Planet Fitness Inc (PLNT) 2025 Q1 法說會逐字稿

Thank you for standing by for the Planet Fitness first quarter 2025 earnings call. (Operator Instructions)

感謝您參加 Planet Fitness 2025 年第一季財報電話會議。（操作員指示）

It is my pleasure to introduce your host, Ms. Stacey Caravella.

我很高興向您介紹您的主持人史黛西·卡拉維拉女士。

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, Jay Stasz. They will be available for questions during the Q&A session following the prepared remarks. Today's call is being webcast live and recorded for replay. .

謝謝接線員，大家早安。今天的電話會議演講者將是 Planet Fitness 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。今天的電話會議將透過網路直播並錄音以供重播。。

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.

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。

Now I will turn the call over to Colleen.

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 First Quarter Earnings Call. We were pleased to end the first quarter with 20.6 million members, an increase of approximately $900,000 from the end of 2024. We grew system-wide same club sales by 6.1% and opened 19 new clubs globally bringing our total club count to 27.41. Given the strength and durability of our model, we delivered this healthy growth against a backdrop of increasing volatility in the macroeconomic environment. As a leader in the high-value, low-price fitness category, we've successfully grown our model for over 30 years while navigating a variety of different market conditions throughout our history.

謝謝你，史泰西，也謝謝大家參加 Planet Fitness 第一季財報電話會議。我們很高興看到第一季結束時會員人數達到 2,060 萬，比 2024 年底增加了約 90 萬美元。我們的全系統同店銷售額成長了 6.1%，並在全球開設了 19 家新俱樂部，使我們的俱樂部總數達到 27.41 家。鑑於我們模型的強度和持久性，我們在宏觀經濟環境波動加劇的背景下實現了這一健康成長。作為高價值、低價格健身領域的領導者，我們在整個 30 年的發展歷程中，在應對各種不同的市場條件的同時，成功地發展了我們的模式。

Before I go deeper into our first quarter performance, I'd like to highlight why we're confident that we're well positioned to execute our strategy and deliver on our 2025 expectations. At the same time, we are mindful of the broader macroeconomic conditions, including consumer sentiment and tariff uncertainty. During the great financial crisis, between 2007 and 2010, we achieved strong same club sales growth, we grew our membership and opened new clubs.

在深入介紹我們第一季的業績之前，我想強調為什麼我們有信心我們有能力執行我們的策略並實現我們的 2025 年期望。同時，我們也關注更廣泛的宏觀經濟狀況，包括消費者情緒和關稅不確定性。在 2007 年至 2010 年的金融危機期間，我們實現了強勁的同店銷售額成長，增加了會員人數並開設了新的俱樂部。

Prior to 2020, we had 53 straight quarters of positive same club sales growth. More recently, we weathered a global pandemic without 1 club permanently closing due to financial reasons. Even though our clubs were shut down and did not collect member dues for an average of 6 months. We are a resilient brand and continue to strengthen our leadership position by offering consumers a place to get a high-quality work out at an incredible value in our judgment-free environment.

2020 年之前，我們已連續 53 個季度實現同店銷售額正成長。最近，我們度過了一場全球疫情，沒有一傢俱樂部因財務因素永久關閉。儘管我們的俱樂部被關閉，平均六個月沒有收取會員費。我們是一個富有韌性的品牌，並透過在我們無偏見的環境中為消費者提供以令人難以置信的價值進行高品質鍛鍊的場所來繼續鞏固我們的領導地位。

Now let's review the progress we've made on our four strategic imperatives during the first quarter. As a reminder, these 4 strategic imperatives are: redefining our brand promise and communicating it through our marketing, enhancing member experience, refining our product and optimizing our format and accelerating new club growth. Let me start with redefining our brand. We were pleased with our first quarter net member growth, which was in line with our expectations. We kicked off the year with our new creative, a campaign that communicates that we are all strong on this planet. It focuses on our shift to a more balanced complement of equipment in our clubs, our welcoming judgment-free atmosphere and the supportive community that we offer all our members.

現在讓我們回顧一下第一季我們在四大戰略要務上的進展。提醒一下，這四個策略要務是：重新定義我們的品牌承諾並透過我們的行銷傳達、增強會員體驗、改進我們的產品並優化我們的形式以及加速新俱樂部的發展。首先讓我重新定義我們的品牌。我們對第一季淨會員成長感到滿意，這符合我們的預期。我們以新的創意拉開了新的一年的序幕，這項活動旨在傳達我們在這個星球上都是強大的。它重點關注我們俱樂部中更均衡的設備配置、我們熱情友好的無評判氛圍以及我們為所有會員提供的支持性社區。

Based on research we conducted during the quarter, the campaign improved brand perception across all fitness levels and enhanced the perceived value of a Planet Fitness membership. We also saw an increase in purchase intent from former members as we highlighted the capital HV aspects of our offering, and we had a strong 30-plus percent rejoin rate during the quarter.

根據我們在本季進行的研究，該活動提高了所有健身水平的品牌認知度，並提高了 Planet Fitness 會員的感知價值。由於我們強調了產品的資本 HV 方面，我們也看到前會員的購買意願增加，並且本季度我們的重新加入率高達 30% 以上。

Looking ahead, we will augment our ability to test, learn and make data-driven decisions as we evolve our brand. We have a pipeline of testing projects currently underway that range from pricing to changes in the physical layout of our clubs. During the first quarter, we used several different promotional strategies that tested successfully in 2024. In addition to our typical 10-day offers, we ran 2 classic card 2-day flash sales and a first month free Black Card offer, both of which contributed to our membership growth during the period.

展望未來，隨著品牌的發展，我們將增強測試、學習和做出數據驅動決策的能力。我們目前正在進行一系列測試項目，內容包括定價以及俱樂部實體佈局的變更。在第一季度，我們採用了幾種不同的促銷策略，這些策略在 2024 年得到了成功測試。除了我們典型的 10 天優惠活動外，我們還推出了 2 次經典卡 2 天閃購和首月免費黑卡優惠，這兩項活動都促進了我們在此期間的會員數量增長。

We continue to see strong Black Card penetration with 65% of our membership at that tier as of the end of the quarter, a nearly 300 basis point increase from Q1 of last year. Consumers continue to recognize the value of the Black Card, with the gap between the classic and Black Card memberships only $10. We will hold on a decision on a system-wide Black Card price change until after we anniversary the classic card price increase, which you will recall went into effect on June 28 of last year.

我們繼續看到黑卡的強勁滲透率，截至本季末，我們的會員中有 65％ 屬於該級別，比去年第一季增加了近 300 個基點。消費者繼續認可黑卡的價值，普通卡和黑卡會員之間的差價僅為 10 美元。我們將推遲全系統黑卡價格變動的決定，直到我們慶祝經典卡價格上漲週年後，您可能還記得，該價格上漲於去年 6 月 28 日生效。

As for member activity, our members were more engaged during the first quarter of this year and visited a club an average of 6.7x per month, the highest quarter utilization in 5 years. This is an encouraging data point as we think about retention in general and in the context of our click to cancel rollout. Gen Z continues to lead our membership growth and has been the fastest-growing demographic group of our membership since 2021. To further this momentum, we're excited to announce that we will be running the high school summer pass program again this year.

至於會員活動，我們的會員在今年第一季的參與度更高，平均每月訪問俱樂部 6.7 次，這是 5 年來最高的季度利用率。當我們從總體上考慮保留率以及點擊取消推出的背景時，這是一個令人鼓舞的數據點。Z 世代繼續引領我們的會員成長，自 2021 年以來一直是我們會員中成長最快的人口群體。為了進一步增強這一勢頭，我們很高興地宣布，今年我們將再次運行高中暑期通行證計畫。

This has been incredibly successful at building brand loyalty and is a cost-effective program that has yielded a mid-single-digit conversion rate to paying members over the past few years. Now to member experience and product refinements. We hold a highly differentiated position in the high-value, low-price sector of the fitness industry. We bring a top quality, judgment-free fitness experience to life and foster meaningful relationships with our members who span a broad spectrum of age, socioeconomic and fitness levels.

該計劃在建立品牌忠誠度方面取得了令人難以置信的成功，並且是一項具有成本效益的計劃，在過去幾年中，該計劃已為付費會員帶來了中等個位數的轉換率。現在討論會員體驗和產品改進。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。我們為生活帶來頂級品質、無偏見的健身體驗，並與不同年齡、社會經濟和健身程度的會員建立有意義的關係。

Our clubs have many stories from members who have had life-changing experiences because of their memberships. We truly do make fitness accessible to almost everyone having clubs within a 12-minute drive of 170 million people in the United States. We're proactively tailoring our offering to respond to evolving customer needs. Based on insights from consumer research and member behavior, we expanded our footprint of strength equipment and opened up spaces within our clubs for members to do more functional training.

