[April 19, 2012] |
|
Life Time Fitness Announces First Quarter 2012 Financial Results
CHANHASSEN, Minn. --(Business Wire)--
Life Time Fitness, Inc. (NYSE:LTM), The Healthy Way of Life Company,
today reported its financial results for the first quarter ended March
31, 2012.
First quarter 2012 revenue grew 11.6% to $268.4 million from $240.6
million during the same period last year. Net income for the quarter was
$25.7 million, or $0.62 per diluted share, compared to net income of
$20.8 million, or $0.51 per diluted share, for 1Q 2011.
"Once again this quarter, I am pleased with our operating results, which
are highlighted by strong revenue, net income and EPS growth," said
Bahram Akradi, Life Time chairman, president and chief executive
officer. "We remain on track with our strategic growth, programming and
branding initiatives for 2012. Our growth will continue to occur through
square footage expansion, price and mix optimization, and our in-center
and ancillary business revenue. Additionally, we are focused on
delivering consistency and excellence in our member programming. We have
made great strides in this area and we see additional opportunities to
drive strong growth in member participation and retention. Finally, we
will continue building our Healthy Way of Life brand, with the goal of
ensuring that our brand position is of the highest possible quality and
value across our businesses and programs. By executing upon our healthy
way of life vision, programs and services, we believe Life Time has
tremendous opportunity for continued growth and success."
During the quarter, Life Time opened its first Canada-based center in
Mississauga, Ontario (Toronto market). The Company also continued the
integration, remodeling and rebranding activities associated with the
acquired Lifestyle Family Fitness facilities in Indiana, Ohio and North
Carolina. On April 12, 2012, the Company opened a new center in Tulsa,
its first location in Oklahoma. In May, the Company plans to open its
fifth center in Atlanta, Georgia.
Three Months Ended March 31, 2012, Financial
Highlights:
Total revenue for the first quarter grew 11.6% to $268.4 million
from $240.6 million in 1Q 2011.
(Period-over-period growth)
|
|
|
1Q 2012 vs. 1Q 2011
(in millions except revenue per membership data)
|
• Membership dues
|
|
|
$175.5 vs. $158.0 (up 11.0%)
|
• Enrollment fees
|
|
|
$4.0 vs. $5.2 (down 24.0%)
|
• In-center revenue
|
|
|
$84.6 vs. $73.7 (up 14.8%)
|
• Other revenue
|
|
|
$4.4 vs. $3.7 (up 17.8%)
|
|
|
|
|
• Average center revenue per membership
|
|
|
$386 vs. $379 (up 1.8%)
|
(up 3.5% to $392 excluding the Lifestyle Family Fitness transaction)
|
|
|
|
• Average in-center revenue per membership
|
|
|
$124 vs. $118 (up 4.9%)
|
(up 7.0% to $126 excluding the Lifestyle Family Fitness transaction)
|
|
|
|
• Same-center revenue (open 13 months or longer)
|
|
|
Up 5.4%
|
• Same-center revenue (open 37 months or longer)
|
|
|
Up 5.0%
|
|
|
|
|
Memberships grew 8.2% to 704,467 at March 31, 2012, from 650,784
at March 31, 2011.
-
Excluding memberships acquired in connection with the Lifestyle Family
Fitness transaction, memberships grew 3.8%.
-
Attrition in 1Q 2012 was 8.9% compared to 8.4% in the prior-year
period. The increase in attrition was driven by pricing actions taken
in late 2011/early 2012 and the membership transition associated with
the Lifestyle Family Fitness transaction.
-
Attrition for the trailing 12-month period ended March 31, 2012, was
35.6% compared to trailing 12-month attrition of 36.1% at March 31,
2011.
Total operating expenses during 1Q 2012 were $220.1 million
compared to $200.4 million for 1Q 2011.
-
Income from operations margin was 18.0% for 1Q 2012 compared to 16.7%
in the prior-year period.
