Nautilus Inc (NLS) 2022 Q3 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the Nautilus, Incorporated Third Quarter 2022 Earnings Conference Call. (Operator Instructions)

女士們、先生們，大家好，歡迎參加 Nautilus 公司 2022 年第三季度收益電話會議。 （操作員說明）

It is now my pleasure to introduce your host, Mr. John Mills. Thank you. You may begin.

現在我很高興向大家介紹你們的東道主約翰·米爾斯先生。謝謝。你可以開始了。

Thank you. Good afternoon, everyone. Welcome to Nautilus's Third Quarter Fiscal 2022 Conference Call. Participants on the call today from Nautilus are Jim Barr, Chief Executive Officer; and Aina Konold, Chief Financial Officer. Please note, this call is being webcast and will be available for replay for the next 14 days. We will be happy to take your questions at the conclusion of our prepared remarks.

謝謝。大家下午好。歡迎參加 Nautilus 2022 財年第三季度電話會議。今天參加 Nautilus 電話會議的包括首席執行官吉姆·巴爾 (Jim Barr)；和首席財務官艾娜·科諾德。請注意，本次電話會議正在網絡直播，並將在接下來的 14 天內重播。在我們準備好的發言結束後，我們很樂意回答您的問題。

Our earnings press release was issued today at 1:05 p.m. Pacific Time and may be downloaded from our website at nautilusinc.com on the Investor Relations page. The earnings release includes a reconciliation of the non-GAAP financial measures mentioned in today's call to the most directly comparable GAAP measures.

我們的收益新聞稿於今天下午 1:05 發布。太平洋時間，可從我們的網站 nautilusinc.com 的投資者關係頁面下載。收益發布包括今天電話會議中提到的非公認會計原則財務指標與最直接可比的公認會計原則指標的調節。

Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2020. For today's call, we have a presentation that management will refer to during their prepared remarks. On Slide 2 is our full safe harbor statement, which we ask everyone to read. You can access the presentation by going to nautilusinc.com, then click on the Investor tab and then click on the Events & Webcasts and the presentation will be there.

請注意，除非另有說明，本次電話會議中的所有比較都將與我們2020 年可比期間的結果進行比較。在今天的電話會議中，我們有一份演示文稿，管理層將在準備好的發言中參考。第 2 張幻燈片是我們完整的安全港聲明，我們要求每個人都閱讀。您可以訪問 nautilusinc.com 來訪問演示文稿，然後單擊“投資者”選項卡，然後單擊“活動和網絡廣播”，演示文稿就會出現。

I would like to remind everyone that during this conference call, Nautilus management will make certain forward-looking statements. These forward-looking statements are based on the beliefs of management and information currently available to us as of today. Such forward-looking statements are not guarantees of future performance, and therefore one should not place undue reliance on them.

我想提醒大家的是，在本次電話會議期間，鸚鵡螺管理層將做出某些前瞻性陳述。這些前瞻性陳述基於管理層的信念和我們目前掌握的信息。此類前瞻性陳述並不能保證未來業績，因此不應過度依賴它們。

Our actual results will be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control and ability to predict. For additional information concerning these factors, please refer to the safe harbor statement and to our SEC filings, which can be found in the Investor Relations section of our website.

我們的實際結果將受到已知和未知的風險、趨勢、不確定性以及超出我們控制和預測能力的因素的影響。有關這些因素的更多信息，請參閱安全港聲明和我們的 SEC 文件，這些文件可以在我們網站的投資者關係部分找到。

And with that, it is my pleasure to turn the call over to Nautilus's CEO, Jim Barr.

至此，我很高興將電話轉給 Nautilus 的首席執行官吉姆·巴爾 (Jim Barr)。

Thank you, John, and thank you all for joining us. Before I discuss our quarterly results, I'll begin with a look at the home fitness industry, the market dynamics at play and our positioning within the industry. The at-home fitness industry has been in the news quite a bit recently, largely due to 2 issues: speculation about long-term demand and challenges some of our competitors are currently facing.

謝謝你，約翰，也感謝大家加入我們。在討論我們的季度業績之前，我將首先了解一下家庭健身行業、市場動態以及我們在行業中的定位。家庭健身行業最近經常出現在新聞中，主要是由於兩個問題：對長期需求的猜測以及我們的一些競爭對手目前面臨的挑戰。

Here's our take on the market and Nautilus's positioning. First, we are confident that the at-home fitness industry has grown rapidly over the last 2 years and that the overall opportunity will remain significantly elevated for the long run.

這是我們對市場的看法和 Nautilus 的定位。首先，我們相信家庭健身行業在過去兩年中快速增長，並且從長遠來看，整體機會仍將顯著增加。

Second, we were not surprised that the industry seems to have regulated from its peak and is trending to a new normal level. It's been impossible to be 100% correct in our planning and decisioning at each stage of the pandemic, but we believe we have generally read the market well and have managed our business with disciplined execution through all phases of the pandemic.

其次，我們並不感到驚訝的是，該行業似乎已經從高峰期開始受到監管，並正在走向新的常態水平。在疫情的每個階段，我們的計劃和決策不可能百分百正確，但我們相信，我們總體上很好地解讀了市場，並在疫情的各個階段以嚴格的執行力管理我們的業務。

Third, we have a long-term strategy and a positioning that's quite different from others. And over the past 2 years, we've built a stronger team with new capabilities to tackle emerging opportunities and challenges. And then finally, as a result, we're emerging as a much stronger company than pre-pandemic.

第三，我們有一個與其他公司截然不同的長期戰略和定位。在過去的兩年裡，我們建立了一支更強大的團隊，擁有新的能力來應對新出現的機遇和挑戰。最後，我們正在成為一家比大流行前更強大的公司。

I'll now give you some flavor on each of these statements. Since the outset of the pandemic, there has been a renewed focus on health and overall well-being. And on a larger level, people have gravitated towards well-known brands with strong value propositions. Nautilus fits squarely at the intersection of both these tailwinds.

現在我將對這些陳述進行一些闡述。自大流行爆發以來，人們重新關注健康和整體福祉。在更大的層面上，人們更傾向於具有強大價值主張的知名品牌。鸚鵡螺正好適合這兩種順風的交叉點。

At the center of health and well-being is home fitness, and the market has so far behaved largely as we expected. The market size more than doubled over the past 2 years, is regulating from its peak to -- with more normal seasonality, and will settle at a new normal significantly above pre-pandemic levels based on profound evolution in consumers' habits.

健康和福祉的核心是家庭健身，迄今為止市場表現基本符合我們的預期。過去兩年，市場規模增長了一倍多，正在從高峰期調整至更正常的季節性，並將根據消費者習慣的深刻演變，穩定在遠高於大流行前水平的新常態。

We've been telling you for several quarters that our surveying shows that about 25% of former gym goers say they do not ever intend to return to the gym. That figure actually ticked up to 29% during our third quarter and has held remarkably steady now for 18 months. Those attitudes manifested themselves in the formation of new long-term habits that favor at-home fitness.

幾個季度以來，我們一直在告訴您，我們的調查顯示，大約 25% 的前健身愛好者表示，他們從未打算重返健身房。這個數字在第三季度實際上上升到了 29%，並且已經連續 18 個月保持穩定。這些態度體現在有利於在家健身的新的長期習慣的形成上。

Pre pandemic, about 40% of people for whom fitness was important worked out at home. Nearly 2 years later, that number is close to 70% and is holding steady. The evolution of the work model to working from home or a hybrid model is also a long-term driver of home fitness.

在大流行之前，大約 40% 重視健身的人在家鍛煉。近兩年後，這一數字接近 70%，並保持穩定。工作模式向在家工作或混合模式的演變也是家庭健身的長期驅動力。

Another important catalyst for the change in workout habits is the digital transformation that has been occurring over the past few years in home fitness, and was accelerated by the pandemic. More people discovered that connected fitness not only can bring home many of the benefits of the gym, but the variety of programming, such as in JRNY, fights boredom and keeps them at their fitness routine for longer.

鍛煉習慣改變的另一個重要催化劑是過去幾年家庭健身領域發生的數字化轉型，並因疫情而加速。越來越多的人發現，聯網健身不僅可以帶來健身房的許多好處，而且 JRNY 等各種節目可以消除無聊，讓他們保持更長時間的健身習慣。

As a result of these changed habits and sentiments, we continue to believe much of the industry growth opportunity will remain at elevated levels relative to pre pandemic. This results in stronger opportunity for our industry and for Nautilus. In the face of unprecedented challenges and uncertainty over the past 2 years, I'm proud of how we've managed our business through disciplined execution. Some examples include inventory management, SKU rationalization and regulating expense growth.

由於這些習慣和情緒的改變，我們仍然相信，與大流行前相比，大部分行業增長機會將保持在較高水平。這為我們的行業和鸚鵡螺帶來了更多的機會。面對過去兩年前所未有的挑戰和不確定性，我對我們通過嚴格執行來管理業務的方式感到自豪。一些例子包括庫存管理、SKU 合理化和調節費用增長。

We have stayed true to our asset-light manufacturing model. We built inventories, then regulated our orders once we were ready for fitness season, but have not needed to close facilities or cease production. We are, in fact, now reordering for the first half of fiscal 2023. We focused on fewer SKUs that are largely our best sellers, and worked down that inventory during the third quarter as planned.

我們始終堅持輕資產製造模式。我們建立了庫存，然後在為健身季節做好準備後調整我們的訂單，但不需要關閉設施或停止生產。事實上，我們現在正在為 2023 財年上半年重新訂購。我們專注於較少的 SKU（主要是我們的暢銷產品），並按計劃在第三季度減少庫存。

Utilizing our strong culture, noble mission and a focus on improving the employee experience, we continue to attract and retain strong talent even though -- even through the so-called Great Resignation. We have stayed true to our most important areas of strategic investment, such as JRNY and the Bowflex brand, but have regulated our other expenses such as G&A until we see where demand normalizes.

憑藉我們強大的文化、崇高的使命以及對改善員工體驗的關注，我們繼續吸引和留住強大的人才——即使是在所謂的“大辭職”期間。我們一直忠於我們最重要的戰略投資領域，例如 JRNY 和 Bowflex 品牌，但監管了我們的其他支出，例如一般管理費用，直到我們看到需求正常化為止。

Just under a year ago, we shared our new long-term strategic plan, our North Star plan. Our strategy differs from other competitors' and is built on our key strengths: well-respected brands, a portfolio of products that include multiple modalities and price points, making them more attainable, and broad multichannel distribution. Our strategy adds greater consumer centricity, a new target consumer, modernization of our Bowflex brand and enhanced team with expanded long-term capabilities.

