Planet Fitness Inc (PLNT) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Van, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q3 Planet Fitness earnings call. (Operator Instructions) I would now like to turn the call over to Stacey Caravella, Vice President of Investor Relations. Please go ahead.

感謝您的耐心等待。我叫範，今天我將擔任你們的會議接線生。在此，我謹代表 Planet Fitness 歡迎各位參加第三季財報電話會議。（操作員指示）現在我將把電話轉交給投資者關係副總裁 Stacey Caravella。請繼續。

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

謝謝接線員，大家早安。出席今天電話會議的有 Planet Fitness 執行長 Colleen Keating 和財務長 Jay Stasz。在發言結束後，他們將在問答環節回答問題。

Today's call is being webcast live and recorded for replay. Before I turn the call over to Colleen, I'd like to remind everyone that the language on forward-looking statements included in our earnings release also applies to our comments made during this call. Our release can be found on our investor website along with any reconciliation of non-GAAP financial measures mentioned on the call with their corresponding GAAP measures.

今天的電話會議將進行網路直播並錄製下來以供回放。在將電話交給 Colleen 之前，我想提醒大家，我們在獲利報告中對前瞻性聲明的措辭也適用於我們在本次電話會議中發表的評論。您可以在我們投資者網站上找到我們的新聞稿，以及電話會議中提到的任何非GAAP財務指標與其對應的GAAP指標的調節表。

Now I will turn the call over to Colleen.

現在我將把電話交給科琳。

Thank you, Stacey, and thank you, everyone, for joining us for the Planet Fitness Third Quarter Earnings Call. In the first nine months of the year, we made considerable progress in executing our strategic imperatives and are feeling energized to capture even greater opportunities in the evolving fitness landscape. Our strong financial performance in the third quarter is indicative of that progress and allows us to raise elements of our 2025 outlook, which Jay will touch on in greater detail.

謝謝 Stacey，也謝謝大家參加 Planet Fitness 第三季財報電話會議。今年前九個月，我們在執行策略要務方面取得了相當大的進展，我們感到充滿活力，準備在不斷變化的健身領域抓住更大的機會。第三季強勁的財務業績顯示了這一進展，也使我們能夠提高 2025 年展望的部分內容，Jay 將對此進行更詳細的闡述。

As consumers increasingly prioritize their health and well-being, we are pleased to have ended the quarter with approximately 20.7 million members and 6.9% system-wide same club sales growth. We added 35 new clubs and ended the quarter with a global club count of 2,795. Our reach is unparalleled. At the same time, with population growth and deurbanization over the past several years, we see increased opportunities to bring our high-value offering to an ever-growing community of fitness-minded consumers in more geographies than ever before.

隨著消費者越來越重視自身健康與福祉，我們很高興本季末會員人數達到約 2,070 萬，系統內同店銷售額成長 6.9%。我們新增了 35 個俱樂部，本季末全球俱樂部總數達到 2,795 個。我們的影響力無與倫比。同時，隨著過去幾年人口增長和城市化進程的推進，我們看到了更多機會，可以將我們高價值的產品和服務帶給比以往任何時候都更加廣泛、日益壯大的健身愛好者群體。

In September, we announced record-breaking participation in our 2025 High School Summer Pass program with more than 3.7 million teams completing over 19 million free workouts in our clubs. Participation was up roughly 30% from last year, reflecting team's desire to stay active and prioritize their well-being during a critical time when school is out. We believe that the marketing emphasis on our expanded product offering, including more strength equipment is resonating with younger consumers. We also shifted our marketing approach this year by increasing the number of influencers we use to promote the summer pass, and we prioritized platforms that drive participation, such as TikTok.

9 月，我們宣布 2025 年高中生暑期通行證計畫的參與人數創下歷史新高，超過 370 萬支隊伍在我們的俱樂部完成了超過 1900 萬次免費鍛鍊。與去年相比，參與人數增加了約 30%，這反映出團隊希望在學校放假這個關鍵時期保持活躍並優先考慮自身健康。我們相信，我們擴大產品供應範圍（包括更多力量訓練器材）的行銷重點正在引起年輕消費者的共鳴。今年，我們也調整了行銷策略，增加了用於推廣夏季通行證的影響者數量，並優先考慮能夠促進參與的平台，例如 TikTok。

This year alone, we've invested nearly $170 million in waived membership dues. Historically, we've converted mid-single-digit percentages of the participants to paying members over time. To reach these highs in the fifth year of the program speaks volumes about Gen Z's commitment to their health and wellness. Key findings from this year's participants are particularly affirming, with 93% of surveyed participants reporting that the program helped them create sustainable fitness routines and 78% feeling more confident.

光是今年，我們就投入了近 1.7 億美元免除會員費。從歷史數據來看，隨著時間的推移，我們已經將參與者中個位數百分比轉化為付費會員。該計畫在開展五年後仍能取得如此佳績，充分體現了 Z 世代對自身健康和福祉的重視。今年參與者的主要調查結果尤其令人鼓舞，93% 的受訪參與者表示該計劃幫助他們養成可持續的健身習慣，78% 的受訪參與者感到更有自信。

Let's now turn to the progress we've made on our four strategic imperatives during the third quarter. As a reminder, the 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.

現在讓我們來看看我們在第三季在四大策略要務方面的進展。再次提醒大家，四大策略要務是：重新定義我們的品牌承諾並透過行銷進行宣傳；提升會員體驗；改進產品並優化模式；以及加速新俱樂部發展。

I'll start with redefining our brand promise. In the third quarter, we continued with -- we are All Strong on This Planet marketing campaign that highlights our best-in-class equipment, our welcoming atmosphere and the supportive community we offer. Our strong join trend has continued, and our member count at the end of Q3 was in line with our expectations. We also saw increased Black Card penetration in the quarter with 66.1% of our total membership now at the higher tier, a 300 basis point increase from the same quarter last year.

我首先要重新定義我們的品牌承諾。第三季度，我們繼續進行「我們在這個星球上都很強大」的行銷活動，重點宣傳我們一流的設備、熱情友好的氛圍以及我們提供的支持性社群。我們的會員成長勢頭強勁，第三季末的會員數量符合預期。本季黑卡滲透率也有所提高，目前我們總會員人數的 66.1% 已達到較高級別，比去年同期成長了 300 個基點。

Consumers continue to recognize the value of the Black Card, with the smallest price gap between our two membership peers since we launched the Black Card. As many of you know, we held off on increasing the price of our Black Card membership until we got on the other side of the Classic Card price increase anniversary. After thoughtful consideration, significant testing and data analysis, we've made the decision to raise the Black Card price to $29.99 after our peak join season in 2026.

消費者持續認可黑卡的價值，目前黑卡與普通卡的價格差距是自黑卡推出以來最小的。正如許多人所知，我們一直等到經典卡價格上漲週年紀念日過後才提高黑卡會員的價格。經過深思熟慮、大量測試和數據分析，我們決定在 2026 年的會員高峰期之後，將黑卡價格提高到 29.99 美元。

We're also continuing to test new Black Card amenities such as dry cold plunge and red light technology that would add even more value to our Black Card offering. We unveiled several of these potential new offerings to our franchisees last week at our annual franchisee meeting, and they were met with great enthusiasm. We look forward to sharing our plans to modernize the Black Card spa at our Investor Day next week. Finally, we're excited to announce that we'll be sponsoring New Year's Rockin' Eve next month in Times Square for our 11th consecutive year. This is a high-visibility event that continues to put Planet Fitness on a global stage and keeps our brand top of mind for consumers as they think about prioritizing their health and fitness goals in the new year.

我們也持續測試新的黑卡服務，例如乾冷水浸泡和紅光技術，這些服務將為我們的黑卡產品增添更多價值。上週，我們在年度加盟商大會上向加盟商們公佈了其中幾項潛在的新產品，並受到了極大的熱情歡迎。我們期待在下週的投資者日上與大家分享我們對黑卡水療中心進行現代化改造的計劃。最後，我們很高興地宣布，我們將連續第 11 年贊助下個月在時代廣場舉行的跨年搖滾夜活動。這是一項備受矚目的活動，它持續將 Planet Fitness 推向全球舞台，並在消費者考慮在新的一年裡優先考慮他們的健康和健身目標時，讓我們的品牌保持在他們的首選位置。

Now to member experience and format optimization. We know that establishing a relationship with our members is important to their engagement and retention, and utilization matters as people tend to be more loyal to brands that they use regularly. It's an indication of the value they find in their Planet Fitness membership, which is why we're pleased to see utilization rates continue to increase, a leading indicator of member stickiness.

接下來是會員體驗和格式優化。我們知道，與會員建立關係對於提高他們的參與度和留存率至關重要，而使用率也很重要，因為人們往往對他們經常使用的品牌更加忠誠。這表明他們認為 Planet Fitness 會員資格物有所值，因此我們很高興看到使用率持續增長，這是衡量會員黏性的重要指標。

We're partnering with our franchisees to put the member at the core of everything we do, along with the team members in our clubs who play a critical role in personally welcoming every member. We see time and time again when club team members greet our members by name and provide personal recognition, it enhances the experience for both the member and the team member. Our goal is to create a deeper sense of loyalty and emotional connection to drive retention and ultimately, revenue.

