Planet Fitness Inc (PLNT) 2024 Q4 法說會逐字稿

Thank you for standing by. My name is Karen, and that will be your conference today. (Operator Instructions) I will now turn the call over to Stacey Caravella, Vice President of Investor Relations. Please go ahead.

感謝您的支持。我叫凱倫，這就是你們今天的會議。（操作員指示）我現在將電話轉給投資者關係副總裁 Stacey Caravella。請繼續。

Thank you, operator, and good morning, everyone. Speaking on today's call will be Planet Fitness's Chief Executive Officer, Colleen Keating and Chief Financial Officer, Jay Stasz. They will be available for questions during the Q&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 的執行長 Colleen Keating 和財務長 Jay Stasz。他們將在準備好的發言之後的問答環節中回答問題。

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.

今天的電話會議將透過網路直播並錄音以供重播。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。

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. Now I'll turn the call over to Colleen.

我們的發佈內容可以在我們的投資者網站上找到，同時還可以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。現在我將把電話轉給科琳。

Thank you, Stacey, and thank you everyone for joining us for the Planet Fitness Q4 earnings call. We've previously referred to 2024 as the year of transition for our organization, and I see it as a year of transition and foundation building, starting with our leadership team. I now have two quarters under my belt having started in mid June.

謝謝你，史泰西，也謝謝大家參加 Planet Fitness 第四季財報電話會議。我們之前將 2024 年稱為我們組織的過渡年，我認為從我們的領導團隊開始，它也是過渡和基礎建設的一年。從六月中旬開始，我已經完成了兩個季度的工作。

We welcomed Jay Stasz to the CFO role in mid-Q4 and more recently, Chip Ohlsson as Chief Development Officer and Brian Povanelli as Chief Marketing Officer over the past month or so.

我們在第四季中期歡迎 Jay Stasz 擔任財務官，最近一個月左右，我們又歡迎 Chip Ohlsson 擔任首席開發官，Brian Povanelli 擔任首席行銷長。

We all came to Planet Fitness with the same goals in mind, furthering our welcoming atmosphere for members of all fitness levels at an unbeatable value and at the same time accelerating growth to deliver increased shareholder value.

我們懷著同樣的目標來到 Planet Fitness，以無與倫比的價值為所有健身水平的會員營造更友好的氛圍，同時加速增長，從而提高股東價值。

We are incredibly proud of the progress we made in 2024 and in particular during the fourth quarter, during which we grew system-wide same club sales by 5.5%, delivered 19.4% revenue growth, and increased adjusted EBITDA by 14.4%. We added 86 new Planet Fitness clubs system-wide during the quarter, for a total of 150 for the year, bringing our global club count to more than 2,700 clubs.

我們為 2024 年的進步感到無比自豪，尤其是第四季度，全系統同店銷售額增長了 5.5%，收入增長了 19.4%，調整後 EBITDA 增長了 14.4%。本季度，我們在全系統範圍內新增了 86 家 Planet Fitness 俱樂部，全年俱樂部總數達到 150 家，全球俱樂部數量超過 2,700 家。

We also grew our membership by 1 million members in 2024 to approximately 19.7 million members. We made significant progress in 2024 on improving club level returns. We rolled out an enhanced economic model for opening and operating a Planet Fitness club that included reductions in build costs, extensions of capital investment timelines, and the elimination of certain fees.

到 2024 年，我們的會員人數還將增加 100 萬，達到約 1,970 萬。2024 年，我們在提高俱樂部級別回報方面取得了重大進展。我們推出了一種用於開設和經營 Planet Fitness 俱樂部的增強型經濟模式，其中包括降低建設成本、延長資本投資時間以及取消某些費用。

We received an enthusiastic response with nearly all of our franchisees signing our new growth model franchise agreement.

我們得到了熱烈的回應，幾乎所有加盟商都簽署了我們的新成長模式加盟協議。

We also took a significant step to support top-line growth. We had it raised the monthly price of the classic card membership in more than 25 years, which represents nearly 40% of our membership roster. After extensive market testing, we raised the classic card price from $10 to $15 at the end of June. Between the changes to the build cost, franchise agreement, and the classic card rate increase, we believe that a new clubs unlevered IRR is moving closer to pre-pandemic levels.

我們也採取了重要措施來支持營收成長。25 年來，我們一直在提高經典卡會員的月費，這占我們會員總數的近 40%。經過廣泛的市場測試，我們在 6 月底將經典卡價格從 10 美元提高到 15 美元。透過改變建設成本、特許經營協議以及經典卡費率的提高，我們相信新俱樂部的無槓桿 IRR 正在接近疫情前的水平。

We're encouraged by the green shoots that we're starting to see from these changes and remain committed to our focus on franchisee economics to fuel growth. Turning to 2025, we have a strong foundation in place to continue making meaningful progress on our four strategic imperatives.

這些變化為我們帶來了新的希望，這讓我們備受鼓舞，我們將繼續致力於特許經營經濟，以推動成長。展望2025年，我們已奠定堅實的基礎，可以繼續在四大戰略重點上取得有意義的進展。

Redefining our brand, enhancing member experience, refining our product, and optimizing our format, and accelerating new club openings. Let me start with redefining our brand. We're excited about our new brand promise to grow stronger together and our new creative with the We're All Strong on this planet campaign that launched in late 2024.

重新定義我們的品牌，提升會員體驗，改進我們的產品，優化我們的模式，並加速新俱樂部的開幕。首先讓我重新定義我們的品牌。我們對共同成長更強大的新品牌承諾以及 2024 年底推出的「我們在這個星球上都很強大」活動的新創意感到興奮。

These support our shift to a more balanced complement of strength equipment in our clubs to meet consumers' evolving needs. At the same time, our brand promise and our marketing communicate that we are welcoming to all whether someone is beginning their fitness journey or a seasoned athlete, and that Planet Fitness is a supportive community where all members belong.

這些支持我們轉向在俱樂部中更均衡地補充力量設備，以滿足消費者不斷變化的需求。同時，我們的品牌承諾和行銷傳達出這樣的訊息：我們歡迎所有人，無論是剛開始健身的人還是經驗豐富的運動員，而 Planet Fitness 是一個所有成員都歸屬的支持性社群。

I attended my first New Year's Eve in Times Square, which marked our 10th year of supporting the celebration. The energy was amazing, and it's a great way to put Planet Fitness on a global stage at the right time to kick off our money quarter.

我第一次參加了時代廣場的跨年晚會，這也是我們支持這項慶祝活動的第十個年頭。這種能量令人驚嘆，這是一種很好的方式，可以讓 Planet Fitness 在正確的時間登上全球舞台，開啟我們的財務季度。

As I mentioned earlier, we expanded our leadership team with the addition of our new Chief Marketing Officer, Brian Povinelli. Brian is responsible for overseeing our marketing initiatives to strengthen our leadership position and expand access to fitness and wellness for all. He has extensive experience in the hospitality and apparel industries, a track record of leveraging data and insights to drive breakthrough results and has spent much of his career partnering with franchisees.

正如我之前提到的，我們擴大了領導團隊，增加了新的行銷長 Brian Povinelli。Brian 負責監督我們的行銷計劃，以加強我們的領導地位並擴大所有人的健身和健康管道。他在酒店和服裝行業擁有豐富的經驗，善於利用數據和洞察力來推動突破性成果，並且在其職業生涯的大部分時間裡都與特許經營商合作。

Well, Brian has only been here a few weeks. He's already building on the work we've done to date. Now to member experience and format optimization, which I really think go hand in glove, our shift to more strength equipment resulted from extensive consumer research and observing our members using our clubs, which will enhance member experience and give our members the equipment mix and format to achieve their desired workouts their way.

嗯，布萊恩才來這裡幾個星期。他已開始鞏固我們迄今所完成的工作。現在談談會員體驗和格式優化，我認為這兩者確實密不可分，我們轉向更多力量設備，這是透過廣泛的消費者研究和觀察我們的會員使用我們的俱樂部而實現的，這將增強會員體驗並為我們的會員提供設備組合和格式，以他們的方式實現他們想要的鍛煉。

As we discussed last quarter, more than 60% of our franchisees opted in to adding the three additional pieces of strength equipment. The new equipment is called out in our clubs with signage and floor lings and has been featured throughout our Q1 marketing creative.

正如我們在上個季度所討論的那樣，超過 60% 的加盟商選擇添加三件額外的肌力訓練器材。我們的俱樂部透過標誌和地板標語來宣傳這些新設備，這些新設備也在我們的第一季行銷創意中得到充分展示。

We expect that all our domestic clubs will have the additional pieces by the end of the year. Format optimization goes beyond equipment mix. It includes getting the floor plan right and opening up spaces within the clubs for members to do more functional training.

我們預計，到今年年底，我們所有的國內俱樂部都將擁有這些額外的裝備。格式最佳化超越了設備組合。其中包括制定正確的平面圖和在俱樂部內開放空間，供會員進行更多的功能訓練。

We are seeing a great response to the changes from member feedback and social sentiment postings online. We believe this is a winning formula to increase our membership, which is the best enhancement to unit economics to ultimately accelerate new club growth.

我們從會員回饋和網路社會情緒貼文中看到了對這些變化的正面回應。我們相信這是增加會員人數的成功秘訣，也是對單位經濟的最佳增強，最終加速新俱樂部的發展。

We feel great about the work we've done in 2024 to improve unit economics and reduce capital investments at the club level. Listing on our strategic imperatives and believe that we can get back to opening 200 new clubs per year in a few years.

我們對 2024 年為改善單位經濟效益和減少俱樂部層級的資本投資所做的工作感到非常滿意。列出我們的策略要務，並相信我們可以在幾年內恢復每年開設 200 家新俱樂部。

With that in mind, I recognized early in my time at Planet Fitness that to achieve our growth ambition we needed someone on our senior leadership team dedicated to growing our global club footprint. Chip Ohlsson joined us in January as Chief Development Officer to spearhead our accelerated club growth.

