Planet Fitness Inc (PLNT) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is [Bavesh,] and I will be your conference operator today. At this time, I would like to welcome everyone to the Q3 2023 Planet Fitness Earnings Conference Call. (Operator Instructions)

女士們先生們，謝謝你們的支持。我的名字是 [Bavesh]，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 2023 年第三季 Planet Fitness 財報電話會議。 （操作員說明）

I will now hand the call over to Stacey Caravella, our VP of Investor Relations. You may begin your conference.

我現在將把電話轉交給我們的投資者關係副總裁史黛西·卡拉維拉 (Stacey Caravella)。您可以開始您的會議了。

Thank you, operator, and good morning, everyone. Speaking on today's call will be interim Planet Fitness Chief Executive Officer, Craig Benson; and Chief Financial Officer, Tom Fitzgerald. Both will be available for questions during the Q&A session following the prepared remarks. Today's call is being webcast live and recorded for replay.

謝謝接線員，大家早安。 Planet Fitness 臨時執行長 Craig Benson 將在今天的電話會議上發言。和首席財務官湯姆·菲茨杰拉德。在準備好發言後的問答環節中，兩人都可以回答問題。今天的電話會議正在進行網路直播並進行錄音以供重播。

Before I turn the call over to Craig, I'd like to note that we posted slides on our Investor Relations website this morning that summarize the updates that we will be discussing during our call.

在將電話轉給克雷格之前，我想指出，我們今天早上在投資者關係網站上發布了幻燈片，總結了我們將在電話會議中討論的最新情況。

I'd also like to remind everyone that the language on forward-looking statements included in our earnings release also applies to our comments made during the call. Our release can be found on our investor website along with any reconciliation of non-GAAP financial measures mentioned on the call with their corresponding GAAP measures.

我還想提醒大家，我們的收益發布中包含的前瞻性陳述的語言也適用於我們在電話會議中發表的評論。您可以在我們的投資者網站上找到我們的新聞稿，以及電話會議中提到的非公認會計原則財務指標與其相應的公認會計原則指標的對帳。

Now I'll turn the call over to Craig.

現在我將把電話轉給克雷格。

Thank you, Stacey, and thanks, everyone, for joining us for the Planet Fitness Q3 Earnings Call.

謝謝史黛西，也謝謝大家參加我們的 Planet Fitness 第三季財報電話會議。

I'm honored to serve as interim CEO of such a truly unique brand with a strong track record of growth as we enter the next chapter of the Planet Fitness journey.

我很榮幸能夠擔任這樣一個真正獨特的品牌的臨時首席執行官，該品牌在我們進入 Planet Fitness 旅程的下一個篇章時擁有強勁的增長記錄。

As a Board member and a Planet Fitness franchisee, I know firsthand the power of this brand, the strength of our team and our commitment to welcoming nonintimidating culture, all of which uniquely position us to continue to lead the industry.

作為董事會成員和 Planet Fitness 特許經營商，我親身了解這個品牌的力量、我們團隊的實力以及我們對歡迎非恐嚇文化的承諾，所有這些都使我們能夠繼續引領行業。

My priority is to lead the team as we execute on the current strategy with a focus on enhancing store returns. Look forward to finding an outstanding CEO candidate to lead us in capturing the growth opportunities ahead of us.

我的首要任務是領導團隊執行當前策略，重點是提高商店回報。期待找到一位傑出的執行長候選人來帶領我們抓住眼前的成長機會。

Let's move on to our results. We ended the third quarter with more than 18.5 million members. System-wide same-store sales growth was 8.4%, primarily driven by new member growth and more than 19% adjusted EBITDA growth.

讓我們繼續討論我們的結果。截至第三季末，我們擁有超過 1,850 萬名會員。全系統同店銷售額成長 8.4%，主要由新會員成長和超過 19% 的調整後 EBITDA 成長推動。

As a result of our performance and given our outlook for the fourth quarter, we're raising our full year financial guidance targets for revenue and adjusted EBITDA for 2023. Tom will go through that later on.

鑑於我們的業績表現以及對第四季度的展望，我們正在提高 2023 年全年收入財務指導目標和調整後的 EBITDA。Tom 稍後會詳細介紹這一點。

We feel really good about our membership trends. We added nearly 110,000 net new members in Q3, outperforming net growth for the same period last year as well as 2019. We continue to see our strongest net member growth for Gen Zs, who now make up 1/4 of our membership base.

我們對我們的會員趨勢感到非常滿意。我們在第三季淨增加了近 11 萬名新會員，超過了去年同期和 2019 年的淨成長。我們繼續看到 Z 世代的淨會員成長最為強勁，他們目前占我們會員基數的 1/4。

We believe we are unique among most multiunit brands and that the average age of our members continues to decrease. This was further enhanced by another successful high school Summer Pass program. We had more than 3 million teams and 2 million parents and guardians sign up for this year's program.

我們相信，我們在大多數多單元品牌中是獨一無二的，並且我們會員的平均年齡持續下降。另一個成功的高中暑期通行證計畫進一步增強了這一點。我們有超過 300 萬支團隊和 200 萬名家長和監護人報名參加了今年的計畫。

At the end of October, our conversion rate of team participants to paying members is 5.5% versus 5% last year. More than 30% of our new joins in Q3 were previous members compared to about 20% pre-COVID.

截至 10 月底，我們的團隊參與者轉換為付費會員的率為 5.5%，而去年為 5%。第三季新加入的會員中有超過 30% 是以前的會員，而新冠疫情爆發前這一比例約為 20%。

We also continue to see higher overall visits per member, as well as all age groups visiting more frequently year-over-year. We again experienced year-over-year improvement in our cancel rate as it continues its decline for the ninth straight quarter.

我們也繼續看到每位會員的整體訪問量有所增加，並且所有年齡段的訪問次數逐年增加。我們的取消率再次實現年比改善，連續第九個季度持續下降。

Lastly, we opened 26 new stores this quarter, bringing our global store count to nearly 2,500. We've added 145 new locations since Q3 of last year, which is nearly 3x the growth of the top 17 of our competitors combined.

最後，我們本季新開了 26 家門市，使我們的全球門市數量達到近 2,500 家。自去年第三季以來，我們新增了 145 家店，幾乎是前 17 家競爭對手的成長總和的 3 倍。

It was against this backdrop of industry-leading performance that we met with all of our franchisees last month, to review the updates we are making as part of what we call our new growth model. We all left the meeting even more excited for the long-term opportunities that we have as a brand.

正是在行業領先業績的背景下，我們上個月與所有特許經營商會面，審查我們正在進行的更新，作為我們所謂的新成長模式的一部分。會議結束後，我們都對我們作為一個品牌所擁有的長期機會感到更加興奮。

We are addressing the biggest opportunities to further improve the attractiveness of our returns for our franchisees as they manage their capital deployment and timing of their investments, while maintaining our strong focus on a great member experience. We believe it's a win for the franchisees and for us as the franchisor.

我們正在抓住最大的機會，進一步提高我們對特許經營商的回報吸引力，讓他們管理資本部署和投資時機，同時保持我們對卓越會員體驗的高度關注。我們相信這對特許經營商和我們作為特許人來說都是一場勝利。

First on pricing. We're proud that we haven't raised the $10 Classic Card price in 30 years. However, consumer expectations on price have changed in a highly inflationary world. We are exploring whether we have an opportunity to take price on our Classic Card without sacrificing number growth.

首先是定價。我們感到自豪的是，我們已經 30 年來沒有提高 10 美元的經典卡價格了。然而，在高度通貨膨脹的世界中，消費者對價格的預期發生了變化。我們正在探索是否有機會在不犧牲數量增長的情況下對經典卡進行定價。

To that end, we've been testing different price structures, messaging and price points in several markets around the country for more than a couple of months now. As we are a recurring revenue model, we plan to continue running these tests to understand the impact an increasing price has on membership growth.

為此，我們已經在全國多個市場測試了不同的價格結構、訊息和價格點幾個多月了。由於我們採用常規收入模式，因此我們計劃繼續執行這些測試，以了解價格上漲對會員成長的影響。

Now to our membership levels. Our membership recovery coming out of the pandemic closures has resulted in all-time high system-wide membership levels. Additionally, the stores that will mature as of March 2020 are back to pre-COVID membership levels on average. And importantly, our 2023 cohort of new clubs is indexing very close to pre-pandemic new store ramp levels.

現在我們的會員等級。我們的會員從疫情關閉中恢復過來，導致全系統會員水準達到歷史最高水準。此外，截至 2020 年 3 月成熟的商店的平均會員水準已恢復到新冠疫情之前的水準。重要的是，我們 2023 年新俱樂部的指數非常接近疫情前新店的成長水準。

However, the cohort of nearly 700 stores that opened from 2019 to 2022, have experienced much slower ramps to maturity, given that their early critical years of member growth were interrupted by COVID. This is nearly 30% of our system. These stores have not yet benefited from consecutive years of typical first quarters.

然而，從 2019 年到 2022 年開業的近 700 家商店的成熟期要慢得多，因為它們早期關鍵的會員增長時期被新冠疫情打斷了。這幾乎占我們系統的 30%。這些商店尚未從連續幾年典型的第一季中受益。

As a reminder, 60% of our net member growth for the year historically occurs in Q1. We expect these stores to eventually grow to membership levels consistent with the rest of the system, but they will take longer and will likely weigh on the returns across a given franchisees portfolio.

提醒一下，我們今年 60% 的淨會員成長歷史上發生在第一季。我們預計這些商店最終將發展到與系統其他部分一致的會員水平，但它們將需要更長的時間，並可能影響特定特許經營商組合的回報。

The cost to build a new store continues to be approximately 30% higher than in 2019. The total CapEx cost today, which includes total cost to build, re-equipment and remodel or plan of business are up nearly 70% over the 10-year life of a franchise agreement versus a decade ago. And while the pressures are primarily from external factors such as inflation, higher interest rates, we're addressing the things that are within our control and further enhance store returns and lessen the increased CapEx burden for existing stores.

建造新店的成本仍然比 2019 年高出約 30%。目前的總資本支出成本（包括建造、重新設備和改造或業務計劃的總成本）在過去 10 年中增長了近 70%特許經營協議的有效期與十年前相比。雖然壓力主要來自通貨膨脹、利率上升等外部因素，但我們正在解決我們控制範圍內的問題，進一步提高商店回報並減輕現有商店增加的資本支出負擔。

Our management team has been working on the new growth model for a good portion of the year, trying to balance improving new store returns without significantly impacting our P&L. Our plan is focused on reducing the capital requirements for opening and operating a Planet Fitness franchise.

