Planet Fitness Inc (PLNT) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Joel, and I will be your conference operator today. At this time, I would like to welcome everyone to the second quarter Planet Fitness Earnings Call. (Operator Instructions) I would now like to turn the conference over to Stacey Caravella Caravella, VP of Investor Relations. You may begin.

感謝您的支持。我叫喬爾，今天我將擔任您的會議主持人。現在，我歡迎大家參加第二季 Planet Fitness 收益電話會議。（操作員指示）現在，我想將會議交給投資者關係副總裁 Stacey Caravella Caravella。你可以開始了。

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包括 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 Second Quarter Earnings Call. We're excited to be joining you from the New York Stock Exchange, where we will be ringing the closing bell today and celebration of our tenth anniversary as a public company. Over the past decade, through a steadfast commitment to our mission and purpose, we've added nearly 14 million members, expanded our global footprint by more than 1,700 clubs and established a presence in all 50 states and four additional countries.

謝謝你，史泰西，也謝謝大家參加 Planet Fitness 第二季財報電話會議。我們很高興能與你們一起在紐約證券交易所敲響收盤鐘，慶祝我們作為上市公司成立十週年。在過去的十年中，透過堅定不移地履行我們的使命和宗旨，我們增加了近 1400 萬會員，將我們的全球影響力擴大了 1700 多個俱樂部，並在所有 50 個州和其他四個國家建立了業務。

Today, we have 2,762 clubs and 20.8 million members around the planet. We are proud of our accomplishments and confident in our even greater opportunity ahead as consumers increasingly prioritize their health and well-being. Planet Fitness is uniquely positioned to meet that demand with our judgment-free, high-quality and affordable fitness experience. Our reach is unparalleled, with a Planet Fitness club within a 12-minute drive of 170 million people in the US. At the same time, with population growth and deurbanization over the past several years, we see increasing opportunities to bring Planet Fitness' high-value offering to an ever-growing community of fitness-minded consumers in more geographies than ever before.

如今，我們在全球擁有 2,762 個俱樂部和 2,080 萬名會員。隨著消費者越來越重視他們的健康和福祉，我們為自己的成就感到自豪，並對未來更大的機會充滿信心。Planet Fitness 憑藉其無偏見、高品質且價格合理的健身體驗，在滿足這一需求方面具有獨特的優勢。我們的覆蓋範圍無與倫比，在美國，距離 1.7 億人口 12 分鐘車程內就有一個 Planet Fitness 俱樂部。同時，隨著過去幾年人口的增長和城市化進程的加快，我們看到越來越多的機會將 Planet Fitness 的高價值產品帶給比以往任何時候都多的地區不斷增長的健身消費者群體。

Gen Z continues to be the fastest-growing segment of our membership. The ongoing success of initiatives like our high school summer pass now in its fifth year as already outpacing last year's sign-ups and workouts highlights the continued strength and potential of our model. Gen Z is highly fitness aware, and there are still three years of this population that aren't yet of age to join our clubs. In fact, we have twice the unaided awareness versus our next closest gym peer and that gap is even greater among Gen Zs.

Z 世代繼續成為我們會員中成長最快的群體。我們的高中暑期通行證等計畫已進入第五個年頭，其持續成功已經超過了去年的報名和鍛鍊人數，凸顯了我們模式的持續實力和潛力。Z 世代具有高度的健身意識，其中仍有三年尚未達到加入我們俱樂部的年齡。事實上，我們的無輔助意識是緊隨其後的健身房同齡人的兩倍，而 Z 世代的差距甚至更大。

At the next generation, Gen Alpha is expected to be even more focused on health and well-being. In the second quarter, we delivered strong financial performance and remain confident in our full year outlook for 2025. We ended the quarter with approximately 20.8 million members an 8.2% systemwide same club sales growth. We added 23 new clubs ending the quarter with a global club count of 2,762.

預計下一代 Alpha 世代將更加關注健康和福祉。第二季度，我們取得了強勁的財務業績，並對 2025 年全年前景充滿信心。本季結束時，我們約有 2,080 萬名會員，全系統同店銷售額成長 8.2%。截至本季末，我們新增了 23 傢俱樂部，全球俱樂部總數達到 2,762 家。

I'd now like to review the progress we've made on our four strategic imperatives during the second quarter. As a reminder, these four strategic imperatives are redefining our brand promise and communicating it through our marketing, enhancing our member experience, refining our product and optimizing our format and accelerating new club growth. Let me start with redefining our brand promise.

現在，我想回顧一下我們在第二季在四大策略重點上的進展。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，增強我們的會員體驗，改善我們的產品和優化我們的形式並加速新俱樂部的成長。首先，我要重新定義我們的品牌承諾。

In the second quarter, we continued with our We Are All Strong On This Planet marketing campaign that highlights our best-in-class strength equipment are welcoming atmosphere and the supportive community that we offer. We continue to see strong black card penetration with 65.8% of our membership at that tier as of the end of the quarter, a 340 basis point increase from the second quarter of last year.

在第二季度，我們繼續進行「我們都是這個星球上的強者」行銷活動，重點是我們一流的力量設備、熱情的氛圍和我們所提供的支持性社群。我們繼續看到黑卡滲透率的強勁增長，截至本季末，我們的黑卡會員佔比為 65.8%，比去年第二季增加了 340 個基點。

Consumers continue to recognize the value of the Black Card, with the gap between the Classic and Black Card memberships only $10. That said, it's not a question of if, it's a question of when we implement a Black Card price increase. We wanted to anniversary the Classic Card price increase and will evaluate the impact of the online cancel functionality before making a timing decision on a Black Card price change.

消費者繼續認可黑卡的價值，經典卡和黑卡會員費之間的差距僅為 10 美元。話雖如此，這不是是否的問題，而是何時實施黑卡價格上漲的問題。我們希望慶祝經典卡價格上漲週年，並將在決定黑卡價格變動的時間之前評估線上取消功能的影響。

Now to member experience and format optimization. Our commitment to providing a positive member experience starts with a member's very first interaction with our brand. For many on the goals, that initial connection is being forced this summer. As I noted earlier, high school summer past initial results are outpacing last year. It's exciting to see so many young people embracing their fitness journeys and even more so that they're choosing Planet Fitness to support them along the way.

現在來談談會員體驗和格式優化。我們致力於提供正面的會員體驗，從會員與我們品牌的第一次互動開始。對於許多有此目標的人來說，最初的聯繫是在今年夏天被迫建立的。正如我之前提到的，高中暑假的初步結果已經超過了去年。看到這麼多年輕人踏上健身之旅，我們感到非常興奮，更高興的是，他們選擇 Planet Fitness 來為他們提供支持。

In line with our members first philosophy, we completed our national rollout of the online cancel functionality in May despite the Federal Appeals Court ruling that block the -- role. We are proud to lead by doing the right thing for our members and simplifying their ability to manage their membership with us. As a reminder, this was an option that we offered in more than 35% of our system before the end of Q1, including all of our corporate clubs where we enabled it more than a year ago.

本著會員至上的理念，儘管聯邦上訴法院的裁決阻止了這一角色，但我們還是在 5 月完成了線上取消功能的全國推廣。我們很自豪能夠為我們的會員做正確的事情並簡化他們管理會員資格的能力。提醒一下，這是我們在第一季末之前在超過 35% 的系統中提供的選項，包括我們一年多前啟用該選項的所有企業俱樂部。

We are seeing a higher attrition rate now that this functionality is live across our system. This is contemplated in our same club sales outlook that Jay will address in his comments. In alignment with our core values and commitment to integrity and excellence, we believe this is the right thing to do, both to support our members and their experience and as the industry leader. In Q2, we once again had a mid-30% rejoin rate and believe that allowing members to more easily manage their membership will only benefit us when they think about rejoining a club in the future.

自從此功能在我們的系統中上線以來，我們看到了更高的流失率。這與我們對俱樂部銷售前景的預期一致，Jay 將在評論中談到這一點。秉承我們的核心價值和對誠信與卓越的承諾，我們相信這是正確的做法，既可以支持我們的會員及其體驗，又可以作為行業領導者。在第二季度，我們的重新加入率再次達到 30% 左右，我們相信，當會員將來考慮重新加入俱樂部時，讓會員更輕鬆地管理他們的會員資格只會對我們有利。

And finally, our efforts to accelerate new club growth. We are steadfastly focused on unit economics and believe that franchisee success fuels franchise or success. We continue to refine our product offering and operational efficiencies to maximize the economic value proposition while delivering the most relevant on brand experience for our members. Our goal is to drive the top line while enhancing the bottom line to realize the tremendous growth opportunity we have in the US and beyond.

最後，我們努力加速新俱樂部的發展。我們堅定地專注於單位經濟，並相信特許經營者的成功將推動特許經營的成功。我們不斷改進我們的產品供應和營運效率，以最大限度地提高經濟價值主張，同時為我們的會員提供最相關的品牌體驗。我們的目標是提高營業收入，同時提高利潤，以實現我們在美國及其他地區的巨大成長機會。

Internationally, Jay and I were in Spain in July to celebrate the opening of our ninth club located in Madrid Chamartin. The milestone came just a week after the 1-year anniversary of our first club in Spain. It was incredible to experience firsthand how the brand is being brought to life by the team in both newly built and a couple of conversion clubs. Seeing our brands continue to grow in new markets is extremely rewarding and a testament to our global appeal. Our success in bringing the brand to life in Europe is another proof point to support the long-term club growth opportunities for Planet Fitness.

