Beachbody Company Inc (BODI) 2025 Q2 法說會逐字稿

Good afternoon. Thank you for attending today's Beachbody Company Inc second quarter 2025 earnings conference call. My name is Matt, and I'll be the moderator for today's call.

午安.感謝您參加今天的 Beachbody Company Inc 2025 年第二季財報電話會議。我叫馬特，我將擔任今天電話會議的主持人。

(Operator Instructions) I would now like to pass the conference over to our host, Bruce Williams, Managing Director of ICR. You may proceed, Bruce.

（操作員指示）現在，我想將會議交給我們的主持人，ICR 董事總經理布魯斯威廉斯 (Bruce Williams)。你可以繼續，布魯斯。

Welcome, everyone, and thank you for joining us for our second quarter earnings call. With me on the call today are Mark Goldston, Executive Chairman of the Beachbody Company; Carl Daikeler, Co-Founder and Chief Executive Officer; and Brad Ramberg, Interim Chief Financial Officer. Following the prepared remarks, we'll open the call up for questions.

歡迎大家，感謝大家參加我們的第二季財報電話會議。今天與我一起參加電話會議的還有 Beachbody Company 執行董事長 Mark Goldston、聯合創始人兼執行長卡爾戴克勒 (Carl Daikeler) 和臨時財務長 Brad Ramberg。準備好發言後，我們將開始提問。

Before we get started, I would like to remind you of the company's Safe Harbor language. Statements contained in this conference call, which are not historical facts, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual future results may differ materially from those suggested by such statements due to a number of risks and uncertainties, all of which are described in the company's filings with the SEC, which includes today's press release.

在我們開始之前，我想提醒您注意公司的安全港語言。本次電話會議所包含的陳述並非歷史事實，可能被視為構成《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。由於存在許多風險和不確定因素，未來的實際結果可能與此類聲明所暗示的結果存在重大差異，所有這些風險和不確定因素均在公司向美國證券交易委員會提交的文件（包括今天的新聞稿）中進行了描述。

Today's call will include references to non-GAAP financial measures such as adjusted EBITDA, net cash, and free cash flow. And a reconciliation of these non-GAAP financial measures to the most comparable GAAP financial measures is available within the earnings release, which can be found on our website.

今天的電話會議將參考非公認會計準則財務指標，例如調整後的 EBITDA、淨現金和自由現金流。這些非 GAAP 財務指標與最具可比性的 GAAP 財務指標的對帳表可在收益報告中查閱，您可以在我們的網站上找到。

Now I'd like to turn the call over to Mark. Thank you.

現在我想把電話轉給馬克。謝謝。

Thank you. I'd like to welcome everyone to BODi's Q2 2025 Earnings Call. Our second quarter results exceeded expectations with revenues of $63.9 million, driven by better-than-expected customer retention during our business model transition. We achieved a gross margin of 72.3%, representing a 300 basis points improvement over the prior year.

謝謝。歡迎大家參加 BODi 2025 年第二季財報電話會議。我們第二季的業績超出預期，營收達到 6,390 萬美元，這得益於我們業務模式轉型期間客戶保留率優於預期。我們的毛利率達到 72.3%，比前一年提高了 300 個基點。

We delivered adjusted EBITDA above guidance, marking our seventh consecutive quarter of positive adjusted EBITDA. The seven quarters of consecutive positive adjusted EBITDA has resulted in a cumulative $39.5 million. To put this dramatic financial transformation of the company in perspective, we reduced our revenue breakeven point from approximately $900 million in 2022 to approximately $200 million in 2025, a remarkable $700 million improvement that positions us for sustainable profitability.

我們實現的調整後 EBITDA 高於預期，這標誌著我們連續第七個季度實現正調整後 EBITDA。連續七季的調整後 EBITDA 為正，累計達 3,950 萬美元。為了全面了解公司這一巨大的財務轉型，我們將營收盈虧平衡點從 2022 年的約 9 億美元降低到 2025 年的約 2 億美元，這一顯著的 7 億美元的改善使我們能夠實現可持續盈利。

Our selling and marketing costs have decreased from 51.1% of revenue in Q2 last year, down to 39.9% this quarter, and we're tracking towards our target of sub-35%. We recently financed our debt with Tiger Finance and SG Capital, and we reduced our overall interest rate by more than 40% in the process.

我們的銷售和行銷成本已從去年第二季佔營收的 51.1% 下降至本季的 39.9%，我們正朝著 35% 以下的目標邁進。我們最近透過 Tiger Finance 和 SG Capital 為我們的債務融資，在此過程中我們將整體利率降低了 40% 以上。

Year-to-date, we've generated positive free cash flow of $4.1 million. And looking ahead, we have a line of sight to achieving positive free cash flow for the full year of 2025 for the first time since 2020. The achievement of full year positive free cash flow would mark a critically important milestone in our company's turnaround and transformation.

今年迄今為止，我們已產生 410 萬美元的正自由現金流。展望未來，我們預計自 2020 年以來首次在 2025 年全年實現正自由現金流。實現全年正自由現金流將標誌著我們公司轉型和轉型的一個至關重要的里程碑。

While 2025 will see some temporary revenue declines during the business model transition, we're building towards significant growth opportunities by preparing to leverage our portfolio of billion-dollar brands in the retail market. Starting in late Q1 2026, we'll begin rolling out Shakeology, our superfood plus protein shake brand with over $4 billion in cumulative sales and more than 1 billion cumulative servings across select grocery, mass merchandiser, and club store accounts in a limited rollout. This will be our first time ever selling the Shakeology brand in the retail marketplace with brick-and-mortar.

雖然 2025 年在商業模式轉型期間收入會出現一些暫時的下降，但我們正在準備利用我們在零售市場價值數十億美元的品牌組合來創造巨大的成長機會。從 2026 年第一季末開始，我們將開始在有限的範圍內推出我們的超級食品加蛋白質奶昔品牌 Shakeology，該品牌的累計銷售額超過 40 億美元，累計銷量超過 10 億份，覆蓋精選雜貨店、大眾零售商和俱樂部商店帳戶。這是我們首次在實體零售市場銷售 Shakeology 品牌。

This retail expansion will continue in 2026 with the launch of our brand-new P90x nutritional line, followed by our INSANITY branded nutritional supplement products. The P90x nutritional line launch will be supported by a brand-new P90x fitness program, creating powerful and revolutionary cross-marketing opportunities at retail where it will be flagged on our product packaging. And we will also be online cross-marketing between our nutritional products and our digital fitness content.

2026 年，我們將繼續進行零售擴張，推出全新的 P90x 營養系列，隨後推出 INSANITY 品牌營養補充品產品。P90x 營養系列的推出將得到全新 P90x 健身計劃的支持，在零售領域創造強大而革命性的交叉行銷機會，並將在我們的產品包裝上進行標記。我們還將在我們的營養產品和數位健身內容之間進行線上交叉行銷。

The retail initiative for BODi using the P90X, INSANITY and Shakeology brands with the new line of products represents a massive revenue and profit opportunity over the next few years. When these products have completed their retail introduction, the turnaround effort, which has been focused on the dramatic restructuring and a change in strategic focus during the past two years since my arrival as Executive Chairman in June of 2023, will be nearing its completion.