我們的管理團隊在今年的大部分時間裡一直致力於新的成長模式，試圖在提高新店回報率的同時又不顯著影響我們的損益。我們的計劃重點是降低開設和經營 Planet Fitness 特許經營店的資本需求。

This includes making changes to the franchise agreement, adjusting the timing of cardio and strength equips based on usage and committing to reduce CapEx for new build and remodel, while also looking for ways to reduce operating expenses.

這包括修改特許經營協議，根據使用情況調整有氧運動和力量設備的時間安排，並承諾減少新建和改建的資本支出，同時尋找減少營運費用的方法。

We believe that the changes we're making will free up a significant amount of capital for our franchisees in the near term, providing them with additional flexibility and resources to build their store portfolios for the long term. Tom is going to walk us through the details momentarily.

我們相信，我們所做的改變將在短期內為我們的特許經營商釋放大量資金，為他們提供額外的靈活性和資源來建立長期的商店組合。湯姆將立即向我們介紹詳細資訊。

The new structure is standard for all agreements moving forward. Our franchisees can also take advantage of it for their existing stores. In closing, our management team has taken responsible and data-driven approaches to adjusting our franchisee return model, which we believe set us up for sustainable growth.

新的結構是所有未來協議的標準。我們的特許經營商也可以在他們現有的商店中利用它。最後，我們的管理團隊採取了負責任的、數據驅動的方法來調整我們的加盟商回報模式，我們相信這將為我們的永續成長奠定基礎。

We recognize that the operating landscape has changed, and therefore, we are evolving for the long-term sustainability of the model without compromising the member experience. We believe we are pulling the correct leverage to drive the right long-term outcomes and to ultimately increase returns for all of our stakeholders, both internal and external.

我們認識到營運格局已經發生變化，因此，我們正在不斷發展，以實現該模式的長期可持續性，同時又不影響會員體驗。我們相信，我們正在利用正確的槓桿來推動正確的長期成果，並最終增加所有內部和外部利害關係人的回報。

Now I will turn it over to Tom.

現在我將把它交給湯姆。

Thanks, Craig, and good morning, everyone. Today, I'm going to address 3 topics. First, further details on how we're evolving our model as Craig referenced. Second, our Q3 financial results and lastly, our 2023 outlook.

謝謝克雷格，大家早安。今天我要講3個話題。首先，進一步詳細介紹我們如何發展我們的模型，正如克雷格所提到的。其次是我們第三季的財務業績，最後是我們 2023 年的展望。

We learned valuable lessons as the franchisor of fitness brand during the pandemic, including the importance of building and maintaining a trusted franchisee, franchisor relationship. We were nimble and quickly made changes to support our franchisees and their most pressing needs while our stores were temporarily closed.

在疫情期間，作為健身品牌的特許經營商，我們學到了寶貴的經驗教訓，包括建立和維持值得信賴的特許經營商、特許經營商關係的重要性。在我們的商店暫時關閉期間，我們靈活並迅速做出改變，以支持我們的特許經營商及其最緊迫的需求。

This included 18-month extensions for both new store obligations under area development agreements and on reequipped cycles for existing stores. These extensions provided franchisees with greater flexibility and liquidity to help meet their various obligations, while stores were temporarily closed and until membership levels began to recover.

這包括將區域開發協議下的新店義務和現有商店的重新裝備週期延長 18 個月。這些延期為特許經營者提供了更大的靈活性和流動性，以幫助履行其各種義務，同時商店暫時關閉，直到會員水準開始恢復。

The result was that we did not permanently close any of our stores due to COVID versus the industry, which experienced a 25% reduction of all gyms in the U.S. And in today's post-pandemic world with persistent higher inflation that has significantly increased new store construction costs, we're using that experience to further refine our model and position us and our franchisees for continued sustainable growth.

結果是，我們並沒有因為新冠肺炎而永久關閉任何一家店，而整個行業的情況是，美國所有健身房的數量減少了 25%。在當今的大流行後世界，通貨膨脹持續走高，新店建設大幅增加成本，我們正在利用這些經驗來進一步完善我們的模式，並使我們和我們的特許經營商能夠持續可持續成長。

As Craig noted, this isn't just a win for our franchisees. It's also a win for us as the franchisor. And we believe it is also in the best long-term interest of our shareholders. As part of the plan we're making changes to how we hold franchisees accountable to their new store build obligations as well as updating our joint fee structure.

正如克雷格所指出的，這不僅僅是我們特許經營商的勝利。作為特許人，這對我們來說也是一場勝利。我們相信這也符合我們股東的最佳長期利益。作為該計劃的一部分，我們正在改變讓特許經營商對其新店建設義務負責的方式，並更新我們的聯合費用結構。

Let me walk through each of the 5 parts of our new growth model in more depth. The first component of our plan is to extend the length of our franchise agreement from 10 years to 12 years and to eliminate the initial $20,000 franchise fee.

讓我更深入地介紹我們新增長模型的五個部分。我們計劃的第一個組成部分是將特許經營協議的期限從 10 年延長至 12 年，並取消最初的 20,000 美元特許經營費。

Franchisees will be required to remodel at the 12-year mark and pay a franchise fee at that time. The franchise fee change is meaningful to our franchisees who are required to pay the fee when the store opens, but less impact to our P&L as we recognize it over the life of the agreement.

加盟商將被要求在12年標誌時進行改造，並在那時支付特許經營費。特許經營費的變化對我們的特許經營商來說很有意義，他們需要在商店開業時支付費用，但對我們的損益影響較小，因為我們在協議有效期內認識到這一點。

The second element of our new growth model is to extend the timing for reequips to achieve a system average of 6 years for cardio and 8 years for strength. Clubs that have higher-than-average usage will still be required to reequip at 5 and 7 years, while clubs with lower usage will be 7 and 9 years.

我們新成長模式的第二個要素是延長重新裝備的時間，以實現有氧運動的系統平均 6 年和力量運動的系統平均 8 年。使用率高於平均水平的俱樂部仍需要在 5 年和 7 年重新裝備，而使用率較低的俱樂部將在 7 年和 9 年重新裝備。

As a reminder, all stores that were opened at the end of 2021 received the previous reequipped extension. So today, on average, those stores are on a 6.5 and 8.5 year schedule already. Therefore, we expect this change to have minimal near-term impact to our financials.

提醒一下，所有 2021 年底開業的商店都收到了之前重新裝備的擴展。因此，如今，這些商店平均已經有 6.5 年和 8.5 年的計畫。因此，我們預期這項變更對我們財務狀況的短期影響微乎其微。

The second cardio reequip will coincide with the 12-year remodel requirement, reducing the number of disruptions to the club and its members from 7 to 6 in the first 24 years of operation. It eliminates 2 consecutive years that members have to deal with disruptions in today's model.

第二次有氧運動重新裝備將符合 12 年改造要求，將俱樂部及其會員在營運的前 24 年中受到干擾的次數從 7 次減少到 6 次。它消除了成員連續兩年必須應對當今模式中的干擾的情況。

For the third component of the new growth model, we're targeting a 5% to 10% reduction to the investment required to build a new store without compromising the member experience. In addition to value engineering in the store build, this targeted reduction includes the waive of initial franchise fee and the changes to the mix of equipment, which we have been refining this past year as our members are consistently seeking more strength and less cardio.

對於新成長模式的第三個組成部分，我們的目標是在不影響會員體驗的情況下，將建立新商店所需的投資減少 5% 到 10%。除了商店建設中的價值工程之外，這種有針對性的減少還包括免除初始特許經營費和改變設備組合，我們在過去的一年中一直在完善這些設備，因為我們的會員一直在尋求更多的力量和更少的有氧運動。

The latter has the added benefit of reducing CapEx investment and strength equipment costs less than cardio, and we're also adding additional open spaces for stretching and working out. We expect that this will continue to be a headwind to equipment segment revenue. However, we will continue to examine potential adjustments to our equipment pricing and margin as appropriate to protect our margin dollars for placement and reequip.

後者的額外好處是減少資本支出，力量設備的成本低於有氧運動，而且我們還增加了額外的用於伸展和鍛煉的開放空間。我們預計這將繼續成為設備部門收入的阻力。然而，我們將繼續酌情研究對設備定價和利潤的潛在調整，以保護我們用於安置和重新裝備的利潤。

The fourth part of our new growth model affects our area development agreements, where we will transition from grace periods to the more typical tier period mechanism, which will lead to greater clarity and alignment on our development pipeline.

我們新成長模式的第四部分影響我們的地區開發協議，我們將從寬限期過渡到更典型的等級期機制，這將使我們的開發管道更加清晰和一致。

Grace periods allowed a franchisee an additional 12 months to open a location if there was a delay outside of their control. Franchisees will now enter a 6-month cure period if they are in default on a unit obligation, which is a more common practice in the franchise world.

如果出現超出其控制範圍的延誤，寬限期允許特許經營商額外 12 個月開設門市。如果特許經營商拖欠單位義務，現在將進入 6 個月的補救期，這在特許經營領域是更常見的做法。

Now the fifth and final element of our new growth model is to shift from the franchisees paying us a fixed fee for online joins, to a fee equal to a percent of members dues for all joins, regardless of the joint channel. This new structure allows us to participate in the upside on potential future price increase.

現在，我們新成長模式的第五個也是最後一個要素是，從特許經營商向我們支付固定的線上加入費用，轉變為向所有加入收取相當於會員會費百分比的費用，無論聯合管道如何。這種新結構使我們能夠參與未來潛在價格上漲的上漲。

There are many specifics and nuances that we are still working through as we transition to this new structure. As Craig noted, this is the model that we propose to our franchisees, and we are highly encouraged by their enthusiastic response to it. We expect most will accept it.

在過渡到這種新結構時，我們仍在解決許多細節和細微差別。正如克雷格所指出的，這是我們向特許經營商提出的模式，他們對此的熱情反應使我們深受鼓舞。我們預計大多數人會接受它。

Now I'll cover our third quarter results. All of my comments regarding our quarter performance will be comparing Q3 2023 to Q3 of last year, unless otherwise noted.

現在我將介紹我們第三季的業績。除非另有說明，我對季度業績的所有評論都將比較 2023 年第三季和去年第三季。

We opened 26 new stores compared to 29. We delivered same-store sales growth of 8.4% in the third quarter. Franchisee same-store sales grew 8.2% and corporate same-store sales increased 10.1%. More than 3/4 of our Q3 comp increase was driven by net member growth with the balance being rate growth.

