Nautilus Inc (NLS) 2022 Q1 法說會逐字稿

Greetings, and welcome to Nautilus, Inc. First Quarter 2022 Earnings Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Nautilus, Inc. 2022 年第一季度收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Mr. John Mills with ICR. Thank you. You may begin.

現在我想將會議交給東道主 ICR 的 John Mills 先生。謝謝。你可以開始了。

Thank you. Good afternoon, everyone. Welcome to Nautilus' First Quarter Fiscal 2022 Conference Call. As previously announced, Nautilus changed its fiscal year from the 12 months beginning January 1 and ending December 31 to the 12 months beginning April 1 and ending March 31 to include the primary fitness season for exercise equipment in the same fiscal year and to better align with the fiscal year end of retail partners.

謝謝。大家下午好。歡迎參加 Nautilus 2022 財年第一季度電話會議。正如之前宣布的那樣，Nautilus 將其財年從1 月1 日開始至12 月31 日結束的12 個月更改為4 月1 日開始至3 月31 日結束的12 個月，以將健身器材的主要健身季節納入同一財年，並更好地與零售合作夥伴的財政年度結束。

Today, Nautilus is reporting financial results for its first quarter fiscal 2022 ending June 30, 2021. Participants on the call 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.

今天，Nautilus 報告了截至 2021 年 6 月 30 日的 2022 財年第一季度財務業績。Nautilus 電話會議的參與者包括首席執行官 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。

In today's call, we have a presentation accompanying the call that management will refer to during their prepared remarks. And on Slide 2 is our full safe harbor statement, which we ask everyone to read. You can access the presentation now by going to nautilusinc.com, then click on the Investor tab and then click on the Events & Webcasts, and the presentation will be right there for you.

在今天的電話會議中，我們將在電話會議中附上一份演示文稿，管理層將在準備好的發言中參考該演示文稿。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。您現在可以訪問 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”，演示文稿就在那里為您提供。

I'd like to remind everyone that during the conference call, Nautilus management may 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. 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.

我想提醒大家的是，在電話會議期間，鸚鵡螺管理層可能會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。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' CEO, Mr. Jim Barr.

至此，我很高興將電話轉給 Nautilus 首席執行官 Jim Barr 先生。

Thank you, John, and thank you all for joining us today. I'm excited to speak to you today about our strong growth in earnings driven by long-term secular trends towards home fitness and, most importantly, our team's strong execution. I'll then shift to an update on the notable progress we're making, implementing our long-term strategy. I'll share some perspectives on my now 2 years at Nautilus, and I'll finish by reiterating our commitment to invest for the long run. I'm incredibly proud of our team for achieving in both short-term results and progressing in our transformation, which will take Nautilus to a place it's never been before.

謝謝約翰，也感謝大家今天加入我們。我很高興今天能與您談論我們收入的強勁增長，這是由家庭健身的長期趨勢推動的，最重要的是，我們團隊的強大執行力。然後我將介紹我們在實施長期戰略方面所取得的顯著進展的最新情況。我將分享我在 Nautilus 兩年來的一些看法，最後我將重申我們對長期投資的承諾。我為我們的團隊在短期成果和轉型方面取得的進展感到無比自豪，這將把鸚鵡螺帶到前所未有的高度。

In the first fiscal quarter, we produced strong growth and profitability, exceeding our top line and operating margin guidance. This was driven by continued robust demand for at-home fitness across our portfolio of leading strength and cardio products, as well as across our customer touch points with our domestic and international retail partners and online Direct segment. We leveraged our backlog, strategically built up our inventory for the upcoming fitness season and continued to manage a slew of unprecedented and temporary challenges and global supply chain and logistics to drive these results.

在第一財季，我們實現了強勁的增長和盈利能力，超出了我們的營收和營業利潤率指導。這是由於我們領先的力量和有氧運動產品組合以及我們與國內和國際零售合作夥伴以及在線直營部門的客戶接觸點對家庭健身的持續強勁需求推動的。我們利用積壓的庫存，戰略性地為即將到來的健身季節建立庫存，並繼續應對一系列前所未有的臨時挑戰以及全球供應鍊和物流，以推動這些成果。

This quarter, as a reminder, we are comping the first full quarter that benefited from COVID-related tailwinds. Against that backdrop, I'm delighted to report that net revenue was up 62% to $185 million, representing the highest June quarter and the fourth highest of any quarter in the company's 35-year history. Even more impressive, excluding Octane, revenue for the quarter was up 74% year-over-year.

提醒一下，本季度我們正在比較受益於新冠疫情相關利好因素的第一個完整季度。在此背景下，我很高興地報告，淨收入增長了 62%，達到 1.85 億美元，創下 6 月份季度的最高紀錄，也是該公司 35 年曆史上任何季度的第四高紀錄。更令人印象深刻的是，不包括 Octane，該季度的收入同比增長 74%。

The Direct segment grew 26% in what is traditionally our seasonally lightest quarter when consumers tend to be outside and not as focused on indoor exercise equipment. The Retail segment continues to set records, generating its highest-ever quarterly sales, achieving a record $120 million as we began to load into retail partners earlier for the high season. This is an early indicator that our expanded stable of retail partners is betting on a robust fitness and holiday season.

在傳統上季節性最淡的季度，當消費者傾向於戶外活動而不是關注室內運動器材時，直接細分市場增長了 26%。零售部門繼續創造記錄，創造了有史以來最高的季度銷售額，隨著我們開始在旺季提前向零售合作夥伴進貨，銷售額達到了創紀錄的 1.2 億美元。這是一個早期跡象，表明我們擴大的零售合作夥伴正在押注強勁的健身和假期季節。

In addition, our international channel recorded its second highest quarterly sales, up 70% or 102% excluding Octane. Strong sales of our new connected fitness cardio machines, including our VeloCore bikes, combined with solid performance from many of our strength products, including the continued momentum of our SelectTech line, drove these better-than-expected results.

此外，我們的國際渠道創下了第二高的季度銷售額，增長了 70% 或 102%（不包括 Octane）。我們的新型互聯健身有氧器械（包括 VeloCore 自行車）的強勁銷售，加上我們許多力量產品（包括 SelectTech 系列的持續增長勢頭）的強勁表現，推動了這些好於預期的業績。

The market reception to our new connected fitness offerings is an important driving force behind our continued growth. This past quarter, we introduced our brands to over 40,000 new customers via our website, bringing our new customer count to over 380,000 for the last 15 months. For context, our new customer count averaged about 100,000 a year pre-pandemic.

市場對我們新的互聯健身產品的接受是我們持續增長的重要驅動力。上個季度，我們通過網站向 40,000 多名新客戶介紹了我們的品牌，使我們的新客戶數量在過去 15 個月內達到了 380,000 多名。就背景而言，在疫情爆發前，我們的新客戶數量平均每年約為 100,000 人。

The growth in direct customers and our expanding retail universe are fueling membership growth for connected product sales. JRNY membership growth accelerated after we introduced our first embedded screen product in September of 2020. And by the end of June, we had more than doubled the number of members versus the beginning of January. I'll provide additional detail on JRNY in a few moments.

直接客戶的增長和我們不斷擴大的零售領域正在推動互聯產品銷售會員的增長。自 2020 年 9 月推出首款嵌入式屏幕產品後，JRNY 會員增長速度加快。到 6 月底，我們的會員數量比 1 月初增加了一倍多。稍後我將提供有關 JRNY 的更多詳細信息。

Our entire industry, along with countless others, continue to face unprecedented and temporary inflationary pressures in raw materials and logistics. Gross margins were affected by higher component costs, including chip shortages that are -- affected many industries as well as higher commodity prices such as steel and continuingly elevated transportation costs. In addition, natural season channel mix shift to retail played a role. Direct was 34% of the business in this quarter versus 44% last year.

我們整個行業以及無數其他行業繼續面臨原材料和物流方面前所未有的暫時通脹壓力。毛利率受到零部件成本上漲的影響，包括影響許多行業的芯片短缺以及鋼鐵等大宗商品價格上漲和運輸成本持續上漲。此外，自然季節渠道組合向零售的轉變也發揮了作用。直接業務佔本季度業務的 34%，而去年為 44%。

I want to emphasize that we view these margin pressures to be temporary challenges as the world recovers from the disruptions caused by COVID-19. While this impact is significant in the short term, we believe these external margin pressures will normalize over time. Short-term margins do not change our view of the long-term value we are creating.

我想強調的是，隨著世界從 COVID-19 造成的破壞中恢復過來，我們認為這些利潤壓力只是暫時的挑戰。雖然這種影響在短期內很大，但我們相信這些外部利潤壓力將隨著時間的推移而正常化。短期利潤不會改變我們對所創造的長期價值的看法。

Despite gross margin pressures, operating margins came in above the high end of our guidance at nearly 10% driven by our strong top line results as well as our strategic decision to shift some North Star investment dollars from Q1 into Q2, including brand marketing for Tour de France and Olympic advertising. EBITDA was $20 million, and we ended the quarter with $83 million of cash and short-term investments.

儘管毛利率面臨壓力，但由於我們強勁的營收業績以及我們將部分北極星投資資金從第一季度轉移到第二季度（包括巡迴賽的品牌營銷）的戰略決定，營業利潤率仍高於我們指導的上限，接近10%法國和奧林匹克廣告。 EBITDA 為 2000 萬美元，本季度結束時我們擁有 8300 萬美元的現金和短期投資。

As discussed at our Investor Day and on our last earnings call, we operate in an attractive, expanding and very dynamic at-home fitness industry. Our addressable market has expanded rapidly based on permanent changes in workout habits, which favor home fitness. In the past 15 months, consumers saw that connected fitness could deliver on many of the elements that they used to get only at the gym: personal training, trainer-led classes, community and variety.

正如我們在投資者日和上次財報電話會議上所討論的那樣，我們所處的家庭健身行業極具吸引力、不斷擴張且充滿活力。由於鍛煉習慣的永久性變化（有利於家庭健身），我們的目標市場迅速擴大。在過去 15 個月中，消費者發現聯網健身可以提供他們過去只能在健身房獲得的許多元素：個人訓練、教練指導的課程、社區和多樣性。

As you know, we have continued to follow the sentiment of former gym goers for over a year now. 25% of former gym goers have consistently expressed that they have no plans to ever return to the gym, and many others are changing how they balance the gym and at-home based on an emerging hybrid work model.

如您所知，一年多以來，我們一直在關注前健身愛好者的情緒。 25% 的前健身愛好者一致表示，他們沒有計劃重返健身房，而其他許多人正在基於新興的混合工作模式改變他們平衡健身房和家庭的方式。

We are extremely well positioned for long-term growth with our top 3 market share, our strong brands, our portfolio of innovative products, our wide and expanding multichannel distribution and an inspirational new vision and long-term connected fitness digitally driven growth strategy. We are transforming Nautilus from a product-led hardware company to a consumer-led digital company. Our strategy is rooted in 5 pillars designed to position Nautilus to deliver long-term value.

