Lifetime Fitness 2010 Annual Report Download - page 4

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For 2011, we have four major areas of focus:
• Manifesting our Healthy Way of Life brand externally. We have been working tirelessly
on this for the last three and a half years. As the Healthy Way of Life Company, Life Time
delivers the certifi ed professionals, comprehensive services and incredible destinations
that help people positively change their lives every day. Our Healthy Way of Life
approach enables customers to achieve their health and fi tness goals by engaging in their
areas of interest – or discovering new passions – both inside and outside of our distinctive
and large sports, professional fi tness, family recreation and spa destinations.
• Accomplishing our revenue stretch goal of $1 billion in 2011. This is just outside of the
high-end of our guidance of $990 million. To arrive at $990 million, we have pushed
our business plans to challenging levels. Nevertheless, and even though it is by no
means our revenue guidance for the year, we have our sights set on achieving the $1
billion revenue milestone.
• Reestablishing a faster growth rate. We have never stopped seeing ourselves as anything
but a growth company. We believe we have many opportunities to grow revenue,
EBITDA and net income at double-digit rates in 2012 and for the foreseeable future.
• Achieving and maintaining an investment-grade-like balance sheet and credit profi le.
We are primarily focused on our ratio of debt to EBITDA being at two to one. At
the end of 2008, we implemented initiatives to drive to this and are well on our way
to accomplishing it this year. At that point, we are able to redirect cash fl ow to help
facilitate future growth.
In closing, I thank our valued members who have chosen Life Time as their Healthy
Way of Life partner. I also thank our nearly 19,000 team members who bring our Healthy
Way of Life vision and commitment to life every day and with every member visit. I am
very pleased with our progress as a company and could not be more excited about the
opportunities that remain in front of us.
Life Time is well positioned to continue changing lives for the better and thrive in 2011
and for the long-term.
Sincerely,
Bahram Akradi
Chairman, President and Chief Executive Offi cer
* Net income of $80.7 million, excluding the impact of $3.4 million of performance share-based compensation expense, results in adjusted
net income of $84.1 million. Diluted earnings per common share of $2.00, excluding the impact of $0.08 of performance share-based
compensation expense, results in adjusted diluted earnings per common share of $2.08.