F45 Training Holdings Inc (FXLV) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for your patience, and thank you for attending today's F45 Training Holdings Incorporated Third Quarter 2022 Earnings Call. My name is Amber, and I will be your operator 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. (Operator Instructions)

女士們，先生們，感謝您的耐心等待，也感謝您參加今天的F45 Training Holdings Incorporated 2022年第三季財報電話會議。我叫Amber，將擔任今天電話會議的接線生。在電話會議的演示環節，所有線路將靜音，並在會議結束時提供問答環節。 （接線生指示）

It is now my pleasure to hand the conference over to our host, Bruce Williams, Managing Director of ICR Investor Relations. Bruce, please proceed.

現在，我很高興將會議移交給主持人，ICR投資者​​關係董事總經理布魯斯威廉斯。布魯斯，請繼續。

Good afternoon, everyone, and thank you for joining the call to discuss F45 Training's third quarter results, which we released this afternoon and can be found on the Investor Relations section of our website at f45training.com. Today's call will be hosted by Interim Chief Executive Officer, Ben Coates; and Chief Financial Officer, Chris Payne.

大家下午好，感謝大家參加本次電話會議，討論F45 Training的第三季業績。我們今天下午發布了該業績，詳情請訪問我們網站f45training.com的「投資者關係」板塊。今天的電話會議將由臨時執行長Ben Coates和財務長Chris Payne主持。

Before we get started, I want to remind everyone that management's remarks on this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on the current management's expectations. These may include, without limitations, predictions, expectations, targets or estimates, including regarding our anticipated financial performance and liquidity, and the actual results could differ materially from those mentioned.

在開始之前，我想提醒大家，管理階層在本次電話會議上的發言可能包含《1995年私人證券訴訟改革法》所定義的前瞻性陳述，這些陳述是基於管理階層目前的預期。這些陳述可能包括但不限於預測、預期、目標或估計，包括關於我們預期的財務表現和流動性的陳述，實際結果可能與上述陳述有重大差異。

Words such as may, will, should, expects, plans, anticipates, could, intends, targets, projects, contemplates, believes, estimates, predicts, potential or continue or negatives of these words and variations of such words and similar expressions are intended to identify such forward-looking statements. Those forward-looking statements involve substantial risks and uncertainties, many of which may be outside of our control that can cause actual results to differ materially from those expressed in or implied by such statements.

諸如「可能」、「將會」、「應該」、「預期」、「計畫」、「預期」、「可以」、「打算」、「目標」、「預測」、「考慮」、「相信」、「估計」、「預測」、「潛在」或「持續」等詞語，或這些詞語的否定形式、變體及類似表述，均用於識別此類陳述陳述。此類前瞻性陳述涉及重大風險和不確定性，其中許多風險和不確定性可能超出我們的控制範圍，這可能導致實際結果與此類陳述明示或暗示的結果有重大差異。

These factors and uncertainties, among others, are discussed in our filings with the SEC. We encourage you to review these filings for a discussion of these factors, including in our earnings release, our annual report on Form 10-K for the year ended December 31, 2021, and our filed quarterly report on Form 10-Q for the quarter ended September 30. You should not place undue reliance on these forward-looking statements, which speak only as of today, and we undertake no obligation to update or revise them for any new information.

這些因素和不確定性以及其他因素已在我們提交給美國證券交易委員會 (SEC) 的文件中進行了討論。我們鼓勵您查閱這些文件，以了解這些因素的討論，包括我們的收益報告、截至 2021 年 12 月 31 日的 10-K 表年度報告以及截至 9 月 30 日的 10-Q 表季度報告。您不應過度依賴這些前瞻性陳述，它們僅代表截至今日的觀點，我們不承擔根據任何新資訊更新或修改這些陳述的義務。

This call will also contain certain non-GAAP financial measures such as adjusted EBITDA and free cash flow, which we believe are useful supplemental measures that assist in evaluating our ability to generate earnings and facilitate period-to-period comparisons of our core operating results and the results of peer companies. So non-GAAP measures should be considered in addition to and not as a substitute for the comparable GAAP measures. Reconciliations of these non-GAAP measures to the most comparable GAAP measures and definitions of these indicators are included in our earnings release.

本次電話會議還將包含某些非公認會計準則 (non-GAAP) 財務指標，例如調整後息稅折舊攤提前利潤 (EBITDA) 和自由現金流。我們認為這些指標是有用的補充指標，有助於評估我們的獲利能力，並便於我們的核心營運績效與同業公司績效進行同期比較。因此，非公認會計準則 (non-GAAP) 指標應被視為可比較公認會計準則 (GAAP) 指標的補充，而非替代。這些非公認會計準則 (non-GAAP) 指標與最具可比性的公認會計準則 (GAAP) 指標的對照表以及這些指標的定義已包含在我們的績效報告中。

With that, I will turn the call over to Ben.

說完這些，我將把電話轉給本。

Thank you, Bruce, and thanks, everyone, for joining us today for our third quarter earnings call. I'm pleased to share our Q3 results with you today, which came in above expectations on revenue and adjusted EBITDA. In addition, I want to thank our team and our franchise network for their ongoing commitment towards our core mission, which is to offer the world's best workout to help change lives and to create opportunities for individuals who are passionate about fitness and entrepreneurship.

謝謝布魯斯，也謝謝各位今天參加我們的第三季財報電話會議。我很高興今天與大家分享我們第三季的業績，營收和調整後息稅折舊攤提前利潤（EBITDA）都超出預期。此外，我還要感謝我們的團隊和特許經營網絡對我們核心使命的持續投入，即提供全球最佳的健身方式，幫助改變生活，並為熱愛健身和創業的人士創造機會。

By delivering on these objectives, we believe we can create tremendous value for our various stakeholders. During the quarter, we implemented several organizational changes, which we discussed on our last call, including our significant headcount rationalization and cost reduction plans that were important to aligning the business more closely with current macroeconomic and business conditions. These changes position the company for stronger profitability and more consistent growth as we move forward.

透過實現這些目標，我們相信能夠為各利害關係人創造巨大價值。本季度，我們實施了多項組織變革，這些變革已在上次電話會議上進行了討論，包括重大的員工合理化和成本削減計劃，這些計劃對於使業務更緊密地適應當前的宏觀經濟和商業環境至關重要。這些變革將使公司在未來獲得更強勁的獲利能力和更持續的成長。

Despite the uncertainty regarding the macroeconomic backdrop, consumers continue to prioritize health and fitness as an essential part of their daily lives. F45 remains a critical partner for our members in helping them achieve their goals. To this end, membership trends remain strong as total membership continued to grow globally during the quarter reaching new highs. We have also seen continued member engagement globally in line with historical trends, which demonstrates the importance of F45 to our members in their daily routines.