憑藉我們排名前三的市場份額、我們強大的品牌、我們的創新產品組合、我們廣泛且不斷擴大的多渠道分銷以及鼓舞人心的新願景和長期互聯健身數字驅動增長戰略，我們為長期增長做好了極其有利的準備。我們正在將 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。我們的戰略植根於 5 個支柱，旨在讓 Nautilus 實現長期價值。

Our entire organization is focused on delivering these long-term goals by March of 2026: $1 billion of revenue, 2 million JRNY members and sustainable operating margins of 15% with the opportunity to further expand as subscriptions become a larger portion of revenue.

我們整個組織的重點是到2026 年3 月實現這些長期目標：實現10 億美元的收入、200 萬JRNY 會員和15% 的可持續運營利潤，並且隨著訂閱在收入中所佔的比例越來越大，還有機會進一步擴大。

Achieving these goals requires investments, and we intend to self-fund these investments via our pay-as-you-go philosophy. Using a long-term ROI lens, we'll invest a portion of our earnings in the following key areas: JRNY, marketing, innovation and technology, product costs to accelerate membership growth, people and capabilities and partnerships and tuck-in acquisitions. Aina will provide more detail on our planned North Star investments for the rest of the year.

實現這些目標需要投資，我們打算通過現收現付的理念為這些投資提供資金。從長期投資回報率的角度來看，我們將把部分收入投資於以下關鍵領域：JRNY、營銷、創新和技術、加速會員增長的產品成本、人員和能力、合作夥伴關係以及收購。艾娜將提供有關我們今年剩餘時間計劃的北極星投資的更多細節。

I'll now update you on some notable progress we've made on our North Star strategy. First, on our efforts to adopt a consumer set -- first mindset. In order to attract and retain lifelong customers, we are making increasingly -- we're increasingly making decisions based on consumer insights and data. We have moved from early conceptual stages and have now implemented this approach in all areas of the company.

現在，我將向您介紹我們在北極星戰略方面取得的一些顯著進展。首先，我們努力採用消費者第一的心態。為了吸引和留住終身客戶，我們越來越多地根據消費者洞察和數據做出決策。我們已經從早期的概念階段轉向現在已在公司的所有領域實施這種方法。

Some examples include, we've instituted new category management capabilities, and they are injecting consumer insights into our product road map. We're measuring baseline Net Promoter Scores and consumer effort scores at all key points of our customer journey. We are also closely monitoring JRNY usage and social media sentiment to make sure we prioritize the enhancements that matter most to our members.

一些例子包括，我們建立了新的品類管理功能，他們正在將消費者洞察注入我們的產品路線圖。我們正在衡量客戶旅程所有關鍵點的基線淨推薦值和消費者努力分數。我們還密切關注 JRNY 的使用情況和社交媒體情緒，以確保我們優先考慮對會員最重要的增強功能。

Our consumer-led approach has really transformed our marketing. As planned, we increased marketing spend during the quarter and will continue to do so throughout the year to support our expanding digital connected fitness and overall product offerings. We are targeting 2 specific consumer segments and continue to shift more of our spend to digital in order to efficiently reach our target customers with newly refreshed marketing messaging.

我們以消費者為主導的方法確實改變了我們的營銷方式。按照計劃，我們在本季度增加了營銷支出，並將在全年繼續這樣做，以支持我們不斷擴大的數字互聯健身和整體產品供應。我們針對 2 個特定的消費者群體，並繼續將更多支出轉向數字化，以便通過新更新的營銷信息有效地吸引目標客戶。

And our investment in brand marketing is paying off. Our share of voice is 2x our market share, and our new brand spots that we aired in the quarter are delivering traffic lists 5 to 7x higher than our typical direct media. We have more work to do in repositioning our brands, and we plan on continuing these investments for the rest of the year.

我們對品牌營銷的投資正在得到回報。我們的聲音份額是市場份額的 2 倍，我們在本季度播出的新品牌廣告提供的流量列表比我們典型的直接媒體高 5 到 7 倍。在重新定位我們的品牌方面，我們還有更多工作要做，我們計劃在今年剩餘時間內繼續進行這些投資。

As mentioned previously, we are rapidly growing our new customer base, adding nearly 400,000 new customers in the last 15 months. The numbers tell only part of the story. We are reaching consumer segments that enjoy exercise more and for whom exercise is more of a priority. These new customers skew younger and more female. Our target consumer enjoys the flexibility of buying online or shopping at stores.

如前所述，我們正在迅速擴大新客戶群，在過去 15 個月內增加了近 400,000 名新客戶。數字只說明了故事的一部分。我們正在接觸更喜歡鍛煉並且更重視鍛煉的消費者群體。這些新顧客以年輕、女性為主。我們的目標消費者享受在線購買或商店購物的靈活性。

I'm proud to say we've continued to increase our points of retail distribution. We have added more than 3,000 new retail doors and greater online capabilities in retail over the last 15 months, including at Best Buy, Costco, Costco Canada, Sam's Club and Target. Internationally, we had an over 500% increase in our sales through Amazon. We now have broader and more diversified retail distribution and are functioning as a true omnichannel company with many more options for consumers to buy in-store and online.

我很自豪地說，我們繼續增加零售分銷點。過去15 個月裡，我們新增了3,000 多家新零售門店，並增強了在線零售能力，其中包括百思買(Best Buy)、好市多(Costco)、加拿大好市多(Costco Canada)、山姆會員店(Sam's Club) 和Target。在國際上，我們通過亞馬遜的銷售額增長了 500% 以上。我們現在擁有更廣泛、更多元化的零售分銷，並作為一家真正的全渠道公司運作，為消費者提供更多的店內和在線購買選擇。

Second, transforming our supply chain. In the face of all of the challenges in global logistics, we have successfully added significant capabilities to our global supply chain. We have reduced our backlog to the lowest it's been in over a year and expect to achieve our goal of no longer being factory capacity constrained by the end of the fiscal year.

第二，轉變我們的供應鏈。面對全球物流的所有挑戰，我們成功地為我們的全球供應鏈增添了重要的能力。我們已將積壓訂單減少到一年多以來的最低水平，並預計在本財年末實現工廠產能不再受到限制的目標。

A great example of solving our supply chain problem is our wildly popular SelectTech dumbbells. This quarter, we shipped more than 3x as many dumbbells as the year ago COVID-driven quarter, and I'm happy to say they are now available for immediate delivery on bowflex.com and at leading retailers. This would not be possible without our suppliers and their ongoing support to help us meet the unprecedented demand for at-home fitness. We share our success with them, and we thank them.

解決供應鏈問題的一個很好的例子是我們廣受歡迎的 SelectTech 啞鈴。本季度，我們的啞鈴發貨量是去年受新冠疫情影響的季度的 3 倍多，我很高興地說，它們現在可以在 Bowflex.com 和領先零售商處立即發貨。如果沒有我們的供應商及其持續支持來幫助我們滿足前所未有的家庭健身需求，這是不可能實現的。我們與他們分享我們的成功，我們感謝他們。

Another new capability is our new distribution center in Southern California, which opened in July and is ramping up in time to receive the heightened inventory levels we have planned for the upcoming peak season. We've formed task forces focused on spot buying microchips, finding new ways to ship products across the ocean and implementing technology to allow us to expand our outbound freight partners. Because of improvements in the supply chain, we have been able to build our inventory position to be well prepared for the upcoming fitness season across all channels.

另一項新功能是我們位於南加州的新配送中心，該中心於 7 月開業，正在及時擴大規模，以接收我們為即將到來的旺季計劃的更高庫存水平。我們成立了工作組，專注於現貨購買微芯片、尋找跨洋運輸產品的新方法以及實施技術以擴大我們的出境貨運合作夥伴。由於供應鏈的改善，我們已經能夠建立庫存狀況，為所有渠道即將到來的健身季節做好充分準備。

Third, focusing our investments and growing our organizational capabilities. We have reduced lower-margin SKUs in all areas. This improves efficiency throughout our organization and enables all teams to be more laser-focused on our targeted offerings. Since fiscal year 2020, we have discontinued 22% of our product SKUs and have tripled the revenue per product that we do carry.

三是聚焦投入，增強組織能力。我們減少了所有領域的低利潤 SKU。這提高了整個組織的效率，並使所有團隊能夠更加專注於我們的目標產品。自 2020 財年以來，我們已經停產了 22% 的產品 SKU，並將我們所銷售的每種產品的收入增加了兩倍。

We continue to build out our organization, adding executive talent like our new Chief Legal Officer, Alan Chan, a seasoned veteran with 16 years of experience leading global teams in M&A, commercial agreements, intellectual property and corporate governance. We're also building out our software development and user experience teams, category management, supply chain, social media engagement, learning and development and change management.

我們繼續建設我們的組織，吸納新任首席法律官 Alan Chan 等高管人才，他是一位經驗豐富的資深人士，在併購、商業協議、知識產權和公司治理方面擁有 16 年領導全球團隊的經驗。我們還建立了軟件開發和用戶體驗團隊、品類管理、供應鏈、社交媒體參與、學習和發展以及變革管理。

Lastly and perhaps most importantly, we continue to improve and grow JRNY, our digital platform. Our members have told us that they want variety, highly personalized one-to-one adaptive workouts, immersive experiences and fresh on-demand trainer-led content on and off equipment. We're meeting these needs through our innovative lineup of connected fitness products powered by our continually evolving digital platform, JRNY. JRNY is now fully compatible with the wildly popular Bowflex C6 and Schwinn IC4 bikes via both iOS and Android devices.

最後，或許也是最重要的一點是，我們不斷改進和發展我們的數字平台 JRNY。我們的會員告訴我們，他們想要多樣化、高度個性化的一對一適應性鍛煉、身臨其境的體驗以及設備內外由教練指導的新鮮點播內容。我們通過不斷發展的數字平台 JRNY 提供支持的創新互聯健身產品系列來滿足這些需求。 JRNY 現在通過 iOS 和 Android 設備與廣受歡迎的 Bowflex C6 和 Schwinn IC4 自行車完全兼容。

Our JRNY platform is constantly improving our artificial intelligence engine to create an infinite number of personalized workouts. The platform assesses the member's fitness level and recommends workouts based on their abilities, available time, mood and workout experiences they prefer, and continues to learn and adapt, removing the guesswork from achieving a productive and satisfying workout.