在國際上，傑伊和我 7 月在西班牙慶祝位於馬德里查馬丁的第九傢俱樂部的開幕。這個里程碑發生在我們在西班牙的第一個俱樂部成立一周年後。親身體驗團隊如何在新建俱樂部和幾個改建俱樂部中將品牌帶入生活，真是令人難以置信。看到我們的品牌在新市場中不斷發展壯大，這令人感到非常欣慰，也證明了我們的全球吸引力。我們成功地將品牌帶入歐洲，這是支持 Planet Fitness 俱樂部長期發展機會的另一個證明。

We look forward to providing more insight into our strategy for both domestic and international growth at our Investor Day in November. Earlier this week, we executed an agreement for the sale of our eight corporate clubs in California to a franchisee in the market. This transaction reflects our commitment to recycling capital where appropriate and advancing our asset-light model. This sale also allows us to focus our resources on our corporate-owned clubs on the East Coast where we are more densely concentrated and, therefore, can operate more efficiently.

我們期待在 11 月的投資者日上提供更多關於我們國內和國際成長策略的見解。本週早些時候，我們簽署了一項協議，將我們在加州的八家企業俱樂部出售給市場上的特許經營商。此次交易體現了我們致力於在適當的情況下回收資本並推動輕資產模式的承諾。此次出售也使我們能夠將資源集中在東海岸的公司自有俱樂部上，因為這些俱樂部的人員更加密集，因此可以更有效率地運作。

Now I will turn it over to Jay.

現在我將把話題交給傑伊。

Thanks, Colleen. We're pleased to deliver another quarter of strong results, and we're on track to achieve our full year growth target. We are well positioned for the long term to further expand our leading market share given the strength of our value proposition in the fitness industry, combined with the proven resilience of our asset-light business model. Demand for our offering is strong as evidenced by our 16 straight quarters of mid-single-digit or higher same club sales growth.

謝謝，科琳。我們很高興再次取得強勁的季度業績，並且我們有望實現全年成長目標。憑藉我們在健身行業的價值主張的強大，加上我們輕資產業務模式的成熟韌性，我們完全有能力長期進一步擴大領先的市場份額。我們產品的需求強勁，這從我們連續 16 個季度的同店銷售額中位數或更高的成長中可見一斑。

Before I review our second quarter financial performance, I'd like to address three topics. The rollout of online membership management, the agreement to sell our California clubs to a local franchisee in the market and our latest thinking on tariffs. We remain committed to delivering a great member experience, and we want to make the cancellation process seamless at the join process.

在回顧我們第二季的財務表現之前，我想先談三個主題。線上會員管理的推出、將我們的加州俱樂部出售給市場上的當地特許經營商的協議以及我們對關稅的最新想法。我們始終致力於提供出色的會員體驗，並希望在加入過程中使取消流程變得無縫銜接。

As Colleen noted, we now provide our members the ability to manage their membership conveniently online. As you recall, more than 35% of our system had online cancel functionality before the end of Q1, including all of our corporate clubs where we enabled them more than one year ago. As a reminder, generally, the largest impact of the attrition rate occurs in the first couple of months after implementing this functionality and diminishes as time goes on. We're seeing a slightly elevated cancel rate in both the clubs that had online canceled before Q2 and those that rolled out during the quarter. The rate is up less in the legacy cohort of clubs compared to the others.

正如科琳所說，我們現在為會員提供線上便捷管理會員資格的功能。您還記得，在第一季末之前，我們系統中超過 35% 都具備了線上取消功能，其中包括我們一年多前啟用該功能的所有企業俱樂部。提醒一下，一般來說，流失率的最大影響發生在實施此功能後的頭幾個月，並隨著時間的推移而減少。我們發現，無論是第二季之前線上取消的俱樂部，還是本季新推出的俱樂部，取消率都略有上升。與其他俱樂部相比，傳統俱樂部的成長率較低。

These impacts are included in our outlook in same club sales growth guidance for the year.

這些影響已包含在我們對今年同一俱樂部銷售額成長預測的展望中。

Now to the agreement to sell our California corporate clubs, we continue to believe in our asset-light, highly franchised model and reiterate our plans to an approximately 10% of the fleet. To contextualize the impact on the sale of these clubs, we expected these clubs to contribute approximately $7 million to our revenue and approximately $2 million to our adjusted EBITDA for the balance of the year, assuming an end of August close. These impacts are also contemplated in our outlook for the year.

現在，對於出售我們加州企業俱樂部的協議，我們繼續相信我們的輕資產、高度特許經營模式，並重申我們的計劃，將俱樂部的規模擴大到約 10%。為了具體說明出售這些俱樂部的影響，我們預計這些俱樂部將在 8 月底結束交易後為我們的收入貢獻約 700 萬美元，並為我們今年餘下的調整後 EBITDA 貢獻約 200 萬美元。我們對今年的展望也考慮到了這些影響。

Finally, given that our fitness brand that sells an experience, we are generally less impacted by tariffs and have implemented mitigation plans such as leveraging our scale to negotiate with manufacturers exploring alternative markets for producing products and bringing equipment into the US on an accelerated basis.

最後，鑑於我們的健身品牌銷售的是體驗，我們通常受關稅的影響較小，並且已經實施了緩解計劃，例如利用我們的規模與製造商進行談判，探索替代市場來生產產品並加速將設備引入美國。

Now to our second quarter results. All of my comments regarding our second quarter performance will be comparing Q2 2025 to Q2 of last year, unless otherwise noted. We opened 23 new clubs compared to 18. We delivered system-wide same club sales growth of 8.2% in the second quarter. Franchise same club sales increased 8.3% and corporate same club sales increased 7.0%.

現在來看看我們的第二季業績。除非另有說明，我對我們第二季業績的所有評論都將把 2025 年第二季與去年第二季進行比較。我們開設了 23 家新俱樂部，之前有 18 家。我們第二季的全系統同店銷售額成長了 8.2%。特許經營同店銷售額成長 8.3%，企業同店銷售額成長 7.0%。

Approximately 70% of our Q2 comp increase was driven by rate growth with the balance driven by net membership growth.

我們第二季的同店銷售額成長中約有 70% 是由費率成長推動的，其餘部分則是由淨會員數成長推動的。

Black Card penetration was 65.8% at the end of the quarter, an increase of 340 basis points from the prior year. and a sequential increase of approximately 90 basis points from Q1. For the second quarter, total revenue was $340.9 million compared to $300.9 million, an increase of 13.3%. The increase was driven by revenue growth across all three segments. An 11% 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 franchisee fees.

本季末，黑卡滲透率為 65.8%，比上年增加 340 個基點，較第一季較上季增加約 90 個基點。第二季總營收為 3.409 億美元，去年同期為 3.009 億美元，成長 13.3%。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% 主要是由於同一俱樂部銷售額增加以及新俱樂部的特許權使用費收入增加、全國廣告資金增加以及特許經營費增加。

For the second quarter, the average royalty rate was 6.7%, up from 6.6% in the prior year. The 10.8% increase in revenue in the corporate owned club segment was primarily driven by increased same club sales as well as sales from new clubs. Equipment segment revenue increased 21.5%. The increase was primarily driven by higher revenue from replacement equipment sales. We completed 19 new club placements this quarter compared to 18 last year.

第二季度，平均特許權使用費率為 6.7%，高於去年同期的 6.6%。公司自有俱樂部部門營收成長 10.8%，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。設備部門收入成長21.5%。成長主要得益於替換設備銷售收入的增加。本季我們完成了 19 個新俱樂部的安置，而去年為 18 個。

For the quarter, replacement equipment accounted for 87% of total equipment revenue compared to 84%. Our cost of revenue, which primarily relates to the cost of equipment sales to franchisee-owned clubs amounted to $59.4 million compared to $51.9 million. Club operations expense, which relates to our corporate-owned club segment increased 10.4% to $77.4 million from $70.2 million. The increase was primarily due to operating expenses from 25 new clubs opened since April 1, '24.

本季度，更換設備佔總設備收入的 87%，去年同期為 84%。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 5,940 萬美元，而之前為 5,190 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 7,020 萬美元增加 10.4% 至 7,740 萬美元。成長的主要原因是自 2024 年 4 月 1 日以來開設的 25 家新俱樂部的營運費用。

SG&A for the quarter was $35.5 million compared to $31.6 million while adjusted SG&A was $33.9 million compared to $30.1 million, an increase of 12.4%. The primary driver of the increase to adjusted SG&A was higher compensation expense from recent executive hires. National advertising fund expense was $22.8 million compared to $20.1 million, an increase of 6.7%. Net income was $58.3 million. Adjusted net income was $72.6 million and adjusted net income per diluted share was $0.86.

