Beachbody Company Inc (BODI) 2025 Q3 法說會逐字稿

Good afternoon. Thank you for attending today's Beachbody Company Inc. Third Quarter 2025 Earnings Conference Call. My name is Jayla, and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. I'll now pass the conference over to our host, Bruce Williams, the Managing Director of ICR. You may proceed, Bruce.

午安.感謝您參加今天Beachbody公司2025年第三季財報電話會議。我叫杰拉，我將擔任今天電話會議的主持人。在會議演示環節，所有線路都會靜音，最後會留出問答環節。現在我將把會議交給我們的主持人，ICR 的總經理 Bruce Williams。布魯斯，你可以繼續了。

Welcome, everyone, and thank you for joining us for our Third Quarter Earnings Call. With me on the call today are Mark Goldstein, Executive Chairman of the Beachbody Company, Carl Deichler, 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.

歡迎各位參加我們的第三季財報電話會議，感謝各位的蒞臨。今天和我一起參加電話會議的有 Beachbody 公司執行董事長 Mark Goldstein、聯合創始人兼執行長 Carl Deichler 以及臨時財務長 Brad Ramberg。在發言結束後，我們將開放提問環節。

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.

在正式開始之前，我想提醒各位注意公司的安全港條款。本次電話會議中所述非歷史事實的陳述，可能被視為 1995 年《私人證券訴訟改革法案》意義上的前瞻性陳述。

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. Today's call will include references to nine GAAP financial measures, such as adjusted EBITDA, debt cash, and free cash flow.

由於存在許多風險和不確定性，實際的未來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性都在公司向美國證券交易委員會提交的文件中進行了描述，其中包括今天的新聞稿。今天的電話會議將提及九項 GAAP 財務指標，例如調整後的 EBITDA、債務現金和自由現金流。

And a reconciliation of these nine GAAP financial measures to the most comparable GAAP financial measures is available within the earnings release. which can be found on our website. Now, I would like to turn the call over to Mark.

獲利報告中提供了這九項GAAP財務指標與最可比較GAAP財務指標的調節表，該報告可在我們的網站上找到。現在，我想把電話交給馬克。

Thank you and good afternoon everyone. I'd like to welcome you to Bobby's 3rd quarter 2025 earnings call. we're pleased with our outstanding 3rd quarter results and the progress and speed of our turnaround that's far exceeded our expectations.

謝謝大家，下午好。歡迎各位參加鮑比主持的2025年第三季財報電話會議。我們對第三季出色的業績以及遠超預期的扭虧為盈的進展和速度感到非常滿意。

Let me put this achievement in perspective. we've now delivered 8 consecutive quarters of positive adjusted EBITDA. Our free cash flow performance has been equally strong. We've generated $13.1 million in free cash flow through nine months, with Q3 alone contributing $9 million of free cash flow.

讓我來解釋一下這項成就的意義。我們已經連續8個季度實現了調整後EBITDA為正。我們的自由現金流表現同樣強勁。前九個月，我們已產生 1,310 萬美元的自由現金流，其中僅第三季就貢獻了 900 萬美元的自由現金流。

Perhaps most significantly, We generated net income this quarter, a seminal milestone that we identified years ago as the ultimate marker of our turnaround effort. Our cash position of $33.9 million substantially exceeds our outstanding debt principle of $25 million providing us with financial flexibility.

或許最重要的是，我們本季實現了淨利潤，這是我們多年前就認定為扭虧為盈努力的最終標誌的一個重要里程碑。我們擁有 3,390 萬美元的現金儲備，遠遠超過我們 2,500 萬美元的未償債務本金，這為我們提供了財務靈活性。

Our Operational metrics continue to demonstrate the structural improvements we've made.

我們的營運指標持續顯示我們所做的結構性改善。

We've maintained strong gross margins while significantly reducing our revenue break-even point from approximately $900 million in 2022 down to $180 million today, a $720 million lowering of the break-even that positions us to generate operating leverage at a much lower revenue level.

我們維持了強勁的毛利率，同時將營收盈虧平衡點從 2022 年的約 9 億美元大幅降低到目前的 1.8 億美元，而盈虧平衡點降低了 7.2 億美元，這使我們能夠在更低的收入水平上產生營運槓桿。

Looking ahead, we're focused on our growth strategy in 2026. This upcoming year will mark our transition from a financial restructuring to capitalizing on new revenue opportunities from our innovation pipeline and from market expansion.

展望未來，我們將專注於2026年的成長策略。即將到來的一年將標誌著我們從財務重組過渡到利用創新產品線和市場擴張帶來的新收入機會。

We're launching a comprehensive retail initiative that will leverage our portfolio of billion-dollar brands in entirely new channels. In 2026, we'll introduce Shakeology to retail for the first time in our company's history. That will be followed by our brand new P90X nutritional supplements line and Insanity-branded supplements later in 2026.

我們將推出一項全面的零售計劃，利用我們旗下價值數十億美元的品牌組合，開拓全新的通路。2026年，我們將首次把Shakeology引入零售市場，這在我們公司歷史上尚屬首次。接下來，我們將在 2026 年稍後推出全新的 P90X 營養補充品系列和 Insanity 品牌補充品。

These products will be distributed in different form factors and different price points made possible by our new business model. complementing our retail expansion. We will be launching a brand new P90X fitness program, the first in over a decade, which will create powerful cross-marketing opportunities between our digital content and our retail nutrition products.

由於我們全新的商業模式，這些產品將以不同的外形尺寸和不同的價格區間進行分銷，從而完善我們的零售業務擴張。我們將推出全新的 P90X 健身計劃，這是十多年來的第一個此類計劃，它將在我們的數位內容和零售營養產品之間創造強大的交叉行銷機會。

So going forward, we see a substantial opportunity to expand our TAam by developing innovative approaches, including a focus on health span. And a shorter, easier to perform workout program to reach underserved segments, including the $185 million overweight Americans who don't currently engage in regular fitness routines.

因此，展望未來，我們看到了一個透過開發創新方法（包括關注健康壽命）來擴大我們 TAam 的巨大機會。此外，還制定了時間更短、更容易執行的運動計劃，以惠及服務不足的群體，包括目前沒有定期健身習慣的 1.85 億超重美國人。

In our current business model, our revenues are generated via multiple channels, what we like to call the omni-channel opportunity. One of the smaller elements within the omnichannel opportunity is our affiliate program. Why do I say that?

在我們目前的商業模式中，我們的收入是透過多個管道產生的，我們稱之為全通路機會。全通路機會中較小的組成部分之一是我們的聯盟計劃。我為什麼這麼說？

Because on a go forward basis, the affiliate program will be a smaller portion of our total revenue mix given our heavy focus on the maximization of both our direct to consumer channels and our upcoming brick and mortar retail initiative.

因為展望未來，鑑於我們將重點放在最大化我們的直接面向消費者管道和即將推出的實體零售計劃上，聯盟計劃在我們總收入中所佔的比例將會較小。

This strategic shift reflects our evolution from what was previously an MLM-dependent model in 2024. to a now diversified omnichannel approach from 2025 and beyond. The transformation we've achieved positions the body as a fundamentally different company than it was just two years ago.

這項策略轉變反映了我們從 2024 年之前依賴 MLM 的模式，發展成為 2025 年及以後多元化的全通路模式。我們所取得的轉變，使公司從根本上來說與兩年前截然不同。

We've proven our ability to generate consistent positive adjusted EBITDA over the last eight quarters. We've generated positive cash flow through 2025 year-to-date, and we finally achieved a positive net income quarter in Q3 of 2025.

在過去的八個季度中，我們已經證明了我們有能力持續產生正的調整後 EBITDA。截至目前，我們已實現到 2025 年的正現金流，並最終在 2025 年第三季實現了正淨利。

During the two-year turnaround effort which began when I joined back in June of 2023, we've eliminated the huge structural inefficiencies that previously required a massive $900 million revenue level just to break even on a cash basis, and we've reduced that cash break even by 80%. And brought it down to an incredibly low $180 million break even through a complete rearchitecture of the company and the way we operate.