BODi 的零售計劃利用 P90X、INSANITY 和 Shakeology 品牌推出新的產品線，這代表著未來幾年巨大的收入和利潤機會。當這些產品完成零售推出後，扭虧為盈的努力將接近完成。自 2023 年 6 月我擔任執行董事長以來，過去兩年來，扭虧為盈的努力一直集中在重大重組和策略重點的轉變上。

BODi will have become a totally new company, one that is no longer an MLM, whose products will be sold in multiple channels, delivering growth in revenue and profits while leveraging the massive brand equity inherent in the BODi portfolio.

BODi 將成為一家全新的公司，不再是一家多層次傳銷公司，其產品將透過多種管道銷售，在利用 BODi 產品組合中固有的巨大品牌資產的同時，實現收入和利潤的增長。

As we reflect on our progress, Q1 2025 marked our first full quarter operating under our new business model, and Q2 demonstrated continued strong execution against our strategic objectives. We've successfully rearchitected the company for profitability, and we will remain focused on driving long-term margin improvements and operating efficiencies. We believe we're well positioned for growth with significantly better operating leverage due to the massive reduction in overhead we've accomplished along with a substantial gross margin improvement.

回顧我們的進展，2025 年第一季是我們在新業務模式下營運的第一個完整季度，而第二季度則繼續強勁執行我們的策略目標。我們已成功重塑公司，提高獲利能力，並將繼續致力於推動長期利潤率的提高和營運效率的提升。我們相信，由於我們大幅削減了管理費用，同時毛利率大幅提高，我們已做好充分的準備，並擁有更佳的經營槓桿，實現成長。

While we're encouraged by our better-than-expected performance in both Q2 2025 and Q1 2025, particularly in customer retention, operational efficiency and adjusted EBITDA, we recognize that meaningful business transformations require time and sustained focus.

雖然我們對 2025 年第二季和 2025 年第一季好於預期的業績感到鼓舞，特別是在客戶保留率、營運效率和調整後的 EBITDA 方面，但我們認識到有意義的業務轉型需要時間和持續的關注。

Success demands intense discipline, total alignment from our management team and employees, creative thinking and flawless execution. Most importantly, it requires patience. We're confident in our direction and encouraged by our progress, but we remain focused on the disciplined execution needed to complete this transformation and position BODi for long-term success.

成功需要嚴格的紀律、管理團隊和員工的全面配合、創造性思維和完美的執行。最重要的是，它需要耐心。我們對我們的方向充滿信心，並對我們的進步感到鼓舞，但我們仍然專注於完成這項轉型所需的嚴格執行，並使 BODi 獲得長期成功。

I'd now like to turn the mic over to our Co-Founder and CEO, Carl Daikeler.

現在，我想將麥克風交給我們的共同創辦人兼執行長 Carl Daikeler。

Thanks, Mark, and thanks to everyone for joining us today. This is important. The work we do at BODi, which you're supporting, is helping roughly 1 million people get healthy and lose weight. And as a company, I wish you could see the commitment and passion our people have for returning this business to scale so we can help more people. And I appreciate the opportunity to keep going, to keep innovating and help millions more people get healthy and fit.

謝謝，馬克，也謝謝大家今天加入我們。這很重要。我們在 BODi 所做的工作（您也支持這項工作）正在幫助約 100 萬人恢復健康並減輕體重。作為一家公司，我希望您能看到我們員工對恢復業務規模的承諾和熱情，以便我們可以幫助更多的人。我很珍惜這個繼續前進、不斷創新並幫助數百萬人獲得健康和健身的機會。

Now last quarter, we told you the most significant activity in Q2 would be happening in June when we replatformed our affiliate program, launched a referral friend program, or as I like to call it, invite a friend. We also launched our first complete fitness program of the year into the member library.

上個季度，我們告訴過您，第二季度最重要的活動將發生在 6 月份，屆時我們將重新平台化我們的聯盟計劃，推出推薦朋友計劃，或者我喜歡稱之為邀請朋友。我們也將今年的第一個完整健身計劃引入會員圖書館。

Our priority for the quarter was replatforming the affiliate program in partnership with a company called SocialLadder. Their SaaS product enables us to bring avid users together, providing them with tools to monetize their enthusiasm and invite friends and family to join them. We call this community The BODi Experience. And as we've seen over our history, community creates a flywheel of people engaging with the content, getting results and attracting more people to the platform and the community.

本季我們的首要任務是與一家名為 SocialLadder 的公司合作重新建構聯盟計畫。他們的 SaaS 產品使我們能夠將熱心的用戶聚集在一起，為他們提供將他們的熱情貨幣化的工具並邀請朋友和家人加入他們。我們將這個社區稱為「BODi 體驗」。正如我們在歷史上所看到的，社群創造了一個飛輪，讓人們參與內容，取得成果，並吸引更多的人加入平台和社群。

Part of the BODi experience community is this invite a friend feature, which we're deploying across the platform and within our apps over the course of the second half of the year. So people invite friends using special offers, so they'll join them when they're starting a new fitness and nutrition program.

BODi 體驗社群的一部分是邀請好友功能，我們將在今年下半年在整個平台和應用程式中部署該功能。因此，人們會使用特別優惠邀請朋友，這樣當他們開始新的健身和營養計劃時，朋友就會加入他們。

And whenever someone uses their code to join, they earn discounts on BODi products. This strategy has been very successful for other subscription platforms and introduces the prospect of even more gamification for doing body workouts. So I'm excited to get this referral mechanism deployed across our entire ecosystem.

每當有人使用他們的代碼加入時，他們都可以享受 BODi 產品的折扣。這項策略對於其他訂閱平台來說非常成功，並為身體鍛鍊帶來了更多遊戲化的前景。因此我很高興能夠將這種推薦機制部署到我們的整個生態系統中。

Likewise, those that are inviting people are creating transactions, and then they'll be invited into the new affiliate program. SocialLadder's simplified sign-up process and friendly interface should help more of our subscribers monetize their enthusiasm for our content and trainers as their results attract people who want to know how they manage to get in such great shape. We know from experience, the better the results, the more curiosity and demand; and our programs for sure, get results.

同樣，那些邀請人們的人正在創建交易，然後他們將被邀請加入新的聯盟計劃。SocialLadder 簡化的註冊流程和友善的介面應該可以幫助更多的訂閱者將他們對我們的內容和教練的熱情轉化為金錢，因為他們的成果吸引了那些想知道他們如何保持如此良好狀態的人。我們從經驗中知道，結果越好，好奇心和需求就越大；我們的計劃肯定會得到成果。

We launched the new community, invite a friend and new affiliate platform to complement the launch of our biggest release so far this year called 25-minute Speed Train. It's an eight-week comprehensive step-by-step training program from Super Trainer Joel Freeman. The program launched in mid-June and achieved over 1 million views in just 21 days. To put that in perspective, that's about 50% faster than it took Joel's prior program, LIFT MORE to achieve 1 million views and 3 times faster than last summer's BODi LAVA launch.

我們推出了新的社群、邀請朋友和新的聯盟平台，以補充我們今年迄今為止最大的版本「25 分鐘高速列車」的發布。這是超級教練喬爾·弗里曼 (Joel Freeman) 設計的為期八週的全面循序漸進的培訓計劃。該節目於 6 月中旬推出，僅 21 天就獲得了超過 100 萬的觀看次數。換個角度來看，這比喬爾之前的程式 LIFT MORE 實現 100 萬次觀看的速度快了 50%，比去年夏天 BODi LAVA 的推出速度快了 3 倍。

Okay. Turning to our sales channels. Our performance marketing initiatives during the quarter continued to be highly disciplined and resulted in profitable subscriber acquisition. Now our goal is to move into growth mode. And along those lines, we've organized an aggressive company-wide initiative to return to digital subscriber growth coordinated across all our sales channels, performance marketing, affiliate, and CRM.