本季銷售、一般及行政費用為 3,550 萬美元，而去年同期為 3,160 萬美元；調整後銷售、一般及行政費用為 3,390 萬美元，而去年同期為 3,010 萬美元，成長 12.4%。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的薪資支出增加。全國廣告基金支出為 2,280 萬美元，去年同期為 2,010 萬美元，成長 6.7%。淨收入為5830萬美元。調整後淨收入為 7,260 萬美元，調整後每股攤薄淨收入為 0.86 美元。

Adjusted EBITDA was $147.6 million, an increase of 15.8% year-over-year and adjusted EBITDA margin was 43.3% compared to $127.5 million with adjusted EBITDA margin of 42.4%. By segment, franchise adjusted EBITDA was $86.5 million and adjusted EBITDA margin increased from 71.9% to 72.3%. Corporate club adjusted EBITDA was $56.6 million, and adjusted EBITDA margin increased from 39.5% to 40.7%. Equipment adjusted EBITDA was $26.4 million, and adjusted EBITDA margin increased from 27.4% to 32.1%.

調整後的 EBITDA 為 1.476 億美元，年成長 15.8%，調整後的 EBITDA 利潤率為 43.3%，而去年同期為 1.275 億美元，調整後的 EBITDA 利潤率為 42.4%。按部門劃分，特許經營調整後的 EBITDA 為 8,650 萬美元，調整後的 EBITDA 利潤率從 71.9% 上升至 72.3%。企業俱樂部調整後的 EBITDA 為 5,660 萬美元，調整後的 EBITDA 利潤率從 39.5% 上升至 40.7%。設備調整後的 EBITDA 為 2,640 萬美元，調整後的 EBITDA 利潤率從 27.4% 增加到 32.1%。

Now turning to the balance sheet. As of June 30, 2025, we had total cash, cash equivalents and marketable securities of $582.5 million compared to $529.5 million on December 31, 2024, which included $56.5 million of restricted cash in each period.

現在轉向資產負債表。截至 2025 年 6 月 30 日，我們的現金、現金等價物及有價證券總額為 5.825 億美元，而 2024 年 12 月 31 日為 5.295 億美元，其中包括每個期間 5,650 萬美元的受限現金。

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. We continue to expect between 160 and 170 new clubs, which include both franchise and corporate locations. We expect that the quarterly cadence will be weighted towards the fourth quarter of 2025, even more so than last year. We continue to expect between 130 and 140 equipment placements in new franchise clubs.

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。我們預計將有 160 至 170 家新俱樂部，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 2025 年第四季度，甚至比去年更明顯。我們預計新的特許經營俱樂部將擁有 130 至 140 台設備。

And again, we expect a similar case to our openings.

我們再次預計，我們的開局也會出現類似的情況。

Lastly, reiterating our growth targets with the exception of same club sales growth, which we are narrowing to approximately 6% growth from the previous 5% to 6% growth range. We continue to expect the following growth over fiscal year 2024 results, 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.

最後，重申我們的成長目標，但同店銷售成長除外，我們將同店銷售額成長從先前的 5% 至 6% 的成長範圍縮小至約 6%。我們繼續預計 2024 財年的業績將實現以下增長：收入增長約 10%，調整後 EBITDA 增長約 10%，調整後淨收入增長 8% 至 9%，調整後每股攤薄淨收入增長 11% 至 12%，基於調整後的稀釋加權平均流通數約為 8,450 萬美元，我們預計回購萬股，與我們之前傳達的訊息一致。

Let me speak to the drivers for the implied sequential slowdown in same club sales growth in the second half of the year. First, we rolled over the Classic Card price increase on June 28. So while we will continue to get rate benefit from it given our subscription model and tenure of our members, the benefit moderates over this time. Second, we forecast an elevated attrition rate in the back half of the year since our national rollout of online cancellation. Lastly, the continuing volatile macroeconomic environment.

讓我來談談導致下半年同店銷售成長較上季放緩的因素。首先，我們在 6 月 28 日延長了經典卡的價格上漲。因此，雖然考慮到我們的訂閱模式和會員任期，我們將繼續從中獲得費率優惠，但在此期間，優惠將逐漸減少。其次，我們預測，自從我們在全國推出線上取消服務以來，下半年的流失率將會上升。最後，宏觀經濟環境持續動盪。

Finally, we continue to expect that reequipped sales will make up approximately 70% of total equipment segment revenue. 2025 net interest expense of approximately $86 million, inclusive of the annualized impact of our 2024 refinancing, the D&A to be flat to 24% and CapEx to be up approximately 20%.

最後，我們繼續預期重新裝備的銷售額將佔設備部門總收入的約 70%。 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，折舊及攤銷前利潤將持平至 24%，資本支出將上漲約 20%。

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

我現在將把電話轉回給接線員，以便進行問答。

(Operator Instructions) Randy Konik, Jefferies.

（操作員指示） Randy Konik，Jefferies。

Yeah, thanks, and good morning everybody. I guess Colleen and Jay, maybe give us effective on where we stand with the proportion of clubs that have been kind of under the new layout with more strength equipment relative to cardio? And what trends or items you may see that are different in those clubs versus the older format from an equipment perspective clubs, whether it be membership, black card penetration, attrition, et cetera? It would be very helpful to understand as you're moving into this new format or from an equipment perspective, what trends are the same or different from the older more cardio focused floor layout?

是的，謝謝，大家早安。我想，科琳和傑伊也許可以告訴我們，在新的佈局下，擁有更多力量訓練器材而非有氧訓練器材的俱樂部的比例如何？從設備角度來看，這些俱樂部與舊式俱樂部相比有哪些趨勢或不同之處，例如會員資格、黑卡滲透率、人員流失率等等？當您轉向這種新形式或從設備角度了解哪些趨勢與舊的更注重有氧運動的場地佈局相同或不同時，這將非常有幫助？

Randy, great to talk with you. Thanks for the question. So by the end of this year, we will have more than 70% of our clubs on some version of format optimization, so some optimized floor plan and mix of equipment. As you know, at the end of last year, we had 65% of the estate opt in to add plate-loaded equipment. So those were at least three new pieces of plate-loaded equipment in the clubs and then we've got even more clubs adding that this year.

蘭迪，很高興與您交談。謝謝你的提問。因此，到今年年底，我們將有超過 70% 的俱樂部採用某種形式的格式優化，從而優化平面圖和設備組合。如您所知，截至去年年底，我們有 65% 的莊園選擇添加板載設備。因此，俱樂部中至少有三件新的帶板器械，今年還會有更多的俱樂部添加這些器械。

So we'll be well over 70%, not just with the plate loaded, but with the more balanced mix of cardio and strength.

因此，我們的比例將遠遠超過 70%，不僅是透過增加重量，而且還透過更均衡的有氧運動和肌力訓練來實現。

And to your question about the specific mix of equipment. It really is about a 50-50 mix of cardio and strength. So we'll still have a strong -- we still do have a strong complement of cardio equipment in our clubs. We find many of our members like mixed modality. However, we've increased the amount of floor space dedicated to strength equipment and augmented that.

關於您關於特定設備組合的問題。這其實是有氧運動和肌力運動各佔一半的組合。因此，我們的俱樂部仍然擁有強大的有氧運動器材。我們發現許多成員喜歡混合模式。然而，我們增加了專用於肌力訓練器材的佔地面積，並對其進行了擴建。

So really seeing a more balanced mix of cardio and strength.

因此確實看到了有氧運動和肌力訓練更均衡的結合。

And even within the cardio adding things like more stair climbers because those are getting a high level of utilization, treadmills still got a high level of utilization and dialing back things like arc trainers, -- where we'll still have a complement of them, but hearing it more toward what we're seeing from a usage perspective from our members.

即使在有氧運動中增加諸如爬樓機之類的設備，因為它們的利用率很高，跑步機的利用率仍然很高，而減少諸如弧形訓練器之類的設備——我們仍然會對它們進行補充，但更多地是從會員的使用角度來了解的。

Great. And then I know there was some talk in the past about adding new types of amenities to the Black Card kind of member area, whether it be Red Light, Cold Plunge, Spray Tan, et cetera. Can you update us on where we stand with that? And any learnings, if any clubs have those amenities at all, if you're seeing anything that's different from a trend perspective versus clubs, obviously, that don't have those yet?

偉大的。然後我知道過去有人談論在黑卡會員區增加新類型的便利設施，無論是紅燈、冷水浴、噴霧曬黑等等。您能告訴我們目前的情況嗎？您是否了解到，如果有俱樂部具備這些設施，從趨勢角度看，與那些顯然還沒有這些設施的俱樂部相比，您有什麼不同嗎？

Yes. So we've got -- we have a number of our clubs where we're piloting some of these new Black Card amenities. So -- and you're right, you cited many of the things that are in flight. So testing Red Light, also Red light hybrid is in a number of our clubs, and we're also testing spraying as an alternative to --. So too soon for us to kind of call which ones we're going to move forward still in pilot phase and evaluating the utilization.