我們的俱樂部裡有很多會員的故事，他們因為成為會員而擁有了改變人生的經驗。我們確實讓幾乎每個人都能享受健身的便利，在美國，我們擁有距離 1.7 億人口 12 分鐘車程內的健身俱樂部。我們正在積極調整我們的產品以滿足不斷變化的客戶需求。根據消費者研究和會員行為的洞察，我們擴大了力量設備的覆蓋範圍，並在俱樂部內為會員開闢了空間，以便他們進行更多的功能訓練。

We believe that this move will enhance member experience, providing them with the ideal equipment mix and environment to achieve their workouts their way. As part of the research that we conducted during the quarter, we asked consumers if they thought they could get strong at Planet Fitness. The majority of respondents who had seen our ads noted that they believe that we have the equipment for building strength and that we are a gym they can grow with. This feedback further supports our decision to expand strength equipment in our clubs.

我們相信此舉將提升會員體驗，為他們提供理想的設備組合和環境，以自己的方式進行鍛鍊。作為本季度進行的研究的一部分，我們詢問消費者是否認為他們可以透過 Planet Fitness 變得強壯。大多數看過我們廣告的受訪者表示，他們相信我們擁有鍛鍊力量的設備，我們是一個可以幫助他們成長的健身房。這些回饋進一步支持了我們擴大俱樂部肌力訓練器材的決定。

At the end of the first quarter, nearly 1,800 clubs have the more balanced mix of equipment with the remainder of the clubs expected to have it by the end of the year. And finally, to our efforts to accelerate new club growth. During the first quarter, I continue to visit more clubs now 125 globally, including a trip to Australia where I celebrated the opening of a new club with our Australia team and many of our members.

截至第一季末，近 1,800 傢俱樂部已擁有更均衡的設備組合，其餘俱樂部預計將在年底前擁有這些設備。最後，我們要努力加速新俱樂部的發展。在第一季度，我繼續參觀了更多的俱樂部（目前全球共有 125 家），其中包括一次澳大利亞之行，在那裡我與我們的澳洲團隊和許多會員一起慶祝了新俱樂部的開幕。

Similar to my trips to Mexico and Spain, my biggest takeaway is that our format and brand offering resonates with fitness-minded consumers across geographies and generations. In fact, our clubs in Spain continue to have strong ramps, and we recently opened our eighth club in the country. As evidence of their healthy performance, we believe we will be in a position to refranchise the clubs and future development rights in the medium term.

與我去墨西哥和西班牙的旅行類似，我最大的收穫是，我們的形式和品牌引起了不同地區和不同世代的健身消費者的共鳴。事實上，我們在西班牙的俱樂部繼續保持強勁成長勢頭，我們最近在該國開設了第八傢俱樂部。作為其良好表現的證據，我們相信我們將能夠在中期內重新授予俱樂部特許經營權和未來的發展權。

We remain steadfastly focused on unit economics. We made 2 foundational changes in 2024, giving our franchisees the opportunity to improve club IRRs, the new growth model and the classic card price increase for new members. Franchisee sentiment was positive coming into 2025 and was bolstered by strong first quarter net member growth and revenue growth that had the added rate benefit from the classic card price increase.

我們始終堅定不移地關注單位經濟效益。我們在 2024 年做出了兩項基礎性變革，讓我們的特許經營商有機會提高俱樂部 IRR、新的成長模式以及新會員的經典卡價格上漲。進入 2025 年，特許經營商的情緒保持樂觀，這得益於第一季強勁的淨會員增長和收入增長，以及經典卡價格上漲帶來的額外利率優勢。

As I stated earlier, we are a resilient brand and have historically emerged from prior periods of market uncertainty in an even stronger position. That said, I would be remiss if I didn't touch on tariffs. Our teams are in discussion with our vendors and working through what potential tariff impacts mean to our business and franchisee unit economics. We are taking a thoughtful approach focused on the things we can control to continue to execute on our strategic imperatives. We are in communication with our franchisees and at current tariff levels do not see a material impact to our 2025 targets.

正如我之前所說，我們是一個具有韌性的品牌，從歷史上看，我們能夠以更強大的地位走出之前的市場不確定時期。話雖如此，如果我不談關稅，那我就失職了。我們的團隊正在與供應商討論並研究潛在關稅對我們的業務和特許經營單位經濟的影響。我們正在採取深思熟慮的方法，專注於我們能夠控制的事情，以繼續執行我們的策略要務。我們正在與特許經營商進行溝通，目前的關稅水準不會對我們的 2025 年目標產生重大影響。

As such, we are reiterating our growth targets for this year. I am pleased with the progress we've made thus far in 2025 and I am excited about the opportunities that lie ahead for Planet Fitness. I look forward to sharing more of our progress with you.

因此，我們重申今年的成長目標。我對我們在 2025 年迄今的進展感到滿意，並對 Planet Fitness 未來的機會感到興奮。我期待與您分享更多我們的進展。

Now I will turn it over to Jay.

現在我將把話題交給傑伊。

Thanks, Colleen. We're pleased that we're starting to see results from our focus on the strategic imperatives that led to a strong first quarter performance in line with our expectations against the backdrop of increasing volatility in the macroeconomic environment. Given that we're a fitness brand that sells an experience, we are generally less impacted by tariffs, and we expect to be able to address these impacts on our equipment at the current levels without adjusting our guidance ranges at this time.

謝謝，科琳。我們很高興看到，我們對戰略要務的關注開始取得成果，在宏觀經濟環境波動加劇的背景下，第一季業績表現強勁，符合我們的預期。鑑於我們是一個銷售體驗的健身品牌，我們通常受關稅的影響較小，並且我們預計能夠在當前水平上解決這些對我們設備的影響，而無需調整我們的指導範圍。

We are intensely focused on our franchisee unit economics, and we're taking a thoughtful approach to rising input costs. We're working in partnership with our vendors and our franchisees to navigate potential cost increases. Due to our size and scale and our long-term vendor relationships, we have mitigated a sizable portion of our system-wide exposure to tariffs on equipment at today's levels. We are leveraging our scale to negotiate with manufacturers to offset these costs, exploring alternative markets for producing products and bringing equipment into the US ahead of potential tariff implementation deadlines.

我們高度關注特許經營商的單位經濟效益，並採取深思熟慮的方法來應對不斷上升的投入成本。我們正在與我們的供應商和特許經營商合作，以應對潛在的成本增加。由於我們的規模和範圍以及我們與供應商的長期關係，我們已經減輕了當今系統範圍內設備關稅風險的很大一部分。我們正在利用我們的規模與製造商談判以抵消這些成本，探索生產產品的替代市場，並在潛在的關稅實施期限之前將設備引入美國。

Before I get to our first quarter results, I'd also like to address how we're. We remain committed to delivering a great member experience, and we want to make the cancellation process as seamless as the join process. Given that the challenge to the regulation did not result in any changes to the ruling, we're underway with rolling out online cancel functionality system-wide to meet the mandated deadline of May 14.

在介紹第一季業績之前，我還想先談談我們的業績。我們始終致力於提供出色的會員體驗，並希望使取消流程與加入流程一樣無縫銜接。鑑於對該法規的挑戰並未導致裁決發生任何變化，我們正在全系統範圍內推出線上取消功能，以滿足 5 月 14 日的法定期限。

As you may recall, more than 35% of our system had click to cancel before April, including all of our corporate clubs where we enabled it more than 18 months ago. Now we are enabling it across the rest of our portfolio because we believe it is the right thing to do for our members. As of this week, online cancel is available to members in more than 50% of our US clubs, the national rollout before the mandated deadline is included in our outlook for 2025, including our same club sales growth outlook.

您可能還記得，我們​​系統中超過 35% 的用戶在 4 月之前就已點擊取消該功能，其中包括我們所有在 18 個月前就啟用該功能的企業俱樂部。現在我們正在其餘的投資組合中啟用它，因為我們相信這對我們的會員來說是正確的做法。截至本週，我們超過 50% 的美國俱樂部的會員都可以使用線上取消服務，在規定期限之前的全國推廣已包含在我們對 2025 年的展望中，包括我們相同的俱樂部銷售成長展望。

As a reminder, generally, the largest impact of the cancer rate occurs in the first couple of months and diminishes as time goes on. Now to our first quarter results. All of my comments regarding our first quarter performance will be comparing Q1 2025 to Q1 of last year, unless otherwise noted. We opened 19 new clubs compared to 25. We delivered system-wide same club sales growth of 6.1% in the first quarter. Franchisees same club sales increased 6.2% and corporate same club sales increased 5.1%.

