會所一開始就以更高的標準牌價（rack rate）進入市場。而且它們的設計是針對顯著更少的會員數，約3,000到4,000個會員單位。並且——以更高的會費提供最完整的體驗與課程規劃。這些模式都運作得非常好，全部都是。

And then the -- on the older clubs has been basically transitioning from the older price point to a newer price point and adding programming and sort of rolling that out in the market by market, location by location as it makes sense.

至於較舊的會所，基本上就是把原本較舊的價格帶逐步轉換到較新的價格帶，同時增加課程與服務，並依照各市場、各地點在合適的時機逐步推出。

So in some clubs, you add programming and it would be part of an upgrade signature buy. It just those are in the older clubs. And all new clubs, all these programs are built in as one bundled in. But when you look at that compared to somebody trying to buy those services a la carte, one program in some studio, the value proposition at Life Time becomes so incredible that that's why the larger format clubs, new clubs with all these programs in it are hugely successful.

所以在某些會所，你會新增課程，而它可能會被納入某種升級方案的簽名式購買（upgrade signature buy）中。只是那些是在較舊的會所。而所有新會所，這些方案都是內建並以一個套裝方式打包。但當你把這與有人想在外面以單點（a la carte）的方式購買那些服務、在某個工作室只買其中一個課程相比，Life Time 的價值主張就變得非常驚人；這也是為什麼大型格式的會所、新會所把所有這些方案都納入其中會非常成功。

Andrew Chasanoff, Oppenheimer.

Andrew Chasanoff，Oppenheimer。

Congrats on the quarter. I just want to build on the in-center offering conversation. Beyond DPT, you've been discussing the momentum building in CTR with waitlist forming pretty quickly. Can you give us a sense of how you're thinking about the pathway from CTR into the broader Pilates business, which I know has historically been more of a private, semi-private higher ticket offering?

恭喜本季表現。我想延續一下館內（in-center）服務的討論。除了 DPT 之外，你們也一直在談 CTR 的動能正在建立，而且候補名單很快就會形成。你們能否談談你們如何看待從 CTR 走向更廣泛的皮拉提斯（Pilates）業務的路徑？我知道過去皮拉提斯比較偏向私人或半私人、單價較高的服務。

And then just as we're starting to think about the scale of the other in-center offerings, Cafe, Spa, MIR, as they start to scale as DPT and CTR have, how should we be thinking about the margin profiles? And if any of them are structurally higher or lower that we should be thinking about the mix as they scale?

另外，當我們開始思考其他館內服務的規模——咖啡廳、Spa、MIR——當它們像 DPT 和 CTR 一樣開始擴張時，我們應該如何看待其毛利率/利潤率輪廓（margin profiles）？以及是否有任何一項在結構上更高或更低，使我們在它們擴張時需要特別考量組合（mix）？

That was one question?

那是一個問題嗎？

Let me help you with what I can help you. So you asked about CTR being a program that would feed into the regular Pilates. That's absolutely correct. The number of people who would never go sign up for Pilates directly because it's just kind of a different experience completely, but they would go to a CTR program is significantly higher to go to CTR than to do a private training.

我先就我能回答的部分幫你說明。你問到 CTR 是否是一個能導流到一般皮拉提斯的方案。完全正確。有很多人不會直接去報名皮拉提斯，因為那是完全不同的一種體驗；但他們會去參加 CTR。相較於做私人訓練，願意去做 CTR 的人數顯著更多。

Now a certain percentage of those people will -- a certain percentage of those folks will at some point say, I like this enough. Now I'm intrigued and then there is a natural connection. So we do plan and think through how that transition can be helped or enhanced. That was one of your questions, right?

接著其中有一定比例的人——這些人當中有一部分在某個時間點會說：我很喜歡這個。現在我被勾起興趣了，然後就會有一個自然的連結。所以我們確實會規劃並思考如何協助或強化這個轉換。這是你其中一個問題，對吧？

Yes, that's very helpful.

是的，這非常有幫助。

It should, and it is helping Pilates program in certain clubs when we're executing that strategy the way I mentioned. So now what are your other questions?

它應該會，而且在我們以我剛提到的方式執行策略時，確實正在幫助某些會所的皮拉提斯方案。那你其他問題是什麼？

My follow-up is maybe kind of more around the margin aspect of in-centers and kind of as the other aspects of in-center beyond DPT and CTR begin to scale in a similar degree, you've talked about MIORA, the spa cafes, how would you just be thinking about the mix dynamics just as the mix of the in-center offerings just widens?

我的追問可能比較偏向館內業務的利潤率面向；當 DPT 和 CTR 之外的其他館內項目開始以類似程度擴張時——你們談過 MIORA、Spa、咖啡廳——當館內服務的組合變得更廣時，你們會如何看待組合動態（mix dynamics）？

Yes. Look, I think our targeted overall company EBITDA margin that we're giving you is the way I would try to do my job as mapping out what a club is going to deliver in total revenue and contribution margin, EBITDA margin. The fluctuation in the cafe and the spa margins have been de minimis in terms of overall numbers of the company. They haven't been significant because our focus for decades has been that spa and the cafe are what makes the experience become a complete athletic country club.

是。你看，我認為我們對外提供的公司整體目標 EBITDA 利潤率，就是我在做工作時會用來描繪一間會所將帶來的總營收與貢獻毛利（contribution margin）、以及 EBITDA 利潤率的方式。咖啡廳與 Spa 的利潤率波動，就公司整體數字而言影響很小（de minimis）。它們並不顯著，因為我們數十年來的重點一直是：Spa 和咖啡廳讓整體體驗成為一個完整的運動鄉村俱樂部（athletic country club）。

You can get a massage, you can get your hair done, you can get your nails done, you can get a nice meal. There are significant opportunities in the revenue growth on both categories, and we are focused on fine-tuning those and make those be additional growth drivers in the upcoming years in our overall revenue growth and in-center growth.

你可以按摩、可以做頭髮、可以做美甲、可以吃一頓很棒的餐點。這兩個類別在營收成長上都有顯著機會，而我們正專注於微調，讓它們在未來幾年成為我們整體營收成長與館內成長的額外驅動力。

And with those, we are working the details and the processes right now, perfecting those so that not only we get the revenue, we also get the appropriate margin to come with it. Very, very good opportunity ahead to kind of seize some of what looks like a capturable opportunity to help growing the in-center business and in-center margins.

同時，我們目前正在把細節與流程做好、把它們打磨到位，確保不僅能取得營收，也能取得相應的適當利潤率。前方有非常、非常好的機會，可以把握一些看起來可被捕捉的機會，來協助館內業務與館內利潤率的成長。

We reached the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

我們已到達問答環節的尾聲。我想把時間交回去，看看是否有任何進一步或結語的評論。

Thank you, operator, and thank you, everyone, for joining us this morning. We look forward to having you on the next quarter's call.

謝謝接線員，也謝謝各位今天早上加入我們。我們期待在下一季的電話會議再與各位相見。

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

謝謝。今天的電話會議到此結束。您現在可以掛斷電話，祝您有美好的一天。感謝您今天的參與。