儘管宏觀經濟背景充滿不確定性，但消費者仍將健康和健身視為日常生活中不可或缺的一部分。 F45 仍然是我們會員實現目標的重要合作夥伴。因此，會員趨勢依然強勁，本季全球會員總數持續成長，創下新高。我們也看到全球會員參與度持續保持歷史趨勢，這充分體現了 F45 對會員日常生活的重要性。

These trends ultimately benefit our franchisees to continue to engage in discussions with us around growing their studio footprint. Today, I will recap our third quarter results and share with you an update on our business, including commentary on our recent corporate reorganization and cost reduction strategy, our liquidity position, the health of the franchise network and other strategic updates. Then I'll turn it over to Chris to provide a summary of our financial performance during the quarter as well as a summary of our full year financial guidance. We will then conclude with Q&A.

這些趨勢最終有利於我們的加盟商繼續與我們討論如何擴大他們的工作室業務。今天，我將回顧我們第三季的業績，並與大家分享我們業務的最新進展，包括對我們近期公司重組和成本削減策略的評論、我們的流動性狀況、加盟網絡的健康狀況以及其他策略更新。然後，我將把時間交給克里斯，他將總結我們本季的財務表現以及全年財務指引。最後，我們將進行問答環節。

Starting with results. For the third quarter, total revenues increased by 8% to $29.3 million compared to $27.2 million in the prior year period. Total system-wide sales increased 31% and same-store sales increased 15% (sic) [16%]. Adjusted EBITDA for the quarter came in at $6.1 million compared to $10.1 million in the prior year period. Chris will expand on our Q3 results during his remarks.

首先從業績來看。第三季度，總營收成長8%，達2,930萬美元，去年同期為2,720萬美元。全系統總銷售額成長31%，同店銷售額成長15%（原文如此，16%）。本季調整後EBITDA為610萬美元，去年同期為1,010萬美元。 Chris將在致詞中詳細介紹我們第三季的業績。

Moving on to our corporate reorganization. During the quarter, we completed the previously announced corporate reorganization, which includes a significant reduction in our headcount as well as the reorganization of certain departments to streamline our operations. While these initiatives are never easy, I'm pleased to report that the changes have been successfully implemented, which has resulted in meaningful ongoing cost savings. Importantly, the transition has not had any significant disruptions on the core business, and our corporate team remains focused and fully aligned around the company's strategic priorities.

接下來談談我們的公司重組。本季度，我們完成了先前宣布的公司重組，其中包括大幅裁員以及重組部分部門以精簡營運。雖然這些舉措並非易事，但我很高興地報告，這些變革已成功實施，並帶來了顯著的持續成本節約。重要的是，此次過渡並未對核心業務造成任何重大干擾，我們的公司團隊仍專注於公司策略重點，並保持高度一致。

Moving on to liquidity. I'm pleased to report that we are on target with our cost reduction plans. Following the recent cost optimization measures, we are now operating within our targeted level of operating expense on a normalized basis. Chris will expand on this shortly. As we discussed on our last call, we remain focused on pursuing a disciplined financial strategy that prioritizes profitability, cash flow generation and sustainable growth. As a franchise business, our model is fundamentally capital efficient and positions the company to generate strong margins, robust free cash flow and solid returns on capital on a normalized basis.

再說說流動性。我很高興地報告，我們的成本削減計劃正在按計劃進行。在最近的成本優化措施之後，我們目前的營運費用已在正常化基礎上達到目標水準。 Chris 稍後會詳細說明這一點。正如我們在上次電話會議上所討論的那樣，我們將繼續致力於奉行嚴謹的財務策略，優先考慮獲利能力、現金流產生和永續成長。作為一家特許經營企業，我們的模式從根本上講是資本高效的，這使得公司能夠在正常化基礎上實現強勁的利潤率、強勁的自由現金流和穩健的資本回報。

Following the implementation of the cost reduction plan and our more disciplined financial approach, we believe we are well positioned to capture these financial benefits. Next I will provide an update on the health of our franchise network. During the quarter, total system-wide sales increased 31% compared to the prior year period to a record $131 million, driven by broad-based strength across the globe. In the U.S. segment, system-wide sales increased 32%, while our Australian and Rest of the World segments increased 20% and 50% from the prior year period respectively.

隨著成本削減計劃的實施以及我們更嚴謹的財務方法，我們相信我們已做好準備，能夠獲得這些財務效益。接下來，我將介紹我們特許經營網絡的健康狀況。本季度，受全球業務普遍強勁成長的推動，全系統總銷售額年增31%，達到創紀錄的1.31億美元。在美國市場，全系統銷售額成長了32%，而澳洲市場和世界其他地區市場分別較去年同期成長了20%和50%。

In addition, system-wide visits during the quarter increased 19% globally, driven by 10% growth in the U.S., 22% growth in Australia and 38% growth in the Rest of the World. These strong results validate the strength and resilience of the franchise network despite ongoing inflationary pressures and macroeconomic uncertainty. Our franchises are highly engaged and excited about the future of F45. Despite these economic headwinds, we continue to see demand from investors and operators for new F45 franchise locations.

此外，本季全球全系統客流量成長19%，其中美國成長10%，澳洲成長22%，全球其他地區成長38%。儘管通膨壓力持續存在，宏觀經濟不確定性不斷增加，但這些強勁的業績證明了特許經營網絡的實力和韌性。我們的特許經營者積極參與，並對F45的未來充滿期待。儘管面臨這些經濟逆風，我們仍然看到投資者和營運商對新的F45特許經營店的需求。

Moving on to our backlog. Our backlog of sold but not yet open studios remains robust with a healthy mix of larger multi-unit development partners and smaller independent operators focused on building studio portfolios with scale. While we continue to experience industry-wide delays related to permitting and construction, unit openings for the quarter met our expectations, and we remain comfortable with our unit opening guidance for the year. However, we do expect that our franchises may continue to experience delays in opening their locations due to these issues and the continuing tightening of global credit markets.

再來看看我們的積壓訂單。我們已售出但尚未開幕的影城積壓訂單依然強勁，其中既有規模較大的多單元影城開發合作夥伴，也有專注於打造規模化影城組合的小型獨立經營者。儘管我們仍在經歷與許可和建設相關的行業整體延誤，但本季的影城開業情況符合我們的預期，我們對全年的影城開幕預期也感到滿意。然而，我們預計，由於這些問題以及全球信貸市場持續收緊，我們的特許經營店開業時間可能會繼續出現延誤。

Furthermore, to help combat some of these issues, we continue to develop our pre-open services platform, which will assist our franchisees in opening studios more quickly by providing support across real estate, construction and pre-open marketing. Importantly, we will be leveraging our existing operating infrastructure supported by third-party partners to provide these services in a cost-efficient manner with no material incremental OpEx while providing significant value to our franchisees.