是的。所以，我們在許多俱樂部試行了一些新的黑卡設施。所以 — — 您說得對，您列舉了許多正在飛行的事情。因此，我們在許多俱樂部測試了紅燈，還有紅燈混合燈，我們也在測試噴灑作為替代--.因此，我們現在還無法確定哪些項目將進一步推進，這些項目仍處於試點階段，並正在評估利用率。

However, we continue to see that recovery and renewal are important parts of our members' fitness for -- We'll continue to test and evaluate things that can enhance our members' experience.

然而，我們仍然認為恢復和更新是我們會員健身的重要組成部分——我們將繼續測試和評估可以增強會員體驗的事物。

John Heinbockel, Guggenheim.

古根漢美術館的約翰·海因博克爾。

Hi, Colleen, I wanted to start with the 170 million person TAM, right, you're within 12 minutes of -- how do you think about density? And then is the opportunity being density in some of those existing more urban markets. versus maybe less dense rural markets or kind of out there. So how do you balance the 2? I assume you want to do more more densification in urban, but let me know.

你好，科琳，我想從 1.7 億人的潛在市場開始，對吧，你在 12 分鐘內——你如何看待密度？然後，機會就在於一些現有的城市市場的密度，而不是密度較低的農村市場或其他市場。那麼如何平衡這兩者呢？我認為您想進一步提高城市密度，但請告訴我。

Yes. So John, thanks for the question. So yes, we -- you've seen that we be urbanization and growth in the suburbs, new market opportunities where we have the population to support our traditional 20,000 square foot club. At the same time, we've been testing some additional smaller footprint in infill locations and also more rural locations so that we're able to bring a Planet Fitness experience to even more prospective members for onset.

是的。約翰，謝謝你的提問。所以是的，您已經看到，我們正在進行城市化和郊區的成長，新的市場機會，我們有足夠的人口來支持我們傳統的 20,000 平方英尺的俱樂部。同時，我們一直在填充地點和更多的農村地區測試一些額外的較小佔地面積，以便我們能夠為更多的潛在會員帶來 Planet Fitness 體驗。

Okay. And maybe a follow-up. I know you're in the early stages of what you want to do with your marketing structure. But is there any thought or have you given any thought to how you want local national to kind of be set up because I think the idea was maybe you do more national, a little less local and then there's marketing savings longer term. I don't know if there's been any update on that.

好的。或許還有後續行動。我知道您正處於行銷結構的早期階段。但是，您是否考慮過或考慮過如何建立本地全國性市場，因為我認為您的想法是，也許您更多地開展全國性業務，而較少開展本地業務，這樣從長遠來看可以節省營銷成本。我不知道這方面是否有任何更新。

Yes. So from a marketing standpoint, we launched our new campaign this year. And based on what we've seen from our member join numbers or we're confident that the new marketing messaging is landing. So you've seen the campaign around we're all strong on this planet and growing stronger together. That messaging is very much resonating.

是的。因此，從行銷的角度來看，我們今年推出了新的活動。根據我們所看到的會員加入人數，我們確信新的行銷訊息正在發揮作用。所以你已經看到了圍繞著「我們在這個星球上都很強大並且共同變得更強大」的活動。這一訊息非常引起共鳴。

I will say specifically, we're doing more national marketing, driving the brand and bringing the brand promise to life. And at the local and hyperlocal level, we still believe that's an important complement to the national marketing.

我想具體說的是，我們正在進行更多的全國性行銷，推動品牌發展，並將品牌承諾變為現實。在地方和超地方層面，我們仍然相信這是全國行銷的重要補充。

So very much in balance. I mentioned that we're seeing increased participation, increased volume as well as utilization with high school summer pass this summer. And there's an example of where we amped up marketing with influencers to target this particular customer demographic and it's proven quite successful in the numbers we're seeing with the high school summer past participation in the summer.

所以非常平衡。我提到，我們看到今年夏天高中暑期通行證的參與人數、數量和使用率都有所增加。舉個例子，我們與有影響力的人合作，針對特定的客戶群進行行銷，從高中暑假過去參與人數來看，這一做法非常成功。

So with our new Chief Marketing Officer, who just came aboard in February, you'll start to see us experimenting with the new marketing mix again, balance of local and national. And at the national level, we do think there's an opportunity for us to buy more efficiently and aggregate our spend.

因此，隨著我們二月份剛上任的新行銷長的到來，您將看到我們再次嘗試新的行銷組合，實現在地化和全國化的平衡。在國家層面，我們確實認為我們有機會更有效地採購並彙總我們的支出。

Maksim Rakhlenko, TD Cowen.

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

Great, thanks a lot. So first, Jay, can you speak to maintaining the comp guide? I know you provided some color, but just any additional comments because should it churn normalize in 3Q, given your prior comments on Click-to-Cancel? And then you should still see a benefit from the classic card price increase given how it turn works? And then I do think that the headwind from 1Q's Black Card promo should, I believe, continue to reverse?

太好了，非常感謝。那麼首先，傑伊，你能談談維護補償指南嗎？我知道您提供了一些細節，但只是任何額外的評論，因為考慮到您之前對點擊取消的評論，它是否應該在第三季度正常化？那麼，考慮到它的運作方式，您仍然應該看到經典卡價格上漲的好處嗎？然後我確實認為，1Q 的黑卡促銷帶來的逆風應該會繼續逆轉？

So just any more color on the conservatism for the 2H guide?

那麼，對於第二手指南的保守主義，還有其他解釋嗎？

Yes, Max, thanks for the question. And yes, I mean, to your point, obviously, the classic car price increase will continue to get that benefit. We will continue to get that, but it diminishes over time over the tenure of the membership. To your point, I'm click-to-cancel, as we said, that what we're seeing is slightly elevated than what we had initially modeled. Now we recast that, and it is baked into our full year outlook and the comp guidance.

是的，馬克斯，謝謝你的提問。是的，我的意思是，正如你所說，經典汽車價格上漲顯然將繼續帶來好處。我們將繼續實現這一目標，但隨著成員任期的延長，這一目標會逐漸減少。對於您的觀點，我點擊取消，正如我們所說，我們看到的比我們最初建模的略高。現在我們重新制定了這項政策，並將其納入我們的全年展望和業績指引中。

And as far as it moderating, we would expect that. I mean it is still early. We're still within the first three months of the full rollout.

至於其緩和程度，我們期待如此。我的意思是現在還早。我們仍處於全面推出的前三個月內。

So we're still in the early phases of that. But we've updated our forecast and we've contemplated that. So we think what we've got in there is appropriate. And then the last pillar, just given the macroeconomic environment, we do think it makes sense to maintain some level of conservatism in the guide going forward. So all that culminated in what we spoke about today.

所以我們仍處於早期階段。但我們已經更新了我們的預測，並且已經考慮到了這一點。所以我們認為我們所得到的是合適的。最後一點，考慮到宏觀經濟環境，我們確實認為在未來的指南中保持一定程度的保守主義是有意義的。所以，所有這些最終都匯聚到了我們今天所談論的內容中。

Got it. That's helpful. And then, Colleen, I saw that you recently announced that you're looking to add a director of franchise sales. So your franchise space has been shrinking. And I believe we've been close to new entrants for many years now as the white space has been divvied off.

知道了。這很有幫助。然後，科琳，我看到您最近宣布正在尋找特許經營銷售總監。所以你的特許經營空間一直在縮小。而且我相信，隨著空白領域的劃分，我們已經接近新進入者很多年了。

And there has been M&A inside the system. So what's the mechanism to add new franchisees into the fold besides new ones entering through M&A such as the Flint Group and others? And is it more for US or international franchisees? And just how should we think about the acceleration in openings from this?

且系統內部已經出現了併購。那麼，除了透過併購方式吸引新的特許經營者（如弗林特集團等）之外，還有什麼機制可以吸引新的特許經營者呢？它更適合美國還是國際特許經營商？那麼，我們該如何看待由此帶來的開放加速呢？

Yes, Max, one of the things we've said is that to over the longer term to achieve our full growth ambition, we believe we'll need more franchisees in the system. We also know that there are several of our (technical difficulty)

是的，馬克斯，我們說過的一件事是，從長遠來看，為了實現我們的全面成長目標，我們相信我們需要在系統中引入更多的特許經營商。我們也知道，我們的（技術難度）

Yes, you can be heard.

是的，我們可以聽到你的聲音。

Okay. Perfect. So I'll start again in case it was disrupted. So to achieve our longer-term growth ambition, we believe we need more franchisees in the system. And we also know that there are several of our larger franchisees that are approaching the end of their fund horizon and maybe looking to transact and in support of those franchisees as well, we want to be cultivating prospective new franchisee relationships.

好的。完美的。因此，為了避免被打亂，我將重新開始。因此，為了實現我們的長期成長目標，我們認為我們需要更多的特許經營商加入。我們也知道，我們的一些較大的特許經營商的資金期限即將結束，他們可能正在尋求交易，為了支持這些特許經營商，我們希望培養潛在的新特許經營商關係。

You might want to come into the system and grow with growth benefits.