考慮到這一點，我在 Planet Fitness 任職初期就意識到，為了實現我們的成長目標，我們需要高階領導團隊中的某個人致力於擴大我們的全球俱樂部影響力。Chip Ohlsson 於一月份加入我們，擔任首席發展官，帶頭加速我們俱樂部的發展。

Chip is charged with growing our footprint both domestically and internationally for corporate and franchise clubs, as well as strengthening our franchisee network. He will also support our efforts to optimize the build cost for franchisees with a thoughtful eye toward member experience.

Chip 負責擴大我們在國內和國際的企業和特許經營俱樂部的影響力，並加強我們的特許經營網絡。他也將支持我們努力優化加盟商的建設成本，並充分考慮會員的體驗。

While Jay will cover our 2025 outlook in detail, I'd like to note that our overarching goal is healthy, sustainable, long-term growth. This means we're aiming to achieve consistent increases in year-over-year growth in new club openings to establish a reliable pattern of expansion.

雖然傑伊將詳細介紹我們 2025 年的展望，但我想指出的是，我們的首要目標是健康、可持續、長期的成長。這意味著我們的目標是實現新俱樂部開幕數量的逐年穩定成長，以建立可靠的擴張模式。

And finally, we recently announced the realignment of our leadership team to support our strategic imperatives. To best position our teams to execute in 2025 and beyond, we're shifting from a divisional structure to a fit for strategy operating model which integrates functional capabilities across the organization and strengthens accountability for our leaders and our team members.

最後，我們最近宣布了領導團隊的重組，以支持我們的策略要務。為了讓我們的團隊在 2025 年及以後能夠更好地執行任務，我們正在從部門結構轉變為適合策略的營運模式，整合了整個組織的職能能力，並加強了領導者和團隊成員的責任感。

Evolving our organizational structure will enable us to be more integrated, agile, and faster in responding to the needs of our members and our franchisees. I'm excited about our strengthened and realigned team and what we can do to continue to drive this powerful brand forward into its next chapter of growth.

改善我們的組織結構將使我們能夠更整合、靈活、更快地回應我們的會員和特許經營者的需求。我對我們加強和重新調整的團隊以及我們可以採取的措施感到興奮，以繼續推動這個強大的品牌進入下一個成長篇章。

Now I will turn it over to Jay to share more details on our metric performance for year-end 2024 and our 2025 guidance. Jay?

現在，我將把時間交給傑伊，讓他分享更多關於我們 2024 年底指標表現和 2025 年指引的細節。傑伊？

Thanks, Colleen. When I joined, I knew that Planet Fitness is a great company with a great brand and an industry leader with a tremendous long-term opportunity. Now, four months in, I'm even more excited to be here as we execute on our strategy and enter the next phase of growth.

謝謝，科琳。當我加入時，我知道 Planet Fitness 是一家擁有偉大品牌的偉大公司，也是行業領導者，擁有巨大的長期機會。現在，四個月過去了，我更加高興來到這裡，因為我們正在執行我們的策略並進入下一個成長階段。

Additionally, Planet Fitness has a compelling business model. Our asset-like structure doesn't require a significant amount of capital, allowing us more flexibility in terms of the level of debt that the business can support.

此外，Planet Fitness 擁有引人注目的商業模式。我們的資產式結構不需要大量資本，這使我們在企業能夠承受的債務水平方面擁有更大的靈活性。

To this end, we refinanced a portion of our debt in 2024 and completed an accelerated share repurchase, which is one of the ways that we've delivered shareholder value since our IPO nearly a decade ago.

為此，我們在 2024 年對部分債務進行了再融資，並完成了加速股票回購，這是自近十年前首次公開發行以來我們為股東創造價值的方式之一。

We also used our balance sheet to enter a new international market, Spain, last year and ended 2024 with five clubs in that country.

去年，我們也利用我們的資產負債表進入了新的國際市場西班牙，到 2024 年底，我們在該國擁有 5 個俱樂部。

This is an example of using our balance sheet to demonstrate that the concept works in a new market so that future franchisees will have an easier time accessing local capital to step in as owners and fuel our growth plans. We're off to a great start in Spain and look forward to other opportunities to use our financial strength to drive growth.

這是一個使用我們的資產負債表來證明該概念在新市場中有效的示例，以便未來的特許經營商可以更輕鬆地獲得當地資本以所有者身份介入並推動我們的增長計劃。我們在西班牙已經有了良好的開端，並期待有其他機會利用我們的財務實力來推動成長。

We continue to believe in our asset light, highly franchised model and reiterate our plans to own approximately 10% of the fleet. Before I get to our 2024 results and our 2025 outlook, I'm going to start by discussing the performance of our classic card price increase and member trends. We felt that it was important to implement the price increase before Q1 of 2025 to leave time for the market to absorb the impact ahead of what has historically been our highest net member growth quarter.

我們繼續相信我們的輕資產、高度特許經營模式，並重申我們擁有約 10% 船隊的計劃。在介紹我們的 2024 年業績和 2025 年展望之前，我將先討論我們的經典卡價格上漲和會員趨勢的表現。我們認為，在 2025 年第一季之前實施價格上漲非常重要，以便讓市場有時間在歷史上最高的淨會員成長季度之前吸收影響。

Our fourth quarter net membership growth was slightly better than we expected. This favorability, along with a lower than expected cancel rate, drove an increase in our net membership growth during Q4, and we ended the year with 5% same club sales growth.

我們第四季的淨會員成長略優於我們的預期。這種良好勢頭，加上低於預期的取消率，推動了我們第四季度淨會員人數的成長，最終我們在年底實現了 5% 的同店銷售額成長。

We also continued to see a year over year increase in black card membership and end of the year with approximately 64% penetration. We believe that new members are recognizing the great value the black card membership offers considering it's only $10 more than the classic card.

我們也看到黑卡會員數逐年增加，年底滲透率約 64%。我們相信，新會員會認識到黑卡會員資格帶來的巨大價值，因為它只比普通卡貴 10 美元。

We're also seeing that our members were more engaged in 2024 versus 2023 as they visited a Planet club nearly 6.5 times per month versus just over six times last year, which is a great sign for retention. Gen Zs continue to lead our joints and have been the fastest growing demographic group of our membership since 2021, bringing our share of that generation over the age of 14 to nearly 10% domestically. This has the added benefit of continuing to drive down the average age of our member. At the end of 2024, approximately 7% of the US population over the age of 14 are now members of Planet Fitness.

我們還發現，與 2023 年相比，我們的會員在 2024 年的參與度更高，因為他們每月訪問 Planet 俱樂部的次數接近 6.5 次，而去年僅為 6 次多一點，這對於保留會員來說是一個很好的信號。Z 世代繼續主導我們的業務，自 2021 年以來一直是我們會員中成長最快的人口群體，使我們 14 歲以上這一代人在美國的佔比達到近 10%。這還有一個額外的好處，就是繼續降低我們會員的平均年齡。到 2024 年底，美國 14 歲以上人口中約有 7% 已成為 Planet Fitness 的會員。

Now to our fourth quarter results. All of my comments regarding our quarter performance will be comparing Q4 2024 to Q4 2023, unless otherwise noted. We opened 86 new clubs compared to 77. We delivered system-wide same club sales growth of 5.5% in the fourth quarter. Franchisee same club sales increased 5.7%, in corporate same club sales increased 4.4%. Approximately 70% of our Q4 comp increase was driven by rate growth, with the balance being net membership growth. Black card penetration was approximately 64% at the end of the quarter, an increase of approximately 200 basis points from the prior year.

現在來看看我們的第四季業績。除非另有說明，我對我們季度業績的所有評論都將比較 2024 年第四季和 2023 年第四季。我們開設了 86 家新俱樂部，之前有 77 家。第四季度，我們全系統同店銷售額成長了 5.5%。加盟商同店銷售額成長5.7%，企業同店銷售額成長4.4%。我們第四季的同店銷售額成長約 70% 是由費率成長推動的，其餘部分則來自淨會員數成長。本季末黑卡滲透率約 64%，較上年增加約 200 個基點。

For the fourth quarter, total revenue was $340.5 million compared to $285.1 million. The increase was driven by revenue growth across all three segments. The 11% increase in franchise segment revenue was primarily due to an increase in royalty revenue, new club placement revenue, and national ad fund revenue. For the fourth quarter, the average royalty rate was 6.7%, up from 6.6%. The 8.5% increase in revenue in the corporate owned club segment was primarily driven by new clubs as well as revenue growth from clubs in the same club sales space.

第四季總營收為 3.405 億美元，去年同期為 2.851 億美元。這一增長是由三個部門的收入成長所推動的。特許經營部門收入成長 11% 主要是由於特許權使用費收入、新俱樂部安置收入和全國廣告基金收入的增加。第四季度，平均特許權使用費率為 6.7%，高於 6.6%。企業自有俱樂部部門收入成長 8.5% 主要得益於新俱樂部的開幕以及同一俱樂部銷售空間內俱樂部的收入成長。

Equipment segment revenue increased 49.2%. The increase was primarily driven by higher revenue from equipment sales to existing franchisee owned clubs, including the additional pieces of strength equipment that we delivered in Q4, as well as higher revenue from sales of replacement equipment.

設備部門營收成長49.2%。成長主要得益於向現有特許經營俱樂部銷售設備的收入增加，包括我們在第四季度交付的額外力量設備，以及銷售替換設備的收入增加。

We completed 77 new club placements this quarter compared to 67 last year. For the quarter, replacement equipment accounted for 57.8% of total equipment revenue compared to 43.1%. Our cost of revenue, which primarily relates to the cost of equipment sales to franchisee owned clubs, was $80.5 million compared to $57.5 million.

本季我們完成了 77 個新俱樂部的安置，而去年同期為 67 個。本季度，更換設備佔設備總收入的 57.8%，去年同期為 43.1%。我們的收入成本主要與向特許經營俱樂部銷售設備的成本有關，為 8,050 萬美元，而之前為 5,750 萬美元。

Club operations expenses, which relate to our corporate owned club segment, increased to $74.4 million from $65.6 million due to higher payroll and occupancy costs, primarily due to increased new club openings. SG&A for the quarter was $35.7 million compared to $31.2 million. Adjusted SG&A was $34.4 million which includes a $1.2 million adjustment for CEO transition related expenses compared to $29.5 million which also included a $1.2 million adjustment for CEO transition related expenses.