(Expense as a percent of total revenue)
|
|
|
1Q 2012 vs. 1Q 2011
|
• Center operations
|
|
|
59.9% vs. 62.1%
|
• Advertising and marketing
|
|
|
3.9% vs. 3.6%
|
• General and administrative
|
|
|
5.1% vs. 5.3%
|
• Other operating
|
|
|
3.0% vs. 2.5%
|
• Depreciation and amortization
|
|
|
10.1% vs. 9.8%
|
|
|
|
|
Net income for 1Q 2012 was $25.7 million, or $0.62 per diluted
share, compared to net income of $20.8 million, or $0.51 per diluted
share, for 1Q 2011.
EBITDA for 1Q 2012 was $75.7 million compared with $64.2 million
in 1Q 2011.
-
As a percentage of total revenue, EBITDA in 1Q 2012 was 28.2% compared
to 26.7% in 1Q 2011.
Cash flows from operating activities for 1Q 2012 totaled $73.9
million compared to $60.1 million in 1Q 2011.
Weighted average fully diluted shares for 1Q 2012 totaled 41.7
million compared to 40.9 million in 1Q 2011.
Updated 2012 Business Outlook:
The following statements are based on the Company's current expectations
for fiscal year 2012 and incorporate 2011 and early 2012 operating
trends. These 2012 expectations are subject to the risks and
uncertainties further described in the Company's forward-looking
statements:
-
Revenue is expected to be up 10-12%, or $1.110-1.135 billion,
driven primarily by price and mix optimization, square foot expansion,
and growth in in-center and ancillary business revenue.
-
Net income is expected to be up 21-25%, or $112.0-115.5 million
(up from 18-24%, or $110.0-115.0 million), driven by revenue growth
and cost efficiencies. The Company included $1.6 million (after tax)
of anticipated performance share-based compensation expense in this
net income guidance.
-
Diluted earnings per common share is expected to be $2.65-2.73
(up from $2.60-2.72), which includes $0.04 impact of anticipated
performance share-based compensation expense.
As announced on April 12, 2012, the Company will hold a conference call
today at 10:00 a.m. ET to discuss its first quarter 2012 results. Bahram
Akradi, Michael Robinson, executive vice president and chief financial
officer, and John Heller, senior director, investor relations &
treasurer, will host the conference call. The conference call will be
webcast and may be accessed via the Company's Investor Relations section
of its website at lifetimefitness.com. A replay of the call will be
available the same day via the Company's website beginning at
approximately 1:00 p.m. ET.
The Company also announced on April 12, 2012, that its Annual Meeting of
Shareholders will be held at the Life Time Fitness headquarters (2902
Corporate Place in Chanhassen, Minnesota) at 2:00 p.m. ET today. The
meeting will be webcast and may be accessed live via the Company's
investor relations section of its website at lifetimefitness.com. A
replay of the webcast will be available beginning at approximately 5:00
p.m. ET today, and remain available for 30 days.
About Life Time Fitness, Inc.
As The Healthy Way of Life Company, Life Time Fitness (NYSE: LTM) helps
organizations, communities and individuals achieve their total health
objectives, athletic aspirations and fitness goals by engaging in their
areas of interest - or discovering new passions - both inside and
outside of Life Time's distinctive and large sports, professional
fitness, family recreation and spa destinations, most of which operate
24 hours a day, seven days a week. The Company's healthy way of life
approach enables customers to achieve this by providing the best
programs, people and places of exceptional quality and value. As of
April 19, 2012, the Company operated 98 centers under the LIFE TIME
FITNESS® and LIFE TIME ATHLETIC(SM) brands in the United States and
Canada. Life Time also operated six additional acquired facilities,
which are in transition to become Life Time centers. Experience Life
Time on the web at lifetimefitness.com and facebook.com/lifetimefitness.
Learn more about the Life Time Foundation and the Company's work in the
community at ltffoundation.org.