在我於 2023 年 6 月加入公司後開始的為期兩年的轉型工作中，我們消除了先前需要高達 9 億美元的收入才能實現現金收支平衡的巨大結構性低效問題，並將現金收支平衡點降低了 80%。透過對公司及其營運方式進行徹底的重組，最終將損益平衡點降至令人難以置信的 1.8 億美元。

The efficiencies we've built into the company have allowed us to construct a powerful and nimble operating model that will allow future revenue growth to drive significant operating leverage and increase EBITDD. the headline for Q3 2025 is that body has completely reinvented itself over the last 2+ years.

我們為公司建立的效率提升機制，使我們能夠建立一個強大而靈活的營運模式，這將使未來的收入成長能夠顯著提升營運槓桿並提高 EBITDD。 2025 年第三季的重點是，公司在過去兩年多的時間裡已經徹底重塑了自身。

And with the benefits of the financial restructuring, the elimination of the MLM model, massive improvement in profitability, an increase in direct to consumer focus, a significant improvement in gross margins, and a more efficient sales and marketing spend.

財務重組帶來的好處包括：取消多層次行銷模式、獲利能力大幅提高、更注重直接面向消費者、毛利率顯著提高以及銷售和行銷支出更加高效。

As a result of accomplishing all of the financial turnaround goals, Bobby is now poised to open the hatch of the innovation pipeline for 2026 and roll out a slew of new innovations in both digital fitness and nutrition that will not only fortify our DTC business, but it will also open up a whole new arm of our omni-channel strategy with brick and mortar retail and an expanded Amazon presence.

由於實現了所有財務扭虧為盈的目標，Bobby 現在準備開啟 2026 年的創新之路，並在數位健身和營養領域推出一系列創新產品，這不僅將鞏固我們的 DTC 業務，還將透過實體零售和擴大在亞馬遜的業務，為我們全通路策略開闢一個全新的分支。

Featuring popularly priced P90X and Insanity nutritional supplements, and a new lower priced smaller serving size Shakeology lineup. we've revolutionized and significantly improved our financial foundation. We've filled the innovation pipeline, and those initiatives are set to be in motion in 2026, and the market opportunities and huge increase in TAam are substantial.

我們提供價格親民的 P90X 和 Insanity 營養補充劑，以及全新價格更低、份量更小的 Shakeology 系列產品。我們的財務基礎已經徹底革新並顯著改善。我們已經儲備了創新資源，這些措施將於 2026 年啟動，市場機會和 TAam 的巨大成長是巨大的。

We could not be happier with the progress that we've made, the speed with which the turnaround has been performed, and the exciting and modernized future we see for body. With that, I'll turn the call over to our CEO Carl deichler to discuss the operational details Carl.

我們對我們所取得的進展、扭轉局面的速度以及我們所看到的身體令人興奮的現代化未來感到無比滿意。接下來，我將把電話轉交給我們的執行長卡爾·戴希勒，由他來討論營運細節。

Thanks, Mark, and thanks to everyone for joining us today. I'm excited to share our Q3 results, which I believe demonstrate the meaningful progress we're making in executing our long-term strategy. The results that Mark described and that Brad will outline in detail in a moment really tell the story of a company hitting its stride. The vision we've had for over two decades is finally getting a chance to come to fruition.

謝謝馬克，也謝謝今天所有到場的各位。我很高興與大家分享我們第三季的業績，我相信這證明了我們在執行長期策略方面取得了實質進展。馬克所描述的結果，以及布拉德稍後將詳細闡述的結果，真正講述了一個公司步入正軌的故事。我們二十多年來的願景終於有機會實現。

We're executing with more efficiency thanks to our expanded sales channels and an aggressive approach to tailoring our marketing for an environment that is definitely showing signs of improved demand as longevity and health span have entered the mainstream.

由於我們擴大了銷售管道，並積極調整行銷策略以適應市場環境，我們的執行效率更高。隨著長壽和健康壽命成為主流，市場需求明顯改善。

We've got the library of proven content that's getting deeper every quarter and new content coming online by the end of the year that's going to open up the TAM to the real holy grail of helping the more than $185 million non-exercisers in the US who are just looking for an easy way to get the benefits of lifestyle change without devoting thousands of dollars to equipment or hours in the gym.

我們擁有一個經過驗證的內容庫，每個季度都在不斷深化，到年底還將有新內容上線，這將為美國超過 1.85 億不運動的人群打開真正的聖杯——幫助他們找到一種簡單的方法來獲得生活方式改變帶來的好處，而無需花費數千美元購買設備或在健身房花費數小時。

In the near term, there's some very exciting launches going into Black Friday and Cyber Monday, the holidays and the 1st quarter. we launched a compelling $19 per month offer in Q3, which we're starting to build momentum around, especially in conjunction with the launch of two brand new alternative subscriptions what we call a super trainer subscription, where people can subscribe to just the content from one Super Trainer for just 9$0.99 a month.

近期，我們將在黑色星期五、網路星期一、假日以及第一季推出一些非常令人興奮的新品。我們在第三季推出了極具吸引力的每月 19 美元優惠，並開始圍繞這項優惠積蓄力量，尤其是在推出兩項全新的替代訂閱服務——我們稱之為“超級教練訂閱”——的同時，用戶只需每月支付 9.99 美元即可訂閱一位超級教練的內容。

These are essentially curated capsule collections from our world-class trainers. We launched this test with both the Autumn Calabrese collection and the Shaun T collection and are encouraged by the initial response.

這些基本上都是我們世界一流教練精心挑選的膠囊系列。我們以 Autumn Calabrese 系列和 Shaun T 系列為對象推出了這項測試，初步反應令人鼓舞。

As you might recall, we said we'd be launching new content in Q3 that included a line extension to Body Lava called Slow Burn Yoga. We also launched Autumn Calabrese's track Pilates, an innovative at-home Pilates program that drove strong demand in the 3rd quarter thanks to the overall strength in the Pilates category right now.

您可能還記得，我們​​說過將在第三季推出新內容，其中包括 Body Lava 的延伸產品線 Slow Burn Yoga。我們還推出了 Autumn Calabrese 的 Track Pilates，這是一個創新的家庭普拉提課程，由於目前普拉提類別的整體強勁勢頭，該課程在第三季度獲得了強勁的需求。

So far in the fourth quarter we've added the appropriately named Power of 4, a program from the original P90X super trainer Tony Horton, and we've just started to promote the Black Friday launch of a new program from Shaun T that's a hybrid of his popular weightlifting program Dig Deeper with low Impact Insanity Cardio, which our subscribers are lining up to start on December 1st in what's going to be the largest test group in our company's history.

第四季至今，我們新增了名為「Power of 4」的課程，該課程由 P90X 超級教練 Tony Horton 親自操刀。此外，我們也開始宣傳 Shaun T 的新課程，將於黑色星期五正式上線。該課程融合了他廣受歡迎的舉重課程「Dig Deeper」和低衝擊的 Insanity Cardio 有氧運動，我們的訂閱用戶已排隊，準備在 12 月 1 日開始體驗，這將是我們公司歷史上最大的測試組。

As Mark mentioned, we started teasing the launch of P90X Generation Next, a new addition to the P90X portfolio for the first time in over 10 years, leveraging the most recognizable brand in extreme home fitness. Last week, we announced that renowned British trainer Waz Asher is leading that program, and the response to the first peek at the teasers for the program was more enthusiastic and productive at attracting subscribers than we could have imagined.

正如馬克所提到的，我們開始預熱 P90X Generation Next 的推出，這是 P90X 產品組合十多年來的首次新增產品，利用了極限家庭健身領域最知名的品牌。上週，我們宣布由英國著名教練 Waz Asher 執教該節目，節目預告片首次亮相後，反響熱烈，吸引了大量訂閱者，這超出了我們的想像。

This new trainer is going to be a superstar. He's the new James Bond of the P90X franchise, if you will, and the user results we've seen in our initial testing of the program confirm that his new P90X format is going to introduce the greatest extreme home fitness program of all time to a new generation of users with stunning transformations.

