Life Time Group Holdings Inc (LTH) 2021 Q4 法說會逐字稿

Good morning, and welcome to the Life Time Group Holdings conference call to discuss financial results for the fourth quarter and full year fiscal 2021. (Operator Instructions) Please be advised that reproduction of this call in whole or in part is not permitted without written authorization from the company. As a reminder, this call is being recorded.

早安，歡迎參加 Life Time Group Holdings 電話會議，討論 2021 財年第四季度和全年財務業績。提醒一下，此通話正在錄音。

During this call, the company will make forward-looking statements, which involve a number of risks and uncertainties that may cause actual results to differ materially from our forward-looking statements. There is a comprehensive list of risk factors in the company's SEC filings, which you're encouraged to review.

在本次電話會議中，本公司將做出前瞻性陳述，其中涉及許多風險和不確定性，可能導致實際結果與我們的前瞻性陳述有重大差異。該公司向 SEC 提交的文件中有一份完整的風險因素列表，建議您查看。

Also, the company will discuss certain non-GAAP financial measures, including adjusted EBITDA and free cash flow before growth capital expenditures. This information, along with reconciliations to the most directly comparable GAAP measures, are included in the earnings release issued this morning and the company's 8-K filed with the SEC and on the Investor Relations section of Life Time's website.

此外，該公司還將討論某些非公認會計準則財務指標，包括調整後的 EBITDA 和成長資本支出前的自由現金流。這些資訊以及與最直接可比較的 GAAP 衡量標準的對賬，均包含在今天早上發布的收益報告、該公司向 SEC 提交的 8-K 報告以及 Life Time 網站的投資者關係部分中。

On the call from management today are Bahram Akradi. Founder, Chairman and Chief Executive Officer; and Tom Bergmann, President and Chief Financial Officer. I will now turn the call over to Mr. Akradi to get started. Please go ahead, sir.

今天，巴赫拉姆·阿卡迪 (Bahram Akradi) 接到了管理層的電話。創辦人、董事長兼執行長；以及總裁兼財務長湯姆·伯格曼。我現在將把電話轉給阿卡迪先生以開始。請繼續，先生。

Good morning, and thank you for joining our fourth quarter and year-end earnings call. I am pleased to share that we had a very good fourth quarter. Our revenue was slightly ahead of guidance and adjusted EBITDA was in line with our previous guidance despite the heavy headwinds from Delta and Omicron. The timing of these COVID variants, coupled with significant mask and vaccine mandate, was very disruptive to membership recovery trends in December, January and early February. However, from mid-February onwards, we are seeing great momentum in club traffic and membership recovery.

早安，感謝您參加我們的第四季和年終財報電話會議。我很高興分享我們第四季的表現非常好。儘管 Delta 和 Omicron 面臨巨大阻力，但我們的收入略高於指引，調整後的 EBITDA 與我們先前的指引一致。這些新冠病毒變種的出現時間，加上重要的口罩和疫苗強制要求，對 12 月、1 月和 2 月初的會員恢復趨勢造成了巨大破壞。然而，從2月中旬開始，我們看到俱樂部客流量和會員恢復的勢頭強勁。

Our main focus for 2022 is a steep revenue growth throughout the year to levels in fourth quarter that positions the company extremely well for 2023. We made a very decisive decision to continue the offensive strategy we started in 2021 through the Delta and Omicron headwinds. We believe that these strategies have put us in a fantastic position to capture significant additional memberships at substantially higher average dues.

我們2022 年的主要重點是全年收入大幅增長，達到第四季度的水平，這使公司在2023 年處於非常有利的地位。戰略，克服Delta 和Omicron 的逆風。我們相信，這些策略使我們處於有利地位，能夠以更高的平均會費獲得大量額外會員。

Our center growth pipeline is the most robust I have seen in nearly 30 years. Throughout the pandemic, we established a high trust level with our real estate partners by paying 100% of the required rent, resulting in even closer relationships. In addition, our partners are experiencing the very positive impact of Life Time and the financial benefits it brings as a country club in their development. We continue to see an increasing number of urban and suburban opportunities from these relationships.

我們的中心成長管道是我近 30 年來見過的最強勁的。在整個疫情期間，我們透過支付 100% 所需租金，與房地產合作夥伴建立了高度信任，從而使關係更加密切。此外，我們的合作夥伴正在體驗 Life Time 的非常積極的影響以及它作為鄉村俱樂部在其發展過程中帶來的經濟利益。我們繼續從這些關係中看到越來越多的城市和郊區機會。

For 2022, we plan to open 12 new athletic country clubs, and our pipeline for 2023 and beyond continues to become stronger than ever. We remain committed to further strengthening our balance sheet. Earlier this year, we entered into a nonbinding letter of intent for the sale leaseback of 4 of our properties for aggregate proceeds of $175 million. We expect to close on 2 of these properties by the end of this month and the other 2 properties by the end of September.

2022 年，我們計劃開設 12 個新的鄉村運動俱樂部，我們在 2023 年及以後的頻道將繼續變得比以往任何時候都強大。我們仍然致力於進一步加強我們的資產負債表。今年早些時候，我們簽訂了一份不具約束力的意向書，出售我們的 4 處房產，收益總額為 1.75 億美元。我們預計將在本月底前關閉其中 2 處房產，並在 9 月底前關閉另外 2 處房產。

We continue to evaluate opportunities for additional sale-leaseback transactions. As a reminder, our owned real estate has estimated market value of more than $3 billion, which exceeds the company's current debt levels of approximately $1.8 billion.

我們繼續評估額外售後回租交易的機會。提醒一下，我們擁有的房地產估計市場價值超過 30 億美元，超過了公司目前約 18 億美元的債務水平。

I'm looking forward to the Q&A portion of this call after Tom's remarks. Here you go, Tom.

我期待著湯姆講話後本次電話會議的問答部分。給你，湯姆。

Great. Thank you, Bahram. I'll provide some additional detail on our 2021 fourth quarter and full year results as well as our initial outlook for the first quarter and a few comments on fiscal year 2022.

偉大的。謝謝你，巴赫拉姆。我將提供有關 2021 年第四季度和全年業績的更多詳細信息，以及我們對第一季度的初步展望以及對 2022 財年的一些評論。

In the fourth quarter, total revenue increased 57.8% to $360.5 million, driven by increases in both center revenue and, to a lesser extent, other revenue. Total center revenue increased 56.8% to $352.9 million and was driven by increases in both membership dues and in-center revenue. Average center revenue per center membership increased to $536 from $414 in the prior year period, reflecting increased spending with our in-center businesses, the continued execution of our pricing strategy and the opening of new clubs in more affluent markets.

第四季度，在中心收入和其他收入（較小程度）成長的推動下，總收入成長了 57.8%，達到 3.605 億美元。中心總收入成長了 56.8%，達到 3.529 億美元，主要得益於會員費和中心內收入的成長。每個中心會員的平均中心收入從去年同期的 414 美元增加到 536 美元，反映出我們中心內業務支出的增加、我們定價策略的持續執行以及在更富裕市場開設新俱樂部。

On a same-store basis, comparable center sales increased 52%. Center memberships increased approximately 30% to just over 649,000 as of December 31, 2021, compared to just over 500,000 as of December 31, 2020.

以同店計算，可比中心銷售額成長了 52%。截至 2021 年 12 月 31 日，中心會員人數增加了約 30%，達到略高於 649,000 人，而截至 2020 年 12 月 31 日，會員人數略高於 50 萬人。

As we discussed on the last call, on a sequential basis, we typically lose members from the third quarter to the fourth quarter due to normal seasonality related to kids going back-to-school and our pools closing in the fall. The sequential decline of 19,000 center memberships from the end of the third quarter to the end of the fourth quarter was in line with our expectations and included the loss of approximately 9,000 center memberships related to the closure of 4 small atypical centers during the fourth quarter, each of which had an expiring lease and did not conform to our overall comprehensive lifestyle brand experience.

正如我們在上次電話會議上討論的那樣，按順序計算，由於與孩子返校有關的正常季節性以及我們的泳池在秋季關閉，我們通常會在第三季度到第四季度失去會員。從第三季末到第四季末，中心會員數量連續減少 19,000 名，符合我們的預期，其中包括第四季度因關閉 4 個小型非典型中心而損失的約 9,000 名中心會員，每一個都有到期的租約，不符合我們整體的綜合生活風格品牌體驗。

Average monthly dues per membership was $135 in the fourth quarter compared to $104 in the fourth quarter of last year, an increase of approximately 30%. This increase was also in line with our expectations.

第四季每位會員的平均月費為 135 美元，而去年第四季為 104 美元，成長約 30%。這一增幅也符合我們的預期。

With the closure of the 4 small off-brand lease centers that I just mentioned, combined with the expected opening of new higher-priced premium clubs throughout 2022 and the continued layering in of price increases to our existing members, we expect to grow -- to continue to grow our average monthly dues per membership throughout this year. Other revenue, which includes revenue generated from businesses outside of our centers, more than doubled to approximately $7.6 million in the quarter and was primarily driven by our athletic events business.

隨著我剛才提到的4 個小型非品牌租賃中心的關閉，再加上預計將在2022 年開設新的價格更高的高級俱樂部，以及我們現有會員的價格持續分層上漲，我們預計將成長－今年持續增加每位會員的平均每月會費。其他收入（包括我們中心以外的業務產生的收入）在本季度增長了一倍多，達到約 760 萬美元，主要由我們的體育賽事業務推動。

Moving on to operating expenses. In the fourth quarter, total operating expenses were $698.8 million and included noncash share-based compensation expense and onetime items of $327.8 million. Excluding share-based compensation expense and onetime items, total operating expenses increased 21.4% to $371 million. Center operations expense was $218.8 million and included $12.9 million of noncash share-based compensation expense.