我們的 JRNY 平台不斷改進我們的人工智能引擎，以創建無限數量的個性化鍛煉。該平台評估會員的健身水平，並根據他們的能力、可用時間、心情和他們喜歡的鍛煉體驗推薦鍛煉，並不斷學習和適應，消除了實現高效和令人滿意的鍛煉的猜測。

Our members receive voice-coached individualized workouts similar to one-on-one personal training, trainer-led workouts and integration with other fitness apps. We continue to provide our members with the ability to stream entertainment while working out and even while being coached. We have integrated Netflix, Hulu, Amazon Prime and Disney+ for use within our fitness experiences. Shortly, we'll be adding HBO Max.

我們的會員可以接受語音指導的個性化鍛煉，類似於一對一的個人訓練、教練指導的鍛煉以及與其他健身應用程序的集成。我們繼續為會員提供在鍛煉甚至接受指導時觀看娛樂節目的能力。我們集成了 Netflix、Hulu、Amazon Prime 和 Disney+，以便在我們的健身體驗中使用。很快，我們將添加 HBO Max。

We are constantly serving up something fresh to our members, be it new content or releases. This past quarter alone, we added new adaptive AI-driven workouts. New Explore the World locations, these immersive experiences, now numbering over 100 locations, are hugely popular with our members, especially on our treads. And we hear from our community that they are choosing Explore the World as a form of escapism during this time.

我們不斷為我們的會員提供新鮮的東西，無論是新內容還是新版本。僅在上個季度，我們就添加了新的自適應人工智能驅動鍛煉。新的“探索世界”地點，這些身臨其境的體驗目前已超過 100 個地點，深受我們會員的歡迎，尤其是在我們的足跡上。我們從社區得知，他們選擇探索世界作為這段時間逃避現實的一種形式。

New trainer-led videos. We continue to add more on-machine workouts. And today, we announced a strategic partnership with FitOn, one of the fastest-growing premium fitness applications, to bring hundreds of off-product workouts accessible for our JRNY members for no additional charge. This collaboration and integration is just one example of our commitment to creating unparalleled digital workout experiences for our growing JRNY membership base.

由培訓師指導的新視頻。我們繼續添加更多機上鍛煉。今天，我們宣布與增長最快的優質健身應用程序之一 FitOn 建立戰略合作夥伴關係，為我們的 JRNY 會員提供數百種產品外鍛煉，無需額外付費。這種合作和整合只是我們致力於為不斷增長的 JRNY 會員基礎創造無與倫比的數字鍛煉體驗的一個例子。

Beginning this fall, JRNY members can seamlessly access and track FitOn workouts through their Bowflex-connected equipment or the app. Users can search from a wide variety of FitOn's popular off-product workouts, including cardio, high-intensity interval training, yoga, stretch and Pilates, and choose various lengths ranging from 3 minutes to an hour and levels as well as overlay JRNY radio to find a workout that matches their mood and location at any given moment. The first day our member gets their machine is not the best day, and we will continue enhancing the platform in response to our members' feedback.

從今年秋季開始，JRNY 會員可以通過其與 Bowflex 連接的設備或應用程序無縫訪問和跟踪 FitOn 鍛煉情況。用戶可以搜索各種FitOn 流行的非產品鍛煉項目，包括有氧運動、高強度間歇訓練、瑜伽、伸展運動和普拉提，並選擇從3 分鐘到1 小時不等的各種長度和級別，以及覆蓋JRNY 廣播在任何特定時刻找到適合他們心情和地點的鍛煉方式。我們的會員拿到機器的第一天並不是最好的一天，我們將根據會員的反饋繼續增強平台。

It's important to acknowledge that while we're still in year 1 of our long-term transformation, we've come a long way in a short period of time. I joined Nautilus almost exactly 2 years ago, and I -- and as I reflect on those 2 years, I'm incredibly grateful and impressed by the work of our team, the turnaround we've achieved and the profound growth we've driven.

重要的是要承認，雖然我們仍處於長期轉型的第一年，但我們在短時間內已經取得了長足的進步。我幾乎在兩年前加入 Nautilus，當我回顧這兩年時，我對我們團隊的工作、我們所實現的轉變以及我們所推動的深刻增長感到非常感激和印象深刻。

The old Nautilus was an equipment-only, ship it and forget it company supported by great brands but had missed important trends such as connected fitness, had an aging and unfocused portfolio of products and marketing that badly needed refreshment. It also lacked clear strategy and proper investment back into the business, and it started to become eclipsed by new entrants. And it suffered a multiyear revenue decline culminating in 2019's 22% drop in significant operating losses.

老鸚鵡螺是一家只提供設備、發貨後就不用管的公司，得到了大品牌的支持，但錯過了互聯健身等重要趨勢，其產品和營銷組合老化且缺乏重點，急需更新。它還缺乏明確的戰略和適當的業務投資，並且開始因新進入者而黯然失色。該公司的收入連續多年下降，最終導致 2019 年營業虧損大幅下降 22%。

Pre-pandemic, we instituted a number of operational improvements, launched new connected fitness bikes with a strong value proposition and began to see significant change in our business trajectory. During COVID, we not only leveraged our at-home tailwinds to deliver 5 consecutive quarters of strong profitable growth, we expanded our supply chain to meet demand, launched new connected cardio products, targeted new consumer segments with our products and marketing and relaunched JRNY.

在大流行之前，我們實施了多項運營改進措施，推出了具有強大價值主張的新型聯網健身自行車，並開始看到我們的業務軌跡發生重大變化。在新冠疫情期間，我們不僅利用家庭順風實現了連續5 個季度的強勁盈利增長，還擴大了供應鏈以滿足需求，推出了新的互聯有氧產品，通過我們的產品和營銷瞄準了新的消費群體，並重新推出了JRNY。

We also launched North Star, our long-term vision and strategic plan, to give us the direction we needed. We've become more -- a more on-trend and more digitally focused connected fitness company that partners with our customers on an ongoing basis to achieve their goals.

我們還推出了“北極星”，這是我們的長期願景和戰略計劃，為我們提供了所需的方向。我們已經成為一家更潮流、更注重數字化的互聯健身公司，與我們的客戶持續合作以實現他們的目標。

The new Nautilus is still that veteran fitness company backed by strong brands, but we have now -- we now have a clear strategy in place and are taking the right steps to reinvest in our business to fund the long-term success and ensure that we are a digitally focused, consumer-focused leader.

新的鸚鵡螺仍然是一家擁有強大品牌支持的老牌健身公司，但我們現在已經制定了明確的戰略，並正在採取正確的步驟對我們的業務進行再投資，為長期成功提供資金，並確保我們是一家專注於數字化、以消費者為中心的領導者。

As I close my remarks, I'm delighted that we are further ahead on our long-term transformation than I could have dreamed when I joined Nautilus. We've made a lot of progress and find ourselves in a much stronger foundation from which to fulfill our vision. We are making deliberate and choiceful decisions to invest in the long-term vision. We will remain steadfast in our commitment to continue to build the new Nautilus for the long term, one with more predictable growth and higher profitability that will generate attractive long-term returns.

在我結束髮言時，我很高興我們在長期轉型方面比我加入 Nautilus 時所夢想的更進一步。我們已經取得了很大的進步，並發現自己為實現我們的願景奠定了更堅實的基礎。我們正在做出深思熟慮和選擇性的決定，以投資於長期願景。我們將堅定不移地履行我們的承諾，繼續長期打造新的鸚鵡螺號，它具有更可預測的增長和更高的盈利能力，將產生有吸引力的長期回報。

I'll now turn it over to Aina who will give us more detail on our first 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一季度財務狀況和今年剩餘時間指導的更多詳細信息。艾娜？

Thanks, Jim. Good afternoon, everyone. A year ago, we were reporting the results of the first full quarter that benefited from the COVID tailwind, and I remember thinking next year will be a tough comp. So I'm really pleased with how we delivered against this quarter.

謝謝，吉姆。大家下午好。一年前，我們報告了受益於新冠肺炎疫情的第一個完整季度的業績，我記得當時我想明年將是一個艱難的一年。所以我對我們本季度的表現非常滿意。

I'll begin with total company P&L results for fiscal Q1 '22, which is the 3 months ending June, with comparisons to the same period last year. Net sales were $185 million, up 62% or up 74%, excluding Octane. Gross profit was $56 million, up 17%. Gross margins were 30.1%, down from 41.5% last year. As Jim noted earlier, nearly all of the margin pressure is coming from temporary macro events that are affecting not just our industry but many others as well.

我將從 22 年第 1 財季（截至 6 月的 3 個月）的公司損益總額結果開始，並與去年同期進行比較。淨銷售額為 1.85 億美元，增長 62%，若不包括辛烷，則增長 74%。毛利潤為 5600 萬美元，增長 17%。毛利率為 30.1%，低於去年的 41.5%。正如吉姆之前指出的，幾乎所有的利潤壓力都來自臨時宏觀事件，這些事件不僅影響我們的行業，還影響許多其他行業。

Let me now walk you through the drivers of the change in gross margins. Approximately 6 points of the decline are due to increased landed product costs, spot buying of components due to the global shortage, inflationary increases in commodities, elevated logistics costs and lastly FX, partially offset by price increases that we implemented in the quarter.

現在讓我向您介紹毛利率變化的驅動因素。下降約 6 個百分點是由於到岸產品成本增加、全球短缺導致的零部件現貨購買、大宗商品通脹增加、物流成本上升以及最後的外匯成本上升，部分被我們在本季度實施的價格上漲所抵消。

Another 3 points are due to channel mix. Direct was 34% of total sales this year versus 44% last year. Another point is due to outbound freight for our Direct segment. Because of limitations imposed by FedEx, we had to shift some shipments to more expensive carriers. Another part of the decline is due to a write-off related to the strategic decision to discontinue certain SKUs. Given the global component shortage, we decided to accelerate the North Star plan to discontinue Nautilus-branded products and noncore Schwinn products. And we are focusing the limited chips we have in our larger screen embedded products given strong consumer preference for these larger screens. The rest of the decline is driven by higher COGs in JRNY.

另外 3 分是由於渠道混合。今年直接銷售額佔總銷售額的 34%，而去年為 44%。另一點是由於我們的直航段的出境運費。由於聯邦快遞的限制，我們不得不將一些貨物轉移到更昂貴的承運商。下降的另一部分原因是與停止某些 SKU 的戰略決策相關的沖銷。鑑於全球零部件短缺，我們決定加快 North Star 計劃，停止 Nautilus 品牌產品和非核心 Schwinn 產品。鑑於消費者對這些更大屏幕的強烈偏好，我們將有限的芯片集中在更大屏幕的嵌入式產品中。其餘的下降是由 JRNY 較高的 COG 推動的。

Turning now to operating expenses. As a reminder, last year, we booked $29 million loss in disposal group related to Octane. The next few lines in the P&L have been adjusted to remove the impact of this charge. Please see our press release for a reconciliation of these non-GAAP numbers to our reported results.