我們與加盟商攜手合作，將會員置於我們一切工作的核心，同時，我們俱樂部的團隊成員也在親自歡迎每一位會員方面發揮著至關重要的作用。我們一次又一次地看到，當俱樂部團隊成員稱呼會員的名字並給予他們個人認可時，這增強了會員和團隊成員雙方的體驗。我們的目標是建立更深層的忠誠度和情感聯繫，從而提高客戶留存率，並最終增加收入。

Our recent consumer insights study showed that Planet Fitness outperformed several other fitness brands on feel welcomed. This is an important emotional equity when we consider that gym gymtimidation can be a barrier to gym membership and usage. We also saw strong positive associations for Planet Fitness with convenient location, value for money, price, easy access and machine variety and availability. These are strong associations for our brand.

我們最近的消費者洞察研究表明，Planet Fitness 在營造賓至如歸的氛圍方面優於其他幾個健身品牌。考慮到健身房的恐懼感可能會成為人們加入健身房和使用健身房的障礙，這一點就顯得尤為重要。我們還發現，Planet Fitness 與便利的地理位置、物有所值的價格、便捷的交通以及器械種類和可用性等因素產生了強烈的正面聯繫。這些都對我們的品牌有著強烈的象徵意義。

Member experience goes beyond a welcoming atmosphere. It includes providing members with the ideal equipment mix in a club with a format optimized layout so they can achieve their workouts their way. To this end, we gave franchisees who are developing or renovating clubs this year, the opportunity to build a traditional layout or one of the new format optimized clubs. And 95% elected to build one of the newer club formats. By the end of 2025, close to 80% of clubs system-wide will have some version of an optimized format.

會員體驗不僅僅是營造溫馨的氛圍。它包括為會員提供理想的器材組合，以及佈局優化的俱樂部環境，以便他們能夠以自己的方式進行鍛鍊。為此，我們為今年正在開發或翻新俱樂部的加盟商提供了機會，讓他們可以建造傳統佈局或採用新格式優化的俱樂部。95% 的人選擇建立較新的俱樂部模式。到 2025 年底，全系統近 80% 的俱樂部將採用某種形式的最佳化模式。

That's nearly four out of five clubs. We will share more about this next week at our Investor Day.

那幾乎佔了五分之四的俱樂部。我們將在下週的投資者日活動上分享更多相關資訊。

And finally, our efforts to accelerate new club growth. We continue to refine our product offering and enhance operational efficiencies to maximize the economic value proposition for our franchisees while delivering the most relevant on-brand experience for today's members. That said, we're a top line-driven business, and we are keenly focused on driving unit economics through top line growth.

最後，我們致力於加快新俱樂部的發展。我們不斷改進產品供應，提高營運效率，以最大限度地提高加盟商的經濟價值，同時為當今會員提供最相關的品牌體驗。也就是說，我們是一家以營收為導向的企業，我們非常注重透過營收成長來提高單位經濟效益。

In August, our franchisees voted to shift 1-percentage-point of the marketing funding from the local advertising fund to the national ad fund. This change will enable us to unlock new marketing opportunities to drive consideration and conversion, spend our dollars more efficiently and ultimately, fuel member growth. Our goal is to drive top line revenue as it is the key driver of unit economics.

8 月份，我們的加盟商投票決定將 1 個百分點的行銷資金從本地廣告基金轉移到全國廣告基金。這項變革將使我們能夠開拓新的行銷機會，從而提高消費者考慮度和轉換率，更有效地利用資金，並最終促進會員成長。我們的目標是提高營收，因為營收是單位經濟效益的關鍵驅動因素。

We do this through more effective marketing while enhancing the bottom line through greater marketing efficiency and the flow-through on incremental revenue in this high-margin business. We're grateful to our franchisees for this vote of confidence in our marketing leadership and strategy.

我們透過更有效的行銷來實現這一目標，同時透過提高行銷效率和增加收入來提高利潤，從而在這個高利潤業務中實現盈利。我們非常感謝加盟主對我們行銷領導和策略的信任。

Finally, we proudly received two notable honors recently. First, we were named to Fortune's 2025 100 fastest-growing companies list. And second, we were recognized as number 22 in this year's Franchise Times Top 400 as the top-rated fitness concept. These honors illustrate the strength of our brand and are a testimonial to the dedication of our esteemed team members and franchisees.

最後，我們最近榮幸地獲得了兩項重要榮譽。首先，我們入選了《財星》雜誌2025年成長最快的100家公司榜單。其次，我們在今年的《特許經營時報》400強榜單中排名第22位，被評為頂級健身概念。這些榮譽體現了我們品牌的實力，也證明了我們尊敬的團隊成員和加盟商的奉獻精神。

Now I'll turn it over to Jay.

現在我把麥克風交給傑伊。

Thanks, Colleen. We're very pleased to deliver another quarter of strong results. And as Colleen mentioned, we're raising our full year '25 outlook.

謝謝你，科琳。我們非常高興地宣布，又一個季度取得了強勁的業績。正如科琳所提到的那樣，我們提高了對 2025 年全年業績的預期。

Now to our third quarter results. All of my comments regarding our third quarter performance will be comparing Q3 of '25 to Q3 of last year, unless otherwise noted. We opened 35 new clubs compared to 21. Included in our openings are five locations where our franchisee acquired and converted regional gyms to Planet Fitness clubs. This is a strategy that we will use as another option to accelerate new club growth.

現在來看我們第三季的業績。除非另有說明，我對我們第三季業績的所有評論都將是將 2025 年第三季與去年第三季進行比較。我們新開了35傢俱樂部，而之前只有21家。我們新開的門市包括五家，這些門市是由我們的加盟商收購並改建為 Planet Fitness 俱樂部的區域健身房。我們將把這項策略作為加速新俱樂部發展的另一種選擇。

These clubs in many cases, open with a built-in membership base, giving franchisees a jump on top line ramp.

這些俱樂部在許多情況下都自備會員基礎，讓加盟商能夠快速提升收入。

We delivered system-wide same club sales growth of 6.9% in the third quarter, franchisee same club sales increased 7.1% and corporate same club sales increased 6.0%. Approximately 80% of our Q3 comp increase was driven by rate growth, in line with our expectations with the balance driven by net membership growth. Black Card penetration was 66.1% at the end of the quarter, an increase of 300 basis points from the prior year and a sequential increase of approximately 30 basis points from Q2. Our Q3 ending member count of approximately 20.7 million members was in line with our expectations as the third quarter is typically not a quarter with significant membership changed.

第三季度，我們實現了系統內同店銷售額成長 6.9%，加盟商同店銷售額成長 7.1%，公司直營店同店銷售額成長 6.0%。第三季薪資成長約 80% 是由費率成長推動的，符合我們的預期，其餘部分是由淨會員成長推動的。本季末，黑卡滲透率達 66.1%，較上年同期成長 300 個基點，較第二季較上季成長約 30 個基點。第三季末會員人數約為 2,070 萬，符合我們的預期，因為第三季通常不是會員人數發生重大變化的季度。

Our join trends during the quarter were strong, including conversions to paying members from our High School Summer Pass program. Attrition rates, while elevated on a year-over-year basis, we're not out of line with historical levels, and we started to see moderation late in the quarter. For the third quarter, total revenue was $330.3 million compared to $292.2 million, an increase of 13%. The increase was driven by revenue growth across all three segments, including an 11% increase in franchise segment revenue and a 7.6% increase in our corporate-owned club segment.

本季我們的會員成長趨勢強勁，包括透過高中暑期通行證計畫轉化為付費會員。雖然員工流失率年減，但並未超出歷史水平，而且我們在本季末開始看到流失率有所緩和。第三季總營收為 3.303 億美元，而上一季為 2.922 億美元，成長了 13%。此次成長得益於三大業務部門的收入成長，其中特許經營業務板塊收入增長 11%，公司自營俱樂部業務板塊收入增長 7.6%。

For the third quarter, the average royalty rate was 6.7%, flat to the prior year. Equipment segment revenue increased 27.8%. The increase was driven by higher revenue from equipment sales, including both new equipment and reequips. We completed 27 new club placements this quarter compared to 15 last year. For the quarter, replacement equipment accounted for 82% of total equipment revenue compared to 85% last year.

第三季平均特許權使用費率為 6.7%，與前一年持平。設備業務收入成長27.8%。成長主要由設備銷售收入增加所推動，包括新設備和設備更新換代。本季我們完成了 27 個新的俱樂部入駐項目，而去年同期為 15 個。本季度，替換設備佔設備總收入的 82%，去年同期為 85%。

Our cost of revenue, which primarily relates to the cost of equipment sales to franchisee-owned clubs was $58.2 million, an increase of 27.3% compared to $45.7 million last year. Corporate club operations expense increased 11.4% to $79.8 million. The increase was driven by operating expenses from 30 new clubs opened since July 1 of '24, including 10 in Spain.

我們的收入成本（主要與向加盟商擁有的俱樂部銷售設備的成本有關）為 5820 萬美元，比去年的 4570 萬美元增長了 27.3%。企業俱樂部營運費用成長 11.4%，達到 7,980 萬美元。成長的驅動因素是自 2024 年 7 月 1 日以來新開設的 30 傢俱樂部的營運費用，其中包括西班牙的 10 傢俱樂部。

SG&A for the quarter was $30.5 million compared to $32.6 million, while adjusted SG&A was $30 million or 9.1% of total revenue compared to $31.3 million or 10.7% of total revenue, a decrease of 4.2%. National advertising fund expense was $21.4 million compared to $19.7 million, an increase of 8.7%. Net income was $59.2 million, adjusted net income was $67 million and adjusted net income per diluted share was $0.80. Adjusted EBITDA was $140.8 million, an increase of 14.4% and adjusted EBITDA margin was 42.6% compared to $123.1 million with adjusted EBITDA margin of 42.1%. Now turning to the balance sheet.