我們開設了 26 家新店，而去年同期為 29 家。第三季同店銷售額成長 8.4%。特許經營商同店銷售額成長8.2%，企業同店銷售額成長10.1%。我們第三季超過 3/4 的業績成長是由淨會員成長推動的，其餘的則是費率成長。

Black Card penetration was 62.1%, a decrease of 80 basis points. The decrease primarily reflects the continued increase in our Gen Z membership growth and the conversion of high school summer pass participants to paying members.

黑卡滲透率為62.1%，下降80個基點。這一下降主要反映了 Z 世代會員數量的持續增長以及高中暑期通行證參與者向付費會員的轉變。

For the third quarter, total revenue was $277.6 million compared to $244.4 million. The increase was driven by revenue growth across all 3 of the segments. The 21.6% increase in franchise segment revenue was primarily due to increases in royalties, web join fees and national ad fund revenue. The royalty increase was primarily driven by same-store sales growth, royalties on annual fees and new stores. For the third quarter, the average royalty rate was 6.6%, up from 6.5%.

第三季總營收為 2.776 億美元，去年同期為 2.444 億美元。這一增長是由所有三個細分市場的收入成長所推動的。特許經營部門收入成長 21.6%，主要是由於特許權使用費、網路加入費和國家廣告基金收入的增加。特許權使用費的成長主要是由同店銷售成長、年費和新店特許權使用費所推動的。第三季的平均特許權使用費率為 6.6%，高於 6.5%。

The 12% increase in revenue in the corporate-owned store segment was primarily driven by same-store sales growth and new store openings, as well as the 4 stores that we acquired in the second quarter.

企業自營店部門營收成長 12%，主要得益於同店銷售成長和新店開業，以及我們在第二季收購的 4 家門市。

Equipment segment revenue increased 6%. We completed 22 new store placements this quarter compared to 27 last year. For the quarter, replacement equipment accounted for 78% of total equipment revenue. Our cost of revenue, which primarily relates to the cost of equipment sales to franchisee-owned stores, amounted to $53.8 million compared to $48.5 million.

設備部門收入成長 6%。本季我們完成了 22 家新店佈局，而去年為 27 家。本季度，更換設備佔設備總收入的 78%。我們的收入成本（主要與向特許經營商擁有的商店銷售設備的成本有關）為 5,380 萬美元，而去年同期為 4,850 萬美元。

To our operations expense, which relates to our corporate-owned store segment increased to $63.1 million from $57.9 million. SG&A for the quarter was $33.3 million compared to $27.1 million. Adjusted SG&A was $30.7 million. This includes a $2.6 million adjustment for CEO transition-related expenses.

與我們公司自有商店部門相關的營運費用從 5,790 萬美元增加到 6,310 萬美元。本季的 SG&A 為 3,330 萬美元，去年同期為 2,710 萬美元。調整後的 SG&A 為 3,070 萬美元。其中包括 260 萬美元的 CEO 換屆相關費用調整。

National advertising fund expense was $17.6 million compared to $17.0 million. Net income was $41.3 million. Adjusted net income was $51.8 million, and adjusted net income per diluted share was $0.59. A reconciliation of adjusted net income to GAAP net income can be found in the earnings release.

全國廣告基金支出為 1,760 萬美元，去年同期為 1,700 萬美元。淨利潤為 4130 萬美元。調整後淨利為 5,180 萬美元，調整後每股攤薄淨利潤為 0.59 美元。調整後淨利與 GAAP 淨利的調整表可以在收益發布中找到。

Adjusted EBITDA was $111.9 million and adjusted EBITDA margin was 40.3% compared to $93.9 million with adjusted EBITDA margin of 38.4%. A reconciliation of adjusted EBITDA to GAAP net income can be found in the earnings release.

調整後 EBITDA 為 1.119 億美元，調整後 EBITDA 利潤率為 40.3%，而調整後 EBITDA 利潤率為 9,390 萬美元，調整後 EBITDA 利潤率為 38.4%。調整後的 EBITDA 與 GAAP 淨利潤的調整表可以在收益報告中找到。

By segment, franchise adjusted EBITDA was $67.6 million and adjusted EBITDA margin was 68.9%, Corporate store adjusted EBITDA was $44.4 million and adjusted EBITDA margin was 39.2%. Equipment adjusted EBITDA was $16.4 million, and adjusted EBITDA margin was 24.8%.

按部門劃分，特許經營調整後 EBITDA 為 6,760 萬美元，調整後 EBITDA 利潤率為 68.9%，企業店調整後 EBITDA 為 4,440 萬美元，調整後 EBITDA 利潤率為 39.2%。設備調整後 EBITDA 為 1,640 萬美元，調整後 EBITDA 利潤率為 24.8%。

Now turning to the balance sheet. As of September 30, 2023, we had total cash, cash equivalents and marketable securities of $474.1 million compared to $472.5 million of cash and cash equivalents on December 31, 2022, which included $46.4 million and $62.7 million of restricted cash, respectively, in each period.

現在轉向資產負債表。截至2023 年9 月30 日，我們的現金、現金等價物及有價證券總額為4.741 億美元，而2022 年12 月31 日的現金及現金等價物為4.725 億美元，其中分別包括4,640 萬美元及6,270 萬美元的限制性現金。時期。

Year-to-date through September, we used $125 million to repurchase shares. Total long-term debt, excluding deferred financing costs, was $2.0 billion as of September 30, 2023, consisting of our 4 tranches of fixed-rate securitized debt that carries a blended interest rate of approximately 4.0%. As a reminder, we don't have debt coming due until September of 2025.

今年迄今截至 9 月份，我們使用了 1.25 億美元回購股票。截至 2023 年 9 月 30 日，長期債務總額（不含遞延融資成本）為 20 億美元，其中包括 4 批固定利率證券化債務，混合利率約為 4.0%。提醒一下，我們的債務要到 2025 年 9 月才會到期。

Finally, moving on to our updated 2023 outlook, which we included in our press release this morning. Historically, our new store openings typically skewed to the fourth quarter, and in particular, to December, as franchisees work hard to open their new stores before New Year's Eve. However, similar to the past few years, we continue to experience unpredictable delays in the various steps to open a new store. Chief among them is the extended permitting time line in many municipalities.

最後，我們更新了 2023 年展望，我們已將其納入今天早上的新聞稿中。從歷史上看，我們的新店開業通常偏向第四季度，尤其是十二月，因為加盟商努力在新年前夕開設新店。然而，與過去幾年類似，我們在開設新店的各個步驟中繼續遇到不可預測的延遲。其中最主要的是許多城市延長了許可期限。

With less than 2 months remaining in the year, we have narrowed in on a range for new store openings and franchisee equipment placements that we believe accounts for the things that we and our franchisees can control. We now expect between 150 and 160 new stores and between 130 and 140 equipment placements in new franchise stores.

距離今年還剩不到兩個月的時間，我們已經縮小了新店開業和加盟商設備安置的範圍，我們認為這些是我們和我們的加盟商可以控制的事情。我們現在預計將開設 150 至 160 家新店，並在新特許經營店中放置 130 至 140 家設備。

We continue to expect system-wide same-store sales growth to be in the high single-digit percentage range given our strong membership trends. We now expect that re-equip sales will make up approximately mid-60% of total equipment segment revenue for the year.

鑑於我們強勁的會員趨勢，我們繼續預期全系統同店銷售成長將維持在較高的個位數百分比範圍內。我們現在預計，重新裝備銷售將佔今年設備部門總收入的約 60%。

Our franchisees continuing to invest in their existing stores, as evidenced by the fact that we expect our full year re-equipped revenue to be greater than what we had originally forecasted.

我們的特許經營商繼續投資現有商店，我們預計全年重新裝備的收入將高於我們最初的預測，這一事實證明了這一點。

Given our strong sales during our reequipped promotions year-to-date, we expect light Q4 reequipped sales as franchisees are allocating capital to building new stores. This is the primary driver behind our revised expectation of approximately 14% revenue growth and approximately 18% adjusted EBITDA growth. We now expect approximately 33% growth in adjusted net income and adjusted earnings per share growth of approximately 35%, based on shares outstanding of approximately 89 million.

鑑於我們今年迄今在重新裝備促銷期間的強勁銷售，我們預計第四季度的重新裝備銷售將較少，因為特許經營商正在分配資金建設新店。這是我們修訂後的營收成長約 14% 和調整後 EBITDA 成長約 18% 的預期背後的主要驅動力。基於約 8,900 萬股流通股，我們目前預計調整後淨利將成長約 33%，調整後每股盈餘將成長約 35%。

We continue to expect net interest expense to be in the low $70 million, CapEx up approximately 40% and D&A up in the high teens percent range.

我們仍預期淨利息支出將在 7,000 萬美元以下，資本支出將成長約 40%，D&A 將成長在百分之十左右。

As we mentioned last quarter, we will revisit our 3-year outlook, which we initially provided back in November 2022, next year when we provide our targets for 2024.

正如我們上季度所提到的，我們將重新審視我們最初在 2022 年 11 月提供的 3 年展望，明年我們將提供 2024 年的目標。

In the meantime, our teams are working with franchisees on their development remodel and reequip plans for 2024 as they determine their near- and long-term capital requirements and priorities under this new structure. We believe our new growth model will further enhance franchisee returns, continue to increase our leading competitive position and deliver long-term sustainable value that benefits our shareholders and our entire system.

同時，我們的團隊正在與特許經營商合作制定 2024 年的開發改造和重新裝備計劃，確定新結構下的近期和長期資本需求和優先事項。我們相信，我們的新成長模式將進一步提高加盟商回報，繼續增強我們的領先競爭地位，並提供長期可持續的價值，使我們的股東和整個系統受益。

I'll now turn the call back to the operator to open it up for Q&A.

我現在將把電話轉回接線員以進行問答。

(Operator Instructions) Our first question comes from the line of Randal Konik from Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Randal Konik。

I guess, what would be helpful for us on the call is you talked about you're going to give us '24 guidance in a couple quarters, but what would be helpful is just to get some perspective on how we should be thinking about directional change in unit openings going into next year, and just like shaping of the curve around equipment revenues, I think you said there shouldn't be all that much change from a replacement perspective.

我想，對我們在電話會議上有幫助的是，你談到你將在幾個季度內向我們提供 24 小時的指導，但有幫助的是了解我們應該如何考慮方向性的一些觀點明年單位空缺的變化，就像設備收入曲線的形成一樣，我認為你說過從更換的角度來看不應該有太大的變化。

So just help us think about puts and takes about just next year without -- obviously, you're not going to give us specific guidance, but just framing out the kind of path from here would be super helpful going in for next year.