就在不到一年前，我們分享了新的長期戰略計劃，即北極星計劃。我們的戰略與其他競爭對手不同，建立在我們的關鍵優勢之上：備受推崇的品牌、包括多種模式和價格點的產品組合（使它們更容易實現）以及廣泛的多渠道分銷。我們的戰略增加了更大的以消費者為中心、新的目標消費者、Bowflex 品牌的現代化以及具有擴展的長期能力的增強團隊。

It also improves and scales our differentiated JRNY platform offering. JRNY focuses on being your overall personal trainer, offering a variety of ways to work out on and off our products, versus tilting towards any single use case such as predominantly 1 modality or trainer-led classes. JRNY is also more affordable.

它還改進和擴展了我們差異化的 JRNY 平台產品。 JRNY 專注於成為您的整體私人教練，提供多種在我們的產品內外鍛煉的方式，而不是傾向於任何單一用例，例如主要是 1 種模式或教練主導的課程。 JRNY也比較實惠。

We are focused on investing in our company for the long term and have continued to keep our foot on the accelerator through our investments in JRNY, our brands and our digital transformation. Our commitment to our strategy continues to strengthen as we begin to see our strategic investments succeed.

我們專注於對公司進行長期投資，並通過對 JRNY 的投資、我們的品牌和數字化轉型繼續保持加速器的勢頭。隨著我們開始看到我們的戰略投資取得成功，我們對戰略的承諾不斷加強。

Our Board and our management team are united in maintaining our key investments as we continue to balance the long term and the short term. We have also progressed during the pandemic by building enduring assets for the long term, including launching a complete suite of new multi-modality connected fitness cardio products, including innovative bikes, treads and revitalized Max Trainers.

我們的董事會和管理團隊團結一致，維持我們的關鍵投資，同時繼續平衡長期和短期。在疫情期間，我們還通過建立長期持久資產取得了進展，包括推出一整套新型多模式互聯健身有氧運動產品，包括創新自行車、踏板和復興的 Max Trainer。

And we have a pipeline of strength products leveraging our VAY acquisition. A new target customer base with nearly 500,000 new customers since the pandemic began, introduced to our brands, encouraging early progress on improving and scaling our JRNY digital platform that makes our equipment even better.

利用我們對 VAY 的收購，我們擁有一系列優勢產品。自大流行開始以來，我們的品牌引入了近 500,000 個新客戶的新目標客戶群，鼓勵我們在改進和擴展 JRNY 數字平台方面取得早期進展，從而使我們的設備變得更好。

I'll share some exciting news about member growth shortly. Significant expansion of our already strong multichannel distribution, including a vastly expanded and a more diversified set of retailers. New talent and capabilities throughout our business, including software, digital product, supply chain, financial analysis and customer care. And of course, we have a new transformational North Star strategy.

我很快就會分享一些關於會員增長的令人興奮的消息。我們已經強大的多渠道分銷的顯著擴張，包括大幅擴張和更加多元化的零售商。我們整個業務的新人才和能力，包括軟件、數字產品、供應鏈、財務分析和客戶服務。當然，我們還有新的轉型北極星戰略。

Pulling this all together by leveraging the enhanced long-term industry opportunity and through disciplined execution by staying true to our North Star and by building enduring assets, I'm confident in saying that we are emerging from the pandemic as a much stronger company.

通過利用增強的長期行業機會，通過忠於北極星和建立持久資產的嚴格執行，將這一切結合在一起，我有信心地說，我們正在擺脫這一流行病，成為一家更強大的公司。

Next, I'll speak to our third quarter results. In the third fiscal quarter of 2022, net sales were $147 million, which represents 63% growth versus 2 years ago, excluding Octane. While down from the pandemic-driven all-time high of $189 million in the same period last year, this quarter's sales performance remained historically strong. In fact, this was the second highest December quarter in the past 15 years for Nautilus.

接下來，我將談談我們第三季度的業績。 2022 年第三財季，淨銷售額為 1.47 億美元，較兩年前增長 63%（不包括 Octane）。儘管較去年同期受疫情影響創下的 1.89 億美元的歷史新高有所下降，但本季度的銷售業績仍保持歷史強勁水平。事實上，這是 Nautilus 過去 15 年來第二高的 12 月季度業績。

Our 2 largest sales channels, Direct and North American retail, while down versus last year, were both up over 60% compared to the same period 2 years ago. Notably, given our strong holiday performance, Direct had a $9 million backlog coming out of the quarter, stocking out on some of our more popular connected cardio products.

我們的兩個最大的銷售渠道，直營和北美零售，雖然比去年有所下降，但與兩年前同期相比增長了 60% 以上。值得注意的是，考慮到我們強勁的假日表現，Direct 在本季度積壓了 900 萬美元的積壓訂單，為我們一些更受歡迎的聯網有氧產品儲備了庫存。

One area that was softer than expected was International, which is about 10% of our overall business. We have a different operating model there. We work primarily through distributors. This model has an extra level of inventory and fewer levers for us to clear inventory. The U.K. and EU are our largest international markets, and the shutdowns impacted sell-through.

國際業務是比預期疲軟的一個領域，約占我們整體業務的 10%。我們在那裡有不同的運營模式。我們主要通過經銷商開展工作。這種模式有額外的庫存水平，並且我們清理庫存的槓桿更少。英國和歐盟是我們最大的國際市場，停產影響了銷量。

We expect softness in International to continue through the end of this fiscal year. I would characterize our Q3 results to be relatively strong in dollar demand, and fantastic from a unit sales perspective. As one response to the chip shortage, we pivoted to aggressively marketing and promoting strength products, specifically the incredibly popular SelectTech line, which also helped drive JRNY member growth.

我們預計國際市場的疲軟狀態將持續到本財年末。我認為我們第三季度的業績在美元需求方面相對強勁，從單位銷售的角度來看也非常棒。作為應對芯片短缺的措施之一，我們轉向積極營銷和推廣優勢產品，特別是非常受歡迎的 SelectTech 系列，這也有助於推動 JRNY 會員的增長。

Impressively, I'm proud to say that we shipped more units in the quarter than any other in Nautilus history, showing not only continued strong demand for our products, but demonstrating new capabilities in our supply chain. We are pleased to report that for the first 9 months of 2022, net sales were $470 million, a 7% increase over the same period last year and a 144% increase compared to the same period 2 years ago, excluding Octane.

令人印象深刻的是，我很自豪地說，我們本季度的出貨量比Nautilus 歷史上任何其他季度都要多，這不僅表明對我們產品的持續強勁需求，而且展示了我們供應鏈中的新能力。我們很高興地報告，2022 年前 9 個月的淨銷售額為 4.7 億美元，較去年同期增長 7%，較 2 年前同期增長 144%（不包括 Octane）。

The team is proud to have positively comped the year-to-date through 3 quarters. Gross margin continued to be affected by the widely discussed elevated global supply chain costs. In addition, this quarter's margins were impacted by lower net selling prices resulting from industry-wide discounting during a highly promotional holiday season. The bulk of the discounting that we observed during the fitness season, which typically runs through the end of January, have now concluded.

該團隊很自豪能夠在今年迄今為止的三個季度中取得積極的成績。毛利率繼續受到廣泛討論的全球供應鏈成本上升的影響。此外，本季度的利潤率還受到促銷假期期間全行業折扣導致淨售價下降的影響。我們在健身季（通常持續到一月底）期間觀察到的大部分折扣現已結束。

We believe this gross margin pressure is largely temporary in nature. Aina will provide more detail on margins in her section. Importantly, despite the lower gross margins in the third quarter, our Q3 operating margin results were in line with our guidance for the first -- for the second half.

我們認為這種毛利率壓力在很大程度上是暫時的。艾娜將在她的部分中提供有關邊距的更多詳細信息。重要的是，儘管第三季度的毛利率較低，但我們第三季度的營業利潤率結果與我們對第一季度和下半年的指導一致。

Moving on to progress on our North Star strategy. We've been working tirelessly to make JRNY a leading fitness digital service that enhances our incredible lineup of equipment, creates an ongoing relationship with our members and provides a recurring revenue stream.

繼續推進我們的北極星戰略。我們一直在不懈努力，使 JRNY 成為領先的健身數字服務，增強我們令人難以置信的設備陣容，與我們的會員建立持續的關係並提供經常性收入流。

As we communicated last quarter, we made the strategic decision to accelerate our investment in JRNY. The manifestation of our year-to-date investments in JRNY include a new JRNY update, which allows customers to track workouts across cardio, strength and whole body exercises. That means JRNY members can now track their workouts across all the products they own, cardio and strength, and track whole body off-machine workouts on 1 fitness platform.

正如我們上季度所傳達的，我們做出了加速對 JRNY 投資的戰略決策。我們今年迄今為止對 JRNY 投資的體現包括新的 JRNY 更新，它允許客戶跟踪有氧運動、力量和全身鍛煉的鍛煉情況。這意味著 JRNY 會員現在可以跟踪他們擁有的所有產品（有氧運動和力量）的鍛煉情況，並在 1 個健身平台上跟踪全身離線鍛煉情況。

We expanded the assortment of JRNY-enabled products, building our connected fitness installed base. We introduced the Max Total 16 in the U.S. and VeloCore 16 in Canada at the beginning of November, and have attached JRNY to our Bowflex SelectTech 552 and 1090 dumbbell purchases beginning in mid-October.

我們擴大了支持 JRNY 的產品種類，建立了我們的互聯健身安裝基礎。我們於 11 月初在美國推出了 Max Total 16，在加拿大推出了 VeloCore 16，並從 10 月中旬開始將 JRNY 附加到我們購買的 Bowflex SelectTech 552 和 1090 啞鈴中。

In the third quarter, we shipped 3.5x the number of JRNY-enabled products versus the same period 2 years ago when we launched our first connected bikes. And 70% of our cardio units shipped this quarter were JRNY-enabled. SelectTech is one of the strongest selling offerings, and attaching JRNY to the strength modality has boosted our member base and is the first time we have combined a digital offering with our strength products.