這位新教練將會成為超級巨星。如果你願意的話，他就是 P90X 系列的新一代詹姆斯龐德，而我們在初步測試程式時看到的用戶結果證實，他的全新 P90X 模式將為新一代用戶帶來有史以來最偉大的極限家庭健身計劃，並帶來驚人的改變。

The retail opportunity will be particularly meaningful both for leveraging the existing awareness of P90X plus insanity and Shakeology on store shelves, but using that visibility to achieve massive exposure of the body brand by giving retail buyers a first of a kind value add of rewarding them with access to our digital content which will support our digital subscriber growth objectives.

零售機會意義非凡，不僅可以利用 P90X 和 Insanity 以及 Shakeology 在商店貨架上的現有知名度，還可以利用這種知名度，透過向零售買家提供前所未有的增值服務（即獎勵他們訪問我們的數位內容），從而實現身體護理品牌的廣泛曝光，這將有助於我們實現數位訂閱用戶增長目標。

I'm really excited for the new supplements coming under the P90X and Insanity brands because we're actually under penetrated in selling nutrition to our digital fitness subscribers, largely because our prices were set at a premium level, largely due to the requirements of the MLM model. That means in 2026, we're going to be adding more new supplements to the catalog. At more affordable prices than we ever have in our 26 years, a significant opportunity for us to increase LTD and to acquire new nutrition customers. 2026 marks our commitment to expand nutrition in a very significant way, both at retail and direct to consumer.

我非常期待 P90X 和 Insanity 品牌推出的全新補劑，因為我們在向數位健身訂閱用戶銷售營養品方面實際上滲透率較低，這主要是因為我們的價格設定在高端水平，而這主要是由於 MLM 模式的要求。這意味著在 2026 年，我們將向產品目錄中添加更多新的補充劑。我們以26年來前所未有的實惠價格，為我們拓展長期業務、獲取新的營養品客戶群提供了絕佳機會。 2026年，我們將致力於大幅拓展營養品業務，包括零售和直銷通路。

All of this is the innovation pipeline Mark and I have been talking about for two years. The opportunity tore this massive TAM of over 185 million adults in the US alone who are overweight or obese. and now with the progress and speed of our financial turnaround exceeding projections, this vision can start to materialize in 2026 and really hit full stride in 2027.

這一切都是馬克和我兩年來一直在談論的創新流程。這一機遇挖掘了美國超過1.85億超重或肥胖成年人的巨大潛在市場。如今，隨著我們財務復甦的進展和速度超出預期，這一願景預計將在2026年開始實現，並在2027年真正全面展開。

As I mentioned last quarter, all of this will be supported by our transition to Shopify Plus and its robust set of AI features in March 2026. Which we believe will benefit order conversion and average order value at checkout.

正如我在上個季度提到的，所有這些都將得到我們在 2026 年 3 月過渡到 Shopify Plus 及其強大的 AI 功能的支援。我們相信這將有助於提高訂單轉換率和平均訂單價值。

Speaking of AI, I'm also excited to add that following chat GPT's announcement of their app development toolkit in the upcoming chat GPT App Store, our team is quickly developing the tech to be among the first fitness apps on chat GPT in Q1 2026, making our programs discoverable and actionable within chat GPT. We initially focused on personalized fitness recommendations with the goal of driving acquisitions, leveraging our most recognizable brands.

說到人工智慧，我還想補充一點，在 chat GPT 宣布將在即將推出的 chat GPT 應用商店中推出其應用開發工具包之後，我們的團隊正在快速開發這項技術，爭取在 2026 年第一季度成為 chat GPT 上首批健身應用程序之一，使我們的課程能夠在 chat GPT 中被發現和使用。我們最初專注於個人化健身建議，目標是利用我們最知名的品牌來推動用戶成長。

But we view this most as an evolving opportunity to learn how conversational AI can enhance discovery with a more personalized recommendation engine to ultimately create a more intelligent, connected experience for our members at mass scale.

但我們主要將其視為一個不斷發展的機會，了解對話式人工智慧如何透過更個人化的推薦引擎來增強發現功能，最終為我們的會員大規模地創造更智慧、更互聯的體驗。

We've been the one company focused on the mass market of health and fitness for over 26 years, and now with 8 quarters of positive adjustment EBITDA and our first quarter of positive net income since we went public in 2021, we can see that the never quit attitude of this team is really paying off. And it's incredibly impressive how our staff, trainers, affiliates, and even our subscribers believe so passionately in what we do.

26 年來，我們一直是唯一一家專注於大眾健康和健身市場的公司。如今，我們已連續 8 個季度實現正調整 EBITDA，並且自 2021 年上市以來首次實現正淨利潤，我們可以看到，這支團隊永不放棄的態度真的得到了回報。令人印象深刻的是，我們的員工、培訓師、合作夥伴，甚至我們的訂閱用戶都對我們所做的事情充滿熱情。

I'm excited for the 4th quarter, especially as we head into Black Friday and Cyber Monday and our aggressive marketing initiatives heading into Q1. Now, let me turn the call over to our interim CFO, Brad Ramberg to walk through the specifics of our Q3 results. Brad.

我對第四季充滿期待，尤其是隨著黑色星期五和網路星期一的臨近，以及我們為第一季制定的積極行銷計劃。現在，我將把電話交給我們的臨時財務長布拉德·拉姆伯格，讓他詳細介紹一下我們第三季的業績。布拉德。

Thank you, Carl, and thank you everyone for joining the call today. I will review our Q3 results and provide our outlook for the 4th quarter. we produced major milestones this quarter. We exceeded our guidance for revenue, adjusted EBITDA, and net income. We generated our 8th consecutive quarter of positive adjusted EBITDA and had net income for the first time since going public in 2021. We are on track for positive free cash flow for the full year.

謝謝卡爾，也謝謝今天參加電話會議的各位。我將回顧第三季業績，並展望第四季。本季我們取得了多項重大里程碑式的成就。我們超越了營收、調整後 EBITDA 和淨利潤的預期。我們連續第八個季度實現了調整後 EBITDA 為正，並且自 2021 年上市以來首次實現淨利潤。我們可望實現全年正自由現金流。

Now I'd like to provide more details about the quarter. Total revenues of $59.9 million declined 6.3% sequentially and declined 41.4% 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 away from a multi-level marketing platform to an omni-channel model.

現在我想提供更多關於本季的詳細資訊。總營收為5,990萬美元，季減6.3%，年減41.4%，符合預期，我們正持續推動策略轉型。短期內，營收將持續受到從多層次傳銷平台轉向全通路模式的影響。

Consolidated Q3 gross margins were 74.6%, representing an increase of 230 basis points over the prior quarter and an increase of 730 basis points compared to the prior year. We're pleased to report the consolidated gross margin was at the high end of our long-term target of 70% to 75%, underscoring the strength of our operational execution.

第三季綜合毛利率為 74.6%，較上一季成長 230 個基點，較上年同期成長 730 個基點。我們很高興地報告，合併毛利率達到了我們長期目標 70% 至 75% 的高端水平，這凸顯了我們營運執行的實力。

Moving to digital and nutrition and other revenues. digital revenue decreased 8.3% from the prior quarter to $36.4 million and decreased 32.2% year over year. Revenues were impacted by continued pressure on our digital subscription counts, which decreased 4.3% sequentially to approximately 900,000 and declined 18.9% compared to the same period a year ago.

轉而關注數字、營養及其他收入。數位收入較上一季下降 8.3% 至 3,640 萬美元，年減 32.2%。受數位訂閱用戶數量持續承壓的影響，收入受到影響。數位訂閱用戶數量較上季下降 4.3% 至約 90 萬，與去年同期相比下降 18.9%。

We continue to experience the impact from our transition away from the MLM, which has had an outsized impact to nutrition subscriptions, as our nutrition products were almost sold exclusively through our MLM network.