因此，只要幫助我們考慮明年的看跌期權和拿單，顯然，你不會給我們具體的指導，但從這裡制定出什麼樣的路徑將對明年非常有幫助。

Randy, thanks for the question. I appreciate that there's a desire to know that it is difficult to talk about at the moment because that's the work that's ahead of us, right? We did this -- we made these changes for a couple of reasons. One, to free up the capital for franchisees. Particularly the big move is to move the remodels that we're doing in 2024 to move them out.

蘭迪，謝謝你的提問。我很欣賞大家想知道目前很難談論它，因為這是我們面前的工作，對嗎？我們這樣做——我們做出這些改變有幾個原因。一、為加盟商釋放資金。特別重要的是，我們將在 2024 年進行改造，將它們移出。

Now some of those that are more brand damaging will have to get done, but ones that we can take a little time on, we will. And so that frees up the capital. So -- and then also making some other changes to improve the -- while we think the returns are strong, making them even stronger should help drive some unit growth.

現在，一些對品牌損害更大的項目必須完成，但那些我們可以花一點時間的項目，我們會完成。這樣就釋放了資本。因此，儘管我們認為回報率很高，但也做出了一些其他改變來改善回報率，使回報率變得更強勁應該有助於推動一些單位的成長。

How that plays out -- how both of those things play out, in 2024, directionally to your question, is the work ahead of us and our teams to work with our franchisees and really sort of play all this through, both in terms of how they see their pipeline, but also just executing the agreement changes.

到 2024 年，這兩件事將如何發揮作用，針對你的問題，我們和我們的團隊面臨的工作是與我們的特許經營商合作，並真正完成這一切，無論是在如何他們看到了他們的管道，但也只是執行協議的變更。

So anyway, Craig, go ahead.

所以無論如何，克雷格，繼續吧。

Yes. So I just want to add one thing. I mean, as you know, we rolled this out to the 16th of October to our franchisees. These are big organizations in many cases. And so it takes time for them to process these changes as well.

是的。所以我只想補充一件事。我的意思是，如您所知，我們將在 10 月 16 日之前向我們的特許經營商推出此服務。在許多情況下，這些都是大型組織。因此他們也需要時間來處理這些變化。

They had no sort of inkling about what we're going to bring to the huddle. And so they're processing this as well. So it's going to take us a little bit of time to get it through their organizations must invest in through our organization. So that's, I think, a big portion of what Tom is talking about.

他們對我們要帶給大家甚麼一無所知。所以他們也在處理這個問題。因此，我們需要一些時間才能透過他們的組織必須透過我們的組織進行投資。我認為這就是湯姆所說的很大一部分內容。

Got it. And then would you -- so then to handicap it, would you think that the updated unit guidance you gave for this year would be kind of the floor or close to the floor based on the pipeline you kind of have that you can see? And then just on top of that, just kind of elaborating, Craig, you talked about some of the pricing change work or at least testing you've been doing, I believe, on the White Card.

知道了。然後你會——那麼為了限制它，你會認為你今年給出的更新後的單位指導會是基於你可以看到的管道的底部或接近底部嗎？除此之外，克雷格，您詳細闡述了一些定價變更工作，或至少是您在白卡上所做的測試。

How do you -- what have you learned so far in those tests? Maybe give us a little flavor there, so we can get some perspective on what's been changing in those tests, price elasticity, price sensitivity, so we can get a feel for just how high the probability is that you could lift off that $10 a month White Card price point?

到目前為止，您在這些測驗中學到了什麼？也許給我們一點啟發，這樣我們就可以對這些測試中發生的變化、價格彈性、價格敏感性有一些了解，這樣我們就可以了解你每月能賺到 10 美元的可能性有多大。白卡價格多少？

I'm going to let Tom talk about the pricing, but I just wanted to sort of talk about where we are as far as store openings go.

我會讓湯姆談談定價，但我只是想談談我們在開店方面的進展。

Listen, Tom said it right at the beginning of the call. It has become increasingly difficult to forecast openings because of changes, especially in the permitting and the entire process of inspections and getting a certificate occupancy.

聽著，湯姆在通話一開始就這麼說了。由於變化，特別是在許可以及檢查和獲得佔用證書的整個過程中，預測空缺變得越來越困難。

And so what used to be a little more straightforward or maybe a lot more straightforward, has changed for the worst. And so we're dealing with that the best we can. And our franchisees are working very hard and trust me, I'm one of them. So I get what's happened in the marketplace, and it is frustrating as all get out to have things ready to go but not be able to complete the opening.

因此，過去更簡單一點或可能更簡單的事情已經發生了最糟糕的情況。所以我們正在盡我們所能來處理這個問題。我們的加盟商工作非常努力，相信我，我就是其中之一。所以我了解市場上發生的事情，令人沮喪的是，所有人都出去準備東西，但無法完成開業。

Yes. And Randy, on the pricing one, as you know, with the subscription model, we have to read it longer than you would a typical QSR retail test. And so we're reading it through. We've got roughly 100 stores and a few different DMAs in the $15 test. And so it's $15 when we're not on sale, it's $10 on sale. So we're reading it both in those sort of sale periods in what we call the evergreen nonsale periods.

是的。蘭迪，關於定價問題，正如您所知，對於訂閱模式，我們必須比典型的 QSR 零售測試更長的時間來閱讀它。我們正在通讀它。在 15 美元測試中，我們有大約 100 家商店和一些不同的 DMA。因此，當我們不打折時，價格為 15 美元；打折時，價格為 10 美元。因此，我們在所謂的「常青非銷售時期」的銷售時期都在閱讀它。

And at the end of the day, our criteria is we don't want to sacrifice member growth. We think like a retailer or restaurant transactions for them, member growth for us is the sustainable lifeblood of this business. If we can maintain that while adding some dose upside, then we will. But we don't want to say -- given we're trying to get people off the couch, and cost is a barrier to getting off the couch. We just want to be very careful about how we learn our way into what is a better place than where we are today.

歸根究底，我們的標準是我們不想犧牲會員成長。我們認為，就像零售商或餐廳的交易一樣，我們的會員成長是這項業務的可持續命脈。如果我們能夠在增加一些劑量上行的同時保持這一點，那麼我們就會這麼做。但我們不想說——考慮到我們正在努力讓人們離開沙發，而成本是離開沙發的障礙。我們只是想非常小心地學習如何進入比今天更好的地方。

It may take us a little time, and these tests may prove to be that or they may prove not to be that we have to run some other tests, but it's definitely not something that -- with only 2 price points we can't bet bunches on hunches. We got to scientifically figure out what's better than what we have. And if we find something, we'll move to it.

這可能需要我們一點時間，這些測試可能證明是這樣，也可能證明不是這樣，我們必須運行一些其他測試，但這絕對不是這樣的——只有 2 個價格點，我們不能下注直覺。我們必須科學地找出比我們現有的更好的東西。如果我們發現了什麼，我們就會採取行動。

And then I just want to add one thing. Part of ours is not just the entry price. It's the length of time somebody stays a member. So to the extent, price influences that in a dramatic way. That's harmful to our business, and we're looking at the lifetime value of a member.

然後我只想補充一件事。我們的一部分不僅僅是入門價格。這是某人保持會員資格的時間長度。因此，在某種程度上，價格會以一種戲劇性的方式影響這一點。這對我們的業務有害，而我們正在考慮會員的終身價值。

Which is part of that member growth that we're talking about. Okay.

這是我們正在討論的會員成長的一部分。好的。

That's right.

這是正確的。

Our next question comes from Simeon Siegel from BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Simeon Siegel。

Hoping your families are okay in these challenging times. So can you guys just talk a little bit more, you got to the decision change the store level to our model. I guess is there an agreement as to what the save dollars will be used to? Or are you going to ask for a commitment towards the new gyms or something else? Or is this more to help their returns? Is this a concession or are you seeing a change in the structural requirements to run gym.

希望您的家人在這個充滿挑戰的時期一切順利。所以你們能不能多說一點，你們必須決定將商店等級改為我們的模型。我想對於節省下來的錢將用於什麼方面有協議嗎？或者你會要求對新健身房或其他東西做出承諾嗎？還是這更多的是為了幫助他們回報？這是一種讓步，還是您看到經營健身房的結構要求發生了變化。

So Tom, I think you mentioned maybe seeing a way to improve the margins for your own equipment. So kind of thinking that through, and then just really just thinking through if replacements and remodels where historically necessary to keep the gyms fresh, how do you ensure that loosening these restrictions won't hurt that customer experience.

湯姆，我想你提到也許會找到一種方法來提高你自己的設備的利潤。仔細思考一下，然後真正思考一下，如果歷史上有必要進行更換和改造，以保持健身房的新鮮感，如何確保放寬這些限制不會損害客戶體驗。

And then just lastly -- sorry, lastly, I guess, do you believe this is the end of negotiations? Or is there anything else to expect to come for franchisee benefits?

最後——抱歉，最後，我想，你認為談判就此結束嗎？或是還有什麼可以期待的加盟主福利嗎？

Yes, Simeon. You're setting a record there.

是的，西蒙。你在那裡創造了記錄。

Sorry.

對不起。

I don't -- that's okay. I think -- so -- and we've been working on this for months with the Board and what the leadership team here, looking at various things that we could consider. I think we've talked about on some calls when we've been asked, is there anything you can do. And we thought this was kind of the sweet spot of all things that help them on the liquidity side, recognizing the higher cost of inflation -- sorry, what inflation has done to the build cost and the remodel costs, give us some time to value engineer those remodels. If they are brand damaging, then they have to get them fixed, whether that's a corporate store that we acquired from somebody else or a franchise store. At the end of the day, this is still member first in our thinking.

我不——沒關係。我認為——所以——我們已經與董事會和這裡的領導團隊一起研究這個問題幾個月了，研究了我們可以考慮的各種事情。我想我們已經在一些電話中討論過，當我們被問到「你能做什麼」時。我們認為這是在流動性方面幫助他們的所有事情的最佳點，認識到通貨膨脹的成本較高——抱歉，通貨膨脹對建造成本和改造成本的影響，給我們一些時間來評估設計這些改造。如果它們對品牌造成損害，那麼他們就必須修復它們，無論是我們從別人那裡收購的公司商店還是特許經營店。歸根究底，這仍然是我們思想中的會員至上。

But there are cases where we're moving away from a one-size-fits-all to a little bit more of a variation, and that really goes to the reequips, right? So if you have a store that's got a lot more members than the average, you're going to have to re-equip the cardio on the 5-year cycle. And you probably, in some cases, may want to do that even earlier if it's getting beat up.