此外，為了應對其中一些問題，我們將繼續開發開業前服務平台，該平台將透過提供房地產、建築和開業前行銷方面的支持，幫助我們的加盟商更快地開設工作室。重要的是，我們將利用由第三方合作夥伴支援的現有營運基礎設施，以經濟高效的方式提供這些服務，不會大幅增加營運成本，同時為我們的加盟商創造巨大的價值。

Moving on to other strategic updates. During Q3, we executed a master franchise agreement in Europe with Club Sports Group. This arrangement builds on the existing multi-unit development deal with Club in the U.S. Under this agreement, our partner will inherit primary responsibilities for servicing new and existing franchises throughout the U.K. and Europe. Through the existing multi-unit development agreement in the U.S., Club already has significant experience with F45 and is a proven operator.

接下來是其他戰略更新。第三季度，我們與Club Sports Group在歐洲簽署了一項主特許經營協議。該協議建立在與美國Club現有的多單元開發協議的基礎上。根據該協議，我們的合作夥伴將承擔在英國和歐洲為新舊特許經營店提供服務的主要責任。透過在美國現有的多單元開發協議，Club已經累積了豐富的F45經驗，並且是一家久經考驗的營運商。

Under this agreement, Club is committed to opening over 300 F45 studios in the U.S. over the next couple of years. With approximately 50 F45 studios currently open and many more in development, expected to open by year-end, Club brings deep franchise level operational knowledge and significant infrastructure to support their expanded partnership. We will continue to strategically evaluate market franchise agreements in certain markets. We believe these agreements allow us to leverage local partners to drive success for the F45 brand globally.

根據該協議，Club 承諾在未來幾年內在美國開設 300 多家 F45 工作室。目前約有 50 家 F45 工作室開業，還有更多工作室正在籌備中，預計將於年底開業。 Club 擁有深厚的特許經營營運經驗和強大的基礎設施，將為擴大合作夥伴關係提供支援。我們將繼續對特定市場的特許經營協議進行策略性評估。我們相信，這些協議使我們能夠利用當地合作夥伴，推動 F45 品牌在全球範圍內取得成功。

I'll now hand it over to Chris.

我現在將其交給克里斯。

Thanks, Ben, and thank you for taking the time to join our call today. I'll start today's discussion by reviewing Q3 results and network performance in detail, provide an update on the progress we're making towards our year-end targets and conclude with a brief summary of our financial guidance.

謝謝，Ben，也感謝您抽出時間參加今天的電話會議。今天的討論將首先詳細回顧第三季度的業績和網絡表現，然後介紹我們在實現年終目標方面取得的進展，最後簡要概述一下我們的財務預期。

Starting with Q3 results. Third quarter total revenues increased 8% to $29.3 million compared to $27.2 million in the prior year period. The increase was primarily driven by equipment revenues, which increased 24% to $10.8 million. Franchise revenues were roughly flat at $18.6 million from the prior year period.

首先從第三季業績開始。第三季總營收成長8%，至2,930萬美元，去年同期為2,720萬美元。成長主要得益於設備收入，其成長24%，至1,080萬美元。特許經營收入與去年同期基本持平，為1860萬美元。

Moving on to our segments. Starting with the U.S. We achieved franchise revenues of $11.7 million in Q3, which were in line with franchise revenues of $11.9 million in the prior year period. The slight decrease was related to the termination of the Asset Transfer and Licensing Agreement with LIIT LLC in connection with the restructuring events during Q3. U.S. equipment revenues increased $0.6 million, driven by the delivery of equipment and merchandise, including top-up packs to our franchisees. In the U.S., 36 world packs in Q3, an increase of 5 world packs from the comparable prior year period.

接下來談談我們的業務部門。首先從美國市場開始。我們在第三季實現了1,170萬美元的特許經營收入，與去年同期的1,190萬美元持平。收入略有下降，是因為我們在第三季重組期間終止了與LIIT LLC簽訂的資產轉讓和授權協議。美國設備收入增加了60萬美元，這得益於我們向特許經營商交付了設備和商品，包括充值套餐。在美國，第三季我們推出了36個全球套餐，比去年同期增加了5個。

Moving to Australia. Franchise revenues were flat at approximately $3.3 million. We have a mature franchise base in Australia with moderate new unit growth through our core F45 product. And our Australian revenues were unfavorably impacted due to currency translation adjustments as a result of the weakening Australian dollar against the U.S. dollar. Australia equipment and merchandise revenues declined $1.5 million from the prior year period, primarily driven by a decrease in the number of world packs delivered through our FS8 franchisee.

轉向澳大利亞。特許經營收入持平，約330萬美元。我們在澳洲擁有成熟的特許經營基礎，核心產品F45的新單位成長穩健。由於澳元兌美元走弱導致的貨幣折算調整，我們的澳洲收入受到不利影響。澳洲設備和商品收入較上年同期下降150萬美元，主要原因是透過FS8特許經營商配送的全球包裹數量減少。

We delivered 5 world packs in the period, a decrease of 4 world packs from the prior year period. Finally, in ROW, franchise revenues increased modestly by $0.2 million. The increase was primarily attributable to the increase in new franchises sold and new studio openings. The increase was partially offset by unfavorable FX translation adjustments as a result of the weakening euro, British pounds and Canadian dollars. ROW equipment revenues increased $3 million, primarily driven by an increase in equipment and merchandise delivery.

本季我們交付了5個全球套裝，比去年同期減少了4個。最後，在世界其他地區，特許經營收入小幅增加了20萬美元。這一增長主要歸因於新特許經營權的銷售增長和新工作室的開業。由於歐元、英鎊和加幣走弱，外匯折算調整帶來的不利影響部分抵消了這一增長。世界其他地區的設備收入增加了300萬美元，主要得益於設備和商品交付量的增加。

We delivered [56] world packs during Q3, some of which was related to the master franchise agreement we signed in Europe during the period. As I already noted, this increase in equipment revenues was offset by an unfavorable FX currency translation adjustment of approximately $1 million as a result of the weakening currencies in particular, euros.

我們在第三季交付了[56]個全球套裝，其中一些與我們在此期間在歐洲簽署的主特許經營協議有關。正如我已經提到的，由於貨幣（尤其是歐元）貶值，約100萬美元的不利外匯匯率調整抵消了設備收入的成長。

Moving on to network health. System-wide sales, which is one of our key measures of the health of our franchise network increased 31% to $131 million, with growth across all 3 of our segments. System-wide sales increased 32% in the U.S., 20% in Australia and 50% in ROW from the prior year period, driven by new studio openings and greater percentage of studios, which were not impacted by COVID-19-related restrictions, primarily in Australia.

再來看看網路健康狀況。全系統銷售額是我們衡量特許經營網路健康狀況的關鍵指標之一，成長了31%，達到1.31億美元，三個細分市場均成長。美國全系統銷售額年增32%，澳洲成長20%，全球其他地區成長50%，這主要得益於新工作室的開幕以及未受新冠疫情相關限制措施影響的工作室比例的提高，尤其是在澳洲。

We are also happy to report that we've experienced a 3% increase in system-wide sales in Q3 2022 compared to Q2 2022 and an 11% increase compared to Q1 2022, which shows the continued health of our network. Additionally, run-rate AUVs have continued to improve across geographies with our U.S. segment run-rate AUV improving slightly from Q2 2022. As Ben noted on our last earnings call, U.S. run-rate annualized AUVs of around [$380,000].