我們仍在承受著從 MLM 模式轉型帶來的影響，這對營養訂閱業務的影響尤其巨大，因為我們的營養產品幾乎完全是透過我們的 MLM 網路銷售的。

Nutrition and other revenues decreased 2.8% from the prior quarter to $23.5 million and decreased 50.4% year over year. Nutrition subscriptions stayed essentially flat sequentially at approximately 70,000 and fell 46.2% year over year.

營養品及其他收入較上一季下降 2.8% 至 2,350 萬美元，年減 50.4%。營養品訂閱量較上季基本持平，約 7 萬份，較去年同期下降 46.2%。

Digital growth margin was 88.1% for the quarter, increasing 40 basis points from the prior quarter and representing an 810 basis point improvement from the prior year. our digital growth margin was in line with our previous long-term target of 86 to 89%.

本季數位業務成長利潤率為 88.1%，較上一季成長 40 個基點，較上年同期成長 810 個基點。我們的數位業務成長利潤率符合先前設定的 86% 至 89% 的長期目標。

The continued strength in year over year gross margin was primarily due to a decrease in digital content amortization and depreciation as a result of a more disciplined production and fixed asset spend.

毛利率持續保持強勁成長，主要原因是由於生產和固定資產支出更加嚴格，導致數位內容攤提和折舊減少。

Nutrition and other gross margin was 53.7%, representing a 230 basis point increase from the prior quarter, and a 490 basis point decline year over year. Nutrition gross margins exceeded our long-term target of 46 to 52%.

營養品及其他產品的毛利率為 53.7%，較上一季成長 230 個基點，較上年同期下降 490 個基點。營養品毛利率超過了我們46%至52%的長期目標。

The increase from the prior quarter was primarily due to one-time lower shipping and fulfillment costs. While the decline from the prior year quarter was primarily due to the discontinuation of preferred customer fees on November first 2024, which were part of our old business model where customers paid a monthly fee to purchase products at a discount.

與上一季相比的成長主要是由於一次性運輸和物流成本降低所致。與上一季相比的下降主要是由於從 2024 年 11 月 1 日起停止收取優惠客戶費用，這是我們舊商業模式的一部分，客戶每月支付費用即可享受產品折扣。

As well as a higher level of promotional activities in the current period. Operating expenses for the quarter declined 21% sequentially and declined 51.5% year over year to $39.7 million. selling and marketing expense as a percent of revenue decreased 800 basis points in the prior quarter and declined 1,270 basis points over the prior year to 31.9%. This significant improvement over the prior periods was primarily driven by the pivot away from the multi-level marketing channel as we no longer have partner compensation on our new sales after November 1st, 2024.

此外，本階段的宣傳活動力道也更大。本季營運費用較上季下降 21%，年減 51.5%，至 3,970 萬美元。銷售和行銷費用佔營收的百分比較上一季下降 800 個基點，較上年同期下降 1,270 個基點，至 31.9%。與前幾個時期相比，這一顯著改善主要得益於我們放棄了多層次行銷管道，因為從 2024 年 11 月 1 日起，我們的新銷售額將不再向合作夥伴支付佣金。

Enterprise technology and development expense as a percent of revenue increased 80 basis points from the prior quarter and decreased 160 basis points year over year to 17.4% of revenue.

企業技術和開發費用佔營收的百分比較上一季成長 80 個基點，較上年同期下降 160 個基點，至佔營收的 17.4%。

The improvement as compared to the prior year was primarily due to a decrease in depreciation expense due to lower technology spend.

與前一年相比，業績改善的主要原因是技術支出減少，導致折舊費用下降。

The increase as a percent of revenue compared to the prior quarter was due to revenue deleverage. G&A was 16.9% of revenue, a decrease of 120 basis points sequentially, and an increase of 540 basis points from the prior year.

與上一季相比，營收佔比成長的百分比是由於營收槓桿效應減弱所致。一般及行政費用佔營收的 16.9%，季減 120 個基點，較上年增加 540 個基點。

The improvement as compared to the prior quarter was primarily due to a decrease in equity-based compensation from the headcount reduction over the past year due to the restructurings and a decrease in outside professional fees.

與上一季相比，業績改善的主要原因是過去一年由於重組導致員工人數減少，股權激勵支出下降，以及外部專業費用減少。

The increase as a percent of revenue as compared to the prior year was due to revenue deleverage. the Q3 2025 net income of $3.6 million our first net income since we went public in 2021, compared to a net loss of $12 million from the prior year.

與前一年相比，營收佔比成長主要歸因於營收槓桿效應的減弱。 2025年第三季淨利為360萬美元，這是我們自2021年上市以來首次實現淨利潤，而去年同期淨虧損為1,200萬美元。

Adjusted EBITDA was $9.5 million compared to $4.6 million in the prior quarter and $10.1 million in the prior year. Notably, this quarter marks our eighth consecutive quarter of positive adjusted EBITA. now I'd like to move on to the balance sheet and cash flows.

調整後 EBITDA 為 950 萬美元，而上一季為 460 萬美元，上年同期為 1,010 萬美元。值得注意的是，本季是我們連續第八個季度實現調整後EBITA為正。現在我想談談資產負債表和現金流量表。

As we discussed on our last call in May, we entered into a new lending agreement with Tiger Finance and SG Capital Partners for a $25 million three-year loan facility that allowed us to retire the $17.3 million of outstanding debt ahead of its February 2026 maturity date.

正如我們在五月的上次電話會議上所討論的那樣，我們與 Tiger Finance 和 SG Capital Partners 達成了一項新的貸款協議，獲得了一筆為期三年、金額為 2500 萬美元的貸款，使我們能夠在 2026 年 2 月到期日之前償還 1730 萬美元的未償債務。

This refinancing provided us with approximately $5 million of additional capital on the balance sheets. The effective interest rate on this new facility is approximately 15.2% compared to the approximately 28% in the prior facility.

此次再融資使我們的資產負債表上增加了約 500 萬美元的額外資金。該新融資的實際利率約為 15.2%，而先前的融資實際利率約為 28%。

Our cash balance is $33.9 million compared to $25.6 million in the prior quarter. our cash generated from operations for the quarter with $10.2 million. our year-to-date free cash flow is $13.1 million, of which $9 million was generated this quarter.

本季現金餘額為3,390萬美元，高於上一季的2,560萬美元。本季經營活動產生的現金流量為1020萬美元。年初至今的自由現金流為1,310萬美元，其中本季產生900萬美元。

Q3 had a $2 million benefit from the timing of payroll, which was in Q3 but paid in Q4. Turning to our 4th quarter guidance, while we are pleased with the execution of our transformation, I want to reiterate that we're still in the 1st year of the company's new business model.

第三季因薪資發放時間（薪資在第三季發放，但第四季支付）而獲得了 200 萬美元的收益。展望第四季業績，雖然我們對轉型工作的執行感到滿意，但我還是要重申，公司目前仍處於新商業模式的第一年。

As discussed, we significantly lowered expenses and our revenue break even point when we strategically pivoted away from the MLM model to our omni-channel marketing and distribution model. This shift has opened new growth channels that we could not previously access, and we're very excited about the opportunities ahead.

正如之前討論過的，當我們從 MLM 模式策略性地轉向全通路行銷和分銷模式時，我們大幅降低了支出和收入盈虧平衡點。這一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。

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.

我們現在擁有更穩健的資產負債表和更可行的長期商業模式。但與其他正在轉型中的公司一樣，這些新業務線需要時間才能取得進展。

We expect fourth quarter revenues to be in the range of $50 million to $57 million. net income in the range of $1 million to $3 million. and adjusted EBITA to be in the range of $5 million to $9 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.