Forward-Looking Statements
Certain information contained in this press release may be deemed to
constitute forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements are subject to
certain risks and uncertainties that could cause the Company's actual
results in the future to differ materially from its historical results
and those presently anticipated or projected. Among these factors are
attracting and retaining members, risks related to our debt levels and
debt covenants, the ability to access our existing credit facility and
obtain additional financing, strains on our business from continued and
future growth, including potential acquisitions and other strategic
initiatives, risks related to maintenance and security of our data,
competition from other health and fitness centers, identifying and
acquiring suitable sites for new centers, delays in opening new centers
and other factors set forth in the Company's filings with the Securities
and Exchange Commission. Diluted earnings per common share could also be
affected by the number of shares outstanding, which depends on factors
such as the number of shares issued upon exercise of stock options and
future grants of awards pursuant to equity-based incentive plans as well
as stock offerings and repurchases. The Company's expectations for
fiscal year 2012 exclude any additional unusual items that might occur
during the fiscal year, such as litigation matters. While the Company
has determined that achieving the 2012 diluted earnings per common share
performance criteria required for vesting the remaining stock related to
the June 2009 performance share-based restricted stock grant is probable
and anticipates recognizing additional performance share-based
compensation expense in 2012, the Company may not be able to meet those
criteria due to risks and uncertainties, including those factors
described above.
The Company cautions investors not to place undue reliance on any such
forward-looking statements. Any forward-looking statement speaks only as
of the date on which such statement is made, and the Company undertakes
no obligation to update such statement to reflect events or
circumstances arising after such date. All remarks made during the
Company's financial results conference call will be current at the time
of the call and the Company undertakes no obligation to update the
replay.
LIFE TIME FITNESS, INC. AND SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2012
|
|
|
2011
|
|
|
|
(Unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
10,797
|
|
|
|
$
|
7,487
|
|
Accounts receivable, net
|
|
|
|
5,551
|
|
|
|
|
6,156
|
|
Center operating supplies and inventories
|
|
|
|
21,876
|
|
|
|
|
21,600
|
|
Prepaid expenses and other current assets
|
|
|
|
25,573
|
|
|
|
|
22,905
|
|
Deferred membership origination costs
|
|
|
|
12,221
|
|
|
|
|
12,525
|
|
Deferred income taxes
|
|
|
|
4,345
|
|
|
|
|
9,850
|
|
Income tax receivable
|
|
|
|
3,013
|
|
|
|
|
5,022
|
|
Total current assets
|
|
|
|
83,376
|
|
|
|
|
85,545
|
|
PROPERTY AND EQUIPMENT, net