與兩年前推出首款聯網自行車時相比，第三季度我們支持 JRNY 的產品出貨量增加了 3.5 倍。本季度發貨的有氧運動設備中有 70% 支持 JRNY。 SelectTech 是最暢銷的產品之一，將 JRNY 與力量模式聯繫起來擴大了我們的會員基礎，也是我們第一次將數字產品與我們的力量產品相結合。

The results and feedback from our members have been very encouraging. We've expanded content. We continue to add more Explore the World experiences, with over 150 locations around the world now available. Members love the immersive experience and the escapism. We continue to build our trainer-led video library, which now includes over 1,250 trainer-led videos, including new whole body workouts. We've added foundational advances such as jrny.com, powered by a new subscription management and billing platform.

我們的成員的結果和反饋非常令人鼓舞。我們擴展了內容。我們不斷增加更多“探索世界”體驗，現已在全球 150 多個地點提供。會員喜歡沉浸式體驗和逃避現實的感覺。我們繼續建立由培訓師主導的視頻庫，目前包含超過 1,250 個由培訓師主導的視頻，其中包括新的全身鍛煉。我們添加了基礎性的改進，例如 jrny.com，由新的訂閱管理和計費平台提供支持。

We began providing a 12-month complimentary trial for a limited time to ensure the maximum number of consumers can use the platform. Here's the punch line. We grew our JRNY member base by nearly -- to nearly 250,000 by the end of this quarter and are tracking to cross 300,000 total members by year-end fiscal '22, above the midpoint of our previous guidance.

我們開始限時提供 12 個月的免費試用，以確保最大數量的消費者可以使用該平台。這是妙語。到本季度末，我們的 JRNY 會員數量增加了近 250,000 名，預計到 22 財年年底，會員總數將突破 300,000 名，高於我們之前指導的中值。

We've grown members by nearly 3x year-over-year and by 700% versus 2 years ago. As you know, Nautilus got a late start in connected fitness, and while it is still early in our digital transformation with JRNY, the strong growth we've experienced to date is exciting.

我們的會員數量同比增長了近 3 倍，與 2 年前相比增長了 700%。如您所知，Nautilus 在互聯健身領域起步較晚，雖然我們與 JRNY 的數字化轉型仍處於早期階段，但迄今為止我們所經歷的強勁增長令人興奮。

As such, we continue to invest in the platform. Digital is a key component of the future of Nautilus, and investing here will allow us to best leverage our assets and will position us for long-term profitable growth. A second pillar of North Star is putting the consumer at the center of our decision-making.

因此，我們繼續投資該平台。數字化是 Nautilus 未來的關鍵組成部分，在這裡投資將使我們能夠最好地利用我們的資產，並使我們能夠實現長期盈利增長。北極星的第二個支柱是將消費者置於我們決策的中心。

We are working to transform Nautilus from a product-led hardware company to a consumer-led digital company. This consumer-led approach has permeated our business, including Bowflex advertising. Our focused approach to advertising has punched above its weight, with measured share of voice nearly double our market share in the quarter.

我們正在努力將 Nautilus 從一家以產品為主導的硬件公司轉變為一家以消費者為主導的數字公司。這種以消費者為主導的方法已經滲透到我們的業務中，包括 Bowflex 廣告。我們專注的廣告方式已經超出了其自身的實力，本季度的聲音份額幾乎是我們市場份額的兩倍。

A few key highlights. We ran the first ever Bowflex SelectTech dumbbell campaign that included JRNY. This also helped drive more JRNY memberships. We continued investments in the Bowflex brand with incremental advertising to drive purchase consideration and position the brand in a more modern and inclusive way.

幾個關鍵亮點。我們開展了首個 Bowflex SelectTech 啞鈴活動，其中包括 JRNY。這也有助於吸引更多 JRNY 會員。我們繼續對 Bowflex 品牌進行投資，通過增量廣告來提高購買意願，並以更現代和更具包容性的方式定位該品牌。

In addition to taking a more customer-led approach to advertising, we bolstered our team by hiring a new Director of Customer Success, our first-ever customer experience manager and are adding critical staff in e-mail and social marketing.

除了採取更多以客戶為主導的廣告方法外，我們還聘請了一位新的客戶成功總監、我們的第一位客戶體驗經理來加強我們的團隊，並增加了電子郵件和社交營銷方面的關鍵人員。

Strength is another pivotal part of our consumer-centric approach. Bowflex has long been a leader in strength, and we are working to elevate the consumer experience through our connected strength products.

實力是我們以消費者為中心的方法的另一個關鍵部分。 Bowflex 長期以來一直是力量領域的領導者，我們致力於通過我們的互聯力量產品提升消費者體驗。

In the second quarter, we completed the acquisition of VAY, a leader in motion and vision technology. In the third quarter, we focused on integrating VAY's motion tracking capabilities into JRNY to further advance and accelerate our highly personalized workout experiences, including automatic rep counting and form coaching on and off Bowflex and Schwinn products. We expect to begin testing these features with select customers in the spring.

第二季度，我們完成了對運動和視覺技術領導者VAY的收購。第三季度，我們重點將 VAY 的運動跟踪功能集成到 JRNY 中，以進一步推進和加速我們高度個性化的鍛煉體驗，包括自動次數計數以及 Bowflex 和 Schwinn 產品內外的形態指導。我們預計將在春季開始與部分客戶測試這些功能。

We also focused on hiring more developers. Two years ago, we had about a dozen software developers in U.S. FTEs, and were mostly a mechanical engineering company. But today, we have more than 250 people engaged in software development. We are accelerating our software development capabilities and adding new and innovative features to the JRNY platform, moving us closer to our vision for JRNY as your highly personalized one-to-one personal trainer.

我們還專注於僱用更多的開發人員。兩年前，我們在美國全職員工中約有十幾名軟件開發人員，其中大部分是一家機械工程公司。但今天，我們有超過250人從事軟件開發。我們正在加快我們的軟件開發能力，並向 JRNY 平台添加新的創新功能，使我們更接近 JRNY 成為您高度個性化的一對一私人教練的願景。

And the last pillar of North Star that I'd like to touch on today is our supply chain. We continue to battle unprecedented challenges from container and electronic components availability, elevated commodity costs, and cost of shipping and storing inventory. However, our investment and efforts have bolstered overall supply chain capabilities and are enabling us to successfully manage through this period.

我今天想談的北極星的最後一個支柱是我們的供應鏈。我們繼續應對集裝箱和電子元件可用性、商品成本上升以及運輸和存儲庫存成本等前所未有的挑戰。然而，我們的投資和努力增強了整體供應鏈能力，使我們能夠成功度過這一時期。

Earlier this year, we made a strategic decision in light of the global shipping issues to preorder inventory in preparation for the seasonal -- seasonally strong third and fourth quarters to ensure that we, along with our retail partners, would be fully stocked. As mentioned previously, driven by strength products, we moved more units in the quarter than any other quarter in the company's long history.

今年早些時候，我們根據全球運輸問題做出了一項戰略決定，即預訂庫存，為季節性強勁的第三季度和第四季度做好準備，以確保我們與零售合作夥伴庫存充足。如前所述，在優勢產品的推動下，我們本季度的出貨量比公司歷史上任何其他季度都要多。

In summary, we are emerging from the pandemic as a stronger company. We have new leaders, new tools and new processes in place, providing us to make a much stronger and more agile company.

總而言之，我們正在從疫情中脫穎而出，成為一家更強大的公司。我們擁有新的領導者、新的工具和新的流程，使我們能夠成為一家更強大、更敏捷的公司。

I'll now turn it over to Aina, who'll give us more detail on the third quarter financials and our guidance for the rest of the year. Aina?

我現在將其交給艾娜，她將為我們提供有關第三季度財務狀況以及今年剩餘時間的指導的更多詳細信息。艾娜？

Thanks, Jim, and good afternoon, everyone. Today I'll talk to results for Q3 and year-to-date, and we'll provide guidance for the second half of fiscal year '22. I'll start with Slide 14 on the presentation, total company results for Q3 '22. As discussed previously, we delivered the 2 highest sales quarters in our company's history in the back half of fiscal year '21, fueled in part by pandemic-driven demand.

謝謝吉姆，大家下午好。今天我將討論第三季度和年初至今的業績，我們將為 22 財年下半年提供指導。我將從幻燈片 14 開始演示，介紹 22 年第 3 季度的公司總體業績。如前所述，我們在 21 財年後半段實現了公司歷史上最高的兩個銷售季度，部分原因是疫情驅動的需求。

As expected, demand has moderated in the second half as normal seasonality begins to return. Given the unique nature of last year's results, we'll talk about sales growth versus LY and versus LLY to gauge our growth and overall company improvements when compared to more normalized results.

正如預期的那樣，隨著正常的季節性開始回歸，下半年需求有所放緩。鑑於去年業績的獨特性，我們將討論與 LY 和 LLY 相比的銷售增長，以衡量與更標準化的結果相比我們的增長和公司整體改進。

Net sales for the third quarter were $147 million, down 22% versus LY and up 63% versus LLY, excluding Octane. Our strong holiday performance resulted in a $9 million backlog for Direct.

第三季度淨銷售額為 1.47 億美元，較 LY 下降 22%，較 LLY 增長 63%（不包括 Octane）。我們強勁的假日表現導致 Direct 積壓了 900 萬美元。

Gross profit was $30 million and gross margins were 20%, down 21 percentage points from LY. 18 points of the decline were related to higher logistics, product costs and FX, plus increased discounting in the quarter. The remaining 3 points are related to increased JRNY investments.

毛利潤為3000萬美元，毛利率為20%，比LY下降21個百分點。下降 18 個百分點與物流、產品成本和外匯上漲以及本季度折扣增加有關。其餘 3 點與 JRNY 投資增加有關。

Turning to operating expenses. We closed on the acquisition of VAY last quarter. The next few lines of the P&L have been adjusted to remove the impact of the deferred compensation related to that acquisition. Please see our press release for a reconciliation to GAAP.

轉向運營費用。上個季度我們完成了對 VAY 的收購。損益表的接下來幾行已進行調整，以消除與該收購相關的遞延補償的影響。請參閱我們的新聞稿，了解與公認會計原則（GAAP）的調節。

Adjusted operating expenses were $49 million or 33% of sales versus last year's $36 million or 19% of sales. Sales and marketing expenses were $32 million or 22% of sales. The $10 million increase to LY is primarily due to increased advertising.