我們預計第四季營收將在5,000萬美元至5,700萬美元之間，淨利將在100萬美元至300萬美元之間，調整後EBITA將在500萬美元至900萬美元之間。隨著我們繼續向新的商業模式過渡，我們希望提供更多更新信息，以幫助您了解我們新財務模式的變化。

As of today, we anticipate revenues to approximate 61% digital and 39% nutrition. Our long-term digital growth margin target is 87% to 89%. Our long-term nutrition and other gross margin is in the range of 46 to 52%, which is in line with our volume expectations and certain promotional activities planned.

截至目前，我們預計營收將約 61% 來自數位業務，39% 來自營養品業務。我們的長期數位成長利潤率目標是 87% 至 89%。我們的長期營養和其他毛利率在 46% 到 52% 之間，這與我們的銷售預期和計劃中的某些促銷活動相符。

Our long-term total gross margin target is from 70% to 75%. over the last two years we've made considerable progress against our business transformation. We've significantly lowered our break-even point and strengthened our financial position, putting us on a solid foundation to execute against our growth initiatives that will drive long-term shareholder value. I look forward to updating you on our progress on our next earnings call. I'll now turn it back over to Mark for closing remarks.

我們的長期總毛利率目標是70%到75%。過去兩年，我們在業務轉型方面取得了顯著進展。我們大幅降低了損益平衡點，增強了財務實力，為我們實施成長計畫奠定了堅實的基礎，這些計畫將推動股東的長期價值。我期待在下次財報電話會議上向您報告我們的進度。現在我將把發言權交還給馬克，讓他做總結陳詞。

Thank you, Brad, operator, Chala, could you please open it up to questions?

謝謝Brad，接線生Chala，請問可以開始接受提問嗎？

Absolutely [Operator Instructions] Our first question comes from Suzanne Anderson with the company Canaccord Annuity. Suzanne, your line is now open.

絕對正確 [操作員說明] 我們的第一個問題來自 Canaccord Annuity 公司的 Suzanne Anderson。蘇珊，您的線路已開通。

Hi, good evening, thanks for taking my question. Nice job on the quarter, I guess. Maybe if you could talk about, I'm curious, just the customer base if you're seeing any big change with the new business model, and then maybe if you could share any details on what type of customers are signing up for the unbundled super trainer subscription are these new customers of body that maybe, we kind of tack on more, subscriptions down the road or they were they existing customers? Thanks.

您好，晚上好，感謝您回答我的問題。我覺得這季做得很好。我很好奇，您能否談談客戶群體，看看新的商業模式是否帶來了任何重大變化？另外，您能否分享一下，哪些類型的客戶正在註冊非捆綁式超級教練訂閱服務？這些是新客戶，以後我們可能會增加他們的訂閱服務嗎？還是他們本身就是現有客戶？謝謝。

Well, thanks, Susan. Nice to hear from you.

謝謝你，蘇珊。很高興收到你的來信。

We're really dealing with the same type of customer that we've dealt with for 26 years, quite H1stly, the people who are too busy to go for a gym membership. They want the convenience of doing things at home and they want it.

我們面對的其實還是過去 26 年來我們一直面對的同一類客戶，那就是那些忙得沒時間辦健身卡的人。他們想要在家裡做事情的便利，他們確實想要這樣。

Somewhere between 20 to 45 minutes per workout. So in general we're seeing the demographics be similar in terms of the specific subscriptions, the Autumn calibre collection and the Shaun T collection. Those are doing both a. Great job of winning back customers who are really just interested in the affinity with their particular trainer, but we are seeing a nice percentage of those people upgrade to the full subscription.

每次運動時間在 20 到 45 分鐘之間。所以總的來說，我們看到特定訂閱的受眾群體相似，即秋季精選系列和 Shaun T 系列。它們都在做這兩件事。我們成功地贏回了那些僅僅因為與特定教練有親近感而回心轉意的客戶，而且我們看到相當一部分人升級到了完整訂閱。

So it's doing the job of what you might see from a High volume low price gym where people are attracted to the 999 per month but then seeing the value of the overall subscription and upgrading to the full the full monthly or annual price so.

所以它的作用類似於高客流量、低價格的健身房，人們會被每月 999 美元的價格所吸引，但隨後會發現整體訂閱的價值，併升級到完整的月費或年費。

In terms of new customer acquisition, we're seeing that come from really the more broad advertising of helping people get healthy, helping people improve their overall well-being, and that is sort of business as usual as we go into the 4th quarter, and we're very excited by the prospect of bringing in new customers with the launch of Shaun T's Dig In program and the promise of the largest test group that we've ever run as a company.

就新客戶獲取而言，我們看到這主要來自更廣泛的廣告宣傳，旨在幫助人們獲得健康，幫助人們改善整體健康。進入第四季度，這基本上是正常的業務模式。我們非常興奮地看到，隨著 Shaun T 的 Dig In 計劃的推出，以及我們公司有史以來規模最大的測試組的承諾，我們將迎來新的客戶。

Okay, great. And then maybe if you can give some more color just on your new product pipeline, it sounds like you have a number of things lined up through holiday and then maybe into next year. Maybe if you could just talk about timing of the rollouts and any color you could give maybe around the new P90X product and then also other products that are going to roll out whether they're in digital or the nutrition segment. Oh, and then also I was wondering. Good, sorry, go ahead and then I have a follow-up.

好的，太好了。如果您能再詳細介紹一下您的新產品線，聽起來您已經安排了許多產品，一直到假期，甚至可能延續到明年。或許您可以談談產品推出的時間安排，以及您對新款 P90X 產品和其他即將推出的產品（無論是數位產品還是營養品）的任何具體資訊。哦，我還在想…好的，抱歉，請繼續，我還有後續問題。

Okay, so just real quick, as we mentioned, we're very excited by the number of products that we're launching into the catalog, nutrition products in 2026. We haven't launched this many new products, particularly at a price point that's much more affordable to our database, to our current subscribers, and to new prospective customers since we launched the MLM.

好的，簡單來說，正如我們所提到的，我們對即將在 2026 年推出的營養產品數量感到非常興奮。自從我們推出 MLM 以來，我們還沒有推出過這麼多新產品，尤其是價格對於我們的資料庫用戶、現有訂閱用戶和潛在新客戶來說都更實惠。

Obviously we had to support the The compensation plan for the MLM when that was such a big part of the business model. Now that we don't have the MLM, we can be far more competitive in the nutrition segment with our pricing and with our unit economics with a form factor in the 7 to 14 servings versus everything being in a monthly.

顯然，我們必須支持多層次傳銷的薪酬計劃，因為這是其商業模式的重要組成部分。現在我們沒有了多層次行銷模式，我們可以在營養品領域憑藉定價和單位經濟效益更具競爭力，產品規格為 7 至 14 份，而不是像以前那樣按月訂購。

Units, so we've got the P90X line of supplements and we have insanity line of supplements and we have expansion of Shakeology as we take that out into retail. So nutrition is largely expanding in 2026 for the balance of 2025 we have the, as I mentioned on the call we just launched.

我們有 P90X 系列補劑，我們有 insanity 系列補劑，隨著 Shakeology 進入零售市場，我們的產品線也不斷擴大。因此，營養領域將在 2026 年大幅擴張，而對於 2025 年剩餘的時間，正如我在剛啟動的電話會議上提到的那樣，我們將…

Tony Horton's Power of 4 program, which we licensed from him. We just launched a series of new bike programs called Chasing the West, which has gotten great response from our subscribers. We're launching Shaun T's Dig In program, which is a hybrid between A low impact insanity program plus a very popular dig deeper weightlifting program.

我們從 Tony Horton 那裡獲得了 Power of 4 程式的授權。我們剛剛推出了一系列名為「追逐西部」的全新自行車節目，受到了訂閱用戶的熱烈歡迎。我們即將推出 Shaun T 的 Dig In 計劃，該計劃結合了低衝擊的瘋狂訓練計劃和非常受歡迎的深度舉重訓練計劃。

I'll also say we're launching something at the end of the year. I can't go into too much detail right now, but I happen to, I want to say to you particularly it was inspired by a conversation that you and I. Had because you love running so much, but I know you want to keep doing your resistance training to help your bone density and your overall muscle tone, and I think you're going to love what we're coming out with at the end of December. P90X Generation Next just started to get teased last week, and the response to that.