但在某些情況下，我們會從一刀切轉向多一點變化，這確實需要重新裝備，對吧？因此，如果您的商店的會員數量比平均水平多得多，您將必須以 5 年為週期重新裝備有氧運動設備。在某些情況下，如果它遭到毆打，您可能​​希望更早這樣做。

And the same with strength. If your store is not quite as strong as you thought or just has less membership, then you would do it on a 7-year cycle and everybody else would be on the 6-year cycle. So it is taking some of that into account so that the member experience is considered based on the usage essentially.

力量也是如此。如果你的商店沒有你想像的那麼強大或只是會員較少，那麼你會以 7 年為一個週期，而其他人會以 6 年為一個週期。因此，它正在考慮其中的一些因素，以便本質上根據使用情況來考慮會員體驗。

And trying to get sort of store growth as an increased store growth as a, I'll call it, a quid pro quo, not your -- terms mine, but it's difficult to do. We can't really rewrite the ADA and the pacing of the ADA. This is to recognize -- and it's also harder to find real estate. I think CBRE said it's the fourth year in a row of really record low's center growth.

並試圖將商店的成長作為一種我稱之為交換條件的商店成長，而不是你的商店——用我的術語，但這很難做到。我們無法真正重寫 ADA 和 ADA 的節奏。這是要認識到的——而且找到房產也更難。我認為世邦魏理仕表示，這是連續第四年創下歷史新低的中心成長。

So I think we're trying to factor in all those dynamics and really work with our franchisees to figure out what is the best combination of changes. While also on the get side, we want to move away from these grace periods. They're uncommon in franchising and going to more of a cure method allows us, to Craig's point, to have better visibility and control over the pipeline. And so we have to transition from where we are to where we want to go, and it will take probably a few months to do that, but that's the intent.

因此，我認為我們正在努力考慮所有這些動態，並與我們的特許經營商真正合作，找出最佳的變革組合。同時，我們也希望擺脫這些寬限期。它們在特許經營中並不常見，而根據克雷格的觀點，採取更多的治療方法使我們能夠更好地了解和控制管道。因此，我們必須從現在的位置過渡到我們想要去的地方，這可能需要幾個月的時間，但這就是我們的意圖。

And we think, ultimately, this was the best set of changes that we could develop to improve -- to free up some cash to invest in new store growth, improve the store returns of those new stores. And we're excited about it.

我們認為，最終，這是我們可以改進的最佳變革——釋放一些現金來投資新店的成長，提高這些新店的回報。我們對此感到興奮。

And so far, the reaction from franchisees has been quite enthusiastic. Now we have to go through and see how all that plays out and how many convert, but we feel the economics are compelling, and we'll end up in most saying, yes.

到目前為止，加盟商的反應相當熱烈。現在我們必須仔細看看這一切是如何進行的以及有多少人轉化，但我們認為經濟學是引人注目的，我們最終會大多數人說，是的。

Is there more to come after this? I think -- we think this is a big set of changes that's going to sit for a while, and we'll continue to evaluate how the world changes, how the economy changes and how our business moves.

這之後還有更多嗎？我認為——我們認為這是一系列重大變化，將持續一段時間，我們將繼續評估世界如何變化、經濟如何變化以及我們的業務如何發展。

I'll tell you what we don't want to get lost in all this is our business is performing well. Member growth is strong. Profitability is up. We've got some timing on equipment that's impacting us across the quarters when compared to last year. But overall, I feel really good about the fact that 3/4 of our same-store sales growth is driven by member growth. We're opening orders of magnitude, more stores than our competitors. So it's just a -- we feel good about a lot of things in this business. And ultimately, what we created, we think, is a win for us, a win for our franchisees and a win for our shareholders.

我要告訴你的是，我們不想在這一切中迷失方向，因為我們的業務表現良好。會員增長強勁。盈利能力上去了。與去年相比，我們在各個季度對我們產生影響的設備上有一些時間安排。但總體而言，我們 3/4 的同店銷售成長是由會員成長推動的，對此我感到非常滿意。我們正在開設數量級的商店，比我們的競爭對手還要多。所以這只是——我們對這個行業的很多事情都感覺良好。我們認為，最終，我們創造的東西是我們自己的勝利，我們的特許經營商的勝利，也是我們股東的勝利。

Perfect. I think that's well a lot for the rest.

完美的。我認為這對其他人來說已經很好了。

Our next question comes from the line of Joe Altobello from Raymond James.

我們的下一個問題來自雷蒙德詹姆斯的喬阿爾托貝洛。

I guess first question, and I think I know the answer to this, but -- is there anything you guys can do on the permitting and inspection side to accelerate that? Or is it really out of your hands and it really just depends on the particular town?

我想第一個問題，我想我知道這個問題的答案，但是——你們可以在許可和檢查方面做些什麼來加速這一過程嗎？或者這真的超出了你的控制範圍，而這實際上只取決於特定的城鎮？

It is completely dependent upon where you're trying to locate. Some towns are very cooperative and other towns are very slow. And it starts with just getting the permit to start, and it goes all the way through the inspections.

這完全取決於您想要定位的位置。有些城鎮非常合作，而有些城鎮則非常緩慢。從獲得啟動許可開始，一直到檢查。

My last -- second last club, I just opened 1.5 months or so ago. The guy decided the building a spec decide to go to Italy for a month and didn't tell anybody. And so we couldn't get into reset for a month waiting for them to come back from his trip that was unplanned.

我的最後一個——倒數第二個俱樂部，大約 1.5 個月前剛開業。那傢伙決定建立一個規範，決定去義大利一個月，但沒有告訴任何人。因此，我們無法在一個月內重新調整狀態，等待他們從計劃外的旅行中回來。

And so since COVID, some of the departments and some of the towns have taken a lot of new personality as far as expediting permits and inspections and certificates of occupancy. So it's you go in and you don't even know what you're going to deal with till it starts. That's the other thing because in my case, if you're going into a new town, you don't know what to expect until you're in the process. And you hope for the best, but sometimes that doesn't happen.

因此，自新冠疫情以來，一些部門和一些城鎮在加快許可證、檢查和占用證書方面採取了許多新的個性。所以當你進去的時候，你甚至不知道自己要處理什麼，直到它開始。這是另一回事，因為就我而言，如果你要進入一個新城鎮，在進入這個過程之前你不知道會發生什麼。你希望得到最好的結果，但有時這不會發生。

Other towns are great. But it's -- you don't know. So it's difficult to project and different portions of the permitting process and the inspection process are run by different people, so that one section may be fine and another section may not be as fine. So it is all over the place.

其他城鎮都很棒。但它是——你不知道。因此很難預測，而且許可流程和檢查過程的不同部分由不同的人運行，因此一個部分可能很好，而另一個部分可能不太好。所以到處都是。

Yes. And Joe, maybe one thing to add on that. In permitting some cases, you can use an expeditor and franchisees really -- they want -- like Craig, I want to get the store open, so they'll do whatever they can. On inspection not so much. I mean they -- there's nobody going to fast track that. But it is definitely more difficult than it's been.

是的。喬，也許還需要補充一件事。在允許的某些情況下，你可以使用他們真正想要的加速人和特許經營商，例如克雷格，我想讓商店開業，所以他們會盡其所能。檢查時沒那麼多。我的意思是他們——沒有人能快速實現這一點。但這肯定比以前更困難。

And it's difficult on us too because we have free rent periods, but if you're stuck not opening, those free rent periods expire and you're not even open to enjoy the benefits of free rent.

這對我們來說也很困難，因為我們有免租期，但如果你卡住不開業，這些免租期就會到期，你甚至無法享受免租的好處。

Got it. Okay. And just maybe on the timing of a new CEO. I know it's obviously early, but how do you see that playing out? And what are you guys looking for in terms of qualifications? Is fitness experience a must or not necessarily?

知道了。好的。也許只是取決於新任執行長的上任時間。我知道這顯然還為時過早，但您如何看待這種情況？你們在資格方面尋找什麼？健身經驗是必須的還是不一定的？

So from what I hear, it's early. The process is going well. We're attracting some good interest.

所以據我所知，現在還早。進程進展順利。我們吸引了一些良好的興趣。

As far as the qualifications go, clearly, fitness were pretty well. I don't think there's anybody bigger than us in fitness. So we can't attract somebody from a bigger company, a fitness company, at least that would know more than what we know. But certainly, international experience is important to us. Consumer branding is important to us. Consumer marketing is important to us and perhaps understanding globally how we do all this, obviously, our public company experience is important to us as well.

就資格而言，顯然，身體素質相當好。我認為在健身方面沒有人比我們更強大。所以我們不能吸引來自更大公司、健身公司的人，至少他們知道的比我們知道的更多。但毫無疑問，國際經驗對我們很重要。消費者品牌對我們很重要。消費者行銷對我們很重要，也許了解全球我們如何做到這一切，顯然，我們的上市公司經驗對我們也很重要。

And would you expect someone to be in place before you provide guidance for next year or after?

您是否希望在您為明年或之後提供指導之前有人就位？

That might be a bit tight, but maybe. I don't know exactly how fast this is proceeding. But I know that the Board who is running this process is very focused on doing a good job and moving it along.

這可能有點緊，但也許吧。我不知道這件事進展得多快。但我知道負責這項流程的董事會非常注重做好工作並推動其向前發展。

It's always hard to predict, as you know, and I think to Craig's point, this is an attractive role. Hard to find a place where you're 8-ish times bigger than your next competitor with lots of growth opportunity.

如你所知，這總是很難預測，而且我認為就克雷格的觀點而言，這是一個有吸引力的角色。很難找到一個比下一個競爭對手規模大 8 倍左右且有大量成長機會的地方。

But it is an important job, obviously, to make sure we take our time. I think we're providing guidance at the end of February. I think that's -- as these things go pretty tight to Craig's point. But I think the Board is moving with urgency, but not hastily.

但顯然，確保我們慢慢來是一項重要的工作。我認為我們將在二月底提供指導。我認為這是——因為這些事情非常符合克雷格的觀點。但我認為董事會正在採取緊急行動，但並不倉促。

Our next question comes from the line of John Heinbockel from Guggenheim Partners.

我們的下一個問題來自古根漢合夥人公司的約翰·海因博克爾。

Tom, can you talk about the mechanics of shifting from the grace period, right? Meaning, so if I'm on 1 now, does that continue? When do you transition over? Is it January 1? And then do you think -- does that have any impact, you think, on cadence of openings, one way or the other, whether pull it forward, push it out?

湯姆，你能談談從寬限期轉變的機制嗎？意思是，如果我現在處於 1，這種情況還會繼續嗎？你什麼時候過渡？是 1 月 1 日嗎？然後你認為——你認為這對開口的節奏有什麼影響，無論是向前還是向後？

And then relatedly, for Craig, right? As a franchisee, what do you think you need to see -- others need to see to want to step up again? Is it -- because maybe returns will never be what they were 5 years ago, that's fine relative to other alternatives? Do you just need to see stabilization and some modest improvement?