調整後的運營費用為 4,900 萬美元，佔銷售額的 33%，而去年為 3,600 萬美元，佔銷售額的 19%。銷售和營銷費用為 3200 萬美元，佔銷售額的 22%。 LY 增加 1000 萬美元主要是由於廣告的增加。

Adjusted G&A expenses were $11 million or 7% of sales, up $400,000 to LY. R&D costs were $5 million or 4% of sales, up $1 million compared to LY, primarily driven by increased investments in JRNY. In fiscal Q3, advertising was $21 million versus $10 million last year and JRNY OpEx was $6 million versus $3 million last year.

調整後的一般管理費用為 1,100 萬美元，佔銷售額的 7%，比 LY 增加了 40 萬美元。研發成本為 500 萬美元，佔銷售額的 4%，比 LY 增加了 100 萬美元，這主要是由於 JRNY 投資增加所致。第三財季，廣告費用為 2100 萬美元，去年為 1000 萬美元；JRNY 運營支出為 600 萬美元，去年為 300 萬美元。

Adjusted operating loss was $19 million and adjusted operating margins were negative 13%. Adjusted EBITDA loss from continuing ops was negative 15% or negative 10% of sales. Our presentation includes a waterfall chart on Slide 16 that describes the year-over-year change in operating margins.

調整後營業虧損為 1,900 萬美元，調整後營業利潤率為負 13%。持續運營造成的調整後 EBITDA 損失為銷售額的負 15% 或負 10%。我們的演示文稿包括幻燈片 16 上的瀑布圖，描述了營業利潤率的同比變化。

The key drivers of the year-over-year change are lower gross margins, as discussed earlier, and planned incremental investments in JRNY OpEx and in advertising. Let me now turn to year-to-date results for the 9 months ended December 31, 2021, compared to the same period last year.

如前所述，同比變化的主要驅動因素是毛利率下降，以及計劃對 JRNY 運營支出和廣告的增量投資。現在讓我來看看截至 2021 年 12 月 31 日的 9 個月的年初至今的業績與去年同期的比較。

Net sales were $470 million, up 2% on a GAAP basis. Excluding Octane branded sales, revenue was up 7% versus last year and up 144% versus LLY. Gross profit was $127 million compared to $193 million last year, and gross margin rate was 27% versus 42% last year. 13 points of the gross margin decline was due to higher cost of logistics, product costs and FX and increased discount in fiscal Q3. 2 points of the decline was for increased investments in JRNY.

淨銷售額為 4.7 億美元，按 GAAP 計算增長 2%。不包括 Octane 品牌的銷售額，收入比去年增長 7%，比 LLY 增長 144%。毛利潤為 1.27 億美元，去年為 1.93 億美元，毛利率為 27%，去年為 42%。毛利率下降 13 個百分點是由於物流、產品成本和外匯成本上升以及第三財季折扣增加所致。下降 2 個百分點是由於對 JRNY 的投資增加。

Turning to adjusted operating expenses, which excludes the impact of this year's legal settlement, the VAY acquisition and deferred compensation costs and last year's loss and disposal group for Octane.

談到調整後的運營費用，其中不包括今年法律和解、VAY 收購和遞延補償成本以及去年 Octane 損失和處置組的影響。

Adjusted OpEx was $125 million or 27% of sales versus last year's $94 million or 21% of sales. The $30 million increase was essentially driven by advertising and JRNY investments. Year-to-date advertising was $44 million versus $21 million last year. Year-to-date JRNY OpEx was $15 million versus $5 million last year. Adjusted operating income was $3 million or 1% of sales. Adjusted EBITDA from continuing ops was $14 million or 3% of sales. Please see Slide 19 in the presentation for a waterfall chart walking through the year-over-year changes in operating margins.

調整後的運營支出為 1.25 億美元，佔銷售額的 27%，而去年為 9400 萬美元，佔銷售額的 21%。 3000 萬美元的增長主要是由廣告和 JRNY 投資推動的。年初至今的廣告收入為 4,400 萬美元，而去年為 2,100 萬美元。年初至今，JRNY 運營支出為 1,500 萬美元，而去年為 500 萬美元。調整後營業收入為 300 萬美元，佔銷售額的 1%。來自持續運營的調整後 EBITDA 為 1,400 萬美元，佔銷售額的 3%。請參閱演示文稿中的幻燈片 19，了解運營利潤率逐年變化的瀑布圖。

Turning now to the balance sheet as of December 31. Cash was $20 million. Inventory was $128 million versus $68 million at year-end. We're pleased that inventory levels at 12/31 were down 21% versus 9/30 and came in better than planned. Inventory is concentrated in our best-selling SKUs and about 15% of it was in transit at 12/31.

現在來看截至 12 月 31 日的資產負債表。現金為 2000 萬美元。庫存為 1.28 億美元，而年底為 6800 萬美元。我們很高興看到 12 月 31 日的庫存水平比 9 月 30 日下降了 21%，並且好於計劃。庫存集中在我們最暢銷的 SKU 上，其中約 15% 於 12 月 31 日在運輸途中。

AR was $94 million versus $89 million at year-end, AP $62 million versus $99 million at year-end and debt was $56 million versus $13 million at year-end, and we had $55 million available for borrowing in our facility.

AR 為 9400 萬美元，年底為 8900 萬美元，AP 為 6200 萬美元，年底為 9900 萬美元，債務為 5600 萬美元，年底為 1300 萬美元，我們的設施中有 5500 萬美元可用於借款。

Turning now to our expectations for second half fiscal '22. Please turn to Slide 21 in the presentation to follow along. To gauge growth and progress against more normalized pre-pandemic results, we'll be comparing this year's sales versus the same period 2 years ago for the next few quarters. In addition, because fitness season straddles the last 2 quarters of the year, we believe it's prudent to consider results on a 6-month basis from October 1, 2021 to March 31, 2022.

現在轉向我們對 22 財年下半年的預期。請翻到演示文稿中的幻燈片 21 以繼續觀看。為了根據更正常化的大流行前結果來衡量增長和進展，我們將在接下來的幾個季度將今年的銷售額與兩年前的同期進行比較。此外，由於健身季橫跨一年的最後兩個季度，我們認為謹慎考慮從2021年10月1日到2022年3月31日這6個月的基礎上的結果。

The company now expects total company net sales in the second half of this fiscal year to be between $260 million and $280 million, an increase of 31% to 41% versus the same period 2 years ago. The decline versus previous guidance is driven by lower demand in International, and increased discounting in the U.S. and Canada this fitness season.

該公司目前預計本財年下半年公司淨銷售額總額將在2.6億至2.8億美元之間，較兩年前同期增長31%至41%。與之前指導相比的下降是由於國際需求下降以及本健身季節美國和加拿大折扣增加所致。

This year, the fitness season was much more promotional, driven in part by consumer expectations of good deals during this time period. The deep promotional events have concluded, and we are now back to more normal seasonal promotions.

今年，健身季的促銷力度更大，部分原因是消費者對這一時期的優惠預期。深度促銷活動已經結束，我們現在又回到了更正常的季節性促銷活動。

On Slide 22, we provided a waterfall explaining the year-over-year change for operating margins. At the bottom of the slide, we've noted the second half guidance we provided 3 months ago in November 2021. We now expect the impact of logistics, product costs and higher promotions to be 15 to 16 percentage points, higher than previous guidance of 12 points, primarily due to the increased discounting during fitness season.

在幻燈片 22 上，我們提供了一個瀑布圖來解釋營業利潤率的同比變化。在幻燈片的底部，我們注意到我們在3 個月前（2021 年11 月）提供的下半年指導。我們現在預計物流、產品成本和更高促銷的影響將達到15 至16 個百分點，高於之前的指導12點，主要是健身季折扣力度加大。

As a rate of sales, we expect total JRNY investments to be 6 to 9 percentage points higher versus last year, advertising to be 8 to 9 percentage points higher and OpEx to be 3 to 4 percentage points higher, driven by North Star investments and deleveraging of fixed cost on lower sales.

從銷售額來看，在北極星投資和去槓桿化的推動下，我們預計JRNY 總投資將比去年高出6 至9 個百分點，廣告投資將高出8 至9 個百分點，運營支出將高出3至4 個百分點銷售額較低時的固定成本。

Despite lower gross margins, we still expect operating margin loss in the mid-teens, and we're now guiding to adjusted EBITDA loss in the low teens. We are reiterating full year CapEx to be between $12 million and $14 million, with the majority earmarked for JRNY, and we expect the number of JRNY members at year-end to cross 300,000, above the midpoint of our previous guidance.

儘管毛利率較低，但我們仍預計營業利潤率損失將在 15% 左右，並且我們目前的指導是將調整後 EBITDA 損失控制在 15% 左右。我們重申全年資本支出在 1200 萬美元至 1400 萬美元之間，其中大部分專門用於 JRNY，我們預計年底 JRNY 會員數量將超過 300,000 人，高於我們之前指導的中點。

We continue to expect to return to positive adjusted EBITDA in fiscal '23. And because of our investments in the higher-margin subscription business, we believe we're on track to achieving operating margins of 15% by fiscal year-end '25, with margins expanding to high teens by year-end 26. I'll now turn it back over to Jim for his final comments.

我們繼續預計 23 財年調整後 EBITDA 將恢復為正值。由於我們對利潤率較高的訂閱業務的投資，我們相信到 25 財年末，我們有望實現 15% 的營業利潤率，到 26 財年末，利潤率將擴大到十幾歲。現在將其轉回吉姆以徵求他的最終意見。

Thank you, Aina. I'll end our prepared remarks by saying that we are in the process of transforming into a digital leader in connected fitness, and that transformation is already yielding tangible results. We continue to execute in a disciplined way as we capitalize on the long-term opportunity and navigate the challenges.

謝謝你，艾娜。在結束我們準備好的發言時，我要說的是，我們正在轉型為互聯健身領域的數字領導者，而且這種轉型已經產生了切實的成果。我們將繼續以嚴格的方式執行任務，充分利用長期機遇並應對挑戰。

Further, we are executing against our North Star plan, and we are succeeding. These investments are paying off, and we are on track to surpass our goal of 300,000 members by the end of the fiscal year, moving us closer to our long-term goal of 2 million members in fiscal 2026.