提醒一下，一般來說，癌症發生率的最大影響發生在最初的幾個月，隨著時間的推移而減少。現在來看看我們的第一季業績。除非另有說明，我對我們第一季業績的所有評論都將把 2025 年第一季與去年第一季進行比較。我們開設了 19 家新俱樂部，之前有 25 家。第一季度，我們全系統同店銷售額成長了 6.1%。特許經營商同店銷售額成長 6.2%，企業同店銷售額成長 5.1%。

Approximately 74% of our Q1 comp increase was driven by rate growth, with the balance being net membership growth. Black Card penetration was approximately 65% at the end of the quarter and an increase of 280 basis points from the prior year.

我們第一季的同店銷售額成長約 74% 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 65%，比前一年增加 280 個基點。

For the first quarter, total revenue was $276.7 million compared to $248 million, an increase of 11.5%. The increase was driven by revenue growth across all three segments. A 10.7% increase in franchise segment revenue was primarily due to higher royalty revenue from increased same club sales as well as new clubs, an increase in national ad funds as well as franchise fees.

第一季總營收為 2.767 億美元，去年同期為 2.48 億美元，成長 11.5%。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 10.7% 主要是由於同一俱樂部銷售額增加以及新俱樂部銷售額增加、全國廣告資金增加以及特許經營費用增加。

For the first quarter, the average royalty rate was 6.6%, consistent year-over-year. The 9.2% increase in revenue in the corporate and club segment was primarily driven by increased same club sales as well as sales from new clubs. As a reminder, we opened 21 new corporate clubs in 2024, 8 of which occurred in the fourth quarter. Equipment segment revenue increased 28.7%. The increase was driven by higher revenue from replacement equipment sales, partially offset by lower revenue from new franchisee-owned club placement sales. We completed 10 new club placements this quarter compared to 14 last year.

第一季度，平均特許權使用費率為 6.6%，與去年同期持平。企業和俱樂部部門收入成長 9.2% 主要得益於同一俱樂部銷售額以及新俱樂部銷售額的成長。提醒一下，我們在 2024 年開設了 21 家新的企業俱樂部，其中 8 家是在第四季開設的。設備部門營收成長28.7%。成長的原因是替換設備銷售收入增加，但新特許經營俱樂部安置銷售收入減少部分抵消了這一增長。本季我們完成了 10 個新俱樂部的安置，而去年同期為 14 個。

For the quarter, replacement equipment accounted for 78% of total equipment revenue compared to 58%. Our cost of revenue, which primarily relates to the cost of equipment sales of franchisee-owned clubs amounted to $22.5 million compared to $19 million. Club operations expense, which relates to our corporate owned club segment increased 9.9% to $81.7 million from $74.4 million. The increase was primarily due to operating expenses from 24 new clubs opened since January 1, 2024. SG&A for the quarter was $34.3 million compared to $29.2 million, while adjusted SG&A was $32.5 million compared to $27.3 million, an increase of 19.1%.

本季度，更換設備佔總設備收入的 78%，去年同期為 58%。我們的收入成本主要與特許經營俱樂部的設備銷售成本有關，為 2,250 萬美元，而之前為 1,900 萬美元。與我們公司自有俱樂部部門相關的俱樂部營運費用從 7,440 萬美元增加 9.9% 至 8,170 萬美元。成長的主要原因是自 2024 年 1 月 1 日以來開設的 24 家新俱樂部的營運費用。本季銷售、一般及行政費用為 3,430 萬美元，去年同期為 2,920 萬美元；調整後銷售、一般及行政費用為 3,250 萬美元，去年同期為 2,730 萬美元，成長 19.1%。

The primary driver of the increase to adjusted SG&A was higher expense due to increased compensation from recent executive hires and investment in our strategic imperatives. National advertising fund expense was $21.9 million compared to $19.8 million, an increase of 10.9%, in line with our franchise segment revenue increase. Net income was $42.1 million. Adjusted net income was $50 million, and adjusted net income per diluted share was $0.59.

調整後銷售、一般及行政費用增加的主要原因是近期高階主管聘用和對策略要務的投資增加所導致的支出增加。全國廣告基金支出為 2,190 萬美元，去年同期為 1,980 萬美元，成長 10.9%，與特許經營部門收入的成長一致。淨收入為4210萬美元。調整後淨收入為 5,000 萬美元，調整後每股攤薄淨收入為 0.59 美元。

Adjusted EBITDA was $117 million, an increase of 10.1% year-over-year, and adjusted EBITDA margin was 42.3%, in line with our expectations, compared to $106.3 million with adjusted EBITDA margin of 42.9%. By segment, franchise adjusted EBITDA was $84.9 million, and adjusted EBITDA margin increased from 73.2% to 73.7%.

調整後的 EBITDA 為 1.17 億美元，年成長 10.1%，調整後的 EBITDA 利潤率為 42.3%，符合我們的預期，而去年同期為 1.063 億美元，調整後的 EBITDA 利潤率為 42.9%。按部門劃分，特許經營調整後的 EBITDA 為 8,490 萬美元，調整後的 EBITDA 利潤率從 73.2% 增至 73.7%。

Corporate Club adjusted EBITDA was $45.8 million, and adjusted EBITDA margin decreased from 34.6% to 34.3%. Equipment adjusted EBITDA was $7.4 million and adjusted EBITDA margin increased from 22.2% to 26.8%, which was driven by the change to the equipment mix that we made last year, but didn't go into effect until the second quarter of 2024.

Corporate Club 調整後的 EBITDA 為 4,580 萬美元，調整後的 EBITDA 利潤率從 34.6% 下降至 34.3%。設備調整後的 EBITDA 為 740 萬美元，調整後的 EBITDA 利潤率從 22.2% 增至 26.8%，這是由於我們去年對設備組合進行更改所致，但直到 2024 年第二季才生效。

Now turning to the balance sheet. As of March 31, 2025, we had total cash, cash equivalents and marketable securities of $586.3 million compared to $529.5 million on December 31, 2024, which included $56.6 million to $56.5 million of restricted cash respectively in each period. In Q1, 2025, we used $50 million to repurchase approximately 544,000 shares. Moving on to our 2025 outlook, which we provided in our press release this morning. As I noted earlier, our outlook assumes tariffs at the current levels.

現在轉向資產負債表。截至 2025 年 3 月 31 日，我們的現金、現金等價物及有價證券總額為 5.863 億美元，而 2024 年 12 月 31 日為 5.295 億美元，其中每個期間的受限現金分別為 5,660 萬美元至 5,650 萬美元。2025 年第一季度，我們使用 5,000 萬美元回購了約 544,000 股。我們繼續討論我們在今天上午的新聞稿中提供的 2025 年展望。正如我之前提到的，我們的前景假設關稅維持在當前水準。

We continue to expect between 160 and 170 new clubs, which includes both franchise and corporate locations. We expect that the quarterly cadence will be weighted towards the second half and the fourth quarter of '25, similar to '24. We also continue to expect between 130 and 140 equipment placements in new franchise clubs. And again, we expect that quarterly cadence will be weighted like 2024. We expect that reequip sales will make up approximately 70% of total equipment segment revenue for the full year.

我們預計將新增 160 至 170 傢俱樂部，其中包括特許經營店和公司分店。我們預期季度節奏將偏向 25 年下半年和第四季度，與 24 年類似。我們也預計新的特許經營俱樂部將擁有 130 至 140 台設備。我們再次預計季度節奏將像 2024 年一樣具有權重。我們預計，改裝銷售額將佔全年設備部門總收入的約 70%。

As I noted earlier, we are reiterating our guidance targets with the exception of CapEx, which we are bringing down slightly. The following targets represent growth over fiscal year 2024 results. System-wide same club sales growth to be between 5% and 6%, revenue to grow approximately 10%. Adjusted EBITDA to grow approximately 10%, adjusted net income to increase in the 8% to 9% range. Adjusted Net income per 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 2025 in line with what we've previously communicated.