接下來是營運費用。第四季度，總營運費用為 6.988 億美元，其中包括非現金股份補償費用和一次性項目 3.278 億美元。不包括股權激勵費用和一次性項目，總營運費用成長 21.4%，達到 3.71 億美元。中心營運費用為 2.188 億美元，其中包括 1,290 萬美元的非現金股份補償費用。

Excluding share-based compensation expense and a $1.4 million onetime cost recovery, center operations expense increased by 33.9%, or $52.5 million, due to the impact of our center closures during last year's fourth quarter. Rent expense increased 15.7% to $55.3 million, primarily driven by additional sale leasebacks compared to the prior year and additional noncash rent expense where we've taken possession of a site to begin construction.

不包括基於股份的補償費用和 140 萬美元的一次性成本回收，由於去年第四季中心關閉的影響，中心營運費用增加了 33.9%，即 5,250 萬美元。租金支出增加 15.7%，達到 5,530 萬美元，主要是由於與上一年相比額外的售後回租以及我們擁有場地開始建設時的額外非現金租金支出。

General, administrative and marketing expenses were $353.6 million and included $309.9 million of noncash share-based compensation expense and $2.6 million of other onetime items. Excluding these items, general administrative and marketing expenses increased 27.4% to $41.2 million, primarily due to the restaffing of our center support overhead functions as centers reopened, and additional public company expenses.

一般、管理和行銷費用為 3.536 億美元，其中包括 3.099 億美元的非現金股份補償費用和 260 萬美元的其他一次性項目。不包括這些項目，一般管理和行銷費用增加了 27.4%，達到 4,120 萬美元，這主要是由於中心重新開放後我們的中心支持管理職能的人員調整以及額外的上市公司費用。

Depreciation and amortization decreased 1.8% to $58.1 million, and other operating expenses were $13 million and included $4.6 million of noncash share-based compensation expense and $0.8 million of gains related to sale leasebacks. Excluding these items, other operating expenses decreased 21.1% to $9.2 million.

折舊和攤銷下降 1.8%，至 5,810 萬美元，其他營運費用為 1,300 萬美元，其中包括 460 萬美元的非現金股份補償費用和 80 萬美元與售後回租相關的收益。不包括這些項目，其他營運費用下降 21.1% 至 920 萬美元。

Our GAAP-reported loss from operations for the quarter was $338.3 million compared with a loss of $79.7 million in the prior year period. Excluding the $327.8 million of share-based compensation expense and onetime items, the adjusted loss from operations was $10.5 million compared to an adjusted loss from operations of $77.3 million in last year's fourth quarter.

根據 GAAP 報告，本季營運虧損為 3.383 億美元，而去年同期虧損為 7,970 萬美元。不包括3.278億美元的股權激勵費用和一次性項目，調整後的營運虧損為1,050萬美元，而去年第四季調整後的營運虧損為7,730萬美元。

Net interest expense was $48.4 million and included $15.9 million of costs incurred in connection with the partial paydown of our term loan facility, including a $5.7 million prepayment penalty. Excluding these onetime items, net interest expense decreased approximately 0.7% to $32.5 million.

淨利息支出為 4,840 萬美元，其中包括與部分償還定期貸款融資相關的 1,590 萬美元成本，其中包括 570 萬美元的提前還款罰金。不包括這些一次性項目，淨利息支出下降約 0.7% 至 3,250 萬美元。

Our fourth quarter effective tax rate was 21.1% compared with 25.3% in the prior year period. This lower effective tax rate is primarily a result of valuation allowances against our state, net operating loss carryforwards and certain other nondeductible tax items.

我們第四季的有效稅率為 21.1%，而去年同期為 25.3%。這種較低的有效稅率主要是由於我們國家的估價津貼、淨營業虧損結轉和某些其他不可抵扣稅項的結果。

Our fourth quarter GAAP net loss was $304.8 million compared with a net loss of $83.9 million in 2020. Excluding share-based compensation expense of $258.3 million and $12.9 million of onetime items, our adjusted net loss improved to $33.6 million from $82.1 million.

我們第四季的GAAP 淨虧損為3.048 億美元，而2020 年的淨虧損為8,390 萬美元。萬美元增至3,360 萬美元。

Fourth quarter adjusted EBITDA increased to $48 million from a loss of $18 million in the prior year period. For the full year, total revenue increased 39% to $1.3 billion, driven by a 38.4% increase in center revenue and a 70.6% increase in other revenue. Comparable center sales increased to 35.3%, average center revenue per center membership increased to approximately $2,100 versus approximately $1,300 in the prior year period.

第四季調整後 EBITDA 從去年同期的虧損 1,800 萬美元增至 4,800 萬美元。全年總營收成長 39%，達到 13 億美元，其中中心營收成長 38.4%，其他營收成長 70.6%。可比中心銷售額增加至 35.3%，每位中心會員的平均中心收入增加至約 2,100 美元，而去年同期約為 1,300 美元。

Our GAAP net loss was $579.4 million compared with a net loss of $360.2 million in 2020. Excluding share-based compensation expense of $269.1 million and $73.4 million of onetime items, adjusted net loss improved to $236.8 million from $324.2 million. Adjusted EBITDA increased to $80.3 million from a loss of $63 million.

我們的GAAP 淨虧損為5.794 億美元，而2020 年淨虧損為3.602 億美元。億美元。調整後 EBITDA 從虧損 6,300 萬美元增至 8,030 萬美元。

Moving on to the balance sheet. Cash and cash equivalents as of December 31, 2021, was $31.6 million compared to $33.2 million as of December 31, 2020. As we discussed on last quarter's call, we completed our IPO during the fourth quarter and used the proceeds to pay down $576 million of our senior secured term loan facility, including a $5.7 million prepayment penalty, with the remaining proceeds used for general corporate purposes. We also announced during the fourth quarter that we increased the size of our revolving credit facility from approximately $357 million to $475 million and extended the maturity to December 2026.

繼續看資產負債表。截至2021 年12 月31 日的現金和現金等價物為3,160 萬美元，而截至2020 年12 月31 日為3,320 萬美元。 ，並用所得款項支付了5.76 億美元我們的高級擔保定期貸款融資，包括 570 萬美元的提前還款罰金，其餘收益用於一般公司用途。我們也在第四季宣布，將循環信貸額度從約 3.57 億美元增加到 4.75 億美元，並將期限延長至 2026 年 12 月。

As Bahram mentioned, just a few weeks ago, we announced that the company has entered into a nonbinding letter of intent for the sale leaseback of 4 properties with an estimated aggregate transaction price of $175 million. We plan to complete the sale leaseback of 2 of these properties on or before March 31, 2022, for approximately $80 million in gross proceeds. The sale leaseback of the 2 additional properties is expected to be completed prior to September 30, 2022, for approximately $95 million in gross proceeds.

正如巴拉姆所提到的，就在幾週前，我們宣布該公司已就 4 處房產的售後回租簽訂了一份不具約束力的意向書，預計總交易價格為 1.75 億美元。我們計劃於 2022 年 3 月 31 日或之前完成其中 2 處房產的售後回租，總收益約為 8,000 萬美元。另外 2 處房產的售後回租預計將於 2022 年 9 月 30 日前完成，總收益約 9,500 萬美元。

We will continue to consider and evaluate additional sale-leaseback transactions in the future as a tool to continue to strengthen our balance sheet and fund the attractive growth opportunities we have in front of us. As a reminder, as we continue to execute sale-leaseback transactions and incur incremental rent expense, we look at adjusted EBITDA plus the impact of rent expense as reported in our financial statements to better understand our underlying operating performance and trends.

我們將在未來繼續考慮和評估額外的售後回租交易，以此作為繼續強化我們的資產負債表並為我們面前的有吸引力的成長機會提供資金的工具。提醒一下，隨著我們繼續執行售後回租交易並產生增量租金費用，我們會考慮調整後的 EBITDA 以及財務報表中報告的租金費用的影響，以更好地了解我們的基本經營業績和趨勢。

Capital expenditures totaled $328.9 million during the year compared with $265.6 million in 2020. The increase was primarily related to the higher number of club openings and properties currently under construction. We opened 6 new clubs in 2021, and as Bahram mentioned, we plan to open 12 new clubs in 2022.

全年資本支出總額為 3.289 億美元，而 2020 年為 2.656 億美元。我們在 2021 年開設了 6 個新俱樂部，正如巴赫拉姆所提到的，我們計劃在 2022 年開設 12 個新俱樂部。

Turning to our initial outlook for the first quarter of 2022. For the first quarter of 2022, we expect revenue to be in the range of $385 million to $395 million, a net loss of $64 million to $60 million, adjusted EBITDA to be in the range of $38 million to $42 million. This outlook reflects the Omicron impact we experienced in late December, January and February and the increased strategic investments we have made in the numerous initiatives Bahram previously mentioned to drive membership and revenue growth throughout 2022 and beyond.

轉向我們對 2022 年第一季的初步展望。範圍為3800 萬至4200 萬美元。這一前景反映了我們在 12 月下旬、1 月和 2 月經歷的 Omicron 影響，以及我們在 Bahram 之前提到的眾多舉措中增加的戰略投資，以推動 2022 年及以後的會員資格和收入增長。

Let me provide some additional commentary on how we are thinking about the year from both a revenue and profitability standpoint. We are forecasting revenue to be in the range of $1.8 billion to $1.9 billion. We expect revenue to accelerate throughout the year as we move further away from the pandemic, open our pools during the second quarter and gain momentum from our new initiatives. As you think about our revenue growth throughout the year, it's important to remember that we are different than most typical gyms or fitness companies that generate the majority of their memberships in the first couple months of the year.

讓我從收入和盈利能力的角度對我們如何看待這一年提供一些額外的評論。我們預計營收將在 18 億美元至 19 億美元之間。隨著我們進一步遠離疫情、在第二季開放我們的資金池並從我們的新舉措中獲得動力，我們預計全年收入將加速成長。當您考慮我們全年的收入成長時，重要的是要記住，我們與大多數典型的健身房或健身公司不同，這些健身房或健身公司的大部分會員都是在今年的前幾個月產生的。

For example, in 2019, we sequentially grew our net center memberships by just over 31,000 in the first quarter and 24,000 in the second quarter, totaling net new center memberships of just over 55,000 in the first 6 months of that year. For this year, with our initiatives gaining momentum, the opening of our outdoor pools and expecting to be free of any COVID-19 mask mandates or other restrictions, we expect second quarter net new center memberships to exceed first quarter net new center memberships.