本季銷售、一般及行政費用為 3,050 萬美元，而上一季為 3,260 萬美元；經調整後的銷售、一般及行政費用為 3,000 萬美元，佔總收入的 9.1%，而上一季為 3,130 萬美元，佔總收入的 10.7%，下降了 4.2%。全國廣告基金支出為 2,140 萬美元，而去年同期為 1,970 萬美元，成長了 8.7%。淨利為5,920萬美元，調整後淨利為6,700萬美元，調整後每股攤薄淨利為0.80美元。調整後EBITDA為1.408億美元，成長14.4%，調整後EBITDA利潤率為42.6%，而上年同期淨利為1.231億美元，調整後EBITDA利潤率為42.1%。現在來看資產負債表。

As of September 30 of '25, we had total cash, cash equivalents and marketable securities of $577.9 million, compared to $529.5 million on December 31 of '24, which included $56.4 million of restricted cash in each period. During the quarter, we used approximately $100 million of cash on hand to repurchase and retire approximately 950,000 shares of our stock.

截至 2025 年 9 月 30 日，我們的現金、現金等價物及有價證券總額為 5.779 億美元，而截至 2024 年 12 月 31 日為 5.295 億美元，其中每個時期均包含 5,640 萬美元的受限現金。本季度，我們動用了約 1 億美元的現金儲備，回購並註銷了約 95 萬股股票。

Moving on to our revised '25 outlook, which we provided in our press release this morning. With 2 months remaining in the calendar year, we are confident in our ability to open between 160 and 170 new clubs, which includes both franchise and corporate locations. We recognize that we have a lot of clubs to open during the fourth quarter, but this is a standard business practice, and we've completed this number of openings in prior fourth quarters. We are also confident that we can complete the 130 to 140 equipment placements in new franchise clubs.

接下來，我們來看看我們今天早上在新聞稿中發布的修訂後的 2025 年展望。今年還有兩個月的時間，我們有信心開設 160 至 170 家新俱樂部，其中包括加盟店和直營店。我們知道第四季度有很多俱樂部需要開業，但這是一種標準的商業慣例，我們在之前的第四季也完成了這麼多的開業。我們有信心完成在新加盟俱樂部安裝 130 至 140 套設備的任務。

Given our strong results in Q3 and the overall strength in the business, we are increasing our outlook for 25. We now expect the following: Same club sales growth of approximately 6.5%, up from 6%; revenue to grow approximately 11%, up from 10%; adjusted EBITDA to grow approximately 12%, up from 10%; adjusted net income to increase in the 13% to 14% range, up from 8% to 9%; adjusted net income per diluted share to grow in the 16% to 17% range, up from 11% to 12% based on adjusted diluted weighted average shares outstanding of approximately 84.2 million shares inclusive of the impact of the shares we have repurchased throughout the third quarter. We expect net interest expense of approximately $86 million and D&A to be approximately $155 million with CapEx to be up approximately 20%.

鑑於我們第三季的強勁業績和業務的整體實力，我們上調了對 25 年的預期。我們現在預計：同店銷售額成長約 6.5%，高於先前的 6%；營收成長約 11%，高於先前的 10%；調整後 EBITDA 成長約 12%，高於先前的 10%；調整後淨利成長 13% 至 14%，高於先前的 8% 至 9%；調整後淨利成長 13% 至 14%，高於先前的 8% 至 9%；調整後淨利潤成長 13% 至 14%，高於先前的 8% 至 9%；調整後每股盈餘成長 17% 至 11% 至 9% 17% 的淨利潤。 12%，以上數據基於調整後加權平均流通股數約 8,420 萬股，其中包括我們在第三季回購的股份的影響。我們預計淨利息支出約為 8,600 萬美元，折舊和攤提約 1.55 億美元，資本支出將增加約 20%。

In closing, we are excited by the momentum in the business and evidence that our strategic imperatives are producing results. We had a highly successful high school summer pass program as we continue to build loyalty with Gen Zs. And our franchisees are investing in opening, remodeling and adding strength equipment as they see the benefits of our work to reposition our brand and optimize our layouts, putting the member at the core of what we do. I will now turn the call back to the operator to open it up for Q&A

最後，我們對公司目前的業務發展動能感到振奮，並有證據顯示我們的策略要務正在產生成效。我們推出的高中生暑期通行證計畫非常成功，我們將持續努力提高 Z 世代的忠誠度。我們的加盟商正在投資開設新店、翻新舊店和添置健身器材，因為他們看到了我們重新定位品牌、優化佈局、以會員為中心所帶來的好處。現在我將把電話轉回給接線員，以便進行問答環節。

(Operator Instructions) John Heinbockel, Guggenheim Securities.

（操作說明）John Heinbockel，古根漢證券。

Hey, Colleen, you're thought on holistically, this marketing split, right, between local and national. I know the 1% shift that adds maybe, I guess, $50 million to the national piece. How do you want to spend that? Where do you think that goes over time, right? And what's sort of the right level, I guess, you would think as you get larger, right, maybe you end up spending closer to -- in total, 7% of sales as opposed to something higher.

嘿，科琳，你從整體上考慮了這種行銷劃分，對吧，就是本地行銷和全國行銷。我知道這 1% 的變化可能會為全國增加 5000 萬美元。你想怎麼花這筆錢？你覺得隨著時間的推移，它會如何發展？那麼，合適的水平大概是多少呢？我想，隨著公司規模的擴大，你可能會認為，最終的總支出可能接近銷售額的 7%，而不是更高。

What's the thought on that?

你對此有何看法？

So I'll speak to the shift of the 1-percentage-point from the local ad fund to the national ad fund. I won't get super granular for competitive reasons, of course. But this will enable us to augment some of the marketing that we're doing digitally, use AI and augment our CRM, digital content optimization and a number of other things that, again, will give us the opportunity to have greater reach with each of those marketing dollars. It will also enable us to buy media more efficiently on a national basis. So again, really get more mileage out of every dollar that we're spending.

所以，我將談談從地方廣告基金轉移到國家廣告基金的1個百分點的問題。當然，出於競爭原因，我不會透露得太細緻。但這將使我們能夠加強一些我們正在進行的數位化行銷活動，利用人工智慧來增強我們的客戶關係管理、數位內容優化以及其他一些方面，這將再次使我們有機會用每一分行銷預算獲得更大的覆蓋面。這將使我們能夠在全國範圍內更有效率地購買媒體資源。所以，再次強調，要讓每一分錢都發揮最大的功用。

Okay. And maybe a follow-up. I know, right, you've got this 5,000 store or club target in the U.S. Just remind us how you thought about that in terms of density? And then when you think about, as you reference geographies, is there a bigger opportunity than you thought for smaller markets, less dense.

好的。或許還需要後續報道。我知道，沒錯，你們在美國有5000家門市或俱樂部。請提醒我們一下，你們當時是如何考慮門市密度問題的？然後，當你思考時，當你參考地理位置時，較小、人口密度較低的市場是否蘊藏著比你想像中更大的機會。

And does that require to make the economics work or how much smaller of a club do you need to make that work?

那麼，這是否需要透過調整經濟結構來實現呢？或者說，俱樂部需要縮小多少規模才能實現這一點？

So there's a couple of questions in there, and I'll start maybe with the first one on the opportunity and density. As you know, we are more dense on the East Coast, so Northeast, East Coast, Southeast. Less than Midwest, West. And at the same time, where there has been population growth, job growth, de-urbanization, new home construction, which again demographically meets the demand coming from millennials as forming households. We think there's opportunity where we're less dense to increase our penetration.

這裡面有幾個問題，我先從第一個問題開始，關於機會和密度。如你所知，東海岸人口密度較高，所以是東北部、東海岸、東南部。比中西部和西部少。同時，人口成長、就業成長、去城市化、新房屋建設，這些都再次從人口結構上滿足了千禧世代建立家庭的需求。我們認為在人口密度較低的地區存在著提高市場滲透率的機會。

And we think that some of the demographic shifts that have occurred with that de-urbanization and population growth over the last several years, complement that very well. And we've had several studies done to opportunity size the domestic landscape that supports that growth.

我們認為，過去幾年隨著城市化進程的推進和人口增長而發生的一些人口結構變化，與此非常吻合。我們已經進行了多項研究，以評估國內市場環境對這種成長的支持。

Generally speaking, those growth numbers are supported with 20,000 or -- traditional 20,000 square foot club. At the same time, I think we've talked before, we're developing prototypes that are a bit smaller than the 20,000 square foot club that will enable us to go into markets that maybe don't have quite as -- quite the population density, but might be underserved from a fitness standpoint today. Thank you.

總的來說，這些成長數字得到了 20,000 或傳統的 20,000 平方英尺俱樂部的支持。同時，我想我們之前也討論過，我們正在開發比 20,000 平方英尺俱樂部略小的原型，這將使我們能夠進入人口密度可能不太高，但從健身角度來看可能尚未得到充分滿足的市場。謝謝。

Sharon Zackfia, William Blair.

莎倫·扎克菲亞，威廉·布萊爾。

Hi, good morning. I wanted to actually double-click maybe on the churn. There was a lot of chatter kind of within the quarter amongst investors that maybe the click to cancel churn was much more elevated than what you expected, but it doesn't seem like that was the case. So I wanted to check on that. And you mentioned moderation. Are you kind of back to normal levels of churn? And should we expect member growth sequentially resume again in the fourth quarter? Thank you.