您可能希望進入該系統並獲得成長收益。

Rahul Krotthapalli of JPMorgan.

摩根大通的拉胡爾‧克羅塔帕利 (Rahul Krotthapalli)。

Good morning guys. Thanks for taking the question, Colleen, as we think about the TAM and going into the Analyst Day, like how do you think about the local and regional competition. I mean we are seeing some of the incumbent brands with very well capitalized operators and bankers coming into the market. Curious to hear your thoughts. And I have a follow-up.

大家早安。感謝您提出這個問題，科琳，當我們考慮 TAM 並進入分析師日時，您如何看待本地和區域競爭。我的意思是，我們看到一些擁有充足資本的營運商和銀行家的現有品牌進入市場。好奇想聽聽你的想法。我還有一個後續問題。

So Rahul, nice to hear from you. Gosh, when I think about the TAM, I think about the the growth of Gen Z and how fitness-minded they are and that they are the fastest-growing segment of our membership and the fact that several years of Gen Z haven't even aged into our membership opportunity yet. So I think the TAM is going to continue to grow. And with Gen Alpha also coming up behind by all accounts today, going to be at least as, if not more focused on health and wellness and well-being.

拉胡爾，很高興收到你的來信。天哪，當我想到 TAM 時，我會想到 Z 世代的成長以及他們的健身意識，他們是我們會員中成長最快的群體，而且事實上 Z 世代的幾代人甚至還沒有進入我們的會員機會。所以我認為 TAM 將會繼續成長。如今，從各方面來看，Alpha 世代也都落後了，他們將至少同樣，甚至更加關注健康、保健和幸福。

And when I think about the landscape and I tend to say peers in the space. You're right that there are a lot of local and regional players. When you think about the 31,000 gyms and clubs that are in the US today, if you take us in our next largest peer in the space combined, we're together only about slightly more than 10% of that. So it's a big landscape.

當我思考風景時，我傾向於說空間中的同伴。您說得對，有很多本地和地區的參與者。想想看，目前美國有 31,000 家健身房和俱樂部，如果把我們與該領域中排名第二的同行合併起來，我們的市場份額也只占到這個數字的 10% 多一點。所以這是一片大景觀。

And at the same time, I think our biggest competitor is fear of locking in the front door. And that's what makes Planet Fitness so uniquely positioned coming into any market uniquely positioned is our welcoming environment, no gemtemidation and that we're uniquely positioned to meet members wherever they're at on their fitness journey, whether they're a beginner or whether they're in advanced gymgoer training for marathon.

同時，我認為我們最大的競爭對手是害怕鎖上前門。這就是 Planet Fitness 在任何市場中都具有獨特優勢的原因，我們的獨特優勢在於我們熱情的環境，沒有恐懼，我們的獨特優勢在於無論會員在健身旅程中處於什麼階段，無論他們是初學者還是正在進行馬拉松高級健身訓練的健身者，我們都能與他們見面。

I appreciate the color. I want to pick up a little more on the Spain side. appreciate the update. How are the unit economics shaping up relative to the US given you have a gym -- with almost a year in? And then also, if you can share any color on an update on the franchise -- on refranchising situation there.

我很欣賞這個顏色。我想多了解一些西班牙方面的情況。感謝您的更新。鑑於你們擁有一家健身房，營運已近一年，相對於美國而言，單位經濟狀況如何？另外，如果您可以分享有關特許經營的最新情況——有關那裡的再特許經營情況，請提供任何資訊。

So from a Spain perspective, we are thrilled with the way the clubs are ramping in Spain. And in particular, you mentioned the first club that has just been to open a year. It was a year in July. When we look at that club's ramp and we compare it to a domestic ramp, the Spain cloud is inclusive of that first one that opened are ramping like our domestic clubs, which is quite remarkable considering we only brought the brand to Spain just a year ago.

因此，從西班牙的角度來看，我們對俱樂部在西班牙的發展方式感到非常興奮。特別是，您提到了第一家剛開業一周年的俱樂部。七月已是一年了。當我們查看該俱樂部的發展坡道並將其與國內坡道進行比較時，西班牙雲包括了第一個開業的俱樂部，其發展速度與我們的國內俱樂部一樣，考慮到我們一年前才將該品牌引入西班牙，這是非常了不起的。

So we're feeling really good about our entree into Europe, really good about the Spain performance. And we're in the very, very, very early days of having some conversation about transact in Spain, but it is our attention to recycle that capital to bring a franchise partner into Spain. We built it on our balance sheet as a proof of concept, and it's proving really well.

因此，我們對進入歐洲市場感到非常滿意，對在西班牙市場的表現也感到非常滿意。我們也在非常早期的階段就西班牙的交易進行討論，但我們的重點是回收資本，將特許經營合作夥伴引入西班牙。我們在資產負債表上建立了它作為概念證明，並且結果確實很好。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Yeah, hi, good morning. I just want to follow up. I know you mentioned, Jay, in the back half now assuming higher churn continues. Could you maybe just talk about some plans or you're embedding to help offset that, whether there are some demand centric initiatives that could help near term and then longer term? Just what are the key initiatives you're looking at to help drive unit economics still higher here?

是的，你好，早安。我只是想跟進一下。傑伊，我知道你提到過，現在後半部假設更高的流失率還在繼續。您能否談談一些計劃或您正在實施的幫助抵消這一影響的措施，是否有一些以需求為中心的舉措可以在短期和長期內提供幫助？您正在尋找哪些關鍵措施來幫助進一步提高單位經濟效益？

Yes. So I think that's a broad question. When we think about it, I think this is a bit of a moment in time if we step back and think about click-to-cancel or the ability to manage your membership online. Look, we're about putting the members first. We think it's the right thing to do.

是的。所以我認為這是一個很廣泛的問題。當我們思考這個問題時，我認為如果我們退一步思考點擊取消或在線管理會員資格的能力，這是一個關鍵時刻。瞧，我們把會員放在第一位。我們認為這是正確的做法。

Taking this step even though it wasn't mandated is the right thing and then align with our core values. So from that standpoint, it makes all the sense in the world, and we think it makes sense to be the leader since we're affiliated in the industry in this space.

即使這不是強制性的，採取這一步驟也是正確的，並且符合我們的核心價值。因此從這個角度來看，這在世界上是完全合理的，而且我們認為成為領導者也是合理的，因為我們與這個領域的行業有關。

As we think about opportunity, we've talked about it before, it's too early to comment on it further. But the ability to market this further in the join flow. We've done some testing and we've seen lifts coming to -- on the high school summer pass, which has been a nice program that we think will be -- continue to be successful and meaningful going forward. And I think as is evidenced by our comps and our results for the second quarter, the marketing is landing and the shift in our clubs with the equipment is landing the full spectrum of --

當我們考慮機會時，我們之前已經談論過它，現在進一步評論還為時過早。但在加入流程中進一步推銷這一點的能力。我們已經做了一些測試，並且看到了高中暑期通行證的提升，這是一個不錯的項目，我們認為它將繼續取得成功並具有重要意義。我認為，正如我們的第二季業績所證明的那樣，行銷正在落地，我們的俱樂部和設備的轉變正在落地全方位--

So we're pleased with all that. Click to cancel we're managing it. And again, it's -- we're talking tens of basis points compared to what we originally thought or originally thought, it is baked in our outlook and our comp guide. So we feel good about where we're at.

我們對這一切感到非常高興。點擊取消我們正在管理它。再說一次，與我們最初的想法或最初的想法相比，我們談論的是幾十個基點，它已經包含在我們的展望和比較指南中。因此我們對目前的狀況感到滿意。

Okay. And then just two follow-ups as we think about the next few months here. Any opportunity to better monetize and convert to high school summer pass? And then Colleen, just on pricing, I think we're within a window of a few months where you'd probably make a decision for this year or not. What else do you need to see? Or what are you looking at specifically as you collectively make that decision?

好的。接下來的幾個月我們再來談兩個後續問題。有沒有機會更好地將其貨幣化並轉換為高中暑期通行證？然後科琳，僅就定價而言，我認為我們將在幾個月的時間內做出今年是否定價的決定。您還需要看什麼？或者當你們集體做出這個決定時，你們具體考慮了什麼？

Absolutely. So I think from a conversion standpoint, on high school summer pass, we saw last year that we converted higher -- we had a higher conversion percentage than we did the year prior. And what we're seeing this year, too soon to get into real specifics, we'll see the conversion in the fall. But all indicators are that the -- both the utilization and the participation are both up markedly this year versus last.

絕對地。因此，我認為從轉換的角度來看，就高中暑期通行證而言，我們去年看到我們的轉換率更高 - 我們的轉換率比前一年更高。至於我們今年所看到的情況，現在還無法了解具體細節，我們將在秋季看到轉變。但所有指標都表明，今年的利用率和參與率都比去年顯著上升。

So that will be very -- should be favorable, I guess, I should say. If we assume even a flat conversion percentage, much less potentially an increase in conversion like we saw last year. So it remains to be seen in the fall, but the indicators there are, I think, are really strong. Black Card pricing. So we said last quarter that we -- it wasn't a matter of when.

