Life Time Group Holdings delivered a robust start to fiscal 2025 with Q1 revenue of $706.0 million, up 18.3% year over year, driven by a 17.9% increase in membership dues/enrollment fees and an 18.7% rise in incentive revenue. Management highlighted strong performance from clubs opened in the last 12 months and accelerated comparable center revenue (12.9% in the quarter, up from 11.1% in the prior year). The company raised its full-year guidance for comparable center revenue to 8.5%-9.5% as it normalizes toward long-term targets, supported by higher dues, new member mix at higher rates, and solid in-center activity, particularly dynamic personal training. Net income surged to $76.1 million, +206% YoY, with adjusted EBITDA of $191.6 million, up 31.2% YoY, and an EBITDA margin of 27.1% (+260 bps vs. 1Q24). Free cash flow remained positive for the fourth consecutive quarter (~$41 million), aided by stable working capital timing and a fixed-rate interest backdrop. Operating cash flow was ~$184 million, and net debt leverage improved to 2.0x, aided by a deliberate balance-sheet strategy including a planned $150 million sale-leaseback, expected to close in Q2. The growth agenda remains anchored in 10-12 new clubs annually, bolstered by LT Digital, LT Health (LTH), and Miura, with the company pursuing a strong double-B rating and continued deleveraging discipline. Management cautions a constructive but guarded view on macro volatility and tariff developments but asserts a resilient operating model capable of delivering growth in either favorable or challenged macro environments.