Planet Fitness Inc (PLNT) 2025 Q4 法說會逐字稿

Good morning, and thank you for joining today's Planet Fitness Q4 earnings conference call. (Operator Instructions). I would now like to hand the call over to Stacey Caravella, Vice President, Investor Relations, for opening remarks. Please go ahead.

早安，感謝各位參加今天的Planet Fitness第四季財報電話會議。（操作說明）現在我謹將電話交給投資人關係副總裁史黛西·卡拉維拉，請她致開幕詞。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 the call.

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，我們獲利報告中關於前瞻性聲明的措辭也適用於我們在電話會議期間發表的評論。

Our release can be found on our investor website along with any reconciliation of non-GAAP financial measures mentioned on the call with their corresponding GAAP measures. Now I will turn the call over to Colleen.

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。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 fourth quarter earnings call. Our strong 2025 performance is a direct result of our discipline and focus on our four strategic imperatives. I want to personally thank our franchisees and our team members.

謝謝Stacey，也謝謝各位參加Planet Fitness第四季財報電話會議。我們2025年的強勁業績，直接得益於我們對四大戰略要務的嚴格把控與專注。我謹代表公司感謝我們的加盟商和團隊成員。

Their passion is what fuels this brand. We ended the year with approximately 20.8 million members and a global footprint of nearly 2,900 clubs. Reinforcing the quality of our member experience and our compelling value proposition. Anyone can get a great workout at Planet Fitness for an incredible value.

他們的熱情是這個品牌的動力來源。年底時，我們擁有約 2,080 萬會員和近 2,900 傢俱樂部，遍布全球。提升會員體驗質量，增強我們極具吸引力的價值主張。在Planet Fitness，任何人都能以超值的價格獲得絕佳的鍛鍊體驗。

Our financial performance was strong across the board for the year as well. Sam's Club sales grew 6.7%. Revenue increased 12% and adjusted EBITDA 13% and we delivered 19% growth in adjusted diluted EPS. Importantly, we opened 181 new clubs and added 1.1 million net new members in 2025.

今年我們的各項財務表現也表現強勁。山姆會員店銷售額成長了 6.7%。營收成長12%，調整後EBITDA成長13%，調整後稀釋每股盈餘成長19%。重要的是，我們在 2025 年開設了 181 家新俱樂部，淨增會員 110 萬。

This growth occurred during the first full year of our new classic card membership does proving that the value of our brand remains unique in the industry. The progress we made on both our top line and new club growth is evidence of our powerful scale and reach, and the strength of our team.

這一成長發生在我們新的經典卡會員計畫推出的第一個完整年度，證明了我們品牌的價值在業界仍然是獨一無二的。我們在營收成長和新俱樂部發展方面取得的進展，證明了我們強大的規模和影響力，以及我們團隊的實力。

Our scale provides a foundation to introduce our brand to even more people looking to improve their physical and mental health globally.

我們的規模為將我們的品牌連結給全球更多希望改善身心健康的人奠定了基礎。

There was no better way to wrap up the strong year than by taking center stage as the presenting sponsor of Dick Clark's New Year's Rockin Eve as we've done for the past decade. With 20,000 Purple Hats blanketing Times Square, we ensured Planet Fitness was the brand's millions of people saw as they set their 2026 wellness goals.

沒有什麼比繼續擔任迪克克拉克新年搖滾夜的冠名贊助商，為這輝煌的一年畫上圓滿的句號更好的方式了，就像我們過去十年所做的那樣。20,000頂紫色帽子覆蓋了時代廣場，我們確保了Planet Fitness品牌在數百萬人制定2026年健康目標時都能被看到。

As we continue to grow our international presence, we see New Year's Rockin Eve as an opportunity to put the Planet Fitness brand on a global stage. We are seeing momentum as we execute against our four strategic imperatives.

隨著我們不斷擴大國際影響力，我們認為新年搖滾夜是一個將 Planet Fitness 品牌推向全球舞台的機會。隨著我們四大戰略要務的推進，我們看到了良好的發展動能。

As a reminder, they 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's dive into the specific progress we achieved across these areas during 2025. We I'll start with redefining our brand promise.