我們也很高興地報告，2022年第三季度，我們的全系統銷售額較2022年第二季度增長了3%，較2022年第一季增長了11%，這表明我們網絡的持續健康發展。此外，各地區的平均營運價值（AUV）持續改善，美國分部的AUV較2022年第二季略有改善。正如Ben在上次財報電話會議上指出的那樣，美國分部的AUV年化營運價值約為38萬美元。

System-wide visits also increased 19% to [7.6 million], driven by a 10% increase in the U.S., a 22% increase in Australia and a 38% increase in Rest of World. The strength in system-wide visits demonstrates that we continue to have a deep engagement with our members by delivering unique workout each day. Our U.S. segment hit its highest ever levels of system-wide visits at approximately [3.3 million] in Q3, driven by new studio openings and strong engagement from our U.S. membership base.

全系統訪問量也增加了19%，達到[760萬]，這得益於美國增長了10%，澳洲增長了22%，世界其他地區增長了38%。全系統訪問量的強勁增長表明，我們透過每天提供獨特的健身課程，持續與會員保持深度互動。受新健身房開幕和美國會員群積極參與的推動，我們美國分部的全系統訪問量在第三季創下歷史新高，約為[330萬]。

In Australia, system-wide visits experienced a 6% increase from Q2 this year, which demonstrates continued recovery in the Australian market. Same-store sales increased 15% (sic) [16%] with 11% growth in the U.S. as our largest market continues to show growth and resilience despite an uncertain macroeconomic environment. We also saw positive comps of 19% in our Australian segment, which compares favorably to the negative 21% same-store sales growth during the prior year period.

在澳大利亞，全系統客流量較今年第二季成長了6%，顯示澳洲市場持續復甦。同店銷售額成長了15%（原文如此）[16%]，其中美國成長了11%，儘管宏觀經濟環境不確定，但我們最大的市場美國仍保持成長動能並維持韌性。澳洲分部的同店銷售額年增19%，與去年同期21%的負成長相比，表現良好。

Our ROW segment had positive Q3 comps of 20%, driven by a recovery of studios and further reductions in COVID-19 restrictions. Total franchises sold decreased by 152 to 3,682. In the U.S., we ended Q3 with 2,060 net franchises sold due to 167 net franchise terminations. This decline was primarily due to additional terminations from the multi-unit franchise deals signed during the first half of the year, and this was in line with our expectations. We do not expect any further significant terminations related to multi-unit franchise deals.

受影城復甦和新冠疫情限制措施進一步放鬆的推動，我們世界其他地區（ROW）部門第三季的年銷售額成長了20%。總特許經營權銷售量減少了152個，至3,682個。在美國，由於167個特許經營權的淨終止，我們第三季淨銷售了2,060個特許經營權。這一下降主要歸因於上半年簽署的多單元特許經營協議的額外終止，這符合我們的預期。我們預計不會再出現與多單元特許經營協議相關的重大終止。

As a note, these terminations are related to the termination of the franchisee financing facility, which we discussed on our Q2 earnings call in August. In Australia, we have 5 terminations bringing net franchises sold to 798, while in Rest of World, net franchises sold increased by 20 to 824. In the third quarter, we had 84 net studio openings, 61 in the U.S., 5 in Australia and 18 in ROW. We ended the quarter with 844 studios in the U.S., 679 in Australia and 519 in ROW. Our quarter end numbers of studios reflect 44% growth in the U.S., 7% in Australia and 30% in Rest of World compared to the prior year period.

需要注意的是，這些終止與特許經營商融資機制的終止有關，我們在8月份的第二季財報電話會議上討論過這個問題。在澳大利亞，我們有5家特許經營店終止，使淨特許經營權銷售量達到798家；而在世界其他地區，淨特許經營權銷售量增加了20家，達到824家。第三季度，我們淨開設了84家影視工作室，其中美國61家，澳洲5家，世界其他地區18家。截至本季末，我們在美國擁有844家影視工作室，澳洲679家，世界其他地區519家。與去年同期相比，我們季度末的影視工作室數量在美國成長了44%，澳洲則成長了7%，世界其他地區則成長了30%。

Moving on to profitability. Gross profit was roughly flat to last year at $19.9 million. Gross profit margin of 67.9% represented a decrease from 73.4% in the prior year period, largely due to a higher mix of lower-margin equipment sales. Franchise gross profit was roughly flat to last year at [$17 million]. Franchise gross profit margin was 92% and in line with prior year period. Equipment and merchandise gross profit declined 3% to $2.8 million compared to $2.9 million.

再來看看獲利能力。毛利與去年基本持平，為1,990萬美元。毛利率為67.9%，較去年同期的73.4%下降，主要原因是低利潤設備銷售佔比上升。特許經營毛利潤與去年基本持平，為1700萬美元。特許經營毛利率為92%，與去年同期持平。設備及商品毛利下降3%，至280萬美元，去年同期為290萬美元。

Equipment gross margin was 26.1% compared to 33.6% in the prior year period. The decline in gross margin was primarily due to higher costs related to shipping and storage of equipment and merchandise and lower equipment prices driven by limited discounting to franchisees. Despite increased costs, this limited discounting allowed us to improve our working capital position and liquidity during the period. We do not anticipate that we'll continue to offer these discounts moving forward.

設備毛利率為26.1%，去年同期為33.6%。毛利率下降主要由於設備及商品運輸及倉儲相關成本上升，以及對加盟商的折扣有限導致設備價格下降。儘管成本增加，但有限的折扣使我們在此期間改善了營運資金狀況和流動性。我們預計未來不會繼續提供此類折扣。

SG&A expenses were $53.8 million (sic) [$53.9 million] compared to $110 million (sic) [$110.5 million] in the prior year period. This 51% reduction in SG&A was a result of our cost reduction initiatives, including headcount reductions to align our expense base to our revised outlook and pace of unit openings. I would also note that there is a significant amount of nonrecurring and noncash expense in both the current year and prior year periods.

銷售、一般及行政費用 (SG&A) 為 5,380 萬美元（原文如此，5,390 萬美元），而去年同期為 1.1 億美元（原文如此，1.105 億美元）。銷售、一般及行政費用下降 51% 的原因是我們的成本削減舉措，包括裁員，以使我們的費用基礎與修訂後的前景和新單位開業速度保持一致。我還想指出，本年度和去年同期都存在大量非經常性和非現金支出。

On a normalized basis, Q3 SG&A expense was approximately $19.5 million, which is in line with our targeted SG&A range. We continue to expect the cost-cutting initiatives that were announced last quarter will yield $7 million to $10 million of quarterly savings compared to earlier quarters this year and bring down our quarterly normalized SG&A to a $15 million to $20 million range. Net loss was $60.2 million (sic) [$60 million]. Adjusted EBITDA was $6.1 million compared to $10.1 million in the prior year period.