此外，我們正在執行我們的北極星計劃，並且我們正在取得成功。這些投資正在得到回報，我們有望在本財年結束時超越 30 萬會員的目標，使我們更接近 2026 財年擁有 200 萬會員的長期目標。

I would like to end by thanking all of our incredible employees and partners for their tireless dedication and support of our mission. And now I'd like to go -- open it up for questions. Operator?

最後，我要感謝我們所有出色的員工和合作夥伴對我們使命的不懈奉獻和支持。現在我想開始提問。操作員？

(Operator Instructions) Our first question comes from Mike Swartz with Truist Securities.

（操作員說明）我們的第一個問題來自 Truist Securities 的 Mike Swartz。

Maybe just starting off on the cardio side of the business. I mean, it sounds like it was maybe a little bit softer than you had anticipated. So I guess I'm just wondering how much of that is the discounting environment that we saw through the holiday season versus your commentary around International? And I think you had also mentioned that you pulled back on advertising around cardio given some of the supply limitations. So the second part of that would just be, when do you expect advertising to return to more normal levels for cardio?

也許剛剛開始從事有氧運動方面的業務。我的意思是，聽起來可能比你預期的要軟一些。所以我想我只是想知道我們在假期期間看到的折扣環境與您對國際市場的評論有多少關係？我想你也提到過，鑑於一些供應限制，你取消了有關有氧運動的廣告。因此，第二部分就是，您預計有氧運動廣告何時會恢復到更正常的水平？

Sure. Yes. Great question. For sure, like I think the first thing we have to think about is the fact that on cardio, we are comping a pretty good quarter last year, right? Our all-time high quarter overall. And then we had just launched the VeloCore bikes. So we had a lot of great bikes in the market, and we were coming back into supply for that. So first of all, I think it's a tough comp on the cardio side.

當然。是的。很好的問題。當然，我認為我們首先要考慮的是，在有氧運動方面，我們去年的季度表現相當不錯，對吧？我們的季度整體歷史最高水平。然後我們剛剛推出了 VeloCore 自行車。因此，我們在市場上有很多很棒的自行車，我們正在恢復供應。首先，我認為在有氧運動方面這是一場艱難的比賽。

Second thing is you're absolutely right. The chip shortage forced us to pivot away from using the maximum number of chips and go into some of the strength products that don't require chips. So we wanted -- that was 1 thing. So that was kind of a bit self-inflicted there -- I wouldn't say self-inflicted. It's something we really wanted to do. So that's a key part of it. And by doing that and attaching JRNY to dumbbells, we got a lot of JRNY memberships that way. We've got a lot of people trying the product, which is what we really wanted to do.

第二件事是你是絕對正確的。芯片短缺迫使我們放棄使用最大數量的芯片，轉向一些不需要芯片的優勢產品。所以我們想要——這是一件事。所以這有點是自找的——我不會說是自找的。這是我們真正想做的事情。這是其中的關鍵部分。通過這樣做並將 JRNY 附加到啞鈴上，我們就這樣獲得了很多 JRNY 會員資格。我們有很多人嘗試這個產品，這正是我們真正想做的。

I think part of it is we were stocked out on a few of our best-selling cardio products like one of the VeloCores, I think maybe both of the VeloCores at times during the quarter, the M9 and some of our treads. So we were stocked out and so a little bit more limited on those and we made a ton of dumbbells.

我認為部分原因是我們的一些最暢銷的有氧運動產品（例如其中一款 VeloCore）、M9 和我們的一些胎面可能在本季度有時都缺貨了。所以我們庫存不足，所以這些產品受到了一些限制，我們製作了大量的啞鈴。

And 60% of our cardio unit -- of our backlog is actually cardio units too. So you'll see more of that coming through going forward. So I think it's really a combination of comping a tough quarter, some stock-outs, then promoting strength on purpose and really pivoting towards a new mix of products that helped us deal with the chip shortage better. Now we hope that chip shortage goes away.

我們積壓的有氧運動單元中 60% 實際上也是有氧運動單元。所以你會看到更多這樣的事情發生。因此，我認為這實際上是一個組合，包括應對一個艱難的季度、一些缺貨，然後有目的地提昇實力，並真正轉向新的產品組合，幫助我們更好地應對芯片短缺問題。現在我們希望芯片短缺的情況能夠消失。

We would like to just go straight up on consumer demand. But I was actually quite pleased with how the team didn't take it lying down and just pivoted to the best way we could succeed this way. And then in terms of advertising, yes, I mean we're still largely known for cardio. We're still running several VeloCore commercials. We were just kind of highlighting that we had never really done a sort of a SelectTech-focused commercial before, and we did that this time. So we're just kind of balancing it a little bit better. And we'll probably see that going forward, that we'll look at both strength and cardio products in our advertising. So a really good question. Hopefully, that provides some color.

我們希望直接關註消費者的需求。但實際上我很高興團隊沒有坐以待斃，而是轉向我們能夠取得成功的最佳方式。然後就廣告而言，是的，我的意思是我們仍然以有氧運動而聞名。我們仍在播放一些 VeloCore 廣告。我們只是想強調，我們以前從未真正做過以 SelectTech 為中心的廣告，而這次我們做到了。所以我們只是更好地平衡它。未來我們可能會在廣告中關注力量產品和有氧運動產品。這是一個非常好的問題。希望這能提供一些色彩。

Yes, that's very helpful, Jim. And maybe a follow-up question for Aina. If I look at the guidance for the second half of the fiscal year, it looks like the expectation just of the headwind from advertising is a little lower, the headwind from JRNY investments a little higher. I guess how should we read that?

是的，這非常有幫助，吉姆。也許還有艾娜的後續問題。如果我看一下本財年下半年的指引，看起來廣告帶來的阻力的預期要低一些，JRNY 投資的阻力要高一些。我想我們應該怎麼讀呢？

I think the way that I'd want you to read it is, as we navigate the changing environment, we're going to pull all the levers available to us to achieve our strategic objectives, but also meet our short-term target for operating margins.

我認為我希望您閱讀它的方式是，當我們應對不斷變化的環境時，我們將利用所有可用的槓桿來實現我們的戰略目標，同時也實現我們的短期運營目標邊距。

Our next question comes from Sharon Zackfia with William Blair.

我們的下一個問題來自莎朗·扎克菲亞和威廉·布萊爾。

I appreciate the color on the International component. I guess I'm curious, do you think their inventory is going to be relatively clean at the distributor level by the end of March, so you're kind of more set up to win overseas as we enter fiscal '23? And I'd also appreciate if you have any insight into retailer inventory levels? I mean are those relatively clean? Or are they still working through any kind of excess inventory?

我很欣賞國際部分的顏色。我想我很好奇，您是否認為到 3 月底，他們的分銷商庫存會相對乾淨，因此，當我們進入 23 財年時，您更有能力贏得海外市場？如果您對零售商庫存水平有任何了解，我也將不勝感激。我的意思是那些相對乾淨嗎？或者他們仍在處理任何形式的過剩庫存嗎？

Sure. I'll start and if you want to add anything. Let me just start with the retail inventory. It looks pretty clean to us. The sell-through looks like it's going out. It did have a lot of inventory to start with, right? And so that's why we promoted and then, of course, our retailers have to -- when you're omnichannel, your retailers have to have the ability to promote to the same price you're promoting so if we do it on one side, it gets done on the other. So they started out with a fair amount of inventory as did we, but the sell-through numbers we've seen are quite healthy in that channel.

當然。我將開始，如果您想添加任何內容。讓我從零售庫存開始。對我們來說它看起來很乾淨。銷售量看起來即將消失。一開始確實有很多庫存，對吧？這就是我們促銷的原因，當然，我們的零售商必須這樣做——當你是全渠道的時候，你的零售商必須有能力促銷到與你促銷的價格相同的價格，所以如果我們一方面這樣做，它在另一邊完成。因此，他們一開始和我們一樣擁有相當數量的庫存，但我們在該渠道中看到的銷售量相當健康。

We did want to call out International. It's not a huge part of our business. We don't talk about it too often, but I don't think people understand structurally how it works, in that here in North America in retail, for example, we can support our retailers with some discounts and other ways to have them lower the price and meet our price. So we have some levers here that they don't have over there. When you sell through a distributor, you've got inventory that's resident at the distributor level. And then there's also inventory at the retail level.

我們確實想打電話給國際。這並不是我們業務的重要組成部分。我們不經常談論它，但我認為人們從結構上不理解它是如何運作的，例如，在北美的零售業，我們可以通過一些折扣和其他方式來支持我們的零售商，以降低它們的價格價格和符合我們的價格。所以我們這裡有一些他們那裡沒有的槓桿。當您通過經銷商進行銷售時，您擁有經銷商級別的庫存。此外還有零售層面的庫存。

So there's like an extra level there. I think in terms of calling the question, I mean, we continue -- we did say we expect it to be slow through the end of the quarter. I don't know where it will end at the end of the quarter. I think -- I mean, we've seen it slow down over there. People are still buying it, but a lot more lockdowns and things like that. So we're just not sure how long it's going to take to clear through those 2 levels of inventory. Now fortunately, that's only 10% of our business, but it sort of had maybe half of the impact this time as well. So hopefully, that gives you a little color.

所以那裡有一個額外的級別。我認為就提出這個問題而言，我的意思是，我們繼續——我們確實說過，我們預計到本季度末它會很緩慢。我不知道季度末會在哪裡結束。我想——我的意思是，我們已經看到那裡的速度放緩了。人們仍在購買它，但更多的封鎖和類似的事情。所以我們只是不確定清理這兩個級別的庫存需要多長時間。幸運的是，這僅占我們業務的 10%，但這次也可能產生了一半的影響。希望這能給你帶來一點色彩。

Yes, that's helpful. And then on the discounting side, I appreciate the commentary year-over-year, but can you talk about kind of the December quarter, how it looked relative to maybe December of 2019, if there's any kind of comparisons there? And how that comparable period would look so far kind of during New Year's resolution time frame relative to the like pre-COVID early 2020 time frame?