好的。轉向我們的銷售管道。我們在本季的績效行銷舉措繼續受到嚴格約束，並帶來了有利可圖的用戶獲取。現在我們的目標是進入成長模式。按照這些思路，我們組織了一項積極的全公司計劃，透過協調我們所有的銷售管道、績效行銷、附屬機構和 CRM 來實現數位用戶的成長。

During the quarter, our objective was to drive strong traffic to the site, and that mission was accomplished. So from this point forward, our focus will be on improving the conversion of the traffic that we generate. Our team has developed some very compelling new offers, which we continue to test with specific objectives of digital subscriber growth while also maintaining our growing average order value and lifetime value.

在本季度，我們的目標是增加網站流量，而這一目標已經實現。因此從現在開始，我們的重點將放在提高我們產生的流量的轉換率。我們的團隊開發了一些非常引人注目的新產品，我們將繼續測試這些產品，以實現數位用戶成長的具體目標，同時保持不斷增長的平均訂單價值和終身價值。

CRM continues to be a priority and a big opportunity for subscriber win-back campaigns. Our new VP of CRM hit the ground running and has the kind of experience needed to get the full leverage from our database. Our CRM group will particularly lean into the new content launches coming over the next six months because we have one of the most robust content schedules in our history for the back half of 2025.

CRM 仍然是用戶贏回活動的重點和巨大機會。我們的新任 CRM 副總裁立即投入工作，並擁有充分利用我們資料庫所需的經驗。我們的 CRM 團隊將特別關注未來六個月內推出的新內容，因為我們擁有 2025 年下半年歷史上最強大的內容計劃之一。

To that end, I'm excited to announce that we're licensing new content from the original P90X Super Trainer, Tony Horton. His comprehensive Power of 4 program that he's been marketing on his own platform will go into our BODi catalog in October, followed by a brand-new hybrid program from Shaun T called Dig In to kick off our Black Friday and Cyber Monday specials.

為此，我很高興地宣布，我們正在從原 P90X 超級教練 Tony Horton 那裡獲得新內容的授權。他一直在自己的平台上推廣的綜合 Power of 4 計劃將於 10 月進入我們的 BODi 目錄，隨後 Shaun T 還將推出名為 Dig In 的全新混合計劃，以啟動我們的黑色星期五和網絡星期一特價活動。

We're putting together our largest test group we have ever organized in December for Dig In. And I suspect we'll have over 10,000 people testing this hybrid of Shaun's DIG DEEPER program combined with low-impact INSANITY type cardio. The results our test group will get will be powerful fuel for marketing going into the new year.

我們將在 12 月為 Dig In 組織有史以來規模最大的測試小組。我預計會有超過 10,000 人測試 Shaun 的 DIG DEEPER 計劃與低衝擊 INSANITY 型有氧運動的混合體。我們的測試小組所獲得的結果將成為新一年行銷的強大動力。

Those additions to the library plus other special initiatives we'll be testing in partnership with our trainers this fall will carry us into the fourth quarter and into the new year demand cycle. This will set us up for the spring 2026 debut of what we're calling P90X Generation next with a new trainer and a new P90X program.

圖書館的新增內容以及今年秋天我們將與培訓師合作測試的其他特殊舉措將使我們進入第四季度和新年的需求週期。這將為我們在 2026 年春季首次推出的 P90X Generation 做好準備，屆時將有新的教練和新的 P90X 計劃。

P90X is the most successful extreme training program of all time, and it's a big opportunity to expand that brand. The P90x will be particularly exciting because, as Mark mentioned, we're all hands on deck to prepare for the launch of the P90x supplement line in retail, and this will include a first-of-its-kind purchase incentive that gives the consumer access to a free month of the new P90x workouts with the purchase of any P90x nutritional supplement product at retail.

P90X 是有史以來最成功的極限訓練計劃，也是擴大品牌的一個巨大機會。P90x 將會特別令人興奮，因為正如馬克所提到的，我們全力以赴為 P90x 補充劑系列在零售市場的推出做準備，這將包括首創的購買激勵措施，即消費者在零售市場購買任何 P90x 營養補充劑產品，即可免費享受一個月的全新 P90x 鍛煉。

The entire P90x launch will be powered by the transition from our legacy commerce platform to Shopify and its robust set of AI features next spring. In the back half of the year, the tech team is also adding layers of personalization and engagement tools to the BODi app that will help people with automated reminders and encouragement to help them keep going.

整個 P90x 的發布將由我們明年春季從傳統商務平台向 Shopify 的過渡及其強大的 AI 功能提供支援。今年下半年，技術團隊還將為 BODi 應用程式添加個人化和參與工具，透過自動提醒和鼓勵幫助人們繼續前進。

I'd like to close my remarks by saying that we've spent the better part of the last 24 months completely rearchitecting this company with dramatic improvements in our financial performance. In addition, we've improved our efficiency as evidenced by our seven consecutive quarters of positive adjusted EBITDA and the achievement of greater than $4 million of free cash flow in the first half of the year.

最後我想說的是，在過去的 24 個月中，我們花了大量的時間對公司進行徹底的重組，顯著提高了公司的財務表現。此外，我們的效率也得到了提高，這體現在我們連續七個季度實現正調整後 EBITDA，以及上半年實現超過 400 萬美元的自由現金流。

Looking ahead, we'll build off our new efficiencies and set our sights on our final phase of the turnaround, which is generating top line growth in our respective categories. We feel great about our plans for the rest of this year and the exciting new program and retail product launches in 2026. We truly believe that BODi will emerge as a stronger, more diverse, and more profitable company by the end of 2026.

展望未來，我們將以新的效率為基礎，將目光投向轉型的最後階段，即在各自的類別中實現營收成長。我們對今年剩餘時間的計劃以及 2026 年令人興奮的新計劃和零售產品發布感到非常滿意。我們堅信，到 2026 年底，BODi 將成為一家更強大、更多元化、更獲利的公司。

Now I'll turn the call over to Brad to deliver the specifics of our Q2 results. Brad?

現在我將把電話交給布拉德，讓他介紹我們第二季業績的具體情況。布拉德？

Thank you, Carl, and thank you, everyone, for joining the call today. I will review our Q2 results and provide our outlook for the third quarter. For the quarter, the company generated revenue of $63.9 million, which exceeded our guidance range of $51 million to $61 million. Adjusted EBITDA of $4.6 million exceeded our guidance range of breakeven to $4 million, and we generated our seventh consecutive quarter of positive adjusted EBITDA.

謝謝卡爾，也謝謝大家今天參加電話會議。我將回顧我們的第二季度業績並提供對第三季度的展望。本季度，該公司實現了 6,390 萬美元的收入，超過了我們 5,100 萬美元至 6,100 萬美元的預期範圍。調整後的 EBITDA 為 460 萬美元，超過了我們盈虧平衡至 400 萬美元的指導範圍，並且我們連續第七個季度實現了正調整後 EBITDA。

Now I'd like to provide more details about the quarter. Total revenues of $63.9 million declined 11.6% sequentially and declined 42% year-over-year, in line with our expectations as we continue our strategic transition. Revenues continue to be impacted in the near term by the shift from a multilevel marketing platform to an omnichannel model. We have rearchitected the company and significantly reduced our cost structure, and we believe that our new model sets us up well over the long term to drive significant operating leverage.