正如我之前提到的，我們重申了我們的指導目標，但資本支出除外，我們將略微降低資本支出。以下目標代表了 2024 財年業績的成長。全系統同店銷售額成長5%至6%之間，營收成長約10%。調整後的EBITDA成長約10%，調整後的淨收入成長8%至9%之間。調整後每股攤薄淨收益將成長 11% 至 12%，基於調整後的攤薄加權平均流通股數約為 8,450 萬美元，其中包括我們預計將在 2025 年回購的約 100 萬股，與我們先前傳達的訊息一致。

We also expect 2025 net interest expense of approximately $86 million inclusive of the annualized impact of our 2024 refinancing. Lastly, we continue to expect D&A to be flat to 2024, and we now expect CapEx to be up approximately 20%. I will now turn the call back to the operator to open it up for Q&A.

我們也預計 2025 年淨利息支出約為 8,600 萬美元，其中包括 2024 年再融資的年化影響。最後，我們繼續預計到 2024 年 D&A 將保持平穩，而我們現在預計資本支出將成長約 20%。我現在將把電話轉回給接線員，以便進行問答。

Thank you ladies and gentlemen. (Operator Instructions)

謝謝各位女士、先生們。（操作員指示）

Simeon Siegel from BMO.

來自 BMO 的 Simeon Siegel。

Colleen, 65% Black Card penetration is a pretty wild jump. Anything onetime-ish we should consider about this quarter? Or do you think, I guess, absent any potential price decisions that, that's a new base? And then Jay, just maybe pricing versus new memberships within the comp, how do you think about that over the year? Any way to think about or help us think about what's the new $15 price impact versus, again, this really impressive Black Card penetration jump on overall company level pricing?

科琳，黑卡滲透率達到 65% 是一個相當大的飛躍。關於本季，我們應該考慮哪些一次性的事情？或者我猜你認為，在沒有任何潛在價格決策的情況下，這是一個新的基礎？然後傑伊，也許只是定價與公司內的新會員相比，您如何看待今年的情況？有沒有什麼方法可以思考或幫助我們思考新的 15 美元價格影響與黑卡滲透率的顯著提升對整體公司層面定價的影響？

Sure. good to hear from you. On the Black Card penetration, as we've talked about, this is the narrowest gap we've had between the classic card pricing and the Black Card pricing since the inception of the Black Card at roughly $10 99. So we've been trending with increased bllack card penetration over the past couple of quarters, Q3, Q4 of last year. as well as Q1.

當然。很高興收到你的來信。關於黑卡滲透率，正如我們所討論的，這是自黑卡推出以來經典卡定價與黑卡定價之間的最窄差距，約為 10.99 美元。因此，在過去的幾個季度（去年第三季和第四季），黑卡滲透率一直呈上升趨勢。以及 Q1。

One difference that we'll call out for Q1 was that in March. We ran a Black Card first month free promotion that was quite successful. We tested this in Q4. This was one of the marketing tests that we ran last year in Q4. It performed successfully. So we ran it again in March of this year.

我們指出第一季的一個不同之處是三月的情況。我們進行了黑卡首月免費促銷活動，並且取得了相當成功。我們在第四季度對此進行了測試。這是我們去年第四季進行的行銷測試之一。它執行得很成功。因此我們在今年三月再次進行了該活動。

Yes, Simeon, this is Jay. In terms of your question, obviously, we've reiterated the guidance. We've reiterated the comp of 5% to 6%. And in the quarter, we had a nice split on the rate, roughly 74%, driving 74% of the comp and volume being 26%. As we think about anniversarying the classic card price increase on June 28, right? The beauty of our subscription model that we will continue to get rate benefit after that point because of the tenure of our membership as well as the continued -- and we just talked about the increase on the black card penetration that we're seeing.

是的，西緬，這是傑伊。關於您的問題，顯然，我們已經重申了指導意見。我們重申了 5% 至 6% 的補償。在本季度，我們的比率分配得很好，約為 74%，推動了 74% 的銷售額，銷量為 26%。我們想想 6 月 28 日是經典卡漲價週年紀念日，對嗎？我們的訂閱模式的優點在於，由於我們的會員期限以及持續性，我們將在那之後繼續獲得費率優惠——我們剛才談到了我們所看到的黑卡滲透率的增長。

So as we think about the comp for the year in the future quarters, certainly, we would expect the next quarter to be roughly comparable 70-30 kind of split between rate and volume. And then that might drift down slightly in the back half just again, as we anniversary that June 28, but not a material change. Probably 65% to 70%, driven by rate and a little bit of an uptick on volume.

因此，當我們考慮未來幾季的年度比較時，我們當然預計下一季的利率和交易量之間的比例將大致為 70-30。然後，隨著 6 月 28 日週年紀念日的到來，這一數字在後半段可能會再次略有下降，但不會發生實質性的變化。大概是 65% 到 70%，受利率和交易量小幅上漲的影響。

That's great, exciting stuff, guys. Thanks, best of luck for the rest of the year.

夥計們，這真是太棒了，太令人興奮了。謝謝，祝你今年剩下的時間一切順利。

Sharon Zackfia from William Blair

威廉布萊爾的莎朗扎克菲亞

I know your business has always been very inflated from the macro environment. And it certainly seems like you had a healthy first quarter this year despite about some crazy weather during the high member sign-up season. Can you talk, though, about kind of any signs of any macro volatility impacting your business? Or if you're seeing anything change on the competitive environment is maybe some of your peers that are less well positioned are trying to scramble in a more volatile consumer climate. .

我知道從宏觀環境來看，你們的生意一直處於非常膨脹的狀態。儘管在會員註冊高峰期天氣有些異常，但今年第一季似乎整體表現良好。不過，您能談談宏觀波動對您的業務產生影響的任何跡象嗎？或者，如果您看到競爭環境發生了任何變化，也許是一些地位較差的同行正試圖在更動蕩的消費環境中爭奪市場份額。。

Thank you.

謝謝。

I'll start. Maybe first, I think -- the fact that we reiterated our comp guidance is indicative of what we've seen with the consumer coming through the quarter. And as I mentioned, even during the GFC, our business performed really well with very strong member growth and revenue growth. So again, we feel like we've got a very resilient business very durable cash flows, and we reach a very broad spectrum of membership. We spend a pretty broad income demographic as well. And the other thing we've talked about is with Gen Zs and millennials being such a substantial proportion of our membership and really Gen Z is continuing to be the greatest proportion of our member joins, Fitness is really a part of their lifestyle.

我先開始。首先，我認為——我們重申我們的業績指引這一事實表明了我們在本季看到的消費者表現。正如我所提到的，即使在全球金融危機期間，我們的業務也表現得非常好，會員成長和收入成長都非常強勁。因此，我們再次感覺到我們的業務非常有彈性，現金流非常持久，而且我們的會員範圍非常廣泛。我們的支出範圍也相當廣泛。我們談到的另一件事是，Z 世代和千禧世代在我們的會員中佔了相當大的比例，而且 Z 世代實際上繼續成為我們會員中最大的一部分，健身確實是他們生活方式的一部分。

So as we've seen a little bit of the consumer sentiment and pullback in consumer spending, what we've generally seen is less spending on product but maintain spending on experiences. And when we think about Gen Zs and millennials, not only are we in experience, we're really a part of their lifestyle. So we're feeling confident about the the consumer and our member that's reflected in the reiteration of our guidance.

因此，正如我們所看到的，消費者情緒有所下降，消費支出有所回落，我們普遍看到的是產品支出減少，但體驗支出保持不變。當我們想到 Z 世代和千禧世代時，我們不僅擁有體驗，而且我們實際上是他們生活方式的一部分。因此，我們對消費者和會員充滿信心，這反映在我們重申的指導下。

Yes. And Sharon, just a couple of points. I mean, obviously, this business continues to be a great value to the members and potential members. So we're excited about that. We think it fits in well with the current macro environment. And to put a finer point on Colleen's information, right, during the great financial crisis, strong same club sales growth. We also built our membership and opened stores during that time. So we feel good about that. And look, we think we -- in this kind of environment, we could benefit from a trade down from some of the higher-priced clubs.

是的。莎倫，我只想說幾點。我的意思是，顯然，這項業務對會員和潛在會員來說仍然具有巨大的價值。所以我們對此感到很興奮。我們認為它非常適應當前的宏觀環境。更準確地說，根據科琳提供的信息，在金融危機期間，同店銷售額增長強勁。在此期間，我們還建立了會員體系並開設了商店。因此我們對此感到很高興。而且，我們認為——在這種環境下，我們可以從與一些高價俱樂部的交易中獲益。

John Heinbockel from Guggenheim.

