Planet Fitness Inc (PLNT) 2024 Q2 法說會逐字稿

Hello, and thank you for standing by. This time, I would like to welcome you to the Planet Fitness Q2 earnings call. (Operator Instructions)

您好，感謝您的支持。這次，我歡迎大家參加 Planet Fitness 第二季財報電話會議。（操作員指令）

I would now like to turn the conference over to Stacey Caravella. Please go ahead.

現在我想將會議交給 Stacey Caravella。請繼續。

Thank you, operator, and good morning, everyone. Speaking on today's call will be Planet Fitness Chief Executive Officer, Colleen Keating; and Chief Financial Officer, Tom Fitzgerald. Both will be available for questions during the O&A session following the prepared remarks.

謝謝接線員，大家早安。今天的電話會議演講者將是 Planet Fitness 執行長 Colleen Keating；和財務長湯姆·菲茨杰拉德（Tom Fitzgerald）。兩位發言人在準備好的發言之後的 O&A 環節中均可回答問題。

Today's call is being webcast live and recorded for replay. Before I turn the call over to Colleen, I'd 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.

今天的電話會議將透過網路直播，並進行錄音以供重播。在我將電話轉給科琳之前，我想提醒大家，我們收益報告中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。我們的發佈內容可在投資者網站上找到，同時也可找到電話會議中提到的非 GAAP 財務指標與其對應的 GAAP 指標的對帳表。

Now I will turn the call over to Colleen.

現在我將電話轉給科琳。

Thank you, Stacey, and thank you, everyone, for joining us for the Planet Fitness Q2 earnings call. I'm thrilled to be here speaking with you. During the second quarter, we eclipsed the 2,600 store mark, grew same-store sales by 4.2%, delivered 5.1% revenue growth, and increased adjusted EBITDA by 7.2%.

謝謝你，史泰西，也謝謝大家參加 Planet Fitness 第二季財報電話會議。我很高興在這裡與您交談。第二季度，我們的門市數量突破 2,600 家，同店銷售額成長 4.2%，營收成長 5.1%，調整後 EBITDA 成長 7.2%。

As I consider the opportunity to join Planet Fitness, I was drawn to two things. First, growing businesses is one of my passions. I believe I could not only contribute to the tremendous potential of our next chapter but that I could have a real impact on it. With 30-plus years of experience in franchise businesses, real estate, operations, and marketing, I've led high-growth consumer businesses at scale. I believe that I have a unique perspective on our growth opportunities and the actions we need to take to capitalize on them.

當我考慮加入 Planet Fitness 的機會時，我被兩件事吸引。首先，發展業務是我的興趣之一。我相信我不僅能為我們下一章的巨大潛力做出貢獻，而且我還能對它產生真正的影響。憑藉 30 多年的特許經營業務、房地產、營運和行銷經驗，我領導了大規模高成長消費業務。我相信我對我們的成長機會以及我們需要採取哪些行動來利用這些機會有著獨特的見解。

And second was the franchise model and the opportunity to continue to work with franchisees. Throughout my career, I've worked extensively in franchise businesses within the hospitality industry. There are many similarities between hospitality and fitness. Foundationally, both are focused on bringing an experience to life for guests or members and that they leave feeling better than when they came.

第二是特許經營模式和繼續與特許經營商合作的機會。在我的整個職業生涯中，我廣泛參與酒店業的特許經營業務。酒店業和健身業有很多相似之處。從根本上來說，兩者都致力於為客人或會員帶來生動的體驗，並讓他們離開時感覺比來時更好。

Since joining in early June, I've hit the ground running. I've already visited more than a dozen clubs across six states plus Spain, meeting with franchisees, and interacting with team members, all with the purpose of listening, engaging, and seeing how our members are experiencing our clubs. We are a 30-plus-year-old brand with a solid base of about 100 franchisees and more than 19 million members. I'm proud to lead this special business and build on this foundation.

自從六月初加入以來，我就開始全力以赴。我已經訪問了六個州和西班牙的十幾個俱樂部，與特許經營商會面，並與團隊成員互動，目的是為了傾聽、參與並了解我們的會員如何體驗我們的俱樂部。我們是一個擁有30多年歷史的品牌，擁有約100家特許經營商和1900多萬會員的堅實基礎。我很自豪能夠領導這項特殊的業務並在此基礎上繼續發展。

As CEO, my near-term focus areas are, first, defining our growth ambition. This includes all facets of growth, from stores to members to profit to increasing shareholder value. We are building out our longer-term strategy and how we're going to enable and accelerate healthy growth. On the store growth side, as shown by two third-party studies last year, we believe we can double our footprint domestically to approximately 5,000 locations, up from the 4,000 target we set at our IPO in 2015. Importantly, we are 70% larger by store count than the next 15 high-value low-priced competitors combined, and we have nearly 7 times the membership of the next largest competitor.

作為首席執行官，我近期的重點領域首先是確定我們的成長目標。這包括成長的各個方面，從商店到會員到利潤到增加股東價值。我們正在製定我們的長期策略以及如何實現和加速健康成長。在門市成長方面，正如去年兩項第三方研究顯示，我們相信我們可以將國內門市數量增加一倍至約 5,000 家，高於我們在 2015 年 IPO 時設定的 4,000 家的目標。重要的是，我們的門市數量比接下來的 15 家高價值低價競爭對手的總和多 70%，會員數量幾乎是接下來最大競爭對手的 7 倍。

And we're in the early innings of international store growth as further evidenced by our first European club in Barcelona, Spain. I visited the club last week and saw first hand our brand being brought to life in an authentic way. I also visited a number of other fitness brands operating in Spain today, and this furthered my confidence that we have a highly differentiated offering and tremendous runway to grow to real scale and density in the Spanish market where today, only roughly 10% of the population belongs to a gym.

我們正處於國際門市成長的初期，我們在西班牙巴塞隆納開設的第一家歐洲俱樂部就進一步證明了這一點。我上週參觀了俱樂部，親眼目睹了我們的品牌以真實的方式煥發生機。我還參觀了目前在西班牙運營的許多其他健身品牌，這進一步增強了我的信心，我們擁有高度差異化的產品和巨大的發展空間，可以在西班牙市場實現真正的規模和密度，而如今，只有大約 10% 的人口擁有健身房。

I also toured our pipeline sites, visited two clubs under construction and a number of sites currently under consideration. These were thoughtfully selected sites in areas with strong population density and population growth. I had an opportunity to spend time with our team in Spain who have the right skill set, market knowledge, and depth of experience to lead our growth on the ground.

我還參觀了我們正在籌建的場地，參觀了兩個正在建造的俱樂部和一些目前正在考慮的場地。這些地點都是經過深思熟慮後選擇的，位於人口密度高且人口增長率高的地區。我有幸與我們在西班牙的團隊共度時光，他們擁有合適的技能、市場知識和豐富的經驗，可以領導我們在當地的發展。

At the same time, we're ensuring that we're strategic and disciplined in our ambitions, prioritizing sustainable, profitable growth and the member experience. I see our growth ambition as an ongoing journey. I'm committed to continuously exploring and identifying new opportunities to accelerate our efforts while continuing to deliver value across our stakeholders.

同時，我們確保我們的目標具有策略性和紀律性，優先考慮可持續的獲利性成長和會員體驗。我認為我們的成長目標是一段持續的旅程。我致力於不斷探索和尋找新的機會來加快我們的努力，同時繼續為我們的利害關係人提供價值。

To that end, my second priority is delivering an unparalleled member experience. We hold a highly differentiated position in the high-value, low-price sector of the fitness industry. We are about bringing an experience to life and sharing a deep emotional connection with our members. We take care of people so they can improve their lives and well-being.

為此，我的第二要務是提供無與倫比的會員體驗。我們在健身產業的高價值、低價格領域佔據高度差異化的地位。我們致力於為會員帶來生動的體驗並與會員分享深厚的情感連結。我們照顧人們，以便他們能夠改善他們的生活和福祉。

I've been truly impressed by the interactions I've witnessed between our team and members during my many club visits to date. I experienced first hand what's so special about this brand: the sense of belonging in a community you're proud to be a part of. You immediately feel the positive energy when you walk into one of our clubs.

到目前為止，我多次訪問俱樂部，親眼目睹我們的團隊與會員之間的互動，這給我留下了深刻的印象。我親身體驗了這個品牌的特別之處：對自己所處的社群的歸屬感感到自豪。當您走進我們的俱樂部時，您會立即感受到正面的能量。

I've always been very passionate about having feet on the street, meaning spending time in our clubs and staying close to our members and our team members who deliver on our brand values every day. We strive to ensure that there is no gymtimidation in our clubs. We also need to make sure our current members have exceptional experiences, both inside and outside our clubs, so they choose to stay with us.

我一直對走上街頭非常熱衷，這意味著花時間在我們的俱樂部裡並與我們的會員和團隊成員保持密切聯繫，他們每天都在傳遞我們的品牌價值。我們努力確保我們的俱樂部裡不存在健身恐懼症。我們還需要確保我們現有的會員無論是在俱樂部內外都有非凡的體驗，這樣他們才會選擇留在我們這裡。

My third priority is to evolve our brand messaging. In 2023, along with our franchisees, we estimate that we spent more than $300 million on marketing and advertising. Looking forward, we have an opportunity to further sharpen our brand promise and mission in our marketing efforts as we encourage members to choose us as they embark on their fitness journeys. We need to increase our emphasis on the high-value part of HVLP by communicating the unique selling points of being a Planet Fitness member.

我的第三個優先事項是拓展我們的品牌訊息。2023 年，我們和我們的特許經營商估計在行銷和廣告上花費了超過 3 億美元。展望未來，我們有機會在行銷工作中進一步加強我們的品牌承諾和使命，鼓勵會員在踏上健身之旅時選擇我們。我們需要透過傳達成為 Planet Fitness 會員的獨特賣點來加強對 HVLP 高價值部分的重視。

Our clubs break away from the cheap gym perception by offering unparalleled experience and a sense of belonging. There are about 140 million people who live within close proximity of an existing Planet Fitness location today who don't currently belong to a gym. That's who we're looking to reach in addition to our current and former members.