例如，2019 年，我們的中心淨會員數量在第一季增加了 31,000 多名，在第二季增加了 24,000 名，當年前 6 個月的淨新中心會員總數略高於 55,000 名。今年，隨著我們的舉措不斷取得進展、室外泳池的開放以及預計不受任何COVID-19 口罩強制要求或其他限制的影響，我們預計第二季度的淨新中心會員數量將超過第一季度的淨新中心會員數。

A few other comments as we think about 2022. We are forecasting full year rent expense to be in the range of $235 million to $245 million or approximately 13% of total company revenue. This includes noncash rent expense of $35 million to $40 million.

關於 2022 年，我們還有一些其他評論。這包括 3,500 萬至 4,000 萬美元的非現金租金支出。

As we build membership revenue throughout 2022, continue to gain operating leverage on our fixed cost base and achieve returns on the new initiatives we are investing in, we are targeting our adjusted EBITDA margin to steadily improve and be in the 18% to 20% range during the third and fourth quarters of 2022. We think this will position us well for additional margin expansion heading into 2023.

隨著我們在2022 年全年增加會員收入、繼續在固定成本基礎上獲得營運槓桿並透過我們投資的新舉措實現回報，我們的目標是調整後EBITDA 利潤率穩步提高並保持在18% 至20%的範圍內2022 年第三季和第四季 我們認為這將使我們在 2023 年之前實現利潤率的進一步擴張。

Outside of the numbers, let me just start to wrap up by saying, while the timing of Omicron disrupted our business in late December, January and early February, we believe this is temporary and have started to see encouraging membership and usage trends over the last few weeks with the removal of mask mandates around the country. During Omicron, we had nearly 30% of our centers under mask mandates and/or other COVID-19 restrictions. So we are very pleased that as of March 11, we expect all of our U.S. clubs to be free of COVID-related restrictions. Our 3 Canadian clubs are the only to have remaining restrictions.

除了這些數字之外，我首先要說的是，雖然Omicron 的時機在12 月底、1 月和2 月初擾亂了我們的業務，但我們相信這只是暫時的，並且在過去已經開始看到令人鼓舞的會員資格和使用趨勢幾週後，全國取消了戴口罩的規定。在 Omicron 期間，我們近 30% 的中心都受到戴口罩規定和/或其他 COVID-19 限制。因此，我們非常高興的是，從 3 月 11 日起，我們預計所有美國俱樂部都將擺脫與新冠病毒相關的限制。我們的 3 個加拿大俱樂部是唯一仍保留限制的俱樂部。

There is a lot to be optimistic about as we move away from the pandemic, look forward to our summer outdoor season and see the momentum start to build in many of the new initiatives we have been investing in. In 2022, we will continue to focus on opening premium clubs in iconic, dense, urban and suburban locations; strengthening our balance sheet; making the right long-term investments to take market share; and delivering unparalleled Healthy Way of Life experiences for our members.

隨著我們遠離大流行，期待夏季戶外季節，並看到我們一直投資的許多新舉措開始形成勢頭，有很多值得樂觀的事情。開設高級俱樂部；強化我們的資產負債表；進行正確的長期投資以佔據市場份額；為我們的會員提供無與倫比的健康生活方式體驗。

With that, we will turn the call back over to the operator for Q&A. Operator?

這樣，我們會將電話轉回接線生進行問答。操作員？

(Operator Instructions) Our first question today is coming from Simeon Siegel from BMO Capital Markets.

（操作員說明）今天我們的第一個問題來自 BMO 資本市場的 Simeon Siegel。

Hope you're all doing well. A quick question. Tom, how much of the digital on-hold decline came from conversions back to center memberships? Maybe how you're thinking about that digital on-hold rate of recapture. And then could you just speak to the average monthly price paid per membership this quarter versus prior levels? It would be great to dig into a little bit more of what you guys are seeing with the price lifts and what you'd expect going forward.

希望你們一切都好。一個簡單的問題。湯姆，數字保留下降有多少是因為轉換回中心會員資格造成的？也許您如何看待數位保留的重新捕獲率。然後您能否談談本季每位會員支付的平均每月價格與之前的水平相比？如果能更深入地了解你們所看到的價格上漲以及你們對未來的期望，那就太好了。

Yes. Thanks, Simeon. To start with, typically, we get about 75% to 80% of our digital on-hold members come back to access over time. That time period that people are going on-hold we continue to see shorten. So we're down to about an average of around 4.5 to 5 months' hold period. So we continue to do a nice job of converting on-hold members back to access members.

是的。謝謝，西蒙。首先，通常情況下，隨著時間的推移，我們大約 75% 到 80% 的數位保留會員會回來訪問。我們繼續看到人們等待的時間在縮短。因此，我們將平均持有期降至 4.5 至 5 個月左右。因此，我們繼續出色地將保留會員轉回訪問會員。

On the pricing front, Bahram and I are very happy overall with the trends we're seeing on acquisition and the price changes we made. We continue to be pleased with it overall across the country. We didn't have as large of an increase from Q3 to Q4 as we didn't open any new higher-priced clubs during the fourth quarter. But we did see a slight increase as we started to take a little bit of legacy price member increase.

在定價方面，巴赫拉姆和我總體上對我們在收購方面看到的趨勢以及我們所做的價格變化感到非常滿意。我們仍然對全國範圍內的整體情況感到滿意。從第三季度到第四季度，我們沒有出現那麼大的成長，因為我們在第四季度沒有開設任何新的更高價格的俱樂部。但隨著我們開始對會員的傳統價格進行一點上漲，我們確實看到了輕微的增長。

And we are very well positioned now as we think about the 12 clubs that we opened here in 2022. They're opening up at over a 20% premium to where the existing price for those clubs in the market are. So as we open up the new clubs here in 2022, as we continue to layer in legacy price increases, we expect to continue to see our average dues per membership grow throughout the year and in the year somewhere in that $150 to $160 range.

考慮到 2022 年我們在這裡開設的 12 傢俱樂部，我們現在處於非常有利的位置。 它們的開業價格比市場上這些俱樂部的現有價格高出 20% 以上。因此，當我們在 2022 年開設新俱樂部時，隨著我們繼續對傳統價格進行分層，我們預計每位會員的平均會費將繼續全年增長，並在 150 美元至 160 美元的範圍內增長。

Yes. Additionally, Simeon, we're making some additional sort of maneuvers here with expectation that, that length of time people are in digital will shrink from 4.5, this is where it's at right now, to about 3 months. That will take probably another 5 or 6 months of transformation, and then we'll be by the average of 3 months. So we're going to shave another 1.5 months out of that.

是的。此外，Simeon，我們正在採取一些額外的措施，期望人們使用數位技術的時間將從目前的 4.5 個月縮短到大約 3 個月。這可能還需要 5 到 6 個月的轉變時間，然後我們平均需要 3 個月。因此，我們將再削減 1.5 個月的時間。

The average dues that we are selling memberships every day is somewhere in the 1.65 to 1.85 range, depending on the day of the week, whether it's more families joining, more singles joining. And interesting thing is, I'd say, when we went public and we shared this with you guys at the time, the difference between people dropping off and people coming in was about $20, $25 a membership. And right now, we are more like $35 to $40 a member.

我們每天出售會員資格的平均會費在 1.65 到 1.85 之間，具體取決於一周中的哪一天，無論是更多家庭加入，還是更多單身人士加入。有趣的是，我想說，當我們公開並與當時的大家分享這一點時，離開的人和進來的人之間的差異約為 20 美元，每個會員 25 美元。現在，我們的會員價格大概是 35 到 40 美元。

And when you compare it -- this is between coming and going and compared to, like the first portion of this month, the membership sales are about 150% on average dues of where they were in '19. So same number of memberships brings us actually 150% more in dues revenue -- reoccurring dues revenue going forward. So the trends are really, really amazing. They're great.

當你比較它時——這是在來和去之間進行比較，與本月上半月相比，會員銷售額約為 19 年平均會費的 150%。因此，相同數量的會員資格實際上為我們帶來了 150% 以上的會費收入——未來的經常性會費收入。所以這些趨勢真的非常非常驚人。他們很棒。

That's great. And then if I can have one follow-up. I think even since the last time we spoke, there's just been different conversations going on with connected fitness. Do you guys want to share your -- any new learnings you have with your digital? But then also, are you seeing people come back from connected fitness? So just any color or your perspectives there.

那太棒了。然後我是否可以進行後續跟進。我想，自從我們上次交談以來，關於互聯健身的討論就一直在進行。你們想分享你們在數位方面學到的任何新知識嗎？但您是否看到人們從連網健身中恢復過來？所以任何顏色或你的觀點都可以。

Yes, Simeon, I think there are some people -- I think it's a smaller population and a bigger population, contrary to the common belief maybe 1.5 years ago, that are going to use digital only. We see, every day, people coming back every single day, and they're just so -- you could see the smile on their face. They're happy. They're thrilled to be back with the social community, get their workout. They recognize the quality of the workout is never the same when it's at home.

是的，Simeon，我認為有些人——我認為人口較少和人口較多，與 1.5 年前的普遍看法相反，他們將只使用數位技術。我們每天都看到人們每天都回來，他們就是這樣——你可以看到他們臉上的微笑。他們很高興。他們很高興能回到社交社區並得到運動。他們認識到在家運動的品質永遠不會一樣。

Having said that, they also love the transformation of our company to the omni. So they have everything they possibly want, all kinds of classes, on demand. I mean, we're going to continue to increase the number of our streamed classes, high quality. We have 25 amazing studios developed in our own clubs, and we're simultaneously teaching and doing these classes streamed. It's all working with the meditation, with the health source, with the health talk.