現在我想提供有關本季度的更多詳細資訊。總營收為 6,390 萬美元，季減 11.6%，年減 42%，符合我們持續策略轉型的預期。從多層次傳銷平台轉向全通路模式的轉變在短期內將繼續影響收入。我們已經重新設計了公司架構，大幅降低了成本結構，我們相信，從長遠來看，新模式將為我們帶來顯著的經營槓桿。

Consolidated Q2 gross margins were 72.3%, reflecting an increase of 110 basis points over the prior quarter and an increase of 300 basis points compared to the prior year. We are pleased to report that consolidated gross margins exceeded the high end of our previous long-term target of 65% to 70%, underscoring the strength of our operational execution.

第二季合併毛利率為 72.3%，較上一季增加 110 個基點，比去年同期增加 300 個基點。我們很高興地報告，合併毛利率超過了我們先前長期目標的高端65％至70％，凸顯了我們營運執行的實力。

Moving to Digital and Nutrition revenues. Digital revenue decreased 7.5% from the prior quarter to $39.7 million and decreased 32.5% year-over-year. Revenues were impacted by continued pressure on our digital subscriber count, which decreased 7.8% sequentially to 940,000 and declined 18.2% compared to the same period a year ago.

轉向數位和營養收入。數位收入較上一季下降 7.5% 至 3,970 萬美元，較去年同期下降 32.5%。收入受到數位用戶數量持續壓力的影響，數位用戶數量環比下降 7.8% 至 940,000，與去年同期相比下降 18.2%。

The transition away from the MLM has had the most impact on nutritional subscribers because historically, our nutrition products were almost exclusively sold through our MLM network. Consistent with our expectations, Nutrition revenue decreased 15.6% from the prior quarter to $24.2 million and decreased 51.8% year-over-year. Nutrition subscriptions declined 12.5% sequentially to 70,000 and fell 52.1% year-over-year.

從 MLM 轉型對營養訂閱者的影響最大，因為從歷史上看，我們的營養產品幾乎完全透過 MLM 網路銷售。與我們的預期一致，營養收入較上一季下降 15.6% 至 2,420 萬美元，年減 51.8%。營養訂閱量較上月下降 12.5% 至 70,000 份，年減 52.1%。

Digital gross margin was 87.7% for the quarter, an increase of 220 basis points from the prior quarter and 720 basis points from the prior year. Our digital gross margin was above our previous long-term guidance of 85%. The continued strength in year-over-year gross margin was due to a decrease in digital content amortization and depreciation as a result of a more disciplined production and fixed asset spend.

本季數位毛利率為 87.7%，較上一季增加 220 個基點，較上年同期增加 720 個基點。我們的數位毛利率高於我們先前長期預期的 85%。毛利率較去年同期持續走強是由於生產和固定資產支出更加規範，導致數位內容攤提和折舊減少。

Nutrition and other gross margin was 51.4%, representing a 170 basis points decrease from the prior quarter and a 940 basis points decline year-over-year. The decline from the prior quarter was primarily due to a higher level of promotional offerings in the current period while the decline from the prior year quarter was primarily due to the discontinuation of preferred customer fees on November 1, 2024, which were part of our old business model, where customers paid a monthly fee to purchase products as a discount as well as the higher level of promotional offerings in the current period.

營養及其他毛利率為 51.4%，較上一季下降 170 個基點，較去年同期下降 940 個基點。與上一季相比的下降主要是由於本期促銷活動水平較高，而與去年同期相比的下降主要是由於 2024 年 11 月 1 日起不再實行優惠客戶費，該費用是我們舊業務模式的一部分，客戶按月支付費用即可購買折扣產品，以及本期促銷活動水平較高。

Operating expenses for the quarter declined 9.1% sequentially and declined 41.5% year-over-year to $50.2 million. Selling and marketing expenses as a percent of revenue decreased 290 basis points over the prior quarter and declined 1,120 basis points over the prior year to 39.9%. This significant improvement over the prior year was primarily driven by the pivot away from the multilevel marketing channel as we no longer have partner compensation in our new sales after November 1, 2024.

本季營運費用較上季下降 9.1%，年減 41.5% 至 5,020 萬美元。銷售和行銷費用佔收入的百分比比上一季下降了 290 個基點，比上年下降了 1,120 個基點，至 39.9%。與前一年相比，這一顯著改善主要得益於我們擺脫了多層次行銷管道，因為自 2024 年 11 月 1 日之後，我們在新銷售中不再有合作夥伴補償。

Enterprise technology and development expense as a percent of revenue decreased 80 basis points from the prior quarter and increased 100 basis points year-over-year to 16.6% of revenue. The improvement compared to prior quarter was primarily due to lower technology spend. The increase as a percent of revenue as compared to the prior year was due to revenue deleverage.

企業技術和開發費用佔營收的百分比較上一季下降 80 個基點，較去年同期增加 100 個基點，達到營收的 16.6%。與上一季相比的改善主要是由於技術支出的減少。與前一年相比，收入百分比的成長是由於收入去槓桿化。

G&A was 18.1% of revenue, an increase of 200 basis points sequentially and an increase of 690 basis points from the prior year. Both increases as a percent of revenue were due to revenue deleverage. The Q2 '25 net loss was $5.9 million, which included $2.5 million in restructuring charges and $2.2 million in losses on extinguishment from debt compared to a net loss of $10.9 million in the prior year quarter, which included $700,000 of debt extinguishment.

一般及行政費用佔營收的 18.1%，較上一季增加 200 個基點，較上年增加 690 個基點。收入百分比的兩次增長均歸因於收入去槓桿。2025 年第二季淨虧損為 590 萬美元，其中包括 250 萬美元的重組費用和 220 萬美元的債務清償損失，而去年同期淨虧損為 1,090 萬美元，其中包括 70 萬美元的債務清償損失。

Adjusted EBITDA was $4.6 million compared to $3.7 million in the prior quarter and $4.9 million in the prior year. Notably, this quarter marks our seventh consecutive quarter of positive adjusted EBITDA.

調整後的 EBITDA 為 460 萬美元，而上一季為 370 萬美元，去年同期為 490 萬美元。值得注意的是，本季是我們連續第七個季度實現調整後 EBITDA 為正。

As we discussed in our last call, in May, we entered into a new lending agreement with Tiger Finance and SG Capital for a $25 million three-year loan facility that allowed us to retire the $17.3 million of outstanding debt ahead of its February '26 maturity date. This refinancing provided us with approximately $5 million of additional capital on the balance sheet. The effective interest rate on this new facility is approximately 15.4% compared to the approximately 28% in the prior facility.

正如我們在上次電話會議中討論的那樣，5 月份，我們與 Tiger Finance 和 SG Capital 達成了一項新的貸款協議，獲得了一筆 2500 萬美元的三年期貸款，這使我們能夠在 2026 年 2 月到期之前償還 1730 萬美元的未償債務。此次再融資為我們的資產負債表提供了約 500 萬美元的額外資本。這項新貸款的實際利率約為 15.4%，而先前的貸款的實際利率約為 28%。

As a result of all of these efforts, our cash balance increased from $18 million in the prior quarter, all the way up to over $25 million. Our year-to-date cash provided by operating activities is $6.6 million, of which $4.2 million was generated this quarter. Our year-to-date free cash flow is $4.1 million, of which $2.4 million was generated this quarter. And as Mark mentioned, we have a line of sight to full year positive free cash flow, which will be the first time since 2020.