我們的俱樂部透過提供無與倫比的體驗和歸屬感，擺脫了廉價健身房的印象。目前，約有 1.4 億人居住在現有 Planet Fitness 健身場所附近，但目前還沒有加入健身房。除了我們現有的和以前的會員之外，我們還希望接觸這些人。

There are more than 4 million Gen Zs who become eligible for membership each year as they age. Gen Zs continue to make up the majority of our net new joins each quarter. To this end, we launched our fourth year of the High School Summer Pass Program in June and have more than 2.6 million teen participants to date, which is slightly less than we had last year at this time but is highly encouraging given that we shortened this year's program. This has been an incredibly successful, relatively low-cost program that yielded a 5.5% conversion rate to paying members last year.

每年有超過 400 萬 Z 世代隨著年齡增長而獲得會員資格。Z 世代繼續占我們每季淨新增人數的大多數。為此，我們在六月啟動了第四年的高中暑期通行證計劃，迄今為止已有超過 260 萬名青少年參與，雖然比去年同期的人數略少，但考慮到我們縮短了今年的計劃，這是非常令人鼓舞的。這是一個極為成功且成本相對較低的項目，去年付費會員的轉換率達 5.5%。

Across all demographic segments, we will be evolving our messaging of why Planet Fitness and what differentiates us from the competition. Our new brand messaging will start to show up later this year and, importantly, in the first quarter of 2025.

針對所有人口統計群體，我們將不斷改進我們的宣傳方式，說明為什麼選擇 Planet Fitness 以及我們與競爭對手的不同之處。我們的新品牌訊息將在今年稍後開始顯現，更重要的是，將在 2025 年第一季開始顯現。

And the fourth area of focus is underscoring that franchisee profit drives franchisor profit through product refinement and operational efficiency. I believe in creating a culture of accountability and in having a shared goal with our franchisees. A coach versus cop mentality allows us to continuously iterate on our fantastic model by working together with our franchisees as a team. If franchisees are successful, we will be successful. This will include refining our product offering and operational efficiencies to maximize the economic value proposition of our franchisees while delivering the most relevant on-brand experience for our members.

第四個重點領域是強調特許經營者利潤透過產品改進和營運效率來推動特許經營商利潤。我堅信要創造一種責任文化並與我們的特許經營者擁有共同的目標。教練而非警察的心態使我們能夠與我們的加盟商一起作為一個團隊共同努力，並不斷迭代我們出色的模式。如果加盟商成功，我們就會成功。這將包括改善我們的產品供應和營運效率，以最大限度地提高我們的特許經營商的經濟價值主張，同時為我們的會員提供最相關的品牌體驗。

In my interactions with investors since I joined Planet Fitness, there has been a focus on when we will get back to prepandemic new store opening levels. It's a very different macro environment than before COVID, and the cost to build a new location was up by more than 30% in 2023 versus 2019. The new growth model aimed at the biggest opportunities to further enhance the attractiveness of our returns is a key lever that we pulled to address unit economics.

自從我加入 Planet Fitness 以來，在與投資者的互動中，我一直關注的是我們何時才能恢復到疫情前的新店開幕水平。與新冠疫情前相比，目前的宏觀環境截然不同，2023 年新店建設成本較 2019 年上漲了 30% 以上。新的成長模式旨在抓住最大機遇，進一步提升我們的回報吸引力，這是我們解決單位經濟問題的關鍵槓桿。

Additionally, on June 28, the $15 pricing for new classic card members took effect. Just a reminder, current classic card members who joined prior to June 28 are locked in at the $10 monthly membership fee. We expect that after one year of the price being in effect, existing stores will see a low- to mid-single-digit percentage increase to AUVs, with an even greater impact to new stores as the majority of their classic card members will be paying $15.

此外，6 月 28 日起，新經典卡會員的 15 美元優惠價格生效。提醒一下，6 月 28 日之前加入的現有經典卡會員每月會員費固定為 10 美元。我們預計，新價格實施一年後，現有門市的 AUV 將出現低至中等個位數的百分比增幅，而對新店的影響則更大，因為大多數新店的經典卡會員將支付 15 美元。

We also launched two Black Card pricing tests in select markets, one at $27.99 and the other at $29.99. If either of these tests prove successful, this increase could also further enhance store returns. We look forward to continuing to collaborate with our franchisees, and we're excited to join them at our annual franchisee conference in September as we begin the next chapter of growth for Planet Fitness. And to capitalize on these opportunities, we need a great team that competes and wins.

我們還在特定市場推出了兩項黑卡定價測試，一項為 27.99 美元，另一項為 29.99 美元。如果這兩項測試中的任何一項被證明是成功的，那麼這種成長也可能進一步提高商店的回報率。我們期待繼續與我們的特許經營商合作，並且很高興能參加 9 月的年度特許經營商會議，開啟 Planet Fitness 發展的新篇章。為了抓住這些機會，我們需要一支具有競爭力並取得勝利的優秀團隊。

I keep a hard hat in my office to remind me that being a builder of blue-ribbon teams is what drives the business forward. As such, a top priority for me is the CFO search, and I've been working closely with the team to identify the best candidate for the future of our brand. The search process we are running is thorough and comprehensive, and we're encouraged by the quality of candidates and the enthusiasm toward the role.

我在辦公室放了一頂安全帽，以提醒自己打造一流團隊是推動業務向前發展的動力。因此，我的首要任務是尋找財務官，我一直與團隊密切合作，尋找最適合我們品牌未來發展的候選人。我們正在進行的搜索過程是徹底和全面的，候選人的品質和對職位的熱情令我們感到鼓舞。

As the search progresses, Tom has agreed to stay on as CFO until the end of the year. We believe this timing will provide for a thorough onboarding and as smooth a transition as possible. We're grateful for Tom's ongoing support and commitment to Planet Fitness.

隨著搜尋的進展，湯姆已同意繼續擔任財務長直到今年年底。我們相信，這個時機將提供徹底的入職培訓和盡可能順利的過渡。我們感謝湯姆對 Planet Fitness 的持續支持和承諾。

Now I will turn it over to Tom.

現在我將把話題交給湯姆。

Thanks, Colleen. Before I get to our second-quarter results, I'd like to address the debt transaction that we completed in June. The beauty of our asset-light franchise model is that it generates significant free cash flow. This enables us to continuously assess the best use of our cash and how we can leverage our balance sheet to enhance shareholder value. Over the last 2.5 years, we have completed two debt transactions, one that enabled us to acquire a top-tier operator in the system as well as this most recent one that funded and accelerated share repurchase.

謝謝，科琳。在介紹我們第二季的業績之前，我想先談談我們在六月完成的債務交易。我們的輕資產特許經營模式的優點在於它能夠產生大量自由現金流。這使我們能夠不斷評估現金的最佳用途以及如何利用資產負債表來提高股東價值。在過去的兩年半里，我們完成了兩項債務交易，一項使我們得以收購系統中的頂級營運商，最近的一項則為我們提供了資金並加速了股票回購。

Since 2018, we've returned more than $1.3 billion to shareholders via share repurchases. As part of this transaction, we refinanced approximately $600 million that was due next year, and we upsized the deal to $800 million given the favorable rates compared to what we were anticipating. This included a $425 million five-year tranche with a fixed interest rate of just under 5.8% and a $375 million 10-year tranche with a fixed interest rate of just over 6.2%.

自 2018 年以來，我們已透過股票回購向股東返還了超過 13 億美元。作為此次交易的一部分，我們為明年到期的約 6 億美元進行了再融資，並考慮到比我們預期更優惠的利率，我們將交易規模提高到 8 億美元。其中包括一筆 4.25 億美元的五年期貸款，固定利率略低於 5.8%，以及一筆 3.75 億美元的十年期貸款，固定利率略高於 6.2%。

Our total long-term debt, excluding deferred financing costs, now has five tranches of fixed-rate securitized debt of approximately $2.2 billion. We'll use the proceeds to repay the tranche due next year, which had the highest rate of our existing debt. And as a result, our blended interest rate only increased 50 basis points from 4.0% to approximately 4.5%.

我們的長期債務總額（不包括遞延融資成本）目前有五部分固定利率證券化債務，總額約 22 億美元。我們將利用所得款項償還明年到期的債務，這是我們現有債務中利率最高的債務。結果，我們的混合利率僅增加了 50 個基點，從 4.0％ 增加到約 4.5％。

We were more conservative compared to historical refinancing levels this time given the current rate environment and the existing amount of liquidity already available on our balance sheet in the form of cash and marketable securities. We want to ensure that we have a sizable amount of cash on our balance sheet to weather any storm that may come along, which benefited us greatly when all of our stores temporarily shut down due to the pandemic.

考慮到目前的利率環境以及我們資產負債表上已有的現金和有價證券形式的流動資金，我們這次與歷史再融資水準相比更加保守。我們希望確保我們的資產負債表上有足夠的現金來抵禦可能出現的任何風暴，這在我們所有商店因疫情而暫時關閉時給我們帶來了巨大的好處。

Additionally, we used the proceeds to pay costs associated with the transaction and also to fund the majority of the $280 million accelerated share repurchase agreement that we entered into on June 12. The Board also approved a new $500 million share repurchase authorization to replace the previous one upon completion of the ASR which will occur before the end of the third quarter.

此外，我們還利用所得款項支付與交易相關的費用，並為我們於 6 月 12 日達成的 2.8 億美元加速股票回購協議的大部分資金提供資金。董事會還批准了一項新的 5 億美元股票回購授權，以取代先前的授權，ASR 將在第三季末之前完成。

Importantly, we have made changes over the past year to our underlying business to reduce the cost of owning and operating a Planet Fitness location as well as our recent classic card price increase, both of which enhanced what were already very attractive store-level returns. We believe the combination of our franchise model and strong unit economics sets us up to continue to take advantage of our long-term growth opportunities.

重要的是，我們在過去一年中對我們的基礎業務進行了調整，以降低擁有和經營 Planet Fitness 門市的成本，並提高我們最近推出的經典卡價格，這兩項調整都增強了原本就非常有吸引力的門店級回報。我們相信，我們的特許經營模式和強大的單位經濟相結合，將使我們能夠繼續利用我們的長期成長機會。

Now to our second-quarter results. All of my comments regarding our quarter performance will be comparing Q2 2024 to Q2 of last year, unless otherwise noted. We opened 18 new stores compared to 26. We delivered system-wide, same-store sales growth of 4.2% in the second quarter. Franchisee same-store sales increased 4.3%, and corporate same-store sales increased 4.0%.

