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Life Time Fitness Announces Fourth Quarter And Full-Year 2012 Financial Results

EBITDA. Earnings Before Interest, Income Taxes and Depreciation and Amortization (EBITDA) is a non-GAAP disclosure consisting of net income plus interest expense, net, provision for income taxes and depreciation and amortization. This term, as the Company defines it, may not be comparable to a similarly titled measure used by other companies and is not a measure of performance presented in accordance with GAAP. The Company uses EBITDA as a measure of operating performance. The funds depicted by EBITDA are not necessarily available for discretionary use if they are reserved for particular capital purposes, to maintain compliance with debt covenants, to service debt or to pay taxes. EBITDA should not be considered as a substitute for net income, net cash provided by operating activities or other income or cash flow data prepared in accordance with GAAP. Additional details related to EBITDA are provided in the Form 8-K that the Company filed with the Securities and Exchange Commission on the date of this press release. The following table provides a reconciliation of net income, the most directly comparable GAAP measure, to EBITDA:

RECONCILIATION OF NET INCOME TO EBITDA (In thousands) (Unaudited)
       
For the Three Months Ended December 31, For the Year Ended December 31,
2012 2011 2012 2011
Net income $ 23,430 $ 19,843 $ 111,538 $ 92,617
Interest expense, net 6,143 4,865 25,475 20,138
Provision for income taxes 14,681 12,486 72,697 61,810
Depreciation and amortization   29,799   25,198   115,016   98,843
EBITDA $ 74,053 $ 62,392 $ 324,726 $ 273,408
 

Free Cash Flow. Free cash flow is a non-GAAP measure consisting of net cash provided by operating activities, less purchases of property and equipment, excluding acquisitions. This term, as the Company defines it, may not be comparable to a similarly titled measure used by other companies and does not represent the total increase or decrease in the cash balance presented in accordance with GAAP. The Company uses free cash flow as a measure of cash generated after spending on property and equipment. Free cash flow should not be considered as a substitute for net cash provided by operating activities prepared in accordance with GAAP. Additional details related to free cash flow are provided in the Form 8-K that the Company filed with the Securities and Exchange Commission on the date of this press release. The following table provides a reconciliation of net cash provided by operating activities, the most directly comparable GAAP measure, to free cash flow:
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW (In thousands) (Unaudited)
       
For the Three Months Ended December 31, For the Year Ended December 31,
2012 2011 2012 2011
Net cash provided by operating activities $ 52,884 $ 50,621 $ 255,745 $ 227,943
Less: Purchases of property and equipment   (59,638 )   (43,186 )   (224,194 )   (165,335 )
Free cash flow $ (6,754 ) $ 7,435   $ 31,551   $ 62,608  
 

Non-GAAP Average Center Revenue Per Membership. Non-GAAP average center revenue per membership is a non-GAAP financial measure consisting of average center revenue per membership excluding the impact of LFF, which may provide a better metric for comparing operating results. The following table provides a reconciliation of average center revenue per membership, the most directly comparable GAAP measure, to non-GAAP average center revenue per membership:
RECONCILIATION OF AVERAGE CENTER REVENUE PER MEMBERSHIP TO NON-GAAP AVERAGE CENTER REVENUE PER MEMBERSHIP (Unaudited)
         
For the Three Months Ended December 31, Growth For the Year Ended December 31, Growth
2012 2011 Rate 2012 2011 Rate
Average center revenue per membership $ 393 $ 380 3.5 % $ 1,587 $ 1,543 2.9 %
Excluding the impact of LFF transaction   6   2 -     31   2 -  

Non-GAAP average center revenue per membership
$ 399 $ 382 4.5 % $ 1,618 $ 1,545 4.7 %
 

Non-GAAP Average In-Center Revenue Per Membership. Non-GAAP average in-center revenue per membership is a non-GAAP financial measure consisting of average in-center revenue per membership excluding the impact of LFF, which may provide a better metric for comparing operating results. The following table provides a reconciliation of average in-center revenue per membership, the most directly comparable GAAP measure, to non-GAAP average in-center revenue per membership:
RECONCILIATION OF AVERAGE IN-CENTER REVENUE PER MEMBERSHIP TO NON-GAAP AVERAGE IN-CENTER REVENUE PER MEMBERSHIP (Unaudited)
           
For the Three Months Ended December 31, Growth For the Year Ended December 31, Growth
2012 2011 Rate 2012 2011 Rate

Average in-center revenue per membership
$ 122 $ 114 7.1 % $ 507 $ 481 5.4 %
Excluding the impact of LFF transaction   3   1     11   1 -  

Non-GAAP average in-center revenue per membership
$ 125 $ 115 8.1 % $ 518 $ 482 7.6 %

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