所以我想，我應該說，這將非常——應該是有利的。如果我們假設轉換率持平，那麼轉換率就不太可能像去年那樣增加。因此秋季的情況仍有待觀察，但我認為目前的指標確實強勁。黑卡定價。所以我們上個季度說過──這不是時間問題。

It was a matter of when, but we wanted to get on the other side of anniversarying the Classic Card price increase, which we did at the end of Q2.

這只是時間問題，但我們希望在經典卡價格上漲週年紀念日之後實現這一目標，我們在第二季末做到了。

And we also wanted to get through the rollout of online membership management, what we're now calling Click to Cancel because it really is about empowering our members to manage their membership. Given that we've seen as Jay said, a slight elevation, and I don't want to overplay that, we're talking in the tens of basis points. This is not in the hundreds of basis points. Slight elevation in churn since that rollout, we'd like to give that a minute to moderate.

我們還希望推出線上會員管理功能，我們現在稱之為“點擊取消”，因為它實際上是為了讓我們的會員能夠管理他們的會員資格。正如傑伊所說，我們已經看到了輕微的上升，我不想誇大其詞，我們談論的是幾十個基點。這還不到幾百個基點。自推出以來，客戶流失率略有上升，我們希望花一點時間來緩和這種情況。

As we've seen in test environments and other markets in the past, there is a moderation after that rollout. So we want to take a minute and get on the other side of that rollout as well before we make an absolute decision on the timing of the Black Card price increase.

正如我們過去在測試環境和其他市場中看到的那樣，推出後會出現緩和的現象。因此，在我們對黑卡價格上漲的時間做出最終決定之前，我們想花一點時間來了解這項推出的另一面。

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

Thanks. Good morning, guys. Just wanted to follow up, Colleen, on the last answer you gave about Click to Cancel. I guess it's still early, obviously, but do you have data on how quickly cancel rates actually go back to normal after the implementation of click to cancel? Or do they stay slightly elevated permanently?

謝謝。大家早安。科琳，我只是想跟進一下你上次關於「點擊取消」的回答。我想顯然現在還為時過早，但是您是否有關於實施點擊取消後取消率實際上多快恢復正常的資料？或者它們會永遠保持略微升高？

Generally speaking, generally speaking, after ish about 12 weeks, they moderate. Now there have been a couple of exceptions we talked about Tennessee a couple of exceptions where it's remained a bit elevated for a longer period of time. But generally speaking, we see a moderation about 12 weeks after rollout. The difference here is that this is a nationwide rollout as opposed to in smaller cohorts as we've done in the past. So it remains to be seen if this behaves like the prior test and prior rollout environments.

一般來說，大約 12 週後，它們就會緩和下來。現在我們談到了田納西州的一些例外情況，這些例外情況在較長時間內保持了較高的水平。但一般來說，我們會在推出約 12 週後看到緩和趨勢。不同之處在於，這是全國性的推廣，而不是像我們過去那樣在較小群體中推廣。因此，這是否會像之前的測試和之前的推出環境一樣，還有待觀察。

But we're still in that window because it was mid-May. So we're still within that 12-week window of rollout, and we'll monitor it.

但我們仍處於那個時期，因為當時是五月中旬。因此，我們仍處於 12 週的推出期內，我們會對其進行監控。

Okay. And then just a follow-up on the comp, the 8.2%. I know you've talked about kind of getting more -- back to more of a 50-50 split between member and rate growth. How quickly do you think you can get there?

好的。然後只是對同類產品的後續跟踪，即 8.2%。我知道您已經談到如何讓會員和費率成長之間實現 50-50 的分配。您認為您多快可以到達那裡？

Yes, Joe, this is Jay. And as we said on the call, it's 70-30. We're not guiding beyond 25%. And I think especially right now, as we think about the back half of the year, we're going to be more consistent with the 70-30 versus getting back to an even split. And as we think about Q3 is historically not a large increase in membership type of quarter.

是的，喬，這是傑伊。正如我們在電話中所說的那樣，比例是 70-30。我們不會指導超過 25% 的情況。我認為，尤其是現在，當我們考慮今年下半年時，我們將更加堅持 70-30 的比例，而不是回到均等分配。我們認為，從歷史上看，第三季並不是會員數量大幅增加的季度。

So I would expect in Q3 for that 70-30 need be more skewed. And we'll give longer-term guidance at our Investor Day in November.

所以我預計第三季 70-30 的比例會更傾斜。我們將在 11 月的投資者日上提供長期指導。

Chris O'Cull, Stifel Financial Corp.

克里斯·奧卡爾（Chris O'Cull），Stifel Financial Corp.

Thanks, good morning guys. Colleen, I was hoping you could provide an update on the progress of reducing investment costs for new units.

謝謝，大家早安。科琳，我希望您能提供有關降低新單位投資成本進展的最新資訊。

So as you know, the more balanced cardio and strength package for starters reduce the build cost for our franchisees. We've also done things like shrinking the lobby, where we're today seeing well over 80% of our joins come either online or through the app. We determined that we don't need as large lobby because we're not doing the sign-ups in the lobby.

因此，如您所知，更均衡的有氧運動和肌力訓練套餐可以降低我們的加盟商的建造成本。我們也採取了一些措施，例如縮小大廳，目前我們發現超過 80% 的加入都是透過線上或應用程式進行的。我們確定我們不需要那麼大的大廳，因為我們不會在大廳裡登記。

So dedicating more of that space to the gym floor and shrinking the lobby reduces the build cost because obviously, tiles ever looking at locker room sizes and shrinking the locker room sizes a bit to dedicate more space to the gym floor, that too, reduces build cost, building a smaller front desk which we think actually creates a more welcoming environment for our members.

因此，將更多的空間用於健身房地板並縮小大廳可以降低建造成本，因為顯然，瓷磚一直在考慮更衣室的大小，並稍微縮小更衣室的大小以將更多的空間用於健身房地板，這也會降低建造成本，建造一個較小的前台，我們認為這實際上為我們的會員創造了一個更溫馨的環境。

So things structurally that we're able to do from a construction cost standpoint are helping the unit economics. But at the end of the day, the biggest thing is this business is a top line play. And when we drive the top line for our franchisees, that's the thing we do that's most accretive to their unit economics. So we're really encouraged by the joint volume that we've seen this year. We're really encouraged that our marketing is landing and that our product offering is really resonating with consumers, particularly Gen Z, a younger consumer as we think about kind of longer-term lifetime value.

因此，從建築成本的角度來看，我們能夠採取的結構性措施有助於單位經濟效益。但歸根結底，最重要的是這項業務是一項頂級業務。當我們為特許經營者帶來營業收入時，我們所做的事情就是最能增加他們的單位經濟效益的事情。因此，我們對今年的聯合交易量感到非常鼓舞。我們非常高興看到我們的行銷活動取得了成效，我們的產品確實引起了消費者的共鳴，特別是 Z 世代，他們是一群更年輕的消費者，我們考慮的是更長期的終身價值。

Makes sense. And then do you believe adding some of these high-value services like -- gaining could unlock the potential for an additional pricing tier?

有道理。那麼，您是否認為增加一些高價值服務（例如——獲得）可以釋放額外定價層的潛力？

We're not talking about additional pricing tiers right now. What we are talking about is potentially and the timing of which it's not potentially when we will take an increase to the Black Card pricing. And we're always going to be thoughtful about making sure that you've heard me say leaning into -- when we think about HVLP making sure that we're thinking about the HVlp that we're delivering an incredibly high value for our members. So always thinking about the offering, wanting to stay most relevant and then pricing in a way that enhances the economics of our franchisees while at the same time, delivers incredibly high value for our members.

我們現在不討論額外的定價層級。我們正在討論的是提高黑卡價格的可能性和時間。而且，我們將始終深思熟慮，確保您聽到我說傾向於——當我們考慮 HVLP 時，確保我們正在考慮為我們的會員提供極高價值的 HVlp。因此，我們始終考慮所提供的產品，希望保持最相關的價格，然後以能夠提高我們的特許經營商的經濟效益的方式定價，同時為我們的會員提供極高的價值。

Xian Siew, BNP.

Xian Siew，英國國家黨。

Hi guys, thanks for the question. I want to follow up maybe on Gen Z in terms of the differences and how they behave versus other demographics? Are you seeing them tend to join it more by card versus Black Card, any differences in utilization or churn? Just kind of curious on how they look.

大家好，感謝您的提問。我想進一步了解 Z 世代與其他族群的差異和行為方式？您是否發現他們更傾向於透過銀行卡而不是黑卡加入，在使用率或流失率方面有任何差異嗎？只是有點好奇它們的樣子。

Yes. So while we haven't really dissect or we don't dissect or deconstruct the utilization by generational cohort we have shared that we're seeing utilization increase. So where we used to see our active members or members that utilize our club in a given month, use the club 6 times a month or 6.1 times a month. We're seeing that in the high 6s mid- to high 6s today. So that is an indication you can glean from that as Gen Zs are becoming -- they are the fastest-growing segment of our membership, compound that with the increased utilization.

