Lifetime Fitness 2013 Annual Report Download - page 33

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27
For the Year Ended December 31,
2013 2012 2011 2010 2009
(In thousands, except per share, center and membership data)
Other Data:
Same-center revenue growth (open
13 months or longer) (5) 4.0% 4.3% 5.1% 5.0% (3.1%)
Same-center revenue growth (open
37 months or longer) (5) 3.2% 3.7% 4.3% 2.3% (7.5%)
Average center revenue per Access
membership (6) $ 1,656 $ 1,567 $ 1,527 $ 1,462 $ 1,414
Average in-center revenue per Access
membership (7) $ 545 $ 507 $ 481 $ 440 $ 400
Annual attrition rate (8) 35.8% 33.5% 31.3% 33.3% 40.6%
EBITDA (9) $ 344,995 $ 324,726 $ 273,408 $ 254,248 $ 240,933
EBITDAR (9) $ 385,260 $ 363,377 $ 316,218 $ 296,729 $ 281,174
Capital expenditures (10) $ 348,948 $ 224,194 $ 165,335 $ 131,671 $ 146,632
Free cash flow (11) $ (90,531) $ 31,551 $ 62,608 $ 60,594 $ 39,571
Operating Data (end of period) (12):
Centers open 108 105 101 89 84
Center square footage (13) 10,221,759 9,901,108 9,500,442 8,810,507 8,459,540
Employees 22,500 21,700 20,000 19,000 17,400
Memberships:
Access memberships 678,619 682,621 676,054 612,556 578,937
Non-Access memberships 110,871 104,382 92,806 70,302 50,001
Total memberships 789,490 787,003 768,860 682,858 628,938
Margins:
Center operations 42.3% 41.8% 39.3% 38.5% 39.5%
EBITDA (14) 28.6% 28.8% 27.0% 27.9% 28.8%
EBITDAR (15) 31.9% 32.2% 31.2% 32.5% 33.6%
Operating income 18.6% 18.5% 17.1% 17.6% 17.8%
Net Income 10.1% 9.8% 9.1% 8.8% 8.6%
Stock Information:
Total common shares outstanding 42,116 43,149 42,428 41,925 41,410
Market price per share – high $ 56.94 $ 52.68 $ 48.42 $ 42.99 $ 32.05
Market price per share – close $ 47.00 $ 49.21 $ 46.75 $ 40.99 $ 24.93
Market price per share – low $ 39.10 $ 40.40 $ 33.15 $ 22.05 $ 7.07
Price/earnings ratio at year-end –
diluted 16.0 18.5 20.7 20.5 13.6
Market capitalization (16) $1,979,452 $2,123,362 $1,983,509 $ 1,718,505 $1,032,351
(1) In-center revenue includes revenue generated at our centers from fees for personal training, group fitness
training and other member activities, sales of products offered at our cafés, sales of products and services
offered at our spas, tennis and renting space in certain of our centers.
(2) Total operating expenses in 2010 includes $5.6 million (pretax) 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