話雖如此，他們也喜歡我們公司轉型為全方位。因此，他們可以按需獲得他們可能想要的一切，各種課程。我的意思是，我們將繼續增加高品質的串流課程的數量。我們在自己的俱樂部中開發了 25 個令人驚嘆的工作室，我們在教學和直播這些課程的同時進行。這一切都與冥想、健康泉源、健康講座一起發揮作用。

So the app is so comprehensive in terms of Healthy Way of Life that we basically -- like I mentioned before, we've been working on the back engine behind it, the platform. And sometimes, in the 3Q, we'll be in a position to take that and invest in trying to take it to masses through different channels. But the business, in my mind, largely is omni. It's not purely physical. It's not at all purely digital. So we're positioned amazingly well.

因此，該應用程式在健康生活方式方面非常全面，以至於我們基本上 - 就像我之前提到的那樣，我們一直在開發它背後的後台引擎，即平台。有時，在第三季度，我們將能夠抓住這一點，並投資嘗試透過不同管道將其推向大眾。但在我看來，這項業務很大程度上是全方位的。這不純粹是身體上的。它根本不是純粹的數位化。所以我們的定位非常好。

Your next question today is coming from John Heinbockel from Guggenheim.

今天你們的下一個問題來自古根漢的約翰·海因博克爾。

I want to start with in-center revenue and your thoughts on the cadence of recovery, particularly personal training. And then sort of as part of that, right, you talked about investments inside the center. Is that -- are those investments greater than you'd thought maybe 6 months ago? And in particular, I think about getting, right, the roster of personal trainers ramped back up to closer to where they were 2019.

我想從中心收入和您對恢復節奏（尤其是個人訓練）的想法開始。然後，作為其中的一部分，對吧，你談到了中心內部的投資。這些投資是否比您 6 個月前想像的還要大？特別是，我考慮讓私人教練的名單恢復到接近 2019 年的水平。

John, that's a great, great question. And I think the business has changed dramatically in some fronts over the last 24 months. The most heaviest impacted is personal training. And we have the clear strategy. I'm back -- been back in the clubs myself to see that -- personal training, the way it was being done, you continue doing it exactly the same way as you were doing it in the past.

約翰，這是一個非常非常好的問題。我認為在過去 24 個月裡，業務在某些方面發生了巨大變化。受影響最嚴重的是個人訓練。我們有明確的戰略。我回來了——我親自回到俱樂部親眼目睹了這一點——個人訓練，訓練的方式，你繼續以與過去完全相同的方式進行。

I think your numbers are going to be 50%, 60% at best, reinvented to a path that there is a clear distinction between the personal training that you can do with a hands-on trainer and versus somebody sending you a workout through an app and say, "Okay, follow this routine." Those have to be so different in execution that the value of an in-person physical training has to be -- I mean, they're not even in the same orbit. It's not -- it shouldn't be comparable.

我認為你的數字將是 50%，最多 60%，重新設計一條路徑，即你可以透過實際教練進行的個人訓練與透過應用程式向你發送鍛鍊的人進行的個人訓練之間有明顯的區別並說：“好吧，遵循這個慣例。”這些在執行上必須如此不同，以至於面對面體能訓練的價值必須是——我的意思是，他們甚至不在同一個軌道上。這不是——它不應該具有可比性。

We have made all the adaptations. Our intent is to get our personal training revenue beyond -- per club beyond where it was in 2019. We have a clear plan. I'm not going to get through the details of it here at all. We are working fast, and we are growing substantially with the goal of growing our PT revenue double-digit month-over-month from where it is today. It has to be 10%-plus growth month-over-month and all system is set up.

我們已經做了所有的調整。我們的目的是讓我們的個人訓練收入超出每個俱樂部 2019 年的水平。我不打算在這裡詳細討論它的細節。我們正在快速工作，並且正在大幅增長，目標是使我們的 PT 收入在目前基礎上逐月實現兩位數增長。每月必須有 10% 以上的成長，並且所有系統都已建立。

Can it be done? Yes. Does it need to be a new imagination of how that training has to be? The answer is absolutely. And we have it all laid out. We've been investing heavily in sort of going through, creating that differentiation, doing the training right now. And I see us being able to achieve that and have -- to be in a position by end of this year, so we would be -- we wouldn't have to talk about any excuses going in 2023. And we would give you guys, our investors, an amazing, robust experience from a -- for the customer and amazing numbers for you guys.

能做到嗎？是的。是否需要對訓練的方式進行新的想像？答案是絕對的。我們已經把一切都安排好了。我們一直在大力投資，以實現差異化，現在就進行培訓。我認為我們能夠實現這一目標，並且到今年年底我們就可以做到這一點，因此我們不必談論 2023 年的任何藉口。 、穩健的體驗，為你們帶來了驚人的數字。

The other revenue centers, spa -- our tennis program is already above and beyond 2019. Cafe and spa, which are 2 big ones, we will definitely surpass the '19 revenues, and same with kids. So again, we played -- John, we played a hard, hard defense for 6 months. We went to defense from March of 2020 until October of 2020. Then the executive team and myself focused on turning the company, focused on how we would have to reimagine and reinvent all those things that needed to be -- not to get you back to where you were in 2019, but to get to a plus 10%.

其他收入中心、水療中心——我們的網球項目已經超出了 2019 年的水平。所以，我們再次打球——約翰，我們打了 6 個月非常非常艱苦的防守。從2020 年3 月到2020 年10 月，我們一直處於防守狀態。到過去。

We have been investing heavily, working day and night. We've been putting these programs in place. And it will take -- it's taken the last 12 months, literally, for these things to be imagined, created, put into the system, start working them, debugging them and then having them start paying some fruit. Right now, we're seeing the growth in every space based on the work we've been doing, playing offense for the last 12, 14 months rather than going back to defense.

我們投入了大量資金，日以繼夜地工作。我們一直在實施這些計劃。從字面上看，需要過去 12 個月的時間來想像、創建這些東西，將它們放入系統中，開始使用它們，調試它們，然後讓它們開始支付一些成果。現在，根據我們一直在做的工作，我們看到每個領域都在成長，在過去 12、14 個月裡我們一直在進攻，而不是回到防守。

And what I'll see right now -- what our expectation is, is that the fruit that comes from this is going to continue to improve month-over-month. So we are very, very bullish on what we're going to be able to accomplish for you guys and also deliver the most amazing experience, one that is significantly and more homogeneously better than the best we ever did, all in the next 6 months. I mean, we see this all kind of coming together very, very rapidly, looking for 20% growth quarter-over-quarter plus. And then we really need to get this company to not 100% of 2019, we need to get this company to -- it needs to be 110% and more. Tom?

我現在看到的——我們的期望是，由此產生的成果將繼續逐月改善。因此，我們非常非常看好我們將為你們實現的目標，並提供最令人驚嘆的體驗，這種體驗比我們曾經做過的最好的體驗要好得多，而且更均勻，所有這些都在接下來的6 個月內完成。我的意思是，我們看到這一切都非常非常迅速地結合在一起，預計季度將比去年同期成長 20% 以上。然後我們確實需要讓這家公司在 2019 年達到 110% 甚至更多，而不是 100%。湯姆？

Yes. Just to add on a little bit, John, you're absolutely right. We've been making investments, as Bahram said, to go on the offensive in order to drive revenue growth and accelerate revenue growth. So part of that is we're at 2,700 personal trainers to date. Prepandemic, we were at 3,700, 3,800, so we're investing in rebuilding our personal training business to hit those revenue growth goals that Bahram laid out there.

是的。補充一點，約翰，你是完全正確的。正如巴赫拉姆所說，我們一直在進行投資，以繼續進攻，以推動收入成長並加速收入成長。其中一部分原因是我們迄今為止擁有 2,700 名私人教練。在疫情爆發前，我們的人數為 3,700、3,800，因此我們正在投資重建我們的個人訓練業務，以實現 Bahram 在那裡制定的收入成長目標。

We've also made big investment into class schedules that have really robust class schedules. And as the membership volume grows, we've got that fixed cost base now established. So as we grow our dues and revenue from here, we'll be able to start getting a lot of leverage on both our personal training base as well as our overall club operations expense.

我們也對課程表進行了大量投資，課程表非常強大。隨著會員數的成長，我們現在已經建立了固定成本基礎。因此，當我們從這裡增加我們的會費和收入時，我們將能夠開始在我們的個人訓練基礎以及我們的整體俱樂部運營費用方面獲得很大的影響力。

Okay. One quick follow-up. Just in terms of your capacity, right, on the club opening front, right? So I think the thought was maybe 10 or so a year after '22. What's -- the gating factor, I imagine is people, right? If you can do sale leasebacks, it's not capital. It may not be real estate anymore. Is that the gating factor? And can the organization do a lot more than 10 or 11 a year? Or you'd like to hold it to that?

好的。一項快速跟進。就你的能力而言，對吧，在俱樂部開局方面，對吧？所以我認為這個想法可能是在 22 年後大約 10 年出現的。我想控制因素是人，對嗎？如果你能做售後回租，那它就不是資本了。它可能不再是房地產了。這是門控因素嗎？組織每年可以做的事情遠多於 10 或 11 件事嗎？還是你想堅持下去？

Yes. Look, I run a sort of balance the expectation in here, but let me just walk you through. Our -- as we mentioned to you guys, these villages that we have developed, Life Time Living, Life Time Work, Life Time Athletic Country Club combined all in one, we generally, very -- generally, we are not the developer of the apartment building. However, those -- the results that we have from that is one -- some of the most disruptive transformations for an industry. We have so many conversations going on, where we basically are going to be developing these very, very large urban athletic country clubs as part of these kind of live-work-play developments.