經標準化處理後，第三季銷售、一般及行政管理費用 (SG&A) 約為 1,950 萬美元，符合我們的銷售、一般及行政管理目標範圍。我們繼續預計，上季宣布的成本削減措施將使本季較今年前幾季節省 700 萬至 1,000 萬美元，並將本季標準化銷售、一般及行政管理費用 (SG&A) 降至 1,500 萬至 2,000 萬美元。淨虧損為 6,020 萬美元（原文如此）。調整後息稅折舊攤提前利潤 (EBITDA) 為 610 萬美元，而去年同期為 1,010 萬美元。

Now turning to the balance sheet. In line with expectations, we ended the quarter with approximately $17 million of cash and cash equivalents. And our revolver was fully drawn at approximately $88 million as at 30 September 2022. Cash increased from June 2022 due to our equipment discounting initiatives and borrowings under our facility and was offset by onetime costs related to our restructuring.

現在來看資產負債表。本季末，我們持有約1700萬美元的現金及現金等價物，符合預期。截至2022年9月30日，我們的循環信貸額度已全部提取，約8,800萬美元。由於我們的設備折扣計劃和信貸額度下的借款，現金自2022年6月起有所增加，但被與重組相關的一次性成本所抵消。

As of today, we have paid out nearly all costs related to the restructuring. We will continue to focus on improving our liquidity, and we're committed to maintaining strict financial discipline as we continue to navigate the uncertain macroeconomic environment.

截至今日，我們已支付了幾乎所有與重組相關的費用。我們將繼續專注於提高流動性，並致力於在不確定的宏觀經濟環境中保持嚴格的財務紀律。

Finally, moving on to guidance. We're maintaining the guidance provided with our pre-announcement that was released in July. We continue to expect full year net franchises sold between 350 and 450, full-year initial studio openings between 350 and 450, full year revenues between USD120 million and USD130 million, full-year adjusted EBITDA between USD25 million and USD30 million.

最後，談談業績指引。我們維持7月發布的預告中給予的指引。我們繼續預計全年淨特許經營權銷售在350至450個之間，全年首家影院開業數量在350至450個之間，全年收入在1.2億美元至1.3億美元之間，全年調整後息稅折舊攤銷前利潤（EBITDA）在2500萬美元至3000萬美元之間。

As a reminder, a reconciliation of our non-GAAP measures to the most comparable GAAP measure and definitions of these indicators and our key performance measures are included in our quarterly reports from our 10-Q and in our earnings release.

提醒一下，我們的非 GAAP 指標與最具可比性的 GAAP 指標的對帳以及這些指標和關鍵績效指標的定義都包含在我們的 10-Q 季度報告和收益報告中。

In conclusion, in [Q2], we reset our growth outlook and have subsequently successfully rightsized our cost structure. As discussed, we believe these decisions will allow us to prioritize profitability and free cash flow generation. We also believe that these changes will help position the company for long-term sustainable success.

總而言之，在[第二季]，我們重新設定了成長預期，並成功調整了成本結構。如同先前所討論的，我們相信這些決策將使我們能夠優先考慮獲利能力和自由現金流的產生。我們也相信，這些變化將有助於公司實現長期可持續的成功。

I'll now turn the call back over to Ben for closing remarks.

現在我將把電話轉回給本，請他做結束語。

Thank you, Chris. In closing, I would like to comment on some recent developments. As we announced on October [the 3rd], we received an unsolicited, preliminary and nonbinding proposal from Kennedy Lewis Investment Management or KLIM, to acquire all of the outstanding shares of common stock of the company not already beneficially owned by KLIM.

謝謝，克里斯。最後，我想就一些近期進展發表一下看法。正如我們在10月3日宣布的那樣，我們收到了肯尼迪·劉易斯投資管理公司（Kennedy Lewis Investment Management，簡稱KLIM）的一份主動提出的、初步的、不具約束力的收購要約，該要約旨在收購KLIM尚未實際擁有的該公司所有已發行普通股。

As we announced in our earnings release today, our Board of Directors has formed a special committee of independent directors to review and evaluate the unsolicited proposal and explore potential strategic alternatives. The special committee has retained JPMorgan as financial adviser and King & Spalding as legal counsel to assist in this process.

正如我們今天在財報中所宣布的那樣，董事會已成立一個由獨立董事組成的特別委員會，負責審查和評估該主動提出的收購要約，並探索潛在的策略替代方案。該特別委員會已聘請摩根大通擔任財務顧問，並聘請King & Spalding律師事務所擔任法律顧問，以協助完成此流程。

We will not comment any further than what we have publicly disclosed. To that end, we ask that you do not ask questions pertaining to the KLIM proposal or the special committee process during the Q&A session. In conclusion, I want to thank all our employees, franchisees and investors for their hard work and continued support during this challenging period. With their support, I'm confident that we'll continue to grow our brand and deliver on our objectives.

除了已公開披露的內容外，我們不會發表任何進一步的評論。為此，我們懇請您在問答環節中不要提出與 KLIM 提案或特別委員會流程相關的問題。最後，我要感謝所有員工、加盟商和投資者在這段充滿挑戰的時期所付出的辛勤努力和持續支持。有了他們的支持，我相信我們將繼續發展我們的品牌，並實現我們的目標。

With that, I'll hand it back to the operator for Q&A.

說完這些，我將把它交還給操作員進行問答。

(Operator Instructions) (technical difficulty).

（操作員指示）（技術難度）。

Okay. Sorry, guys. A couple of quick questions on the U.S., right? So if you look at the difference between system-wide sales and visits, so it looks like revenue per visit is up quite a bit, maybe up sequentially. Is that -- is it -- maybe talk about pricing that you might have taken and/or mix shift that might be driving that?

好的。抱歉，各位。我有幾個關於美國市場的快速問題，對吧？如果您看一下全系統銷售額和訪問量之間的差異，看起來每次訪問的收入增長了不少，可能是環比增長。請問這與您可能採取的定價策略和/或產品組合變化有關，這些因素可能是導致這一增長的原因嗎？

John, it's Chris. Yes. Look, it's pleasing to see that both system-wide sales in the U.S. has continued to increase and visitation was at an all-time high. I guess our model is a subscription-based model, whereby you're paying a fixed amount per week or per month regardless of how many times you attend the studio. So whilst system-wide sales are up, so to visits, but the 2 metrics don't perfectly always align.

約翰，我是克里斯。是的。你看，很高興看到美國全系統的銷售額持續成長，訪問量也創歷史新高。我們的模式是訂閱制，也就是說，無論你來工作室多少次，你每週或每月都要支付固定的費用。所以，雖然全系統的銷售額上升了，訪問量也上升了，但這兩個指標並不總是完全一致的。

Okay. Maybe as a follow-up to that, if I think about -- maybe help me understand this right, visits up 10%. I know studio -- average studio count probably up 40% or so in the (technical difficulty)...