您好，早安。我其實想雙擊一下攪拌機。本季投資人之間有許多議論，認為點擊取消訂閱的用戶流失率可能比預期的要高得多，但事實似乎並非如此。所以我想確認一下。你提到了適度。你們的客戶流失率是不是已經恢復到正常水準了？我們是否可以預期會員成長將在第四季再次恢復？謝謝。

Hey Sharon, this is Jay, and I'll respond to that to start. And we don't guide to the membership growth, so I'm not going to comment on that. But we're pleased, right, as we said, the 20.7 million members was right in line with our expectations. And in regards to attrition -- the rates were elevated on a year-over-year basis. But when we take a multiyear view, they were not out of line with what we've seen historically.

嗨，莎倫，我是傑伊，我先回答這個問題。我們不負責會員成長方面的指導工作，所以我對此不予置評。但我們很高興，正如我們所說，2070萬會員人數完全符合我們的預期。至於人員流失率——年比有上升。但從多年時間來看，它們與我們歷史上所看到的並無出入。

And to your point, we did see some moderation late in the quarter. So what we have in our outlook and what we've modeled is continued elevation on a year-over-year basis, and that's very consistent with the way we thought about it in -- on the last call for Q2 and now this call, and that's what we've modeled. It's included in our outlook that we've guided. So we're pleased with what we're seeing in the underlying trends in the business.

正如您所說，我們確實看到本季後期出現了一些放緩的跡象。因此，根據我們的展望和模型預測，年比持續成長，這與我們上次在第二季電話會議和這次電話會議上的想法非常一致，這也是我們模型預測的結果。這是我們一直以來所引導的觀點的一部分。因此，我們對目前業務發展的潛在趨勢感到滿意。

And Jay, can I just follow up? Is that continued elevation just the tail from click to cancel? Or is it something you're seeing that's more macro?

傑伊，我能再補充一點嗎？持續的抬升是不是只是點擊取消按鈕後的尾部動作？還是你看到的是更宏觀層面的東西？

No, I think it's driven by the click and cancel tail.

不，我認為這是由點擊和取消操作的尾部驅動的。

Thank you.

謝謝。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Yeah, good morning, thank you. I wanted to just follow up. Could you maybe talk a little more directly when you look at the guidance raise for the year combined with the confidence to commit to the Black Card pricing after your peak period coming up. Can you maybe just talk about more directly what's driving your increasing confidence to announce both of those today?

是啊，早上好，謝謝。我只是想跟進一下。您能否更直接地談談您對今年業績指引上調的看法，以及在即將到來的銷售旺季之後，您對黑卡定價策略的信心？您能否更直接地談談是什麼讓您越來越有信心在今天宣布這兩項消息？

I can start with those items. I think, look, from a guidance standpoint, we had a good result in our third quarter. So obviously, that is nice to see and gives us confidence. When we think about some of the drivers and the increase for the year, we have obviously some nice momentum in our equipment business, right? The franchisees are leaning in on these new formats, not only with the new club, but certainly reequips and adders as we call them.

我可以從這些物品開始。我認為，從業績指引的角度來看，我們第三季的業績表現不錯。所以很明顯，看到這種情況令人欣慰，也給了我們信心。當我們考慮一些驅動因素和今年的成長情況時，很明顯，我們的設備業務發展勢頭良好，對吧？加盟商們正在積極採用這些新模式，不僅包括新俱樂部，還包括我們所謂的重新配備和擴建。

So we've got some nice trends there. From an SG&A standpoint, we called out on the call, obviously, we had a decrease in the quarter. Some of that was driven by an annual franchisee conference that we're lapping last year that was pushed in the fourth quarter this year. But taking that out, we are seeing nice trends on SG&A. And we're also carrying forward, obviously, the upside that we had on the sales in the third quarter, pushing that into the full year guide.

所以我們看到了一些不錯的趨勢。從銷售、一般及行政費用（SG&A）的角度來看，我們在電話會議上明確指出，本季該支出有所下降。部分原因是由於我們去年舉辦的年度加盟商大會，今年的大會被推遲到了第四季。但剔除此因素後，我們看到銷售、一般及行政費用呈現良好的趨勢。顯然，我們也把第三季銷售成長的動能延續到了全年業績預期。

So all of those components are resulting in the guidance that we gave. We think that's a nice trend, seeing some separation between revenue getting some leverage and driving EBITDA growth.

因此，所有這些因素共同促成了我們所給予的指導。我們認為這是一個好趨勢，收入獲得一定槓桿作用並推動 EBITDA 成長之間出現了一些分離。

In terms of the Black Card price increase, so as we said, we've tested this, we've analyzed it and made the decision to go to $29.99. When we've tested that, obviously, we've had -- it's been accretive to the AUVs. So we're not going to really comment on the impacts. As for next year, we'll get to that when we actually do the price increase. But historically, what we have seen when we've made a change in the Black Card price is that the acquisition rate on Black Card does decrease for a period of time, but usually rebounds within the year so that the penetration of Black Card gets back to where it was.

關於黑卡價格上漲的問題，正如我們所說，我們已經對此進行了測試和分析，並決定漲價至 29.99 美元。測試結果表明，漲價後平均單價有所提升。所以我們不會對影響發表評論。至於明年，我們會在實際漲價的時候再討論這個問題。但從歷史經驗來看，當我們調整黑卡價格時，黑卡的獲取率會在一段時間內下降，但通常會在一年內反彈，使黑卡的滲透率恢復到之前的水平。

The wrinkle and the difference now is that we've had the Classic Card price increase. So that increase is an element that we haven't had historically. So we'll have to wait and see on that. But again, we would expect for that Black Card price increase to be accretive to AUV.

現在的問題和不同之處在於，經典卡的價格上漲了。所以這種成長是我們歷史上從未有過的因素。所以，我們只能拭目以待了。但是，我們仍然預期黑卡價格上漲會對 AUV 產生正面影響。

Okay. That's great. And then maybe just a follow-up, Colleen. I know there's quite a bit of quite a few positives in today's announcements, but it's unique that you have an Investor Day coming up next week. So could you maybe just share at a high level, maybe what we should expect to hear or the plans that you hope to share going into next week directionally just to set the stage. Thank you.

好的。那太棒了。然後或許可以再追問一下，科琳。我知道今天的公告中有很多好消息，但下週即將舉行投資者日，這一點很特別。所以，您能否簡要介紹一下，我們應該期待聽到什麼，或者您希望在下週分享哪些計劃，以便我們更好地了解情況？謝謝。

Yes, sure. Happy to. We'll give you a bit more granular detail on the progress that we're making on our strategic imperatives. And we'll also give you a multiyear view what you can expect from a growth trend standpoint. So you'll get some numbers beyond, obviously, just a single year. So some multiyear projections from us.

當然可以。樂意之至。我們將向您詳細介紹我們在策略要務方面的進展。我們也會從成長趨勢的角度，為您提供多年展望，讓您了解未來幾年的發展前景。所以，你得到的不只是一年的數據，顯然還會有一些其他數據。以下是我們所做的一些多年預測。

Joe Altobello, Raymond James.

Joe Altobello，Raymond James。

Morning, I guess first question on the competitive landscape. Curious if you're seeing any shifts at all, whether it be from low-price, high-value competitors or even some of the more higher-priced competitors in the space?

早安，我想第一個問題是關於競爭格局的。想知道您是否觀察到任何變化，無論是來自低價高價值的競爭對手，還是來自該領域一些價格較高的競爭對手？

I'll start and just say, for the quarter and year-to-date, we've been quite pleased with the join trends and the join volume. So again, as I've said before, I think our biggest competition is a fear of walking in the front door. And our marketing is really resonating with consumers today, both the strength of equipment and the ability to get strong at Planet Fitness, but also conveying the sense of community at Planet Fitness. So again, feeling very good about the join trends.

首先我想說的是，就本季和今年迄今的情況而言，我們對加入趨勢和加入量都相當滿意。所以，正如我之前所說，我認為我們最大的競爭對手是人們害怕走進前門。如今，我們的行銷活動確實引起了消費者的共鳴，不僅宣傳了 Planet Fitness 的器材表現和健身效果，還傳達了 Planet Fitness 的社群氛圍。所以，我對目前的趨勢感到非常樂觀。

Helpful, thanks. And maybe just a follow-up on that. In terms of new store openings for next year. I know, obviously, there's not a ton of visibility at this point. But what does the availability of real estate look like? And could we see more acquisitions and conversions like you did in the past quarter?

很有幫助，謝謝。或許可以就此做個後續說明。關於明年新店開幕的情況。我知道，很顯然，目前這件事的關注度並不高。但房地產市場的供應情況如何呢？我們能否看到更多像上個季度那樣的收購和轉換？

So we're not obviously guiding next year yet. But what I will talk about a little bit is -- and I have before the real estate landscape and the fact that this year, for the first time in several years, we're seeing negative absorption, specifically of shopping center retail space. So enclosed malls have had negative absorption, but shopping center retail space, the type of space that we're looking for, for Planet Fitness, negative absorption for the first time in several years, year-to-date this year. And also a moderation in rent escalation where rents were going up quite dramatically in this year, the first half of this year, both quarters, they were below the rate of inflation. So we think those are positive indicators.