現在來看看我們的第二季業績。除非另有說明，我對我們季度業績的所有評論都將把 2024 年第二季與去年第二季進行比較。我們開了 18 家新店，之前有 26 家。我們第二季的全系統同店銷售額成長了 4.2%。特許經營商同店銷售額成長4.3%，企業同店銷售額成長4.0%。

The classic card price increase, which went into effect on June 28, did not have any impact on our Q2 same-store sales. Approximately 60% of our Q2 comp increase was driven by net member growth, with the balance being rate growth. Black Card penetration was 62.4%, flat to the prior year. For the second quarter, total revenue was $300.9 million compared to $286.5 million. This increase was driven by revenue growth across the franchise and corporate-owned segments.

經典卡價格上漲於 6 月 28 日生效，但對我們第二季的同店銷售額沒有產生任何影響。我們第二季的同店銷售額成長中約 60% 是由淨會員成長推動的，其餘則是費率成長。黑卡普及率為62.4%，與前一年持平。第二季總營收為 3.009 億美元，去年同期為 2.865 億美元。這一增長主要得益於特許經營和公司自有部門的收入增長。

The 9.1% increase in franchise segment revenue was primarily due to increases in royalties, new stores, and national ad fund revenue. For the second quarter, the average royalty rate was 6.6%, up from 6.5%. The 10.3% increase in revenue in the corporate-owned store segment was primarily driven by same-store sales growth as well as new and acquired stores.

特許經營部門收入成長 9.1% 主要是由於特許權使用費、新店和全國廣告基金收入的增加。第二季度，平均特許權使用費率為 6.6%，高於 6.5%。公司自有商店部門營收成長 10.3% 主要得益於同店銷售額成長以及新店和收購商店的推動。

Equipment segment revenue decreased 8.4%. The decrease was primarily driven by lower revenue from equipment sales to new and existing franchisee-owned stores, which was driven by fewer new store placements as well as the shift to more strength equipment versus cardio. As we noted last quarter, the shift in the equipment mix brings down overall sales on a per store basis. We completed 18 new store placements this quarter compared to 26 last year. For the quarter, replacement equipment accounted for 84% of total equipment revenue compared to 79%.

設備部門收入下降8.4%。下降的主要原因是新店和現有特許經營店的設備銷售收入下降，這是由於新店數量減少以及更多人使用力量型設備而非有氧運動器材所致。正如我們上個季度所指出的，設備組合的變化導致每個商店的整體銷售額下降。本季我們完成了 18 家新店的開設，而去年同期為 26 家。本季度，更換設備佔總設備收入的 84%，去年同期為 79%。

Our cost of revenue, which primarily relates to the cost of equipment sales to franchisee-owned stores, was $51.9 million compared to $59.5 million. Store operation expenses, which relate to our corporate-owned store segment increased to $70.2 million from $58.9 million due to higher operating expenses in existing stores primarily due to a timing shift in marketing spend from Q1 to Q2 of this year as well as the impact of new and acquired stores.

我們的收入成本主要與向特許經營店銷售設備的成本有關，為 5,190 萬美元，而之前為 5,950 萬美元。與我們公司自有商店部門相關的商店營運費用從 5,890 萬美元增至 7,020 萬美元，原因是現有商店的營運費用增加，這主要是由於今年行銷支出從第一季轉移到第二季的時間轉變，以及新店和收購商店的影響。

SG&A for the quarter was $31.6 million compared to $32.6 million. Adjusted SG&A was $30.1 million, which includes a $1.3 million adjustment for CEO transition-related expenses, compared to $31.4 million, which included a $1.2 million adjustment for severance-related expenses. National advertising fund expense was $20.1 million compared to $17.9 million.

本季銷售、一般及行政開支為 3,160 萬美元，去年同期為 3,260 萬美元。調整後的銷售、一般及行政開支為 3,010 萬美元，其中包括 130 萬美元的執行長過渡相關費用調整，而先前為 3,140 萬美元，其中包括 120 萬美元的遣散費相關費用調整。全國廣告基金支出為 2,010 萬美元，而去年同期為 1,790 萬美元。

Net income was $43.9 million (sic - $49.3 million), adjusted net income was $62.2 million, and adjusted net income per diluted share was $0.71. Adjusted EBITDA was $127.5 million, and adjusted EBITDA margin was 42.4% compared to $118.9 million with adjusted EBITDA margin of 41.5%.

淨收入為 4,390 萬美元（原文如此 - 4,930 萬美元），調整後淨收入為 6,220 萬美元，調整後每股攤薄淨收入為 0.71 美元。調整後的 EBITDA 為 1.275 億美元，調整後的 EBITDA 利潤率為 42.4%，而先前為 1.189 億美元，調整後的 EBITDA 利潤率為 41.5%。

By segment, franchise adjusted EBITDA was $77.5 million, and adjusted EBITDA margin was 71.9%. Corporate store adjusted EBITDA was $49.6 million, and adjusted EBITDA margin was 39.5%. Equipment adjusted EBITDA was $18.6 million, and adjusted EBITDA margin was 27.4%.

按部門劃分，特許經營調整後 EBITDA 為 7,750 萬美元，調整後 EBITDA 利潤率為 71.9%。該公司店面調整後的 EBITDA 為 4,960 萬美元，調整後的 EBITDA 利潤率為 39.5%。設備調整後的 EBITDA 為 1,860 萬美元，調整後的 EBITDA 利潤率為 27.4%。

Now turning to the balance sheet. As of June 30, 2024, we had total cash, cash equivalents, and marketable securities of $447.7 million compared to $447.9 million on December 31, 2023, which included $47.8 million and $46.3 million of restricted cash respectively in each period.

現在轉向資產負債表。截至 2024 年 6 月 30 日，我們的現金、現金等價物和有價證券總額為 4.477 億美元，而 2023 年 12 月 31 日為 4.479 億美元，其中每個期間分別包括 4,780 萬美元和 4,630 萬美元的受限現金。

In Q2 2024, we used $280 million to repurchase and retire approximately 3.1 million shares to date, which is approximately 80% of the stock that we expect to repurchase under the ASR, with any remainder to occur as part of the completion of the agreement in the third quarter.

2024 年第二季度，我們使用 2.8 億美元回購並註銷迄今為止約 310 萬股，約占我們預計根據 ASR 回購股票的 80%，剩餘部分將在第三季度完成協議後回購。

Finally, we are reiterating our outlook for 2024, including the targets we updated in June as part of the announcement of our accelerated share repurchase program. We continue to expect between 140 and 150 new stores, which includes both franchise and corporate locations. We also continue to expect between 120 and 130 equipment placements in new franchise stores. For the full year, we continue to expect that reequip sales will make up approximately high 60% of total equipment segment revenue.

最後，我們重申對 2024 年的展望，包括我們在 6 月宣布加速股票回購計畫時更新的目標。我們繼續預計將開設 140 至 150 家新店，其中包括特許經營店和公司店。我們也將繼續預期在新的特許經營店中安置 120 至 130 台設備。就全年而言，我們繼續預期改裝銷售額將佔設備部門總收入的約 60% 以上。

Let me address the quarterly timing of both replacement equipment sales to existing franchise locations and equipment placements in new franchise clubs. During Q2, we sold more replacement equipment to existing franchise stores than we expected, which shifted those sales into the second quarter, and therefore, we do not expect those sales in the second half of the year, particularly not in the fourth quarter. In terms of timing for placements in new franchise stores, we continue to expect them to be weighted to the second half, with a significant skew to Q4.

讓我來談談向現有特許經營地點銷售替換設備以及在新特許經營俱樂部中安置設備的季度時間。在第二季度，我們向現有特許經營店銷售的替換設備數量超出了我們的預期，這使得這些銷售轉移到了第二季度，因此，我們預計下半年，尤其是第四季度的銷售不會有這些增長。就新特許經營店的開設時間而言，我們仍然預計它們將集中在下半年，並明顯偏向第四季度。

As a reminder, we are maintaining our equipment segment profit dollars for new placements with the mix shift to more strength and less cardio. Therefore, we expect that margin rate will continue to be higher in the second half of the year versus last year.

提醒一下，我們將保持設備部門的利潤用於新的投放，並將產品組合轉向更多注重肌力訓練、更少注重有氧運動。因此，我們預計今年下半年的利潤率將持續高於去年。

We continue to expect the following targets that represent growth over fiscal 2023 results. Same-store sales growth to be between 3% and 5%. Revenue to grow in the 4% to 6% range. Adjusted EBITDA will grow in the 7% to 9% range. Adjusted net income to increase in the 4% to 6% range, and adjusted earnings per diluted share to grow in the 7% to 9% range based on adjusted diluted weighted average shares outstanding of approximately 86.5 million, inclusive of the shares expected to be repurchased as part of the ASR agreement.

我們繼續預期以下目標將代表 2023 財年業績的成長。同店銷售額成長在3%至5%之間。收入成長在4%到6%之間。調整後的 EBITDA 將成長 7% 至 9%。調整後淨收入將成長 4% 至 6%，調整後每股稀釋收益將成長 7% 至 9%，基於調整後的攤薄加權平均流通股約 8,650 萬股，其中包括預計作為 ASR 協議的一部分回購的股份。

We also continue to expect net interest expense of approximately $75.0 million excluding the write-off of deferred financing costs associated with our debt refinancing transaction. Lastly, we continue to expect CapEx to be up approximately 25% and D&A to be up between 11% to 12%.

我們也繼續預期淨利息支出約為 7,500 萬美元，不包括與我們的債務再融資交易相關的遞延融資成本註銷。最後，我們繼續預期資本支出將上漲約 25%，折舊攤提前利潤將上漲 11% 至 12%。

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

現在我將把電話轉回給接線員，以便進行問答。

(Operator Instructions)

（操作員指令）

Randy Konik, Jefferies.

蘭迪‧科尼克 (Randy Konik)，傑富瑞 (Jefferies)。

I guess, Colleen, what would be really helpful for us is maybe give us some perspective on your prior leadership roles and different industry experiences and talk about some of those and how you're going to apply some of those learnings to make your strategies at Planet. And something also that would be really helpful is, you highlighted in the script the kind of emphasis on the HV over the LP in HVLP. Maybe kind of give us added kind of thoughts around what that means to you and how do you want to accentuate that part of the business.