好的。或許作為後續，如果我考慮一下──或許能幫我理解一下，訪問量增加了10%。我知道工作室——平均工作室數量在（技術難度）下大概增加了40%左右…

(technical difficulty) gone through our data is that visitation is remaining quite constant, attending between 2.5x to 3x a week for constant studios. So we're not seeing any decline in visitation trends.

（技術難題）我們查看了數據，發現訪問量保持相當穩定，固定工作室的訪問量每週在2.5次到3次之間。所以我們沒有看到訪問量有任何下降趨勢。

All right. And then maybe just lastly, when you think about liquidity, what's the opportunity, I think about monetizing assets, you've got inventory and receivables on the balance sheet, how much of that can be monetized? And then is there any other asset monetization potential or it's really just improving the profitability of the business?

好的。最後，說到流動性，我想到的是資產變現的機會是什麼？資產負債表上有庫存和應收帳款，其中有多少可以變現？還有其他資產變現的潛力嗎？還是說，它實際上只是在提高企業的獲利能力？

Yes. Really good question. So this quarter, we did do some targeting -- targeted discounting with our world pack, which demonstrated that should we desire, we can move the material number of packs. We have ceased that and that is evident in our margins this quarter, our gross margins are down and that is the reason why. However, that is a lever there that we can pull to -- as an efficient way to bring capital into the business. As it relates to asset sales, we are looking at a number of master franchises around the world that has material upfront fees. So they're probably the 2 areas that -- levers that we have that we can quite quickly pull to increase our liquidity position.

是的，這個問題問得真好。本季度，我們確實針對我們的全球套裝做了一些針對性的折扣，這表明如果我們願意，我們可以調整套裝的數量。我們已經停止了這種做法，這在本季的利潤率上就很明顯了。我們的毛利率下降了，這就是原因所在。然而，這是我們可以利用的一個槓桿——一種有效的為業務注入資金的方式。至於資產出售，我們正在全球範圍內考察一些需要支付大筆預付費用的主特許經營權。所以，這大概是我們目前可以快速利用的兩個槓桿，可以提高我們的流動性。

Our next question comes from the line of Randy Konik with Jefferies.

我們的下一個問題來自 Jefferies 的 Randy Konik。

I just wanted to get some more color on your thoughts around master franchise agreements strategy going forward. Where have you kind of identified other areas that you want to pursue this more in? Just give us some more perspective on this recent agreement and then how you're thinking about kind of maybe replicating that in other areas of the world?

我只是想進一步了解您對未來特許經營協議策略的想法。您還有哪些領域希望進一步推進這項策略？能否請您談談對這項最新協議的看法，以及您打算如何在世界其他地區複製這項策略？

It's Ben here. The way we're seeing master franchises is that in regions where they maybe more complex, they have cultural differences and difficult regulations, et cetera, we find that master franchises makes sense. It certainly allows us to operate the business with reduced resources and to direct our focus back on we feel what is our core growth market here in the U.S.

我是本。我們看待主特許經營的方式是，在那些情況可能更複雜、文化差異更大、監管更嚴格等等的地區，主特許經營模式更有意義。它確實讓我們能夠以更少的資源經營業務，並將我們的注意力重新集中到我們認為是美國的核心成長市場。

And we appreciate that we potentially give up some of the economics by going into a market franchise agreement, but it still makes sense for us given those 3 points, and also the -- perhaps the overall accelerated growth means that where we can still continue to be more profitable than gain and continuing business on a stand-alone basis in those regions.

我們意識到，透過簽訂市場特許經營協議，我們可能會放棄一些經濟利益，但考慮到這三點，這對我們來說仍然是有意義的，而且——也許整體加速成長意味著我們仍然可以繼續獲得比在這些地區獨立開展業務更高的利潤。

Got you. And then when you think about your just general franchisees ex like a master franchise agreement, do you foresee -- are you trying to get more of the movement of the franchisees towards multi-unit franchisees as opposed to onesies and twosies? Are you looking to kind of do more of that more, I guess, private equity? Just kind of curious there, because it feels like some of the issues in the past were related to -- you had a lot of demand for the unit, but a lot of onesies and twosies, they had some trouble or getting the timing of their, I guess, facilities or credit to get these units opened, et cetera. So just curious on how you're thinking about the pipeline of franchisees evolving or changing or not changing over the next 1 year, [2 years], 3 years?

明白了。那麼，當您考慮一般特許經營（例如主特許經營協議）時，您是否預見到——您是否試圖讓更多的特許經營者轉向多單元特許經營，而不是單一單元和兩個單元？您是否希望更多地利用私募股權進行這方面的嘗試？我只是有點好奇，因為感覺過去的一些問題與——您對單元的需求很大，但很多單一單元和兩個單元的特許經營者在安排設施或信貸以開設這些單元的時機方面遇到了一些困難，等等。所以，我只是好奇，您如何看待未來1年、2年、3年內特許經營管道的發展、變化或保持不變？

Yes, I'll take that one. So Randy, with F45, as you know, the unit level economics afford us to being available to a very broad range of franchisees from the onesies and twosies as you referred to, who often are exceptional franchisees. In addition to that, though, yes, we do like the idea of creating financing solutions that are available to our existing proven operators as we did earlier in the year and pairing our best-in-class franchisees up with financing and real estate, we still believe that, that is a very good growth pipeline for us in the future.

是的，我接受這個。 Randy，正如你所知，F45的單位級經濟效益使我們能夠服務於非常廣泛的加盟商，從你提到的“一小戶”到“二小戶”，他們通常都是非常優秀的加盟商。除此之外，我們確實喜歡為現有的成熟營運商提供融資解決方案，就像我們今年早些時候所做的那樣，並為我們最優秀的加盟商提供融資和房地產服務。我們仍然相信，這對我們未來來說是一個非常好的成長管道。

And yes, we still do have interest from private equity, family office, larger franchise group investors that are looking to consolidate some of the network and build out additional greenfield locations. So we're going to continue to focus on all of those groups into the future. And I think that affords us a very healthy pipeline of potential franchisees.

是的，私募股權、家族理財室以及大型特許經營集團投資者仍然對我們感興趣，他們希望整合部分網絡並拓展更多綠地門市。因此，未來我們將繼續關注所有這些集團。我認為這為我們提供了非常健康的潛在特許經營商管道。

Got you. And then my last question would be, any color you can give us on AUV trends as it relates to further opportunities continue kind of drive that number higher? I don't know if there's any kind of perspectives you can give us around maybe what your top quintile, the difference between the top quintile and average or bottom quintile units you're doing whether in the U.S. or Rest of World or in Australia? Just want to get some flavor to the audience on where you -- how much room you see ahead for AUVs to continue to grow across the different pockets of the world?