俱樂部營運費用（與我們公司擁有的俱樂部部門有關）從 6,560 萬美元增至 7,440 萬美元，原因是工資和入住成本增加，這主要是由於新俱樂部開業增加。本季銷售、一般及行政費用為 3,570 萬美元，去年同期為 3,120 萬美元。調整後的銷售、一般及行政費用為 3,440 萬美元，其中包括 120 萬美元的執行長過渡相關費用調整，而先前為 2,950 萬美元，其中還包括 120 萬美元的執行長過渡相關費用調整。

The increase was driven by incremental marketing spend in the quarter and higher CEO payroll expense. National advertising fund expense was $19.4 million compared to $17.6 million. Net income was $47.6 million, adjusted net income was $59.7 million, and adjusted net income per diluted share was $0.70 per share.

成長的原因是本季行銷支出增加以及執行長薪資支出增加。全國廣告基金支出為 1,940 萬美元，去年同期為 1,760 萬美元。淨收入為 4,760 萬美元，調整後淨收入為 5,970 萬美元，調整後每股攤薄淨收入為 0.70 美元。

Adjusted EBITDA was $130.8 million and adjusted EBITDA margin was 38.4% compared to $114.3 million with the adjusted EBITDA margin of 40.1%. Fourth quarter adjusted EBITDA margin decreased compared to the prior year period, primarily because of our marketing investment along with the increase in re-equipped sales that flowed through our equipment segment, which is our lowest margin segment. For the full year, adjusted EBITDA margin increased to 41.3% compared to 40.6% in the prior year period.

調整後的 EBITDA 為 1.308 億美元，調整後的 EBITDA 利潤率為 38.4%，而先前為 1.143 億美元，調整後的 EBITDA 利潤率為 40.1%。第四季調整後的 EBITDA 利潤率與去年同期相比有所下降，主要是因為我們的行銷投資以及流經設備部門的重新裝備銷售的增加，而設備部門是我們利潤率最低的部門。全年調整後 EBITDA 利潤率從去年同期的 40.6% 上升至 41.3%。

By segment, franchise adjusted EBITDA was $74.7 million and adjusted EBITDA margin was 68.6%. Corporate club adjusted EBITDA was $46.4 million and adjusted EBITDA margin was 36.7%. Equipment adjusted EBITDA was $29.9 million and adjusted EBITDA margin was 28.5%. Now turning to the balance sheet, as of December 31, 2024, we had total cash equivalents, and marketable securities of $529.5 million compared to $447.9 million on December 31, 2023, which included $56.5 million and $46.3 million of restricted cash respectively in each period.

按部門劃分，特許經營調整後的 EBITDA 為 7,470 萬美元，調整後的 EBITDA 利潤率為 68.6%。企業俱樂部調整後的 EBITDA 為 4,640 萬美元，調整後的 EBITDA 利潤率為 36.7%。設備調整後的 EBITDA 為 2,990 萬美元，調整後的 EBITDA 利潤率為 28.5%。現在轉到資產負債表，截至 2024 年 12 月 31 日，我們的現金等價物和有價證券總額為 5.295 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 5650 萬美元和 4630 萬美元的現金受限。

Moving on to our 25 outlook which we provided in our press release this morning. As Collin noted, we believe that 200 new club openings per year is achievable, but it will take a few years before we get there. This year, we expect to open between 160 and 170 new clubs, which includes both franchise and corporate locations.

我們繼續討論今天上午的新聞稿中提供的 25 個展望。正如科林所說，我們相信每年開設 200 家新俱樂部是可以實現的，但需要幾年時間才能實現。今年，我們預計將開設 160 至 170 家新俱樂部，其中包括特許經營店和公司店。

We expect between 130 and 140 equipment placements in new franchise clubs, and again, we expect that the quarterly cadence will be weighted like 2024. We expect that re-equipped sales will make up approximately 70% of total equipment segment revenue for the full year. This is largely driven by the expectation that the clubs that did not purchase the additional pieces of strength equipment last year will do so in 25.

我們預計新特許經營俱樂部將安置 130 到 140 台設備，並且我們預計季度節奏將像 2024 年一樣加權。我們預計，改裝銷售額將佔全年設備部門總收入的約 70%。這主要是因為人們預期，去年沒有購買額外肌力訓練器材的俱樂部將在 25 年內購買。

We expect the sales of the replacement equipment to be more evenly spread throughout the year compared to 2024 when the franchisees purchase the incremental strength pieces in Q4. As a reminder, we are maintaining our equipment segment profit dollars for new placements and re-equipped sales with a makeshift to more strength. Therefore, we expect that margin rate will be approximately 28% to 29%.

我們預計，與 2024 年相比，替換設備的銷售將在全年更加均勻，屆時特許經營商將在第四季度購買增量強度零件。提醒一下，我們維持設備部門的利潤，用於新的安置和重新裝備的銷售，以臨時增加實力。因此，我們預計利潤率將約為 28% 至 29%。

We expect the following targets that represent growth over fiscal year '24 results. System-wide same club sales growth to be between 5% and 6%. Revenue to grow approximately 10%. Adjusted to EBITDA to grow approximately 10%. Adjusted net income to increase in the 8% to 9% range, and adjusted net income for diluted share to grow in the 11% to 12% range based on adjusted diluted weighted average shares outstanding of approximately 84.5 million, inclusive of approximately 1 million shares we expect to repurchase in 25 in line with what we've previously communicated.

我們預計以下目標將代表 24 財年業績的成長。全系統同店銷售額成長率介於5%至6%之間。收入成長約10%。調整EBITDA後成長約10%。調整後淨收入將成長 8% 至 9%，調整後稀釋後股份淨收入將成長 11% 至 12%，基於調整後稀釋加權平均流通股數約為 8,450 萬股，其中包括我們預計在 25 年內回購的約 100 萬股，與我們先前傳達的訊息一致。

We also expect 25% net interest expense of approximately $86 million inclusive of the annualized impact of our 2024 refinancing.

我們也預期淨利息支出約為 8,600 萬美元，為 25%，其中包括 2024 年再融資的年化影響。

Lastly, we expect CapEx to be up approximately 25% and D&A to be flat to 24%. While depreciation expense will increase year over year, amortization will be down as certain intangible assets related to our purchase by TSG in 2012 fully amortized at the end of 2024.

最後，我們預計資本支出將上漲約 25%，折舊攤提前利潤將持平至 24%。雖然折舊費用將逐年增加，但攤銷費用將會下降，因為與我們在 2012 年 TSG 購買的某些無形資產有關的資產將在 2024 年底完全攤銷。

Let me address why we expect revenue and adjusted EBITDA to grow at approximately the same rate this year. In 2025, we have expenses related to our Blue Ribbon team, including our recent CDO and CMO hires, and we have a full year of CEO compensation expense.

讓我來解釋一下為什麼我們預計今年的營收和調整後的 EBITDA 將以大致相同的速度成長。2025 年，我們有與藍絲帶團隊相關的費用，包括我們最近聘用的 CDO 和 CMO，我們有全年的 CEO 薪資費用。

We also want to ensure that we have the ability to invest appropriately in our strategic imperatives. With these investments, we believe that we're setting ourselves up to drive long-term sustainable growth and deliver increased shareholder value. I'll now turn the call back to the operator to open it up for Q&A.

我們也希望確保我們有能力對我們的策略要務進行適當的投資。透過這些投資，我們相信我們將能夠推動長期永續成長並提高股東價值。我現在將電話轉回給接線員，以便進行問答。

(Operator Instructions) Simeon Siegel, BMO Capital Markets.

（操作員指示） Simeon Siegel，BMO 資本市場。

Thanks. Hey, good morning, everyone.

謝謝。嘿，大家早安。

Any way to help us think about how much the price hike is embedded into your full year comp and revenue guidance, versus expected member progression over the year? And then maybe Colleen or Jay, just any, what are you seeing in terms of, you mentioned the churn, I think is improving. What are you seeing there post the price hike? Any, I'm just curious if you're seeing any people not wanting to lose the (inaudible) and $10 and any thoughts you have around that?

有什麼方法可以幫助我們思考一下，相對於全年預期的會員成長，價格上漲對你們全年的薪酬和收入指導的影響有多大？然後也許是科琳或傑伊，任何人，就您提到的客戶流失而言，您看到了什麼，我認為正在改善。價格上漲後您看到了什麼？有什麼，我只是好奇，你是否看到有人不想丟失（聽不清楚）和 10 美元，你對此有什麼想法？

Thank you.

謝謝。

Yes, I mean this is Jay. I'll start and Colleen or others may chime in. But as far as the price hike, the classic card increase, we did that in June and we really, we will anniversary that in June of 25. So the way we think about that and what we've talked about is that we expected a low-to-mid single digit conflict on an annual basis once we get through that first 12 months. We won't, we don't guide the membership, but that is embedded in our guidance. And then as we get past this June, right, that tailwind we're getting from a rate standpoint, we'll step down a little bit because then we'll have a fair amount of people that are signed up, at the $15 price point.

是的，我是說這是傑伊。我先開始，然後科琳或其他人可能會加入進來。但就價格上漲、經典卡價格上漲而言，我們在 6 月就這麼做了，而且我們將在 6 月 25 日慶祝這一周年紀念日。因此，我們對此的看法以及我們所談論的是，我們預計，一旦我們度過前 12 個月，每年的衝突次數將處於低到中等個位數。我們不會，我們不會指導會員，但這是包含在我們的指導中的。然後，當我們度過今年 6 月時，從價格角度來看，我們獲得了順風，我們會稍微降低一點價格，因為那時我們將有相當多的人以 15 美元的價格簽約。

And you know this really does impact the new clubs because all those new members are coming in at the classic card price point and the old clubs, right, those people are anniversary. To your question about churn, what we talked about is we continue to see good cancel rates, a little bit of stickiness to your point with people hanging on to that $10 classic card price. And what we talked about at the Q3 call was that those attrition rates really came in line year over year, which is a good sign and something we hadn't really seen, post the spring incident, but those trends have continued, Q3 and in Q4. So we're very pleased with that.