古根漢美術館的約翰·海因博克爾。

So Colleen, I'm curious, how do you think philosophically about Black Card pricing, I know you're going to punt on it right until after you cycle white card. But -- is there a number opportunity to go after, particularly in this macro and you push pricing out a little bit further, particularly with black card penetration performing as well as it has. I mean how do you think about that? And then I don't know -- I know you were testing $27.99 and $29.99. Is there any material difference in how members reacted to those?

所以科琳，我很好奇，你從哲學角度如何看待黑卡定價，我知道你會在白卡週期結束後繼續考慮這個問題。但是——是否存在一些機會可以追求，特別是在這個宏觀層面上，並且你將價格進一步推高一點，特別是黑卡滲透率表現良好的情況下。我的意思是您對此有何看法？然後我不知道——我知道你正在測試 27.99 美元和 29.99 美元。成員對此的反應有實質的差異嗎？

So I think as we evaluate what we've seen coming through the test, we're really looking at what's most accretive to the AUV of the club. And as I indicated in my remarks, we're not going to make a call or announce a decision on it until after we anniversary the classic card -- the classic card price increase. So that we're not coming through the front half of this year with an increase on both classic and black. At the same time, we've seen great Black Card penetration with the narrowed delta between classic and Black. I will say, historically, we have taken price on Black Card every several years. So every few years, we've taken price on Black Card. So that will continue to be kind of our perspective that classics the anchor and the entry point and that there's probably more price elasticity in black.

因此我認為，當我們評估測試結果時，我們真正關注的是哪些因素對俱樂部的 AUV 最有增值作用。正如我在演講中所指出的，在經典卡漲價週年紀念日之前，我們不會對此做出決定。因此，今年上半年經典款和黑色款的銷售量不會同時增加。同時，我們看到黑卡的滲透率大幅提升，傳統卡和黑卡之間的差距正在縮小。我想說的是，從歷史上看，我們每隔幾年就會對黑卡進行一次定價。因此每隔幾年，我們就會對黑卡進行定價。因此，我們仍將堅持這一觀點，即經典的錨點和切入點，黑色可能具有更大的價格彈性。

And in the testing we haven't seen a significant difference between the $27.99 test and the $29.99 test when we were testing both last year and currently, we're only testing the $29.99 now.

在測試中，我們在去年和目前進行的測試中沒有看到 27.99 美元的測試和 29.99 美元的測試之間有顯著差異，我們現在只測試 29.99 美元的測試。

Max Rakhlenko from TD Cowen

TD Cowen 的 Max Rakhlenko

Great. Congrats on a really nice quarter. So first, 1Q is typically about 60% of the year's -- how do you think about that again for this year? Do you think that, that will be the case? Or given some of the easy compares, could that even be a little bit lower? .

偉大的。恭喜您度過了一個非常愉快的季度。首先，第一季通常佔全年的 60% 左右——您如何看待今年的情況？您認為情況會是這樣嗎？或者經過一些簡單的比較，這個數字還能再低一點嗎？。

No, Max, this is Jay. And yes, historically, right, I think we've talked about that 60%. And post-COVID, right, we haven't really seen that relationship hold true. So I would not anchor to that. I would say that we don't guide to membership count specifically, but that relationship, that presents higher, I would say, generally not lower and is not the 60%.

不，馬克斯，這是傑伊。是的，從歷史上看，我想我們已經討論過那 60%。而在新冠疫情之後，我們還沒有真正看到這種關係的維持。所以我不會堅持這一點。我想說的是，我們不會專門指導會員數量，但這種關係，我會說，通常呈現較高的比例，不會較低，也不是 60%。

Got it. Okay. And then how should we think about the cadence over the next few quarters just in the context of Click to cancel rolling out fully in 2Q, could we see a bit of a pickup in churn, as I think you've previously talked about sort of each 12 weeks? Or how are you just thinking about the model here for the next few quarters?

知道了。好的。那麼，我們該如何看待接下來幾季的節奏呢？考慮到 Click to Cancel 功能將在第二季全面推出，我們是否會看到客戶流失率上升，就像您之前談到的每 12 週一次一樣？或者您只是在考慮未來幾個季度的模型嗎？

Yes, Max, this is Jay. I'll start on the click to cancel. I mean, certainly, a couple of data points. We have a plan to roll it out in a prorated on a consistent basis between now and the deadline of May 14. We've started that process. And just for backdrop, right? Previous to this, we had about 35% of our system was on click to cancel. That included a handful of states that were already mandated as well as 100% of our corporate clubs which we did about 18 months ago. And so now we're in the process of rolling out the remainder of our clubs to be fully compliant by the May 14 deadline.

是的，馬克斯，這是傑伊。我將從點擊取消開始。我的意思是，當然，有幾個數據點。我們計劃從現在到 5 月 14 日截止日期期間按比例持續推出該計劃。我們已經啟動了這一進程。只是為了背景，對嗎？在此之前，我們的系統大約有 35% 的操作是點擊取消。其中包括少數幾個已經強制要求的州以及我們大約 18 個月前實施的 100% 的企業俱樂部。因此，現在我們正在讓剩餘的俱樂部在 5 月 14 日的最後期限前完全符合規定。

As of today, we have about 50% of our system with click cancel functionality. And we have contemplated this in our outlook and our guidance that we started last year and then we've just reiterated. So it is contemplated in there. And to your point, as we do the rollout, the largest impact is typically in the first month or two when that optionality is rolled out. But then we see a normalized in the weeks and months after that.

截至今天，我們的系統大約有 50% 具有點擊取消功能。我們在去年開始的展望和指導中已經考慮過這一點，並且剛剛重申了這一點。所以這是在那裡考慮的。正如您所說，當我們推出這些選項時，最大的影響通常是在推出這些選項後的頭一兩個月。但隨後的幾週和幾個月內，情況逐漸恢復正常。

And any impact potentially on joins us on the customer experience improves, and we've heard that maybe it actually helps join a little bit as an offset.

任何可能對我們的客戶體驗產生影響的因素都會得到改善，而且我們聽說，這實際上可能有助於在一定程度上抵消這種影響。

Yes, I'll talk about that. In a fairly small test, we did see an uptick in conversion when we added the click to cancel or one click cancellation option in the join flow. So we do think once it's rolled out across the entire estate, it could -- we could see -- potentially could see again, based on a fairly small test we could see some lift in enjoying conversion because of consumer confidence that they can cancel as easily as they join.

是的，我會談論這個。在一個相當小的測試中，當我們在加入流程中新增點擊取消或一鍵取消選項時，我們確實看到轉換率上升。因此，我們確實認為，一旦它在整個行業推廣開來，它可能——我們可以看到——有可能再次看到，基於一個相當小的測試，我們可以看到享受轉換的提升，因為消費者相信他們可以像加入一樣輕鬆地取消。

Great, thanks a lot and best regards.

太好了，非常感謝，並致以最誠摯的問候。

Xian Siew from BNP Paribas.

法國巴黎銀行的 Xian Siew。

Thanks for the question. Understand that some franchises might have wanted to wait a little bit to see how pricing would play out in the kind of one quarter -- first quarter ad period for leaning into new openings. And it seems like 1Q were really solid, considering a tough macro. So maybe could you give some color on how franchisees are evaluating that period? And maybe if they're sounding more positive on openings going forward?

謝謝你的提問。了解一些特許經營店可能想要等待一段時間，看看定價在一個季度（即傾向於新店開業的第一季廣告期）內會如何發揮作用。考慮到嚴峻的宏觀形勢，第一季的業績似乎確實穩健。那麼，您能否介紹一下加盟主如何評價那段時期呢？也許他們對未來的開幕持更積極的態度？

Maybe I'll start. I think when you look at our guidance openings guidance for this year versus where we finished last year, I think that's reflective of franchisee sentiment around openings. As in years past, similar to last year, our openings are back-end loaded, back end loaded in the year with the heaviest quarter for openings still be in Q4. And I think that's less reflective of questions around pricing and more reflective of wanting to get open ahead of the highest joining quarter of the year. So getting clubs opened in Q4 sets them up for a very favorable ramp in coming into the first quarter.