明白了。我的最後一個問題是，您能否為我們介紹AUV的趨勢，因為這與進一步推動這一數位成長的機會有關？我不知道您是否能為我們提供一些觀點，例如您認為的頂級五分之一，以及頂級五分之一和平均或最低五分之一單位之間的差異，無論是在美國、世界其他地區還是在澳大利亞？我想讓觀眾了解一下，您認為AUV在世界各地還有多大的成長空間？

So look, AUVs has -- on a cohort basis are increasing year-on-year. And we expect that -- we expect that trend to improve -- continue to improve. As brand awareness kicks in and F45 becomes more of a household name, you see those year 1, year 2, year 3 cohorts opening with -- and those AUV by cohort basis improving year-on-year. So it's our expectation that we -- as our brand identity continues to increase here in the U.S. that these units are going to open with and have higher AUVs, combining that with our renewed focus to marketing and brand marketing.

所以，以群組計算，平均每用戶銷售額（AUV）逐年成長。我們預計，這種趨勢會持續改善。隨著品牌知名度的提升，以及F45逐漸成為家喻戶曉的品牌，你會看到第一年​​、第二年、第三年的群組數量以及按群組計算的平均每用戶銷售額（AUV）逐年增長。因此，我們預計，隨著我們在美國品牌知名度的不斷提升，再加上我們對行銷和品牌行銷的重新關注，這些門市的開門營業額和平均每用戶銷售額（AUV）將會更高。

So we're now embarking on national brand campaigns here in the U.S. and we'll expand that throughout regions of the world. Our expectation is that once those brand campaigns are in full flight that we will increase that brand awareness and our -- and the AUVs will increase. In addition to that, we're also looking to enter into partnerships with the right partners to offer ancillary products into our studios, where it makes sense. We don't want to clutter up our studios, I mean we want to partner with other premium brands, but there are other ways that we can help continue to grow the unit level economics for our franchisees.

因此，我們目前正在美國進行全國性的品牌宣傳活動，並將推廣到世界各地。我們期望，一旦這些品牌宣傳活動全面展開，我們的品牌知名度和平均每家店面價值（AUV）將會增加。除此之外，我們也希望與合適的合作夥伴建立合作關係，為我們的影城提供合適的配套產品。我們不想讓影城變得擁擠不堪，我的意思是，我們希望與其他高端品牌合作，但我們還有其他方法可以幫助我們的加盟商繼續提升單位層面的經濟效益。

Great. Helpful.

很棒，很有幫助。

Our next question comes from the line of Paul Golding with Macquarie Capital.

我們的下一個問題來自麥格理資本的保羅‧戈爾丁。

I was wondering if you could give us some color around how the various credit initiatives are progressing, if at all, with respect to enabling franchisees? I know that the various facilities before ran into some issues. I was wondering if they were still being rediscussed or if other avenues are being discussed?

我想知道您能否介紹一下各種信貸計畫在賦能加盟商方面的進展？我知道之前的各種信貸計劃遇到了一些問題。我想知道這些計劃是否仍在重新討論中，或者是否有其他途徑正在討論？

It's Ben here. Look, we continue to have discussions with potential credit facilities to assist our franchisees in growing their businesses. We appreciate that the credit market at the moment is difficult, but we certainly are continuing those opportunities, and we expect coming into Q1 2023, we would accelerate that program.

我是本。您好，我們一直在與潛在的信貸機構進行洽談，以幫助我們的加盟商發展業務。我們理解目前的信貸市場情況嚴峻，但我們肯定會繼續提供這些機會，並且預計到2023年第一季度，我們將加快該計劃的實施。

Yes. The only thing that I would add to that, Paul, would be Ben mentioned earlier in his prepared remarks that we have established a special committee and those opportunities will be considered in connection with that as well.

是的。保羅，我唯一想補充的是，本之前在準備好的演講稿中提到，我們已經成立了一個特別委員會，這些機會也會與此相關考慮。

Great. And then in terms of the supply chain, I know that you were mentioning permitting headwinds in terms of opening new studios. Could you give us any color around the supply chain for world packs themselves? I know that you were taking inventory and front-loading those orders. Is there any chance of maybe elongating that supply chain as opposed to bringing it forward as supply chain issues are abating, any color there?

太好了。然後說到供應鏈，我知道您提到了開設新工作室可能遇到的阻力。能具體介紹一下世界包本身的供應鏈嗎？我知道您正在清點庫存，並提前下單。隨著供應鏈問題逐漸緩解，有沒有可能延長供應鏈而不是提前交付，您能具體說一下嗎？

Yes. So pleasingly, a couple of things have changed since the headwinds that we incurred Q3, Q4 last year. The logistics and shipping times have drastically reduced as has the cost. Back at the height of that crisis, it was costing up to $18,000 a world pack to ship it, now those prices are back down closer to around $3,000. So that logistical side of the supply chain risk that we're encountering has -- it's significantly better now.

是的。令人欣慰的是，自從去年第三季和第四季遭遇逆風以來，一些情況已經改變了。物流和運輸時間大幅縮短，成本也降低了。在那場危機最嚴重的時候，全球每件包裹的運輸成本高達1.8萬美元，現在價格已降至3000美元左右。因此，我們面臨的供應鏈物流風險已顯著改善。

In addition to that, we have all of our world pack stock secured. So we have ample stock, ample inventory to probably see us through for the next at least 12 months to potentially even longer. So the supply chain issues that we're running into last year are not an issue for us at the moment.

除此之外，我們所有的全球包裝庫存都已到位。因此，我們有足夠的庫存，足以支撐我們至少未來12個月甚至更長的供應。因此，我們去年遇到的供應鏈問題目前對我們來說不是問題。

Our next question comes from Jonathan Komp with Baird.

我們的下一個問題來自貝爾德的喬納森·康普。

Yes. Chris, I want to follow up, but I think you mentioned monetizing some of the world packs. And just given that it looks like there still is a pretty significant cash outflow for inventory in the quarter. Could you maybe just clarify what's going on there? And maybe more broadly on the working capital, it still looks quite high. Can you maybe comment on when we should expect a more normalized level and to maybe what's driving the still very elevated levels?

是的。克里斯，我想跟進一下，但我記得你提到過將一些世界包貨幣化。考慮到本季庫存現金流出似乎仍然相當可觀，你能解釋一下這方面的情況嗎？更廣泛地說，就營運資金而言，它看起來仍然很高。你能評論一下我們什麼時候應該預期營運資金水準會更加正常化，以及是什麼原因導致營運資金水準仍然很高嗎？

Yes. Sure. The movement from -- the movement on the balance sheet regarding inventory, where you've seen inventory jump up, that's just a shift from prepaid to inventory. So when inventory arrives at the warehouse, it moves from prepaid to inventory. We did outside of that, that I just want to be clear that, that hasn't resulted in us purchasing and we haven't purchased any additional inventory. It's really just a balance sheet movement. Does that answer the first part of your question, Jon?

是的，當然。資產負債表上關於庫存的變動，你看到庫存激增，那隻是從預付到庫存的轉變。所以，當庫存到達倉庫時，它就從預付轉移到了庫存。除此之外，我們做了一些事情，我只是想明確一點，這並沒有導致我們購買，我們也沒有購買任何額外的庫存。這其實只是資產負債表的變動。喬恩，這回答了你問題的第一部分嗎？

Yes. And then on the working capital in total?