你知道這確實會對新俱樂部產生影響，因為所有新會員都是以經典卡的價格加入的，而老俱樂部的會員都是周年紀念日的。對於您關於客戶流失的問題，我們談到的是，我們繼續看到良好的取消率，人們對 10 美元的經典卡價格有一點堅持。我們在第三季電話會議上談到的是，這些流失率確實逐年下降，這是一個好兆頭，也是我們在春季事件後從未見過的現象，但這些趨勢在第三季和第四季一直持續。所以我們對此感到非常高興。

Great, thanks. And then just recognize the impressive 4Q equipment sales. Any color we should keep in mind for 1Q equipment and then you gave the full year and you gave relative cadence? Just want to make sure there wasn't anything we think we should think about vis a timing.

太好了，謝謝。然後就可以看到令人印象深刻的第四季設備銷售額。我們應該記住 1Q 設備的任何顏色，然後您給出全年數據並給出相對節奏？只是想確保我們認為沒有任何事情需要考慮時間問題。

Thank you.

謝謝。

Yeah, no, we did the plate loaded in Q4, and we had some nice re-equips there as well, so obviously strong quarter for Q4 when we think about cadence for next year, the placements we've outlined consistent. And then the re-equips we said it'll be about 70% of the total equipment revenue. And consistence, I mean more consistent over the course of the year than this year because of that spike, but Q1 is going to be pretty consistent year over year and then I would spread it pretty ratably for the remaining quarters.

是的，不，我們在第四季度裝載了盤子，並且我們也進行了一些不錯的重新裝備，因此當我們考慮明年的節奏時，第四季度顯然表現強勁，我們所概述的位置是一致的。然後我們說重新裝備將佔總設備收入的 70% 左右。至於一致性，我的意思是，由於出現了峰值，所以全年的一致性會比今年更高，但第一季的一致性將與去年同期相比相當一致，然後我會將其在剩餘的季度中按比例分配。

Randal Konik, Jefferies.

蘭德爾‧科尼克 (Randal Konik)，傑富瑞 (Jefferies)。

Yeah, thanks a lot. Good morning, everyone. Colleen, I like the word that you used foundation. You set the foundation for the future. I guess what I want to understand is thinking about unit growth long term and just how you're thinking about, on the international side, you've ended Spain with, I think five units, you said, talked about in the past, good strength in Mexico and other areas. Just maybe give us some vision on when we could see even more kind of, I don't know, more kind of builds, and potentially franchising in international markets as it pertains to Europe.

是的，非常感謝。大家早安。科琳，我喜歡你使用的「基礎」這個詞。你為未來奠定了基礎。我想了解的是長期的單位成長思考，以及您在國際方面的想法，您在西班牙已經擁有五個單位，您說過，過去也談到過，在墨西哥和其他地區實力雄厚。也許您可以給我們一些願景，讓我們知道何時我們可以看到更多類型的建設，以及可能在歐洲的國際市場上獲得特許經營權。

And then back to the United States on the franchisee side, you gave us a good punch list of the changes you made, to make the IRRs improve, to make them more attractive for the franchisees. In the past, the franchisees back in the day, let's say 8, 10 years ago, franchisees used to build ahead of their mandated kind of programs. I'm sure during COVID they did not obviously. Where are we now in that build cycle with the Franchisee based? How hungry are they to kind of get those builds starting to re-accelerate?

然後回到美國特許經營商方面，您給我們提供了一份很好的清單，列出了您所做的改變，以提高 IRR，使其對特許經營商更具吸引力。過去，比如說 8、10 年前，特許經營者常常提前建立其強制性計畫。我確信在 COVID 期間他們顯然沒有這樣做。我們現在處於特許經營商建設週期的哪個階段？他們有多渴望讓這些建設重新開始加速？

You obviously gave us really good guidance for an accelerated unit, development or openings in 2025, but it's from 2024, but it feels like we're, that's just, we're just beginning and we should get to that 200 units fairly quickly, ahead. So just want to get your color on the franchisees and then the international, when we can get to see more progress in your markets and beyond. Thanks.

您顯然為我們提供了非常好的指導，以便在 2025 年加速單位發展或開業，但這是從 2024 年開始的，但感覺我們才剛剛開始，我們應該很快達到 200 個單位的目標。因此，我們只是想讓你們在特許經營商和國際市場上展現自己的特色，這樣我們才能看到你們在市場及其他領域取得更多進展。謝謝。

Sure. Hey, Randal, good morning and thanks for the question. So first international, then kind of US and then accelerated growth is kind of what I heard.

當然。嘿，蘭德爾，早上好，謝謝你的提問。我聽到的是，首先是國際，然後是美國，然後是加速成長。

And I'll start with international. So we were very pleased with the performance in Spain and the way our clubs are ramping there. We are also quite pleased to have five clubs open in Spain by the end of the year last year.

我先從國際開始。因此，我們對西班牙的表現以及我們俱樂部在那裡的發展方式感到非常滿意。我們也非常高興去年年底在西班牙開設了五傢俱樂部。

What we've said is that we're going to take a thoughtful approach to international expansion and go into a market where we can achieve real scale and real density and not flat plants. So again, pleased with the progress in Spain.

我們說過，我們將採取深思熟慮的方式進行國際擴張，進入一個可以實現真正規模和真正密度的市場，而不是平面工廠。因此，我對西班牙的進展再次感到高興。

We'll continue to have Spain openings. We've got a strong pipeline there going into 2025 and at the same time, as you know, we built Spain on balance sheet, which gave us the ability to really have, to have a strong hand in in getting off the ground in a really healthy way there and building a very good team on the ground. At the same time, we will transition Spain to a franchise model, as we get the market established, and then we'll look to recycle that capital and look at other market opportunities for expansion. And we've said, one to two new international markets a year and that's still our anticipation.

我們將繼續在西班牙開設新店。我們在那裡擁有強大的管道，可以規劃到 2025 年，同時，如您所知，我們在西班牙建立了資產負債表，這讓我們能夠真正地、有力地參與到那里以真正健康的方式起步，並在當地建立一支非常優秀的團隊。同時，隨著市場建立，我們將把西班牙轉變為特許經營模式，然後我們將尋求回收這些資本並尋找其他市場擴張機會。我們說過，每年將有一到兩個新的國際市場，這仍然是我們的預期。

As it relates to domestic growth and the IRRs for our franchisees, we've made good progress, as I noted, with the new growth plan and reducing the build costs as well as some of the ongoing capital costs with pushing out the re-equipped timelines and addressing some fees domestically with the new growth plan. And then we had, almost 40% of the top line lever, that was really kind of off the table for more than 25 years. And with the change in classic card pricing, Jay touched on that and how that will impact unit economics. At the same time, we remain committed to continuing to enhance the unit economics for our franchisees and continue to try to drive toward the pre-COVID IRRs.

至於國內成長和我們特許經營商的內部收益率，正如我所指出的，我們在新的成長計劃方面取得了良好的進展，透過推遲重新裝備的時間表和解決國內的一些費用，我們降低了建設成本以及一些持續的資本成本。然後，我們有了幾乎 40% 的頂線槓桿，這在 25 年多的時間裡實際上是不可能實現的。隨著經典卡定價的變化，傑伊談到了這一點以及這將如何影響單位經濟。同時，我們仍然致力於繼續提高我們的特許經營商的單位經濟效益，並繼續努力實現 COVID 之前的內部收益率。

So it's -- we've made good progress. However, we'll never stop, but looking at ways to continue to enhance the model in a way that, benefits our members and benefits our franchisees. And while we're really guiding for 2025 today, and we have said, well, we'll have an Investor Day with some longer range targets later this year. We want to give Chip Ohlsson, the new Chief Development Officer, who's only been on board for a few weeks. We want to give him an opportunity to get his arms around the business, and he's out talking with our franchisees.

所以——我們取得了良好的進展。然而，我們永遠不會停止，而是尋找方法來繼續改進該模式，使我們的會員和我們的特許經營商受益。雖然我們今天實際上是在為 2025 年制定指導方針，但我們已經說過，我們將在今年晚些時候舉辦投資者日，並製定一些更長遠的目標。我們想任命 Chip Ohlsson 擔任新任首席開發官，他上任才幾週。我們想給他一個機會來掌握這項業務，他正在與我們的特許經營商進行洽談。

And we'll give some longer-range guidance, but, we like you, endeavor to get back to that starting with the two new club growth every year. We think it'll just take a couple of few years. So we say not five years but not this year. So somewhere in the middle.

我們會提供一些長期指導，但是，我們和你一樣，努力從每年兩個新俱樂部的成長開始恢復到原來的狀態。我們認為這只需要幾年時間。所以我們說不是五年，但不是今年。所以處於中間某處。

Very helpful. Thank you.

非常有幫助。謝謝。

Absolutely, thank you.

當然，謝謝。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

Hi, good morning. I guess, and I apologize if I missed this, but I wanted to kind of double click on the increase in the mix of black card this quarter. Are you seeing just with the compression between price with the basic membership and the black card more trade up and is that something we should expect to continue into 2025? And then, did you comment on the black card pricing test and kind of what you're thinking along those lines?

嗨，早安。我想，如果我錯過了這一點，我很抱歉，但我想雙擊本季黑卡組合的增加。您是否看到基本會員和黑卡之間的價格差距進一步拉大，這種現像是否應該持續到 2025 年？然後，您對黑卡定價測試有何評論？您對此有何看法？

Yeah. So this is Jay and I can start on this. In terms of the black card test, we did not comment that is in flight. We expect for that test to continue through at least Q1, and we don't typically, speak to a test while it's going on. And to your point on the black card penetration, yes, we are seeing a nice lift in that. We're at roughly 64% at the end of the year, which is a 2-point lift at the end of the third quarter, I believe we're about a 1-point lift. So we're seeing some nice acceleration there. And you're right, because there's such a value and there's only $10 spread between the classic card price and black card price. We think more members are joining into that black card, which is a nice trend.