也許我會開始。我認為，當您將我們今年的開業指導與去年的開業指導進行比較時，我認為這反映了特許經營商對開業的情緒。與過去幾年一樣，與去年類似，我們的開工都是後端加載的，一年中開工最繁忙的季度仍然是在第四季度。我認為這與其說是定價問題，不如說是想在今年加入人數最多的季度之前開業。因此，在第四季度開設俱樂部將為他們進入第一季奠定非常有利的基礎。

Okay. Got it. And then on the comps, nice growth in first quarter, how much do you think, I guess, new formats and the strength allocation is helping there and also the new advertising efforts. How do you kind of balance some of the -- or evaluate which drivers on the big ones?

好的。知道了。然後就第一季的良好成長而言，您認為新的形式和實力配置以及新的廣告努力有多大幫助。您如何平衡一些因素—或評估哪些因素對重大因素有影響？

Yes, I can start. I mean, look, we don't bifurcate that. It's difficult to do that. We feel good about the comps that we had. We did run that Black Card first month free promotion in March, which had a bit of a headwind to our comp, which we expect to get back within the year and have a slight benefit to the comps in Q2 through Q4. But I think, look, like we said, we're pleased with the quarter. We landed where we expected and we're starting to see the green shoots from all the work that the teams are doing, but certainly in the repositioning of the brand and the focus on strength and getting stronger together. So we're optimistic.

是的，我可以開始。我的意思是，你看，我們不會分裂。做到這一點很困難。我們對所取得的成績感到滿意。我們確實在 3 月推出了黑卡首月免費促銷活動，這對我們的公司造成了一些不利影響，但我們預計年內將恢復正常，並在第二季至第四季為公司帶來輕微收益。但我認為，就像我們所說的那樣，我們對本季的表現感到滿意。我們達到了預期的目標，並開始看到團隊所做的所有工作帶來的曙光，當然，這體現在品牌的重新定位、對實力的關注以及共同變得更加強大。所以我們很樂觀。

Maybe I'll add on that from a format standpoint. We gave our franchisees the -- who are opening clubs in 2025. And coming into the year, we gave them the opportunity to look at the traditional equipment layout or equipment mix and the new -- the new equipment mix, not one franchisee chose the more traditional. They all took the new rebalanced mix of equipment with the balance of strength in cardio. So I think that discretionary choice is really reflective of their buy-in and what they're seeing inherent from their membership. What our members are looking for in our clubs and this new mix -- this new equipment mix and new layout is answering that call.

也許我會從格式的角度補充這一點。我們為我們的特許經營商提供了——他們將在 2025 年開設俱樂部。進入新的一年，我們讓他們有機會了解傳統的設備佈局或設備組合以及新的設備組合，沒有一個加盟商選擇更傳統的設備。他們都採用了新平衡的、具有有氧運動力量平衡的設備組合。所以我認為，自由選擇實際上反映了他們的認同度以及他們從會員資格中看到的東西。我們的會員在我們的俱樂部和這種新組合中尋找什麼——這種新的設備組合和新的佈局正在響應這一要求。

Great. Thanks, guys, and good luck.

偉大的。謝謝大家，祝你好運。

Rahul Krotthapalli from JPMorgan.

摩根大通的 Rahul Krotthapalli。

Colleen, you have had a tremendous exposure to private equity industry throughout your career. There has been a lot of talk on content around private equity pain and assets getting repriced in this macro. Can you discuss how you see the landscape shaking out, especially in the context of franchise ownership? And how do you see the mix of ownership of the clubs change or evolve over time?

科琳，在您的職業生涯中，您與私募股權行業有著廣泛的接觸。在這個宏觀層面上，關於私募股權的痛苦和資產重新定價的內容已經有很多討論。您能否討論一下您如何看待情勢的變化，特別是在特許經營權的背景下？您如何看待俱樂部所有權結構隨時間的變化或演變？

And the follow-up is on the advertising costs. A lot has been discussed again in how low advertising costs could get, especially as agencies given to AI models and the large brands in the consumer and Internet industry are catching up on this. How is organization thinking about the strategy, given this is such a critical driver for brand growth going forward?

後續是廣告費用。關於廣告成本如何降低的討論再次出現，特別是當代理商專注於人工智慧模型以及消費和互聯網行業的大品牌正在迎頭趕上時。鑑於這是未來品牌成長的關鍵驅動力，組織如何考慮這項策略？

Yes. So 2 separate questions. I'll take the first one, which is kind of the PE landscape. And we have a nice complement, I would say, among our franchise base among our club ownership of individual owners as well as PE. We see -- we see new interest maybe from kind of family office as well. But at the end of the day, our PE owners have been great owners and have developed a lot of clubs with us. Generally have been well capitalized and are smart owners as well. So we're pleased with the balance of again, of individual owners and PE in the portfolio today. And then I'll shift to kind of a costing and ad costs and marketing strategy. We certainly see an opportunity to continue to leverage the breadth of our spend. And as you know, as our revenue increases, so do our ad funds.

是的。所以這是兩個獨立的問題。我會選擇第一個，即 PE 格局。我想說，我們的特許經營基礎、個人業主的俱樂部所有權以及 PE 之間有著很好的補充。我們看到——我們可能也看到了來自家族辦公室的新興趣。但最終，我們的 PE 所有者都是出色的所有者，並與我們一起發展了許多俱樂部。通常資本充足，並且是精明的所有者。因此，我們對目前投資組合中個人所有者和 PE 的平衡感到滿意。然後我將轉向成本、廣告成本和行銷策略。我們確實看到了繼續擴大支出廣度的機會。如您所知，隨著我們的收入增加，我們的廣告資金也會增加。

So our very robust ad fund is growing every year. We do see opportunity to leverage that spend and look at how we're procuring the advertising in a more efficient way. And of course, we're always doing work to test the effectiveness of the advertising and make sure that we're being not only efficient but also effective in how we're spending it. As you know, Brian Povinelli joined as our new CMO in mid-February. He's been out engaging with our franchisees, with our agencies and with our marketing committees and we, again, see an opportunity to continue with good success coming through Q1 with the new brand messaging, it landed well. And we saw favorability in visits to our website, favorability and search and the effectiveness of how that marketing messaging landed, as I referenced in my remarks. But more to come as as Brian kind of gets his arms rounded as well.

因此，我們非常強大的廣告基金每年都在成長。我們確實看到了利用這些支出的機會，並研究如何以更有效的方式購買廣告。當然，我們一直在努力測試廣告的有效性，並確保我們的廣告支出不僅高效，而且有效。如您所知，Brian Povinelli 於二月中旬加入我們，擔任新任 CMO。他一直在與我們的特許經營商、代理商和行銷委員會進行接觸，我們再次看到了透過新的品牌訊息在第一季度繼續取得良好成功的機會，這一舉措取得了良好的效果。正如我在評論中提到的那樣，我們看到了網站訪問量的青睞度、搜尋量的青睞度以及行銷訊息傳達的有效性。但隨著布萊恩的手臂逐漸彎曲，接下來還有更多的事情要做。

Appreciate the color.

欣賞色彩。

Martin Mitela from Raymond James

雷蒙德詹姆斯的馬丁米特拉

This is Martin on for Joe Altobello. I was just wondering about (inaudible) this quarter. Was that sort of within expectations? Or just trying an idea around there.

這是馬丁代替喬·阿爾托貝洛上場。我只是對本季的情況感到疑惑（聽不清楚）。這在意料之中嗎？或者只是嘗試一下那裡的想法。

Yes. That was within our expectations. We felt good about that result. And as Colleen has alluded, right, I think the franchisees, we're pleased with the first quarter and the cadence of -- and effectiveness of the promotion so we feel good about where we're at and not only on the member trends but the entire P&L.

是的。這在我們的預料之中。我們對這個結果感到滿意。正如科琳所暗示的，我認為對於特許經營商來說，我們對第一季的業績以及促銷的節奏和效果感到滿意，因此我們對目前的狀況感到滿意，不僅對會員趨勢，而且對整個損益表也感到滿意。

And can you just speak to churn? I mean not necessarily about the click to cancel, but given the price increase.

能談談客戶流失嗎？我的意思不一定是點擊取消，而是考慮到價格上漲。

Yes. I mean, churn continues to run in line with our expectations, had gotten down to kind of historical norms after the price increase pretty quickly last year, and we're continuing to see those trends -- so in line with our expectations and pretty consistent year-over-year.

是的。我的意思是，客戶流失率繼續按照我們的預期運行，在去年價格上漲後已經恢復到歷史正常水平，而且我們繼續看到這些趨勢 - 因此符合我們的預期並且與去年同期相比相當一致。

Great. Thank you very much and.