是的。聽著，我在這裡平衡了期望，但讓我向您介紹一下。我們——正如我們向你們提到的，我們開發的這些村莊，終生生活、終生工作、終生運動鄉村俱樂部合而為一，我們通常、非常——通常，我們不是這個項目的開發商。 。然而，這些——我們從中得到的結果之一——對一個產業來說是一些最具顛覆性的轉變。我們正在進行很多對話，我們基本上將開發這些非常非常大的城市運動鄉村俱樂部，作為這種生活-工作-娛樂發展的一部分。

And so our expectation is we're going to get at least a dozen clubs opening per year going forward for the foreseeable future. And then there are other opportunities, John, that is going to happen in the next 3, 4, 5, 6 months here that, I think, gives us potentially chance to pick away on some really good locations in other forms. So my expectation of 12 clubs per year is basically unchanged and maybe will be more based on all the opportunities we see, but it won't be less.

因此，我們的期望是，在可預見的未來，每年至少有十幾個俱樂部開業。然後還有其他機會，約翰，這將在接下來的 3、4、5、6 個月內發生，我認為這讓我們有機會以其他形式挑選一些真正好的地點。所以我對每年12傢俱樂部的期望基本上沒有改變，也許會更多地基於我們所看到的所有機會，但也不會減少。

Next question today is coming from Brian Harbour from Morgan Stanley.

今天的下一個問題來自摩根士丹利的布萊恩哈伯。

Can you just -- maybe to follow up on that, could you remind us how some of the work -- co-work locations and living locations factor into your expectation for 12 this year?

您能否——也許是為了跟進這一點，您能提醒我們一些工作——共同工作地點和生活地點如何影響您今年對 12 的期望嗎？

Yes. In that 12, that's the 12 club count, John. In addition to that, we'll be opening up -- or Brian, sorry. In addition to that, we'll be opening up 3 additional Life Time Work locations this year. We're actually very pleased with how the Life Time Work is performing for us. We'll also be opening up our second -- or actually our third Life Time Living location this year in Henderson, Las Vegas (sic) [Nevada]. But the 12 that we speak about is pure Athletic Country Club Resorts.

是的。約翰，那 12 個球桿就是 12 個球桿的數量。除此之外，我們將開放——或者布萊恩，抱歉。除此之外，我們今年還將開設 3 個額外的終身工作地點。事實上，我們對終身工作的表現非常滿意。今年我們還將在拉斯維加斯（原文如此）[內華達州]亨德森開設第二個——實際上是我們的第三個終生生活地點。但我們所說的 12 個度假村是純粹的運動鄉村俱樂部度假村。

And the results on the Living, again, we -- at this point, the asset that we own, which was creating the concept, is Henderson, and it's doing amazing. We'll start moving people in sometime in June, hopefully, by June 1. And we're looking really, really forward to demonstrating the one that we have designed ground-up.

生活的結果，我們——在這一點上，我們擁有的創造這個概念的資產是亨德森，它的表現令人驚訝。我們將在 6 月的某個時間開始搬遷人員，希望是在 6 月 1 日之前。

But for the most part, everything we're using that developers come to us, they want to have their apartment building be branded Life Time Living because of the differentiation we bring into the format, the higher rents and the faster ramp-up, which is a complete game changer for them and is providing all kinds of additional opportunities for us going forward, mostly in the fact that gets us either additional income on the sites where we have additional land. And they're going to buy that land from us and build apartments, so we get the management fee, we get additional memberships, like our location in King of Prussia or Parker, Colorado, or it provides the opportunity to have a better economics for the club that we're going to be building as a part of the whole ecosystem.

但在大多數情況下，我們所使用的一切，開發商來找我們，他們希望他們的公寓大樓被打上終生生活的品牌，因為我們為這種模式帶來了差異化，更高的租金和更快的提升，這對他們來說是一個徹底的遊戲規則改變者，並為我們的前進提供了各種額外的機會，主要是讓我們在擁有額外土地的地方獲得額外收入。他們將從我們這裡購買土地並建造公寓，因此我們獲得管理費，我們獲得額外的會員資格，例如我們在普魯士國王或科羅拉多州帕克的位置，或者它提供了獲得更好經濟效益的機會我們將建立一個俱樂部，作為整個生態系統的一部分。

Okay. And maybe just another question on kind of membership sign-up. You talked about that nice pickup since February and expectations for 2Q. What have you seen that kind of reinforces confidence in that? Have there been above-normal seasonality joins over the last few weeks? Do you think that the second quarter of this year could be kind of above-normal seasonality? I'm just curious kind of some of the specific things that you've seen kind of upfront.

好的。也許只是關於會員註冊類型的另一個問題。您談到了自二月以來的良好回升以及對第二季度的預期。您看到了什麼可以增強您對此的信心？過去幾週是否出現了高於正常水平的季節性加入？您認為今年第二季的季節性可能會高於正常水平嗎？我只是對你預先看到的一些具體事情感到好奇。

I'll give you the best I can do in terms of the specifics. And the answer is -- short answer is yes, robustly, yes. Second quarter will be amazing. We basically gain significant net memberships in every January, partially with the fact that we've always done promotions every 2 or 3 days. So we really are very, very promotional prior to 2019 in January.

我會根據具體情況盡力為您提供協助。答案是－簡短的回答是肯定的，堅定地，是的。第二季將會很精彩。我們基本上在每年一月都會獲得大量的淨會員，部分原因是我們總是每兩到三天進行一次促銷活動。因此，在 2019 年 1 月之前，我們確實進行了非常非常多的促銷活動。

But we're not doing any promotions. We're letting the quality of our services and programs and our athletic country clubs kind of do the job, and it's working extremely well. But January, we have had better -- so we ended up sort of under heavy, heavy mask and vaccine pressures pretty much most of December, all of January, and then, first, I would say, 10 days of February. Then we saw momentum shift.

但我們不做任何促銷活動。我們讓我們的服務和項目的品質以及我們的鄉村運動俱樂部發揮作用，而且效果非常好。但一月，我們過得更好——所以我們最終在 12 月的大部分時間、整個一月，然後，首先是 2 月的 10 天，都承受著沉重的口罩和疫苗壓力。然後我們看到了勢頭的轉變。

But in February, we actually did more net memberships than January, which has never happened before. In March, we are starting much better than February, of course, because that would be better than January. And it's -- the numbers are extremely, extremely promising. The trends are very good, gives us the confidence to basically focus everybody on.

但在二月份，我們的淨會員數量實際上比一月份還要多，這是以前從未發生過的。當然，三月我們的開局比二月好得多，因為那會比一月更好。這些數字非常非常有希望。趨勢非常好，讓我們有信心基本上關注每個人。

Our expectation is delivering no less than what we were expecting delivering in the fourth quarter when we went public. Basically, we think we will recover the impact of the Delta and Omicron coming together and sort of having the government closures and mandates and vaccines, which was very, very disruptive. We are going to make up for all of that by the fourth quarter.

我們的預期是不低於我們上市時第四季的預期。基本上，我們認為我們將恢復 Delta 和 Omicron 聯合起來的影響，以及政府關閉、強制令和疫苗的影響，這是非常非常破壞性的。我們將在第四季度之前彌補所有這些。

Yes. And Brian, I would just add, we had 44 clubs -- 44, 45 clubs under mask mandates in the fourth quarter and into January and parts of February. As we saw those in February starting to get peeled back, we saw a really nice increase in club usage and our swipe activity. And even last week, we saw about a 4% increase week-over-week in club usage. So we have clearly, in the back half of February and first 2 weeks of March here, seeing a really great momentum in the usage of our clubs.

是的。布萊恩，我想補充一下，我們有 44 個俱樂部——從第四季度到 1 月和 2 月的部分時間，有 44、45 個俱樂部處於蒙面授權之下。當我們看到二月份的會員數量開始減少時，我們看到俱樂部的使用和刷卡活動都出現了非常好的增長。即使在上週，我們也看到俱樂部使用量每週增加了 4% 左右。因此，在 2 月下半月和 3 月的前兩週，我們清楚地看到我們球桿的使用勢頭非常強勁。

Just to give you some examples, in Chicago, the mask mandates came off on February 28. Since then, the first 2 weeks of March here, Chicago is leading the pack here on us on membership recovery. So we can just see, as all these mask mandates and vaccine passports and restrictions, February was better than January.

舉幾個例子，在芝加哥，戴口罩的規定於 2 月 28 日取消。因此，我們可以看到，由於所有這些口罩要求、疫苗護照和限制，二月的情況比一月份好。

March is starting off to be better than February. And that gives us a lot of confidence that, in the second quarter of this year, we'll actually outperform our net membership gains compared to the first quarter as well, as I expect the second quarter membership change to exceed what it did in 2019 as well.

三月的情況開始好於二月。這讓我們很有信心，在今年第二季度，與第一季度相比，我們的會員淨增長實際上也將超過，因為我預計第二季度的會員變化將超過 2019 年的變化以及。

And I want to make sure this is understood. This is no whining, no complaining. I just want to state the facts. I had basically repeatedly told people, if it was just a COVID, maybe the impact of the virus on us would have been about 10%. And the remainder, 50%, 60%, the drop in our revenues and our -- it was basically all government interventions. It's the closures, vaccines, masks, all the different pressures they put restrictions, that they put on our type of business.

我想確保人們理解這一點。這不是發牢騷，不是抱怨。我只是想陳述事實。我基本上反覆告訴人們，如果只是一場新冠病毒，病毒對我們的影響可能只有10%左右。剩下的，50%、60%，我們的收入下降，基本上都是政府介入造成的。這是他們對我們的業務施加的封鎖、疫苗、口罩以及他們施加的限制的所有不同壓力。

It's interesting, when you look at our day-to-day, week-by-week data of -- across the country, states that did not do any change in their policies, i.e., let's say, Texas, during the height of Delta ramping into kind of budding into Omicron, those traffic dropped maybe 8%, 7%, 9% just as a result of the virus itself. And now they've recovered. The clubs that were government invention (sic) [intervention], the municipality intervention with it, very hard closures and that -- those could have been as much as 20%, 30% damage to the swipes and traffic.