|
|
|
|
1,755,264
|
|
|
|
|
1,740,434
|
|
RESTRICTED CASH
|
|
|
|
1,264
|
|
|
|
|
1,088
|
|
DEFERRED MEMBERSHIP ORIGINATION COSTS
|
|
|
|
8,168
|
|
|
|
|
8,131
|
|
GOODWILL
|
|
|
|
26,456
|
|
|
|
|
25,550
|
|
OTHER ASSETS
|
|
|
|
59,236
|
|
|
|
|
55,080
|
|
TOTAL ASSETS
|
|
|
$
|
1,933,764
|
|
|
|
$
|
1,915,828
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
|
$
|
7,102
|
|
|
|
$
|
6,849
|
|
Accounts payable
|
|
|
|
23,105
|
|
|
|
|
22,035
|
|
Construction accounts payable
|
|
|
|
24,816
|
|
|
|
|
21,892
|
|
Accrued expenses
|
|
|
|
58,187
|
|
|
|
|
56,284
|
|
Deferred revenue
|
|
|
|
40,268
|
|
|
|
|
33,898
|
|
Total current liabilities
|
|
|
|
153,478
|
|
|
|
|
140,958
|
|
LONG-TERM DEBT, net of current portion
|
|
|
|
643,374
|
|
|
|
|
679,449
|
|
DEFERRED RENT LIABILITY
|
|
|
|
20,351
|
|
|
|
|
19,370
|
|
DEFERRED INCOME TAXES
|
|
|
|
100,382
|
|
|
|
|
100,582
|
|
DEFERRED REVENUE
|
|
|
|
8,221
|
|
|
|
|
8,203
|
|
OTHER LIABILITIES
|
|
|
|
10,147
|
|
|
|
|
9,793
|
|
Total liabilities
|
|
|
|
935,953
|
|
|
|
|
958,355
|
|
SHAREHOLDERS' EQUITY:
|
|
|
|
|
|
|
Common stock
|
|
|
|
857
|
|
|
|
|
849
|
|
Additional paid-in capital
|
|
|
|
455,861
|
|
|
|
|
441,813
|
|
Retained earnings
|
|
|
|
543,076
|
|
|
|
|
517,404
|
|
Accumulated other comprehensive loss
|
|
|
|
(1,983
|
)
|
|
|
|
(2,593
|
)
|
Total shareholders' equity
|
|
|
|
997,811
|
|
|
|
|
957,473
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
$
|
1,933,764
|
|
|
|
$
|
1,915,828
|
|
|
|
|
|
|
|
|
|
|
|
|
LIFE TIME FITNESS, INC. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2012
|
|
|
2011
|
REVENUE:
|
|
|
|
|
|
|
Membership dues
|
|
|
$
|
175,470
|
|
|
|
$
|
158,013
|
|
Enrollment fees
|
|
|
|
3,954
|
|
|
|
|
5,201
|
|
In-center revenue
|
|
|
|
84,616
|
|
|
|
|
73,689
|
|
Total center revenue
|
|
|
|
264,040
|
|
|
|
|
236,903
|
|
Other revenue
|
|
|
|
4,407
|
|
|
|
|
3,742
|
|
Total revenue
|
|
|
|
268,447
|
|
|
|
|
240,645
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
Center operations
|
|
|
|
160,715
|
|
|
|
|
149,552
|
|
Advertising and marketing
|
|
|
|
10,356
|
|
|
|
|
8,563
|
|
General and administrative
|
|
|
|
13,703
|
|
|
|
|
12,651
|
|
Other operating
|
|
|
|
8,391
|
|
|
|
|
5,992
|
|
Depreciation and amortization
|
|
|
|
26,960
|
|
|
|
|
23,624
|
|
Total operating expenses
|
|
|
|
220,125
|
|
|
|
|
200,382
|
|
Income from operations
|
|
|
|
48,322
|
|
|
|
|
40,263
|
|
OTHER INCOME (EXPENSE):
|
|
|
|
|
|
|
Interest expense, net
|
|
|
|
(6,277
|
)
|
|
|
|
(5,504
|
)
|
Equity in earnings of affiliate
|
|
|
|
373
|
|
|
|
|
301
|
|
Total other income (expense)
|
|
|
|
(5,904
|
)
|
|
|
|
(5,203
|
)
|
INCOME BEFORE INCOME TAXES
|
|
|
|
42,418
|
|
|
|
|
35,060
|
|
PROVISION FOR INCOME TAXES
|
|
|
|
16,746
|
|
|
|
|
14,224
|
|
NET INCOME
|
|
|
$
|
25,672
|
|
|
|
$
|
20,836
|
|
BASIC EARNINGS PER COMMON SHARE
|
|
|
$
|
0.62
|
|
|
|
$
|
0.52
|
|
DILUTED EARNINGS PER COMMON SHARE
|
|
|
$
|
0.62
|
|
|
|
$
|
0.51
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC
|
|
|
|
41,174
|
|
|
|
|
40,362