所以，我們目前顯然還不會對明年的情況做出預測。但我要稍微談談的是──我之前也談到過──房地產市場以及今年多年來首次出現的負吸收量，特別是購物中心零售空間的負吸收量。因此，封閉式購物中心的吸收量為負，但購物中心零售空間，也就是我們為 Planet Fitness 尋找的那種空間，今年迄今為止，幾年來首次出現負吸收量。此外，租金上漲速度也有所放緩，今年上半年兩季的租金漲幅都相當驚人，但上半年的漲幅低於通膨率。所以我們認為這些都是正面的訊號。

And of course, the retail bankruptcies that have been occurring, store closures and even seeing groceries, grocery stores demising space and going to a smaller footprint. All of that is -- those are positive indicators for increased availability of retail space for clubs.

當然，還有不斷發生的零售業破產、商店關閉，甚至連雜貨店都在縮減面積，減少營業面積。所有這些都表明，俱樂部零售空間的供應量正在增加。

Got it. Thank you.

知道了。謝謝。

Randy Konik, Jefferies.

Randy Konik，傑富瑞集團。

Yeah, thanks a lot and good morning everybody. Colleen, back to you. I think the question was asked what you're going to share at the Analyst Day next week, you gave a brief answer. Maybe give us some perspective on -- based on the content you plan to share next week, some of the kind of key themes or takeaways you want us as on the buy and sell side to kind of take away about the Planet story, Planet business model as we go to the -- ahead of the meeting next week.

是的，非常感謝，大家早安。科琳，把機會交還給你。我想當時的問題是，你打算在下週的分析師日分享什麼內容，你給了一個簡短的答案。或許您可以給我們一些觀點——基於您計劃下週分享的內容，您希望我們作為買賣雙方，在下週會議之前，對 Planet 的故事、Planet 的商業模式有哪些關鍵主題或要點需要了解。

Absolutely, happy to do that. And thanks for the question. So I know that many are looking for kind of the puts and takes to an algorithm to help protect our business. But I think, most importantly, we want to really convey the kind of the macro tailwinds for this industry. The -- I've said we're in the golden age of fitness, and I believe that's very much true.

當然可以，我很樂意這麼做。謝謝你的提問。所以我知道很多人都在尋找演算法的運作機制，以幫助保護我們的業務。但我認為，最重要的是，我們想真正傳達推動這個產業發展的宏觀利好因素。我說過我們正處於健身的黃金時代，我相信這是千真萬確的。

The demand for the offering that we provide, people are more fitness-minded than ever before. There's an incredible addressable landscape for fitness-minded consumers. And our ability to answer that call. So we'll get into some specifics on that next week. So really kind of secular tailwinds, macro.

人們比以往任何時候都更注重健身，因此對我們提供的服務需求也越來越高。對於注重健身的消費者來說，存在著龐大的潛在市場。以及我們響應這項召喚的能力。所以下週我們會詳細討論這個問題。所以這其實是一種長期的順風，宏觀層面上。

And then the other thing, as we've been talking about building our Blue Ribbon team. And we've had a couple of great new leader additions and then had some of our seasoned team members take on expanded roles and want to give everyone an opportunity to meet and hear from them. So marketing, development, operations, including the international opportunity. And you'll hear from a number of our new team members or our team members with expanded roles next week as well.

還有一件事，正如我們一直在討論的，那就是組建我們的藍絲帶團隊。我們新增了幾位優秀的領導，同時也有一些經驗豐富的團隊成員承擔了更重要的角色，我們希望給大家一個機會與他們見面並聽取他們的意見。因此，行銷、開發、經營，包括國際機會。下週您也將聽到一些新團隊成員或職責擴大的團隊成員的介紹。

And then finally, just on how you're thinking about the globalization of the brand. give us some perspective how you're thinking about kind of telling that story for us next week. Do you think about taking Spain and kind of pushing that each year into a new country or a couple of countries each year beyond that? Or do you think about potential acquisitions ever? Just how do you think about the globalization of Planet -- i.e., Planet taking over the Planet.

最後，關於您對品牌全球化的看法，請您談談您打算如何在下週向我們講述這個故事。你有沒有想過以西班牙為起點，然後每年拓展到一個新的國家，或是每年拓展到幾個國家？或者，您是否考慮過潛在的收購？你如何看待地球的全球化──也就是地球接管地球？

Absolutely. So I'm going to save a couple of things for next week. But we absolutely will talk about the global expansion opportunity and the success that we have, the success that we've enjoyed in Spain. The strong performance of our brand there. It was -- we launched Spain really as a kind of proof of concept, and it's been wildly successful.

絕對地。所以我打算把一些東西留到下週再做。但我們一定會談到全球擴張的機會以及我們的成功，我們在西班牙的成功。我們的品牌在該地區表現出色。的確如此——我們推出西班牙市場其實是一種概念驗證，結果非常成功。

So we'll give you some very specific data on Spain on how we define that will be successful, and then also talk about where we see additional opportunities for growth and what the cadence of global growth could look like as a component or as one of the building blocks to the kind of the multiyear outlook for unit growth.

因此，我們將提供一些關於西​​班牙的具體數據，說明我們如何定義成功，然後還會討論我們認為哪些方面存在額外的增長機會，以及全球增長的節奏可能會是什麼樣子，作為多年單位增長展望的組成部分或基石之一。

Super helpful. See you next week.

非常有用。下週見。

Rahul Krotthapalli, JPMorgan.

Rahul Krotthapalli，摩根大通。

Good morning guys. Colleen, can you discuss your thoughts on the strategic brand partnerships with like the large retail or consumer brands, hotel wholesale lines, whatever you're free to talk about. And given the efforts around ramping the marketing strategy and the strong membership base you have? And I have a follow-up.

各位早安。Colleen，可以談談你對與大型零售或消費品牌、酒店批發業務等建立策略品牌合作關係的看法嗎？你可以暢所欲言。考慮到你們在加強行銷策略方面所做的努力以及你們擁有的強大會員基礎？我還有一個後續問題。

So we've launched a number of partnerships and brand partnerships already that have inured to the benefit of of our members. And we've had year-to-date well over $7 million of perks redemptions for our consumers. And that -- those redemption rates have been on a growth curve over the last five years because we're focusing on expanding that offering for our members. We do see additional opportunities for brand partnerships and we have some that we're cultivating today. Again, for competitive reasons, I won't speak to specific brands until we're ready to go to market with the partnership.

因此，我們已經啟動了多項合作夥伴關係和品牌合作夥伴關係，這些都使我們的會員受益。今年迄今為止，我們已經為消費者兌換了超過 700 萬美元的優惠。過去五年，這些兌換率一直呈成長趨勢，因為我們專注於擴大為會員提供的服務範圍。我們確實看到了更多品牌合作的機會，目前我們正在積極推動一些合作項目。再次強調，出於競爭原因，在正式與品牌合作推向市場之前，我不會與任何特定品牌進行交談。

But you're right, that that's something that we've been focused on. We've seen good utilization from our members where we've had partnerships in the past, again, with a new high watermark this year in redemption and more opportunity. One of the things that Brian Povinelli brings from his prior experience is one of the absolute leading membership and loyalty programs in the hospitality space, rebranding that and relaunching that after a merger. So he's got a lot of experience with that and has brought perspective. So you'll see more of that to come.

但你說得對，這正是我們一直在關注的重點。我們看到，在過去與我們有過合作的地區，會員們都很好地利用了這些資源，今年的兌換量再次創下新高，機會也更多了。Brian Povinelli 從他之前的經驗中帶來的一項優勢是，他曾負責酒店業領先的會員和忠誠度計劃，並在合併後對其進行了品牌重塑和重新推出。所以他在這方面有很多經驗，並帶來了獨特的視角。所以你以後會看到更多這樣的內容。

Perfect. And just on tacking on to the membership retention. You guys have a lot of data, 20.7 million members. Can you give a preview under the herd on how you plan on utilizing AI and other technology tools you would like to invest in to improve membership retention and utilization?

完美的。再補充一點，就是提高會員留存率。你們擁有大量數據，2070萬會員。能否提前透露您計劃如何利用人工智慧和其他您希望投資的技術工具來提高會員留存率和使用率？

Yes. So from an AI perspective, I touched on it a little bit in marketing at a pretty high level. So think about AI-enabled CRM, think about AI-enabled marketing with digital content. So serving up content that is more targeted to a consumer. But again, I won't get into a ton of granular detail just for competitive reasons.

是的。所以從人工智慧的角度來看，我在行銷上也比較深入地探討過它。所以，想想人工智慧賦能的客戶關係管理，想想人工智慧賦能的數位內容行銷。因此，要提供更具針對性、更符合消費者需求的內容。但再次聲明，出於競爭原因，我不會深入探討太多細節。

And then I think you'll see it embedded in our app. We've talked about kind of the revitalization of our app, our app being one of the most downloaded if not the most downloaded fitness app on the App Store and the opportunity to leverage AI to more personalize the experience for our members when they're utilizing the app. And can enhance the in-club experience and out-of-club experience.

然後我想你會在我們的應用程式中看到它。我們已經討論過如何重振我們的應用程序，我們的應用程式是 App Store 上下載量最高的健身應用程式之一，甚至可能是下載量最高的，並且有機會利用人工智慧來為我們的會員在使用應用程式時提供更加個性化的體驗。並且可以提升俱樂部內體驗和俱樂部外體驗。

Chris O'Cull, Stifel.

克里斯·奧庫爾，斯蒂費爾。

Thanks. Good morning, guys. Colleen, I know the company has been testing additional services in the Black Card spa area like red light therapy and spray tanning among others. But what are you learning about the value of those services to members?