有趣的是，當你查看我們全國範圍內的每日、每週數據時，這些州的政策沒有做出任何改變，例如，在三角洲高峰期的德克薩斯州隨著Omicron 的萌芽，由於病毒本身的影響，這些流量可能下降了8%、7%、9%。現在他們已經康復了。俱樂部是政府發明的（原文如此）[幹預]，市政府對其進行幹預，非常嚴格的關閉，這些可能會對刷卡和交通造成高達 20%、30% 的損害。

With this last week now, we are seeing the highest swipe activity, the most traffic we have had since the beginning of this pandemic, and we're seeing improved trends day by day. Do we expect to be at 100% of traffic by the summer months? Absolutely. And we're going to have that traffic at much higher dues.

上週，我們看到了最高的刷卡活動，是自疫情爆發以來的最高流量，我們看到趨勢日益改善。我們預計到夏季月份流量會達到 100% 嗎？絕對地。我們將以更高的費用獲得這些流量。

Next question is coming from Brian Nagel from Oppenheimer.

下一個問題來自奧本海默的布萊恩·內格爾。

So my questions are a bit of a follow-up to some of the prior questions. But Bahram, as your (inaudible) together, too. So as you're seeing members now return the clubs, particularly as these COVID pressures or mandates are abating, is there anything different? Is there anything noticeably different how people returning? How they're utilizing the club? Or is it basically getting back to what it was prepandemic?

所以我的問題是之前一些問題的後續問題。但是巴赫拉姆，也和你們（聽不清楚）在一起。那麼，當您看到會員現在返回俱樂部時，尤其是在這些新冠壓力或指示正在減輕的情況下，有什麼不同嗎？人們返回的方式有什麼明顯不同嗎？他們如何利用俱樂部？還是基本上回到了疫情前的狀態？

I see the happiest faces we've ever seen. People don't recognize how their life has changed, and not for the better while they're being more secluded. And I mentioned to you guys, again, there is no match. I have, as you would possibly imagine, some of the best equipment and space in my home for workout. It's never the same.

我看到了我們見過的最幸福的臉。人們沒有意識到他們的生活發生了怎樣的變化，而且當他們變得更加與世隔絕時，生活並沒有變得更好。我再次向你們提到，沒有匹配。正如您可能想像的那樣，我家裡有一些最好的鍛鍊設備和空間。它永遠不一樣。

My workout at home isn't nothing close to my workout in the club, number one. Number two, the reason I go to the club is that -- what we have been focusing on, Brian, you see, by bringing something -- that makes me want to take the time to explain this. We have been working, as we've told you guys over and over, to try to create this Athletic Country Club experience.

第一，我在家的鍛鍊與在俱樂部的鍛鍊相差甚遠。第二，我去俱樂部的原因是——我們一直關注的，布萊恩，你看，透過帶來一些東西——這讓我想花時間解釋這一點。正如我們一再告訴你們的那樣，我們一直在努力創造這種運動鄉村俱樂部的體驗。

And when you come to the club and you see the social fabric of what's happening in our clubs as an Athletic Country Club, and that, there is no other. Life Time has nearly 30 million to 35 million square feet of indoor and outdoor, tennis and pickleball and pools, this -- you cannot see -- you cannot have an experience like Life Time by any other path and nobody can do that. We give the people ability to travel around the country, go to the beach club.

當你來到俱樂部時，你會看到我們俱樂部作為運動鄉村俱樂部所發生的社會結構，除此之外沒有其他俱樂部。 Life Time 擁有近3000 萬至3500 萬平方英尺的室內和室外、網球場、泡菜球和游泳池，這是您看不到的，您無法通過任何其他途徑獲得像Life Time 這樣的體驗，沒有人可以做到這一點。我們讓人們能夠環遊全國，去海灘俱樂部。

I was this weekend in Coral Gables. There were members from Syosset and East Coast coming to Coral Gables' Havana Nights. Our total experience is so robust that -- where the people have been sort of gotten so afraid of COVID, they just stayed home, their routines changed. When they come back, they're just thrilled.

我這個週末在科勒爾蓋布爾斯。來自西奧塞特和東海岸的成員參加了科勒爾蓋布爾斯的哈瓦那之夜。我們的整體經驗是如此豐富，以至於人們對新冠病毒感到非常害怕，他們只是留在家裡，他們的日常生活發生了變化。當他們回來時，他們只是興奮不已。

Meanwhile, we did not let this crisis go to waste. And I want to say this again so that we have a very candid conversation. COVID is the only thing ever in the history of this company, coupled with all the government decisions, to take us from every year, adding revenue and EBITDA to the company, it was the only time we went the other way. But when there are crises, you do not sit in your butt and say, "Oh my God, look how bad it is."

同時，我們並沒有白白浪費這場危機。我想再說一遍，以便我們進行一次非常坦誠的對話。新冠疫情是這家公司歷史上唯一一次發生的事情，再加上所有的政府決策，每年都讓我們擺脫困境，為公司增加收入和 EBITDA，這是我們唯一一次走另一條路。但當出現危機時，你不會坐在屁股上說：“天哪，看看情況有多糟糕。”

You think about what's the opportunity, opportunity here for us to really examine, in this path of taking these clubs from really large 100,000-square feet category killer, what I would say, big, big multipurpose gyms, to complete our transformation to this national Athletic Country Club that gives you something that no other country club can. You can play pickleball anywhere in the country. You can play tennis anywhere in the country. You can go to a beach club anywhere in the country.

你想一想，這裡有什麼機會，讓我們真正審視一下，在這條將這些俱樂部從真正的100,000 平方英尺的大型殺手級俱樂部的道路上，我想說的是，大型多功能體育館，以完成我們向這個全國性的轉變。您可以在全國任何地方打匹克球。您可以在全國任何地方打網球。您可以去該國任何地方的海灘俱樂部。

So what's happening right now, our members come and tell us, "That experience is amazing." They're traveling and they're making sure the route of their traffic, if they're driving from Midwest to Florida, they're going by Life Time locations and having the specific hotels picked up.

所以現在發生的事情，我們的會員過來告訴我們，“那次經歷太棒了。”他們在旅行時會確定交通路線，如果他們從中西部開車到佛羅裡達州，他們會經過 Life Time 地點並選擇特定的酒店。

So we have taken this as an opportunity to absolutely homogenize every experience to the highest level of Athletic Country Club, more like the Four Seasons execution. We have member concierge in the club instead of salespeople. Things have really improved. The members are thrilled. We have continued to invest in the clubs not only physically but programmatically as well.

因此，我們以此為契機，將每次體驗絕對同質化，達到運動鄉村俱樂部的最高水平，更像是四個賽季的執行。我們俱樂部裡有會員禮賓人員，而不是銷售人員。情況確實有所改善。成員們都激動不已。我們繼續對俱樂部進行投資，不僅在物質上，而且在項目上也是如此。

So we have different programs, we have more options. And so far, every reaction is they are either floored that -- and people come to us and say, "We're so amazed the way you guys have handled this. We are more grateful. We are more thankful." So it's really amazing. All I can say to you, I don't see any negative trends. All I see is positive trends.

所以我們有不同的計劃，我們有更多的選擇。到目前為止，每一個反應都是他們要么對此感到震驚——人們來找我們說，“我們對你們處理這件事的方式感到非常驚訝。我們更加感激。我們更加感激。”所以這真的很神奇。我只能告訴你，我沒有看到任何負面趨勢。我所看到的都是正面的趨勢。

Our next question today is coming from Robby Ohmes from Bank of America.

今天我們的下一個問題來自美國銀行的 Robby Ohmes。

I have just a few follow-ups. Just one of them maybe, Bahram, would just be as you are recovering people, how much of that is totally new members to Life Time? And when you see these new members coming in, where are they coming from?

我只有一些後續行動。巴赫拉姆（Bahram）也許只是其中之一，當你正在康復的人時，其中有多少是您生命時間的全新成員？當你看到這些新成員加入時，他們來自哪裡？

And then also just one other follow-up related to this. So it sounds incredible that you're seeing the seasonality kind of shift after you kind of had to miss the window normal because of Omicron. Are you -- as you move through the year, are you thinking of some new marketing initiatives that sort of offset the fact that Omicron kind of ruined the normal window in January?

然後還有另一個與此相關的後續行動。因此，在您因 Omicron 而不得不錯過正常窗口之後，您看到季節性的轉變，這聽起來令人難以置信。在這一年中，您是否正在考慮一些新的行銷舉措，以抵消 Omicron 破壞 1 月份正常視窗的事實？

Those are good questions. So typically, prior to COVID, we would basically have 21% to 24%, 25% of our membership being people who had dropped out and then they come back as past members, they want to rejoin. Right now, that number is more 35% of our membership is natural because there are people who have been sitting out for a period of time, and then they just get up and come. At some point, something brings them in.

這些都是好問題。因此，通常情況下，在新冠疫情之前，我們基本上有 21% 到 24%、25% 的會員是退出的人，然後他們作為過去的會員回來，他們想重新加入。現在，這個數字超過了我們會員的 35%，這是很自然的，因為有些人已經坐了一段時間，然後他們就站起來了。在某些時候，有東西把他們帶進來。

And then to your question, do I feel like we need to do marketing to get there? When we do need it, we will put it in because we're not going to fail our own objectives and goals that we have for the year. But at this point, all of our energy has been to create the best reasons for people to feel the need, having to get up and come to Life Time.

然後回答你的問題，我覺得我們需要行銷才能實現這個目標嗎？當我們確實需要它時，我們就會把它放進去，因為我們不會辜負我們自己的目標和今年的目標。但在這一點上，我們所有的精力都用來創造最好的理由讓人們感到有需要，必須站起來來到生命時間。

And those are at least a half a dozen, very, very specific initiatives that we have rolled out in the last several months. And we're focusing on programs, classes, routines, making things easier, giving the most amazing experiences, creating the most social programs. And all the money, rather than spending it on advertising, we're actually spending less money in advertising or marketing than ever before. And we are getting more results, more memberships and more average dues.