現在轉向運營費用。提醒一下，去年我們在與辛烷相關的處置組中登記了 2900 萬美元的損失。損益表中接下來的幾行已進行調整，以消除此項費用的影響。請參閱我們的新聞稿，了解這些非 GAAP 數據與我們報告的結果的對照表。

Adjusted operating expenses were $38 million or 20% of net sales versus last year's $25 million or 22% of sales. Selling and marketing was $21 million or 12% of sales compared to $12 million or 11% of sales last year, driven by increased media spend. Direct media spend was $8 million this year versus $2 million last year. And we invested an incremental $3 million in brand media as part of our North Star strategy.

調整後的運營費用為 3800 萬美元，占淨銷售額的 20%，而去年為 2500 萬美元，佔銷售額的 22%。由於媒體支出增加，銷售和營銷費用為 2100 萬美元，佔銷售額的 12%，而去年為 1200 萬美元，佔銷售額的 11%。今年直接媒體支出為 800 萬美元，去年為 200 萬美元。作為北極星戰略的一部分，我們在品牌媒體上追加投資了 300 萬美元。

G&A was $12 million and leveraged by 2 points to 6% of sales this year compared to $9 million or 8% of sales last year. The increase was driven by greater investment in IT to support JRNY. R&D was $5 million or 3% of sales compared to $4 million or 3% of sales last year, driven by increased development costs related to JRNY.

今年的一般管理費用為 1,200 萬美元，槓桿率提高了 2 個百分點，佔銷售額的 6%，而去年則為 900 萬美元，佔銷售額的 8%。這一增長是由於支持 JRNY 的 IT 投資增加所致。研發費用為 500 萬美元，佔銷售額的 3%，而去年則為 400 萬美元，佔銷售額的 3%，這是由於 JRNY 相關開發成本增加所致。

Adjusted operating income was $18 million or 10% versus last year's $22 million or 19%. As planned, operating margins declined versus last year due to lower gross margins, the return to normalized levels of brand marketing and North Star investments. We came in better than the high end of our guidance due to stronger sales and the shift of some brand marketing from the first quarter ending June into the second quarter ending September. We want to give more visibility to the impact of North Star investments on our P&L and the continued strength of our underlying business.

調整後營業收入為 1800 萬美元，即 10%，而去年為 2200 萬美元，即 19%。按照計劃，由於毛利率下降、品牌營銷恢復正常水平以及北極星投資，營業利潤率較去年有所下降。由於銷售強勁以及一些品牌營銷從截至 6 月的第一季度轉移到截至 9 月的第二季度，我們的業績好於指導上限。我們希望更清楚地了解北極星投資對我們損益以及我們基礎業務持續實力的影響。

On Slide 14 in the deck that accompanies our presentation [and we're providing] additional detail on how our investments in JRNY and in brand marketing affected this quarter's operating margins. While we are investing in the other 3 pillars, brand marketing and JRNY costs are discrete and the most significant. JRNY investments were about $5 million this quarter versus $1 million last year, and brand marketing was about $3 million versus 0 last year. Together, these investments reduced our operating margins by about 4 percentage points.

在我們演示文稿附帶的幻燈片 14 中，我們提供了有關我們對 JRNY 和品牌營銷的投資如何影響本季度營業利潤的更多詳細信息。雖然我們正在投資其他三大支柱，但品牌營銷和 JRNY 成本是獨立的，也是最重要的。本季度 JRNY 投資約為 500 萬美元，去年為 100 萬美元，品牌營銷投資約為 300 萬美元，去年為 0。這些投資總共使我們的營業利潤率降低了約 4 個百分點。

Adjusted income from continuing ops was $14 million or $0.43 per diluted share compared to last year's income of $17 million or $0.56 per diluted share. Adjusted EBITDA from continuing ops was $21 million compared to $26 million last year.

持續運營調整後的收入為 1,400 萬美元，即稀釋後每股 0.43 美元，而去年的收入為 1,700 萬美元，即稀釋後每股 0.56 美元。來自持續運營的調整後 EBITDA 為 2100 萬美元，而去年為 2600 萬美元。

I'll now turn to performance by segment. Direct sales were up $26 million (sic) [26%] to $63 million. We're really pleased that we were able to clear a lot of our backlog in the quarter. It's now only $3 million versus $27 million last quarter. Most of the backlog was in strength, which is why strength grew 559% driven by our popular SelectTech weights and Bowflex home gyms.

我現在將轉向按細分市場劃分的績效。直接銷售額增長了 2600 萬美元（原文如此）[26%]，達到 6300 萬美元。我們非常高興能夠在本季度清除大量積壓訂單。現在僅為 300 萬美元，而上季度為 2700 萬美元。大部分積壓都是力量方面的，這就是為什麼在我們廣受歡迎的 SelectTech 舉重器械和 Bowflex 家庭健身房的推動下，力量增長了 559%。

Cardio declined 31% driven primarily by last year's sales of now discontinued products like the TreadClimber and non-connected Schwinn bikes. We're also selling less IC bikes on our direct channel as our retailers are now in stock. Strong growth in our new embedded screen products are partially offsetting these declines.

Cardio 下降了 31%，主要是由於去年已停產的 TreadClimber 和非聯網 Schwinn 自行車等產品的銷售所致。由於我們的零售商現在有庫存，我們在直接渠道上銷售的 IC 自行車也減少了。我們新型嵌入式屏幕產品的強勁增長部分抵消了這些下降。

When we exclude the revenue associated with the backlog, it appears that direct is returning to more seasonal patterns. As a reminder, the quarter ending June and the quarter ending September are typically the lower-volume quarters for direct.

當我們排除與積壓相關的收入時，直接銷售似乎正在回歸更具季節性的模式。提醒一下，截至 6 月的季度和截至 9 月的季度通常是直接銷量較低的季度。

Gross profit was $25 million versus $28 million last year, and gross margins were 39% compared to 55% last year. Segment contribution was $7 million versus last year's $17 million driven by lower gross profit and the return to normalized advertising spend.

毛利潤為 2500 萬美元，去年為 2800 萬美元；毛利率為 39%，去年為 55%。由於毛利潤下降和廣告支出恢復正常，該部門的貢獻為 700 萬美元，而去年為 1700 萬美元。

Turning now to Retail segment results. Net sales were $120 million, up 91% versus last year and up 121% excluding Octane. This was our Retail segment's highest-ever quarterly sales. International sales grew 70% or 102% excluding Octane. Strength was up 119%, and cardio was up 83%. Retail's backlog at the end of the quarter was $142 million compared to $179 million last quarter. We disclosed retail customers whose sales are greater than 10% of total company net sales. This quarter, Amazon was 18% of total sales, and Best Buy was 17%.

現在轉向零售部門的業績。淨銷售額為 1.2 億美元，比去年增長 91%，不包括辛烷則增長 121%。這是我們零售部門有史以來最高的季度銷售額。國際銷售額增長 70% 或 102%（不包括 Octane）。力量提升了 119%，有氧運動提升了 83%。本季度末零售業的積壓訂單為 1.42 億美元，而上季度為 1.79 億美元。我們披露了銷售額占公司總淨銷售額10%以上的零售客戶。本季度，亞馬遜佔總銷售額的 18%，百思買佔 17%。

Gross profit grew 59% to $30 million versus $19 million last year, and gross margins were 25% versus 30% last year. Segment contribution was $22 million, an increase of $10 million versus last year. The improvement was primarily driven by higher gross profit and expense leverage.

毛利潤增長了 59%，達到 3000 萬美元，而去年為 1900 萬美元；毛利率為 25%，去年為 30%。部門貢獻為 2200 萬美元，比去年增加 1000 萬美元。這一改善主要得益於毛利潤和費用槓桿的提高。

Turning now to the balance sheet as of June 30, '21, with a comparison to balances as of March 31. Cash and investments were $83 million. Debt levels rated mostly flat at $13 million, and we had $54 million available for borrowing on our credit line. Trade receivables were $98 million with the increase primarily due to the timing of customer payments on higher sales. Trade payables were $115 million with the increase primarily due to the timing of payments and higher inventory.

現在來看截至 21 年 6 月 30 日的資產負債表，與截至 3 月 31 日的餘額進行比較。現金和投資為 8,300 萬美元。債務水平基本持平，為 1300 萬美元，我們的信用額度有 5400 萬美元可用於借款。應收賬款為 9,800 萬美元，增加的主要原因是銷售量增加時客戶付款的時間安排。應付賬款為 1.15 億美元，增加的主要原因是付款時間和庫存增加。

Inventory was $111 million. More than 60% of our inventory as of 6/30 was in transit. Given the continued disruption in global logistics, we made a strategic decision to bring inventory in earlier to be in a better position to meet upcoming peak fitness seasonal demand. At the end of the quarter, we had $175 million of open POs compared to $216 million at 3/31.

庫存為 1.11 億美元。截至 6 月 30 日，我們超過 60% 的庫存正在運輸途中。鑑於全球物流的持續中斷，我們做出了一項戰略決定，即提前增加庫存，以便更好地滿足即將到來的健身高峰季節需求。截至本季度末，我們的未結採購訂單為 1.75 億美元，而 3 月 31 日為 2.16 億美元。

Turning now to our expectations for the second quarter of fiscal '22. Our industry has experienced massive changes in the last 15 months. Our revenue for the next few quarters will be compared to record results due to the pandemic's effect on our net sales last year. To gauge continued progress against our expanded addressable market, we'll be measuring our business versus LY and versus LLY for the next few quarters.

現在轉向我們對 22 財年第二季度的預期。我們的行業在過去 15 個月裡經歷了巨大的變化。由於疫情對我們去年淨銷售額的影響，我們未來幾個季度的收入將與創紀錄的業績進行比較。為了衡量我們擴大的目標市場的持續進展，我們將在接下來的幾個季度將我們的業務與 LY 和 LLY 進行比較。

Demand growth for direct in Q1 and in the first month of Q2 have been trending to more typical seasonality patterns. Now that we successfully cleared the backlog, we expect direct sales in Q2 to be lower than Q1. Thus, we expect total company net sales for the second quarter of fiscal '22 to be between $145 million and $155 million, which equates to a 2-year CAGR of 53% to 59%.

第一季度和第二季度第一個月的直接需求增長已趨向於更典型的季節性模式。現在我們成功清理了積壓訂單，我們預計第二季度的直銷將低於第一季度。因此，我們預計 22 財年第二季度公司淨銷售額總額將在 1.45 億美元至 1.55 億美元之間，相當於 2 年復合年增長率為 53% 至 59%。

As mentioned earlier, similar to many companies, we're experiencing unprecedented price increases in components, commodities and transportation, with some costs up 6 to 7x higher than last year. FX continues to be a headwind, and regrettably, we expect these macro pressures to worsen in Q2. Despite rising spot buy prices, we've been aggressive in securing the chips we need for our embedded screen products and are pulling all levers to overcome transportation challenges and ensure that we have access to the inventory we need to be competitive during the upcoming peak selling season.