我想，科琳，對我們真正有幫助的是，也許請您介紹一下您以前的領導角色和不同的行業經驗，談談其中的一些，以及您將如何運用這些經驗來製定 Planet 的戰略。還有一件非常有幫助的事情是，你在腳本中強調了 HVLP 中 HV 相對於 LP 的強調。也許您可以給我們一些額外的想法，關於這對您意味著什麼，以及您希望如何強調業務的這一部分。

Randy, nice to hear from you. Sure, happy to. So I think to the first part of your question about kind of background and prior roles. As you know, I spent most of my career in the hospitality space and the hospitality industry and really brand-led organizations. A large part of my career with Starwood and then several years with Intercontinental Hotels Group. And then more recently, in the real estate space in the single-family home rental space.

蘭迪，很高興收到你的來信。當然，很樂意。所以我認為你問題的第一部分是關於背景和以前的角色。如你所知，我的大部分職業生涯都在酒店業、酒店業以及真正以品牌為主導的組織中度過。我的大部分職業生涯是在喜達屋度過的，後來又在洲際酒店集團工作了幾年。最近，房地產領域又進入了單戶住宅租賃領域。

And at the end of the day, there's a lot of -- there are a lot of similarities between my prior experience and the fitness space. We're really bringing to life experiences for our members here at Planet Fitness. And I often say, in hospitality, we were the home away from home for weary travelers and wanted our guests to leave feeling better than when they came.

總而言之，我之前的經驗和健身領域有許多相似之處。我們確實在 Planet Fitness 為我們的會員帶來了生動的體驗。我常說，在旅館業中，我們是疲憊旅客的家外之家，我們希望客人離開時感覺比來時更好。

And I think what we're offering in at Planet Fitness is quite similar. Our members enjoy a great high-value experience in our clubs. And let's face it who doesn't feel better after a great workout or when you have a great workout in the rearview mirror? So we welcome people into our clubs in a bright friendly, engaging and very clean environment with a plethora of equipment and really able to help them wherever they're at in their fitness journey, their wellness journey, and then have them leave our clubs feeling better than when they came.

我認為我們在 Planet Fitness 提供的服務非常相似。我們的會員在我們的俱樂部享受到非常有價值的體驗。讓我們面對現實吧，在經過一次出色的鍛鍊後或在後視鏡中看到一次出色的鍛鍊後，誰不會感覺更好呢？因此，我們在明亮、友好、整潔的環境中歡迎人們來到我們的俱樂部，這裡有大量的設備，無論人們在健身之旅、健康之旅中身處何處，我們都能真正為他們提供幫助，讓他們離開俱樂部時感覺比來時更好。

One of the other things, I think, that's relevant in the hospitality background versus what we're endeavoring to do at Planet Fitness is the opportunity to extend the experience outside the four walls of the club through our app, through loyalty programs and partnerships and even our perks program. We just had a great month in June with perks utilization. So there's an opportunity for us to really leverage our very broad membership base and our high app utilization through partnerships and bringing additional offerings to our members that they value even outside the four walls of the gym.

我認為，與我們在 Planet Fitness 努力做的事情相比，酒店業背景相關的另一件事是，有機會透過我們的應用程式、透過忠誠度計劃和合作夥伴關係，甚至我們的福利計劃，將體驗延伸到俱樂部之外。我們在六月剛剛度過了一個福利利用率極高的月份。因此，我們有機會透過合作夥伴關係真正利用我們非常廣泛的會員基礎和較高的應用程式使用率，並為我們的會員提供他們即使在健身房之外也看重的額外服務。

And when I think about high value, low price, certainly our pricing does make fitness accessible to most. At the same time, I really think about leaning into the HV of HVLP, and I often say to the team here, I think about the HV in capital letters and the LP in lowercase letters, and that really is about the value offering that we're bringing to our members.

當我想到高價值、低價格時，我們的定價確實讓大多數人都能負擔得起健身費用。同時，我確實考慮傾向於 HVLP 的 HV，而且我經常對這裡的團隊說，我考慮大寫的 HV 和小寫的 LP，這實際上與我們為會員帶來的價值有關。

Super helpful. I guess just lastly for Tom. I think it was mentioned that there's a test going on for the Black Card, $27.99 and $29.99. Can you just elaborate a little bit on when would we potentially hear about any fruits of that labor, those tests in terms of potentially implementing a price change on the Black Card? And then back on the White Card with that $15 now price versus $10. Should we be thinking about an incremental impact being -- or like a noticeable impact occurring in, let's say, the front half of next year or the back half of next year? Just kind of thought process of when that kind of would flow through the numbers would be super helpful.

超有幫助。我想這對湯姆來說只是最後一個了。我記得有人提到黑卡正在進行測試，價格分別為 27.99 美元和 29.99 美元。您能否稍微詳細說明一下，我們什麼時候可能會聽到這些勞動、這些測試的成果，以及可能對黑卡進行價格調整的消息？然後回到白卡，現在的價格是 15 美元，而不是 10 美元。我們是否應該考慮漸進式的影響──或者說明顯的影響會發生在比如說明年上半年或明年下半年？當這種思考過程透過數字體現時，將會非常有幫助。

Yeah. Sure thing, Randy. So on the first part, we have two Black Card tests running. We actually rolled those tests into new markets where we weren't testing the classic card changes prior, right at the time that we raised the classic card price from $10 to $15. So that's like June 28 is when those were effective.

是的。當然可以，蘭迪。因此在第一部分中，我們進行了兩項黑卡測試。實際上，我們將這些測試推廣到了之前沒有測試過經典卡牌變化的新市場，就在我們將經典卡牌價格從 10 美元提高到 15 美元的時候。所以這些措施從 6 月 28 日開始生效。

So they've only been in place about a month. And as you know, with our business, we need to let them run for a while. So we expect to run them through the better part of Q3 and maybe even into Q4 before we determine whether or not we have enough information to make a call.

所以他們只到位了大約一個月。而且正如你所知，對於我們的業務，我們需要讓它們運行一段時間。因此，我們預計在第三季的大部分時間甚至第四季都會對它們進行測試，然後才能確定是否有足夠的資訊來做出決定。

And if one of those beats what we're testing them up against, we're pretty thorough in how we do all that with the control stores matched up, et cetera, then we'll make a change. If it doesn't beat, then we'll stick with what we've got. So time will tell, but it takes a few months to let those run.

如果其中一個擊敗了我們的測試結果，我們會非常徹底地了解我們如何與控製商店匹配等等，然後我們就會做出改變。如果沒有成功，那麼我們就會堅持我們所擁有的。所以時間會證明一切，但需要幾個月的時間才能實現。

In terms of the classic card, yeah, that's effective for new members. As you know, it doesn't apply retro. So as new classic card members join, they're joining at $15, and they'll feather in over time. Now that they're only about 40%-ish of our membership base, so they're the minority of our members. But it will affect each quarter more so than the prior quarter, and we'll talk about more what that means for 2025 when we get there. But you're kind of thinking about it right in terms of how it feathers in.

就經典卡而言，是的，這對新會員有效。如您所知，它不適用於復古。因此，當新的經典卡會員加入時，他們的加入費用為 15 美元，並且他們會隨著時間的推移而逐漸增加。現在他們只占我們會員總數的 40% 左右，所以他們是我們會員中的少數。但它對每季的影響都會比前一個季度更大，到 2025 年時，我們會進一步討論這對 2025 年意味著什麼。但是從它如何融入的角度來看，你的想法是正確的。

Simeon Siegel, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的西緬·西格爾 (Simeon Siegel)。

Congrats, and welcome, Colleen. Obviously early, recognizing it would be a small sample size so far, but just any initial learnings you're seeing from the price hikes on the rest of the business? Curious if there's any benefit to churn, and maybe how is the Black Card penetration for new members that face that higher price?

恭喜並歡迎你，科琳。顯然現在還為時過早，到目前為止認識到這一點的樣本量還很小，但從其他業務的價格上漲中您是否看到了任何初步的教訓？好奇流失是否有任何好處，以及對於面臨更高價格的新會員來說，黑卡滲透率如何？

And then, Tom, nice to see the higher-margin equipment come through. Can you elaborate a bit going forward in terms of the trade-off between revenues versus profit dollars because you're now showing us that you're realizing the benefits you were talking about earlier on? Any color there would be really helpful.

然後，湯姆，很高興看到利潤更高的設備問世。您能否就收入與利潤之間的權衡進一步闡述一下，因為您現在向我們表明，您正在實現之前談到的好處？任何顏色都會很有用。

Yes, sure. Thanks, Simeon. So on the classic card impact, we're really only talking about Q2 here. So given that it happened at the very end, we'll have more to say on that next time. So I appreciate your patience on that, but we want to stick to only talking about the prior quarter. In terms of the equipment, yes. So as we talked about the Q1 results, we didn't see the full margin increase or saw very little margin increase because some of those orders were placed before the pricing changed. And really, what we're trying to do here is we remixed into having less cardio in any new store and more strength equipment based on what folks want to do in terms of their workout and just rebalancing our mix in the stores. That lowers the cost of the equipment for the franchisee or the revenue for our segment.

是的，當然。謝謝，西緬。因此，關於經典卡的影響，我們實際上只討論第二季。所以考慮到這件事是在最後發生的，下次我們將會對此有更多評論。因此，我感謝您的耐心，但我們只想討論上一季的情況。就設備而言，是的。因此，當我們談論第一季業績時，我們沒有看到利潤率全部增加或增加很少，因為其中一些訂單是在定價變動之前下達的。實際上，我們在這裡嘗試做的是，根據人們想要進行的鍛煉，在新店中減少有氧運動器材的種類，增加力量訓練器材的種類，從而重新平衡門店中的器材組合。這降低了特許經營商的設備成本或我們部門的收入。

So we raised our prices so that the margin dollars that we get on a per placement basis would be equivalent to before we made the mix change to more strength, less cardio. So you're seeing that. The short answer is the cost per placement for our franchisee is down high single digit, low double digit. And the margin improvement is around about 300 basis points when it's all said and done.

因此，我們提高了價格，以便我們每次投放獲得的利潤與我們將組合轉變為更多力量訓練、更少有氧訓練之前的利潤相同。所以你看到了這一點。簡而言之，我們的加盟商每個安置點的成本下降了高個位數到低兩位數。最終，利潤率將提高約 300 個基點。

That's great. And then just lastly, Colleen, any higher-level thoughts on the right corporate versus franchisee ratios from your perspective?