我還要透露，我們將在年底推出一些新產品。我現在不方便透露太多細節，但我特別想告訴你，這個想法源自於我們之間的對話。因為你非常熱愛跑步，但我知道你也想繼續進行肌力訓練來增強骨密度和整體肌肉線條，我想你會喜歡我們在十二月底推出的產品。P90X Generation Next 上週才開始放出訊息，而各方對此的反應是…

Just blew us away both in terms of attracting new subscribers and in terms of the current subscribers being excited for that program and that launches on February 3rd. That's the extent of what we've announced so far and I think it's frankly.

無論是在吸引新用戶方面，還是在現有用戶對即將於 2 月 3 日推出的該計劃的興奮程度方面，都讓我們感到非常驚訝。這就是我們目前公佈的全部內容，坦白說，我認為已經足夠了。

2025 was such a transition year for us. We didn't put that much new content into the pipeline. I think between now and the end of 2026, our subscribers and prospective subscribers are going to be very impressed with what the platform offers.

2025年對我們來說是一個重要的過渡年。我們沒有投入太多新內容。我認為從現在到 2026 年底，我們的訂閱用戶和潛在訂閱用戶將對平台提供的服務感到非常滿意。

Okay, great, that sounds exciting. I'm excited to see the new product. Maybe if you could talk about, oh, I was just curious too, should we think about any increase, the increase in investment in the new product? Should that impact the P&L at all in the op expense, or, have you guys already kind of planned for that? Thanks, and that's all.

好的，太棒了，聽起來很令人興奮。我很期待看到這款新產品。或許您可以談談，哦，我也很好奇，我們是否應該考慮增加對新產品的投資？這是否會對營運費用中的損益表產生影響？或者，你們是否已經對此有所計劃？謝謝，就這些了。

It's all in line with, the economics that we've been running for the business. I'll let Brad speak to any specifics, but. we're really running the business in a responsible way that takes advantage and maintains the advantage of the operational leverage that we've built into the business over the last two years.

這一切都與我們一直以來為公司製定的經濟策略相符。具體細節就讓布拉德來談吧，但是，我們確實在以負責任的方式經營業務，充分利用並保持我們在過去兩年中為業務建立起來的營運槓桿優勢。

The company's just done such an incredible job of being both disciplined but maintaining our product quality and the innovation pipeline which resulted in, we're so. By having an in-home Pilates program, the whole fitness industry is aware of how big Pilates has gotten.

公司在保持紀律性的同時，也維持了產品品質和創新管道，這方面做得非常出色，因此，我們非常…透過推出家庭普拉提課程，整個健身產業都意識到普拉提已經發展得多麼火爆。

And the fact that we have a track Pilates program that people can do for 100 bucks of equipment is just an exciting asset for us to take into 2026. So bottom line is we're going to maintain our economics and we feel very good about the base of assets that we have to work with.

我們擁有一套只需花費 100 美元就能購買器材的普拉提課程，這對我們來說是一項令人興奮的優勢，可以讓我們帶著這份優勢邁向 2026 年。所以總而言之，我們將保持目前的經濟狀況，並且我們對現有的資產基礎感到非常滿意。

Hi Susan, this is Brad. Nice to hear from you. No, we are very disciplined with our spend. We are excited about our spend, and the numbers are baked into our guidance for the 4th quarter.

你好蘇珊，我是布萊德。很高興收到你的來信。不，我們在支出方面非常自律。我們對我們的支出感到滿意，這些數字已納入我們對第四季度的業績預期。

Great thanks so much. Good luck the rest of the year.

非常感謝。祝你今年剩下的日子一切順利。

Thank you.

謝謝。

Susan.

蘇珊。

Our next question comes from JP Wallum with the company Roth Capital Partners. JP, your line is now open.

下一個問題來自羅斯資本合夥公司的JP Wallum。JP，您的線路已開通。

Great, good afternoon guys. Appreciate you taking my questions here. If we could just maybe start on the nutrition side, so it looks like, that kind of sequential decline there was actually pretty minimal, maybe given some expectations out there, but just wondering if there's, any more detail you can share on kind of what drove that. I think there might have been some mention of promotional activity, so. If there's anything specific to call out in terms of promotions that worked well, that'd be helpful.

太好了，各位下午好。感謝您回答我的問題。如果我們能先從營養方面談起，那麼看起來，這種連續下降的趨勢實際上非常輕微，考慮到外界的一些預期，但我只是想知道，您能否分享更多關於導致這種情況的原因的細節。我想可能提到了一些促銷活動。如果有什麼特別值得一提的、效果不錯的促銷活動，那就太好了。

Hi, JP, this is Brad. Nice to talk to you. Thanks for asking the question. Our previous, before the strategic transition, we were selling an MLM Chase product. Our hero product was Shakeology at $130 a month. so as we've moved away from that, we're doing more price testing. We are coming up with lower price skews, as Carl and Mark said. We'll be introducing a new shakeology at a smaller form factor, lower servings, lower price.

嗨，JP，我是布拉德。很高興和你聊天。感謝你的提問。在策略轉型之前，我們銷售的是一家 MLM Chase 產品。我們之前的明星產品是 Shakeology，每月售價 130 美元。隨著我們逐漸放棄這款產品，我們正在進行更多的價格測試。正如卡爾和馬克所說，我們正在降低價格偏差。我們將推出一款全新奶昔，採用較小的包裝規格、更少的份量和更低的價格。

We've been doing more bundle activities and more price testing, and we are seeing good demand at these new price points. So we're able to maintain the number of subs. And we're able to do that at a lower price point, which makes sense given the transition away from the MLM to the new omni-channel model.

我們一直在進行更多捆綁銷售活動和價格測試，我們看到這些新價格點的需求良好。所以我們能夠維持訂閱用戶數量。而且我們能夠以更低的價格做到這一點，考慮到從多層次傳銷模式轉向新的全通路模式的轉變，這是有道理的。

Perfect. And then maybe.

完美的。然後或許會。

Just as we kind of, oh, go ahead. Well, I say JP and this is Mark and just on a go forward basis because remember we started basically a new company January 1st, so there's really no year over year comparisons because we dismantled the MLM as the end of last year.

就像我們有點兒，哦，繼續吧。嗯，我是JP，我是Mark，我們只是展望未來，因為記住，我們基本上是在1月1日成立了一家新公司，所以實際上沒有同比比較，因為我們在去年年底解散了多層次營銷公司。

But going forward, these new nutrition products that we're bringing out under the P90X brand name, which will range in price from, probably $15 to $39. And the new smaller form factor lower price ekeology, and then insanity. These are price points that the companies like never offered before and certainly never offered in the retail market. So we're not only excited about the potential in a brick and mortar store, but from a direct to consumer standpoint between our Amazon channel.

但展望未來，我們將推出 P90X 品牌名稱下的這些新營養產品，價格可能在 15 美元到 39 美元之間。而新的更小尺寸、更低價格的環保概念，以及隨之而來的瘋狂。這些價格點是這些公司以前從未提供過的，當然也從未在零售市場上提供過的。因此，我們不僅對實體店的潛力感到興奮，而且從直接面向消費者的角度來看，我們與亞馬遜通路的合作也令人興奮。

And our body website and our affiliates, you've now got something in the arsenal that we just haven't had before, which is these monster brand name products under P90X, Insanity, and Nahikology at much more affordable price points because we were hamstrung in the previous model by the cost. And the compensation costs related to the MLM, which no longer exists. So going forward into the back half of 26 and into 27, I think you're going to see, nutritional business with much different character in terms of its composition because of our ability to sell a lower priced, broader, appealing product line.