是的。我是傑伊，我可以開始這個了。對於黑卡測試，我們不做任何評論。我們預計該測試將至少持續到第一季度，並且我們通常不會在測試進行時談論它。關於您提到的黑卡滲透率，是的，我們看到了顯著的提升。截至年底，我們的成長率約為 64%，比第三季末成長了 2 個百分點，我相信成長率約為 1 個百分點。因此，我們看到了一些良好的加速。你說得對，因為它確實很有價值，而且經典卡和黑卡價格之間只相差 10 美元。我們認為越來越多的會員正在加入黑卡，這是一個很好的趨勢。

And I guess just following up to you changed your marketing and messaging pretty significantly, at the beginning of this year. And how do you feel the response has been from consumers to kind of the more what I'll call inclusive marketing message?

我想，今年年初，僅僅跟進您的訊息就極大地改變了您的行銷和訊息傳遞方式。您覺得消費者對我所說的更具包容性的行銷訊息有何反應？

So we just launched the marketing really at the very tail end of December, and as that marketing is in flight, and we'll talk about that in our Q1 earnings call in a couple of few more months. What we will say is, even on social sentiment, we're seeing very favorable response, a lot of online postings, a lot of social sentiment about the shift to a more balanced complement of strength equipment and we know one of the things that makes our brand so unique and special and a highly differentiated brand is the sense of community. And we believe we're conveying that in the marketing messaging around growing stronger together.

因此，我們實際上是在 12 月底啟動了行銷活動，隨著行銷活動的進行，我們將在幾個月後的第一季財報電話會議上討論此事。我們要說的是，即使在社會情緒方面，我們也看到了非常積極的反應，很多在線帖子，很多關於轉向更均衡的力量設備補充的社會情緒，我們知道讓我們的品牌如此獨特和特別以及高度差異化的品牌的原因之一是社區意識。我們相信，我們在行銷訊息中傳達了共同成長的理念。

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

Thanks. Hey, guys. Good morning. I want to circle back on the new openings for 2025. If I use placements as a proxy for new franchisee openings, I guess your guidance implies, and you call it 130 to 140 new franchisee clubs this year. That's flagged up modestly year by year, and it's actually down a little bit from 2023. The new growth model offering franchisees enough incentive to open new clubs or is it taking them longer to respond to it?

謝謝。嘿，大家好。早安.我想回顧一下 2025 年的新開幕。如果我使用安置作為新特許經營店開業的代理，我猜你的指導意味著，你稱今年有 130 到 140 個新的特許經營俱樂部。這一數字逐年小幅上升，但實際上比 2023 年略有下降。新的成長模式是否為加盟商提供了足夠的激勵來開設新的俱樂部，還是他們需要更長的時間來做出反應？

Well, this is Jay and I'll start with that. I think, I mean, we've done -- Colleen mentioned that the work the team has done on new growth model, I think that the franchisees are appreciative. I think they're engaged and on board, that is, it's not something that turns on a dime as far as planning and development, but I think we've got a good relationship there and they understand the levers we pulled with the new growth models as well as with the price increase.

好吧，我是傑伊，我就從這個開始。我認為，我的意思是，我們已經完成了——科琳提到團隊在新增長模式上所做的工作，我認為特許經營商對此表示讚賞。我認為他們已經參與其中並同意了，也就是說，就規劃和發展而言，這不是一件可以一下子改變的事情，但我認為我們在那裡建立了良好的關係，他們了解我們在新增長模式以及價格上漲方面所採取的措施。

Like Colleen said, they always, and we will always want to strive for more. So that'll continue and it's an evolution. I think, to your question, I think part of the delta in that mix, right? I mean, we continue to build corporate clubs, but we also in that number, from a corporate standpoint includes Spain, which continues to build out this year, which we're doing. On our balance sheet and considering that, it's not a placement. So it's part of the corporate build. So that's part of the delta between those two numbers.

就像科琳所說，他們總是，而且我們也總是想要爭取更多。所以這種情況將會持續下去，而且是一種進化。對於您的問題，我認為其中的一部分是增量，對嗎？我的意思是，我們繼續建立企業俱樂部，但從企業的角度來看，我們也包括西班牙，西班牙今年將繼續建設，這也是我們正在做的事情。在我們的資產負債表上，考慮到這一點，這不是一個配置。所以這是企業建設的一部分。這就是這兩個數字之間的差異的一部分。

Got it. And just to follow up on that, is there a number you can give us in terms of the percentage of franchisees that are currently not on track with their build obligations and what recourse you might have to get them back on track?

知道了。為了跟進這個問題，您能否告訴我們目前未按計劃履行建設義務的加盟商所佔的百分比，以及您可以採取什麼措施讓他們重回正軌？

Yeah, the vast majority are on track. It's been consistent. So that has not changed. We just continue to work with franchisees and now with Chip here, I mean, he's building those relationships with them as well.

是的，絕大多數都已步入正​​軌。一直保持一致。所以這並沒有改變。我們只是繼續與特許經營商合作，現在有了 Chip，我的意思是，他也在與他們建立這種關係。

Yeah. And I'll just chime in on that to you. It is certainly the build cost. Unit economics are a key factor in the growth. It's also a real estate team partnering with our franchisees to find help them find available space. We see some tailwinds there with retail vacancies increasing.

是的。我只是想跟你談談這一點。這當然是建造成本。單位經濟效益是成長的關鍵因素。這也是一個與我們的特許經營商合作的房地產團隊，幫助他們找到可用的空間。我們看到了一些順風，零售空置率正在增加。

The space still remains fairly tight. With about 4% or CoStar just reported about 4% vacancy. So we're partnering. Our real estate team is partnering with our franchisees to help them find great sites for which to develop their new clubs.

空間仍然相當狹窄。空置率約為 4%，或 CoStar 剛剛報告空置率約為 4%。因此我們正在合作。我們的房地產團隊正在與我們的特許經營商合作，幫助他們找到開發新俱樂部的絕佳地點。

Rahul Krotthapalli, JPMorgan.

摩根大通的 Rahul Krotthapalli。

Good morning, guys. Great to see the C-suite and fully ramped up and kicking the tires here. Colleen, I wanted to ask like how has the brand refresh campaign this new year hit the targeted demographics or like how did it perform related to your expectations? Where do you think the opportunity is going for? Based on learnings on mainstream versus social media or even effectiveness of spend across national and local campaigns or have you had a chance to discuss this with Brian on revisiting or is it too early? And yeah, I have a follow up.

大家早安。很高興看到高層全力投入工作並全力以赴。科琳，我想問一下，今年的品牌更新活動對目標族群的影響如何，或者它的表現與你的預期相比如何？您認為機會在哪裡？根據對主流媒體與社交媒體的了解，甚至根據全國和地方活動的支出有效性，或者您是否有機會與 Brian 重新討論這個問題，或者現在還為時過早？是的，我有一個後續行動。

Sure. Hello, good morning. Thanks for the question. I would love to talk to you about how that campaign is performing. However, it's a Q1 campaign, and we're just about the mid-point of Q1. So we'll talk more about how it's performing when we have our Q1 earnings call in a few months. And as far as Brian's engagement, Brian was engaged a bit even before he started and he's got his sleeves rolled up and he's very much engaged in the campaign, and as it's rolling out today as well as our brand strategy works. So he's been on Board for I think about three weeks now, and his sleeves rolled up. And we look forward to talking more about that at the end of the quarter.

當然。你好早安。謝謝你的提問。我很想和你談談這次活動的進度。然而，這是第一季的活動，我們正處於第一季的中期。因此，我們將在幾個月後的第一季財報電話會議上進一步討論它的表現。就布萊恩的參與度而言，布萊恩在開始工作之前就已經參與其中，他已經捲起袖子，非常投入於這項活動，正如今天所推出的，我們的品牌策略也發揮了作用。我認為他已經加入董事會大約三個星期了，並且已經開始大幹一場了。我們期待在本季末就此進行更多討論。

Great. And on the churn levels, like how are you guys thinking about it as the click to cancel comes into play through reminder of the year, given like two-third of the club base is still not on it? And what do you think is the best or rather optimal approach to roll out based on the recent developments?

偉大的。關於客戶流失率，考慮到俱樂部三分之二的會員仍未加入會員計劃，當透過年度提醒點擊取消時，你們是如何看待這個問題的？根據最近的發展，您認為最好的或最優的推廣方法是什麼？

I'll start. Maybe, we've talked about this a little bit before as well, where we've had click to cancel in place. So in about 11, I think 11 states right now, as well as 100% of our corporate clubs, even where it's not municipally required. What we see is a very short, a fairly short-term impact. So maybe 8 to 12 weeks of a little bit of an elevated churn rate, and then a moderation in churn after that.

我先開始。也許，我們之前也討論過這個問題，我們可以透過點擊來取消。因此，我認為目前大約有 11 個州，以及 110% 的企業俱樂部，甚至在市政部門沒有要求的地方。我們看到的只是非常短暫、相當短期的影響。因此，可能在 8 到 12 週的時間裡，客戶流失率會略有上升，之後流失率會下降。

So I think, the important thing to think about is the value proposition that we're offering our members and the fact that we really are in the golden age of fitness and wellness and well-being. And with, as we talked about, Jay touched on Gen Zs as our fastest growing proportion of our membership, very fitness minded generation. So we believe the value proposition is what's going to be compelling for members to join and to stay, and with click to cancel a rollout again with 11 exception. And I don't want to overplay it. With one exception with the state of Tennessee in almost all other geographies, we see a very short-term increase in churn and then a moderation back to a normal term rate.

所以我認為，需要考慮的重要事情是我們為會員提供的價值主張，以及我們確實處於健身、健康和福祉的黃金時代。正如我們所談到的，傑伊提到 Z 世代是我們會員中成長最快的群體，他們非常注重健身。因此，我們相信價值主張將會吸引會員加入並留下來，除了 11 個例外情況外，點擊即可再次取消推出。我不想誇大其詞。除田納西州外，在幾乎所有其他地區，我們都看到客戶流失率在非常短的時間內上升，然後回落至正常水平。

Oh, I'll also maybe touch on the fact that our rejoin rate, I think we've talked about that too. Our rejoin rate is, has been pretty high. We were in the high 30s -- 38%, 37% the last couple of quarters. So that also speaks to even in the event that a member leaves Planet Fitness, we still remain top of mind and have a very high rejoin rate as well.