偉大的。非常感謝。

Good luck.

祝你好運。

Alex Perry from Bank of America

美國銀行的亞歷克斯·佩里

This is Lucas Hutson on for Alex. Just considering -- are you guys considering any other changes to the club format? You recently added straight equipment, which was met with positive reception. Are you considering any new equipment adds?

這是盧卡斯赫特森 (Lucas Hutson) 為亞歷克斯 (Alex) 表演的節目。只是考慮一下——你們是否考慮對俱樂部形式做出其他改變？您最近添加了直通設備，並獲得了積極的反響。您是否考慮添加任何新設備？

I'll start. We're testing a couple of different formats and different levels of amenities in some clubs as well, we added the minimal 3 pieces of plate-loaded across 65% of the estate last year. We've got -- we've got a number of clubs that have augmented the number of pieces of plate-loaded and continuing to test other strength modalities in a number of clubs. So we believe it's important that we are -- that we continue to be kind of a test and learn environment, so we're always testing new pieces of equipment and in communication with our equipment manufacturers to understand kind of what are the hottest pieces following trends, listening to our consumers and our members and we'll continue to test, again, be a test and learn environment.

我先開始。我們也在一些俱樂部測試了幾種不同形式和不同等級的設施，去年我們在 65% 的莊園內增加了最少 3 塊板式設施。我們有許多俱樂部增加了載重板的數量，並繼續在許多俱樂部中測試其他力量訓練方式。因此，我們認為重要的是我們要繼續保持一種測試和學習的環境，所以我們總是在測試新的設備，並與我們的設備製造商溝通，以了解哪些是最熱門的設備，緊跟潮流，傾聽我們的消費者和會員的意見，我們將繼續測試，再次，保持一種測試和學習的環境。

Very helpful. And then a quick follow-up for me. Are you guys going to change any of the Black Card offering or adding or looking at adding any other premium offerings for the Black Card members?

非常有幫助。然後對我進行快速跟進。你們會改變黑卡的任何優惠嗎？或會為黑卡會員增加或考慮增加任何其他優質優惠嗎？

I'll talk a little bit about that. We have in a number of our clubs added some Red Light that has performed quite well. We've tested spreading in some of our clubs and in certain geographies. And some of that has been well received as well. And we're looking at some other without signaling all of the things that we're looking at. There are some other amenities that that we're evaluating for the optimization of the Black Card spots.

我將稍微談論一下這一點。我們在一些俱樂部中增加了一些 Red Light，效果相當不錯。我們已經在一些俱樂部和某些地區進行了傳播測試。其中一些也受到了好評。我們正在觀察其他事物，但並沒有表明我們正在觀察的所有事物。我們正在評估一些其他設施，以優化黑卡點。

Perfect. Well, good luck in the quarter.

完美的。好吧，祝本季好運。

JP Wallam from Roth Capital Partners.

羅斯資本合夥公司的 JP Wallam。

Great, good morning. Thanks for taking my questions. If we could just start 2 quick questions on development. One, could you just kind of touch on big box availability been somewhat challenged recently? And then the second one is sort of a follow-up to an earlier question, but I would assume that kind of with the development guide, most of those units are whether under construction or at least kind of in the process, but I'm wondering, just given the macro environment and kind of tariff concerns, how much are you having conversations with franchisees about future pipeline and maybe some hesitancy there? .

太好了，早安。感謝您回答我的問題。我們是否可以就開發問題提出兩個簡短的問題？首先，您能否簡單談談最近大賣場的供應是否遇到了一些挑戰？然後第二個問題是對先前問題的跟進，但我認為根據開髮指南，大多數單位都在建設中或至少處於過程中，但我想知道，考慮到宏觀環境和關稅問題，您與特許經營商就未來管道進行了多少次對話，也許有些猶豫？。

Maybe I'll start and then, Jay, you can get into some of the specifics on on tariff. So from a big box availability standpoint, it really is a tale of different geographies. There are some geographies where we're seeing availability ease and then there are other geographies that have remained a bit tighter. There is some -- there have been a number of big-box retailers that have announced closures.

也許我會開始，然後，傑伊，你可以談談有關關稅的一些具體細節。因此，從大盒子可用性的角度來看，這確實是一個不同地理位置的故事。在某些地區，我們看到供應情況有所緩解，而在其他地區，供應情況仍然比較緊張。有一些——已經有許多大型零售商宣布關閉。

We've talked about that on prior calls. I think it was a JLL article a couple of months ago that talked about kind of a forecast of 9,900 significant retail closures on the horizon, and we're continuing to see retail bankruptcies. So -- we do believe that there will be more and more second-generation space coming available based on what we're reading both consumer sentiment and what we're seeing in the broader retail sector. So that's just a touch on the macro.

我們在之前的通話中已經討論過這個問題。我認為幾個月前 JLL 的一篇文章預測即將有 9,900 家大型零售店倒閉，而且我們還在繼續看到零售店破產。因此，根據我們對消費者情緒以及更廣泛的零售業的觀察，我們確實相信將會有越來越多的第二代空間出現。這只是宏觀層面上的一點觸碰。

And as far as bigger box availability, we do have some franchisees that are traditionally building larger than a 20,000 square foot cloud, maybe upwards of a 30,000 square foot club. But again, the availability is really -- it varies by geography. And I'll let Jake get into some of the specifics. But again, as I mentioned in my remarks, from a tariff impact standpoint, given what we have line of sight to today, so tariffs at the current levels, we don't see a material impact, and that gave us the confidence to reiterate our openings guidance for this year. But Jay, I don't know if you want to

至於更大的包廂可用性，我們確實有一些特許經營商傳統上正在建造面積超過 20,000 平方英尺的雲，甚至可能超過 30,000 平方英尺的俱樂部。但同樣，可用性確實因地理位置而異。我會讓傑克來講解一些具體細節。但是，正如我在發言中提到的那樣，從關稅影響的角度來看，考慮到我們今天的視線，目前的關稅水平，我們看不到實質性的影響，這使我們有信心重申今年的開業指導。但是傑伊，我不知道你是否想

Yeah, just to follow up on that, I mean, the tariffs and certainly one of the biggest impacts is the equipment and that, I mean, the team has done great work across the board to mitigate the impact, but certainly on the equipment. At tariff levels, at the current levels that they're at, we feel good and not overly material, and that's embedded in the guidance that we've reiterated.

是的，只是為了跟進這一點，我的意思是，關稅當然是最大的影響之一就是設備，我的意思是，團隊已經在各個方面做了大量工作來減輕影響，但肯定是在設備上。在關稅水平上，在目前的水平上，我們感覺良好，而且不是過於物質化，這已經包含在我們重申的指導中。

We do have line of sight kind of to your question around, or, top of mind is the build out costs to your point, for 25, we've reiterated the development plans and, many of the franchisees are very far down the path in terms of leases and construction, but. That said, we, the team also was working on certain build out materials to work with the vendors, whether they, that's HVAC or other things to really, do what we can to offset the impact of the tariffs. So that's another body of work, that the team is doing today.

我們確實對您的問題有所了解，或者，首先想到的是建設成本，就您的觀點而言，對於 25 家店，我們重申了發展計劃，而且許多特許經營商在租賃和建設方面已經走了很遠，但是。也就是說，我們團隊也在研究某些建築材料，以便與供應商合作，無論是暖通空調還是其他東西，盡我們所能抵消關稅的影響。這是團隊今天正在進行的另一項工作。

We've got a little bit less line of sight to, exactly how it's all going to slow down, from a GC cost impact, but again, it's something that we think we can manage through. And work to offset in '25, and then, as we think about it, we haven't provided long term guidance at this point, we are expecting to have an investor day later in the year where we'll give more color on that.

從 GC 成本影響來看，我們對這一切將如何減緩的了解還不夠多，但我們認為我們可以克服它。並努力在 25 年抵消損失，然後，當我們考慮這個問題時，我們目前還沒有提供長期指導，我們預計在今年晚些時候會有一個投資者日，屆時我們將對此提供更多說明。

Maybe just to add two other points on that. Again, with -- if there's greater tariff impact in other sectors, and building flows in other sectors that could have some favorability again speculative at this point, but that could have some favorability on construction labor costs, GC cost and trades and subs. And the other thing I'll say is we -- this is a pretty low OpEx model -- so we're not burdened with a heavy OpEx impact from tariffs. And lastly, the most important thing to unit economics is the top line. And as we're seeing our marketing messaging land, we saw good joint volume coming out of the quarter. And our format -- the newly optimized format is resonating with consumers. I think the top line is the most important component. We're keenly focused on that.