那太棒了。最後，科琳，從您的角度來看，對於正確的公司與特許經營者比例，您有什麼更高層次的想法嗎？

Yeah. I think we believe strongly in our asset-light model, Our corporate clubs, corporate-owned clubs give us a great test opportunity, test-and-learn opportunity, and we think that the 10% or ish, about 10% is the right ratio. That said, as you're aware, we just launched Spain and opened our first club in Barcelona earlier this month. And we are leveraging our balance sheet to enter the market. We think there's an opportunity to get a market started using our balance sheet there and then recycle that capital with our franchise partner as we continue to grow the market.

是的。我認為我們非常相信我們的輕資產模式，我們的企業俱樂部、企業所有的俱樂部為我們提供了很好的測試機會、測試和學習的機會，我們認為 10% 左右是正確的比例。話雖如此，正如您所知，我們本月初剛剛進入西班牙，並在巴塞隆納開設了第一傢俱樂部。我們正在利用我們的資產負債表進入市場。我們認為，我們有機會利用我們的資產負債表來開拓一個市場，然後在繼續發展市場的同時與我們的特許經營夥伴一起回收這些資本。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

I guess, Colleen, a question for you, just given your background. I mean, clearly, everybody would love to see Planet grow its franchise unit development at a faster pace, I'm sure, including yourselves. What kind of timeline have you seen historically in your prior experience on kind of what lag would incur to see that kind of growth start to accelerate?

科琳，我想問你一個問題，只是鑑於你的背景。我的意思是，顯然，我相信每個人都希望看到 Planet 以更快的速度發展其特許經營單位，包括你們自己。在您之前的經驗中，您看到過什麼樣的時間表，需要什麼樣的延遲才能看到這種成長開始加速？

Yeah. I think what I'll say first and foremost is having the right team and the right infrastructure to position ourselves to accelerate growth. And with that in mind, we're about to go out to search for a Chief Development Officer. So I think first and foremost. and you've heard me touch on the importance of having, I call it a blue-ribbon team, and I use blue ribbon because blue ribbon means you're winning. So really getting the right infrastructure so that we're set up for growth, and we're developing the relationships to be able to accelerate our growth.

是的。我認為，首先要說的是，我們擁有合適的團隊和合適的基礎設施，可以幫助我們加速成長。考慮到這一點，我們即將出去尋找一位首席開發長。所以我首先這麼認為。你們已經聽到我談到擁有一支藍絲帶團隊的重要性，我使用藍絲帶是因為藍絲帶意味著你們正在獲勝。因此，真正獲得正確的基礎設施，我們才能為成長做好準備，並且我們正在發展關係，以便能夠加速我們的成長。

So I think first step is we're about to go out to search for a Chief Development Officer. And then as I indicated in my remarks, really helping to refine and define our growth ambition is work that's begun and that we'll do in partnership with that Chief Development Officer when they are named. I think it's an opportunity for us to accelerate growth, I guess, is what I would say.

因此我認為第一步就是我們要出去尋找一位首席開發長。正如我在演講中指出的那樣，真正幫助完善和明確我們的成長目標的工作已經開始，我們將與新任首席發展官合作進行這項工作。我想說，這是我們加速成長的機會。

Tom, just a quick question on G&A. I mean I know you guys have been really good with cost control, but it's kind of been, I think, better than most people have expected over the last few quarters. I mean how are you thinking about full year G&A? And what's the long-term kind of dollar growth rate that you look to beyond this year for G&A?

湯姆，我只想問一個關於 G&A 的簡單問題。我的意思是，我知道你們在成本控制方面做得很好，但我認為，過去幾個季度的情況比大多數人預期的要好。我的意思是，您如何考慮全年的 G&A 呢？您預計今年以後 G&A 的長期成長率是多少？

Yes, Sharon. It's a good question. I think for this year, what we saw happening in the early part of the year that we talked about on our last call, we knew it's going to provide some headwinds for the top line. So we wanted to make sure we were appropriately tightening our belt and offsetting that. While we couldn't offset it all, we wanted to be prudent how we thought about our investments and really prioritizing and making some changes.

是的，莎倫。這是個好問題。我認為，就今年而言，我們在上次電話會議上談到的年初發生的情況，我們知道這將為營收帶來一些阻力。因此，我們要確保我們適當勒緊褲腰帶，並抵消這一影響。雖然我們無法抵消所有影響，但我們希望謹慎考慮我們的投資，並真正確定優先事項並做出一些改變。

I think as we evolve the strategy that Colleen has the team working on, I think that will determine where we want to make investments and where we maybe have some opportunities to redirect where we've spent money before and that will shake out. But we're -- this is a growth business, as you know. It's got a lot of opportunity ahead of it. And I think we want to be thoughtful about -- or continue to be thoughtful about our investments but not -- we're not trying to save our way here.

我認為，隨著我們科琳帶領團隊制定的策略不斷發展，這將決定我們想要在哪裡進行投資，以及我們可能有機會重新定向我們先前的花錢方向，並最終實現盈利。但正如你所知，這是一項成長型業務。它的面前還有許多機會。我認為，我們應該深思熟慮——或者繼續深思熟慮地考慮我們的投資，但我們不會試圖透過節省來做到這一點。

This is about funding the journey to grow the business where we want to accelerate the growth and questioning where we have investments that maybe we thought were important before, maybe aren't anymore and just really sort of reevaluating everything and stack the chips where the growth opportunities are but not really talking about what that means for 2025 and beyond. I think we'll cross that bridge when we get to that outlook early part of next year.

這是為業務成長之旅提供資金，我們希望加速成長，並質疑我們之前認為重要的投資，現在可能不再重要了，只是重新評估一切，在有成長機會的地方押注籌碼，但並沒有真正談論這對 2025 年及以後意味著什麼。我認為，當我們在明年年初實現這一前景時，我們就能解決這個問題。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Colleen, welcome. I want to ask a question to you, Colleen. You clearly sound excited by the opportunity to leverage Planet's scale. But the business certainly is showing some of the slowest unit growth and member growth in its history here. So I'm curious maybe if you could share more of your early views on the opportunities.

科琳，歡迎光臨。科琳，我想問你一個問題。您顯然對利用 Planet 的規模的機會感到興奮。但該業務的單位成長和會員成長確實出現了歷史上最慢的趨勢。所以我很好奇，您是否可以分享更多關於這些機會的早期看法。

I don't know if that's marketing or other areas. And really the feedback that you're hearing from franchisees in terms of leveraging the scale for new growth opportunities.

我不知道這是行銷還是其他領域。您從特許經營商那裡聽到的反饋實際上是利用規模來獲取新的成長機會。

Absolutely. So yeah, I'll touch on two things. So when it comes to unit growth, we're really just getting our sea legs with the new growth plan that was rolled out earlier this year with our franchisees and then also the new pricing that is certainly going to factor into their economics. So I think some of what we've identified in the new growth plan as well as the infrastructure that we're building, and as I mentioned a few minutes ago, a Chief Development Officer, someone who wakes up every day and thinks only and exclusively about unit growth,

絕對地。是的，我將談兩件事。因此，當談到單位成長時，我們實際上只是在透過今年早些時候與我們的特許經營商一起推出的新增長計劃以及肯定會影響他們經濟狀況的新定價來做好準備。因此，我認為我們在新的成長計劃中確定的一些內容以及我們正在建造的基礎設施，以及我幾分鐘前提到的首席發展官，一個每天醒來只考慮單位增長的人，

I think that will help fuel the unit growth. And also expanding into new geographies, as I mentioned, going into Spain. And I will say with the international growth, what we're not about is flag planting. What we are about is getting to real scale, identifying markets where we believe we can get to real scale and real density. And that is the case with Spain.

我認為這將有助於促進單位成長。而且我們也向新的地區擴張，正如我所提到的，進入西班牙。我想說的是，隨著國際業務的成長，我們所做的並不是插上國旗。我們的目標是達到真正的規模，確定我們認為可以達到真正規模和真正密度的市場。西班牙的情況就是如此。

So I think both of those things, new markets and accelerated growth with our franchisees by keenly focusing on their unit economics will be the key to unit growth and then making sure that we're resourced appropriately here to drive that growth.

因此，我認為這兩件事，新市場和透過密切關注特許經營商的單位經濟來加速成長，將是單位成長的關鍵，然後確保我們在這裡獲得適當的資源來推動這一成長。

And then on the member growth side, I think it's really -- it's multipronged, but I'll start with 2 things. And first and foremost is the member experience. You've heard me talk about that. We need to make sure that we're continuing to refine and modernize our brand for today's customer and deliver on their fitness expectations, particularly as we're seeing Gen Zs as the fastest growing segment of our member population. So member experience is at the core of that.

在會員成長方面，我認為這真的是多方面的，但我先從兩件事開始。最重要的是會員體驗。您已經聽我談論過這個了。我們需要確保繼續完善和現代化我們的品牌，以適應當今的客戶並滿足他們的健身期望，特別是當我們看到 Z 世代是我們會員群中成長最快的群體時。因此，會員體驗是核心。

And then also our marketing. And I touched on it a little bit, but we're doing some work on kind of refining our brand and our brand promise, again, to make sure that we're staying relevant and current and that our marketing is really landing. So the brand work that we're doing now will help inform the marketing that you'll start to see at the end of 2024 really going into Q1 of 2025.

然後還有我們的行銷。我稍微談到了這一點，但我們正在做一些工作來完善我們的品牌和品牌承諾，再次確保我們保持相關性和時效性，並確保我們的行銷真正成功。因此，我們現在所做的品牌工作將有助於為行銷提供訊息，您將在 2024 年底開始看到這一點，並真正進入 2025 年第一季。

And I think, Jon, maybe just to add one thing to that is what -- you mentioned scale. I mean our marketing spend for the system is roughly $300 million a year annually. That dwarfs, based on our measurement, what our next largest competitor spend combined, still dwarfs it. So I think it's a matter of what have we not said to get more people to start their fitness journey and continuing to target the 80% who do not have a gym membership in the U.S.

我認為，喬恩，也許只需補充一點——你提到了規模。我的意思是我們每年用於該系統的營銷支出約為 3 億美元。根據我們的測量，與我們排名第二的競爭對手的支出總和相比，這一數字仍然相形見絀。所以我認為問題在於我們還沒有說什麼來讓更多的人開始他們的健身之旅，並繼續瞄準美國 80% 沒有健身房會員資格的人群。

I'll also just add that in addition to the CDO, another role, I think, is critically important for which we'll be going out to search is a Chief Marketing Officer. I very much believe in an integrated approach to top line strategy and making sure that as we do our brand work and the brand positioning work and refine the brand promise that we're pulling that through in an effective way in our marketing to really reach our target customers. So Tom talked a little bit about it. He touched on it, kind of, we call it, funding the journey, but making sure that we're looking at our resource allocation and have the right leadership roles to help fuel our growth in these critical areas for our business.