哦，我可能還會談到我們的重新加入率，我想我們也討論過這個問題。我們的重新加入率一直很高。過去幾個季度，我們的比率達到了 30% 以上——38%、37%。所以這也說明，即使有會員離開 Planet Fitness，我們仍然是首選，重新加入率也很高。

John Heinbockel, Guggenheim Partners.

古根漢合夥公司的約翰·海因博克爾。

Hey Colleen. I want to ask you talked about, at least for this year, right, reinvestment in strategic imperatives. What do you think of the one or two things that are high priorities for you on that list? And I also wonder, when you think about marketing cadence, it's always going to be one [cu-driven]. But do you think about doing something different beyond the first quarter? Do you think about how you like to do high school past differently? Cause I just wonder if particularly with Gen Z, if joints can be stronger in Q2 and Q4, maybe than they've been historically.

嘿，科琳。我想請您談談，至少是今年對戰略要務的再投資。您認為清單上對您來說最優先考慮的一兩件事是什麼？我還想知道，當你考慮行銷節奏時，它總是一個[銅驅動]。但是您是否考慮過在第一季之後做一些不同的事情？您是否想過以不同的方式度過高中時光？因為我只是想知道，特別是對於 Z 世代來說，關節在第二季和第四季是否會比歷史上更強大。

Yes, we'll talk about the -- I'll touch on the strategic imperatives and the priorities. I think, gosh, there's four of them. So there, I'd say, and this is not a cop out, they're all important. That said, when you think about how we've added, some very key resources to support the strategic imperatives, bringing on a Chief Marketing Officer, is very much focused on top line, right? That's the -- that's marketing and branding, and also making sure that we have kind of a branded member experience, and that we continue to refine that.

是的，我們將討論──我將談及策略要務和優先事項。我想，天哪，有四個人。所以我想說，這不是逃避，它們都很重要。話雖如此，當您考慮我們如何增加一些非常關鍵的資源來支持戰略要務時，請聘請首席行銷官，非常注重營收，對嗎？這就是——這就是行銷和品牌推廣，同時也確保我們擁有某種品牌會員體驗，並且我們會繼續完善這一點。

So, certainly leaning into top line with our brand positioning and having that inform our marketing is a very high priority. And then with the establishment and bringing in a Chief Development Officer, we're highly focused on unit growth and all of the things that we've touched on, that go into unit growth like the unit economics helping with site selection, reducing those costs, all of that. So I'd call those out as two big priorities.

因此，我們優先考慮的是品牌定位，並將其作為行銷的指導。然後，隨著首席發展長的設立和任命，我們高度關注單位成長以及我們所觸及的所有與單位成長相關的事情，例如單位經濟學幫助選址、降低成本等等。因此，我認為這兩個是首要任務。

And then as it relates to the marketing, I think I've said this a couple of times. I joined in mid-June and when I came aboard in mid-June, it felt like first quarter was tomorrow, and I wished I'd had a little bit more time on the brand strategy and marketing work. It was a bit of a sprint and wished we'd had the opportunity to have our CMO in place to help inform it. So the beautiful thing is that Brian joined very early in the year and he will have an opportunity to put his imprint on the brand strategy and the marketing going forward.

至於行銷，我想我已經說過幾次了。我是六月中旬加入的，當我六月中旬加入的時候，感覺第一季就像明天一樣，我希望我能有更多的時間在品牌策略和行銷工作上。這有點像衝刺，希望我們有機會讓 CMO 到位來幫助通知它。非常高興 Brian 在今年年初就加入了我們，他將有機會在未來的品牌策略和行銷中留下自己的印記。

And maybe as a follow up, your current thoughts on perks right and the development of that and particularly black card perks, which is I think it's been a smaller, much smaller number than the number of offers and white card.

也許作為後續問題，您目前對福利及其發展的看法是正確的，特別是黑卡福利，我認為它的數量比優惠和白卡的數量要少得多。

So I've talked a little bit about perks before and I'll just share that for the year number 2024. We had over $10 million in redemptions by our members through our perks program. So we see that as a way to continue to add value for our members and enhance our relationship with our members even when they're not inside the club, and also continue to increase the engagement with our app, as we're the most downloaded fitness app on the app store with more than 80% utilization.

我之前已經談過一些福利，現在只想分享一下 2024 年的福利。我們的會員透過我們的福利計劃兌換了超過 1000 萬美元。因此，我們認為這是一種繼續為我們的會員增加價值並增強我們與會員關係的方式，即使他們不在俱樂部內，同時也繼續增加我們應用程式的參與度，因為我們是應用程式商店中下載次數最多的健身應用程序，使用率超過 80％。

And the more we can embed programs like perks in the app, we increase the engagement with our members. So that remains the focus and Brian coming from a consumer business, Marriott, the Bond Void program, he's got deep experience in building loyalty and marketing partnerships.

我們在應用程式中嵌入的福利等程式越多，我們與會員的互動就越活躍。因此，這仍然是重點，布萊恩來自消費者業務、萬豪、Bond Void 計劃，他在建立忠誠度和行銷合作夥伴關係方面擁有豐富的經驗。

Yeah, and John, this is Jay. Just to go back on the membership and the joints, it's a great comment. And like Colleen said, give Brian a beat to get in and potentially impact those other quarters as well. But we also, the other thing we talked about besides joints is attrition, right? Net member growth and making sure we're focused on attrition and having a good experience around all of that. So we hold on to those members.

是的，約翰，這是傑伊。只是回顧一下會員資格和關節，這是一個很好的評論。正如科琳所說，給布萊恩一點時間，讓他加入進來，並有可能對其他方面產生影響。但是，除了關節之外，我們還討論的另一件事是損耗，對嗎？淨會員成長並確保我們專注於流失並在所有方面擁有良好的體驗。因此我們保留了這些成員。

Maksim Rakhlenko, TD Cowen.

馬克西姆·拉赫倫科 (Maksim Rakhlenko)，TD Cowen。

Great, thanks a lot. So Colleen, as you continue to spend more time with franchisees, what part of your plan do you have more conviction in versus parts that may take longer to implement? And what's the most surprising to you from the conversations with operators and sponsors and just how does it inform your view of the pace of the turnaround?

太好了，非常感謝。那麼科琳，當您繼續花更多時間與特許經營商在一起時，相對於可能需要更長時間才能實施的部分，您對計劃的哪些部分更有信心？在與電信商和贊助商的對話中，最讓您感到驚訝的是什麼？這對您對扭轉速度的看法有何影響？

So as it relates to confidence in the plan, I think we've got the strategic imperatives in place to achieve our plan and our longer term growth ambition, and we've resourced those strategic imperatives to support our focus on accelerated growth as it relates to our operator and franchisee conversations.

因此，就對計劃的信心而言，我認為我們已經制定了實現計劃和長期增長目標的戰略要務，並且我們已經利用這些戰略要務來支持我們對加速增長的關注，因為這與我們的運營商和特許經營商對話有關。

Coming into the business last year, one of the things that really stood out is how much pride there is in the Planet Fitness brand. And one of the other things is we've got a pretty narrow band of quality, unlike a lot of brands. So our franchisees are committed to investing in their clubs. They're committed to delivering our unique and differentiated member experience.

自從去年進入該行業以來，真正引人注目的事情之一就是人們對 Planet Fitness 品牌的自豪感。另一件事是，與許多品牌不同，我們的品質範圍相當狹窄。因此我們的特許經營商致力於投資他們的俱樂部。他們致力於提供我們獨特且差異化的會員體驗。

At the same time, we, at the same time we want to continue to deliver even greater value for our franchisees, which is why the focus on continuing to drive top line growth and continuing to look at build cost and unit economics.

同時，我們希望繼續為我們的特許經營商提供更大的價值，這就是為什麼我們專注於繼續推動營收成長並繼續關注建設成本和單位經濟效益。

I think our franchisees are also quite excited when you think about nearly 65% of the estate opting in to put the plate loaded equipment in their clubs in the fourth quarter of last year, an unbudgeted expense that also speaks to their confidence in our strategy, and our brand promise of growing stronger together. And that's an incredibly high opt-in rate when we rolled out the program at the start of Q4 and had again 65% participation before the end of the year. So great partnership with our franchisees.

我認為，當您想到去年第四季近 65% 的加盟商選擇在他們的俱樂部中安裝碟式設備時，我們的加盟商也會非常興奮，這是一筆未列入預算的開支，也表明他們對我們的策略以及我們共同成長的品牌承諾充滿信心。當我們在第四季度初推出該計劃時，選擇加入率非常高，並且在年底之前再次獲得了 65% 的參與率。與我們的特許經營商的合作非常愉快。

That's helpful. And then Jay, anything that you can share on how to think about comps, just the cadence, potentially throughout the year, maybe reverse membership? And then how does click to cancel play into it because the compares are sort of volatile throughout the year and there's just many moving pieces.

這很有幫助。然後 Jay，您可以分享如何看待補償，只是節奏，可能全年，也許是反向會員資格？那麼點擊取消會如何影響它呢？因為全年的比較都很不穩定，而且有很多變動因素。

Yeah, Maks, for sure. So as we've talked about right now from a comp standpoint, we're seeing that comp is being driven 70% roughly by rate and 30% by membership. As we think about this next year, we do think that we'll continue to be largely rated driven, certainly through the end of June until the anniversary, the classic card price increase. And then even beyond that, the way we've modeled it is comp that's driven by both rate and transaction or membership trends.

是的，馬克斯，確實如此。因此，正如我們現在從補償角度所討論的，我們發現補償大約 70% 是由費率驅動的，30% 是由會員人數驅動的。當我們考慮明年時，我們確實認為我們將繼續主要受到評級驅動，當然直到六月底直到週年紀念日，經典卡價格都會上漲。除此之外，我們建模的方式是，它由費率和交易或會員趨勢共同驅動。

And then I think, beyond that in terms of click to cancel, I mean we haven't built in or really made a decision yet on how we're going to approach that. We've got the 35% today or 100% corporate clubs, and as Colleen stated on click to cancel, right, we do see an initial spike in cancellations, but then we see that level out and return to normal trends.