是的。那麼總營運資金是多少呢？

Yes. So my -- this quarter will be a much more normalized quarter. Obviously, last quarter, we were dealing with the restructuring costs, which had a material impact to the P&L. So yes, it will be a much more normalized state. The majority of those restructuring costs were completed during the quarter. There was about around $5 million or $6 million that has been paid out this quarter, but we're through those now. So from here on in, it should be far more normalized as it relates to the P&L, the income statement.

是的。所以，本季將會更加正常化。顯然，上個季度我們正在處理重組成本，這對損益表產生了重大影響。所以，是的，本季將會更加正常化。大部分重組成本已在本季完成。本季已支付了大約500萬到600萬美元，但現在已經支付完畢。因此，從現在開始，與損益表（即利潤表）相關的費用應該會更加正常化。

Okay. And then I want to follow up, I believe last quarter, you talked about reaching a steady state starting in the fourth quarter for about $10 million of free cash flow generation a quarter. Is that still your expectation?

好的。然後我想跟進一下，我記得上個季度您提到從第四季度開始達到穩定狀態，每季產生約1000萬美元的自由現金流。這仍然是您的預期嗎？

That's still currently our expectation.

這仍然是我們目前的期望。

Okay. And just last one for me. I wanted to ask -- I know you disclosed this on the income statement, the related party revenue looks like it was a little more than 20% of the total revenue in the quarter. Could you just confirm, I assume that's from the KLIM entity, could you maybe just clarify that? And then can you talk about the rationale, the additional master franchise agreement you mentioned in Europe? Just broader thoughts on increasing exposure with that entity, especially given the nonbinding proposal that's out there?

好的。我只想問最後一個問題。我知道您在損益表中揭露了這一點，關聯方收入似乎佔本季總收入的20%多一點。您能否確認一下，我猜是來自KLIM實體，能否解釋一下？然後，您能否談談您提到的歐洲附加特許經營協議背後的原因？您能否談談關於增加與該實體合作的更廣泛的想法，尤其是在目前存在非約束性提案的情況下？

Yes. The related party revenue that you're quite right, that's related to the Club franchise group. In connection with their master franchise, Club, as you quite rightly pointed out, are affiliated with Kennedy Lewis, but they act independently and they have separate governance. Yes, we've entered into a master franchise agreement with them, but they're great operators.

是的。您說的沒錯，關聯方收入與Club特許經營集團有關。就其主特許經營權而言，正如您正確指出的那樣，Club隸屬於Kennedy Lewis，但他們獨立運營，擁有獨立的治理結構。是的，我們與他們簽訂了主特許經營協議，但他們是優秀的經營者。

They've proven here, they've got -- they've built out a great management team. They've acquired over 40 locations and they're really getting to work at pace with their greenfield locations. And in Europe, in particular, they've partnered with tremendous franchisees there. So we feel like that with that focus, that in region focus that in the long term, that's going to be a very efficient asset-light way for us to generate more profits and grow more quickly under this model.

他們已經證明了自己的實力，他們已經建立了一支優秀的管理團隊。他們已經收購了40多家門市，並且正在積極推動新店的建設。尤其是在歐洲，他們已經與許多加盟商建立了合作關係。因此，我們認為，從長遠來看，以區域為重點，這種高效的輕資產模式將幫助我們創造更多利潤，並在這種模式下更快地實現成長。

Our next question comes from the line of George Kelly with ROTH Capital Partners.

我們的下一個問題來自 ROTH Capital Partners 的 George Kelly。

So for the first one, curious, the $15 million to $20 million of OpEx -- quarterly OpEx that you're targeting, just curious if that's something that you think you can continue into next year? Is that $15 million to $20 million realistic for 2023?

所以第一個問題，我很好奇，您設定的季度營運支出目標在1500萬到2000萬美元之間，您覺得這個目標明年能不能繼續維持？ 2023年實現這個目標現實嗎？

Yes, George, that is the plan. We're already into that range in Q3 on a normalized basis. And the plan for us is to maintain it at those levels into next year, which we believe we can easily do.

是的，喬治，這就是計畫。我們在第三季已經達到了正常化後的水準。我們的計劃是將這一水準維持到明年，我們相信我們可以輕鬆實現。

Okay. Great. And then second question for me. And Chris, you commented on this in response to one of the earlier questions, but just curious if you could give a little more information. You've opened so many studios in the U.S. here over the last year or so. So just curious if you could maybe provide a little bit more detail just about some of that cohort? You mentioned that these new cohorts are performing at or better than previous levels. So just kind of curious how that ramp is going with these new studios and remind us how long does it take for them to hit maturity?

好的。太好了。接下來是第二個問題。克里斯，你在回答之前的一個問題時已經提到了這一點，但你能否提供更多資訊？過去一年左右，你們在美國開設了許多工作室。所以，能否就其中一些團隊提供一些更詳細的資訊？你提到這些新團隊的表現與之前的水平持平，甚至更好。所以，我很好奇這些新工作室的成長如何？它們需要多長時間才能成熟？

Well, typically, it's a 3-year ramp to kind of more of a mature AUV. And our goal is to actually get that ramp there for those studios much faster than that. So we're obviously rolling out as I mentioned previously, the brand initiative. We're also looking through the shared services environment that we've created within F45 to really focus on pre-open marketing initiatives and getting studios profitable from day 1. That's the goal. So it's our expectation that we can compress that what has historically been a 3-year time frame to a more mature AUV down into a much shorter time frame.

通常來說，要達到更成熟的平均每平方英尺（AUV）需要三年的時間。我們的目標是讓這些工作室更快實現這一目標。所以，正如我之前提到的，我們顯然正在推出品牌計畫。我們也正在研究我們在F45內部創建的共享服務環境，以便真正專注於開業前的行銷計劃，並讓工作室從第一天起就能獲利。這就是我們的目標。因此，我們期望能夠將以往三年的成熟平均每平方英尺（AUV）時間壓縮到更短的時間內。

There are currently no further questions in queue. (Operator Instructions) There are currently no further questions in queue. So I will pass the conference back over to the management team for any additional or closing remarks.

目前隊列中沒有其他問題。 （操作員指示）目前隊列中沒有其他問題。因此，我將把會議交還給管理團隊，以便他們發表補充演講或結束語。

Look, I'd just like to thank you all for joining us today, and thank you for taking the time. We look forward to updating you with more information as the business progresses. Thank you.

好了，我只想感謝大家今天的參與，也感謝你們抽出時間。隨著業務的進展，我們期待向你們提供更多資訊。謝謝。

This concludes today's F45 Training Holdings Incorporated third quarter 2022 earnings call. Thank you for your participation. You may now disconnect your line.

F45 Training Holdings Incorporated 2022 年第三季財報電話會議今日結束。感謝您的參與。現在您可以斷開連線了。