由於所有這些努力，我們的現金餘額從上一季的 1800 萬美元一路增加到 2500 多萬美元。我們今年迄今的經營活動所提供的現金為 660 萬美元，其中 420 萬美元是本季產生的。我們今年迄今的自由現金流為 410 萬美元，其中 240 萬美元是本季產生的。正如馬克所提到的，我們預計全年自由現金流將實現正值，這將是自 2020 年以來的首次。

Moving on to third quarter guidance. While we are pleased with the execution of our transformation, I want to reiterate that our second quarter results marked the second quarter of the company's new business model. As discussed, we significantly lowered expenses and our revenue breakeven point when we strategically pivoted away from the MLM model to our omnichannel marketing and distribution model.

繼續討論第三季的指導。雖然我們對轉型的執行感到滿意，但我想重申，我們的第二季業績標誌著公司新商業模式的第二季。如同所討論的，當我們策略性地從 MLM 模式轉向全通路行銷和分銷模式時，我們顯著降低了費用和收入盈虧平衡點。

This shift has opened new growth channels that we could not previously access, and we're very excited about the opportunities ahead. We now have a stronger balance sheet and a more viable long-term business model. But as with companies that are undergoing a transformation, it will take time to develop traction in these new lines of business.

這種轉變開闢了我們以前無法進入的新成長管道，我們對未來的機會感到非常興奮。我們現在擁有更強勁的資產負債表和更可行的長期商業模式。但與正在經歷轉型的公司一樣，這些新業務領域的發展需要時間。

We expect third quarter revenues to be in the range of $51 million to $58 million, net loss in the range of $4 million to breakeven and adjusted EBITDA to be in the range of $2 million to $6 million. As we continue the transition to our new business model, we want to provide additional updates to help you contextualize changes in our new financial model. As of today, we anticipate revenues to approximate 63% digital and 37% nutrition.

我們預計第三季營收將在 5,100 萬美元至 5,800 萬美元之間，淨虧損將在 400 萬美元至盈虧平衡之間，調整後的 EBITDA 將在 200 萬美元至 600 萬美元之間。隨著我們繼續向新的商業模式過渡，我們希望提供額外的更新來幫助您了解我們新財務模式的變化。截至今天，我們預計收入約 63% 來自數位業務，37% 來自營養業務。

Moving forward, as a result of our extensive efficiency measures, we have increased our long-term digital gross margin up from the previous 85% to 86% to 89%. Our long-term nutrition gross margin target is in the range of 46% to 52%, which is in line with our volume expectations and certain promotional efforts planned. Importantly, we are raising our long-term total gross margin target from 65% to 70% to 70% to 75%. As we move through 2025, we're beginning to see early signs of progress from our new product pipeline and expanded sales channels.

展望未來，透過廣泛的效率措施，我們的長期數位毛利率已從先前的 85% 提高到 86% 至 89%。我們的長期營養毛利率目標在 46% 至 52% 之間，這與我們的銷售預期和計劃的某些促銷活動相符。重要的是，我們將長期總毛利率目標從 65% 至 70% 提高到 70% 至 75%。隨著我們進入 2025 年，我們開始看到新產品線和擴大的銷售管道取得進展的早期跡象。

We remain confident that these initiatives will drive meaningful impact over time, and we look forward to providing updates on our next call.

我們仍然相信這些舉措將隨著時間的推移產生有意義的影響，我們期待在下次電話會議上提供最新消息。

(Operator Instructions)

（操作員指示）

Susan Anderson, Canaccord Genuity.

蘇珊安德森（Susan Anderson），Canaccord Genuity。

Hi, good evening, nice job on the corner. Thanks for taking my questions. I guess just to follow up really quick on that long-term gross margin, I guess, for the digital business. Is that, I guess, what drove the higher gross margin in the quarter? And then also, I guess, what's driving it higher than what you originally expected? Thanks.

嗨，晚上好，角落的工作做得很好。感謝您回答我的問題。我想，只是為了快速跟進數位業務的長期毛利率。我想，這就是本季毛利率上升的原因嗎？然後我想，是什麼原因導致它的價格高於您最初的預期呢？謝謝。

Hi Susan, this is Brad. Thanks for asking the question. Yes, that is -- what's driving it higher in the quarter is a reduced and more judicious production spend and some a little fewer fixed costs allocated to production. And the spend that we saw this quarter is consistent with what we expect our long-term rate to be. So it was 85%, and we're taking it up to 86% to 89%. That matches the spend we have for production for the long term.

你好，蘇珊，我是布萊德。感謝您提出這個問題。是的，本季推動其成長的因素是減少且更明智的生產支出，以及分配給生產的固定成本有所減少。我們本季看到的支出與我們預期的長期支出一致。之前是 85%，現在我們將其提高到 86% 到 89%。這與我們長期的生產支出相符。

Great. And then just on the selling and marketing that's come off a lot or down since exiting the MLM model. I guess -- maybe if you could talk about what you think the right level is going to be there going forward? And you talked about putting some more investment behind the business as we look forward and you look kind of to the next stage of driving revenue. So I guess just trying to think about what that's going to look like longer term. Thanks.

偉大的。自從退出 MLM 模式以來，銷售和行銷業務就大幅下滑。我想——也許您可以談談您認為未來正確的水平是什麼？您談到了對業務進行更多投資，展望未來，您著眼於推動收入成長的下一階段。所以我想只是想想想長遠來看會是什麼樣子。謝謝。

Yes. So I'll talk about the margins, and then I'll have Mark or Carl talk about the revenue. So the margins when we exited the MLM business have come down from literally over 50% a year ago to 39% this quarter. And as Mark mentioned in his remarks, in his prepared remarks, that our goal is to get that into the mid-30s over the next couple of quarters.

是的。因此，我將談論利潤，然後讓馬克或卡爾談論收入。因此，當我們退出 MLM 業務時，利潤率已從一年前的 50% 以上下降到本季的 39%。正如馬克在準備好的發言中提到的那樣，我們的目標是在接下來的幾個季度內將這一數字提高到 30 多歲。

So we've taken it from 51%. It's just that the old MLM model had a much higher selling expense due to partner commissions. The new model does not have that level of expense. So we've gone from 51% to 39%, and our goal is to get that down to the mid-30s by the end of the year.

因此我們從 51% 開始。只是舊的 MLM 模式由於合作夥伴佣金而導致銷售費用高得多。新款車型的費用則沒有那麼高。因此，我們的比例已從 51% 降至 39%，我們的目標是到今年年底將這一比例降至 35% 左右。

And as it relates to growth -- Susan, this is Carl. As it relates to growing that, it's always our intention to grow into efficiency, right? But we -- as we've talked about for the last few quarters, the most important thing to us is that we're driving profitable sales with a return on ad spend that pays respect to our cash position.

就成長而言——蘇珊，這是卡爾。就其發展而言，我們始終致力於提高效率，對嗎？但是，正如我們在過去幾季中討論的那樣，對我們來說最重要的是，透過與我們的現金狀況相符的廣告支出回報來推動獲利銷售。

So with the new Tiger facility, we have the room for some expansion of our media spending as well as the replatforming of our affiliate program with special promotions that we'll do in there in the third and fourth quarter around all the new content that we're releasing.

因此，有了新的 Tiger 設施，我們就有了擴大媒體支出的空間，同時也可以重新建立我們的聯盟計劃，並在第三季和第四季圍繞我們發布的所有新內容開展特別促銷活動。

So while we expect the margins to conform with what Brad outlined, we do think there's room for growth and investment spending within our means to generate profitable sales. So the margins should hold, but we are in a position right now to prioritize expansion of our subscriber acquisition efforts.