然後我認為，除了點擊取消之外，我們還沒有內建或真正做出決定如何處理這個問題。我們今天擁有 35% 或 100% 的企業俱樂部，正如科琳在點擊取消時所說的那樣，對，我們確實看到取消數量最初激增，但隨後我們看到取消數量趨於平穩並恢復正常趨勢。

Yeah, maybe not even quite a spike. It's an initial elevation, right?

是的，也許甚至沒有達到高峰。這是初始高度，對嗎？

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Yeah, good morning. Thank you. Maybe just one last follow up on the comp. So are you seeing any changes in behavior? I know Q4 you highlighted was slightly better on ending member levels, but at the midpoint for 25 here, you're not assuming any change in the comps compared to the Q4 run rate, even though pricing could step up a little further. So just wondering if you're seeing any changes in behavior?

是的，早安。謝謝。也許只是最後一次跟進。那麼，你看到行為有任何改變嗎？我知道您強調的第四季度在期末會員水平上略有好轉，但在 25 的中間點，您並沒有假設與第四季度的運行率相比，可比銷售額會有任何變化，儘管價格可能會進一步上漲。所以只是想知道您是否看到行為有任何變化？

No, we're not. We're seeing good consistent trends.

不，我們不是。我們看到了良好的一致趨勢。

I think you spoke about that with the balance of rate versus membership right and as we see the $15 well, it's not a -- we will continue to see rate favorability over the life cycle of membership which is longer than 12 months.

我認為您談到了費率與會員費之間的平衡，正如我們所看到的，15 美元並不是——我們將繼續看到會員生命週期內（超過 12 個月）的費率優惠。

Okay, great. And then one follow up, if I could ask. Just try to get a better sense of the underlying, earnings model if you will or the leverage potential. Any way to quantify some of the step-up investments you're making in personnel and other initiatives or maybe differently more? What type of earnings growth you would view as possible for roughly a 10% top line growth rate? Any more perspective there in a more normalized here?

好的，太好了。如果可以的話，還有一個後續問題。如果您願意的話，請嘗試更好地了解底層獲利模式或槓桿潛力。有沒有辦法量化您在人員和其他計劃方面或其他方面所做的一些加大投資？對於大約 10% 的營收成長率，您認為什麼類型的獲利成長是可能的？這裡還有其他更規範的觀點嗎？

Yeah, sure. And we're not guiding beyond 25 at this point. We will come out like Colleen said later in the year and have more of a long term.

是的，當然。目前我們不會指導超過 25 的人。正如科琳在今年稍後所說的那樣，我們將推出更多長期產品。

Algorithm and discussion around that, I mean, ultimately, right, we want to -- typically we would want to plan our SG&A below the sales, the top line growth. So to your point, we would get leverage exactly that, right. We would have some growth and we'd have even margin expansion.

圍繞這一點的演算法和討論，我的意思是，最終，對的，我們想要——通常我們希望將我們的銷售、一般和行政費用規劃在銷售額、營業額增長以下。所以正如您所說，我們確實可以獲得槓桿，對吧。我們會有一些成長，甚至利潤率也會擴大。

This year is a bit of a unique year as we've talked about, we are investing in the Blue Ribbon team including. Adding the CDO and the CMO, and we also -- we've touched on this, right. Colleen is lapping against the interim CEO who did not have CEO compensation. So that's a chunk of that. And then the other component is continuing to have $1 so that we can invest in the strategic imperatives, as well. So to your point, this year is a bit of an anomaly, making sure we're building that foundation. And then we would expect to get leverage in the out years.

正如我們所說，今年是比較特別的一年，我們正在投資藍絲帶團隊。加上 CDO 和 CMO，我們也 - 我們已經談到了這一點，對吧。科琳 (Colleen) 正在與沒有 CEO 薪酬的臨時 CEO 競爭。這就是其中的一部分。然後另一個部分是繼續擁有 1 美元，以便我們也可以投資於戰略要務。所以正如你所說，今年有點異常，確保我們正在建立這個基礎。然後我們期望在未來幾年獲得槓桿作用。

Megan Clapp, Morgan Stanley.

摩根士丹利的梅根·克拉普。

Hi, good morning. Thanks for squeezing me in, Colleen. I wanted to just circle back and follow up on some of the comments you've made about development just in the prepared remarks and the earlier questions.

嗨，早安。謝謝你抽空給我，科琳。我想回過頭來跟進一下您在準備好的發言和之前的問題中對發展所提出的一些評論。

Up until today, I think the message on getting back to 200 units in terms of the gating factors has been a bit more external in nature things like interest rates, real estate availability, which you've continued to talk about. I guess your comments in the prepared remarks about aiming to achieve consistent increases would seem to me maybe the message is shifting a bit in terms of just saying, hey, we don't want to grow too quickly. I think you mentioned establishing a reliable pattern of expansion.

直到今天，我認為就門控因素而言，恢復到 200 個單位的資訊在本質上更多的是外部因素，例如利率、房地產可用性，這些您一直在談論。我想，您在準備好的評論中關於力求實現持續增長的評論在我看來可能信息有點轉變，只是說，嘿，我們不想增長太快。我認為您提到建立可靠的擴展模式。

So understand Chip hasn't gotten in his seat and we'll hopefully hear from him later this year, but just to put a finer point on it, is the strategy in terms of unit development and the piece of that changing at all or you're just saying there's a lot of moving pieces? And we want to make sure Chip can look at everything and then we'll come back to you later this year.

所以請理解 Chip 還沒有就位，我們希望今年晚些時候能聽到他的消息，但只是為了更詳細地說明這一點，單位發展方面的戰略和其中的部分是否有所改變，或者你只是說有很多活動的部分？我們希望確保 Chip 能夠查看所有內容，然後我們將在今年稍後再回覆您。

I think it's a little bit of both, Megan. I think, certainly we've had questions recently about when will we get back to 200. Or start printing something that starts with the two. So I think in endeavoring to kind of answer that question, even though we're not guiding longer term than 2025, wanted to kind of see that it's not five years, but it's not this year, and that we're looking to ramp our cadence of growth and building the foundation with the right team, the right resources, and then also looking at the build cost.

我認為兩者都有一點，梅根。我想，我們最近肯定會有人問我們什麼時候才能回到 200。或開始列印以 2 開頭的內容。因此，我認為在努力回答這個問題時，儘管我們沒有指導比 2025 年更長的時間，但我們希望看到它不是五年，也不是今年，並且我們希望加快增長節奏，並通過合適的團隊、合適的資源構建基礎，然後還要考慮建設成本。

And we -- not why I say team and resources, it's not solely a CDO, it's also CDO and team, and the resources that we put in our real estate team to build relationships with brokers and developers to help our franchisees identify great locations to fulfill their development opportunities.

而且我們——我不是說團隊和資源，它不僅僅是一個 CDO，它也是 CDO 和團隊，以及我們投入房地產團隊的資源，與經紀人和開發商建立關係，幫助我們的特許經營商找到絕佳的地點來實現他們的發展機會。

Okay, great. That's helpful. And then maybe just a quick follow up for Jay on CapEx, looking at your guide for 25, you've had kind of two years of sizable increases in CapEx and as the percent of sales, well above where we were kind of first pre-COVID. So understand a lot of that's driven by the accelerating international expansion, but I guess beyond 25, how should we be thinking about future increases in CapEx? Should that rate start to moderate as you become more established in these international markets and can shift a little bit more to a franchise model?

好的，太好了。這很有幫助。然後也許只是對 Jay 關於資本支出的快速跟進，看看你的 25 年指南，你已經經歷了兩年的資本支出大幅增長，並且佔銷售額的百分比遠高於我們在 COVID 之前的水平。因此，我們可以理解，這在很大程度上是由加速國際擴張所驅動的，但我想，超過 25 年後，我們應該如何考慮未來資本支出的成長？隨著您在這些國際市場上變得更加穩固，並且可以更多地轉向特許經營模式，這個比率是否應該開始放緩？

Yeah, I think that's a fair lens to put on it. I mean, we're not guiding beyond 25, and we're going to continue to leverage our financial strength and our balance sheet to recycle capital.

是的，我認為這是公平的看法。我的意思是，我們不會指導超過 25 年，我們將繼續利用我們的財務實力和資產負債表來回收資本。

So the intent is to refranchise Spain this year, and then there could be another opportunity in Europe to do the same thing. So we're not forecasting out what that CapEx could be in the future.

因此，我們的目標是今年重新授權西班牙，然後歐洲可能會有另一個機會做同樣的事情。因此，我們無法預測未來的資本支出是多少。

Well, at the same time remaining committed to [ish- 90, 10] franchise, compliment.

好吧，同時仍然致力於 [ish- 90, 10] 特許經營，讚美。

Korinne Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁耶，派珀·桑德勒。

Hey, good morning. Thanks for taking the question. I do want to touch a little bit more on the marketing spend and some of your marketing plans for the year. I mean, you have some new initiatives in place. How should you be thinking about the cadence and spend throughout the next four quarters, and how that spend this year should be comparing to prior years in terms of marketing and brand awareness? Thank you.

嘿，早安。感謝您回答這個問題。我確實想更多地談談行銷支出以及今年的一些行銷計劃。我的意思是，你們已經採取了一些新措施。您應該如何考慮未來四個季度的節奏和支出，以及今年的行銷和品牌知名度的支出與前幾年相比如何？謝謝。

Yeah, I mean, I'll touch on that, as the NAF and ad funds are a percentage of revenue, therefore, as revenue grows, so too. So too does the funding in both NAF and ad, both the local and the national ad funds.

是的，我的意思是，我會談到這一點，因為 NAF 和廣告基金佔收入的一定比例，因此，隨著收入的增長，收入也會增長。NAF 和廣告的資金（包括地方廣告基金和國家廣告基金）也是如此。

So you'll see increased spend on an annualized basis. We're always going to come out of the gate strong with a fair proportion of the marketing spend in in Q1. That will be both at the national level and the local level. And as we -- for competitive reasons, we don't really disclose where we're going to be spending more or where we're going to be on promo, but know that we'll have coverage throughout the year and that there'll be promo periods in other quarters as well.