這些是我們在過去幾個月推出的至少六項非常非常具體的措施。我們專注於專案、課程、例行公事，讓事情變得更容易，提供最令人驚奇的體驗，創造最具社交性的項目。所有的錢，而不是花在廣告上，我們實際上在廣告或行銷上花的錢比以往任何時候都少。我們正在取得更多的成果、更多的會員資格和更多的平均會費。

And simply, we are seeing no complaints, no mention of the price changes. People are coming back to a club that was $89. Now they're paying $119 or $129. And there isn't a singular question, why is it this much? It's literally just rolling right in. So all the churn -- all the churn is going to benefit Life Time because we were so, so, so underpriced.

簡而言之，我們沒有看到任何投訴，也沒有提到價格變化。人們又回到了 89 美元的俱樂部。現在他們支付 119 美元或 129 美元。沒有單一的問題，為什麼會這麼多？它實際上只是滾滾而來。 所以所有的流失——所有的流失都會使終身受益，因為我們的價格是如此、如此、如此低估。

And we still have tremendous pricing power even from where we are putting the rack rates right now. We have tremendous pricing power from here forward based on the fact that once you go to the direction of customer coming into you because of the experience, the price just doesn't matter. When you are focusing on price and promotion, then the price does matter. But right now, all of our strategies are working robustly. They're not just working, they're working robustly.

即使從我們目前的門市價來看，我們仍然擁有巨大的定價能力。從現在開始，我們擁有龐大的定價能力，因為一旦您因為體驗而轉向客戶進入您的方向，價格就不再重要了。當您關注價格和促銷時，價格就很重要。但現在，我們所有的策略都在穩健地發揮作用。他們不僅在工作，而且在努力工作。

Your next question today is coming from Dan Politzer from Wells Fargo.

今天你們的下一個問題來自富國銀行的 Dan Politzer。

So just wanted to hit on the -- some of your recently opened centers. If you could talk about the ramp and ramp there maybe, any data points or color you can provide, especially the ones in the higher cost-of-living areas such as Coral Gables or NoHo. And also, similarly, do you still expect kind of a 4-year ramp there to reach a normalized revenue? Or do you think that there could be maybe some upside?

所以我只是想了解你們最近開設的一些中心。如果您可以談論那裡的坡道和坡道，您可以提供任何數據點或顏色，尤其是生活成本較高的地區（例如 Coral Gables 或 NoHo）的數據點或顏色。同樣，您是否仍然期望 4 年的成長才能達到正常化的收入？或者您認為可能有一些好處嗎？

No, I think they would -- I think they'll ramp in 3 years or less. We used to give -- I remember from the time Robinson and I sitting here and talked about this. Yes, we talked about clubs getting to 90% of their membership capacity within 4 years. Right now, I think we get to the 90% membership capacity definitely short of 36 months. Our systems are so much more robust in creating the wait list for a club prior to -- we had 9,000 people in a wait list for our Frisco Club we just opened. That club will reach $1 million of dues faster than any time in the past. That's $1 million of dues in a given month.

不，我認為他們會——我認為他們會在三年或更短時間內實現成長。我們曾經給予——我記得從羅賓遜和我坐在這裡談論這個開始。是的，我們談到俱樂部在 4 年內達到 90% 的會員容量。現在，我認為我們要在 36 個月內達到 90% 的會員容量。我們的系統在為俱樂部創建等候名單方面要強大得多，之前我們剛開業的弗里斯科俱樂部的等候名單中有 9,000 人。該俱樂部將比以往任何時候都更快達到 100 萬美元的會費。即每個月的會費為 100 萬美元。

So we are seeing amazing, amazing results in our other club we just opened in River North in Chicago. If you guys ever get a chance to go to any of these clubs, I strongly recommend you guys take the time. You will see the level of this sort of the high-end Athletic Country Club feel, the social fabric, the distinction of all the amazing programs. They come to life in a way that they just naturally work. They don't need anybody to sell it. They don't need any marketing for them. They're just coming. But the ramps are going to be closer to the 90% of the capacity of the club, I think, will happen all in short of 3 years.

因此，我們剛剛在芝加哥北河開設的另一個俱樂部看到了令人驚嘆的成果。如果你們有機會去這些俱樂部，我強烈建議你們花點時間。您將看到這種高端運動鄉村俱樂部的感覺、社交結構以及所有令人驚嘆的項目的獨特之處。它們以一種自然而然的方式變得栩栩如生。他們不需要任何人來出售它。他們不需要任何行銷。他們剛來。但我認為，坡道將接近俱樂部 90% 的容量，這一切將在不到 3 年內完成。

Got it. And just for my follow-up. In terms of your guidance, I know you guys gave a lot of helpful color. We are coming out to somewhere around EBITDA in the mid-500 range based on your commentary. I mean, is that just -- obviously, a little bit just from a little bit softer first quarter, but can you just talk about maybe the puts and takes to that versus maybe your prior guide and when you were kind of going through the process of going public?

知道了。只是為了我的後續行動。就你的指導而言，我知道你們提供了很多有用的信息。根據您的評論，我們的 EBITDA 大約在 500 左右。我的意思是，很明顯，第一季的情況比較疲軟，但您能否談談與您之前的指南以及您經歷該過程時的看跌期權和拿取金額上市？

Yes, I'll start. It's really just a temporary delay due to Delta and Omicron pushing the recovery back 1 to 2 quarters. So from a strategy standpoint, from an execution standpoint, everything we're trying to do, Dan, we're still working extremely hard. And as Bahram said, our goal is to drive this to get the revenue levels back in the second half of the year, so we can get back on track of where we thought we would be prepandemic.

是的，我要開始了。這實際上只是暫時的延遲，因為 Delta 和 Omicron 將復甦推遲了一到兩個季度。因此，從策略的角度來看，從執行的角度來看，我們正在努力做的一切，丹，我們仍然非常努力。正如巴拉姆所說，我們的目標是推動這一舉措，使收入在下半年恢復到正常水平，這樣我們就可以回到我們認為大流行前的軌道上來。

So to me, it's really just the really Delta-Omicron impact, no change in strategy, no change in execution. And all the new initiatives that we've been investing in will start to take hold here in the second quarter as we really see an acceleration of memberships and then hold on to them throughout the rest of the year.

所以對我來說，這實際上只是真正的 Delta-Omicron 影響，戰略沒有改變，執行也沒有改變。我們一直在投資的所有新措施都將在第二季度開始實施，因為我們確實看到會員數量的增長，然後在今年剩餘的時間裡堅持下去。

And the most critical number that I am driving, the most critical focus number is where the jumping off is from 2022 to '23. So I will not sit still until I know we're going to beat the numbers we had in our projections for December of 2022 for -- that we had when we went to -- met with all of you guys. We're going to do everything pretty confident with the execution of our plans. We will beat those numbers for December of 2022.

我正在推動的最關鍵的數字、最關鍵的焦點數字是從 2022 年到 23 年的起點。因此，我不會坐以待斃，直到我知道我們將超過我們在 2022 年 12 月與大家會面時預測的數字。我們將非常有信心地執行我們的計劃。我們將在 2022 年 12 月打破這些數字。

Now why that's important, because as you guys know, 2/3 of our revenue is subscription. And if you have that subscription robustly ahead of where you wanted it to be, that will repeat itself going forward into the following year, month after month. So all the strategy here is focusing on, as I mentioned earlier in the call, to get the revenue of the company to 100%, then 110%, then 120% of 2019 revenue.

為什麼這很重要，因為正如你們所知，我們 2/3 的收入來自訂閱。如果您的訂閱遠遠超出了您的預期，那麼這種情況將會在接下來的一年、月復一月的情況下重演。因此，正如我之前在電話會議中提到的，這裡的所有策略都集中在使公司收入達到 2019 年收入的 100%，然後是 110%，然後是 120%。

Now part of that is we need to have bigger revenue, and we will, on every single club than we used to have because costs are higher, obviously, utilities are higher, payroll is higher. So you really have to have a bigger revenue to make up for those. We have a solid plan to get there. And then you also have the additional clubs that are opening up. So hitting 2019 revenue is no -- nothing to brag about. We're going to get there. We're going to go past that.

現在，我們需要有更大的收入，我們會在每個俱樂部比以前有更多的收入，因為成本更高，顯然，公用事業更高，工資更高。所以你真的必須有更大的收入來彌補這些。我們有一個堅實的計劃來實現這一目標。然後還有其他正在開放的俱樂部。因此，達到 2019 年的收入並不值得吹噓。我們會到達那裡。我們將超越這一點。

But the most important thing for everybody is to focus on the fourth quarter because the fourth quarter is when we have to -- and Tom and I, the rest of the management team is bent out of shape to make sure we will recover every impact of what happened in the first 2, 3 months of the year, December and January, February, we recover for that and make sure that almost -- as if it didn't exist by the time we get to the fourth quarter results.

但對每個人來說，最重要的是專注於第四季度，因為第四季度是我們必須這樣做的時候——湯姆和我，管理團隊的其他成員都竭盡全力，以確保我們能夠恢復今年前2、3 個月，也就是12 月和1 月、2 月發生的事情，我們會對此進行恢復，並確保幾乎在我們獲得第四季度業績時，就好像它不存在一樣。

And Dan, just to close it up, what gives us really a lot of confidence is those parts of the country where we've seen less restrictions and mask mandates, such as Texas, the heartland mountain regions, yes, we're recovered in that 90% to 100% in February type of ranges. So that gives us the confidence, as the New Yorks and Chicagos and the other and parts of the Coast have eased up now here in February, that we're going to recover those clubs to that same percentage as rapidly as we can.

丹，最後，真正給我們很大信心的是美國那些限制和口罩要求較少的地區，例如德克薩斯州、中心山區，是的，我們已經在2 月份的範圍為 90% 到 100%。因此，隨著紐約、芝加哥以及其他地區和海岸部分地區在二月的情況有所緩解，這給了我們信心，我們將盡快將這些俱樂部恢復到相同的比例。

We'll expect to have at least a dozen clubs to be surpassing 2019 dues numbers by end of March. And those are -- just like Tom said, those are the markets that they were the least restrictive to us. So the -- as you go back, the markets have been more restrictive. It doesn't mean they don't come back. It's just going to take longer, but hopefully, now through the summer, with much steeper recovery in those markets. And we are seeing some of that trend as well, by the way.

