Lifetime Fitness 2012 Annual Report Download - page 32

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26
For the Year Ended December 31,
2012 2011 2010 2009 2008
(In thousands, except per share, center and membership data)
Statement of Operations Data:
Revenue
Center revenue
Membership dues $ 727,596 $ 663,439 $ 603,231 $ 564,605 $ 508,927
Enrollment fees 15,346 18,447 24,426 26,138 26,570
In-center revenue (1) 348,265 308,474 266,426 232,834 218,198
Total center revenue 1,091,207 990,360 894,083 823,577 753,695
Other revenue 35,740 23,314 18,761 13,424 15,926
Total revenue 1,126,947 1,013,674 912,844 837,001 769,621
Operating expenses
Center operations 655,887 614,949 561,070 506,443 454,645
Advertising and marketing 39,931 36,318 27,098 26,299 31,500
General and administrative 55,715 54,736 48,060 42,776 43,749
Other operating 52,170 35,562 23,544 21,852 19,426
Depreciation and amortization 115,016 98,843 92,313 90,770 72,947
Total operating expenses (2) 918,719 840,408 752,085 688,140 622,267
Income from operations 208,228 173,266 160,759 148,861 147,354
Interest expense, net (25,475) (20,138)(27,795)(30,338)(29,552)
Equity in earnings of affiliate (3) 1,482 1,299 1,176 1,302 1,243
Income before income taxes 184,235 154,427 134,140 119,825 119,045
Provision for income taxes 72,697 61,810 53,448 47,441 47,224
Net income $ 111,538 $ 92,617 $ 80,692 $ 72,384 $ 71,821
Basic earnings per common share $ 2.70 $ 2.29 $ 2.03 $ 1.84 $ 1.84
Weighted average number of common
shares outstanding — basic 41,345 40,358 39,809 39,297 39,002
Diluted earnings per common share $ 2.66 $ 2.26 $ 2.00 $ 1.82 $ 1.83
Weighted average number of common
shares outstanding — diluted (4) 41,972 40,930 40,385 39,870 39,342
Balance Sheet Data (end of period):
Cash and cash equivalents $ 16,499 $ 7,487 $ 12,227 $ 6,282 $ 10,829
Working capital (67,723) (55,413)(56,513)(67,396)(107,112)
Total assets 2,072,174 1,915,828 1,718,480 1,631,525 1,647,703
Long-term debt, net of current portion 691,867 679,449 605,279 643,630 702,569
Total debt 704,470 686,298 612,544 660,346 712,904
Total shareholders’ equity 1,072,917 957,473 840,578 737,431 652,901
Cash Flow Data:
Net cash provided by operating
activities $ 255,745 $ 227,943 $ 192,265 $ 186,203 $ 183,066
Net cash used in investing activities (251,403) (232,949)(149,034)(143,285)(305,995)
Net cash provided by (used in)
financing activities 5,818 266 (37,286)(47,465) 128,404