因此，您會看到年度支出增加。我們始終會在第一季投入相當一部分行銷支出，從而取得良好的開局。這將在國家和地方兩個層級展開。出於競爭原因，我們實際上並沒有透露我們將在哪些方面增加支出或在哪裡進行促銷，但我們知道我們將全年進行報道，並且在其他季度也會有促銷期。

Great, thank you. And then just as a follow up, as we think about the equipment upgrades that a lot of the franchisees are making, but also some of their unit build plans, is there any chance that maybe they're being faced with having to prioritize equipment over new unit growth? And is that a choice that they've been having to make or is that not a consideration that they're having right now? Thanks.

太好了，謝謝。然後作為後續問題，當我們考慮許多特許經營商正在進行的設備升級以及他們的一些單位建設計劃時，他們是否有可能面臨優先考慮設備而不是新單位增長的問題？這是他們必須做出的選擇嗎？還是這不是他們現在正在考慮的問題？謝謝。

I mean, what I can say to that is that the vast majority of our franchisees are on pace with their development opportunities and at the same time, as I mentioned, we've got a narrow band of quality in a good way, right? Our franchisees are investing in their clubs, meeting their re-equipped timelines, made the discretionary decision to add additional strength equipment at the tail end of last year. And we expect that, that additional -- those additional few pieces of strength equipment will be in virtually all of our clubs by the end of this year. So we're seeing it in balance and not a trading development for re-equipped or vice versa.

我的意思是，我可以說，我們的絕大多數加盟商都與他們的發展機會同步，同時，正如我所提到的，我們的品質水準在一個良好的範圍內，對嗎？我們的特許經營商正在投資他們的俱樂部，滿足他們重新裝備的時間表，並在去年年底自行決定增加額外的力量設備。我們預計，到今年年底，我們幾乎所有的俱樂部都將配備這些額外的肌力訓練器材。因此，我們看到的是平衡的，而不是用交易發展來換取重新裝備，反之亦然。

Alex Perry, Bank of America.

美國銀行的亞歷克斯·佩里。

Hi. Thanks for taking my questions here. I guess just to for me, first, are you seeing any differences in black card penetration by age demographic? I think you had spoke in the past about some differences in terms of age cohorts to the black card penetration. Are you starting to see better uptick in in the younger demographics? And then my second question is, it seems like the customer reception has been strong to the new strength equipment.

你好。感謝您在這裡回答我的問題。我想首先，您是否看到黑卡滲透率在各個年齡層中存在差異？我認為您過去曾談到不同年齡層對黑卡滲透率的差異。您是否開始看到年輕人口有更好的成長？我的第二個問題是，客戶對新強力設備的接受度似乎很高。

Are you planning any more changes to optimize the box format? Is there other equipment or black card perks that you think members desire and sort of what informs your decision to repurpose the box and with the addition of the strength equipment, is that something you're getting from customer surveys or what is informed some of that work? Thanks.

您是否計劃進行更多更改來優化盒子格式？您是否認為會員需要其他設備或黑卡福利，是什麼促使您決定重新利用這個盒子並增加力量設備，這是您從客戶調查中得到的信息還是您開展這項工作的一些依據？謝謝。

Yeah. So, well, I can start my black card penetration by demographic and we do see differences by age group. I mean, Gen Z is typically lower than some of the other generations, but it's been consistent year over year. So no major change other than we've had a little bit of creep up obviously to the 64%, but that has not necessarily been driven by the Gen Z.

是的。那麼，我可以按人口統計數據開始我的黑卡滲透率，我們確實看到了不同年齡組的差異。我的意思是，Z 世代通常比其他世代低，但逐年保持穩定。因此，除了明顯略微上升至 64% 之外，沒有其他重大變化，但這不一定是由 Z 世代推動的。

Yeah. And I'll touch on -- I'll also say we as they age, as Gen Z ages, we see increases in black card penetration as well. And then to answer your question on the decision around the model and the strength equipment and how we arrived at that those decisions, it is really a balance of both.

是的。我還要說的是——隨著 Z 世代年齡的增長，我們也看到黑卡普及率的增加。然後回答你關於模型和強度設備的決策以及我們如何做出這些決策的問題，這實際上是兩者的平衡。

Consumer survey data that helped inform a stronger preference for strength and how we've observed our members utilizing our clubs, and they -- both data inputs or both pieces of input inform the decision. And as we've tested and tried new formats and survey our members and capture member feedback, we've had very favorable feedback about the increased complement of -- it is important to recognize that the additional pieces of strength equipment and the format optimization is in balance with the cardio.

消費者調查數據有助於了解對力量的更強烈偏好，以及我們如何觀察我們的會員使用我們的俱樂部，並且它們 - 數據輸入或兩種輸入都為決策提供了資訊。當我們測試和嘗試新的形式並調查我們的會員並收集會員回饋時，我們得到了關於增加補充的非常好的回饋——重要的是要認識到額外的力量設備和格式優化與有氧運動是平衡的。

So we know that across generational cohorts, there's a greater utilization of strength equipment in our members or prospective members workout routines. At the same time, we continue to refine and optimize the cardio mix. As for example, we look at utilization and we've pulled back on ellipticals and arc trainers but increased the complement of stair climbers and maintained a strong complement of treadmills. So we use both data and consumer feedback to help for the format optimization decisions.

因此，我們知道，在各個世代中，我們的會員或潛在會員在日常鍛鍊中更多地使用力量器材。同時，我們不斷改進和優化有氧運動組合。舉例來說，我們專注於利用率，減少了橢圓機和弧形訓練機的使用，但增加了爬樓機的使用，並保持了跑步機的強勁補充。因此，我們利用數據和消費者回饋來幫助做出格式優化決策。

And we're constantly testing. One of the beautiful things about having 10% of our fleet as corporate clubs, we've got a great test lab to constantly be testing format optimizations, and seeing what resonates most with our members.

我們一直在進行測試。將我們的 10% 車隊設為企業俱樂部的一大好處是，我們擁有一個很棒的測試實驗室，可以不斷測試格式優化，並了解哪些內容最能引起我們會員的共鳴。

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

完美的。這非常有幫助。祝你未來好運。

Thank you.

謝謝。

[CN Su], BNP Paribas.

[CN Su]，法國巴黎銀行。

I guess, thanks for the question. Could you maybe give us a little bit more color on how January went in terms of the new year's event, Times Square, and kind of the response to the pricing during that key period?

我想，謝謝你的提問。您能否向我們詳細介紹一月份的新年活動、未來廣場的情況，以及這段關鍵時期的定價反應？

Yeah, this is Jay. We're not commenting on Q1. We'll do that when we have our next earnings call, which will be early May.

是的，這是傑伊。我們不評論第一季的情況。我們將在下次收益電話會議（五月初）時這樣做。

Okay, got it. And then, when you mentioned kind of consistent growth on the store openings over the next couple of years, is 2025 an example of that consistent growth, or is it that cadence could actually potentially change from here a little bit better? I think you mentioned potentially cadence ramping from here. I think on the answer to one question. Just curious how to think about the 2025.

好的，明白了。然後，當您提到未來幾年門市開設數量將持續增長時，2025 年是這種持續增長的一個例子嗎，或者這種節奏實際上可能會從現在開始有所改變？我認為您提到了從這裡開始潛在的節奏提升。我思考一個問題的答案。只是好奇如何看待 2025 年。

Yeah, I would think about 2025 and kind of our go-forward plan, I -- again, we're not guiding beyond 25 yet, and I know everybody's looking for some longer range numbers and we are very committed to providing those a little bit later in the -- I think you know what you could read into some of the comments is that we've talked about kind of healthy sustained pace for growth. And you've also heard us talk about getting back to an annualized openings number that you know that starts with a 2.

是的，我會考慮 2025 年以及我們的未來計劃，我——再說一次，我們還沒有預測 25 年以後的情況，我知道每個人都在尋找一些更長遠的數字，我們非常致力於在稍後提供這些數據——我想你可以從一些評論中讀出，我們已經談到了健康持續的增長速度。而且您也聽過我們談論恢復以 2 開頭的年度開業數字。

So that you can infer, I'll let you infer from that, and again, as it relates to the strategic imperatives when we talk about accelerating growth. We have talked about accelerating new club growth. So we're very growth focused, we want to do it in the right and healthy way. I've also said we don't want to print one year, that's the year of the bumper crop and then have to lap that. So again, a healthy, steady -- healthy, steady pace of growth.

為了讓您能夠推斷，我讓您從中推斷，並且再次，因為它與我們談論加速成長時的策略要求相關。我們已經討論過加速新俱樂部的發展。因此，我們非常注重成長，我們希望以正確、健康的方式成長。我還說過，我們不想只印某一年，那是豐收的一年，然後還要重疊。所以，再次強調，這是一個健康、穩定──健康、穩定的成長步伐。

Very helpful. Thank you, guys.

非常有幫助。謝謝你們。

And more numbers later this year.

今年晚些時候還會有更多數據。

This is our end of Q&A session. I will turn the call over to Colleen Keating, CEO for a closing remark.

我們的問答環節到此結束。我將把電話轉給執行長科琳·基廷 (Colleen Keating) 做最後發言。

Well, thank you for all the questions. I'm excited about the progress that we've made in 2024 against our four strategic imperatives, which will enable us to accelerate healthy and sustainable growth and propel the brand forward. We continue to be focused on boosting the economic value proposition for all stakeholders franchisor, franchisees, and members to ultimately deliver even more value for our shareholders. Thank you, everyone.

好吧，謝謝你提出的所有問題。我對我們在 2024 年四大策略要務方面的進展感到非常興奮，這將使我們能夠加速健康和可持續的成長並推動品牌向前發展。我們將繼續致力於提升所有利害關係人特許人、加盟商和會員的經濟價值主張，最終為我們的股東創造更多價值。謝謝大家。

Ladies and gentlemen, that concludes today's call. Thank you all for joining and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。