如前所述，與許多公司類似，我們正在經歷零部件、商品和運輸的前所未有的價格上漲，其中一些成本比去年高出 6 至 7 倍。外匯仍然是一個逆風，遺憾的是，我們預計這些宏觀壓力將在第二季度惡化。儘管現貨購買價格不斷上漲，但我們一直在積極爭取嵌入式屏幕產品所需的芯片，並正在竭盡全力克服運輸挑戰，並確保我們能夠獲得在即將到來的銷售高峰期間保持競爭力所需的庫存季節。

As we did in Q1, we'll work to deliver operational improvements to allow us to continue investing in North Star despite the hurdle of these temporary macro factors. We are in a period of investment, and the preliminary results we've seen from our Q1 spend gives us confidence to move forward with our Q2 planned investments.

正如我們在第一季度所做的那樣，我們將努力改善運營，使我們能夠繼續投資北極星，儘管存在這些暫時的宏觀因素的障礙。我們正處於投資時期，我們從第一季度支出中看到的初步結果使我們有信心繼續推進第二季度計劃的投資。

We expect brand marketing to be between $5 million and $6 million versus $3 million last quarter and 0 last year. We expect JRNY investment to be between $5.5 million to $6.5 million versus $5 million last quarter and $1 million last year. As our member count grows and more people interact with our platform, we're learning which features matter most and where we have room for improvement. Our investments in Q2 will further improve platform functionality, increasing the variety of adaptive workouts, improving the way members can manage their accounts and continuing to provide fresh content, like the ones from our new partner, FitOn.

我們預計品牌營銷費用將在 500 萬至 600 萬美元之間，而上季度為 300 萬美元，去年為 0。我們預計 JRNY 的投資將在 550 萬至 650 萬美元之間，而上季度為 500 萬美元，去年為 100 萬美元。隨著我們的會員數量增加以及越來越多的人與我們的平台互動，我們正在了解哪些功能最重要以及哪些方面還有改進的空間。我們在第二季度的投資將進一步改進平台功能，增加適應性鍛煉的種類，改進會員管理帳戶的方式，並繼續提供新鮮內容，例如我們新合作夥伴 FitOn 的內容。

These North Star investments, which are squarely aligned with achieving our year-end goal of 250,000 JRNY members, are expected to dilute operating margins by between 7 to 8 percentage points. When coupled with external macro pressures on gross margin, we expect Q2 operating margins to be in the low single digits.

這些北極星投資與實現我們 250,000 名 JRNY 會員的年終目標完全一致，預計將稀釋營業利潤 7 至 8 個百分點。再加上毛利率面臨的外部宏觀壓力，我們預計第二季度營業利潤率將處於較低的個位數。

Turning now to our expectations for the back half of the year. We'll continue to optimize our base business to allow us to keep investing in North Star on a pay-as-we-go basis. While we would welcome some relief in supply chain costs, we are assuming Q3 and Q4 margins will continue to be pressured by external factors. Though no one knows when the pressure will ease, it's reasonable to expect that over time, these price increases will stabilize and eventually return to pre-pandemic levels. Until we see a reversal of the historical high input costs for our products and in the global transportation environment, we expect operating margins to be in the low to mid-single digits for the back half of the year.

現在談談我們對下半年的預期。我們將繼續優化我們的基礎業務，使我們能夠繼續在現收現付的基礎上投資北極星。雖然我們歡迎供應鏈成本有所緩解，但我們假設第三季度和第四季度的利潤率將繼續受到外部因素的壓力。儘管沒有人知道壓力何時會緩解，但可以合理地預期，隨著時間的推移，這些價格上漲將趨於穩定並最終恢復到大流行前的水平。在我們看到我們的產品和全球運輸環境的歷史高投入成本出現逆轉之前，我們預計今年下半年的運營利潤率將處於中低個位數。

We are reiterating our full year CapEx guidance of between $12 million and $14 million, with the majority of the spend being focused on JRNY. We're also reiterating our expectation of reaching 250,000 JRNY members by the end of this fiscal year.

我們重申全年資本支出指導為 1200 萬至 1400 萬美元，其中大部分支出集中在 JRNY。我們還重申，我們預計到本財年末，JRNY 會員數量將達到 250,000 名。

Our conviction in pursuing our North Star strategy has never been stronger. The growth we're seeing in JRNY memberships and their increasing engagement with the platform confirm our expectations of generating outsized returns on our investments. We believe we must continue to stay the course in our transformation as it will ultimately yield higher quality recurring revenue and long-term profitable growth.

我們追求北極星戰略的信念從未如此堅定。我們看到 JRNY 會員數量的增長以及他們對平台的參與度不斷提高，證實了我們對投資產生超額回報的期望。我們相信，我們必須繼續堅持轉型，因為它最終將產生更高質量的經常性收入和長期盈利增長。

These near-term external pressures on gross margin are temporary, and we believe that they are not impacting or delaying our expectations of achieving sustainable operating margins of 15% plus by year-end '26 as we recognize the long-term benefits of our transformational investments.

這些近期對毛利率的外部壓力是暫時的，我們相信它們不會影響或延遲我們到 26 年底實現 15% 以上的可持續營業利潤率的預期，因為我們認識到轉型的長期好處投資。

Now I'd like to turn the call back over to Jim for his final comments.

現在我想將電話轉回吉姆以徵求他的最終意見。

Thank you, Aina. I'm pleased with our fiscal year results with our first fiscal quarter results and the progress we're making towards our North Star strategy. Our investments are on track. And even with our ramp-up of investments and inflationary costs, we delivered nearly 10% operating margins, and our company is better positioned than it has ever been in its 35-year history of being a public company.

謝謝你，艾娜。我對我們的財年業績、第一財季業績以及我們在北極星戰略方面取得的進展感到滿意。我們的投資步入正軌。即使我們的投資和通貨膨脹成本不斷增加，我們的營業利潤率仍接近 10%，而且我們公司的定位比其 35 年上市公司歷史上的任何時候都更好。

Our entire team understands North Star is the driving force of building long-term shareholder value and is focused each day on executing against the 5 pillars of North Star. Our transition is underway, and our strategy is working, evidenced by continued revenue growth, customer growth and our JRNY membership growth over the past few quarters even as gyms have reopened.

我們整個團隊都明白 North Star 是建立長期股東價值的驅動力，並且每天都專注於執行 North Star 的 5 個支柱。我們的轉型正在進行中，我們的戰略正在發揮作用，過去幾個季度的收入持續增長、客戶增長以及我們的 JRNY 會員數量增長就證明了這一點，儘管健身房已經重新開業。

We are providing differentiated winning fitness experiences that are driven by consumer insights and combining equipment and digital experiences that make us partner with our members on their journey to achieving long-term success.

我們提供差異化​​的成功健身體驗，這些體驗由消費者洞察驅動，並將設備和數字體驗相結合，使我們能夠與會員合作，共同實現長期成功。

In closing, let me again thank all of our incredible employees as well as our partners for delivering yet another record-breaking quarter and making such notable progress towards the new Nautilus.

最後，讓我再次感謝我們所有出色的員工以及我們的合作夥伴，他們創造了又一個破紀錄的季度，並在新的 Nautilus 方面取得瞭如此顯著的進展。

I'd now like to open it up for questions. Operator?

我現在想打開它來提問。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 to start off, can you just talk to maybe a little more detail on this FitOn partnership and maybe why this makes sense, the strategic partnership? And maybe a little more color. And what do they bring to the JRNY platform longer term that maybe you couldn't have done internally?

也許首先，您能否談談有關 FitOn 合作夥伴關係的更多細節，以及為什麼這是有意義的戰略合作夥伴關係？也許還有一點顏色。從長遠來看，他們為 JRNY 平台帶來了哪些可能是您內部無法做到的？

Sure. Probably nothing in the long run that we couldn't do ourselves, but we really want to make our JRNY experience as good as it can be as fast as it can be. And especially as we looked at where our gaps were, one of our gaps was off-equipment. So we've done our own content for things like VeloCore and Max Trainer that are proprietary to us. And we've done classes on -- biking classes and things like that, and our treads have some great content.

當然。從長遠來看，也許沒有什麼是我們自己做不到的，但我們真的想讓我們的 JRNY 體驗盡可能好、盡可能快。尤其是當我們審視我們的差距在哪裡時，我們的差距之一就是設備外。因此，我們為 VeloCore 和 Max Trainer 等專有內容製作了自己的內容。我們已經完成了自行車課程和類似的課程，我們的踏板有一些很棒的內容。

But when we look off the machine, which is important to our members, they don't -- they're not on a machine every day. We want to make sure that they have variety as quickly as possible. So through this partnership, they'll get hundreds of videos in the categories that I mentioned, off-equipment, that they can use immediately.

但是，當我們把目光從機器上移開時，這對我們的會員來說很重要，他們卻沒有——他們並不是每天都在使用機器。我們希望確保它們盡快變得多樣化。因此，通過這種合作關係，他們將獲得我提到的類別中的數百個視頻，無需設備即可立即使用。

And kind of the other part of it is instead of going to individual fitness platforms for individual things, we want them to come to JRNY more often. So even their FitOn workouts will be logged in our JRNY application. And so they'll get a more complete integration of their full workout picture, their history and the progress that they're making. And we just thought it was a good idea to accelerate what we're doing in JRNY. And we'll continue to look for partnership opportunities that do just the same, that get us further along faster.

另一方面，我們希望他們更頻繁地來到 JRNY，而不是去個人健身平台做個人事情。因此，即使是他們的 FitOn 鍛煉也會記錄在我們的 JRNY 應用程序中。這樣他們就能更完整地了解自己的完整鍛煉情況、歷史記錄和進展情況。我們只是認為加快我們在 JRNY 的工作是個好主意。我們將繼續尋找同樣的合作機會，讓我們更快地走得更遠。

We're super enthusiastic about our own organic long-term future, but we don't want to be limited by how fast we can go. We want to add the power of partnerships on top of it.

我們對自己的有機長期未來充滿熱情，但我們不想受到前進速度的限制。我們希望在此基礎上增加合作夥伴的力量。

Okay. Great. And then maybe one for Aina. And I know this is going to be the probably big question of the call just on the investment program that you laid out. And understanding some of the spending shifted out of the first quarter, but I guess when you laid out the various buckets and the numbers we should expect for the second quarter, I guess is that the run rate we should be assuming going forward in terms of the level of investment that is needed for JRNY and for brand marketing? Or are these more kind of onetime upfront expenses?