是的，這很有幫助。然後在折扣方面，我很欣賞同比的評論，但是您能談談 12 月季度的情況嗎？相對於 2019 年 12 月的情況如何，是否有任何比較？與新冠疫情爆發前的 2020 年初的時間範圍相比，在新年決議時間範圍內，這一可比時期目前看起來如何？

So when you compare to 2 years ago, so that will be the December 19 quarter, it's an interesting comparison because the company was in a much different place. But I would say that we intentionally chose to be very supportive of our retailers, to allow them to clear the inventory kind of in concert with how we were clearing at on Direct. Because we wanted to make sure that we entered the first half of fiscal year 2023 with cleaner inventories.

因此，當你與兩年前（即 12 月 19 日的季度）進行比較時，這是一個有趣的比較，因為該公司處於一個非常不同的位置。但我想說的是，我們有意選擇大力支持我們的零售商，允許他們按照我們在 Direct 上的清理方式來清理庫存。因為我們希望確保進入 2023 財年上半年時庫存更加清潔。

Yes. So -- and then I'll just say, look, it starts out that, of course, that's the time of the year everybody promotes, right? It didn't happen last year, but typically, that's the way it was. And when I say we saw that what we -- what was a little bit -- what we didn't expect maybe was our competition went deeper and longer than they typically do.

是的。那麼 - 然後我會說，看，一開始，當然，這是一年中每個人都會促銷的時間，對吧？去年沒有發生這種情況，但通常情況就是這樣。當我說我們看到我們——只是一點點——我們沒想到的是，我們的競爭比他們通常做的更深入、更持久。

And I guess if you kind of read what you -- read what's out there. They have a lot of inventory. So they're trying to clear through a lot of inventory. So it's probably the smart thing for them to do in that period. If you don't sell it in fitness season, you might be holding it for a bit longer. So they did that. And around holiday season, you've really got to -- I don't say if you have to match the competition, but you certainly have to play. Once you get out of fitness season like where we are now, it will be more normal discounting. We can decide, hey, do we want to match this type of price or would we rather go for margin over top line for this particular period? And when the volume is lower, you can sort of make that move.

我想如果你讀了你所讀的內容，那就讀一下那裡的內容。他們有很多庫存。所以他們正在努力清理大量庫存。所以這對他們來說在那個時期做可能是明智的事情。如果你在健身季節不賣掉它，你可能會持有更長的時間。所以他們就這麼做了。在假期期間，你真的必須——我不是說你是否必須參加比賽，但你肯定必須參加比賽。一旦像我們現在這樣的健身季節結束，折扣就會變得更加正常。我們可以決定，嘿，我們是否想要匹配這種類型的價格，或者我們寧願在這個特定時期內追求高於頂線的利潤？當音量較低時，您可以採取這種行動。

So I think more so than we've seen in a while, just because inventory positions at some of the competition were driving them to notably drop their prices, and we had to play a little bit. We mostly played with the JRNY -- with attaching JRNY, but we also did lower our prices and did quite a bit of discounting ourselves.

因此，我認為比我們一段時間以來所看到的更多，只是因為一些競爭對手的庫存狀況促使他們顯著降低價格，而我們不得不發揮一點作用。我們主要與 JRNY 一起玩——附加 JRNY，但我們也確實降低了價格，並給自己做了相當多的折扣。

Okay. And then last question for me. The logistics and product costs, I mean we've talked about that, I feel like, every quarter of this year for every company I follow. But you didn't really -- it doesn't seem like you really changed your expectation for that component for the second half of this year. Does that mean or can I infer that you're starting to see that kind of at least level off? Or are you -- I guess, I'm just trying to get a sense of, is it more predictable now? Or is it still volatile, worsening? If you can give us any context there, Aina, that would be helpful.

好的。然後是我的最後一個問題。物流和產品成本，我的意思是，我感覺今年每個季度我關注的每家公司都討論過這個問題。但你並沒有真的——看起來你並沒有真正改變你對今年下半年該組件的期望。這是否意味著或者我可以推斷你開始看到這種情況至少趨於平穩？或者你是——我想，我只是想了解一下，現在是否更容易預測？還是仍然不穩定、惡化？艾娜，如果你能為我們提供任何背景信息，那將會很有幫助。

Thanks, Sharon. That's a great question. So I'll make sure I answer the 3 points. Yes, it's about similar to what -- it's fairly similar to what we talked about last quarter and then in the guidance. So that does mean that we're starting to see some stabilization. We're no longer kind of getting rocked by surprises. And our intent, and this is the path to getting to fiscal year '23 positive EBITDA, is we're going to use that lever to get us to positive territory next year for EBITDA, and it's really going to be about improving things like storage costs that we'll no longer be needing as we go into fiscal year '23.

謝謝，莎倫。這是一個很好的問題。所以我會確保回答這三點。是的，這與我們上個季度以及隨後在指南中討論的內容非常相似。所以這確實意味著我們開始看到一些穩定的情況。我們不再因意外而感到震驚。我們的意圖，這是實現 23 財年 EBITDA 為正值的途徑，是我們將利用這個槓桿讓我們明年的 EBITDA 達到正值，這實際上是為了改善存儲等方面當我們進入第23 財年時，我們將不再需要這些成本。

Our next question comes from Steve Dyer with Craig-Hallum.

我們的下一個問題來自史蒂夫·戴爾和克雷格·哈勒姆。

Ryan, on for Steve. Curious on JRNY, I know you guys have been hesitant to give any paid subscriber metrics. But anything you can share at least qualitatively kind of relative to your internal expectations on the paid side within that total subscriber base?

瑞安（Ryan）替補史蒂夫（Steve）。我對 JRNY 感到好奇，我知道你們一直在猶豫是否要提供任何付費訂閱者指標。但是，您至少可以在定性上分享與總訂戶群中付費方面的內部期望相關的任何信息嗎？

Yes. I mean, as you've alluded, we've said for quite some time that starting next quarter, and I think we really mean it, next quarter we'll provide a whole -- kind of a fulsome set of metrics to begin to analyze the health of our subscription business.

是的。我的意思是，正如您所提到的，我們已經說過很長一段時間了，從下個季度開始，我認為我們是認真的，下個季度我們將提供一整套完整的指標來開始分析我們訂閱業務的健康狀況。

So we don't have that right now. We can say, as we said in the script, that we were at 250,000 members at year-end, at 12/31. I can also add to that, since you asked me, that today or as of Sunday, we were 280,000. On our way, as we said in the script, to eclipsing our 300,000 goal for the year. So we're doing well there.

所以我們現在沒有。正如我們在腳本中所說，我們可以說，截至年底，即 12 月 31 日，我們擁有 250,000 名會員。我還可以補充一點，既然你問我，今天或截至週日，我們的人數是 280,000。正如我們在劇本中所說，我們正在努力實現今年 30 萬的目標。所以我們在那裡做得很好。

Engagement is strong. I know that's not a metric, but we have metrics on that we haven't provided, so you wouldn't have context if I told you anyway. But there's strong engagement, churn is going down, the things you'd want to see. Still early, but that's all good. And yes, so a subcomponent of that is paid subscribers, for sure. But we're kind of in that stage where we're really just trying to get people to use it.

參與度很強。我知道這不是一個指標，但我們有我們沒有提供的指標，所以如果我告訴你，你也不會有上下文。但參與度很高，客戶流失率正在下降，這是您希望看到的事情。雖然還早，但一切都很好。是的，其中的一個子組成部分當然是付費訂閱者。但我們正處於這樣一個階段，我們實際上只是想讓人們使用它。

We were late to the game. We're giving someone a reason, especially people who love our equipment, the reason to try JRNY, and we're making it really easy for them to do that. So I think that's the right strategy. We look at some of our competitors that have done that early in their growth of their subscription base, and it has worked very, very well. So we'll continue to do that. And sorry I can't give you more of what you're exactly asking for, but hopefully, that gives you a little bit of color.

我們比賽遲到了。我們給某人一個理由，特別是那些喜歡我們設備的人，一個嘗試 JRNY 的理由，並且我們讓他們很容易做到這一點。所以我認為這是正確的策略。我們觀察了一些競爭對手，他們在訂閱基礎增長的早期就已經這樣做了，而且效果非常非常好。所以我們將繼續這樣做。抱歉，我無法為您提供更多您真正要求的內容，但希望這能給您帶來一點色彩。

Yes. That's helpful. Look forward to those metrics next quarter. Two kind of clarification points, just so I'm clear, in the -- for the guidance for the second half, the company expects adjusted EBITDA loss in the low teens. That reads like EBITDA dollars, but is that dollars or margin that you're talking there?

是的。這很有幫助。期待下個季度的這些指標。我想澄清一下，對於下半年的指導，公司預計調整後的 EBITDA 損失將在十幾歲以下。這讀起來就像 EBITDA 美元，但您所說的是美元還是利潤？

It's rate. I'm sorry, you're right. It's rate.

是利率。對不起，你是對的。是利率。

Okay. And then secondly, Amazon had been a 10% customer for umpteen quarters in a row. It did dip a little bit below that in the quarter. Anything to read through there? Or is it just -- yes, anything there?

好的。其次，亞馬遜已經連續多個季度佔據 10% 的客戶。本季度確實略低於該水平。那裡有什麼值得讀的嗎？或者只是——是的，有什麼嗎？

Yes. No, I think it's less about Amazon and more about what I mentioned, one of those capabilities we've built during the pandemic and strengthened of ours is that retailer base. We've talked before about Best Buy not even selling our stuff before this started, and now they're at the top.

是的。不，我認為這不是關於亞馬遜，而是關於我提到的，我們在大流行期間建立並加強的能力之一是零售商基礎。我們之前曾討論過百思買在這之前甚至不賣我們的東西，但現在他們已經名列前茅。

We continue very strong with DICK'S. We continue strong with Amazon. We've got a lot of Costco and Costco Canada and many other valuable retailers there. So we've really diversified that base, and that's why you see a number like that, where suddenly they're not at 10% anymore. But we think it's a healthy way to go, right? That just means there's more doors. I think -- I haven't looked at our doors lately, but I think in our last call, we talked about that growing at a fairly large percentage.

我們繼續大力支持 DICK'S。我們繼續與亞馬遜保持強勁關係。我們那裡有很多 Costco 和 Costco Canada 以及許多其他有價值的零售商。所以我們確實讓這個基礎變得多元化，這就是為什麼你會看到這樣的數字，突然之間他們不再是 10%。但我們認為這是一種健康的方式，對嗎？這只是意味著還有更多的門。我想——我最近沒有看過我們的大門，但我想在我們上次的電話中，我們談到了相當大的百分比增長。

So that just means you can get our products more places, from us or from any of those great retailers that I mentioned and some that I didn't.