再次提醒，他們正在重新定義我們的品牌承諾，並透過行銷活動傳達，從而提升會員體驗，改進產品，優化模式，並加速新俱樂部的發展。讓我們深入了解我們在 2025 年於這些領域取得的具體進展。我們將從重新定義我們的品牌承諾開始。

A key driver in member growth was our intentional focus on the next generation of fitness enthusiasts. The 2025 High School Summer Pass program yielded our most successful results to date with more than 3.7 million teams completing more than 19 million workouts. An all-time high.

會員成長的關鍵驅動因素是我們有意專注於下一代健身愛好者。2025 年高中暑期通行證計畫取得了迄今為止最成功的成果，超過 370 萬支隊伍完成了超過 1,900 萬次訓練。歷史最高紀錄。

We believe the strong year-over-year results were enhanced by the marketing emphasis on our expanded product offering, showcasing that our clubs have a strong complement of strength equipment so members can achieve the workout stay desire at Planet Fitness. We also augmented our social media strategy to reach our younger consumer and increased our use of influencers to promote the summer pass.

我們認為，強勁的同比業績得益於我們擴大產品供應的營銷重點，這展示了我們的俱樂部擁有強大的力量訓練器材，因此會員可以在 Planet Fitness 實現他們想要的鍛煉效果。我們也加強了社群媒體策略，以吸引更年輕的消費者，並增加了對網紅的利用，以推廣夏季通行證。

Through the end of the year, we converted 8.3% of teen participants to paying members which represents an elevation in conversion over the past two years. Our strong conversion rate reflects how young people prioritize their well-being, and we provide them with a judgment-free environment to start or continue their fitness journeys.

截至年底，我們將 8.3% 的青少年參與者轉化為付費會員，這比過去兩年的轉換率有所提高。我們極高的轉換率反映了年輕人對自身健康的重視，我們為他們提供了一個沒有評判的環境，讓他們可以開始或繼續他們的健身之旅。

Our success would not have been possible without our club team members who are instrumental in ensuring the participants first experience with Planet Fitness was positive, laying the groundwork for them to become members.

如果沒有我們俱樂部團隊成員的辛勤付出，我們的成功是不可能實現的。他們確保了參與者在 Planet Fitness 的第一次體驗是積極的，為他們成為會員奠定了基礎。

We continue to lean into our -- we are all strong on this planet campaign, which effectively showcases our best-in-class equipment and supportive atmosphere. This follows our 2025 strategic shift in our messaging approach, leading with the compelling why Planet Fitness message, followed by a Why Planet Fitness now call to action to reengage lapsed members and attract new ones.

我們繼續大力推動「我們在這個星球上都很強大」的宣傳活動，有效地展示了我們一流的設備和互助的氛圍。這是繼我們 2025 年策略訊息傳遞方式轉變之後做出的決定，我們將首先提出「為什麼選擇 Planet Fitness」這一引人注目的訊息，然後發出「為什麼現在就選擇 Planet Fitness」的行動號召，以重新吸引流失會員並吸引新會員。

Because this campaign resonated so strongly last year, we extended it into 2026. By maintaining this consistency, we avoided the cost of developing a completely new creative platform from scratch, while updating creative assets, focusing on differentiators for our brand.

由於這項活動去年反應熱烈，我們決定將其延長至 2026 年。透過保持這種一致性，我們避免了從頭開始開發一個全新的創意平台的成本，同時更新了創意資產，專注於我們品牌的差異化優勢。

This efficiency allowed us to redirect those savings into high-impact working media to drive even greater reach. The agreement with our franchisees to shift a portion of contribution from the Local Ad fund to the National Ad fund for 2026 and beginning in the second quarter allows us to move faster in executing on several strategic initiatives.

這種效率使我們能夠將節省下來的資金重新投入到高影響力的工作媒體中，從而實現更大的影響力。我們與加盟商達成協議，將 2026 年第二季開始的部分資金從本地廣告基金轉移到全國廣告基金，這將使我們能夠更快地執行幾項策略性舉措。

Beyond driving efficiencies by centralizing more of our ad spend, we are accelerating high-impact technology projects, including AI-enabled CRM and dynamic content optimization, to reach new members more effectively than ever before and invest in an AI-enabled predictive churn model to help us increase member retention.