好的。偉大的。然後也許是給艾娜的。我知道這可能是關於您制定的投資計劃的電話會議的大問題。並了解一些支出從第一季度轉移出來，但我想當你列出我們應該在第二季度預期的各種支出和數字時，我想我們應該假設未來的運行率JRNY 和品牌營銷所需的投資水平是多少？或者這些都是一次性的預付費用？

I think when you look at the high-level guidance I provided, low and mid-single digits for the rest of the year, it's similar run rate. The reason that we're not providing really specific numbers is it's all tied up in that pay-as-we-go philosophy and guiding principles because we -- like others in our industry and other businesses, we are not 100% sure how long these temporary headwinds will last and will they get a lot worse than what we're seeing.

我認為，當你看看我提供的高級指導時，今年剩餘時間的低和中個位數，這是相似的運行率。我們沒有提供真正具體的數字的原因是，這一切都與即用即付的理念和指導原則緊密相關，因為我們——就像我們行業和其他企業的其他人一樣，我們不能100% 確定需要多長時間這些暫時的逆風將持續下去，並且會比我們所看到的情況更糟糕嗎？

So we need to make sure that we still -- we stay really agile and like stay focused on mitigating as much of it as we can while without sacrificing our ability to progress on the long term.

因此，我們需要確保我們仍然保持真正的敏捷性，並希望專注於盡可能多地緩解這種情況，同時又不犧牲我們長期進步的能力。

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。

A question just on the divergence between the retail and the direct revenue increase year-over-year. Is your sense that there's any differentiation in sell-through there vis-à-vis it's retail selling through a little bit quicker than direct? Or is your sense that this is largely sort of inventorying up for the holiday season and restocking the channel?

一個關於零售收入和直接收入同比增長之間差異的問題。您是否認為直銷與零售銷售相比直接銷售有什麼區別？或者您認為這主要是為了節日季庫存並重新進貨渠道？

Yes, I think it's the latter. Really, what we've seen -- we mentioned on prior calls, last year, retailers were caught without enough inventory. We couldn't get them any more faster. We felt bad about it, but they didn't have what they wanted.

是的，我認為是後者。確實，我們所看到的——我們在之前的電話會議中提到，去年，零售商陷入了庫存不足的困境。我們無法更快地獲得它們。我們對此感到難過，但他們沒有得到他們想要的東西。

So retailers are super smart. So they're -- going into this year, they ordered early. And they wanted to get the inventory in early, so they would be prepared. And I think there was some perception of somewhat getting in line for scarce inventory as they place these orders.

所以零售商非常聰明。所以他們 - 進入今年，他們提前訂購了。他們希望儘早獲得庫存，以便做好準備。我認為，當他們下訂單時，人們認為在某種程度上排隊購買稀缺庫存。

So for sure, we saw and we mentioned in previous calls an acceleration of their ordering. And so that really pushed it into this quarter that we're talking about, our first fiscal quarter. And we'll still have a strong second quarter in retail, but I think you can see there's an acceleration there.

因此，可以肯定的是，我們看到並在之前的電話會議中提到過他們的訂購速度正在加快。因此，這確實將其推到了我們正在談論的本季度，即我們的第一個財政季度。第二季度零售業仍將表現強勁，但我認為您可以看到零售業正在加速增長。

The good thing is they obviously, as we do, believe in a robust holiday and fitness season and they're gearing up for that, as are we. So I think everybody's optimistic about the future. But I think what's happened over the last 6, 8, 10 months, being caught without inventory, they just want to make sure they had it and they loaded it in early.

好的事情是，他們顯然和我們一樣相信一個強勁的假期和健身季節，並且他們正在為此做好準備，我們也是如此。所以我認為每個人都對未來持樂觀態度。但我認為過去 6、8、10 個月發生的情況是，他們沒有庫存，他們只是想確保擁有庫存並提前加載。

Makes sense. And then just with respect to JRNY, you gave sort of a couple of qualitative comments. Is there anything else you could sort of add just on early returns there or what you're seeing, whether it's churn rate or engagement, number of engagements per month? Anything like that, that sort of suggests you're on the right track that you could share?

說得通。然後就 JRNY 而言，您給出了一些定性評論。您是否還可以在早期回報或您所看到的內容上添加其他內容，無論是流失率還是參與度、每月參與次數？類似的事情，這表明你正走在正確的道路上，你可以分享嗎？

Yes. I mean we have it, but for competitive reasons, as we've said before, we're deferring -- once we start reporting on all that, we're going to continue to report on that. We said we'd do it when it was material, which we believe will be when we hit our 250,000 number.

是的。我的意思是我們有它，但出於競爭原因，正如我們之前所說，我們正在推遲 - 一旦我們開始報告所有這些，我們將繼續報告。我們說過，當事情變得重要時我們就會這樣做，我們相信當我們達到 250,000 的數字時就會這樣做。

I mean we're reiterating that number. I think that should be a pretty good sign for where we think we're going on, on that. And we're doing that despite a chip shortage, which means we may get at the 250,000 a different way. But we are definitely going towards that. We're seeing increased engagement.

我的意思是我們正在重申這個數字。我認為這對於我們的進展來說應該是一個非常好的跡象。儘管芯片短缺，我們仍在這樣做，這意味著我們可能會以不同的方式獲得 250,000 個。但我們肯定會朝這個方向努力。我們看到參與度有所增加。

We're really, really listening well to what our members are telling us, and that's why we did the strategic partnership with FitOn as well. We could wait until we were ready to do that, but we wanted to do that. So again, all the things we've added in terms of Explore the World and more adaptive workouts and things like that, so the engagement -- I could probably dig up the number of workouts. It's just a big number that, that is rapidly expanding but probably not super meaningful without greater context.

我們非常非常認真地傾聽會員的意見，這也是我們與 FitOn 建立戰略合作夥伴關係的原因。我們可以等到準備好才這樣做，但我們想這樣做。再說一次，我們在探索世界和更具適應性的鍛煉等方面添加的所有內容，因此參與度 - 我可能可以挖掘出鍛煉的數量。這只是一個很大的數字，正在迅速擴大，但如果沒有更大的背景，可能不會非常有意義。

So we're going to continue to hold there with our steadfast belief that we can make it to the 250,000, which is a -- we believe, a very ambitious goal. So it's taken some of our competitors multiple years to get to that point, and we're committed to doing that.

因此，我們將繼續堅定信念，相信我們能夠達到 250,000 人，我們相信，這是一個非常雄心勃勃的目標。因此，我們的一些競爭對手花了很多年才達到這一點，我們致力於做到這一點。

So hopefully, that gives you some color. But over time, just like we did with the JRNY investment where we started talking about it for the first time in this call, we'll continue to be more transparent as we can to give you more and more of that, but the latest being once we hit the 250,000.

希望這能給你一些色彩。但隨著時間的推移，就像我們在這次電話會議中首次討論 JRNY 投資一樣，我們將繼續變得更加透明，盡可能為您提供越來越多的信息，但最新的是一旦我們達到250,000人。

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 guess a follow-up question on the marketing side. I mean it's been a strange environment, to say the least. So how are you kind of measuring the effectiveness of your marketing? I know you said a few dynamics there, but I was thinking more on a maybe more quantitative basis.

我想這是營銷方面的後續問題。我的意思是，至少可以說，這是一個奇怪的環境。那麼您如何衡量營銷的有效性呢？我知道你在那裡說了一些動態，但我在可能更定量的基礎上進行了更多思考。

And then I'm curious on what you're seeing on price elasticity of demand. I mean have you had to do any discounting? Or do you think there's any kind of pricing power to potentially offset some of these costs in the interim?

然後我很好奇你所看到的需求價格彈性。我的意思是你們有打折嗎？或者您認為是否有任何定價能力可以暫時抵消其中一些成本？

Sure. On marketing, it's sort of -- let's take our brand marketing, which is the new part, because the traditional marketing, it's just -- it's an ROI. What do we spend on direct? What do we get back in sales? We have a required ROI. We have, as we said, a whole bunch of tools we didn't have last couple of years, media mix models, attribution models, so we know what's working and what isn't. And we are very scientific about the ROI on our direct spend that primarily is going against driving product sales.

當然。在營銷方面，我們以品牌營銷為例，這是新的部分，因為傳統營銷只是一種投資回報率。我們直接花什麼錢？我們從銷售中得到什麼回報？我們有所需的投資回報率。正如我們所說，我們擁有過去幾年沒有的一大堆工具、媒體混合模型、歸因模型，因此我們知道哪些有效，哪些無效。我們對直接支出的投資回報率非常科學，這主要不利於推動產品銷售。

On the brand marketing, which is a relatively new concept for us, the answer is in the short run -- we look at traffic to our website immediately following when we run a spot. Especially when we were doing Olympics and Tour de France, we could really see the spike there, and we measure what that spike is, that -- there's the normalized. And then when we run the ad, that's where it is. And so we -- that's how we're looking at it short term.

關於品牌營銷，這對我們來說是一個相對較新的概念，答案是短期的——當我們運行一個廣告時，我們會立即關注我們網站的流量。特別是當我們參加奧運會和環法自行車賽時，我們確實可以看到那裡的峰值，我們測量這個峰值是什麼，那就是標準化。然後當我們投放廣告時，它就在那裡。所以我們——這就是我們短期的看法。

Long term, as we talked about in Investor Day and I think maybe more importantly, is that our brands are well recognized. They're top of the market, with brands like Peloton and NordicTrack. But they're also -- but we had a little bit of a drop that we wanted to fix in purchase consideration. So in other words, our brands were well known, but were they known for the things we wanted to be known for? Being digital-forward, being there on people's fitness journeys and things like that.

從長遠來看，正如我們在投資者日談到的那樣，我認為也許更重要的是我們的品牌得到了廣泛認可。他們是市場的佼佼者，擁有 Peloton 和 NordicTrack 等品牌。但它們也是——但我們在購買考慮方面有一點下降，我們想解決這個問題。換句話說，我們的品牌眾所周知，但它們是否因我們想要為人所知的東西而聞名？數字化前進，參與人們的健身之旅等等。

So that's what we'll measure in the long run for our brand marketing, is the purchase consideration element. We'll continue to see that we're a top recognized brand, but we're also going to make sure that we are -- when people think of our brands, they don't think about infomercials from 20 years ago, that they're thinking about the new Nautilus, the fresh Nautilus, and that drives their purchase consideration.