因此，雖然我們預期利潤率將與布拉德所概述的一致，但我們確實認為在我們的能力範圍內還有成長和投資支出的空間，可以實現盈利的銷售。因此利潤率應該會保持下去，但我們現在需要優先考慮擴大用戶獲取力度。

Susan, this is Mark. I just want to clarify something. We are not spending less money than we were spending before. It's the sales and marketing combined. So getting out of the MLM and into our current structure saved us an enormous amount of money on sort of latent marketing spend that was classified as marketing and sales.

蘇珊，這是馬克。我只是想澄清一些事情。我們花的錢並不比以前少。這是銷售和行銷的結合。因此，擺脫 MLM 並採用我們目前的結構可以為我們節省大量的資金，這些資金用於歸類為行銷和銷售的潛在行銷支出。

So the actual marketing spend that we're doing today is as much or greater as what we were doing previously. We just don't have the burden of those legacy expenses that were on the sales side of the sales and marketing from the MLM. Does that make sense?

因此，我們今天實際的行銷支出與以前一樣多，甚至更多。我們只是沒有承擔 MLM 銷售和行銷方面的遺留費用負擔。這樣有道理嗎？

Yeah, that makes sense, yes. I guess one last one for me, just on the nutrition side. I guess, are you still thinking about kind of rolling out a number of new supplements to complement that business and I guess, get that back growing again kind of similar to what you're doing on the digital side with some new products coming out? Thanks.

是的，這很有道理。我想對我來說還有最後一個問題，是關於營養方面的。我想，您是否仍在考慮推出一些新的補充產品來補充該業務，並讓其再次成長，類似於您在數位領域推出一些新產品的做法？謝謝。

Yes. Yes. So we're going to be launching the BODi Brands retail initiative in 2026, as we've previously spoken. The first brand out of the gate will be Shakeology which is interesting. Shakeology is a brand that has cumulatively done, as you know, $4 billion in sales and had over 1 billion servings, and it has never been sold in the retail marketplace in brick-and-mortar.

是的。是的。正如我們之前所說，我們將在 2026 年啟動 BODi Brands 零售計畫。第一個推出的品牌是 Shakeology，這很有趣。如你所知，Shakeology 是一個累計銷售額達 40 億美元、銷售量超過 10 億份的品牌，但它從未在實體零售市場上銷售過。

So that will be the first brand that we sell into the retail community in early '26, and that will be followed by the P90x launch of nutritional supplements, again, first time in the retail market in the second quarter and third quarter. And then towards the back half of the year, our intention is to launch the INSANITY line into the retail marketplace.

因此，這將是我們在 26 年初向零售社區銷售的第一個品牌，隨後 P90x 將在第二季和第三季首次在零售市場推出營養補充品。然後，我們計劃在今年下半年將 INSANITY 系列推向零售市場。

So when we launch these new products and they're in retail brick-and-mortar, they will also be available on the bodi.com website and available to be sold by people in our network and our affiliate network. So we will be in a position to have a much broader, deeper product portfolio with multiple brands in the Nutrition segment. And our hope is that by the end of '26 and into '27, you'll start to see some real growth in the nutritional side of the business because of that.

因此，當我們推出這些新產品並在實體零售店銷售時，它們也將在 bodi.com 網站上出售，並可供我們的網路和聯盟中的人們銷售。因此，我們將能夠在營養領域擁有更廣泛、更深層的多個品牌的產品組合。我們希望，到 2026 年底和 2027 年，您將開始看到業務營養方面出現一些真正的成長。

Great, that sounds good thanks so much. Good luck the rest of the year.

太好了，聽起來不錯，非常感謝。祝今年餘下的時間一切順利。

Thank you, Susan. I look forward to seeing you next week.

謝謝你，蘇珊。我期待下週見到你。

George Kelly with Roth Capital Partners. You know is now open.

喬治凱利 (George Kelly) 與羅斯資本合夥公司 (Roth Capital Partners) 合作。你知道現在已經開放了。

Everybody, thanks for taking my questions. First, maybe a follow-up just on that last question. Is there anything else you can share with respect to the nutrition retail launch in early next year? I guess I'm curious if you have distribution partners signed up, how broadly you expect that sort of launch? Not looking for too much specificity around doors or anything, but just how should we think about that launch? It's such a big brand. So I just -- I don't know sort of -- any more context would be helpful.

大家好，感謝你們回答我的問題。首先，也許只是對最後一個問題的後續討論。關於明年初營養品零售店的推出，您還有什麼可以分享的嗎？我很好奇，如果您已經簽約分銷合作夥伴，您對這種發布的預期有多大？並不是想了解關於門或其他東西的太多細節，而是我們應該如何看待這次發布？這是一個很大的品牌。所以我只是——我不知道——更多的背景資訊將會有所幫助。

Yeah. George, it's Mark. Good to talk to you. So I would say the following, George. We've hired a firm that is essentially going to be doing our selling for us a major, major firm at doing this handles lots of large CPG companies. And as you know, when you sell into retail, many of them have a planogram in the store, and those planograms are typically reset either once or twice a year. So it typically happens in the early fall and the early spring.

是的。喬治，我是馬克。很高興和你談話。因此我想說的是以下幾點，喬治。我們聘請了一家公司來為我們進行銷售，這家大型公司負責處理許多大型 CPG 公司的銷售業務。你知道，當你向零售店銷售產品時，許多零售店都有規劃圖，這些規劃圖通常每年重置一到兩次。所以它通常發生在初秋和初春。

So we are in the process now of preparing the sales presentations for that group, the materials that they will then take out to the retailers who have got planogram dates coming up in August and September. And then we will follow that up with people who have planogram dates that are happening later in the year. And you typically add 6 months after the planogram date to actually physically appear in the store.

因此，我們現在正在為該團體準備銷售演示文稿，然後他們會將這些材料發送給那些在八月和九月有規劃圖日期的零售商。然後，我們將跟進那些在今年稍後有規劃圖日期的人。並且通常需要在規劃圖日期之後加上 6 個月的時間才能真正在商店中出現。

So if you make a presentation to a retailer in September, for example, you would be in the store probably in February. So that's why we're talking about Q1 as being when Shakeology would show up at retail. And the group that we partner with is just now putting together the sales program and the selling presentations to go out to these planogram meetings with these major retailers. And that will start over the next 4 to 6 weeks. So on the next call, we'll be able to give you more specific color.

因此，例如，如果您在九月向零售商進行演示，那麼您可能在二月就會出現在商店中。這就是為什麼我們說第一季是 Shakeology 出現在零售店的時間。我們合作的團隊現在正在製定銷售計劃和銷售演示，以便與這些主要零售商一起參加這些規劃圖會議。這將在接下來的 4 到 6 週內開始。因此，在下次通話時，我們將能夠為您提供更具體的顏色。

And then for P90x, which will be happening probably more towards Q2 and into Q3, we'll do the same thing, and they'll run the same offense. And so we plan to go on a limited rollout with certain people by grocery, drug, mass merchant, club store, convenience stores. We'll pick select retail chains. And then after we show our traction, we will then expand into more chains in those trade classes as we go.