與此相關的是，對克雷格來說，對吧？作為特許經營商，您認為您需要看到什麼——其他人需要看到什麼才能再次站出來？是因為回報率可能永遠不會達到 5 年前的水平，相對於其他選擇來說這很好？您是否只需要看到穩定和一些適度的改善？

Yes, I'll take the first one there, Joe. So -- we're -- sorry, John, my gosh. We're moving through those changes here in all the documents. It's going to take a little while. We expect by January, we'll be moving through that transition process by which the grace -- whatever -- if a store is in a grace period today, it will move to a cure method. And our intent is not to have a meaningfully different time line for that particular store than would exist under the grace period. We need to work to case individually. But that's essentially how we see it.

是的，我會帶第一個去那裡，喬。所以——我們——抱歉，約翰，天哪。我們正在所有文件中進行這些更改。這需要一點時間。我們預計到一月份，我們將經歷一個過渡過程，透過這個過渡過程，無論如何，如果一家商店今天處於寬限期，它將轉向解決方法。我們的目的不是為該特定商店設定與寬限期內存在的有意義不同的時間表。我們需要針對具體情況進行單獨處理。但這基本上就是我們的看法。

So we don't think it will affect the timing of new stores that are in process now. It's just a matter of transitioning from one to the other. Maybe defer to Craig on the what question...

因此，我們認為這不會影響目前正在興建中的新店的時間安排。這只是從一種過渡到另一種的問題。也許在什麼問題上聽聽克雷格的意見...

Yes. No, no. So thanks for the question. I love plan it as do all of our franchisees. And maybe I'll take you back to the huddle where I talked about the 4 pillars of what we need to do together to make this brand even stronger than it is. And it starts with being aligned with our franchisees and having buying from both sides and frequent work together to enable us to be able to deal with this inflationary environment.

是的。不，不。謝謝你的提問。我和我們所有的特許經營商一樣喜歡計劃它。也許我會帶你們回到剛才的討論中，我討論了我們需要共同努力使這個品牌變得更加強大的四大支柱。首先是與我們的特許經營商保持一致，從雙方購買並頻繁合作，以使我們能夠應對這種通貨膨脹環境。

It's not going to go away, at least not soon. And so we need to work together on different aspects of this model to ensure that we do the best we can. And so one of those areas is leverage. Our size is so big that we've never done a really good job of leveraging that for pricing, for opportunities to work with people directly. Some of the promotional things we're doing within clubs now, we're starting to see vendors that want to come to us to sell their merchandise and consumer brands that never would have happened before, but our scale has changed at 18.5 million members, 2,500 locations.

它不會消失，至少不會很快。因此，我們需要在該模型的不同方面共同努力，以確保我們盡力而為。因此，這些領域之一就是槓桿。我們的規模如此之大，以至於我們從來沒有真正善用它進行定價，獲得直接與人們合作的機會。我們現在在俱樂部內做的一些促銷活動，我們開始看到供應商想要來找我們銷售他們的商品和消費品牌，這在以前是不可能發生的，但我們的規模已經改變，有1850 萬會員， 2,500 個地點。

I'm going to harken back to my insurance build that Tom likes to laugh about. But I got paid $425,000 last year for business insurance. And my quote that came in 4 days before due renewal came in at $850. Total claims over the last 5 years is less than $800,000. So -- but with 23 gyms, I don't have the leverage to lean on an insurance company and say, that's not acceptable. But with 2,500, we've got an opportunity to work with some of these people to get the best product at the best price and that goes across all different things. So that's leverage.

我要回顧一下湯姆喜歡嘲笑的我的保險建設。但去年我收到了 42.5 萬美元的商業保險費。我在到期續約前 4 天收到的報價為 850 美元。過去 5 年的索賠總額少於 80 萬美元。所以，但是我有 23 家健身房，我沒有能力向保險公司求助並說這是不可接受的。但有了 2,500 名員工，我們就有機會與其中一些員工合作，以最優惠的價格獲得最好的產品，這涵蓋了所有不同的事情。這就是槓桿。

The other thing that we need to do a better job with this marketing. We talked about earlier is branding as well as promotional marketing. We need to do that to make sure that we have an opportunity to get our story out there, because these Gen Zs and what have you are much more into value but also into what do you stand for? And that brand is very important to us.

另一件事是我們需要在行銷方面做得更好。我們前面談到的是品牌行銷以及促銷行銷。我們需要這樣做，以確保我們有機會講述我們的故事，因為這些 Z 世代和你們擁有的東西更重視價值，也更重視你們所代表的是什麼？這個品牌對我們來說非常重要。

So those are just some of the things we need to do a better job of in order to really grow this brand. So I have a big believer in this brand, and we have to be really innovative in the way we look at putting new things in clubs, testing our pricing -- different iterations of our pricing to make sure that we're getting the maximum value that we can to augment the customer experience.

因此，為了真正發展這個品牌，這些只是我們需要做得更好的事情。所以我非常相信這個品牌，我們必須在將新東西放入俱樂部的方式上真正創新，測試我們的定價——我們定價的不同迭代，以確保我們獲得最大價值我們可以增強客戶體驗。

So those are some of the things we need to do. And if we do those well, this brand will be around for at least another 30 years.

這些是我們需要做的一些事情。如果我們做得好，這個品牌將至少再存在 30 年。

Guys, one quick follow-up since you brought up marketing, right? That's always looked like an opportunity right? As you get to $300 million of spend and higher, right? To restructure that more national, maybe provide relief to franchisees, right? They can spend 100 basis points less. How do you think about that? Is that -- and is that not a near-term opportunity, it's down the road?

夥計們，自從您提出行銷以來，我們有一個快速跟進，對吧？這看起來總是個機會，對嗎？當你的支出達到 3 億美元或更高時，對嗎？為了重組更全國性的，也許可以減輕特許經營商的負擔，對嗎？他們可以減少 100 個基點的支出。您對此有何看法？這不是一個近期的機會，而是未來的機會嗎？

It's -- we need to grow into this brand thing a little bit better. We're not ready right now. At the hull, I talked about changing the mix. And I said it's coming, because we have to be much more about branding and a little less with promotion. And by the way, we're going to probably spend closer to $400 million next year. So it's getting to be a big nut. And we need to spend it effectively.

我們需要更好地發展這個品牌。我們現在還沒準備好。在船體上，我談到了改變組合。我說它即將到來，因為我們必須更多地關注品牌，而不是促銷。順便說一句，我們明年可能會花費接近 4 億美元。所以它會成為一個大堅果。我們需要有效地使用它。

We are, by far, the biggest spender and marketing of anybody else and $0.09 of every member dollar goes into marketing. So it's a big expenditure, but it's also a big opportunity. Chris used to call it the flywheel. I'm not sure I'd use the same term. But what the term I do is we have some ways to communicate with people that nobody else does.

到目前為止，我們是支出和行銷支出最多的公司，每位會員的 0.09 美元用於行銷。所以這是一筆很大的支出，但同時也是一個很大的機會。克里斯過去稱之為飛輪。我不確定我是否會使用相同的術語。但我所說的意思是我們有一些其他人沒有的方式與人們溝通。

And John discussion that Craig is mentioning that was just merely taking the 9 and remixing it, not lowering it. We still think there's a lot of folks to get into fitness before we start thinking about reducing the rate.

約翰討論克雷格提到的只是將 9 重新混合，而不是降低它。我們仍然認為，在我們開始考慮降低比率之前，還有很多人需要健身。

Our next question comes from Rahul Krotthapalli from JPMorgan.

我們的下一個問題來自摩根大通的 Rahul Krotthapalli。

Tom, can you just clarify what your comments meant to the equipment margins? I know you talked about protecting the dollar profits in the segment. Is there a way where you can probably pass through the cost you buy the equipment from to the franchises at least on a case-to-case basis? Or is it something differently how you're thinking about it?

湯姆，您能澄清一下您的評論對設備利潤意味著什麼嗎？我知道您談到保護該領域的美元利潤。有沒有一種方法可以讓您至少根據具體情況將購買設備的成本轉嫁給特許經營商？或者你的想法是否有所不同？

Yes, I think what I was trying to convey there is as we continue to evolve the mix of equipment, you may have heard us talk about where the Gen Z clearly seems to prefer strength and functional workouts versus cardio. Treadmills still get about the same use, but things like elliptical and bikes are getting far less used.

是的，我想我想傳達的是，隨著我們不斷發展設備組合，您可能已經聽過我們談論 Z 世代顯然更喜歡力量和功能性鍛鍊而不是有氧運動。跑步機的用途仍然大致相同，但橢圓機和自行車等設備的使用量卻大大減少。

So we've been -- we took a first swing at this to readjust the mix or to adjust the mix to have less cardio, more strength. We're now taking a bigger move on that because it's just -- it's given, Gen Zs are 25% of our member base and millennials have similar habits though not quite the same. That -- and because strength costs less than cardio and because, in some cases, the functional areas just have more open space so people can work out.

因此，我們首先採取了重新調整組合的方式，或調整組合以減少有氧運動，增加力量。我們現在在這方面採取了更大的舉措，因為 Z 世代占我們會員群的 25%，而千禧世代也有類似的習慣，儘管不完全相同。這是因為肌力訓練的成本低於有氧運動，而且在某些情況下，功能區只是有更多的開放空間，以便人們可以鍛鍊。

Overall, the revenue per new store will come down. And so what we've done is adjusted our margin that we charge, so that the dollar margins that we earn on that new store placement are roughly the same. That's what I was trying to convey.

整體而言，每家新店的收入將會下降。因此，我們所做的就是調整我們收取的利潤，以便我們在新店佈局中賺取的美元利潤大致相同。這就是我想要傳達的。

Now the -- so we've done that historically. We'll continue to do that, and we'll see how it all evolves. But that's what I was trying to convey.

現在，我們歷史上已經這樣做了。我們將繼續這樣做，我們將看看這一切如何發展。但這就是我想要傳達的。

Got it. And on -- a follow-up on the changes to the growth model. So looking at the math here, it looks like this uplift and cash-on-cash returns over the life of the period is close to up 200 bps and it's translating close to $0.5 million per new store build in terms of present value of savings. So is it fair to expect that this improves the visibility by like 15 to 20 stores each year, at least on back of envelope, is this the right way to think about it?