我還要補充一點，除了首席數據官之外，我認為另一個至關重要的職位是首席行銷官，這也是我們要尋找的。我非常相信綜合性的方法來實現營收策略，並確保我們在進行品牌工作和品牌定位工作以及完善品牌承諾的同時，能夠以有效的方式在行銷中貫徹這些承諾，從而真正接觸到我們的目標客戶。湯姆就此談論了一點。他談到了這一點，我們稱之為資助旅程，但確保我們正在考慮我們的資源分配，並擁有正確的領導角色，以幫助推動我們在這些關鍵業務領域的成長。

That's great. Certainly looking forward to seeing progress on those fronts. If I could just ask one follow-up to Tom. The adjusted EBITDA outlook for the year implies further deceleration in the back half after the first half was very strong, up 12%. So could you maybe just review the factors that you're looking forward in the back half and whether there's any conservatism in that outlook?

那太棒了。當然期待看到這些方面取得進展。我可以再問湯姆一個問題嗎？今年調整後的 EBITDA 前景意味著，在上半年表現強勁（成長 12%）後，下半年將進一步減速。那麼您能否回顧一下您對下半年展望的因素以及這種展望中是否存在保守主義？

Yes, Jon. So I think part of the beat in -- the big part of the beat in Q2 was the timing of some of the replacement of equipment that we had projected in our original outlook to be in the back half of the year. The promotion that we ran, we always run a promotion twice a year with our franchisees to do the reequips. We did that. It had better uptake than we thought, and more of it came into Q2 than we expected. So that was the big part of the beat.

是的，喬恩。因此，我認為第二季業績超出預期的主要原因在於部分設備更換的時間，我們在最初的預測中預計更換時間將在今年下半年。我們進行的促銷活動，我們總是每年與我們的特許經營商一起進行兩次促銷來重新裝備。我們做到了。它的吸收比我們想像的要好，而且第二季的吸收量也比我們預期的要多。所以這就是節拍的重點部分。

So it's really that equipment segment can really move around in terms of timing, and that's really what's affecting the change in the growth rates on a year-to-date basis versus the rest of the year that you're referring to. But we feel good about the full year outlook and, therefore, felt good about reiterating it. But that timing does affect what you're getting at. But I appreciate the question.

因此，設備部分在時間方面確實會發生變化，這才是真正影響年初至今相對於今年其他時間的成長率變化的因素。但我們對全年前景感到樂觀，因此，很高興重申這一點。但時間確實會影響你的目標。但我很感謝你提出這個問題。

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

Welcome, Colleen. In terms of the new growth model, what's the timing on when we start to see the impact of that? I think it takes, correct me if I'm wrong, 12 to 14 months to open up a new store these days. So if you launch it late '23, is the impact more early '25?

歡迎光臨，科琳。就新的成長模式而言，我們什麼時候會開始看到其影響？我認為，如果我錯了，請糾正我，現在開一家新店需要 12 到 14 個月的時間。那麼，如果您在 23 年末推出它，其影響是否會在 25 年初更大？

Joe, it's Tom. Yes, so I think you may recall, we always sort of labeled this year as a transition year. Franchisees were able to opt into this new growth model, which I think all but 2 of them did, and they each own 1 or 2 stores. So it's pretty much systematically a resounding yes to opt into this. But they had to work through the documents and ultimately sign them through Q1.

喬，我是湯姆。是的，我想你可能還記得，我們​​總是把今年稱為過渡年。特許經營商可以選擇這種新的成長模式，我認為除了 2 家特許經營商外，其他所有特許經營商都這樣做了，他們各自擁有 1 或 2 家商店。因此，選擇加入此選項基本上是系統性的響亮的「是」。但他們必須仔細研究文件並最終在 Q1 之前簽署。

So we always thought it would have an impact on subsequent years less so than it did in 2024 for the reasons you're mentioning in terms of development cycles being longer than they were pre-COVID.

因此，我們一直認為，它對後續幾年的影響會小於 2024 年，原因正如您所提到的，開發週期比新冠疫情之前更長。

But having said that we feel really good about what it's done to the economics of the business and improving what were already pretty strong returns. The changes in the growth model where we targeted a 10% reduction in the cost to build a new Planet plus some other changes we made on timing of replacing equipment helped to improve the unlevered IRR. If it was pre-COVID in the 30-ish percent range with higher cost to build and other changes, that probably got down to the low 20s.

但話雖如此，我們對它對企業經濟效益以及提高原本就相當強勁的回報所做的努力感到非常滿意。我們改變了成長模型，將建造新星球的成本降低 10%，再加上我們在更換設備的時間上做出的一些其他改變，有助於提高無槓桿 IRR。如果在疫情之前，這一比例在 30% 左右，加上建設成本較高以及其他變化，那麼這一比例可能會降到 20% 以下。

So the changes in the growth model kind of close half that gap. And then we believe that once there is a full year of the classic card price increase at $15 feathered in, that adds a couple of hundred basis points more to that unlevered IRR. So now between the growth model and the classic card price, we're pretty much back to pre-COVID IRR. So there's certainly great incentive for franchisees to build the stores because they produce great margins and unlevered IRRs. It's just a matter of all that working its way through and people cranking up their pipelines.

因此，成長模式的變化可以縮小一半的差距。然後我們相信，一旦經典卡價格在整整一年內以 15 美元的速度上漲，那麼無槓桿 IRR 將會再增加幾百個基點。因此，現在在成長模型和經典卡價格之間，我們幾乎回到了 COVID 之前的 IRR。因此，特許經營者肯定有很大的動力去開設商店，因為它們可以產生巨大的利潤和無槓桿的內部收益率。這只是一個所有事情都順利進行並且人們加速他們的管道的問題。

So we'll talk more about '25 when the time is right, but we always thought this year would not have a big impact from the changes.

因此，時機成熟時，我們會更多地談論 25 年，但我們一直認為今天的變化不會帶來太大的影響。

Understood. Very helpful. And then maybe just a follow-up on that. I was curious how you guys view the member growth in Q2. It's a bit below what you've historically done in the second quarter.

明白了。非常有幫助。然後可能只是對此進行跟進。我很好奇你們如何看待第二季的會員成長。這比第二季的歷史記錄略低一些。

I know it's a relatively small quarter, and I recall it got off to a slow start. But how did you guys see trends throughout the quarter? And maybe more importantly, what are you seeing in July after the classic card impact?

我知道這是一個相對較小的季度，而且我記得它起步較慢。但是你們如何看待整個季度的趨勢？也許更重要的是，在經典卡牌受到衝擊之後，您在 7 月看到了什麼？

Joe, so I think you're right. This year, while we don't project membership growth, kind of where we sit today is below where we thought we would be, and I think it's for a couple of reasons. One, we talked about Q1 being kind of soft. It seems like forever ago, but in the early part of January there, there was still some noise about COVID and flus and RSVs and all that. So we really had a softer early January than we expected.

喬，所以我認為你是對的。今年，雖然我們預期會員人數不會成長，但目前的狀況低於我們的預期，我認為這有幾個原因。首先，我們談到了第一季的疲軟表現。彷彿已經是很久以前的事了，但在 1 月初，那裡仍然有一些關於 COVID、流感、呼吸道合胞病毒等的傳言。因此，一月初的情況確實比我們預期的要疲軟。

And then we had that incident that impacted us for a short period of time on joins in March in the back of the quarter. That had a longer -- or had a bigger impact on cancels. So that has improved across the quarter and still elevated but definitely better. Those cancel rates are definitely better than what we were seeing and got better across the quarter.

然後，我們遇到了那個事件，它在本季末的 3 月對我們產生了短暫的影響。這對取消的影響會持續更久，或者說更大。因此，整個季度的情況有所改善，雖然仍然較高，但肯定更好。這些取消率肯定比我們看到的要好，並且整個季度都有所改善。

And we're really not talking about Q3 at all. But I think based on where we are and how the team managed all of that. I think we came through. We're happy where we came through. We were just talking to some of our big franchisees recently. They're happy with how all that played out and how the team handled it. But it definitely impacted -- those 2 things really impacted our membership levels compared to where we thought. But I think we have the time now to gear up for the back half of the year, particularly December leading into January and cranking up for what should be a great Q1.

但其實我們根本沒有談論第三季。但我認為這取決於我們現在的情況以及團隊如何管理這一切。我想我們成功了。我們很高興能取得這樣的成績。我們最近剛與一些大型特許經營商進行了談判。他們對事情的進展和團隊的處理方式感到滿意。但它確實產生了影響——與我們想像的相比，這兩件事確實對我們的會員水準產生了影響。但我認為，我們現在有時間為下半年做好準備，特別是從 12 月到 1 月這段時間，為迎來精彩的第一季做好準備。

Yes. I'll just add to that. We saw some increase in joins in late June. Now granted some of that was driven by the last-chance sale, right. that $10. And then I think the branding work that we're doing now to help inform the marketing is really -- our goal is to have that ready to be in flight by December and then going into Q4 -- going into Q1.

是的。我只想補充一點。六月底我們發現加入的數量增加。現在可以肯定其中一部分是由最後機會銷售推動的，對吧。那10美元。然後我認為我們現在正在進行的品牌推廣工作是為了幫助行銷——我們的目標是讓它在 12 月之前準備好飛行，然後進入第四季度——進入第一季。

So the marketing really lands and affects our joins going into the important first quarter.

因此，行銷確實會對我們進入重要的第一季產生影響。

Chris O'Cull, Stifel Financial Group.

克里斯‧奧卡爾 (Chris O’Cull)，史蒂費爾金融集團 (Stifel Financial Group)。

Welcome, Colleen. I have a question about the ADA requirements. I know Tom at one point. the company had communicated that franchisees would need to open roughly 500 units, I think, between '23 and '25 to comply with the minimum specified in their ADAs. l'mjust curious, could you give us an update on that? Or at least do you expect franchisees to still kind of meet that minimum ADA requirement?