然後對於 P90x，它可能會在 Q2 和 Q3 中更多地發生，我們會做同樣的事情，他們會採取同樣的進攻方式。因此，我們計劃透過雜貨店、藥局、大眾商店、會員商店、便利商店等方式向特定族群進行有限的推廣。我們將挑選精選零售連鎖店。在我們展示出我們的吸引力之後，我們將擴展到這些貿易類別的更多連鎖店。

So I would say next earnings call will be a lot more color on the Shakeology sell-in progress and where we stand with the P90X.

因此我想說，下次財報電話會議將會更深入 Shakeology 的銷售進度以及 P90X 的現況。

Understood. And on Shakeology, as part of your retail launch, do you anticipate going out with a product that looks similar to what you have online today? Or should we think about it being a refresh?

明白了。作為 Shakeology 零售發布的一部分，您是否預計推出與目前在線銷售的產品類似的產品？或者我們應該認為這是一次刷新？

That's a great question. And the answer is we have a complete refresh. We hired an outside design firm, same people that did our beautiful new P90X and INSANITY packaging, and they totally reimagined Shakeology because remember, Shakeology was originally not sold at retail, and it wasn't designed to be such.

這是一個很好的問題。答案是，我們進行了徹底的更新。我們聘請了一家外部設計公司，他們也曾負責設計我們漂亮的 P90X 和 INSANITY 新款包裝，他們徹底重新設計了 Shakeology，因為請記住，Shakeology 最初並不在零售店出售，而且它也不是為此設計的。

So that packaging was just a direct-to-consumer sold through an MLM bag. We now have this incredibly dynamic beautiful packaging for Shakeology, which is what this organization is going to go out and sell to the retailers, a whole new look, and we will then follow our direct-to-consumer Shakeology business with the same new packaging.

因此，該包裝只是透過 MLM 袋直接向消費者銷售。我們現在為 Shakeology 設計了極具活力的精美包裝，這也是我們公司將要向零售商銷售的產品，它有著全新的外觀，之後我們將採用相同的新包裝來推廣我們的直接面向消費者的 Shakeology 業務。

So total refresh and a lot of features on the front of the package, George, so a lot of the claims that we make in terms of gut health, losing weight, et cetera, will be on the front of the package. We also have across the top of the package for retail, over 1 billion servings sold. So we're going to show people that this is a major brand that's been around a long time, and now we're bringing it to in the retail market.

因此，喬治，包裝正面將全面更新，並印上許多特色，我們在腸道健康、減肥等方面提出的許多聲明都將印在包裝正面。我們還在零售包裝的頂部銷售了超過 10 億份。因此，我們要向人們展示這是一個已經存在很長時間的大品牌，現在我們要把它帶入零售市場。

Okay. Okay. That's helpful. And then a couple of questions just on your OpEx lines. You talked about Enterprise tech and G&A in your prepared remarks. I guess the question is, where did -- there was a $2.5 million restructuring charge that you -- that you included in the EBITDA reconciliation. Where did that fall? And what's a good kind of -- if we back that out of whatever line it hit, are we now at a pretty good run rate for those two expense lines?

好的。好的。這很有幫助。然後我問幾個有關您的營運支出 (OpEx) 方面的問題。您在準備好的演講中談到了企業技術和一般及行政事務 (G&A)。我想問題是，您在 EBITDA 對帳中包含了 250 萬美元的重組費用嗎？那東西掉到哪裡去了？那麼，如果我們將其從所觸及的任何費用線中撤出，那麼我們現在是否處於這兩條費用線的相當不錯的運行率？

Brad?

布拉德？

Yeah. It comes out of sort of all of those lines. And then when we take that out, the run rate should be about right in Enterprise tech and G&A.

是的。它來自所有這些線條。然後，當我們將其取出時，企業技術和 G&A 的運作率應該大致正確。

Okay. So it falls in primarily in both of those expense lines, not in selling and marketing?

好的。那麼它主要屬於這兩條費用線，而不是銷售和行銷？

No, it also falls in selling and marketing. It falls across all 4 lines. It falls across cost of goods, selling and marketing, Enterprise tech and G&A. So when you see next quarter's numbers, you will see the sort of ongoing run rate. We're not guiding to specific line items. We're sort of guiding to total EBITDA and revenue. But when we see next quarter's results, those will be the ongoing run rate by line item.

不，它也屬於銷售和行銷。它橫跨所有 4 條線。它涵蓋商品成本、銷售和行銷成本、企業技術成本和一般行政成本。因此，當您看到下一季的數字時，您將看到持續的運行率。我們不會針對具體項目提供指導。我們正在對總 EBITDA 和收入進行某種指導。但當我們看到下一季的結果時，這些將是按專案進行的持續運行率。

And basically, what I'm trying to get to is there are a lot of expense still coming out on those 2 lines. And aside from that restructuring, it sounds like we're at a pretty good place right now. Is that fair?

基本上，我想說的是，這兩條線路上仍然會產生大量費用。除了重組之外，聽起來我們現在的情況相當不錯。這樣公平嗎？

Yes, I think that's fair, yes.

是的，我認為這很公平，是的。

Okay. Great. And then maybe just one last quick one. Carl, you mentioned -- you were talking about the digital business and seeing -- I'm not sure the exact language if you said you kind of have visibility into that stabilizing and growing. But maybe if you could just talk to the renewal process in digital and your pricing at renewals and just how that's looking? And like, I mean, I know you have new content coming in the back half. So like, I mean, is it fair to say we should really start to see stability there starting as soon as 3Q or 4Q?

好的。偉大的。然後也許只是最後一個快速問題。卡爾，您提到——您正在談論數位業務，並且看到——我不確定您說您對這種穩定和增長有一定的了解的確切語言。但是，也許您可以談談數位續約流程以及續訂定價以及情況如何？我的意思是，我知道你在後半部分會有新的內容。所以，我的意思是，我們是否可以說從第三季或第四季開始就應該看到穩定？

That's certainly the plan, George. I mean we are pleased with our retention through the first half of this year, and that was with a slower-than-usual content release schedule. The content release schedule has been an indicator of adding subscribers, and that really picks up this month through the end of the year. But the numbers, the general numbers of retention have been stable and our front-end conversion numbers on traffic that hits the site have also been fairly stable.

這確實是計劃，喬治。我的意思是，我們對今年上半年的留存率感到滿意，儘管內容發布進度比平常慢。內容發佈時間表一直是增加訂閱者的一個指標，從本月到年底，訂閱者數量確實會增加。但整體留存率一直保持穩定，網站流量的前端轉換率也相當穩定。

So yes, I do think that the business has achieved a level of predictability. And with the recent changes in operating expenses, we're in, I think, a good position to continue to deliver stability while we now look for areas where we can grow the business.

所以是的，我確實認為業務已經達到了一定程度的可預測性。隨著最近營運費用的變化，我認為我們處於一個良好的位置，可以繼續保持穩定，同時我們現在正在尋找可以成長業務的領域。

Okay, thanks again.

好的，再次感謝。

Thank you, George.

謝謝你，喬治。

Alex Hantman, Sidati & Co.

亞歷克斯·漢特曼（Alex Hantman），Sidati & Co.

Hi everybody, congrats on the quarter. Thanks for taking my questions.

大家好，恭喜本季。感謝您回答我的問題。

Sure, thanks Alex.

當然，謝謝亞歷克斯。

Yeah. The first question was just expanding a little bit on the prepared remarks. I know you mentioned growing order values and lifetime values in the prepared remarks. But could you provide a little bit more color about the impact of the new affiliate model on those compared to the prior MLM model now that you have another quarter of data?