知道了。接下來是成長模式變化的後續行動。因此，從這裡的數學計算來看，這段期間內的現金回報率和現金回報率接近 200 個基點，就節省的現值而言，每建一家新店可節省近 50 萬美元。那麼，每年至少在信封背面增加 15 到 20 家商店的知名度是否公平，這是正確的思考方式嗎？

Yes. I think there are 2 different things, right? One is the CapEx dollars. As you know, this model is a CapEx heavier OpEx way lighter model compared to most, our flow-through and all that and margins attest to that. But we've -- in light of the inflation and higher interest rates and the usage patterns that have changed in our stores, we thought it was appropriate to look at the reinvestment cycles, read cardio and strength 3 equips and also remodels.

是的。我認為有兩件事不同，對吧？一是資本支出。如您所知，與大多數模型相比，該模型是一種資本支出較重、營運支出較輕的模型，我們的流量以及所有這些和利潤都證明了這一點。但我們 - 鑑於通貨膨脹和更高的利率以及我們商店的使用模式發生的變化，我們認為考慮再投資週期、閱讀有氧運動和力量 3 裝備以及改造是適當的。

And back to what I was saying before, Rahul, on the cardio, not all stores are created equal either when it comes to remodeling. Prior to 2016, we didn't really have a design standard. And then 2016 and forward, the stores that were built -- look like stores we're building today, much closer to them. So the cost to remodel those prior stores is going to be more than the cost to remodel the stores that were built 2016 and forward.

回到我之前所說的，拉胡爾，關於有氧運動，在改造方面，並非所有商店都是一樣的。 2016 年之前，我們並沒有真正的設計標準。然後 2016 年及以後，建造的商店 - 看起來就像我們今天正在建造的商店，更接近它們。因此，改造這些先前商店的成本將高於改造 2016 年及以後建成的商店的成本。

So again, we can't apply a one size fits all, but there are some stores that, frankly, when we go in them, we're not happy with them. So those stores will still need to be remodeled, and that's what we're calling sort of brand damaging. But you can't really translate the improved store returns and improved economics, admittedly starting from a pretty darn strong place to begin with 2 new store -- incremental new store units. That's the work that's ahead of us working with our franchisees, as Craig and I talked about earlier.

再說一遍，我們不能一刀切，但坦白說，當我們走進某些商店時，我們對它們並不滿意。因此，這些商店仍然需要改造，這就是我們所說的品牌損害。但你無法真正轉化商店回報的改善和經濟效益的改善，誠然，從一個非常強大的地方開始，從 2 家新商店開始——增量新商店單位。正如克雷格和我之前談到的，這就是我們與特許經營商合作的工作。

And I just want to bring up one thing that's maybe not clear to everybody. Remodels, there's no margin in it at all for corporate. So it's a nice new box. It looks nice and it hopefully attracts more members, and therefore, we get better royalties from that. But there's no direct margin that comes from our remodel.

我只想提出一件可能每個人都不清楚的事情。改造，對企業來說根本沒有利潤空間。所以這是一個不錯的新盒子。它看起來不錯，希望能吸引更多的會員，因此，我們從中獲得了更好的版稅。但我們的改造並沒有帶來直接的利潤。

There's no revenue or margin implication.

沒有收入或利潤的影響。

Yes.

是的。

Our next question comes from the line of Chris O'Cull from Stifel.

我們的下一個問題來自 Stifel 的 Chris O'Cull。

Tom, can you quantify the impact on the cash-on-cash returns you're expecting from this new growth model changes? And also, can you describe what changes are being made to reduce the $3 million investment by 5% to 10% beyond just the elimination of the initial franchise fee?

湯姆，您能量化一下這個新的成長模式變化對您預期的現金報酬率的影響嗎？另外，您能否描述一下除了取消初始特許經營費之外，還採取了哪些改變來將 300 萬美元的投資減少 5% 至 10%？

Yes. So it's a target, Chris, and it's not a one and done, right? We want to continue to challenge ourselves to now and going forward. As we have historically, maybe a little more urgency for lack of a better term, given the higher cost of everything now to build.

是的。所以這是一個目標，克里斯，但還沒有完成，對吧？我們希望從現在到未來繼續挑戰自己。正如我們歷史上所經歷的那樣，考慮到現在建造一切的成本更高，可能會因為缺乏更好的術語而更加緊迫。

The way we've modeled it, we think the returns move up pretty nicely. It depends on obviously the store and how many members they project and so on and so forth. But on average, it's an improvement that we think may take folks from thinking about, should I get ahead of my schedule again and maybe saying no historically with the current environment.

根據我們建模的方式，我們認為回報率上升得相當不錯。這顯然取決於商店以及他們計劃的會員數量等等。但平均而言，我們認為這是一個改進，可能會讓人們不再思考我是否應該再次提前完成我的計劃，也許在當前環境下歷史上說「不」。

But now in this new model, this new growth model, maybe that no turns to a yes. And that's really the intent that we're after. And I think once we work through all these changes and so on, I think folks will do the math themselves and hopefully come to that same conclusion.

但現在在這種新的模式、這種新的成長模式中，也許「不」變成了「是」。這確實是我們所追求的意圖。我認為一旦我們完成所有這些變化等等，我認為人們會自己做數學計算，並希望得出同樣的結論。

Okay. And then Craig, we saw the Flynn Group's recent announcement that had made a significant investment in the system. Can you help us understand how much interest you're filling from experienced franchise operators from other industries, and whether there's a meaningful opportunity to bring in new franchisees with scale and kind of desire to grow into the system?

好的。然後克雷格，我們看到弗林集團最近宣布對該系統進行了大量投資。您能否幫助我們了解來自其他行業的經驗豐富的特許經營商對您的興趣有多大，以及是否有一個有意義的機會來引入具有規模和渴望成長到系統中的新特許經營商？

I mean, as you know, I have interest in Dunkin' Donuts as well. And we have about 2,000 franchisees at Dunkin' Donuts, and we have just about 100 here. So many of our franchisees have scale and they are big operators.

我的意思是，如你所知，我也對鄧肯甜甜圈感興趣。 Dunkin' Donuts 大約有 2,000 家特許經營商，而我們這裡只有大約 100 家。我們很多加盟商都是有規模的，都是大業者。

We're excited the Flynn Group wants to participate with us. I think they can help -- be helpful to the system is all because of their experience in other franchise models. But clearly, we've had interest from a number of different sources over the past, and this brings a different dynamic. So anxious to see what it brings for us and the opportunities to learn from somebody else that comes in the system. But we have some pretty strong large operators in the system right now.

我們很高興弗林集團願意與我們一起參與。我認為他們可以提供幫助——對系統有幫助都是因為他們在其他特許經營模式方面的經驗。但顯然，過去我們已經從許多不同的來源產生了興趣，這帶來了不同的動力。我們非常渴望看到它為我們帶來了什麼，以及向系統中的其他人學習的機會。但我們現在系統中有一些相當強大的大型營運商。

And Chris, just one thing on that, too. They're investing in the operators rolling in the case of the Flynn Group like in other situations.

克里斯，也只是一件事。就像在其他情況下一樣，他們正在對弗林集團的運營商進行投資。

Yes. That makes sense.

是的。這就說得通了。

Our next question comes from the line of Sharon Zackfia from William Blair.

我們的下一個問題來自威廉·布萊爾的莎朗·扎克菲亞。

I guess kind of going back to development and appreciating all the challenges there. I'm just curious, what you can do to maybe bring more into the top of funnel to help buffer against the kind of delays that are not within anyone's control? I mean, is that anything that you can do for that top of funnel?

我想有點回到開發並欣賞那裡的所有挑戰。我只是很好奇，您可以做些什麼來將更多內容帶入漏斗頂部，以幫助緩衝不受任何人控制的那種延遲？我的意思是，你能為漏斗頂部做些什麼嗎？

And then secondarily, if these changes to franchisee capital requirements do free up more capital to develop, what would be a logical lag time there? I guess I'm just these will be adopted theoretically in the not-too-distant future by franchisees. Is it too late for that to really impact 2024? Just given the time frame that now is extended to open a club.

其次，如果特許經營商資本要求的這些變化確實釋放了更多資本來發展，那麼邏輯上的延遲時間是多少？我想我只是理論上這些將在不久的將來被特許經營商採用。現在要真正影響 2024 年是否為時已晚？剛剛考慮到現在開設俱樂部的時間期限已經延長。

Yes, it's a good question. Again, we don't know all the answers because our franchisees just got this information less than a month ago now. But there's a few other issues associated with development and Tom mentioned one, which is real estate availability. And so you heard me talk about leverage earlier. Again, employee -- we have an employed leverage for our scale in the way we should have years ago. And I think we need to work the real estate industry just as hard with the scale that we bring.

是的，這是一個好問題。同樣，我們不知道所有答案，因為我們的加盟商不到一個月前才得到此資訊。但還有一些與開發相關的其他問題，湯姆提到了其中一個，那就是房地產的可用性。所以你早些時候聽到我談論槓桿。再說一次，員工——我們擁有我們的規模的僱用槓桿，就像我們幾年前應該擁有的那樣。我認為我們需要以我們帶來的規模來努力發展房地產行業。

We're the third largest retail consumer of space, [TJX] and all their concepts is $1 generals 2 and we're 3. But I don't think that we've employed that leverage and scale to be able to take advantage of that.

我們是第三大太空零售消費者，[TJX]，他們所有的概念都是 1 美元將軍 2，而我們是 3。但我不認為我們已經利用了這種槓桿和規模來能夠利用那。

So the first thing is finding a site. And from then on, it's all the other things you have to go through in order to do it. And so Tom also mentioned that CBRE said that the amount of development has gone down consistently over the last 4 years. So we're finding a few different dynamics. But our scale should help us, and we're trying to really push that to help us get into places that maybe in the past we wouldn't have got into.

所以第一件事就是找網站。從那時起，為了做到這一點，你必須經歷所有其他事情。 Tom 也提到，世邦魏理仕表示，過去 4 年開發量持續下降。所以我們發現了一些不同的動力。但我們的規模應該對我們有幫助，我們正在努力真正推動這一點，幫助我們進入過去可能無法進入的領域。

And then the permitting, I mean, we can learn from each other and find better ways to try and get through the process, and I think we need to do that. But at the end of the day, bureaucracy is bureaucracy in some of these towns and Tom mentioned the expeditor. I had an expeditor in Jersey City. It took me 3 years to open that club. And so it was unbelievable. And so it -- sometimes it is what it is and you just have to cope with it.