|
|
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED
|
|
|
|
41,675
|
|
|
|
|
40,949
|
|
|
|
|
|
|
|
|
|
|
|
|
LIFE TIME FITNESS, INC. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
For the Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2012
|
|
|
2011
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
Net income
|
|
|
$
|
25,672
|
|
|
|
$
|
20,836
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
26,960
|
|
|
|
|
23,624
|
|
Deferred income taxes
|
|
|
|
5,360
|
|
|
|
|
741
|
|
(Gain) loss on disposal of property and equipment, net
|
|
|
|
(2
|
)
|
|
|
|
137
|
|
Amortization of deferred financing costs
|
|
|
|
503
|
|
|
|
|
587
|
|
Share-based compensation
|
|
|
|
3,878
|
|
|
|
|
3,308
|
|
Excess tax benefit related to share-based payment arrangements
|
|
|
|
(8,118
|
)
|
|
|
|
(2,074
|
)
|
Changes in operating assets and liabilities
|
|
|
|
19,789
|
|
|
|
|
13,196
|
|
Other
|
|
|
|
(139
|
)
|
|
|
|
(232
|
)
|
Net cash provided by operating activities
|
|
|
|
73,903
|
|
|
|
|
60,123
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
|
(38,477
|
)
|
|
|
|
(38,363
|
)
|
Acquisitions, net of cash acquired
|
|
|
|
(6,578
|
)
|
|
|
|
(1,245
|
)
|
Proceeds from sale of property and equipment
|
|
|
|
363
|
|
|
|
|
338
|
|
Proceeds from property insurance settlement
|
|
|
|
670
|
|
|
|
|
-
|
|
Increase in other assets
|
|
|
|
(172
|
)
|
|
|
|
(22
|
)
|
Increase in restricted cash
|
|
|
|
(177
|
)
|
|
|
|
(47
|
)
|
Net cash used in investing activities
|
|
|
|
(44,371
|
)
|
|
|
|
(39,339
|
)
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
Repayments of long-term borrowings
|
|
|
|
(1,441
|
)
|
|
|
|
(2,184
|
)
|
Repayments of revolving credit facility, net
|
|
|
|
(34,600
|
)
|
|
|
|
(22,200
|
)
|
Increase in deferred financing costs
|
|
|
|
(10
|
)
|
|
|
|
-
|
|
Excess tax benefit related to share-based payment arrangements
|
|
|
|
8,118
|
|
|
|
|
2,074
|
|
Proceeds from stock option exercises
|
|
|
|
1,972
|
|
|
|
|
774
|
|
Proceeds from employee stock purchase plan
|
|
|
|
388
|
|
|
|
|
336
|
|
Stock purchased for employee stock purchase plan
|
|
|
|
(649
|
)
|
|
|
|
(547
|
)
|
Net cash used in financing activities
|
|
|
|
(26,222
|
)
|
|
|
|
(21,747
|
)
|
|
|
|
|
|
|
|
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
|
|
3,310
|
|
|
|
|
(963
|
)
|
CASH AND CASH EQUIVALENTS - Beginning of period
|
|
|
|
7,487
|
|
|
|
|
12,227
|
|
CASH AND CASH EQUIVALENTS - End of period
|
|
|
$
|
10,797
|
|
|
|
$
|
11,264
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
This release and the related conference call disclose certain non-GAAP
financial measures.
EBITDA. Earnings Before Interest, Income Taxes and Depreciation
and Amortization (EBITDA) is a non-GAAP disclosure consisting of net
income plus interest expense, net, provision for income taxes and
depreciation and amortization. This term, as the Company defines it, may
not be comparable to a similarly titled measure used by other companies
and is not a measure of performance presented in accordance with GAAP.