謝謝。各位早安。科琳，我知道公司一直在黑卡水療區測試一些額外的服務，例如紅光療法和噴霧美黑等等。但您從中了解到這些服務對會員的價值是什麼？

We're measuring utilization and also surveying our members for feedback. And as you know, we rolled out NPS earlier this year across the company, which is giving us immediate real-time feedback and the ability to capture more consumer data. So we also shared the potential Black Card amenities with our franchisees last week at our franchisee huddle and the franchisees were quite enthusiastic. We had a number of the vendors that were there, and they were saying -- our franchisees were asking when can I get this? So we want to do the right amount of testing to make sure that we're really optimizing the Black Card spa offering, at the same time that, that will help inform where we go to market with some new offerings to continue to invigorate the Black Card spa.

我們正在衡量使用情況，並向我們的會員徵求回饋。如您所知，我們今年稍早在全公司範圍內推出了 NPS，這使我們能夠立即獲得即時回饋並收集更多消費者數據。因此，上週我們在加盟商會議上也與加盟商分享了黑卡的潛在福利，加盟商們對此非常熱情。當時有很多供應商在場，他們都說——我們的加盟商都在問：我什麼時候才能拿到這個？因此，我們希望進行適量的測試，以確保我們真正優化黑卡水療服務，同時，這也將有助於我們了解在市場上推出一些新產品，從而繼續為黑卡水療注入活力。

Great. And then I believe last year you had some incremental marketing investment in the fourth quarter. So I was just hoping, could you maybe share or elaborate on how you plan to lap that this year, I'm assuming it may be safe to assume that year-over-year spend will at least be in line with the total spend last year?

偉大的。然後，我相信去年第四季你們增加了一些行銷方面的投資。所以我想問的是，您能否分享或詳細說明您今年的計劃，以期實現這一目標？我假設今年的支出至少會與去年的總支出持平。

Keep in mind that as our revenue grows, so too does the marketing fund. So a big part of the marketing fund is influenced by the capture or the percentage capture on the growing revenue. At the same time, without being specific about Q4 kind of promo intentions, what I will say is we've -- we used to think about Q1 as the join quarter and what we've come to realize is that they're all joined quarters, and we know that we can put marketing to work in all quarters of the year and have favorable benefit.

請記住，隨著收入的成長，行銷資金也會增加。因此，行銷資金的很大一部分受到收入成長中所佔份額或百分比的影響。同時，雖然不具體說明第四季度的促銷意圖，但我可以說的是，我們過去一直把第一季度視為過渡季度，但我們現在意識到，所有季度都是過渡季度，我們知道我們可以在一年中的所有季度開展營銷活動，並獲得有利的收益。

Makes sense. Congrats on a great quarter.

有道理。恭喜你本季表現出色。

Thank you.

謝謝。

Maks Rakhlenko, TD Cowen.

Maks Rakhlenko，TD Cowen。

Great job, everyone. Very nice quarter. So first, you recently ran a which was a discount on a workout planet app. I'm not sure if that was new or not. But with an increase in popularity in many of these digital personal training or workout planning apps.

大家做得都很棒。非常好的街區。首先，你們最近搞了個促銷活動，給健身星球應用程式打折。我不確定這是否是新現象。但隨著許多此類數位私人訓練或運動計畫應用程式越來越受歡迎。

Are there bigger opportunities to embed this sort of technology into the Black Card membership? There was previously a push in a personal training and something that some of your HVLP peers are doing. So just curious, is leveraging technology and opportunity to both unlock revenues as well as provide a better member experience.

是否有更大的機會將這種技術融入黑卡會員體系中？之前曾大力推廣個人培訓，而你們的一些 HVLP 同行也在做類似的事情。所以我很好奇，利用科技和機會是否既能釋放收入，又能提供更好的會員體驗。

So certainly, and I touched on this a little bit when Rahul asked about AI -- use of AI, and we do see an opportunity to use AI or leverage AI to more personalize the experience for our members. And one of the ways we could use it is in personalizing workout plans for our members as well. So all of that is on the AI road map as well as the app revitalization road map.

當然，當 Rahul 問到人工智慧（AI）的應用時，我也稍微談到了這一點——我們確實看到了利用人工智慧或借助人工智慧為我們的成員提供更個人化體驗的機會。我們還可以利用它為會員制定個人化的運動計劃。所以，所有這些都在人工智慧路線圖和應用程式復興路線圖中。

Got it. That's helpful. And then can you just unpack the implied 4Q comps guide for us as there are some puts and takes in how we should think about that versus 3Q 6.9, and just comments around sort of better churn especially exiting the quarter? Just how we should think about mix and member rate as well?

知道了。那很有幫助。然後，您能否為我們解讀一下隱含的第四季同店銷售指引？因為對於我們應該如何看待它與第三季 6.9 的對比，以及關於季度末客戶流失率有所改善的一些看法，存在一些分歧。我們該如何考慮產品組合和會員費率呢？

Yes, Maks, this is Jay. And the way we're thinking about it, and we don't want to get too granular, but it should be relatively consistent quarter-over-quarter. Obviously, the big driver there is as we anniversary the Classic Card price increase that we did last -- at the end of June last year, right? As we've said, we do get a rate benefit from that. but it diminishes over the tenure of our membership.

是的，Maks，這是Jay。我們的想法是，雖然我們不想過於細緻，但季度之間應該保持相對穩定。顯然，主要原因是我們迎來了上次經典卡價格上漲的周年紀念日——也就是去年 6 月底，對吧？正如我們所說，我們確實能從中獲得價格優惠，但隨著會員資格的延長，這種優惠會逐漸減少。

So that rate benefit is decreasing, which is driving the decrease in the comp comparing Q3 to Q4.

因此，利率優惠正在減少，這導致了第三季與第四季相比的比較結果下降。

Got it, super helpful. Best of luck and see everyone next week.

明白了，非常有用。祝你好運，下週見。

Yeah, thanks, Max.

謝謝你，Max。

Thank you.

謝謝。

Logan Reich, RBC Capital Markets.

Logan Reich，加拿大皇家銀行資本市場。

Hey, good morning. Thanks for taking the question. Congrats on a strong quarter. My question was on the High School Summer Pass. I mean, up 30% is a really impressive number and you guys talked about the strength of equipment and the marketing. I guess my question was more on the conversion rates of paying members, that's in the mid-single digits. Just any more color you guys can give on that, just on the timing of when those High School Pass users convert kind of the shape of that?

嘿，早安。感謝您回答這個問題。恭喜本季業績出色。我的問題是關於高中暑期通行證的。我的意思是，成長 30% 是一個非常了不起的數字，你們也談到了設備實力和行銷。我的問題主要是關於付費會員的轉換率，這個轉換率只有個位數。你們還能補充一些細節嗎？例如高中通行證用戶轉換的時間點，以及轉換的具體情況？

And any sense on if that number could potentially be higher than historical levels, just given participation is up a lot. Just curious if that translates to upside to your conversion rate as well.

鑑於參與人數大幅增加，這個數字是否有可能高於歷史水準？我只是好奇這是否也會提升你的轉換率。

I'll start. So we'll report on conversion at the end of the fourth quarter because we continue to convert through through September, October, even a little bit in November because they're able to utilize the pass through, through the end of August, and then we see this kind of surge in conversion September, October, but into the fourth quarter as well. So we'll give you more data on that at the end of Q4. And when I think about the number of paid members converted out of summer pass, obviously, it's a bigger denominator. So even at a similar conversion rate, the numerator is going to be larger.

我先來。因此，我們將在第四季度末報告轉換率，因為我們一直持續到 9 月、10 月，甚至 11 月也有一些轉化，因為他們能夠利用轉嫁優惠，一直到 8 月底，然後我們看到 9 月、10 月以及第四季度的轉換率都出現了這種激增。所以我們會在第四季末提供更多相關數據。當我想到從夏季通行證轉為付費會員的數量時，很明顯，分母更大。因此，即使轉化率相似，分子也會更大。

But what we're seeing so far is fairly similar conversion percentage and really encouraged by the overall strength of the program.

但就目前來看，轉換率相當接近，我們對該計劃的整體實力感到非常鼓舞。

Got it. Thanks for the color.

知道了。謝謝你提供的色彩。

Brian McNamara, Canaccord Genuity.

Brian McNamara，Canaccord Genuity。

Hi, This is Madison Callanan on for Brian. First, are we now behind the lion's share of expected click to cancel impact? And do you expect any positive impact on rejoins next year as a result? Thank you.

大家好，我是麥迪遜·卡拉南，替布萊恩為您報道。首先，我們是否已經落後於預期點擊取消影響的大部分？那麼，您預計這會對明年的重新參賽人數產生任何正面影響嗎？謝謝。

Yes. So we're not giving guidance outside of this quarter right now. Of course, we'll be meeting next week and giving long-term targets and more color there. And from an attrition standpoint, as we said, right, consistent is that we have seen elevation in the attrition rate year-over-year when we look at it at a multiyear lens. It is more consistent with what we've seen historically.

是的。所以目前我們不提供本季以外的業績指引。當然，我們下週會開會，屆時會給出長期目標和更多細節。從人員流失的角度來看，正如我們所說，不變的是，從多年的角度來看，我們看到人員流失率逐年上升。這與我們歷史上所看到的更為一致。

We have modeled the elevated attrition rate into Q4, and that is included in our outlook.

我們已將第四季度較高的員工流失率納入模型，並已將其納入我們的展望。

Can I just add, one of the things that we have seen, and we saw it in the test environment, a couple of test environments, previously, one thing that has proven true is that where we are now able to say one click to cancel or cancel any time in the join flow, we are seeing it give us a lift in the join conversion.