是的。第一個問題只是對準備好的發言進行一點擴展。我知道您在準備好的評論中提到了不斷增長的訂單價值和終身價值。但是，既然您現在有了另一個季度的數據，您能否更詳細說明與先前的 MLM 模型相比，新的聯盟模型對這些模型的影響？

I don't think we break those numbers out specifically, but I will say that the models are so dramatically different that we really have to look at it, like it's a completely different business. The compensation construct is very different, obviously, dealing with a single layer so that the seller gets all of the commission, but it's a very different commission structure, including, as Mark said, we're no longer beholden to paying long-term aggressive sales and marketing expenses to the network marketer like we had in the prior model.

我認為我們不會具體列出這些數字，但我要說的是，這些模型差異如此之大，我們必須真正地去看待它，就像它是一個完全不同的業務一樣。顯然，補償結構非常不同，只處理一個層級，以便賣家獲得所有佣金，但這是一個非常不同的佣金結構，正如馬克所說，我們不再像以前的模式那樣，需要向網路行銷商支付長期積極的銷售和行銷費用。

So the margins are all different, but also the demand equation is very different. So it's really difficult to compare these 2 things, but I will say that since we replatformed the affiliate program last month, we are seeing that it's much more simplified, which makes it -- that our affiliate program is now more viable to our entire subscriber community. So we do expect that to grow through the third and fourth quarter.

因此利潤率各不相同，而且需求方程式也大不相同。因此，比較這兩件事確實很困難，但我要說的是，自從我們上個月重新調整了聯盟計劃平台以來，我們發現它變得更加簡化，這使得我們的聯盟計劃現在對我們的整個訂閱者社區更加可行。因此，我們確實預計第三季和第四季這一數字將會成長。

Yes. And if I could just add, Alex, without getting into heavy specifics, you know before in the MLM model, we paid on renewals. So if I signed you up to an annual 179, I would get paid, call it, illustratively my 40% commission. If you then renewed one year later, I got paid again. And so that was the old model. That's not the new model. So as you think about lifetime value, if Alex signs up for two years at $179, that's $358 that we get. We were paying the commission, the high commission on each of those years before. Now we're paying it on the first year. So essentially, the lifetime value of that customer is far higher to us because we don't have that latent residual ongoing comp.

是的。亞歷克斯，如果我可以補充一點，不必講得太詳細，您知道，在之前的 MLM 模式中，我們是按續訂付費的。因此，如果我為您簽署年度 179，我將獲得報酬，例如我的 40% 佣金。如果您一年後續約，我將再次獲得報酬。這就是舊模型。那不是新模型。因此，當您考慮終身價值時，如果亞歷克斯以 179 美元的價格簽約兩年，那麼我們將獲得 358 美元。我們之前每年都在支付佣金，而且是高額佣金。現在我們正在支付第一年的費用。因此從本質上講，該客戶的終身價值對我們來說要高得多，因為我們沒有潛在的剩餘持續補償。

Perfect. Thanks for the context. And one more for me. I know you've talked about launching the redesigned P90X and other packages. I was curious if you guys have explored sort of making those dynamic with any sort of AI-driven fitness coaching or sort of nutrition planning as well.

完美的。感謝您提供的背景資訊。對我來說還有一個。我知道您已經談到推出重新設計的 P90X 和其他套件。我很好奇你們是否探索過透過某種人工智慧驅動的健身指導或營養計劃來使這些變得動態化。

Well --

出色地--

Without getting into -- go ahead, Carl.

不用深入討論－繼續吧，卡爾。

Yes. Just currently, we're sticking to our model of keeping it as simple as possible for the user. However, corporately, I will say there's not a single department at the company that's not looking at how AI can complement and improve what we deliver to the customer. But the real bottom line is we're navigating an environment where we want to make sure that we're getting people results. And that's what the model is delivering.

是的。目前，我們堅持我們的模式，為用戶提供盡可能簡單的體驗。然而，從公司角度來說，我想說公司裡沒有一個部門不在研究人工智慧如何補充和改善我們提供給客戶的產品。但真正的底線是，我們正在探索一種環境，我們希望確保我們能夠為人們帶來成果。這就是該模型所傳遞的訊息。

And while we look at the possibility of implementing AI for the purposes of the P90X launch, that's going to comply with the model that made that a $1 billion franchise. And that is great talent. We've got a great new trainer. We're excited to announce great production value and training that is at the very forefront of functional fitness and an approach to nutrition that's very easy for people to follow and still enjoy the foods they love.

雖然我們正在考慮在 P90X 的發布過程中採用人工智慧，但這將符合使其成為價值 10 億美元的特許經營權的模式。這是一種偉大的天賦。我們有一位出色的新教練。我們很高興地宣布，我們擁有極高的製作價值和訓練水平，處於功能性健身的最前沿，並且採用一種人們很容易遵循的營養方法，同時仍然可以享受他們喜愛的食物。

So we're working our business model that's worked for years that gets people results and deploying AI as we see that it will add some efficiency, particularly to the subscriber acquisition model and then keeping people engaged in the back end. But we'll talk about that in future quarters.

因此，我們正在實施多年來一直行之有效的商業模式，為人們帶來成果，並部署人工智慧，因為我們發現它將提高效率，特別是對於用戶獲取模式，然後讓人們參與後端工作。但我們將在未來的幾個季度討論這個問題。

And also, Alex, we said in my prepared remarks, when we launched the P90X line at retail, we will -- for the first time, nobody has done this. We will be able to cross-sell against a new P90X fitness line. So you're going to be able to get on the package, you're going to be able to get through QR coding the ability to get an offer on the new P90x exercise program when you buy one of the P90x nutritional products. That has not been done by anybody before. That's a great example of cross-marketing that we're going to be doing, and we really think that could give us a great shot in the arm with the retail launch.

而且，亞歷克斯，我們在準備好的演講中說過，當我們在零售店推出 P90X 系列時，我們將會——這是第一次，沒有人這樣做過。我們將能夠與新的 P90X 健身系列進行交叉銷售。因此，當您購買 P90x 營養產品之一時，您將能夠透過包裝上的二維碼獲得有關新 P90x 鍛煉計劃的優惠。以前還沒有人做過這樣的事。這是我們將要進行的交叉行銷的一個很好的例子，我們真的認為這會為我們的零售發布帶來很大的推動力。

Great context. Thank you.

很棒的背景。謝謝。

Sure, thank you, Alex.

當然，謝謝你，亞歷克斯。

Thanks, Alex.

謝謝，亞歷克斯。

Thank you for your question. There are no additional questions waiting at this time. I'll now have to hand the call back over to Mark Goldston.

感謝您的提問。目前沒有其他問題。我現在必須將電話轉回給馬克·戈德斯頓。

Thank you very much, Matt. Well, really appreciate everybody calling in today, and thank you to Susan, George, and Alex for your questions. And as always, if you have any further information request or meeting requests you'd like to set up, please reach out to the company through Brad Ramberg, our CFO, to do that. So thanks, everybody. Have a wonderful evening.

非常感謝，馬特。好吧，非常感謝大家今天的來電，也感謝蘇珊、喬治和亞歷克斯提出的問題。和往常一樣，如果您有任何進一步的資訊請求或會議請求，請透過我們的財務長 Brad Ramberg 與公司聯絡。謝謝大家。祝您有個美好的夜晚。

That concludes the conference call. Thank you for your participation. You may not disconnect your lines.

電話會議到此結束。感謝您的參與。您不能斷開您的線路。