我們的網站和我們的合作夥伴現在擁有了以前從未有過的來源，那就是 P90X、Insanity 和 Nahikology 等知名品牌的優質產品，價格更加實惠，因為之前的模式受限於成本。以及與已不存在的傳銷相關的補償成本。因此，展望 2026 年下半年和 2027 年，我認為你會看到營養品業務在構成上呈現出截然不同的特徵，因為我們能夠銷售價格更低、範圍更廣、更具吸引力的產品線。

Perfect and then you know I think on the last call we were talking about you guys being sort of in the the early stages still of of working with a, broker in terms of, getting some wins in terms of retail and I'm just wondering if there's anything you can update us in terms of visibility for that retail launch coming up next year.

太好了。你知道，我想上次通話中我們談到你們目前還處於與經紀人合作的早期階段，希望能在零售方面取得一些成功。我想知道，對於明年即將推出的零售業務，你們能否提供一些最新消息？

Yeah, great question. So as or maybe you don't. In the retail marketplace, most of the major retailers work on something called a planogram, which is the shelf set that you see when you walk in a store, and they usually have planogram revision dates that are either 1 times or 2 times a year. So our broker partner is coordinating our sell-in meetings based on the calendars of these new planogram reset dates, and typically,

嗯，問得好。所以，或許你不喜歡。在零售市場中，大多數大型零售商都會制定一個叫做貨架陳列圖的東西，也就是你走進商店時看到的貨架佈局，他們通常每年會進行 1 次或 2 次貨架陳列圖的修訂。因此，我們的經紀合作夥伴正在根據這些新的貨架陳列圖重置日期來協調我們的銷售會議，通常情況下，

When you go to an account, a major retailer, and they say, Yes, I'd love to add this product, I'm going to put it into my new Plannogram shelf set. It's usually about five to six months from that day when you're accepted until you actually physically appear on the retail shelf. So our teams are out there right now selling in the product, making presentations. We're expecting to get answers.

當你去一家大型零售商那裡諮詢時，他們會說：“是的，我很樂意添加這款產品，我要把它放到我的新 Plannogram 貨架套裝裡。”從你被錄取到你的產品真正出現在零售貨架上，通常需要五到六個月的時間。所以我們的團隊現在正在外推銷產品，做產品展示。我們期待得到答案。

On how that's going in the next 4 to 6 weeks and assuming it goes the way we all expect and hope it will, we should start appearing on the shelf in some of these places late part of Q1, most of them into Q2. So the majority of that revenue will start to materialize Q2 and then into Q3 and 4, but as it's a rollout and so essentially first you've got to get it sold in.

接下來 4 到 6 週的發展情況如何，假設一切都如我們所預期和希望的那樣發展，那麼我們的產品應該會在第一季末出現在一些地方的貨架上，大部分地方則會在第二季度上架。因此，大部分收入將在第二季度開始實現，然後延續到第三和第四季度，但由於這是一個推廣過程，所以首先你必須把它賣出去。

Then they have to reset the section, then you launch, and then you grow after that. So all according to how our plan was expected to go. Now that does not apply to the DTC business. So when we launch these brand new products starting in January, we will be. Able to immediately start making them available on a DTC basis and on an Amazon basis, but for brick and mortar we have to run the offense, which is the planogram, date, acceptance, reset of the shelf, and you show up probably 5 to 6 months later.

然後他們需要重置該部分，然後你啟動，之後你才能成長。一切都按計劃進行。但這不適用於直接面向消費者的業務。所以，當我們從一月開始推出這些全新產品時，我們將會…我們可以立即開始透過 DTC 和亞馬遜管道銷售這些產品，但對於實體店來說，我們必須先進行佈局規劃、確定日期、驗收、重新擺放貨架，然後你們可能要等 5 到 6 個月才能出現。

Understood. Appreciate that color. If I could just slide 1 more in quickly here as we look at the selling and marketing line, obviously some, a great sequential step down there, in terms of managing costs, but wondering if you could one just kind of provide a bridge from 2 to 3Q. I think there's a little bit of an advertising reduction and and maybe a reduction in kind of some deferred commissions, but. One, if you could provide that bridge at all, and two, just, now being sort of 32% of sales, like how are you feeling about that line item and and whether there's more cost to come out there.

明白了。欣賞這種顏色。如果我可以在我們審視銷售和行銷線時再快速插入一個，顯然，就成本控製而言，這是一個很好的循序漸進的步驟，但我想知道您是否可以提供一個從第二季度到第三季度的橋樑。我認為廣告支出會略有減少，一些延期支付的佣金也可能有所減少，但是…第一，您是否能夠提供這座橋樑；第二，目前這部分佔銷售額的 32%，您對這部分內容有何感想？是否還有更多成本需要投入？

Sure, JP, this is Brad. I'll take that question.

當然，JP，這是布拉德。我來回答這個問題。

One, if you look back at the end of last year while we were still in the MLM model.

第一，如果你回顧去年年底，當時我們還在 MLM 模式下。

We had upwards of 25 to $26 million of deferred partner costs on the books. We've been expensing that over the course of the year and we're now down to about 3 $3.5 million of deferred partner costs. So that's all costs related to the legacy business. As that has declined over time, we're really looking at the advertising and marketing rates on the new business. And so we're at about 31.9% for Q3. I would expect going forward it to be in the mid-thirties ish with with some variation of seasonality, but the sequential decline really is driven by the transition away from the MLM business.

我們帳面上有高達 2,500 萬至 2,600 萬美元的遞延合夥人成本。我們已將這筆費用在一年內計入支出，目前已降至約 350 萬美元的遞延合夥人成本。以上就是與原有業務相關的所有成本。隨著這一比例的下降，我們現在真正關注的是新業務的廣告和行銷費用。所以第三季我們大約是 31.9%。我預計未來幾年這個數字會在三十多美元左右，會有一些季節性波動，但持續下降的趨勢實際上是由從多層次行銷（MLM）業務轉型所驅動的。

And JP just to provide additional color on that, so there are seasonal fluctuations, between the quarters because Q1 is always your highest marketing spend quarter, but what's important is that that sales and marketing line which was reduced, from the 25.5 million in Q2 down to 19.1 in Q3.

JP 再補充一點，季度之間存在季節性波動，因為第一季通常是行銷支出最高的季度，但重要的是銷售和行銷支出從第二季度的 2,550 萬美元下降到第三季的 1,910 萬美元。

Really was not a result of spending less money on actual advertising and marketing. It was a lot of that was the costs that Brad just alluded to which were associated with the former MLM which are now sort of burning off. So we've not reduced our spend to the consumer. We did not cut the media budget. We just shed all those legacy marketing costs that were affiliated with the MLM. You will not see that similar type of decline obviously in Q1 because Q1 will be your higher spending quarter, but I just want to put color around that because when you look at the sales and marketing line, your first inclination is to say the company cut its marketing spend level to the consumer, and the answer to that is an emphatic no, we did not.

實際上，這並不是因為減少了廣告和行銷方面的投入。布拉德剛才提到的許多成本都與先前的傳銷有關，現在這些成本正逐漸消失。所以，我們並沒有減少對消費者的支出。我們沒有削減媒體預算。我們剛剛擺脫了所有與多層次行銷相關的傳統行銷成本。顯然，第一季不會出現類似的下滑，因為第一季是你們支出較高的季度，但我只是想對此進行一些補充說明，因為當你看到銷售和行銷支出時，你首先會想到的是公司削減了麵向消費者的行銷支出，但答案是絕對沒有，我們沒有。

Perfect, I appreciate the detail and best of luck going forward, guys.

太好了，感謝你的細緻安排，祝福你們未來一切順利。

Thank you, JP.

謝謝你，JP。

Our next question comes from Michael Lipinski with the company Noble Capital Markets. Michael, your line is now open.

下一個問題來自 Noble Capital Markets 公司的 Michael Lipinski。邁克爾，你的線路已開通。

Thank you and thanks for taking my questions and congratulations on a stellar quarter and reaching your profit milestones.