是的。因此，雖然我們還沒有真正剖析或沒有按世代群體剖析或解構利用率，但我們已經看到利用率正在增加。因此，我們過去常常看到我們的活躍會員或在特定月份使用我們俱樂部的會員每月使用俱樂部 6 次或每月 6.1 次。我們今天看到的是 6s 中段到 6s 的高點。因此，您可以從中看出，Z 世代正在成為我們會員中成長最快的群體，而且利用率也不斷提高。

And then I talked about high school summer pass this morning, and that's all Gen Z. And I shared with you that not only is the participation of the utilization is also up as well. So those are indications you can talk about them.

然後我今天早上談到了高中暑期通行證，這都是 Z 世代的。我和你們分享的是，不只參與度提高了，利用率也提高了。所以這些跡象表明你可以談論它們。

Okay. That's helpful. And then maybe a unit economics a couple of times and to your point, with the pricing and the formatting, the stores and the marketing, it seems like unit economics are getting better. I'm just curious like if you're hearing feedback from franchisees maybe looking to seeing better unit economics and maybe wanting to accelerate opening into the next year?

好的。這很有幫助。然後也許還有幾次單位經濟學，正如你所說，透過定價和格式、商店和行銷，單位經濟學似乎正在變得更好。我只是好奇，您是否聽取了特許經營商的反饋，也許他們希望看到更好的單位經濟效益，也許希望在明年加速開業？

One of the beautiful things about our franchise business is the opportunity that thought partner with our franchisees. And our new Chief Development Officer has been out on the road a lot, meeting with our franchisees and talking with them about the changes in format, the structural changes that we can be making to enhance the build costs or improve the build cost. And then, of course, our new Chief Marketing Officer really driving the top line. The other thing I'll say that we're seeing, and I'm sure you're seeing as well is improvements in the availability of retail real estate, particularly in shopping center real estate.

我們的特許經營業務的一大優點是，我們有機會與特許經營商建立合作夥伴關係。我們的新任首席開發長經常外出，與我們的特許經營商會面，並與他們討論形式上的變化，以及我們可以做出的結構性變化，以提高或改善建設成本。當然，我們的新任首席行銷長確實推動了營收的成長。我要說的另一件事是我們看到並且我相信您也看到了零售房地產可用性的改善，特別是購物中心房地產。

So we've had a strong positive absorption over the last several years. and in the first two quarters of this year, Q1 and Q2, negative absorption, also a moderation in rent escalation. So rent growth has been has been below inflation in 2025. So those are also good indicators for improved unit economics for our franchisees. So we're looking at top line, which is most important.

因此，過去幾年我們的吸收量一直保持強勁成長。而今年前兩個季度（第一季和第二季）的吸收量為負，租金上漲也出現放緩。因此，到 2025 年，租金成長將低於通貨膨脹率。因此，這些也是我們特許經營者單位經濟效益改善的良好指標。因此，我們關注的是最重要的頂線。

We're looking at build cost in partnership with our franchisees and then trying to also lean in and help them with the availability of real estate.

我們正在與我們的特許經營商合作研究建造成本，然後嘗試幫助他們獲得可用的房地產。

Yes. And I agree, just to add on, specifically, we do look at the new cohorts of clubs that we've opened both the franchisees and our since the new growth model. and some of the evolution in the marketing and the floor plan. And from a top line standpoint, we're very pleased with the way those are trending in terms of a unit economics.

是的。我同意，補充一點，具體來說，我們確實關注了我們開設的新俱樂部群體，包括特許經營商和自新增長模式以來我們的俱樂部，以及營銷和平面圖的一些演變。從頂線角度來看，我們對單位經濟趨勢感到非常滿意。

Alex Perry, Bank of America.

美國銀行的亞歷克斯·佩里。

Hi, thanks for taking my question cheering congrats on a strong quarter. I just wanted to follow up sort of on the guidance. You narrowed the same-store sales range towards the high end you sort of mentioned that click to cancel attrition, I think, is a little bit higher than expected. But I guess what is the offset? Are you seeing better Black Card penetration than you were expecting?

你好，感謝您回答我的問題，祝賀本季業績強勁。我只是想跟進指導。您將同店銷售額範圍縮小到高端，您提到點擊取消的流失率，我認為比預期的要高一點。但我猜偏移量是多少？您是否發現黑卡滲透率比您預期的要好？

Or what else is sort of going on that's maybe offsetting some of this higher Click to Cancel attrition?

或者還有哪些情況可能會抵銷部分較高的「點擊取消」流失率？

Yes. So as we said, we had a wider range of 5% to 6%. We've narrowed that range. We obviously came off a good quarter. So part of it is just actualizing Q2.

是的。正如我們所說，我們的範圍更廣，為 5% 至 6%。我們已經縮小了這個範圍。顯然，我們本季取得了不錯的成績。因此其中一部分只是實作 Q2。

And then as we think about the guide, the click to cancel, right, we had some of that and we've moderated that slightly. And then otherwise, it's just the things that we've talked about, right, continuing the benefit on the Classic Card price increase, right? We'll still get that, although not to the extent that we have that was modeled in before and then just some level of conservatism with the macroeconomic environment.

然後，當我們考慮指南時，點擊取消，對的，我們有一些這樣的情況，我們稍微調整了一下。除此之外，這只是我們談論過的事情，對吧，繼續享受經典卡價格上漲的優惠，對吧？我們仍然會實現這一目標，儘管不會達到我們之前所模擬的程度，而且只是宏觀經濟環境中的某種程度的保守主義。

Perfect. And then I guess just my follow-up. As we think about memberships in the back half, anything to call out there? I think seasonally on a per club basis, you normally see declines in the third and fourth quarter, is that how we should be thinking about it as we look at this year? Is there anything else we should be considering given all the moving parts?

完美的。然後我想我的後續行動。當我們考慮後半部的會員資格時，有什麼需要注意的嗎？我認為從每個俱樂部的季節性來看，通常會在第三季和第四季看到下滑，我們今年是否應該這樣考慮呢？考慮到所有活動部件，我們還需要考慮其他什麼嗎？

Yes. We don't really guide to membership. But to your point, when we think about the third quarter, historically, that's been a large net member add quarter. But we're going to continue to do our best. And then if you look at the trends that we've had in the last four quarters, you can see we have had some slight membership uptick.

是的。我們實際上並沒有提供會員資格指導。但正如您所說，當我們考慮第三季時，從歷史上看，這是一個淨會員增加很大的季度。但我們將繼續盡力而為。如果你看我們過去四個季度的趨勢，你會發現我們的會員數量略有增加。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

Hi, good morning. I wanted to kind of go back to the increase in strength training at a lot of the clubs at this point. Is there any way to compare and contrast kind of member engagement or visitation patterns at those clubs with the added strength versus kind of where they were before or kind of a base cohort?

嗨，早安。此時，我想回到許多俱樂部增加力量訓練的趨勢。有沒有辦法比較和對比這些俱樂部的會員參與度或訪問模式，以及新增實力與之前或基礎群體的對比？

So as I shared a little bit, we're seeing utilization up and the number of visits per club increasing as well, which is an indication that the format and format optimization is landing is resonating with our members. We do have some clubs that have some monitoring data that gives us some granular line of sight, but you're probably too soon for us to talk about that as as a trend. So we are measuring utilization.

正如我所分享的，我們看到利用率上升，每個俱樂部的訪問次數也在增加，這表明格式和格式優化正在引起我們會員的共鳴。我們確實有一些俱樂部擁有一些監測數據，可以為我們提供一些細緻的觀察，但你可能還太早，所以我們不能將其視為一種趨勢。所以我們正在測量利用率。

But again, we're really just rolling out the plate-loaded equipment just went in, in the first -- right before the first quarter, probably too soon for us to to really talk about it as a trend yet. But generally --.

但是，我們實際上只是在第一季之前推出了剛投入使用的載板設備，現在可能還不能將其視為一種趨勢。但一般來說--.

Yes. Is it a big enough trend though, where you might need to go back and add even more equipment on the strength side?

是的。但這是否是一個足夠大的趨勢，您可能需要回去並在強度方面添加更多的設備？

Sharon, that's one of the things that we're evaluating, and it may not be broadly all strengths that may be certain specific pieces of equipment that we're hearing member feedback that may indicate we want to add more of it. I'll give you one example, in particular, we have significantly increased the complement of stair climbers in our clubs. That was based on data that we showed from a member utilization standpoint. And the same will hold true with strength equipment as we hear from our members, the pieces of equipment there, that they're using more could help inform our equipment packages going forward.

莎倫，這是我們正在評估的事情之一，它可能不是廣泛涵蓋所有優勢，可能是某些特定的設備，我們聽到的會員回饋可能表明我們想要添加更多這樣的設備。我給你舉一個例子，特別是，我們俱樂部大大增加了爬樓機的數量。這是基於我們從會員利用率角度展示的數據。力量器材也是如此，正如我們從會員那裡聽到的，他們使用更多的器材可以幫助我們了解未來的器材組合。

And the other thing that we've noticed is the utilization of floor space for functional training. So we've been intentional in our clubs about opening up floor space so that our members have space to do functional training. That's another trend that we've be responding to.

