Lifetime Fitness 2011 Annual Report Download - page 7

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1
FORWARD-LOOKING STATEMENTS
This Annual Report may include “forward-looking” statements. Forward-looking statements generally involve our
current expectations or beliefs regarding future matters. Forward-looking statements can usually be identified by the
use of terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “evolve,” “expect,” “forecast,”
“intend,” “looking ahead,” “may,” “opinion,” “plan,” “possible,” “potential,” “project,” “should,” “will” and similar
words or expressions. Forward-looking statements in this Annual Report include statements about: our growth
strategies, which include our intention to open new centers, increase membership and optimize membership dues
and increase our in-center and corporate business products and services revenue; our expectations of the health and
fitness industry; the evolution of our centers and our services; the process we use in new center site selection and
construction, including our belief about our ability to fund new center development and the alignment of our cost
structure with our growth plans; our strategy regarding new center and ancillary business acquisitions as well as our
ability to successfully integrate these acquisitions; our beliefs regarding competition; our belief that we have the
necessary licenses to conduct our business; our opinions about litigation matters; our expectations regarding the
operating costs and revenue expectations of new centers; our expectations about future liquidity; and our
expectations about general economic conditions. There are many factors that could cause actual results to differ
materially from those in any forward-looking statement. For example, forward-looking statements can be affected by
inaccurate assumptions, general economic conditions and any other factor that may impact our operations. While it
is not possible to identify all factors that you should consider, forward-looking statements can also be impacted by
any risks or uncertainties that we discuss throughout this Annual Report and in Part I, Section 1A of this Annual
Report entitled “Risk Factors.” Consequently, no forward-looking statement can be guaranteed and actual results
may vary materially.
We intend to take advantage of the protective provisions of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 regarding our forward-looking statements, and are including this sentence for the
express purpose of enabling us to do so. In addition, forward-looking statements speak only as of the date they were
made. We undertake no obligation to update these statements in light of subsequent events or developments.
PART I
Item 1. Business.
Company Overview
Life Time is the Healthy Way of Life Company. We help 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, resort-like sports, professional fitness, family recreation
and spa destinations, most of which operate 24 hours a day, seven days a week. Our Healthy Way of Life approach
enables our customers to achieve success by providing the best places, people and programs of exceptional quality
and value. As of February 28, 2012, we operated 102 centers under the LIFE TIME FITNESS® and LIFE TIME
ATHLETICSM brands primarily in suburban locations in 26 major markets in the United States.
We believe our centers provide a desirable and unique experience for our members, resulting in a high number of
memberships per center, which we manage to optimize the member experience. Of our 102 centers, we consider 81
to be of our large format design. Among these 81 centers, we consider 57 to be of our current model design.
Although the size and design of our centers may vary, our business strategy and operating processes generally
remain consistent across our centers. Our current model centers typically target 8,500 to 11,500 memberships by
offering, on average, 113,000 square feet of multi-use sports and athletic, professional fitness, family recreation, spa
amenities and programs and services in a resort-like environment.
The breadth of our programs allows us to connect and engage members in their areas of passion along with others
who share the same interests. By offering best-in-class programming - both inside and outside of our centers - along
with a dedicated and talented team of Life Time employees who lead each program, we help members achieve their
goals by doing what they love. Life Time programs include a wide range of interest areas, such as group fitness,