我還要補充一點，我們已經看到，而且之前在幾個測試環境中也看到過，有一件事已被證明是真的，那就是現在我們可以說一鍵取消或在連接流程中的任何時候取消，我們發現這提高了連接轉換率。

And then I know you touched earlier on rate, but with 80% Q2 comp driven by rate and a Black Card increase timing next year, when should we expect volumes to return to be the primary driver of comp growth again as it has been historically? And would you expect Black Card penetration to return to its historical 60% penetration level after that price increase goes into effect? Thanks.

我知道您之前提到了費率，但是第二季度 80% 的薪酬增長是由費率驅動的，而黑卡的漲幅要等到明年，我們應該何時才能看到銷量再次成為薪酬增長的主要驅動力，就像歷史上那樣？您認為此次漲價後，黑卡滲透率會恢復到歷史水準 60% 嗎？謝謝。

We'll talk more about that next week. And certainly, from a Black Card standpoint, we'll get into specifics on that more when we do the price increase.

我們下週再詳細討論這個問題。當然，從黑卡的角度來看，我們會在價格上漲時詳細說明。

JP Wollam, ROTH Capital Partn

JP Wollam，ROTH Capital Partners

Good morning guys, thanks for taking my questions. If we could just start first on kind of franchisee returns. A lot has been done in the last few years with the new growth model to really improve those franchisee IRRs. So I'm just wondering, are there maybe one or two data points you can share about kind of just some accelerating license sales or maybe interest in new licenses that you can share?

各位早安，感謝你們回答我的問題。如果我們能先從加盟商回報方面著手就好了。過去幾年，新的成長模式做了很多工作，真正提高了加盟商的內部報酬率。所以我想知道，您能否分享一兩個關於許可證銷售加速成長或對新許可證的興趣方面的數據點？

I'll start. Yes, I mean, we're not probably going to talk about ADA or license sales or franchise agreement sales. But I can speak to the IRRs and how we -- think about it. We track certainly our more recent club openings post the new growth model, post the Classic Card price increase, and we're tracking those from a top line basis to see if we're hitting kind of our internal hurdle rate for the IRRs, which obviously are shared with ourselves and the franchisees lens. So we're pleased to report that those are tracking right in line.

我先來。是的，我的意思是，我們可能不會討論 ADA（美國殘疾人法案）、許可證銷售或特許經營協議銷售。但我可以談談內部報酬率以及我們是如何看待它的。我們當然會追蹤新成長模式實施後、經典卡價格上漲後新開的俱樂部，並從營收角度追蹤這些俱樂部，看看我們是否達到了內部收益率的門檻，這顯然是我們自己和加盟商共同關注的。我們很高興地報告，這些進展都符合預期。

So we're seeing the lift as we would expect from those initiatives. And that's a top line lens. Obviously, part of the new growth model was giving some more flexibility on the CapEx reequipped timing schedules. So that's positive as well. And I think to your point, with Chip now here as the CEO, he continues the effort to value engineer the club build-out costs, and we spoke about that to the franchisee group last week in our huddle.

因此，我們看到了這些舉措帶來的預期效果。那可是頂級鏡頭啊。顯然，新的成長模式的一部分是給予資本支出重新配置的時間安排更大的靈活性。所以這也是個好消息。我認為你的觀點是對的，現在 Chip 擔任 CEO，他繼續努力降低俱樂部建設成本，我們上週在與加盟商的會議上也談到了這一點。

We've also, as part of our fit for strategy structure established a formal procurement team under the finance or under my org. And we've started some initiatives there where we think we can save the franchisees money.

作為我們策略結構的一部分，我們也在財務部門或我的組織下建立了一個正式的採購團隊。我們已經在那裡啟動了一些舉措，我們認為這些舉措可以幫助加盟商節省金錢。

Yes. I'll chime in on that for you. I think a couple of things. One data point I'd point to is franchisees, same club sales growth coming out of the quarter at 7.1%. The franchisees are definitely feeling the strength of the join volume, the marketing landing.

是的。我來補充一下。我覺得有兩件事。我想指出的一點數據是加盟商，本季同店銷售額成長了 7.1%。加盟商確實感受到了加盟量和市場推廣力度的強勁影響。

And then I think a couple of other proof points that we have talked about, real estate availability, having been a bit of a headwind on development, and I talked a little bit about earlier about that easing. I think another proof point is we've had a franchisee last year and this year buy a couple of conversion clubs and several conversion clubs. And those were conversions that enabled them to bring additional clubs into the system quickly. And that's a strong signal that franchisees are excited to continue to grow with us. I think the third is that in every case where we've had portfolios transact, certainly in my tenure here, in every case, we've had incumbent franchisees at the table wanting to buy additional territory or additional clubs when they become available.

然後，我認為我們討論過的其他幾個證明點，例如房地產供應，曾經是發展的一大阻力，我之前也稍微談到過這種情況的緩解。我認為另一個佐證是，去年我們有一家加盟商收購了幾家改建俱樂部，今年又有一家收購了多家改建俱樂部。正是這些轉換使他們能夠迅速將更多俱樂部納入體系。這強烈暗示加盟商們很樂意與我們繼續共同發展。我認為第三點是，在我們進行的所有投資組合交易中，尤其是在我任職期間，所有交易中都有現有加盟商參與，他們希望在有空位時購買額外的區域或俱樂部。

So I think that's another proof point of franchisee confidence in the system. At the same time, we're not letting up on enhancing franchisee economics. All of the things that Jay talked about and the things we're doing in build cost and trying to bring build costs down for our franchisees while also protecting the member experience.

所以我認為這再次證明了加盟商對體系的信心。同時，我們也不會放鬆對加盟商經濟效益的提升。Jay 談到的所有事情，以及我們在降低加盟商建設成本方面所做的一切，我們都在努力降低加盟商的建設成本，同時還要保障會員體驗。

Perfect. And then just one quick follow-up, and I think fairly straightforward, but I assume most of the unit openings, I mean, in the fourth quarter, are largely through a lot of maybe permitting and municipal processes. And I would assume it's largely all on a local basis. But anything in terms of the government shutdown that would be a potential risk to unit openings in the fourth quarter?

完美的。然後還有一個後續問題，我認為這個問題相當簡單明了，但我估計第四季度的大部分單元開放，主要是透過大量的許可和市政程序實現的。我估計這主要都是地方性問題。但政府停擺是否會對第四季的工廠開業構成潛在風險？

We've not heard about the government -- the federal government shutdown having any impact on openings. And you're right, a lot of permitting is done early in the build cycle. And then of course, there's -- there are municipal inspections late in the build cycle, like final COs and sign-offs. And those are done at the local municipal level, not at a federal level.

我們還沒有聽說聯邦政府停擺對企業開業有任何影響。你說得對，很多審批手續都是在建設週期的早期階段辦理的。當然，在建造週期的後期，還有市政檢查，例如最終竣工驗收和簽署確認。而這些工作都是在地方市政層級完成的，而不是在聯邦層級完成的。

Perfect. Appreciate the clarity. Thanks.

完美的。感謝您的清晰解釋。謝謝。

Arpine Kocharyan with UBS.

Arpine Kocharyan 與瑞銀集團合作。

Hi, good morning. Thanks for taking my question. Could you talk to the general trend you saw in terms of gross adds for the quarter what you saw in Q3 and what you're seeing into Q4 as we see churn kind of normalize here? And you saw slightly lower membership in Q3 versus Q2, which is, I think, in line with what you saw last year quarter-to-quarter, but last year, you were going through the price increase on Classic Cards. So maybe if you could talk to the process versus underlying attrition trends in the quarter? And then I have a quick follow-up.

您好，早安。謝謝您回答我的問題。您能否談談本季新增用戶總數的整體趨勢，以及您在第三季和第四季觀察到的情況，因為我們看到用戶流失率逐漸恢復正常？第三季會員人數比第二季略有下降，我認為這與去年同期的情況一致，但去年，經典卡的價格上漲了。所以，您能否談談本季流程與潛在流失趨勢之間的關係？然後我還有一個簡短的後續問題。

Yes. You broke up for the back part of that question. So I heard the part about the gross joints. Could you repeat the back half of your question, please?

是的。你們在回答這個問題後半部時停頓了一下。我聽說了關節處非常難看的部分。請您重複問題的後半部好嗎？

Yes. Just your membership is slightly lower in Q3 versus Q2, which is I think, in line what you saw last year quarter-over-quarter. But last year, you were going through the price increase on Classic Cards. So maybe if you could talk to the sort of gross adds versus underlying attrition trends in the quarter that you saw would be helpful.

是的。第三季會員人數比第二季略有下降，我認為這與去年同期的情況基本一致。但去年，你們經歷了經典卡價格上漲的過程。所以，如果您能談談您在本季觀察到的新增用戶總數與潛在流失用戶數的趨勢，或許會很有幫助。

Yes. Well, I can start. And right, we don't speak to the gross joins or cancels. But I mean we did see strong join trends, and we commented that on the prepared remarks. Those join trends were offset by the elevated attrition rate that we talked about.

是的。嗯，我可以先開始。沒錯，我們不討論那些粗略的加入或取消。但我的意思是，我們確實看到了強勁的聯合趨勢，我們在準備好的演講稿中也提到了這一點。這些加入趨勢被我們之前提到的高流失率所抵消。

And the attrition rate was elevated year-over-year. Again, when we look on a multiyear basis, it is more consistent with what we've seen historically. In the third quarter, generally speaking, is not a high net add quarter, right? It could be flat or slightly down. We've seen that before.

