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Life Time Group Holdings, Inc. (NYSE: LTH), branded as "Life Time, the Healthy Way of Life Company," is a premium lifestyle and leisure company focused on health, fitness, and wellness. The company operates resort-like athletic country clubs, offers digital wellness services, and organizes athletic events. Its offerings include memberships, in-center services, co-working spaces, residential communities, and media content, all aimed at fostering healthier lifestyles.
- Center Revenue - Provides memberships and in-center services, including access to fitness facilities, personal training, aquatics, kids programming, spas, and cafes.
- Other Revenue - Includes revenue from Life Time Work (co-working spaces), Life Time Living (residential communities), and athletic events such as endurance races and cycling.
- Digital Services - Offers a digital platform and the Life Time Digital app, providing health and wellness content and services.
- Media - Publishes Experience Life® magazine and other wellness-related media content.
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You mentioned that retention rates are at an all-time high, but what specific factors could potentially reverse this trend, and how are you mitigating the risk of increased membership churn if economic conditions worsen?
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With your leverage target now between 1.75x and 2.25x, how do you plan to balance your growth initiatives, such as club expansions and investments in new brands like MIORA and LTH, while keeping leverage within this range?
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Despite strong revenue growth, your adjusted EBITDA margin guidance remains at around 25%; what are the main constraints preventing margin expansion, and what steps are you taking to improve operational efficiencies?
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You opened fewer new clubs in 2024 than your target of 10 to 12, citing delays; can you provide more detail on the challenges you've faced, and how confident are you in accelerating openings to meet your pipeline goals for 2025 and beyond?
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You have been utilizing sale-leaseback transactions to fund growth and reduce leverage; are there concerns about reliance on this strategy, and how might selling significant real estate assets affect your long-term financial flexibility and profitability?