謝謝，也感謝您回答我的問題，恭喜您本季業績斐然，並達成了利潤目標。

Couple of questions. I believe that in Q3 you kind of indicated that you felt like most of your restructuring of your sales force was going to be complete. I was just wondering, is that now all been completed?

我有幾個問題。我相信你在第三季曾表示，你覺得銷售團隊的大部分重整工作即將完成。我只是想問一下，現在一切都完成了嗎？

Yeah.

是的。

Generally the reorganization has taken place and we're now multi-channel with, as Mark mentioned, the performance marketing or direct to consumer business. We've got the Amazon business. We've got a small contribution from affiliate and obviously CRM, and we're excited to launch into retail next year.

總體而言，重組已經完成，我們現在是多通路的，正如馬克所提到的，包括效果行銷或直接面向消費者的業務。我們已經拿下了亞馬遜的業務。我們從聯盟行銷和客戶關係管理方面獲得了一些收益，我們很高興明年能夠進軍零售業。

Hey Mike, this is Brad. I'll say we're always looking for cost. We're always looking for cost efficiencies, and we'll continue to do so, but the financial restructuring is for the most part complete now. We're really looking at growth mode in, beginning now in in 206.

嘿，麥克，我是布萊德。我想說，我們始終都在關注成本。我們一直在尋求降低成本的方法，並將繼續這樣做，但財務重組目前已基本完成。我們正在認真考慮從現在開始到 206 年的成長模式。

Okay, perfect. I was wondering in terms of margin, with all these, distribution, distribute retail distribution rollouts and also with the, new products that you're talking about, I was just wondering if you can just talk a little bit about margin. Are you anticipating giving up any margin, if you obviously with some of the lower price points that you're talking about with some of your products, if you could just add a little color on that.

好的，完美。我想問一下利潤率方面的問題，考慮到所有這些分銷管道、零售分銷管道的推廣以及您提到的新產品，您能否簡單談談利潤率的問題？如果您談到某些產品的較低價格點，您是否預計會放棄任何利潤空間？能否對此稍作補充說明？

Sure, the.

當然，是。

Good news is on that.

好消息是，這方面確實有進展。

So I'll tell you, so in Q3, we hit a nutrition margin of about 53%, and right now with a lower price point and more promotional activities, we are guiding to a lower nutrition margin. We're guiding to a kind of a steady state in between 46 and 52%.

我來告訴你，第三季我們的營養利潤率達到了約 53%，而現在由於價格更低、促銷活動更多，我們預計營養利潤率會下降。我們正在引導達到 46% 到 52% 之間的穩定狀態。

So retail in 26 is not a significant driver of revenue, at least in Q1, but certainly not in Q4. So we'll continue to adjust our margin as we gain more experience in retail. But right now we are looking to a little bit of a decline in the nutrition margin as we're looking to a pickup in the number of units and subscribers. At the end of the day, it really is about generating dollars and it's about generating the most number of subscribers.

因此，零售業在 26 年並不是收入的重要驅動因素，至少在第一季是如此，但在第四季度肯定不是。因此，隨著我們在零售業經驗的積累，我們將繼續調整利潤率。但目前我們預計，隨著銷售量和訂閱用戶數量的成長，營養利潤率可能會略有下降。歸根究底，一切都是為了賺錢，為了獲得最多的訂閱用戶。

And we and we're also, and the mar the margin, the mar the margins also reflective of our increased focus on selling one time purchases versus just selling subscriptions. So because we're actually expanding the audience, those people will ultimately end up subscribing.

而且我們，我們也，而且利潤率，利潤率的下降也反映了我們更專注於銷售一次性購買產品，而不是只銷售訂閱服務。所以，因為我們實際上正在擴大受眾群體，這些人最終都會訂閱。

Yeah, and I was just wondering do you guys, frame for us like the anticipated marketing spend around the retail rollout of P90X release?

是的，我只是想問問你們，能否為我們介紹一下 P90X 零售上市前後預計的行銷支出狀況？

I'm sorry, say that again.

對不起，請再說一次。

Can you just kind of frame maybe the anticipated marketing spend around the retail rollout for your P90X release and maybe just give us a timeline for the P90X exercise program.

您能否大致說明 P90X 零售推廣的預期行銷支出，並給我們 P90X 健身計畫的時間表？

Yeah, well, the new P90X exercise program is a is a Q1 program, and that will certainly be part of our overall marketing spend because of its high profile and ability to attract people into the franchise in terms of the actual retail products, the marketing spend will be in line. With what we end up getting in terms of wholesale orders and what that revenue line will look like, so we do not have that number right now, but it will be on a normalized advertising to sales ratio based on the wholesale volume that we generate, and that's all going to be baked into our numbers.

是的，新的 P90X 健身計劃是第一季推出的計劃，由於其知名度高，能夠吸引人們加入特許經營體系，因此肯定會納入我們的整體營銷支出，就實際零售產品而言，營銷支出也將與之相符。最終我們能獲得多少批發訂單，以及由此產生的收入會是什麼樣子，我們現在還沒有這個數字，但會根據我們產生的批發量，按標準化的廣告銷售比率來計算，所有這些都會體現在我們的數字中。

Gotcha. That's all I have. Congratulations again.

明白了。這就是我全部的財產了。再次恭喜。

Great. Thank you very much. Appreciate it.

偉大的。非常感謝。謝謝。

Thanks Michael.

謝謝你，麥可。

At this time, there are no more questions registered in cube. Again, if you'd like to ask a question, it is followed by one or you telephone keypad.

目前，cube 中已沒有待處理的問題。再次提醒，如果您想提問，請在問題後面加上 1 或使用電話鍵盤。

There are no more questions registering you at this time, I'd like to pass the conference back over to our hosting team for closing remarks.

目前沒有更多問題需要註冊，我想把會議交還給我們的主辦團隊做閉幕致詞。

Thank you, Jayla, and thanks everybody for attending today. I just want to, say in closing, again, this was, not only an outstanding and seminal milestone quarter for us, achieving net income positivity, but, the fact that in our opinion, that the financial turnaround has largely been completed, well ahead of schedule, almost, I would say almost 12 months ahead of schedule. So the headline is, great new operating structure.

謝謝你，傑拉，也謝謝今天所有到場的各位。最後，我想再次強調，這不僅是我們實現淨利潤為正的一個傑出且具有里程碑意義的季度，而且我們認為，財務扭虧為盈的工作已經基本完成，遠遠提前於計劃完成，幾乎，我想說提前了近 12 個月。所以，重點是：全新的營運架構。

Much reduced breakeven level down to the $180 million dollar level and now we're at the point where instead of waiting till the back half of 26 we can actually open up this innovation pipeline starting in the beginning of 26 and you'll see a lot of new exciting programs which will expand this franchise, take advantage of the operating leverage that's now been built into this P&L.

損益平衡點已大幅降低至 1.8 億美元，現在我們不必等到 2026 年下半年，就可以從 2026 年初開始啟動這項創新計劃，您將會看到許多令人興奮的新項目，這些項目將擴大這一特許經營權，並利用現在已融入損益表中的運營槓桿。

And give us the opportunity to achieve all of the goals that Carl's been articulating for years about not trying to reach just the serious exerciser and the serious nutrition consumer, but to go out to the broader audience in that huge TAM of the $185 million Americans who do not currently exercise on a regular basis and who, are taking nutritional supplement products, and we want to drive them to our franchise. So thanks everybody. We look forward to talking to you on the next quarter's earnings call.

請給我們機會實現卡爾多年來一直闡述的所有目標，即不僅要爭取認真鍛煉的人和認真的營養消費者，還要爭取更廣泛的受眾，即1.85億美國人這個巨大的潛在市場，他們目前沒有定期鍛煉，並且正在服用營養補充劑產品，我們希望將他們吸引到我們的加盟店。謝謝大家。我們期待在下一季的財報電話會議上與您交流。

That concludes today's call.

今天的電話會議到此結束。

Thank you for your participation and enjoy the rest of your day.

感謝您的參與，祝您今天餘下的時間愉快。

Thank you.

謝謝。