人員流失率逐年上升。再說，從多年時間來看，這與我們歷史上看到的情況更加一致。一般來說，第三季度並不是淨新增用戶較多的季度，對吧？它可能平坦，也可能略微下沉。我們以前就見過這種情況。

And that's what we experienced this quarter and it was in line with our expectations. And again, we think those trends will continue going forward on both fronts, right? We have nice trends in the strong join side, and we do -- and we've modeled continued elevated attrition on a year-over-year basis. And both of those are included in our outlook for the year.

這就是我們本季所經歷的，也符合我們的預期。我們再次認為，這兩個面向都將持續發展，對嗎？我們在強勁的加入方面呈現出良好的趨勢，而且我們已經模擬了逐年上升的人員流失率。這兩項都包含在我們今年的展望中。

And I think also important to note that as we've said in the past, where we where we rolled out click to cancel previously, after about-ish about 12 weeks, we started to see it moderate. Given when we rolled out click to cancel in Q2, we were within that expected elevated attrition window in the beginning of Q3. And as Jay indicated, we started to see that -- we start to see that moderate. And then we've also continue to have very strong rejoin rates. So in the mid-30s again from a rejoin rate standpoint throughout the quarter, and our marketing is very effectively driving join volume, and we're also retargeting lapsed members, and that's helping to drive the strong rejoin rate.

而且我認為同樣重要的是要注意到，正如我們過去所說，在我們之前推出點擊取消功能的地方，大約 12 週後，我們開始看到它趨於平緩。鑑於我們在第二季推出了點擊取消功能，我們在第三季初正處於預期的高流失率時期。正如傑伊所指出的那樣，我們開始看到——我們開始看到這種溫和的趨勢。而且我們的會員續訂率也一直都非常高。因此，從本季的重新加入率來看，再次保持在 30% 左右，我們的行銷活動非常有效地推動了加入量，我們也在重新定位流失的會員，這有助於推動強勁的重新加入率。

That's super helpful. And then just a really quick follow-up. Maybe just a bit of a bigger picture question. It seems like some of the demographic fits you're seeing is a younger customer that is maybe using the clubs more at a higher frequency, which should be good for structural retention, I would say, in longer term, that may be more wear and tariff for the equipment. Does that mean more frequent replacement of that equipment longer term?

這太有幫助了。然後還有一個非常簡短的後續問題。或許應該從更宏觀的角度來看這個問題。看起來你看到的某些人口統計特徵是，年輕的客戶可能更頻繁地使用球桿，這應該有利於球桿的結構保持，但從長遠來看，這可能會導致設備磨損和成本增加。這是否意味著從長遠來看，需要更頻繁地更換這些設備？

And what implications that has for franchisee returns?

這對加盟商的收益有何影響？

You want to start.

你想開始。

Yes, I mean part of the strength of this brand is the quality of our equipment and the way we maintain it. So it is high and great durable equipment, and we would not expect any changes to the replacement timing we're into.

是的，我的意思是，這個品牌的優勢之一在於我們設備的品質以及我們對設備的維護方式。所以這是一款高階耐用的設備，我們預計目前的更換週期不會有任何變化。

The wear and tear. I think the fact that we pushed out the reequip schedules by a year with the new growth model last year. And the fact that also strength equipment does have a longer life than -- the utilization of strength actually is a piece of equipment that has a longer life. So there's no expectation that we're going to pull forward, reequip schedules for our franchisees. And yet at the same time, we know that the consistency of our replacement cycles and the quality of our equipment is something that our members appreciate at Planet Fitness. Thank you very much.

磨損。我認為，去年我們採用新的成長模式，將設備更新計畫推遲了一年。而且肌力訓練器材的使用壽命也比一般器材更長——實際上，肌力訓練器材本身的使用壽命更長。因此，我們預計不會提前調整或重新安排加盟商的日程。但同時，我們也知道，Planet Fitness 的會員們非常欣賞我們設備更換週期的穩定性以及設備的品質。非常感謝。

Marni Lysaght, Macquarie.

瑪尼‧萊薩特，麥考瑞大學。

Good morning, team. Thanks for taking my questions. I think recent more topical matters such as churn, et cetera, have been well covered in prior questions. But my question is mainly concerned or just in terms of what your outlook for rollout, can you kind of give us a bit of color or maybe it's more of an appropriate topic to discuss next week at the Analyst Day, but just about when you're competing for space and you talked earlier about prototypes, the smaller formats, how do we think about franchise groups and yourself looking at those sites and who you may be competing with for that space?

早安，各位同事。謝謝您回答我的問題。我認為像客戶流失等近期比較熱門的話題，在先前的問題中已經得到了充分的討論。但我的問題主要涉及你們對推廣前景的展望，你們能否給我們詳細介紹一下？或許這更適合在下週的分析師日討論。關於你們在爭奪空間方面的情況，你們之前談到了原型店和小店，我們該如何看待特許經營集團以及你們自己如何看待這些店面，以及你們可能會與誰競爭這些空間？

Yes. I think one of the things that our real estate team is doing in partnership with our franchisees is getting ahead of space availability and talking with the large landlords and brokers to make sure that we articulate the value proposition of putting Planet Fitness in a center, particularly, we skew heavy female. We contribute to traffic to the center. Because we don't have classes, we're not taking up significant amounts of parking at a given time. And we also contribute traffic to a center during off-peak times because most retail centers are getting heavy traffic on the weekend and our heaviest traffic is weekday in the early part of the week.

是的。我認為我們的房地產團隊正在與加盟商合作開展的一項工作是提前了解場地供應情況，並與大型房東和經紀人進行溝通，以確保我們能夠清晰地闡明在購物中心開設 Planet Fitness 的價值主張，尤其是我們以女性顧客為主。我們為市中心的交通流量做出了貢獻。因為我們沒有課程，所以不會佔用大量的停車位。此外，我們也在非尖峰時段為購物中心帶來客流量，因為大多數零售中心在週末客流量很大，而我們客流量最大的時段是工作日的上半週。

So it's really about making sure that we highlight why Planet Fitness is a prospective great tenant. And also the resilience of our business, the durability of our cash flows, the fact that we came through COVID with a number of temporary club closures for municipal reasons, but not one club permanently closing for financial reasons. And compare that to the retail closures and retail bankruptcies, we should be a very attractive tenant. So it's really about promoting the value of having Planet Fitness in a center.

所以，關鍵在於要突顯Planet Fitness為什麼是優秀的潛在租戶。此外，我們業務的韌性、現金流的持久性，以及我們在 COVID 疫情期間因市政原因暫時關閉多傢俱樂部，但沒有一傢俱樂部因財務原因永久關閉的事實，都證明了這一點。與零售店倒閉和破產的數量相比，我們應該會成為非常有吸引力的租戶。所以，這其實是為了宣傳在購物中心內開設 Planet Fitness 健身房的價值。

Understood. Another question I have is just more about like the split of how you think about rate growth. So I think you said -- you said back at the prior result, 70-30 for the back half of this year to be driven by rates and volume, and you previously alluded to like a 50-50 split. Just given the nuances here about your members coming in line with your internal expectations and some of the other dynamics at the moment, what's the correct way to be thinking about that?

明白了。我還有個問題，是關於你對利率成長的看法有哪些分歧。所以我覺得你之前說過－你在上一次公佈結果時說過，今年下半年的業績將以70-30的比例增長，主要受利率和交易量驅動，而你之前也暗示過會是50-50的比例。考慮到成員們是否符合你的內在期望以及目前其他一些動態因素，正確的思考方式是什麼？

Yes. So we'll guide to that for future periods, we'll talk -- we won't guide to it, but we'll talk about it next week from kind of lay out the growth algorithm. And really, what we talked about, given the dynamics this year was kind of a 75-25 or an 80-20 split this quarter landed right in line with our expectations, and we don't think that's going to change dramatically in Q4.

是的。所以，我們將在未來的時期對此進行指導，我們將討論——我們不會指導它，但我們下週會討論它，從某種程度上說起成長演算法。事實上，鑑於今年的情況，我們之前討論的應該是本季度 75-25 或 80-20 的比例，而實際結果也符合我們的預期，我們認為第四季度這種情況不會發生太大變化。

I will say, historically, when we've taken Black Card pricing in the past, we have seeing a little diminution on the Black Card penetration, but not on the join volume. So taking Black Card pricing in the past, was not a headwind to join volume. It was just a little bit of a diminution on the Black Card penetration in the mix.

我想說，從歷史經驗來看，過去我們採用黑卡定價策略時，黑卡滲透率略有下降，但會員註冊量並沒有下降。所以過去採用黑卡定價並沒有對銷售造成不利影響。黑卡在整體滲透率中略有下降。

Understood. Thanks for taking my question. I'll jump back in the queue.

明白了。謝謝您回答我的問題。我重新排隊。

No further questions. I will now turn the call back over to Colleen Keating for closing remarks.

沒有其他問題了。現在我將把電話轉回給科琳·基廷，請她作總結發言。

Well, first, I'd like to thank our team members and our franchisees for delivering such a strong, such a solid quarter. Very encouraged by the momentum that we're carrying through -- into the fourth quarter to complete a strong 2025. We look forward to providing more insight into our long-term growth opportunity at our Investor Day next Thursday. Thank you, everyone.

首先，我要感謝我們的團隊成員和加盟商，感謝他們為我們帶來如此強勁、如此穩健的季度業績。我們對目前的發展勢頭感到非常鼓舞——進入第四季度，我們將以強勁的勢頭完成2025年。我們期待在下週四的投資者日上，為大家詳細介紹我們的長期成長機會。謝謝大家。

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

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。