Performance outperformance in 2025 was primarily driven by mature clubs reaching optimal utilization levels faster than management had initially anticipated. Management is pivoting from a volume-based model to a high-engagement, premium-price model, intentionally limiting membership counts in saturated clubs to protect the member experience. Revenue growth is being fueled by a 11.7% increase in revenue per membership, supported by higher average monthly dues and increased utilization of in-center busi ...