Lifetime Fitness 2013 Annual Report Download - page 32

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26
For the Year Ended December 31,
2013 2012 2011 2010 2009
(In thousands, except per share, center and membership data)
Statement of Operations Data:
Revenue
Center revenue
Membership dues $ 766,846 $ 727,596 $ 663,439 $ 603,231 $ 564,605
Enrollment fees 13,941 15,346 18,447 24,426 26,138
In-center revenue (1) 375,517 348,265 308,474 266,426 232,834
Total center revenue 1,156,304 1,091,207 990,360 894,083 823,577
Other revenue 49,600 35,740 23,314 18,761 13,424
Total revenue 1,205,904 1,126,947 1,013,674 912,844 837,001
Operating expenses
Center operations 696,209 655,887 614,949 561,070 506,443
Advertising and marketing 42,712 39,931 36,318 27,098 26,299
General and administrative 58,986 55,715 54,736 48,060 42,776
Other operating 64,401 52,170 35,562 23,544 21,852
Depreciation and amortization 118,972 115,016 98,843 92,313 90,770
Total operating expenses (2) 981,280 918,719 840,408 752,085 688,140
Income from operations 224,624 208,228 173,266 160,759 148,861
Interest expense, net (25,656) (25,475)(20,138)(27,795)(30,338)
Equity in earnings of affiliate (3) 1,399 1,482 1,299 1,176 1,302
Income before income taxes 200,367 184,235 154,427 134,140 119,825
Provision for income taxes 78,655 72,697 61,810 53,448 47,441
Net income $ 121,712 $ 111,538 $ 92,617 $ 80,692 $ 72,384
Basic earnings per common share $ 2.95 $ 2.70 $ 2.29 $ 2.03 $ 1.84
Weighted average number of common
shares outstanding — basic 41,263 41,345 40,358 39,809 39,297
Diluted earnings per common share $ 2.93 $ 2.66 $ 2.26 $ 2.00 $ 1.82
Weighted average number of common
shares outstanding — diluted (4) 41,482 41,972 40,930 40,385 39,870
Balance Sheet Data (end of period):
Cash and cash equivalents $ 8,334 $ 16,499 $ 7,487 $ 12,227 $ 6,282
Working capital (104,223) (67,723)(55,413)(56,513)(67,396)
Total assets 2,331,051 2,072,174 1,915,828 1,718,480 1,631,525
Long-term debt, net of current portion 824,093 691,867 679,449 605,279 643,630
Total debt 848,598 704,470 686,298 612,544 660,346
Total shareholders’ equity 1,148,029 1,072,917 957,473 840,578 737,431
Cash Flow Data:
Net cash provided by operating
activities $ 258,417 $ 255,745 $ 227,943 $ 192,265 $ 186,203
Net cash used in investing activities (359,836) (251,403)(232,949)(149,034)(143,285)
Net cash provided by (used in)
financing activities 87,321 5,818 266 (37,286)(47,465)