然後，如果允許的話，我的意思是，我們可以互相學習，找到更好的方法來嘗試完成這個過程，我認為我們需要這樣做。但歸根究底，在這些城鎮中，官僚主義就是官僚主義，湯姆提到了那位速遞員。我在澤西城有一位催交員。我花了三年時間才開設那個俱樂部。這真是令人難以置信。所以有時候事情就是這樣，你只需要面對它。

Yes. And Sharon, maybe to add to that, we do -- back to your top of funnel point, some of the big brands like Bed Bath & Beyond, more recently, Rite Aid, we do come at those folks to try to get a number of sites to be able to come our way. We're actually opening a couple of stores in our corporate segment that are former Bed Bath & Beyond over time here. So I think that's another opportunity, but it is trickier given the vacancy rates are tougher.

是的。莎倫，也許要補充一點，我們確實 - 回到你的漏斗點頂部，一些大品牌，如 Bed Bath & Beyond，最近的 Rite Aid，我們確實會去找那些人，試圖獲得一些數字的網站能夠出現在我們的面前。實際上，我們在企業部門開設了幾家商店，這些商店以前是 Bed Bath & Beyond。所以我認為這是另一個機會，但考慮到空置率更高，這會更棘手。

The other thing I'd say, in some cases, we have exclusionary clauses where people don't allow fitness centers into the space. Another retailer will block it. And so our real estate team and the leadership team there are doing top to tops with some of those brands, to see if we can get around those exclusions because as you've heard us say, we're very different than the typical gym or fitness center in that our traffic patterns are flipped from what the center usually experiences. Our busiest days are Monday and Tuesday, not Saturday. So it's a lot of work and a lot of activity, but we're fighting the fight on all fronts.

我想說的另一件事是，在某些情況下，我們有排除條款，人們不允許健身中心進入該空間。另一家零售商將阻止它。因此，我們的房地產團隊和領導團隊正在與其中一些品牌進行頂級合作，看看我們是否可以繞過這些排除，因為正如您聽到我們所說的，我們與典型的健身房或健身房有很大不同。健身中心的交通模式與中心通常經歷的情況完全不同。我們最忙碌的日子是星期一和星期二，而不是星期六。因此，這是大量的工作和活動，但我們正在各條戰線上進行戰鬥。

Okay. And then you mentioned playing with the White Card membership that you're doing some tests there. Are there other ways you're looking at monetizing the membership base beyond just changing price points of members? I mean, you've been very disciplined in the past about kind of keeping the revenue just coming from equipment and really the dues and the royalties associated with that. I mean is there -- are there other ancillary streams of revenue that you could introduce that would it increase franchisee complexity?

好的。然後你提到你正在那裡做一些測試的白卡會員資格。除了改變會員的價格點之外，您還有其他方法可以透過會員基礎貨幣化嗎？我的意思是，您過去一直非常嚴格地保持收入僅來自設備以及與之相關的會費和特許權使用費。我的意思是，您是否可以引入其他輔助收入來源來增加特許經營商的複雜性？

So we -- you heard me say earlier about innovation, and innovation includes price. And so we're getting a lot of information and using the Flynn Group as an example. They may be helpful in figuring out how to be even more creative and the way we go to market. And so we're going to be testing things, and I've got a lot of franchisees that have some experience here as well.

所以我們——你剛剛聽到我談到創新，創新包括價格。因此，我們獲得了大量訊息，並以弗林集團為例。它們可能有助於弄清楚如何變得更有創意以及我們進入市場的方式。因此，我們將進行測試，我有很多特許經營商在這裡也有一些經驗。

In looking at it, but our first foray is what we've already announced. But in the longer run, we're going to be constantly innovating in different areas, including price to see if we can't find the sweet spots of places that we need to be. But at this point in time, there's no add-on service or something like that we're looking at.

從目前來看，我們的第一次嘗試是我們已經宣布的。但從長遠來看，我們將在不同領域不斷創新，包括價格，看看我們是否無法找到我們需要的最佳位置。但目前，我們還沒有考慮任何附加服務或類似的服務。

Our final question comes from the line of Alex Perry from Bank of America.

我們的最後一個問題來自美國銀行的 Alex Perry。

Just first, how are you thinking about Black Card penetration from here, what gets that going in the right direction? Does the potential move to a higher pricing tier on Classic Card sort of help narrow the gap between the 2 pricing tiers? Just how are you thinking about Black Card?

首先，您如何看待黑卡的滲透，是什麼讓它朝著正確的方向發展？經典卡可能轉向更高的定價層是否有助於縮小兩個定價層之間的差距？您對黑卡有何看法？

Yes, I'll start that, and maybe Craig will answer or add to it. So I think, Alex, you probably heard us talk about, we think the Black Card mix being down year-on-year is due to a couple of things. One is the Gen Z penetration. They have a lower Black Card mix.

是的，我會開始，也許克雷格會回答或補充。所以我想，亞歷克斯，你可能聽到我們談論過，我們認為黑卡組合同比下降是由於幾個原因造成的。一是 Z 世代的滲透率。他們的黑卡組合較低。

The second thing though, and we feel this may be actually bigger than the first part, is last year in Q2 -- sorry, in Q1, Omicron was hitting. So our Classic Card sale was really muted. So our penetration or the mix of Black Card to Classic Card in the first half of Q2 was really unique in that Black Card was a bigger part of the mix. And that's what we've been up against and that carried through the rest of the year.

不過，我們認為這實際上可能比第一部分更大，是去年第二季度的第二件事——抱歉，在第一季度，Omicron 表現出色。所以我們的經典卡銷售真的很冷淡。因此，我們在第二季上半年的滲透或黑卡與經典卡的混合確實很獨特，因為黑卡在混合中佔據了更大的比例。這就是我們在今年剩下的時間裡一直面臨的問題。

So I think we'll get a better gauge on all of that when we are in Q1 of next year, assuming everything is okay, and our January sale is not affected by anything like it was in '22. So I think that will be a true read up against this year's Q1, which was much more typical.

因此，我認為，假設一切正常，並且我們 1 月份的銷售沒有受到 22 年那樣的影響，那麼當我們在明年第一季時，我們將對所有這些進行更好的衡量。因此，我認為這將是對今年第一季的真實解讀，今年第一季的情況要典型得多。

In terms of the spread between Black Card and Classic Card, that's clearly something we're looking at in the test. As you can imagine, our goal in test is to raise the member dues versus the control stores, but in a way that doesn't sacrifice number growth, as I mentioned earlier. And so we're looking at the joint trends, to cancel trends to Craig's earlier point as well as the Black Card mix and how that changes.

就黑卡和經典卡之間的差異而言，這顯然是我們在測試中關注的問題。正如您可以想像的那樣，我們的測試目標是相對於對照商店提高會員會費，但正如我之前提到的那樣，不會犧牲數量增長。因此，我們正在研究聯合趨勢，以取消克雷格先前觀點的趨勢以及黑卡組合及其變化。

So there's a lot to factor in there. And up until now, we've had an increasing gap between Classic Card and Black Card, but the Black Card amenities were so attractive that it enabled 6 out of 10 people who thought they were going to come in for a $10 membership come in for the Black Card membership. At one point, it was $19.99, and it made its way all the way to $24.99.

所以有很多因素要考慮。到目前為止，我們的經典卡和黑卡之間的差距越來越大，但黑卡的便利設施非常有吸引力，以至於十分之六的人認為自己會以 10 美元的會員身份進來黑卡會員資格。一度是 19.99 美元，後來一路上漲到 24.99 美元。

So we'll see how the test goes and continue to evaluate that and other options to see if we can find a better mix of price points to drive more dues, but also without sacrificing member growth.

因此，我們將看看測試進行得如何，並繼續評估該測試和其他選項，看看我們是否可以找到更好的價格點組合來推動更多會費，但又不犧牲會員增長。

Perfect. And then just my final question. Are there any sort of quick modeling implications with the transition to the new store growth model that you think would be sort of helpful for people on the call just in terms of like, it sounds like some of the near-term impacts are pretty muted. But is there anything that we should be incorporating in our models as we move forward?

完美的。然後是我的最後一個問題。向新商店成長模式的過渡是否會產生任何類型的快速建模影響，您認為這對電話會議中的人們會有幫助，就像聽起來一些近期影響相當微弱一樣。但是，在我們前進的過程中，有什麼東西應該納入我們的模型中嗎？

Yes. No. Sure thing, Alex. And maybe just the high points here. So any stores that were built 2019 and prior, they all got an 18-month extension on their reequipped cycles. And any stores that were built in 2020 and 2021 as we were making our way through those changes, they got a 12-month extension on those cycles. And then anything built in 2022 forward, they were back to the 5 and 7 years. So those are the stores that are changing to what we described 6 and 8 on cardio and strength.

是的。不，當然可以，亞歷克斯。也許這只是這裡的亮點。因此，2019 年及之前建成的所有商店的重新裝備週期均延長 18 個月。當我們正在經歷這些變化時，任何在 2020 年和 2021 年建成的商店，他們的週期都會延長 12 個月。然後 2022 年以後建造的任何東西，都會回到 5 年和 7 年。這些商店正在更改為我們所描述的有氧運動和力量方面的 6 和 8 商店。

So really, the way we see it is the impact isn't until 2026 when some of the stores that were equipped on cardio in 2021, they would be due in 2026, that's the 5-year cycle. But now they're being pushed a year. So that's really the first impact there. So it's not -- I think if you work through your modeling and what stores opened when and it's not always exact, but it will get you close enough on what that impact might be. And then it carries forward from there.

所以實際上，我們看到的影響直到 2026 年才會產生影響，當時一些在 2021 年配備有氧運動的商店將在 2026 年到期，這是 5 年周期。但現在他們被推遲了一年。這確實是第一個影響。所以這不是——我認為，如果你研究一下你的模型以及什麼時候開業的商店，它並不總是準確的，但它會讓你足夠接近可能產生的影響。然後它從那裡繼續前進。

But we think in the trade of what we're talking about here in the new growth model, that was the best way to sort out how we could free up some cash and liquidity for reinvestment, recognizing not one size fits all, recognizing equipment usage is changing and shifting from cardio to strength and all the things we talked about.

但我們認為，在新增長模式中，這是解決我們如何釋放一些現金和流動性進行再投資的最佳方式，認識到沒有一種方法適合所有情況，認識到設備的使用情況正在從有氧運動轉向力量以及我們談論的所有事情。

We thought at the end of the day, the outcome -- the benefits far outweighed the re-equipped impact in the out years.

我們認為最終的結果是——收益遠遠超過了過去幾年重新裝備的影響。

Perfect. That's incredibly helpful. Best of luck going forward.

完美的。這非常有幫助。祝你好運。

Okay. Thanks, Alex.

好的。謝謝，亞歷克斯。

Thank you, ladies and gentlemen. This does conclude today's conference call. Thank you for participating. You may now disconnect.

謝謝你們，女士們、先生們。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。