也許只是想補充另外兩點。再說一次，如果關稅對其他行業的影響更大，並且其他行業的建築流量可能會在此時再次產生一些有利的投機性影響，但這可能會對建築勞動力成本、 GC 成本以及交易和分包產生一些有利的影響。我想說的另一件事是，這是一個相當低的營運成本模式，因此我們不會受到關稅帶來的沉重營運成本影響。最後，對單位經濟學來說最重要的是營業收入。如我們所見，我們的行銷訊息傳遞到本季度，我們發現聯合交易量表現良好。我們的格式－新優化的格式引起了消費者的共鳴。我認為頂線是最重要的組成部分。我們非常關注這一點。

Understood. I appreciate the color there. If I could just one follow-up on member rejoins. I know over the last few quarters, you've talked about it being strong. So one, that strength continue through your strong winter season? And two, any comments on how you're seeing black card in terms of members rejoining? .

明白了。我很欣賞那裡的色彩。如果我能夠跟進一下成員重新加入的情況。我知道在過去的幾個季度裡，您一直在談論它的強勁表現。那麼，這種強勁的勢頭能持續到你整個冬季嗎？第二，您對黑卡會員重新加入有何看法？。

So we don't bifurcate, we do internally, but we don't share a bifurcation of Black Card rejoin versus classic rejoing. We shared last year Q3, we had a 38% rejoin rate; Q4, 37% rejoin rate. Was a little bit lower in Q1. But keep in mind, it's it's on a higher base of joins, right? So still very, very strong mid-30s rejoin rate in Q1.

因此，我們不會分叉，我們內部會分叉，但我們不會將黑卡重新加入與經典重新加入進行區分。我們分享了去年第三季的數據，我們的重新加入率為 38%； Q4，重新加入率為37%。第一季略低。但請記住，它處於更高的連接基礎上，對嗎？因此，第一季的重新加入率仍然非常非常高，達到 35%。

I appreciate the color and best of luck going forward.

我很欣賞這種顏色，並祝你未來好運。

Randy Konik from Jefferies

Jefferies 的 Randy Konik

Hey guys, how are you? Sorry, I've been we're dealing with a ton of calls this morning, so I apologize if you kind of addressed this. But maybe Colleen, just talk through, give us an update on not just pain but just kind of other markets or how you're thinking about international development beyond not just this year, but like in the next few years, how do we think about that part of the model going forward? .

嘿夥計們，你們好嗎？抱歉，今天早上我們接了很多電話，所以如果您能解決這個問題，我深表歉意。但是也許科琳，只是談談，給我們帶來最新消息，不僅僅是痛苦，還有其他市場，或者你如何看待不僅僅是今年，而且在未來幾年的國際發展，我們如何看待未來模型的這一部分？。

Yes. So thanks for the question, Randy, and good to hear from you. Our Spain clubs are performing very well. We're seeing ramps on those clubs that are equal to or, in some cases, even slightly favorable to our domestic ramps. So I'm really encouraged about how the brand is resonating in -- in our first European market. So while we're not ready to talk about which markets will go to next, I guess you can read -- you can glean from that, that the brand is performing well in our first European market.

是的。謝謝你的提問，蘭迪，很高興收到你的來信。我們的西班牙俱樂部表現非常出色。我們看到這些俱樂部的坡度與我們國內的坡度相同，或者在某些情況下甚至略微優於國內的坡度。因此，我對該品牌在我們的第一個歐洲市場所獲得的迴響感到非常鼓舞。因此，雖然我們還沒有準備好談論下一步將進入哪些市場，但我想您可以從中看出，該品牌在我們的第一個歐洲市場表現良好。

We spent some time in Australia this past quarter and great performance, great cloud performance there. Participated in a grand opening with the team and had an opportunity to talk to not only some members, but one of the -- one of the largest retail landlords in Australia, spent some time with a couple of representatives from that organization. And again, brand is resonating really well. Numbers are very strong. So we continue to see international as part of our growth road map.

上個季度我們在澳洲待了一段時間，那裡的業績非常出色，雲端運算效能也非常好。與團隊一起參加了盛大的開幕儀式，並有機會與一些成員交談，而澳洲最大的零售業主之一也與該組織的幾位代表進行了交談。再次，品牌引起了很好的共鳴。數字非常強大。因此，我們繼續將國際化視為我們成長路線圖的一部分。

Super helpful. And then again, I don't know if you addressed this, but I'll ask it.

超有幫助。再說一次，我不知道您是否解決了這個問題，但我會問。

We had heard in the pipeline that I think franchisees were happy with, as you change the white card to 15, it gets closer from price point to the black card, almost encouraging a new member to kind of join the black black card relative to the white card. Given that relative value, maybe kind of update us on that kind of framework if that is happening, and if that is, how do you think about the cadence of, black card price change again over the next few years? How should we think about that? Thanks.

我們在頻道中聽到的消息是，我認為特許經營商對此感到滿意，因為當你將白卡改為 15 時，它的價格點會更接近黑卡，幾乎鼓勵新會員加入黑卡而不是白卡。考慮到相對價值，如果發生這種情況，也許可以向我們更新這種框架，如果發生這種情況，您如何看待未來幾年黑卡價格變化的節奏？我們該如何看待這個問題？謝謝。

Yes. So I did touch on this a little bit earlier, better than when you were on another call. We will -- we're going to anniversary the classic card price increase before we make a decision to move on Black Card. What we have seen, again, looking at what's most accretive to AUVs, we have seen significant favorability in Black Card penetration with the narrowed gap now roughly $10, $9.99 between classic and black. We are no longer running the $27.99 test in the $29.99. We've maintained $29.99 in a number of geographies, we sunset $27.99 because we weren't seeing a material difference between the $27.99 and the $29.99.

是的。因此，我確實早些時候談到了這一點，比你在另一個電話中談到的要好一些。我們會—在決定推出黑卡之前，我們將慶祝經典卡價格上漲一週年。再次，我們看到，從最能增加 AUV 的因素來看，黑卡的滲透率明顯上升，經典卡和黑卡之間的差距縮小到約 10 美元、9.99 美元。我們不再以 29.99 美元的價格運行 27.99 美元的測試。我們在多個地區都維持了 29.99 美元的價格，但我們取消了 27.99 美元的價格，因為我們沒有發現 27.99 美元和 29.99 美元之間有實質性的差異。

And the other thing I touched on is we're looking at the Black Card spa offerings. We started some things like Red Light Therapy and cryo spray tanning. So we're continuing to evaluate the Black Card offerings and what's resonating most with consumers. And all of that will help inform when it's the right time to make a move on Black Card pricing. And the other thing I said earlier is that we have traditionally taken price on Black Card with more frequency where we've anchored to kind of classic as the entry price point for a longer span. So you'll continue to see us take a look at Black Card pricing and take Black Card pricing on a periodic basis.

我提到的另一件事是我們正在研究黑卡水療服務。我們開始進行一些諸如紅光療法和冷凍噴霧曬黑之類的療法。因此，我們將繼續評估黑卡產品以及最能引起消費者共鳴的產品。所有這些都將有助於判斷何時是採取黑卡定價行動的正確時機。我之前說過的另一件事是，我們傳統上會更頻繁地對黑卡進行定價，並且我們會在較長時間內將經典款作為入門價格點。因此，您將繼續看到我們定期查看黑卡定價並採用黑卡定價。

Super helpful. Thanks.

超有幫助。謝謝。

Thanks, Randy.

謝謝，蘭迪。

This concludes our question-and-answer session. I would like to turn the call back over to Colleen for closing remarks.

我們的問答環節到此結束。我想將電話轉回給科琳，請她做最後發言。

Thank you. Thank you, operator, and thank you for the thoughtful questions. I'll just close by saying that I'm quite encouraged by our performance during the first quarter of 2025. We continue to be focused on boosting the economic value proposition for all our stakeholders. As a franchisor, franchisees and members to ultimately deliver even more value for our shareholders. Thank you.

謝謝。謝謝接線員，也謝謝您提出的這些深思熟慮的問題。最後，我想說，我們對 2025 年第一季的表現感到非常鼓舞。我們將繼續致力於提升所有利害關係人的經濟價值主張。作為特許經營商，特許經營商和會員最終將為我們的股東創造更多價值。謝謝。

Please concludes the day conference, you mean now disconnect.

請結束當天的會議，你的意思是現在就斷開連線。