因此，從長遠來看，這就是我們要衡量的品牌營銷因素，即購買考慮因素。我們將繼續看到我們是一個最受認可的品牌，但我們也將確保——當人們想到我們的品牌時，他們不會想到 20 年前的電視廣告，而是正在考慮新的鸚鵡螺，新鮮的鸚鵡螺，這推動了他們的購買考慮。

In terms of your second question on price elasticity, I think it really -- as we're seeing this, we've taken a lot of price increases every place we could, given what's going on in the commodity market. It's gone fairly well. It's been absorbed in very -- in most places. We've had pricing power to do that relative to our competition, who's had to do the same things. I mean everybody is experiencing this.

就你關於價格彈性的第二個問題而言，我認為確實如此——正如我們所看到的，考慮到大宗商品市場的情況，我們已經在盡可能多的地方大幅提價。進展得相當順利。它已經被大多數地方所吸收。相對於我們的競爭對手，我們有定價能力來做到這一點，而我們的競爭對手也必須做同樣的事情。我的意思是每個人都在經歷這個。

There are a couple of products in the portfolio that we maybe went a little too far on price and we might have to pull back on, but that's pretty typical there. In terms of -- but overall, in general, we've been able to pass on those price increases to our partners and to consumers. And let's see. I think that -- anything I missed, Aina?

我們的產品組合中有一些產品的價格可能有點過高，我們可能不得不縮減價格，但這是非常典型的情況。但總的來說，總的來說，我們已經能夠將這些價格上漲轉嫁給我們的合作夥伴和消費者。讓我們看看。我想——我錯過了什麼，艾娜？

No, no, you've got it.

不，不，你已經得到了。

(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。

First, I want to look at the direct backlog down significantly at a good level. How do you guys see retail backlog trending through this quarter?

首先，我想看到直接積壓的情況在良好水平上大幅下降。你們如何看待本季度零售積壓趨勢？

Well, we said that it was also down versus last quarter, down -- and we think that's good because especially for direct, that huge backlog was a big source of consumer dissatisfaction. People were waiting months for their products, and we were dealing with a lot of phone calls and angry people. So we want to be able to be in stock and ship them to consumers as fast as possible.

嗯，我們說過，與上季度相比，它也有所下降——我們認為這很好，因為特別是對於直接訂單來說，巨大的積壓是消費者不滿意的一個重要根源。人們等待他們的產品幾個月，我們也接到很多電話和憤怒的人。因此，我們希望能夠有庫存並儘快將其運送給消費者。

So this was a very big push for the company and the supply chain team to get it, to be more normal levels. You always have a little bit of things that cross quarters, but it shouldn't be the levels that we had when we were going through the pandemic.

因此，這對公司和供應鏈團隊來說是一個非常大的推動力，使其達到更正常的水平。總會有一些跨季度的事情，但這不應該是我們經歷大流行時的水平。

That's good. And as we look at now more available product in direct as well as in retail, how are you seeing consumer behavior shift? Are consumers paying more attention now to price than they were previously? Or are they paying more attention to content, the bells and whistles of the machines and equipment?

那挺好的。當我們看到現在更多的直接和零售產品時，您如何看待消費者行為的轉變？消費者現在比以前更加關注價格嗎？或者他們更注重內容、機器和設備的花哨功能？

Yes.

是的。

I was going to say what we're seeing is they pay attention to the whole experience. And what I mean by that is we do a lot of social media listening. And you can see in some of the groups that we've established in various social media platforms, you literally see people go, "I'm looking for a bike," and, "Should I get this hardware plus this connected fitness experience or this other hardware plus their connected fitness experience?" Or maybe one that's like agnostic and connects to many, like our C6 bike and IC4.

我想說的是，我們看到的是他們關注整個體驗。我的意思是我們在社交媒體上進行了大量的傾聽。您可以看到，在我們在各種社交媒體平台上建立的一些群組中，您確實會看到人們說，“我正在尋找一輛自行車”，以及“我應該獲得這個硬件加上這種互聯的健身體驗還是其他硬件加上他們的互聯健身體驗？”或者也許是一種不可知論並與許多事物相連的東西，比如我們的 C6 自行車和 IC4。

So they really are looking at how they go together, and we're more and more seeing that consumers think of that purchase as one rather than, "I buy a hardware piece of equipment, and I figure out the digital experience that goes with it."

因此，他們確實在考慮如何將它們結合在一起，而且我們越來越多地看到消費者將購買視為一個整體，而不是“我購買了一台硬件設備，然後我弄清楚了與之相伴的數字體驗” ”。

And then we've definitely seen, as people have been going outside more for their cardio, as we discussed, we sort of saw a drop in cardio. And some of that is pulling from retail because the same 2 -- I mean when you're on the channel, it's the same 2 bikes that are in direct and retail. We don't care which one you buy from, but they've been doing a bit of that.

然後我們確實看到，隨著人們更多地外出進行有氧運動，正如我們所討論的，我們看到有氧運動有所下降。其中一些是從零售中撤出的，因為同樣的 2 輛自行車——我的意思是，當你在渠道上時，直接和零售的都是同樣的 2 輛自行車。我們不在乎你從哪家購買，但他們已經做了一些這樣的事情。

And then we've really had seen kind of a -- recently, well, strength has been kind of the other way. Strength has just hugely picked up. That's still important regardless of the season and especially because we had so much backlog and people just had that -- the demand that was not actually realized. And so they're after that stuff, and they're building their home gyms.

然後我們確實看到了一種——最近，嗯，力量是另一種方式。實力剛剛大幅提升。無論季節如何，這仍然很重要，特別是因為我們有太多的積壓，而人們只是有這樣的需求——實際上沒有實現的需求。所以他們正在追求這些東西，他們正在建造他們的家庭健身房。

I mean we're seeing a lot of anecdotal evidence that people are building serious home gyms in a way they weren't before. We -- sometimes our industry back in the day was a one-and-done. You'd buy a tread, and 5 years later, maybe you'd buy an elliptical. But people are really -- especially the 25% that are saying they're never going back to the gym are repeat-buying more often, and they're really blinging up their home gym as much as they possibly can.

我的意思是，我們看到很多軼事證據表明人們正在以前所未有的方式建造嚴肅的家庭健身房。我們——有時我們的行業在當時是一勞永逸的。你會買一個踏板，五年後，也許你會買一個橢圓機。但人們確實——尤其是那些表示永遠不會再去健身房的 25% 的人——更頻繁地重複購買，而且他們確實盡可能地裝飾自己的家庭健身房。

So those are kind of some of the trends we're seeing. I'll also say that direct has begun to pick up in the last few weeks. I mean that's pretty new data, so you don't want to necessarily extrapolate it. But that's the big thing that we talked about in previous calls. We knew that there would be kind of a down seasonality for direct in what we call now our first quarter.

這些是我們看到的一些趨勢。我還要說的是，直航在過去幾週已經開始回升。我的意思是這是相當新的數據，所以你不一定想推斷它。但這是我們在之前的電話中討論過的大事。我們知道，在我們現在所說的第一季度，直銷會出現季節性下降。

But we realize that sometime in our second quarter, usually later in the second quarter, we'd see that seasonality pick back up as people became more interested. The fall was coming. The weather changed a bit. We've already seen a bit of that. And it could be because of our good advertising that I mentioned before, but it also could be a sign that maybe this is picking up a little bit more earlier than we thought. But we're continuing to monitor that, and we're hopeful.

但我們意識到，在第二季度的某個時候，通常是在第二季度晚些時候，隨著人們變得更加感興趣，我們會看到季節性回升。秋天來了。天氣有點變了。我們已經看到了一些這樣的情況。這可能是因為我之前提到的我們的良好廣告，但這也可能表明這可能比我們想像的要早一些。但我們正在繼續監控這一情況，我們對此充滿希望。

Okay. And that goes right into kind of my next question. Just the timing of strength following cardio, is that the pattern that you've historically seen as people maybe get cardio equipment and then they want to add a new element to their fitness regimen?

好的。這直接涉及我的下一個問題。只是有氧運動之後的力量訓練時間，這就是您歷史上看到的模式，因為人們可能會獲得有氧運動器材，然後他們想在健身方案中添加新元素？

And in line with that, you guys talked about more than 380,000 new customers added in the last 15 months. If you looked at -- or do you have any idea how many of those are kind of new to fitness, if you will, versus people who've just shifted from the gym to purely at-home fitness?

與此相一致的是，你們談到了過去 15 個月內增加了超過 380,000 名新客戶。如果你觀察一下——或者你是否知道其中有多少人是健身新手，如果你願意的話，與剛剛從健身房轉向純粹在家健身的人相比？

I don't have that, but now you have me intrigued. So I'm going to go on a data hunt after this meeting because I'm not sure. I do know that so profoundly, people were changing their workout habits and many of them not going back to the gym that I think that's driving a lot of it.

我沒有這個，但現在你讓我感興趣了。因此，我將在這次會議後繼續尋找數據，因為我不確定。我確實知道，人們正在改變他們的鍛煉習慣，其中許多人不再去健身房，我認為這在很大程度上推動了這一點。

I do know that we're now -- because we're intentional about it, we're indexing higher with people who really enjoy exercise and for whom exercise is very important, whereas I think the more typical historical, let's say, Bowflex customer were people that we were really -- we really had to kind of get off the couch and in the game and motivate them to even exercise.

我確實知道我們現在 - 因為我們有意這樣做，所以我們對那些真正喜歡鍛煉並且鍛煉非常重要的人的指數更高，而我認為更典型的歷史客戶，比如說 Bowflex 客戶我們確實是這樣的人— —我們真的必須離開沙發，參與到遊戲中，甚至激勵他們去鍛煉。

And now this new segment, a couple of new segments we're going after, really wants their best workout every single day and it's super important to them. And I think those are much better customers. I don't think we lose our traditional customers at all. We still provide them with that motivation. But I'm very excited to be able to get -- skew younger, skew more female. That's great for our brands and for the long-term part. So I think that was the second part of your question. What was that?

現在這個新的細分市場，我們正在關注的幾個新細分市場，真的希望他們每天都能得到最好的鍛煉，這對他們來說非常重要。我認為這些是更好的客戶。我認為我們根本沒有失去傳統客戶。我們仍然為他們提供這種動力。但我很高興能夠——偏年輕，偏女性。這對我們的品牌和長期而言都非常有利。所以我認為這是你問題的第二部分。那是什麼？

About strength.

關於實力。

Oh, about the timing of strength. I don't -- nothing comes to mind there. I just think so many trends this year have been kind of what's available? What's out there? What do I have? What do I need? And I think really what we saw this quarter, again, is people could be outside finally released, many of them without masks and getting their cardio. And -- but they still needed their strength and their strength equipment, and they have been trying and trying and trying.