我們注意到的另一件事是功能性訓練對地面空間的利用。因此，我們有意在俱樂部中開放地面空間，以便我們的會員有空間進行功能訓練。這是我們一直在響應的另一個趨勢。

Yes. And as we've talked about before, we have NPS now fully rolled out across our system. So that's a great area for us to get feedback across the entire fleet of clubs.

是的。正如我們之前所討論的，NPS 現已在我們的系統中全面推出。因此，這對我們來說是一個很好的領域，可以從整個俱樂部獲得回饋。

Marni Lysaght, Macquarie Capital.

Marni Lysaght，麥格理資本。

Hi, guys. Thanks for taking my questions. I just got some questions and maybe pertaining to more just some cash flow nuances. Just noticed that the -- your accounts receivable balance is quite elevated compared to more recent history as of June end. And it's kind of ratcheting up to what it was in December, on the back of some of those re-equipped dynamics. Is there anything you can kind of unpack there? Is there any potential inflation coming through on equipment?

嗨，大家好。感謝您回答我的問題。我只是有一些問題，可能涉及一些現金流細微差別。剛剛注意到——與截至 6 月底的近期歷史相比，您的應收帳款餘額相當高。在一些重新裝備的動力的支持下，它正在逐漸恢復到 12 月的水平。那裡有什麼東西可以拆開嗎？設備上是否有潛在的通貨膨脹？

No, I think there's nothing unusual there. It's just standard timing differences.

不，我認為那裡沒有什麼不尋常的。這只是標準的時間差異。

Okay. Okay. And just kind of moving on, you've obviously spoken to the deal in California. Are you seeing any changes in the appetites franchise the group these kind of deals in the current climate? Or is it still kind of business as usual?

好的。好的。繼續說下去，你顯然已經談到了加州的交易。在當前環境下，您是否發現集團對此類交易的特許經營興趣有任何變化？或者一切仍如常？

Yes. I think it's -- I was mentioned on one of the questions earlier about how frequently when assets transact when clubs transact in our system, it's an incumbent franchisee who's looking to purchase. And in the sale of the California clubs, we had multiple bids on that portfolio of clubs and once again, strong interest from inside the system to purchase the additional clubs. So no diminution in appetite for sure.

是的。我認為——我之前在一個問題中提到過，當俱樂部在我們的系統中進行資產交易時，是現任特許經營商想要購買。在出售加州俱樂部時，我們收到了多個對該俱樂部組合的競標，並且系統內部再次表現出購買額外俱樂部的濃厚興趣。因此食慾肯定不會減少。

Logan Reich, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Logan Reich。

Hey, good morning. Thanks for taking my question. I had a question on the Black Card pricing test. You've been doing it for a little while now. I was just wondering if you can share any observations or differences you guys are seeing in the test relative to broader store portfolio and maybe in relation to Black Card mix, retention, net adds, anything you would be able to share on the Black Card?

嘿，早安。感謝您回答我的問題。我對黑卡定價測試有疑問。你已經這樣做了一段時間了。我只是想知道您是否可以分享您在測試中看到的相對於更廣泛的商店組合的任何觀察結果或差異，也許與黑卡組合、保留、淨增加有關，您能分享有關黑卡的任何信息嗎？

Logan, I'll start. So when we went in -- and I wouldn't call it a touch at this point. I think we've evaluated it now it's about -- we've made a decision. It's just about the right timing. But at any rate, when we were in the test, we wanted to see two things.

洛根，我先開始。所以當我們進去的時候——我現在還不認為這是一種接觸。我認為我們現在已經對其進行了評估——我們已經做出了決定。時機正好。但無論如何，當我們進行測試時，我們希望看到兩件事。

It was there headroom on price and was that headroom at $27.99 or $29.99. The second was, did we see elevated churn. And then the third was, did we -- was it more accretive to enjoy do we see an increased Black Card penetration?

第一個問題是價格是否有上升空間，這個上升空間是27.99美元還是29.99美元？第二個問題是，我們是否看到了客戶流失率的上升。第三個問題是，我們是否能夠享受到更多的加值服務，我們是否看到了黑卡普及率的提升？

And net-net, on price, there was not a material difference between the $27.99 and the $29.99 price cost, which is why we've anchored to the $29.99 from a churn perspective. We do not see a material difference in churn at the different price point. And from a Black Card penetration, we've been talking about that. Gosh, we're up 340 basis points in Black Card penetration quarter to prior year.

就價格而言，27.99 美元和 29.99 美元之間並沒有實質的差異，這就是為什麼我們從客戶流失的角度將價格固定在 29.99 美元。我們沒有看到不同價格點的客戶流失率有實質差異。從黑卡滲透率來看，我們一直在談論這個問題。天哪，我們本季的黑卡滲透率比去年同期上升了 340 個基點。

And that's been a trend that we've been seeing. So with the gap between classic and Black we've had being the narrowest that it's been since the inception of the Black Card at a $10 price delta, we've definitely enjoyed increased Black Card penetration that has been accretive.

這就是我們所看到的趨勢。因此，自從黑卡推出以來，經典卡和黑卡之間的價格差距一直保持在最窄的水平，僅為 10 美元，我們確實享受到了黑卡滲透率的不斷增長。

Got it. Super helpful. And just a quick follow-up. How many stores of the $30 are regions of the $30 Black Card -- today?

知道了。超有幫助。這只是一次快速的跟進。如今，有多少家 30 美元的商店屬於 30 美元黑卡的地區？

We have it in two geographies today. It's in our New York market and our Charlotte market today.

如今我們在兩個地區都有這種現象。它今天在我們的紐約市場和夏洛特市場。

Brian McNamara, Canaccord Genuity.

Canaccord Genuity 的 Brian McNamara。

Hi, this is Mason Calnan on for Brian. Thanks for taking our question. We were just curious why net new unit guidance hasn't been adjusted as we would have said your visibility would be much higher today on that front compared to May. Also, is there like an internal time line when you expect to surpass the 200-plus net growth number that the company did --?

大家好，我是 Mason Calnan，為 Brian 播報。感謝您回答我們的問題。我們只是好奇為什麼淨新單位指導尚未調整，因為我們認為與五月相比，今天您在這方面的可見度會高得多。另外，你們有沒有一個內部時間表，預計什麼時候能超過公司實現的 200 多個淨成長目標？--？

Yes. So I can start on that. As far as the $200 million number and what we've talked about, I mean Colleen is a fan of a big number. And so we appreciate that. We want to continue to do the right things and what that will allow for is continued steady growth in the units, right?

是的。那我就可以開始做這件事了。至於 2 億美元這個數字以及我們所談論的內容，我的意思是科琳是一個大數字的粉絲。我們對此表示感謝。我們希望繼續做正確的事情，這將確保單位繼續穩定成長，對嗎？

We don't want to hear it the bumper crop, but we think doing the work that we're doing on all fronts will eventually lead us back to that, and that includes both domestic and international.

我們不想聽到豐收的消息，但我們認為，我們在各方面所做的工作最終將使我們回到豐收的軌道，包括國內和國際的。

And then from a net growth standpoint, to your point, right, we have had a couple of closures. Some of that was related to lease terms and some of that was just natural lease ending. So it's just part of the normal course of the business, nothing unusual, and we can refine that going forward.

然後從淨增長的角度來看，正如您所說，我們已經關閉了幾家店。其中一些與租賃條款有關，而另一些只是自然租賃結束。所以這只是正常業務流程的一部分，沒有什麼不尋常的，我們可以在未來對其進行改進。

I think too, we also know that we've got -- because of the nature of the business, our seasonal favorability to a Q4 opening, it's a very profitable quarter to open because you're right in front of the strong Q1 join volume. The flip side of that is that it's a race to the finish when you've got a lot of the openings back-end loaded in the last quarter of the year. So we felt confident in the range that we guided, and we feel confident that we have a great line of sight to those openings. However, at the same time, there are a lot in Q4.

我也認為，我們也知道我們已經擁有了——由於業務性質，我們對第四季度開業的季節性偏好，這是一個非常有利可圖的季度，因為你正處於強勁的第一季度加入量之前。另一方面，當你在去年最後一個季度有大量空缺職位時，這就會是一場爭奪勝利的競賽。因此，我們對所引導的範圍充滿信心，並且我們相信我們對這些開口有很好的視線。但同時，第四季也有很多事情要做。

That concludes our Q&A session. I will now turn the conference back over to CEO, Colleen Keating, for closing remarks.

我們的問答環節到此結束。現在，我將會議交還給執行長科琳·基廷 (Colleen Keating)，請她致閉幕詞。

Thank you. In closing, I am encouraged by our performance during the first half of 2025. We continue to be a highly attractive franchise system that generates strong and stable free cash flow for long-term sustainable growth and increased shareholder value. Thank you.

謝謝。最後，我對我們 2025 年上半年的表現感到鼓舞。我們將繼續維持極具吸引力的特許經營體系，產生強勁而穩定的自由現金流，實現長期可持續成長並提高股東價值。謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。