因此，這僅意味著您可以從我們這里或我提到過的任何一家大型零售商和我沒有提到的一些零售商那裡獲得我們的產品。

(Operator Instructions) Our next question comes from Mark Smith with Lake Street Capital.

（操作員說明）我們的下一個問題來自 Lake Street Capital 的 Mark Smith。

Just one question from me. Just wanted to dig into the pricing trends just a little bit more for you and the industry. Can you talk a little bit about what you're seeing today as far as competitors' pricing? And maybe how promotional we have to be today to compete kind of post peak fitness season?

我只想問一個問題。只是想為您和整個行業深入了解定價趨勢。您能談談您今天所看到的競爭對手的定價嗎？也許我們今天必須進行多大程度的促銷才能參加健身高峰期後的比賽？

Yes. I mean most of it was during fitness season. And there's a few famous one where people -- a more expensive bike was lowered under $1,500, pretty famous one. Stayed there for a while. That company has now gone back to more regular pricing. And they have also -- now charging for assembly and some things like that.

是的。我的意思是大部分都是在健身季節。還有一些著名的自行車——一輛更貴的自行車降價到 1,500 美元以下，相當有名。在那里呆了一段時間。該公司現已恢復更常規的定價。他們現在還對組裝和類似的事情收費。

So I think you're sort of seeing there that it's going back to a more normalized way of going about it. I think some of the -- you'll still see some promotions as people try to squeeze the last little bit out of the season. But pretty soon, this is not on consumers' minds the way that it's been in holiday season and New Year's resolution season.

所以我認為你會看到它正在回到一種更正常化的處理方式。我認為，當人們試圖從這個季節中擠出最後一點時間時，你仍然會看到一些促銷活動。但很快，消費者就會不再像假日季節和新年決心季節那樣關注這一問題。

So it's coming down. I think the other thing we want -- the way we think about it is you don't always have to follow -- in game theory, you don't always have to follow your competitors when the volume is at a lower level of the year, where you may not have a choice when you're in holiday and fitness season.

所以它正在下降。我認為我們想要的另一件事——我們思考的方式是你不必總是遵循——在博弈論中，當交易量處於較低水平時，你不必總是遵循你的競爭對手今年，當您處於假期和健身季節時，您可能別無選擇。

So even if there is some more discounting, we can sit there and decide whether we'd rather promote and get more top line, or we want to preserve margin and our units. And especially with -- when you run out of a few of our cardio units like I mentioned, you may want to not discount those. So anyway, that's how it's going. And it goes day-to-day, but generally -- and I've been in this industry now for 3 years -- generally, it regulates around this time of year and in February. And so most of our -- we will run maybe a President's Day sale or something like that, and you'll see others doing that, but it won't be to the level that anybody was doing, in our opinion, most likely will be to that level as we saw in holiday and fitness season.

因此，即使有更多折扣，我們也可以坐在那裡決定是否願意促銷並獲得更多收入，或者我們想要保留利潤和我們的單位。尤其是當您用完我提到的一些有氧運動設備時，您可能不想打折扣。無論如何，事情就是這樣。它每天都會發生，但一般來說——我已經在這個行業工作了三年了——一般來說，它在每年的這個時候和二月左右進行監管。因此，我們的大多數 - 我們可能會舉辦總統日促銷或類似的活動，你會看到其他人這樣做，但它不會達到任何人所做的水平，在我們看來，很可能會達到我們在假期和健身季節看到的水平。

Okay. And then you guys talked about regulating G&A expense, it looks like you did a good job there. Would you call it fully regulated today in G&A? Or is there more places and maybe you can trim a little bit?

好的。然後你們談到了管理一般行政費用，看起來你們在這方面做得很好。您認為今天的 G&A 是否受到全面監管？或者還有更多的地方，也許你可以稍微修剪一下？

I'll take that. It's Aina. I think the way that -- and our approach has remained consistent since Jim and I joined the company. I have a really good visibility to what's fixed and what's variable and make sure the variable piece stays in line with revenue and expected revenue.

我會接受的。是艾娜。我認為自從吉姆和我加入公司以來，我們的方法一直保持一致。我對固定內容和可變內容有很好的了解，並確保可變部分與收入和預期收入保持一致。

So we've maintained that. And then as part of our North Star making sure that we don't waver from making the long-term investments we need, so that we can achieve those higher operating margins. So it's always a balancing act. So I think the answer is, it'll always be reacting to adjusting to top line environment.

所以我們一直堅持這一點。然後，作為我們北極星的一部分，確保我們毫不動搖地進行所需的長期投資，以便我們能夠實現更高的營業利潤率。所以這始終是一種平衡行為。所以我認為答案是，它總是會對適應頂線環境做出反應。

Yes. And maybe I'll just give an example, too. So over the period of the pandemic, our sales roughly doubled, right? So that's a lot more work. We moved more units this past quarter than we've ever done before. We've -- while doubling the revenue of the company, we increased our headcount 10%. So that just gives you kind of an idea there.

是的。也許我也會舉一個例子。那麼在大流行期間，我們的銷售額大約翻了一番，對嗎？所以還有很多工作要做。上個季度我們搬遷的單位比以往任何時候都多。我們在將公司收入翻倍的同時，將員工人數增加了 10%。所以這只是給你一個想法。

Now we still have a lot of contractors and things like that, especially in JRNY. So it's -- we have more FTE working. And of course, in our asset-light model, we don't have employees. We have people working on our behalf. So that's not a full thing. But I think it is kind of a nice testament of how we try to keep this variable, as Aina said, until we see where that settle point is -- and we try not to get too far out over our skis and things like that. At the same time, we've added all those great capabilities I listed, too.

現在我們還有很多承包商之類的東西，尤其是在 JRNY。所以，我們有更多的 FTE 工作。當然，在我們的輕資產模式中，我們沒有員工。我們有人為我們工作。所以這還不是一個完整的事情。但我認為這很好地證明了我們如何努力保持這個變量，正如艾娜所說，直到我們看到穩定點在哪裡——並且我們盡量不要在滑雪板和類似的事情上走得太遠。同時，我們也添加了我列出的所有強大功能。

So it's not like we're standing still. We're just investing in the areas that we really need to invest in. And of course, staying true to both the JRNY and the Bowflex brand investments.

所以我們並不是停滯不前。我們只是投資於我們真正需要投資的領域。當然，忠於 JRNY 和 Bowflex 品牌投資。

Perfect. And the last one for me. As you talk about investments, as we look at R&D, how much of this is maybe on the product side versus on the technology side, and any insight into your pipeline for new products?

完美的。最後一張對我來說。當您談論投資時，當我們考慮研發時，其中有多少可能是在產品方面與技術方面，以及對您的新產品管道的任何見解？

So that's a really great question. So one of the things that we did as we were going through North Star, we did a lot of focusing work. When you do that and you narrow your SKUs and you improve the commercial business, we decided to sunset one of the brands, that kind of frees up some resources from maybe the more equipment side of the business and then allows you to invest them into JRNY.

所以這是一個非常好的問題。因此，我們在穿越北極星時所做的一件事是，我們做了很多聚焦工作。當你這樣做並縮小你的 SKU 並改善商業業務時，我們決定淘汰其中一個品牌，這可以從業務的更多設備方面釋放一些資源，然後允許你將它們投資到 JRNY 。

So what we've invested in JRNY, you don't necessarily see reflected as the true year-over-year increase, because we were able to kind of be more optimized, cut some costs and then reinvest them into North Star.

因此，我們在 JRNY 的投資，你不一定會看到真正的同比增長，因為我們能夠更加優化，削減一些成本，然後將其重新投資到 North Star。

And then in terms of the pipeline, I think what we said was, well, look, we just did all the cardio. So we're going to do some more stuff in cardio for sure. We haven't announced it, but you can expect that. But mostly we're looking at strength now. We mentioned dumbbells with VAY and some other strength products that will be coming out over the next year. And so that's a lot of our pipeline.

然後就管道而言，我認為我們所說的是，好吧，看，我們只是做了所有的有氧運動。所以我們肯定會在有氧運動方面做更多的事情。我們還沒有宣布，但你可以期待這一點。但現在我們主要關注的是實力。我們提到了 VAY 啞鈴和其他一些將於明年推出的力量產品。這就是我們的很多管道。

I don't know if I could give you a -- we used to be a completely mechanical engineering company, and now you heard all the software engineers that we've hired. So it's definitely tilting more towards software engineering, thinking that over time, that's one of the main ways that we'll differentiate. We'll still be trying for strong mechanical differentiation like we have in VeloCore and the new Max Trainer and things like that. And when we get it, it's fantastic. But we've built a bit more to the software.

我不知道我是否可以給你一個——我們曾經是一家完全機械工程公司，現在你聽到了我們僱傭的所有軟件工程師。因此，它肯定會更多地傾向於軟件工程，認為隨著時間的推移，這是我們差異化的主要方式之一。我們仍將努力實現強大的機械差異化，就像我們在 VeloCore 和新的 Max Trainer 等中所做的那樣。當我們得到它時，真是太棒了。但我們已經為該軟件構建了更多內容。

And the way we think about it, it's not either/or, the software actually makes the hardware better. So it's sort of the software is a feature of the hardware. And that's the way we've really driven the transformation. It's not like oh, we don't value mechanical engineers anymore. We value them as much as we ever did, if not more. And then we add this other capability on top of it. And so maybe you're tilting a little bit more that way, and some of it is where we were a little late to the game and we've got some catch-up to do.

從我們的角度來看，這不是非此即彼的問題，軟件實際上使硬件變得更好。所以軟件是硬件的一個功能。這就是我們真正推動轉型的方式。這並不是哦，我們不再重視機械工程師了。我們一如既往地珍視它們，甚至更多。然後我們在其之上添加其他功能。所以也許你在這方面的傾斜程度更大一些，其中一些是我們在比賽中有點晚了，我們需要做一些追趕。

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

我們的下一個問題來自羅斯資本合夥公司的喬治·凱利。

So just to start on inventory. So it came down sequentially, but it's still quite a bit above pre-COVID levels. So just curious if you could talk about what is normalized inventory? Or where do you expect it to move to? And how long do you think it will take to get you there?