歡迎光臨，科琳。我對 ADA 要求有疑問。我曾經認識湯姆。該公司已表示，我認為，特許經營商需要在 23 年至 25 年期間開設約 500 家門市，才能滿足 ADA 中規定的最低要求。我只是好奇，你能告訴我們最新消息嗎？或者至少您是否希望特許經營者仍然能夠滿足最低 ADA 要求？

Yes, Chris. So yes, so the one change from what we said a while ago at our Investor Day in late '22, I think that was -- is by changing the growth model, we went from what was somewhat of an idiosyncratic mechanism called cure periods for any delays within your ADA development to what is a more common practice of cure periods. The primary difference being the duration of the window to fix it and also the number of development opportunities that it applied to. So with the cure periods as part of the new growth model, all stores in the pipeline have the ability to extend by 6 months if there's a delay in something that is beyond the franchisees' control. permitting or landlord, work that gets delayed for reasons outside of their control. So that does affect the timing.

是的，克里斯。是的，與我們之前在 22 年末的投資者日上所說的相比，有一個變化，我認為那就是——透過改變成長模式，我們從一種名為「治癒期」的特殊機制（針對 ADA 開發中的任何延遲）轉變為一種更常見的治癒期做法。主要的區別在於修復該問題的窗口持續時間以及它所適用的開發機會的數量。因此，作為新成長模式的一部分，如果出現超出特許經營商控制範圍的延誤，所有正在籌備的商店都可以將補救期延長 6 個月。許可或房東，由於他們無法控制的原因而延誤的工作。所以這確實會影響時間。

All of that is factored in as we see our pipeline for the year and the reaffirmation of our outlook of 140 to 150 new stores this year. And I think when we get to our February call for Q4 and provide the outlook for 2025, we can talk more about how we see that pipeline for next year. But it is kind of a big change. But the ADA requirements that you're describing have not changed. We have not altered those. It's just a matter of the timing and the new mechanisms we have versus what we had before.

當我們看到今年的計劃以及今年開設 140 至 150 家新店的前景的重新確認時，所有這些都已被考慮在內。我認為，當我們在 2 月召開第四季度電話會議並提供 2025 年展望時，我們可以更多地談論我們如何看待明年的這一領域。但這是一個很大的改變。但是您所描述的 ADA 要求並沒有改變。我們沒有改變這些。這只是一個時機問題，以及我們現有的新機制與先前的機制的差異。

So it's kind of been pushed out 6 months, I guess. Is that the way to think about it?

所以我想這好像被延後了 6 個月。是這樣思考嗎？

Not comprehensively, but it could be for some stores.

雖然不全面，但對於一些商店來說可能有用。

Okay. Okay. And just one other question. I was hoping you can maybe -- I know you talked a little bit about the classic -- or the Black Card membership pricing test. But can you give a little more color as to how you decide whether to implement that price increase for the Black Card? I'm just trying to understand what KPls you're looking at to determine whether or not it's a go or no go. Is it just come down to whether or not it raises the monthly membership or raises your average monthly ticket or average dues? Or is there some other mechanism or KPls you're looking at to determine whether this is a good idea to make this change?

好的。好的。還有一個問題。我希望您可以——我知道您談了一些經典的——或者黑卡會員定價測試。但您能否詳細說明一下您是如何決定是否要提高黑卡價格的？我只是想了解您正在查看哪些 KPls 來確定是否可以進行。這是否僅僅取決於它是否提高了月度會員費或提高了平均月票或平均會費？或者您正在研究其他機製或 KPls 來確定進行此更改是否是個好主意？

Yes, it's a good question and somewhat unique to our business compared to the typical multiunit QSR-like business, where it's traffic, transactions, ticket. With ours, we have to measure -- there's no one single metric. As you can appreciate, Chris, we have to look at a bunch of them. One of which is the cancel rate. Do people sign up for the higher-priced Black Cards in these tests and then cancel sooner?

是的，這是一個好問題，與典型的多單元 QSR 類業務相比，我們的業務有些獨特，因為後者涉及流量、交易、票務。對於我們自己，我們必須進行衡量──沒有單一的衡量標準。正如你所理解的，克里斯，我們必須仔細研究其中的許多內容。其中之一就是取消率。人們在這些測試中是否會申請價格較高的黑卡，然後又提前取消？

That's something that we don't want to have happen. We also look at the mix between the Black Card and the classic card at the time of join, and we still want the majority of our members to sign up as they do today for the Black Card because it's such a great value even though it's priced higher. So -- and then also the impact on classic card.

這是我們不希望發生的事。當會員加入時，我們也將黑卡和普通卡結合，我們仍然希望大多數會員能夠像今天一樣註冊黑卡，因為雖然價格較高，但黑卡的價值非常高。所以 —— 這也對經典卡片產生了影響。

So there's a lot to look at. But ultimately, what we're trying to do is raise the AUV of the units once more members feather in at the higher prices, where we're confident that it's a sustainable increase in AUV. And by that, we mean it's not all rate driven, but there's still member growth. We want to have a good balance, always want to have a good balance of more member growth and rate growth. I describe it from an old life of more of a fast-nickels than a slow-dimes business.

因此有很多內容值得關注。但最終，我們試圖做的是，在更高的價格下，更多的會員加入後，提高單位的 AUV，我們相信 AUV 會持續成長。我們的意思是，這並非完全由利率驅動，會員數量仍在增加。我們希望取得良好的平衡，並始終希望在會員成長和費率成長之間取得良好的平衡。我從一個快錢生意而非慢錢生意的舊生活來描述它。

We like volume. We like member growth. That's what we think is the sustainable way to continue to grow the business and has been. It's typically been 70-plus percent of our member -- of our same-store sales growth is member growth. And so we want these tests to be accretive but in a sustainable way. So hopefully, that helps.

我們喜歡數量。我們喜歡會員增長。我們認為這就是持續發展業務的可持續方式，而事實也確實如此。通常來說，我們同店銷售額的成長有 70% 以上來自於會員的成長。因此我們希望這些測試能夠以可持續的方式不斷累積。希望這能有所幫助。

Rahul Krotthapalli, JPMorgan.

摩根大通的 Rahul Krotthapalli。

Colleen, good to meet you here. Can you discuss your philosophy on the marketing for the brand? I wanted to specifically dig on your comment regarding sharpening the $300 million spend given the importance of this for not only the gross adds but also improve the churn. Any preliminary thoughts or specific steps, or probably I shouldn't be calling low-hanging fruit, but in that context, how do you also view the current 2-7 national-local structure split? And if you think this is optimal for the new growth model?

科琳，很高興在這裡見到你。能談談您對該品牌行銷的概念嗎？我想特別深入探討您關於加大 3 億美元支出的評論，因為這不僅對增加總收入很重要，而且對降低客戶流失也很重要。有什麼初步想法或具體步驟嗎，或者我可能不應該稱之為唾手可得的成果，但在這種情況下，您如何看待當前 2-7 國家-地方結構分裂？您認為這對於新的成長模式來說是最佳的嗎？

Yes. So let me touch on a couple of things. First. you mentioned churn, and I think I'm going to take that one first.just because I really think churn is really indicative of member experience. And that's why we're really doubling down on the experience that we're providing for our members, both inside and outside the four walls of our club. When our members see a tremendous value for the low price of entry point of $15 a month, that reduces churn.

是的。因此，請允許我談幾件事。第一的。您提到了客戶流失，我想我會先考慮這個問題，因為我真的認為客戶流失確實能反映會員的體驗。這就是為什麼我們要加倍努力為我們的會員提供俱樂部內外的體驗。當我們的會員看到每月 15 美元的低價具有巨大價值時，客戶流失就會減少。

So we believe member experience is what's going to enhance our stickiness and continue to further our relationship with our members. And now to the marketing. I think we work very closely with our franchisee partners and their marketing teams to make sure that we've got an integrated strategy. And I think first and foremost is getting our brand promise and the brand positioning right. And this is not a wholesale change. It's really, it's a refinement and evolution and really modernizing our messaging so that it lands.

因此，我們相信會員體驗將增強我們的黏著度，並繼續增進我們與會員的關係。現在談談行銷。我認為我們與我們的特許經營夥伴和他們的行銷團隊密切合作，以確保我們有一個全面的策略。我認為首要的是正確建立我們的品牌承諾和品牌定位。這並不是徹底的改變。這確實是一種改進和發展，並且真正使我們的訊息傳遞現代化，以便能夠成功。

I think we shared, perhaps it was the last earnings call, that we didn't -- that our Q1 marketing didn't land as effectively as we had hoped. So refining that brand promise and then making sure that we're pulling it through the marketing, and we're clear about what we stand for and who we're targeting, that's first and foremost to make sure that we -- that what we're marketing is really effective and is going to generate the joins that we're anticipating.

我想我們在上次財報電話會議上曾分享過，我們的第一季行銷並沒有像我們所希望的那樣有效。因此，我們要完善品牌承諾，然後確保透過行銷將其付諸實踐，明確我們的立場和目標客戶，這首先也是最重要的，就是確保我們所行銷的產品確實有效，並能吸引到我們預期的加盟。

And then I think there are some things inside the club, and I think we're not ready to share what those are yet. but you'll start to see them emerge in late fourth quarter and early first quarter, really the signals of change in how we're modernizing and evolving our brand and then pulling that through both in the club experience and in the marketing.

然後我認為俱樂部內部存在一些事情，我認為我們還沒有準備好分享它們是什麼。但您會在第四季末和第一季初開始看到它們的出現，這實際上是我們如何實現品牌現代化和發展的變化的信號，然後將其貫穿在俱樂部體驗和行銷中。

As for the 2-7 split. the thing I think that's most important is that we're taking an integrated approach with our franchisees and that there's alignment between our national marketing and our local marketing and that we're helping our franchisees have access to the marketing products that can be used in the local spend to really bring our brand to life in an effective way. And I think about this, this is all products, all mediums of marketing, including our digital marketing, which is a focus area for us as well, especially as Gen Z is our fastest-growing segment of membership.

至於2-7分割。我認為最重要的是我們對我們的特許經營商採取了一種綜合的方式，並且我們的全國營銷和本地營銷保持一致，我們正在幫助我們的特許經營商獲得可以在本地支出中使用的營銷產品，從而真正有效地讓我們的品牌煥發生機。我認為，這是所有產品、所有行銷媒介，包括我們的數位行銷，這也是我們的重點領域，尤其是因為 Z 世代是我們成長最快的會員群。

So as for the 2-7 split. I think the thing that's most important right now, first and foremost. is that we have an integrated approach and that we're able to really highlight the value proposition that really differentiates Planet Fitness, makes us different and special and attractive to a very broad base of customers and prospective customers who could consider joining Planet.