The Company uses EBITDA as a measure of operating performance. The funds
depicted by EBITDA are not necessarily available for discretionary use
if they are reserved for particular capital purposes, to maintain
compliance with debt covenants, to service debt or to pay taxes. EBITDA
should not be considered as a substitute for net income, net cash
provided by operating activities or other income or cash flow data
prepared in accordance with GAAP. Additional details related to EBITDA
are provided in the Form 8-K that the Company filed with the Securities
and Exchange Commission on the date of this press release. The following
table provides a reconciliation of net income, the most directly
comparable GAAP measure, to EBITDA:
RECONCILIATION OF NET INCOME TO EBITDA
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2012
|
|
|
2011
|
Net income
|
|
|
$
|
25,672
|
|
|
$
|
20,836
|
Interest expense, net
|
|
|
|
6,277
|
|
|
|
5,504
|
Provision for income taxes
|
|
|
|
16,746
|
|
|
|
14,224
|
Depreciation and amortization
|
|
|
|
26,960
|
|
|
|
23,624
|
EBITDA
|
|
|
$
|
75,655
|
|
|
$
|
64,188
|
|
|
|
|
|
|
|
|
|
Free Cash Flow. Free cash flow is a non-GAAP measure consisting
of net cash provided by operating activities, less purchases of property
and equipment, excluding acquisitions. This term, as the Company defines
it, may not be comparable to a similarly titled measure used by other
companies and does not represent the total increase or decrease in the
cash balance presented in accordance with GAAP. The Company uses free
cash flow as a measure of cash generated after spending on property and
equipment. Free cash flow should not be considered as a substitute for
net cash provided by operating activities prepared in accordance with
GAAP. Additional details related to free cash flow are provided in the
Form 8-K that the Company filed with the Securities and Exchange
Commission on the date of this press release. The following table
provides a reconciliation of net cash provided by operating activities,
the most directly comparable GAAP measure, to free cash flow:
RECONCILIATION OF NET CASH PROVIDED BY
|
OPERATING ACTIVITIES TO FREE CASH FLOW
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2012
|
|
|
2011
|
Net cash provided by operating activities
|
|
|
$
|
73,903
|
|
|
|
$
|
60,123
|
|
Less: Purchases of property and equipment
|
|
|
|
(38,477
|
)
|
|
|
|
(38,363
|
)
|
Free cash flow
|
|
|
$
|
35,426
|
|
|
|
$
|
21,760
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Average Center Revenue Per Membership. Non-GAAP average
center revenue per membership is a non-GAAP financial measure consisting
of average center revenue per membership excluding the impact of the
Lifestyle Family Fitness transaction. The following table provides a
reconciliation of average center revenue per membership, the most
directly comparable GAAP measure, to non-GAAP average center revenue per
membership.
RECONCILIATION OF AVERAGE CENTER REVENUE PER MEMBERSHIP
|
TO NON-GAAP AVERAGE CENTER REVENUE PER MEMBERSHIP
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
|
|
|
March 31,
|
|
|
Growth
|
|
|
|
2012
|
|
2011
|
|
|
Rate
|
Average center revenue per membership
|
|
|
$
|
386
|
|
$
|
379
|
|
|
1.8
|
%
|
Impact of Lifestyle Family Fitness transaction
|
|
|
|
6
|
|
|
-
|
|
|
-
|
|
Non-GAAP average center revenue per membership
|
|
|
$
|
392
|
|
$
|
379
|
|
|
3.5
|
%
|
|
|
|
|
|
|
|
|
|
Non-GAAP Average In-Center Revenue Per Membership. Non-GAAP
average in-center revenue per membership is a non-GAAP financial measure
consisting of average in-center revenue per membership excluding the
impact of the Lifestyle Family Fitness transaction. The following table
provides a reconciliation of average in-center revenue per membership,
the most directly comparable GAAP measure, to non-GAAP average in-center
revenue per membership.
RECONCILIATION OF AVERAGE IN-CENTER REVENUE PER MEMBERSHIP
|
TO NON-GAAP AVERAGE IN-CENTER REVENUE PER MEMBERSHIP
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
|
|
|
March 31,
|
|
|
Growth
|
|
|
|
2012
|
|
2011
|
|
|
Rate
|
Average in-center revenue per membership
|
|
|
$
|
124
|
|
$
|
118
|
|
|
4.9
|
%
|
Impact of Lifestyle Family Fitness transaction
|
|
|
|
2
|
|
|
-
|
|
|
-
|
|
Non-GAAP average in-center revenue per membership
|
|
|
$
|
126
|
|
$
|
118
|
|
|
7.0
|
%
|
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