哦，關於力量的時機。我不知道——什麼也沒想到。我只是覺得今年這麼多的趨勢都有哪些可用？外面有什麼？我有什麼？我需要什麼？我認為本季度我們再次看到的是，人們最終可以被釋放到外面，其中許多人沒有戴口罩並進行有氧運動。而且——但他們仍然需要他們的力量和力量裝備，他們一直在嘗試、嘗試、再嘗試。

As you remember, we probably had consistent 6-month waiting lists for our dumbbells. So now that those finally come back in, people are ordering them. And then our retailers are really bullish on those for the holiday season as well. There's a lot of straight-up deals that they plan to offer and even some bundled deals at many of the -- at the retailers.

正如您所記得的，我們的啞鈴可能有持續 6 個月的等待名單。所以現在這些終於回來了，人們開始訂購它們。然後我們的零售商也非常看好假日季節的產品。他們計劃提供很多直接優惠，甚至在許多零售商處提供一些捆綁優惠。

So there are great -- strength is -- and especially the dumbbells in the SelectTech line, very nice kind of center of -- a very nice component for any sort of retail merchandising scheme that you might want to do. And then of course, there's the backlog in the demand for direct, which is now cleared.

因此，有很大的優勢，特別是 SelectTech 系列中的啞鈴，非常好的中心，對於您可能想做的任何類型的零售營銷方案來說，都是非常好的組件。當然，還有積壓的直航需求，現在已經清除。

Perfect. And you hit a little bit on my last question here, which is as we look at the retail backlog, can you speak to the split of strength versus cardio and the inventory build that we've seen you guys with a lot of this in transit, if that matches that backlog pretty well?

完美的。您觸及了我的最後一個問題，即當我們查看零售積壓訂單時，您能談談力量與有氧運動的劃分以及庫存建設嗎？我們已經看到你們有很多在運輸中的庫存建設，這是否與積壓工作非常匹配？

And then the last piece of that is impact on margins of SelectTech dumbbells that don't involve some of the chips and expensive components versus a new piece of cardio equipment.

最後一點是對 SelectTech 啞鈴利潤率的影響，與新的有氧運動設備相比，該啞鈴不涉及某些芯片和昂貴的組件。

Let me try to help you. I'll answer the easier ones first. From a margin side, yes, you would think with all the componentry, like we would have better margins on, say, a strength product that doesn't have the chips. But steel has also been a bit of an issue for us. So I think on the margin, I'd say they're all -- they're similar. There's not a big story right now on -- like in the past quarter on strength versus cardio from a margin perspective.

讓我盡力幫助你。我先回答比較簡單的。從利潤方面來看，是的，你會認為有了所有組件，我們就會在沒有芯片的優勢產品上獲得更好的利潤。但鋼鐵對我們來說也是一個問題。所以我認為從某種程度上來說，我會說它們都是相似的。現在沒有什麼大新聞——就像上個季度從利潤角度來看力量與有氧運動的情況一樣。

For the backlog, I don't think we're going to be able to kind of really draw a conclusion on that because depending on how the retailers are positioned and what they're ordering to fill in their inventory gaps, it's been very much -- like Jim was saying, whatever we had available, people were just grabbing them so that they could really come into the holiday season with a fuller complement of inventory. So I wouldn't even really, even in my own analysis, draw any conclusions from the backlog.

對於積壓，我認為我們無法真正得出結論，因為這取決於零售商的定位以及他們為填補庫存缺口而訂購的產品，這在很大程度上取決於零售商的定位以及他們為填補庫存缺口而訂購的產品。 ——就像吉姆所說，無論我們有什麼庫存，人們都會搶購它們，這樣他們就可以真正以更全面的庫存進入假期。因此，即使在我自己的分析中，我也不會從積壓的工作中得出任何結論。

Our next question comes from George Kelly with ROTH Capital.

我們的下一個問題來自羅斯資本的喬治·凱利。

So just 2 questions for you. The first one on the advertising environment. So you mentioned that you started to spend a bit more in the quarter. And just curious, I guess, sort of 2 components of this. How competitive is it now? Are you seeing kind of month-to-month, are others in fitness equipment? And I guess more broadly, is it just becoming more competitive, more people starting to buy advertising?

所以只有 2 個問題要問你。第一個關於廣告環境。所以你提到你在本季度開始增加一些支出。我想這只是好奇，這有兩個組成部分。現在競爭力如何？您是否看到了每月的情況，其他人是否在健身器材方面？我想更廣泛地說，是不是競爭變得更加激烈，越來越多的人開始購買廣告？

And really, what I'm trying to get to is, do you think we're going to a place similar to where we were pre-COVID? I mean do you think that the industry in general will kind of go back to where spending levels used to be? Or do you think there's been a permanent shift?

事實上，我想問的是，你認為我們會去一個與新冠疫情之前類似的地方嗎？我的意思是，您認為整個行業會回到原來的支出水平嗎？或者你認為已經發生了永久性的轉變？

Well, as we've said and I'll continue to reiterate, I mean we have taken this poll. And we talk to former gym goers every week or 2 and for now a year, I swear this -- it's just crazy. This number never changes, is within a point or 2 that 25% of former gym goers are not going back to the gym. So that means they permanently changed their habits. That COVID went along -- went around -- happened long enough so that they changed that, and they are not going to the gym anymore and they need their equipment.

好吧，正如我們已經說過的，我將繼續重申，我的意思是我們已經進行了這次民意調查。我們每週或每兩週都會與以前的健身愛好者交談，現在一年了，我發誓——這太瘋狂了。這個數字永遠不會改變，在 25% 的前健身愛好者不會再去健身房的情況下，這一數字在 1 分或 2 分以內。這意味著他們永久改變了習慣。新冠病毒持續了很長時間，以至於他們改變了這一點，他們不再去健身房，他們需要他們的設備。

So what we believe is, yes, the market expanded, maybe even doubled during COVID, the size of the market. And it is possible, probable maybe, that we reached some peak and it comes down a bit from the peak but nowhere near what it was before because this equipment and the experiences around it are now super meaningful in more people's lives, and not just like 5% of people but a big percentage of people, that way.

所以我們相信，是的，在新冠疫情期間，市場規模擴大了，甚至可能擴大了一倍。有可能，很可能，我們達到了某個頂峰，然後又從頂峰迴落了一點，但與之前的水平相差甚遠，因為這些設備及其周圍的體驗現在對更多人的生活來說非常有意義，而不僅僅是像5％的人，但很大一部分人，這樣。

And then when you think about the new hybrid work model, which we're all dealing with, when is everybody going back, how many days a week are they going back, I've heard very few companies where it's 5 days a week going back. And that drove a lot of the habit.

然後當你想到我們都在處理的新的混合工作模式時，每個人甚麼時候回去，他們每週回去多少天，我聽說很少有公司每週工作 5 天後退。這促成了很多習慣。

So anything around advertising aside, we are convicted -- we have -- we're convicted that there is a profound permanent impact to that industry and that we are well positioned with our brands and with our omnichannel distribution and our now wider portfolio of products, connected fitness products, to really go after that particular market. So we're quite bullish on that. We don't think it's going back to where it was. I see no indication at all of that. We're still producing these fantastic results with really no super inflection going on there.

因此，除了廣告之外，我們確信，我們已經確信，這對該行業產生了深遠的永久影響，並且我們在品牌、全渠道分銷以及現在更廣泛的產品組合方面處於有利地位。 ，連接健身產品，真正追求那個特定的市場。所以我們對此非常樂觀。我們認為它不會回到原來的狀態。我沒有看到任何跡象。我們仍然在創造這些出色的結果，但實際上並沒有發生任何超級變化。

In terms of the advertising, in the first quarter, it's a bit more than last year because anything would have been a bit more than last year. We spent nothing in that first COVID quarter. And that's why Aina said we shifted actually some of what we were going to spend. We did spend in that quarter in a meaningful way. And then we also shifted some of what we were going to spend in that quarter to the second quarter because the Olympics were here and Tour de France was here. Those are really -- the people watching those programs really care about athletics and fitness. And we've -- we had an opportunity to participate in that, and we've done that, and we've gotten good results from that.

就廣告而言，第一季度比去年多一點，因為任何事情都會比去年多一點。在新冠肺炎疫情的第一個季度，我們沒有花費任何資金。這就是為什麼艾娜說我們實際上改變了一些我們將要花的錢。我們確實在該季度以有意義的方式進行了支出。然後我們還將該季度的部分支出轉移到了第二季度，因為奧運會在這裡，環法自行車賽也在這裡。這些確實是——觀看這些節目的人們真的很關心運動和健身。我們——我們有機會參與其中，我們已經做到了，並且我們從中獲得了良好的結果。

But I guess the final thing I'll say is, yes, I think it's more competitive especially in our industry. I mean if you just look at -- just sit down for an hour, watch an hour program and how often do you see the various competitors, some of the competitors that are just single modalities, but there's a lot of venture capital out there. There's a lot of investment capital out there chasing these companies. And one of the first things they do is just spend a lot on advertising. They have to build a brand because they didn't have a brand.

但我想我最後要說的是，是的，我認為它更具競爭力，尤其是在我們的行業中。我的意思是，如果你只看——坐下一個小時，觀看一個小時的節目，你多久會看到各種競爭對手，一些競爭對手只是單一模式，但那裡有很多風險投資。有大量的投資資本在追逐這些公司。他們做的第一件事就是在廣告上投入大量資金。他們必須建立一個品牌，因為他們沒有品牌。

And luckily, we had a brand, and we're enhancing the brand image. But some of them are trying to get it off the ground to start with. And so it is crowded. It is difficult to stand out. We have shifted away from TV and more to digital, which we should have done a while ago, but our modeling tells us that's the right way to reach people. And it also is -- it's a little bit easier to stand out on someone's social feed than on something, you just hope that someone sees your 30-second spot.

幸運的是，我們擁有一個品牌，並且我們正在提升品牌形象。但他們中的一些人正試圖從一開始就將其付諸實踐。所以這裡很擁擠。想要脫穎而出是很困難的。我們已經從電視轉向數字化，這是我們早就應該做的，但我們的模型告訴我們，這是接觸人們的正確方式。而且，在某人的社交動態中脫穎而出比在某件事上脫穎而出要容易一些，您只是希望有人看到您的 30 秒廣告。

At this time, I would like to turn the call back over to Mr. Jim Barr for closing comments.

現在，我想將電話轉回吉姆·巴爾先生以徵求結束意見。

Well, thank you, everyone. I appreciate all your time today, and look forward to -- thanks for your support of Nautilus. We look forward to talking to you again in the second quarter of the fiscal year earnings call in November. I hope you have a great rest of the day, onwards and upwards.

嗯，謝謝大家。感謝您今天抽出寶貴時間，並期待 — 感謝您對 Nautilus 的支持。我們期待在 11 月份的財年第二季度財報電話會議上再次與您交談。我希望你今天休息得很好，繼續向上。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. And thank you for your participation, and have a great day.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。