Lifetime Fitness 2012 Annual Report Download - page 33

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27
For the Year Ended December 31,
2012 2011 2010 2009 2008
(In thousands, except per share, center and membership data)
Other Data:
Same center revenue – 13 month (5) 4.3% 5.1% 5.0% (3.1%) 2.8%
Same center revenue – 37 month (5) 3.7% 4.3% 2.3% (7.5%) (2.8%)
Average revenue per membership (6) $ 1,587 $ 1,543 $ 1,475 $ 1,414 $ 1,427
Average in-center revenue per
membership (7) $ 507 $ 481 $ 440 $ 400 $ 414
Annual attrition rate (8) 38.2% 35.0% 36.3% 40.6% 42.3%
EBITDA (9) $ 324,726 $ 273,408 $ 254,248 $ 240,933 $ 221,544
EBITDAR (9) $ 363,377 $ 316,218 $ 296,729 $ 281,174 $ 248,919
Capital expenditures (10) $ 224,194 $ 165,335 $ 131,671 $ 146,632 $ 463,337
Free cash flows (11) $ 31,551 $ 62,608 $ 60,594 $ 39,571 $ (280,271)
Operating Data (end of period) (12):
Centers open 105 101 89 84 81
Access memberships 682,621 676,054 612,556 578,937 567,110
Center square footage (13) 9,901,108 9,500,442 8,810,507 8,459,540 8,109,359
Employees 21,700 20,000 19,000 17,400 16,700
Margins:
Center operations 41.8% 39.3% 38.5% 39.5% 40.9%
EBITDA (14) 28.8% 27.0% 27.9% 28.8% 28.8%
EBITDAR (15) 32.2% 31.2% 32.5% 33.6% 32.3%
Operating income 18.5% 17.1% 17.6% 17.8% 19.1%
Net Income 9.8% 9.1% 8.8% 8.6% 9.3%
Stock Information:
Total common shares outstanding 43,149 42,428 41,925 41,410 39,613
Market price per share – high $ 52.68 $ 48.42 $ 42.99 $ 32.05 $ 50.28
Market price per share – close $ 49.21 $ 46.75 $ 40.99 $ 24.93 $ 12.95
Market price per share – low $ 40.40 $ 33.15 $ 22.05 $ 7.07 $ 8.03
Price/earnings ratio at year-end –
diluted 18.5 20.7 20.5 13.6 7.1
Market capitalization (16) $2,123,362 $1,983,509 $1,718,505 $1,032,351 $ 512,988
(1) In-center revenue includes revenue generated at our centers from fees for personal training, dietitians,
group fitness training and other member activities, sales of products offered at our LifeCafe, sales of
products and services offered at our LifeSpa, tennis and renting space in certain of our centers.
(2) Total operating expenses in 2008 includes expenses totaling $5.0 million associated with plans to slow the
development of new centers. These expenses include severance costs, lower-of-cost-or-market adjustments
in connection with assets held for sale and write-offs associated with land development canceled in the
fourth quarter of 2008.
Total operating expenses in 2010 includes $5.6 million associated with performance-based restricted stock
compensation expense. In June 2009, we granted performance-based restricted stock to our senior
management team. In fourth quarter 2010, we determined that achieving the 2011 diluted earnings per share
performance criteria required for vesting of 50% of the stock (representing 453,500 shares of restricted
stock) was probable. As a result, we recognized a cumulative, non-cash performance share-based
compensation expense of $5.6 million (pretax) in the quarter. Of this amount, approximately $1.2 million is
reflected in center operations expense and approximately $4.4 million is reflected in general and
administrative expense.