對於 2-7 分割也是如此。我認為，目前最重要的事情是。是我們採用了一種綜合的方法，並且能夠真正凸顯 Planet Fitness 的真正差異化價值主張，使我們與眾不同、獨一無二，並且對可能考慮加入 Planet 的廣大客戶和潛在客戶具有吸引力。

That's really a great update, Colleen. I wanted to also pick up on the real estate side of the business, given your background and then also the kind of the elevated constraints in retail space availability we have been seeing in the past few quarters. I'm just curious about how you think about the lay of the land. There has been -- I mean there have been a bunch of like bankruptcies, closures among retail brands. How do you think you can flex Planet's scale to basically take advantage of some of these openings and then also working with franchise communities when it comes to the real estate planning?

這真是一個很棒的更新，科琳。考慮到您的背景，以及過去幾季我們看到的零售空間可用性限制的加劇，我也想談談業務的房地產方面。我只是好奇您如何看待地形。已經有很多零售品牌破產或倒閉了。您認為您可以如何發揮 Planet 的規模優勢，充分利用這些機會，然後在房地產規劃方面與特許經營社區合作？

Thank you for that question, Rahul. I'm glad you asked it. I think I touched on a little bit of it when I made my remarks about Spain, but I think -- and I think this is relevant across all of our geographies. When I walked the sites we're considering as well as the sites we have under agreement in Spain, we looked at things like population density, population growth in those markets. And I'll stop there because I don't want to signal all the secret sauce of our playbook, but I will say, we do have a playbook when we're looking at opening new sites.

謝謝你的提問，拉胡爾。我很高興你問這個問題。我認為我在談論西班牙時已經提到了這一點，但我認為——而且我認為這與我們所有的地區都相關。當我走到我們正在考慮的地點以及我們在西班牙已經達成協議的地點時，我們考慮了這些市場的人口密度、人口成長等因素。我就講到這裡，因為我不想透露我們劇本的所有秘密，但我想說的是，當我們考慮開設新站點時，我們確實有一個劇本。

And as it relates to retail space availability, I think there are two things to consider. One is the space availability, and then one is the price per square foot. The price per square foot gets to kind of the unit economics of our franchisees, and Tom has touched on that a lot. So I won't repeat all of that. But we are really focused on unit economics so that even with a recent. over the last couple of years, price escalation in real estate, the economic model still works, and we can get back to pre-COVID IRRs for our franchisees.

就零售空間可用性而言，我認為有兩件事需要考慮。一是空間可用性，二是每平方英尺的價格。每平方英尺的價格與我們的特許經營商的單位經濟有關，湯姆已經多次談到這一點。因此我就不再重複這些了。但我們真正關注的是單位經濟學，因此即使是最近。過去幾年，房地產價格上漲，但經濟模式仍然有效，我們可以為我們的特許經營商恢復到新冠疫情之前的 IRR。

At the same time, you appropriately noted that there have been many retail tenants, anchor tenants that occupy space that has square footage very similar to what we would look for that have had bankruptcies, and that could and should be an opportunity for us.

同時，您恰當地指出，有許多零售租戶、主力租戶佔用的空間面積與我們尋找的面積非常相似，但都已破產，這可能也應該是我們的一個機會。

The other thing that I think about is the fact that throughout the pandemic, we did not have one club permanently closed for financial or economic reasons. So if I'm a developer, if I'm a landlord and I look at some of the retail bankruptcies that have been experienced with some of the big box retailers or midsized box retailers over the last couple of years and then I look at Planet with no club closures throughout the pandemic, we should be in the pole position when space becomes available in -- for retail space. And I think the durability of our cash flows and the resilience of our business is something that we have an opportunity to further promote when we're seeking space -- when we're seeking retail space for new clubs.

我想到另一件事是，在整個疫情期間，我們沒有一傢俱樂部因為財務或經濟原因而永久關閉。因此，如果我是開發商，如果我是房東，並且我觀察了過去幾年中一些大型零售商或中型零售商經歷的一些零售破產案例，然後我看到 Planet 在疫情期間沒有俱樂部關閉，那麼當零售空間可用時，我們應該處於有利位置。我認為，當我們尋找空間——當我們為新俱樂部尋找零售空間時，我們有機會進一步提升現金流的持久性和業務的彈性。

Max Rakhlenko, TD Cowen.

馬克斯·拉赫倫科（Max Rakhlenko），TD Cowen。

Congrats, Colleen. So with the Black Card pilot now taking memberships to $30 in some markets, how are you thinking about the ceiling to where prices can go? Seemingly maybe tough to get above mid-30s in the construct of HVLP 1.0 box. So just. Colleen, if you can touch on a focus that you discussed earlier of having an unparalleled member experience, what can be done and what can be tweaked in a capital-light way to improve it. which would allow for a bit more pricing power?

恭喜，科琳。那麼，現在黑卡試點在某些市場將會員費提高到 30 美元，您認為價格上限是多少？在 HVLP 1.0 盒子的構造中，似乎很難超過 30 年代中期。太公正了。科琳，您能否談談之前討論過的重點，即擁有無與倫比的會員體驗，我們可以做些什麼，以及可以以低成本的方式進行哪些調整來改善它？哪一種做法能賦予企業更多的定價權？

Yes. I think a couple of things. So we touched already a little bit on the mix of equipment. We're seeing a greater demand for space for strength. We still want our members to walk into a Planet Fitness and see that beautiful bright sea of equipment and know that they're not going to have to wait. At the same time, we are optimizing the mix. So HVLP maybe 2.0 is really what we should be talking about and how we are evolving the equipment mix for today's consumer.

是的。我想有幾件事。因此，我們已經稍微接觸過設備的混合。我們看到，對空間實力的需求越來越大。我們仍然希望我們的會員走進 Planet Fitness 時，看到那片美麗明亮的設備海洋，並且知道他們不必等待。同時，我們正在優化組合。因此，我們真正應該談論的可能是 HVLP 2.0，以及我們如何為當今的消費者改進設備組合。

I will also say, we're continuing to look at low-cost amenities to continue to offer the greatest value, whether it be for a classic card member or a Black Card member. And I touched on this a little bit. and that is some of the amenities and the value proposition that we can bring to life through the app, adding value for our members, both in-the-gym experience or in-the-club experience and outside the four walls of the club.

我還要說的是，我們將繼續尋找低成本的便利設施，以繼續提供最大的價值，無論是針對普通卡會員還是黑卡會員。我稍微談了一下這一點。這些是我們可以透過應用程式實現的一些便利設施和價值主張，為我們的會員增加價值，無論是在健身房體驗、在俱樂部體驗還是在俱樂部之外的體驗。

I often talk about my AAA membership. And my car comes with roadside assistance, but I don't cancel my AAA membership because even if I don't immediately need to tow, I know that I'm getting so many more amenities for that relationship. And I think leveraging our nearly 20 million member base, we saw one of our greatest participation rates with the perks program in June. I think there's an opportunity to continue to leverage our member base to bring additional offerings that add value for that membership. And as we think about Black Card pricing, we're also thinking about the Black Card experience and what we're delivering for our Black Card members.

我經常談論我的 AAA 會員資格。我的車配備了道路救援服務，但我不會取消我的 AAA 會員資格，因為即使我不需要立即拖車，我也知道這種關係會給我帶來更多的便利。我認為，利用我們近2000萬會員基礎，我們在6月份的福利計劃參與率達到了最高水平之一。我認為我們有機會繼續利用我們的會員基礎來提供能夠為會員增加價值的額外產品。當我們考慮黑卡定價時，我們也在考慮黑卡體驗以及我們為黑卡會員提供的服務。

That's very helpful. And then just a quick one, but can you provide an update to progress in rolling out the Media Network? If you could speak to the opportunity conceptually with where you are in the medium-term path? And then just how should we think about the revenue opportunity as well as margins because it has historically been quite a high-margin business for others?

這非常有幫助。然後我再快速問一下，您能否提供有關媒體網路推廣進展的最新資訊？您能否從概念上談談您在中期路徑上所面臨的機會？那麼，我們應該如何看待收入機會和利潤率，因為從歷史上看，這對其他公司來說一直是一項利潤率很高的業務？

Max, it's Tom. I'll take that one. I would say we're still in the sussing-out stage on that one. I think we see it as a potential opportunity. We want to make sure we do it the right way. So I think we're not yet at a position where we're going to go full throttle on that nor sort of project what we think the impact could be. We think it's a nice opportunity to make to enhance the broader economic model, but we're still working our way through that one.

馬克斯，我是湯姆。我要那個。我想說我們仍然處於探索階段。我認為我們認為這是一個潛在的機會。我們要確保以正確的方式做這件事。因此我認為我們尚未全力以赴，也還無法預測其可能產生的影響。我們認為這是改善更廣泛的經濟模式的一個很好的機會，但我們仍在努力實現這一目標。

Well, thank you for all the thoughtful questions, and thank you for the warm welcome. I'm about eight weeks in and continue to be just so excited about the opportunity to lead this brand as we enter our next chapter of growth. As you heard from us today, our team and I are very committed to further defining our growth ambition and to capitalizing on really meaningful opportunities across the industry, both in the U.S. and internationally. We'll maintain a clear-eyed focus on delivering an unparalleled member experience, evolving our brand messaging and operating under the principle that we can enhance the economic value proposition for all stakeholders, from the franchisor to the franchisees, to ultimately deliver significant value for our shareholders. So thank you for your time today.

好吧，感謝您提出的所有深思熟慮的問題，也感謝您的熱烈歡迎。我已經工作大約八週了，對於能夠領導這個品牌並邁入下一個發展篇章的機會，我仍然感到非常興奮。正如您今天所聽到的，我和我的團隊非常致力於進一步明確我們的成長目標，並利用整個產業（無論是在美國還是在國際上）真正有意義的機會。我們將繼續專注於提供無與倫比的會員體驗，不斷發展我們的品牌訊息，並秉承能夠提升所有利益相關者（從特許人到特許經營人）的經濟價值主張的原則開展運營，最終為我們的股東帶來重大價值。非常感謝您今天抽出時間。

The meeting is now concluded. You may now disconnect.

會議現在結束。您現在可以斷開連線。