我們預計到 3 月底，至少有 12 個俱樂部的會費數量將超過 2019 年。正如湯姆所說，這些是對我們限制最少的市場。所以，當你回去時，市場受到了更多的限制。這並不意味著他們不會回來。這只是需要更長的時間，但希望從現在到整個夏天，這些市場的復甦會更加迅速。順便說一句，我們也看到了這種趨勢。

Next question is coming from John Baumgartner from Mizuho Securities.

下一個問題來自瑞穗證券的約翰·鮑姆加特納。

I guess, let me, first off, I'm curious just getting more specific as to how inflation is impacting business at the margin, Bahram? What are you seeing in terms of labor availability and wage pressures? I mean, how is that tracking relative to your views maybe back in October?

我想，首先，我很好奇，只是想更具體地了解通貨膨脹如何影響邊際業務，巴赫拉姆？您對勞動力供應和薪資壓力有何看法？我的意思是，與您十月份的觀點相比，這種追蹤情況如何？

And then second, just given the acceleration of broader inflation here around the economy, how is it -- or is it, I guess, evolving your views on pricing power relative to what you were thinking last summer? I mean, it sounds like, Bahram, it sounds as though right now, you're not seeing much elasticity. But how are you thinking about an incrementally stronger pricing power sustaining at this point?

其次，鑑於經濟周圍更廣泛的通膨加速，或者我猜，相對於去年夏天的想法，您對定價能力的看法是否正在改變？我的意思是，巴拉姆，聽起來好像現在你看不到太多的彈性。但您如何看待此時持續不斷增強的定價能力？

Yes. I have no concern about pricing power for us. We have always sort of underpriced too many things from membership to some of the in-centers and food, et cetera, in our clubs. But now that we are focused 100% on the super high-end delivery, as I mentioned, homogeneously, and we continually test, we don't -- no decision you make is going to be like sending a child to the moon. If you're wrong, what happens, nothing happens. If you price something $2 more than you should, if it doesn't work, you bring it back down to $2.

是的。我不擔心我們的定價能力。我們總是對俱樂部裡的許多東西定價過低，從會員資格到一些中心和食物等等。但現在我們 100% 專注於超高端交付，正如我所提到的，同質化，並且我們不斷進行測試，我們不會——你做出的任何決定都不會像把孩子送上月球那樣。如果你錯了，會發生什麼，什麼事也不會發生。如果你給某個東西的定價比你應該定價的多 2 美元，如果它不起作用，你就把它降到 2 美元。

So it's -- we have a dynamic pricing strategy here. We test and see where we find -- we don't want to make the customer feel like we're nickel and diming them. We don't want to make the customer feel like we're taking advantage of them. But the customer completely understands where the cost of -- all the -- every cost of the food has gone up and the payroll has gone up, they don't care. They don't care as long as you're giving them the right product and the right service.

所以我們這裡有一個動態定價策略。我們進行測試，看看我們發現了什麼——我們不想讓客戶覺得我們在貶低他們。我們不想讓客戶覺得我們在利用他們。但顧客完全明白食品的成本——所有的——每一項成本都漲了，薪水也上漲了，他們不在乎。只要您為他們提供正確的產品和正確的服務，他們就不在乎。

So as far as our advantage, our brand is so loved by our team members, by members. We have the least issues with staffing than I hear from any other business owner. People want to work for Life Time, 16-year-olds, 17-year-olds. They -- for $5 less an hour, they would much rather work for a Life Time then they would work for McDonald's or somebody else. So we have the least amount of problems. We have some issue, but it's not monumental. It's not over -- it's not something we cannot overcome because of the quality of our brand.

就我們的優勢而言，我們的品牌深受我們的團隊成員、會員的喜愛。與我從其他企業主那裡聽到的相比，我們在人員配置方面遇到的問題最少。人們希望為16歲、17歲的人終生工作。他們——每小時少花 5 美元，他們寧願工作一輩子，也不願為麥當勞或其他人工作。所以我們遇到的問題最少。我們遇到了一些問題，但並不是重大問題。這還沒結束——由於我們品牌的質量，這並不是我們無法克服的問題。

But we expect to see probably $10,000 to $15,000 a month per club additionally due to the payroll increase cost in the hourly staff. However, we did these transformations, like we mentioned to you, transforming the membership sales, member services desk and the front desk all into this member concierge. With that and our credit card fees, it's kind of a policy that we have put in place.

但由於小時工的工資成本增加，我們預計每個俱樂部每月可能會增加 10,000 至 15,000 美元。但是，我們做了這些改造，就像我們向您提到的那樣，將會員銷售、會員服務台和前台全部轉變為會員禮賓部。有了這個和我們的信用卡費用，這是我們制定的一項政策。

We basically are looking at clubs that they're now catching up to where the dues was before between the puts -- between what you -- we've taken out versus what we have to spend more in. By the time we have the PT in the right -- just kind of matching revenues and margins, we're going to be able to produce the same kind of margin despite all the challenges in the labor cost of goods, et cetera. So we feel really, really good.

我們基本上是在關注那些俱樂部，他們現在正在趕上之前在看跌期權之間的會費——在我們已經拿出的東西和我們必須花更多錢的東西之間。在右邊——只要收入和利潤相匹配，儘管面臨商品勞動成本等方面的所有挑戰，我們將能夠產生相同的利潤。所以我們感覺非常非常好。

Just along those lines, in terms of meeting consumers' needs, I'm curious, in light of your announcement regarding the ARORA program for the active adults, your prior demographic efforts have been concentrated on programs for younger cohorts, kids and teens. But can you discuss this program a little bit more? What are you seeing from that demographic that drives the initiative?

沿著這些思路，在滿足消費者的需求方面，我很好奇，鑑於你們宣布了針對活躍成年人的 ARORA 計劃，你們之前的人口統計工作集中在針對年輕群體、兒童和青少年的計劃上。但你能多討論一下這個程式嗎？您從推動這項措施的人群中看到了什麼？

To what extent do you think it can enhance membership growth relative to just sort of, I guess, being a tack on offering at the margin for existing members? And when you think about your programming across generations, where do you see the largest opportunities for growth and the largest paybacks moving forward?

我想，相對於為現有會員提供邊際服務的一種手段，您認為它可以在多大程度上促進會員成長？當您考慮跨世代的程式設計時，您認為未來最大的成長機會和最大的回報在哪裡？

That's a great question. So this is an activity that was taking place in our clubs. Sort of episodically, we have some relationships with a bunch of these companies who pay for this active age group. 55 plus is sort of the community, but there is the programs that the companies, insurance companies, are paying for 65 years and older, like a Silver and Fit, et cetera, or SilverSneakers. We were doing those, but we weren't doing them in sort of a holistic approach with a branded programming and bringing a sort of a texture.

這是一個很好的問題。這是我們俱樂部正在進行的一項活動。偶爾，我們與一些為這個活躍年齡層付費的公司有一些關係。 55 歲以上是一個社區，但有些公司、保險公司為 65 歲及以上的人支付費用，例如 Silver and Fit 等，或 SilverSneakers。我們正在做這些，但我們並沒有以某種整體方法進行品牌規劃並帶來某種質感。

So the ARORA Club is an opportunity to double and triple that population, program them specifically in the hours of the club, where we have the best opportunity to bring those people in where the club is being the most underutilized. But how we're doing it is by really building this 2, 3, 4, 5 hours of programming, social and different kinds of activities, from pickleball to swimming, to this, to that. We bring in all of those, coupled with social hours, so social coffee, and then fully branded.

因此，ARORA 俱樂部是一個將人口增加一倍或三倍的機會，在俱樂部的工作時間內專門對他們進行規劃，這樣我們就有最好的機會將這些人帶到俱樂部最未充分利用的地方。但我們的做法是真正建立 2、3、4、5 小時的程式設計、社交和不同類型的活動，從泡菜球到游泳，到這個、那個。我們引入所有這些，再加上社交時間，社交咖啡，然後完全品牌化。

So we've been working on it for half a dozen months, formulated the brand. They went out to this market research, talked to all these people, see what they like, what they don't like, how we can -- and then we worked the program so it does not interfere with other programs we want to deliver in the club, but basically uses the opportunities we have to increase the traffic and the revenue, swipes and traffic. So everything we're driving here is swipes, subscription and revenue. Swipes, subscription and revenue. And this is 1 of the 6 programs we are running to kind of make sure we achieve the objectives we have. And so far, it's going fantastic.

所以我們花了六個月的時間來制定這個品牌。他們進行了市場調查，與所有這些人交談，看看他們喜歡什麼，不喜歡什麼，我們如何才能——然後我們制定了該計劃，使其不會幹擾我們想要交付的其他計劃俱樂部，但基本上利用我們所擁有的機會來增加流量和收入、刷卡和流量。所以我們在這裡推動的一切都是刷卡、訂閱和收入。刷卡、訂閱和收入。這是我們正在運行的 6 個項目之一，旨在確保我們實現既定目標。到目前為止，一切進展順利。

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

我們的問答環節已經結束。我想將發言權交還給管理階層，以徵求進一步的意見或結束意見。

We're grateful to all of you, guys, the attention, the focus. We're excited to take the remainder of this year. And as I mentioned, the focus is not on revenue recovery. The focus is on steep revenue growth, both to recover and then get way past beyond. We appreciate the support. We're looking forward to see you guys on the next call, which, I think, the results will be significantly in line with the kind of growth expectations we have. So thank you. Tom?

我們感謝你們所有人的關注和關注。我們很高興能度過今年剩下的時間。正如我所提到的，重點不是收入恢復。重點是收入的急劇增長，既要恢復，又要超越。我們感謝您的支持。我們期待在下一次電話會議上見到你們，我認為結果將與我們的成長預期非常一致。所以謝謝你。湯姆？

Thanks, everybody. Have a great day. Talk to you soon.

謝謝大家。祝你有美好的一天。很快就和你談談。

Bye.

再見。

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

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