所以就從庫存開始吧。所以它連續下降，但仍然比新冠疫情前的水平高出很多。所以只是好奇您能否談談什麼是標準化庫存？或者你預計它會移動到哪裡？您認為需要多長時間才能到達那裡？

Yes. So thanks for the question. It's a great one. So we think about that a lot, because what's the right level knowing that overall, our company is a lot bigger than it was 2 years ago. So it's a little heavier now than I'd like it to be, and we have a plan I feel really confident in to glide down to a lower number in the first half of '23. But obviously, taking it back up again in preparation of fitness season fiscal year '23. So slightly higher than I'd like it to be, but moving in the right direction.

是的。謝謝你的提問。這是一件很棒的事情。所以我們對此進行了很多思考，因為知道總體而言，我們的公司比兩年前大得多，什麼水平才是合適的水平。所以現在它比我想要的重一點，我們有一個我非常有信心的計劃，在 23 年上半年下降到較低的數字。但顯然，為了準備 23 財年的健身季節，再次將其恢復。比我想要的略高，但正在朝著正確的方向前進。

And as reminder, the reason it's high is because when you have this uncertainty in the supply chain environment, we really wanted to make sure that the inventory was on hand -- in our hand in the DCs prior to the big fitness season, which is Q3 and Q4 of this fiscal year.

提醒一下，之所以這麼高，是因為當供應鏈環境存在這種不確定性時，我們真的想確保庫存在手頭——在大型健身季節之前，在我們的 DC 手中，這是本財年第三季度和第四季度。

Yes. And I do like the way we've worked it down. I know the CFO wants it lower and that's what she should. But we're -- we think we've got the right stuff to sell. We think it's in the right areas. Like I said, we had a couple of stock outs and not happy about that, but you can't be perfect in predicting this. And it tells us people really enjoy our products and demand them. So we've got that for sure. But I think generally, we're in a good spot.

是的。我確實喜歡我們解決問題的方式。我知道首席財務官希望降低成本，這就是她應該做的。但我們——我們認為我們有合適的東西可以賣。我們認為它處於正確的領域。就像我說的，我們有幾次缺貨，對此並不滿意，但你不可能完美地預測這一點。它告訴我們人們真的很喜歡我們的產品並且需要它們。所以我們已經確定了。但我認為總的來說，我們處於一個好的位置。

Okay. Okay. And then next question on -- I'm just trying to map out next year, fiscal year '23. And you mentioned in your prepared remarks just a return to kind of normal seasonality. So if I play that through, does that -- should we see a sort of summer dip versus the December and March quarters, like we saw normally before COVID? And then you would expect it to again climb again in the holiday season of fiscal year '23.

好的。好的。然後下一個問題是——我只是想規劃明年，即 23 財年。您在準備好的發言中提到，這只是恢復到正常的季節性。那麼，如果我仔細考慮一下，我們是否應該看到夏季與 12 月和 3 月季度相比有所下降，就像我們在新冠疫情之前通常看到的那樣？然後你會預計它會在 23 財年的假日季節再次攀升。

That's what we are planning for and executing against for our Direct segment. The retailer segment is still kind of more volatile, again only related to the ability to ship things FFO or to ship things from where our DCs are in the EU into U.K. So there's a little bit of noise when it comes to the retail side, but for the Direct side that's what we're executing to. And we saw it kind of play out in the last few quarters. It was matching historical seasonality for direct. So we are expecting that to continue in fiscal year '23.

這就是我們為直接業務部門所規劃和執行的目標。零售商領域仍然波動較大，同樣只與將物品運送到 FFO 或將物品從我們位於歐盟的配送中心運送到英國的能力有關。因此，零售方面存在一些噪音，但是對於Direct 方面，這就是我們正在執行的目標。我們在過去幾個季度看到了這種情況的發生。它與直航的歷史季節性相匹配。因此，我們預計這種情況將在 23 財年繼續下去。

Yes. And I'll just jump on, I'll add to Aina's, especially what we -- what is now our first quarter, the quarter ending June. Remember last year, it's just all the retailers loaded in way earlier than they would normally do it. So that's going to be -- its going to be interesting to see, they really didn't turn to normal seasonality while direct did.

是的。我會繼續說下去，我會補充艾娜的內容，特別是我們現在的第一季度，也就是六月結束的季度。還記得去年，所有零售商的裝貨時間都比平時要早。所以這將是 - 很有趣的是，他們確實沒有轉向正常的季節性，而直接轉向。

So it will be interesting to see if -- because of supply gain shortages that they order that early, I would guess they won't. I would guess that, hey, if they see it the way that we're seeing it, that it's going to be kind of a normalization year that they may go back to their normal ordering, because you remember, the first quarter, the June quarter in retail was super, super high. and the second quarter was a little weaker because they had ordered -- preordered in the first quarter.

因此，看看是否會很有趣——因為他們這麼早就訂購了供應增益短缺，我猜他們不會。我猜想，嘿，如果他們以我們的方式看待它，這將是一種正常化的一年，他們可能會回到正常的排序，因為你記得，第一季度，六月本季度零售業的表現非常非常高。第二季度的表現有點疲軟，因為他們在第一季度就預訂了。

So I'd say maybe you're going to have some shift there. But like I agree with everything Aina said about direct and normal seasonality through the summer.

所以我想說也許你會在那裡輪班。但就像我同意艾娜所說的關於整個夏天的直接和正常季節性的一切。

Okay. And then last question for me. What was -- so I guess, 2 advertising questions. What was the media spend in the quarter? And then you've talked about reasons mostly supply chain related for kind of peeling back on some of your ad spending. But when you look at what peers are doing, I mean, does it seem like folks are getting more rational as far as what the current environment is and not spending as much on direct advertising? Or just what does that look like so far this year?

好的。然後是我的最後一個問題。我想，這就是 2 個廣告問題。本季度的媒體支出是多少？然後您談到了一些主要與供應鏈相關的原因，導致您削減部分廣告支出。但當你看看同行們在做什麼時，我的意思是，人們似乎對當前的環境變得更加理性，並且不再在直接廣告上花費那麼多？或者今年到目前為止情況如何？

Yes, I'll start. I think it's going to be interesting just picking up your last part. I mean we've obviously been outspent by several of our competitors for a sustained period of time. And we've just had to be smart about it and when we did it and how much we spent and things like that.

是的，我要開始了。我認為繼續你的最後一部分會很有趣。我的意思是，在一段持續的時間內，我們的支出顯然被幾個競爭對手超過了。我們必須明智地對待這件事，我們什麼時候做的，我們花了多少錢等等。

I think you're probably right. I mean, we can't speak for competitors, but I -- from a lot of the things you hear about in the marketplace, it seems like it may go a little bit more rational where you're -- you can justify your cost of customer acquisition and things like that.

我想你可能是對的。我的意思是，我們不能代表競爭對手說話，但我——從你在市場上聽到的很多事情來看，你所在的地方似乎可能會更加理性一些——你可以證明你的成本是合理的客戶獲取之類的事情。

So I would speculate, but it would only be speculation, that it would turn out that way. But I will say that, again, in my remarks, I was -- we measure this thing where it's share of voice, which is how often you hear our name versus any of our competitors'. And a good quarter for us is when our share of voice is above our market share. And it was almost twice that this time. So I'll call the third quarter a good quarter. But we -- it doesn't happen every quarter. That says we're doing a good job. We'll hope that we continue to do that.

所以我會推測，但這只是推測，結果會是這樣。但我要再說一遍，在我的講話中，我們衡量這個問題的標準是聲音份額，即你聽到我們的名字與任何競爭對手的名字的頻率。對我們來說，一個好的季度是當我們的聲音份額高於我們的市場份額時。而且這次幾乎是兩倍。所以我將第三季度稱為一個好的季度。但我們——這並不是每個季度都會發生。這說明我們做得很好。我們希望我們繼續這樣做。

While at the same time, and we are staying true to the brand spend. Now some of the brand spend does drive revenue. So that helps us, too, and we're spending more there. But the brand over time, you get a more modern view of Bowflex and luckily, the way to do that is to use JRNY to make Bowflex more modern. And that's the way the advertising is generally going. So I think it's going in the right direction, but it will be interesting to see. And I think it does call a little bit for speculation on what competitors will do.

與此同時，我們也忠於品牌支出。現在，一些品牌支出確實推動了收入。所以這對我們也有幫助，我們在這方面投入了更多。但隨著時間的推移，您會對 Bowflex 品牌有更現代的看法，幸運的是，做到這一點的方法是使用 JRNY 使 Bowflex 變得更現代。這就是廣告通常進行的方式。所以我認為它正在朝著正確的方向發展，但看到它會很有趣。我認為這確實需要猜測競爭對手會做什麼。

But maybe that will exactly happen, that it will be a little more rational. I think there wasn't -- there weren't very many people even trying to make money in this space a while ago, and I think it's now turning into a market where that's becoming more rational and more important. And therefore, when you make all your decisions, whether it's inventory or advertising or whatnot, you're going to be considering that.

但也許這確實會發生，而且會更加理性一些。我認為不久前甚至沒有多少人試圖在這個領域賺錢，而且我認為它現在正在變成一個變得更加理性和更加重要的市場。因此，當你做出所有決定時，無論是庫存、廣告還是其他什麼，你都會考慮到這一點。

And then advertising from Q3 was $21 million versus $10 million last year.

第三季度的廣告費用為 2100 萬美元，而去年為 1000 萬美元。

There are no further questions at this time. I would like to turn the floor back over to Jim Barr for any closing comments.

目前沒有其他問題。我想將發言權交還給吉姆·巴爾（Jim Barr）以徵求結束語。

Thank you to everyone on the call today for your continued support of Nautilus. We look forward to talking to you again on our fourth quarter fiscal year '22 call in May. Have a great rest of your day, onwards and upwards.

感謝今天參加電話會議的所有人對 Nautilus 的持續支持。我們期待在 5 月份的 22 財年第四季度電話會議上再次與您交談。好好休息一天，繼續向上。

This concludes today's conference. You may now disconnect. Thank you for your participation.

今天的會議到此結束。您現在可以斷開連接。感謝您的參與。