Lifetime Fitness 2012 Annual Report Download - page 7

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1
FORWARD-LOOKING STATEMENTS
This Annual Report contains “forward-looking” statements within the meaning of the Private Securities Litigation
Reform Act of 1995. 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 are subject to certain risks and uncertainties that could cause the Company's actual
results in the future to differ materially from its historical results and those presently anticipated or projected.
Among these factors are attracting and retaining members, risks related to our debt levels and debt covenants, the
ability to access our existing credit facility and obtain additional financing, strains on our business from continued
and future growth, including potential acquisitions and other strategic initiatives, risks related to maintenance and
security of our data, potential recognition of compensation expense related to performance-based stock grants,
competition from other health and fitness centers, identifying and acquiring suitable sites for new centers and delays
in opening new centers. 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, 2013, we operated 105 centers under the LIFE TIME FITNESS® and LIFE TIME
ATHLETICSM brands primarily in suburban locations in 28 major markets in the United States and Canada.
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 105 centers, we consider 84
to be of our large format design. Among these 84 centers, we consider 60 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 7,500 to 11,000 memberships by
offering, on average, 114,000 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,
yoga, swimming, running, racquetball, squash, tennis, Pilates, martial arts, kids activities and camps, adult activities
and leagues, rock climbing, cycling, basketball, personal training, weight loss and nutrition initiatives, spa, medi-spa
and chiropractic services. Life Time program offerings may vary by location.