除了透過集中更多廣告支出來提高效率外，我們還在加速推進高影響力技術項目，包括人工智慧驅動的客戶關係管理 (CRM) 和動態內容優化，以比以往任何時候都更有效地吸引新會員，並投資於人工智慧驅動的預測流失模型，以幫助我們提高會員留存率。

Marking his first year with us this month, Chief Marketing Officer, Brian Povinelli has made rapid progress in scaling our marketing capabilities. Key milestones include strategic hires who are driving AI-enabled member experience initiative, national media buying and CRM work, a new social media marketing strategy as well as augmenting the team responsible for our perks on partnerships.

首席行銷長布萊恩·波維內利本月迎來加入我們公司的第一年，他在擴大我們的行銷能力方面取得了快速進展。關鍵里程碑包括策略性招聘，以推動人工智慧賦能的會員體驗計劃、全國媒體購買和客戶關係管理工作、新的社交媒體行銷策略，以及擴充負責我們合作夥伴關係福利的團隊。

These moves will help us refine and better personalize our messaging, drive marketing spend efficiencies and more effectively engage and retain members. We are proud of the progress we've made so far and our strong joint volume last year, and we're excited for the impact these new leaders will make on our business moving forward.

這些措施將有助於我們改善和更好地個人化我們的訊息，提高行銷支出效率，並更有效地吸引和留住會員。我們為迄今為止的進展以及去年強勁的聯合銷量感到自豪，並對這些新領導人將對我們未來業務產生的影響感到興奮。

I enjoyed spending time in our clubs, and I particularly like spending time in our clubs in early January to hear from our club managers and get a firsthand look at volume, club traffic and what pieces of equipment are getting the most usage.

我喜歡花時間在我們的俱樂部裡，我特別喜歡在一月初花時間在我們的俱樂部裡，聽取俱樂部經理的意見，並親眼看看客流量、俱樂部人流量以及哪些設備使用率最高。

Last month, I spent time in several of our corporate clubs that are part of the new Black Card amenities test. I tried a few of the new Black Card Spa modalities we're currently testing, including the Drive Cold Plunge and the Red Light fan-out. I spoke with members who were using the new amenities as well to hear their feedback and it was resoundingly positive.

上個月，我體驗了我們幾家參與新黑卡設施測試的企業俱樂部。我嘗試了我們目前正在測試的幾種新的黑卡水療模式，包括冷水浸泡和紅光扇形照射。我還與使用新設施的會員進行了交談，聽取了他們的回饋，回饋非常積極。

We see an opportunity to drive both joints and upgrades as well as enhance retention with these new amenities. It's our opportunity to democratize recovery and wellness just as we did with fitness 30 years ago. Turning now to member experience and format optimization.

我們看到，這些新設施既能促進合作發展和設施升級，也能提高客戶留存率。這是我們實現復健和健康大眾化的機會，就像 30 年前我們普及健身一樣。接下來我們將討論會員體驗和格式優化。

We are elevating the member experience through a sophisticated data-driven approach, strategically leveraging technology to drive deeper engagement and strengthen member retention. Our mobile app is a prime example. It remains the top download in the health and fitness category, serving as a touch point for our community.

我們透過先進的數據驅動方法提升會員體驗，策略性地利用科技來推動更深層的互動並加強會員留存。我們的行動應用就是一個絕佳的例子。它仍然是健康和健身類別中下載量最高的應用，是我們社區的聯繫紐帶。

We know that the first 100 days of membership influence long-term retention. Our data indicates that early engagement both digitally and in club contributes to higher lifetime value and the emotional connection to unlock our next wave of growth.

我們知道，會員資格的前 100 天會影響長期留存率。我們的數據顯示，早期參與線上和線下活動有助於提高終身價值，並建立情感聯繫，從而開啟下一波成長浪潮。

Looking ahead, we are piloting AI-driven tools to augment our in-club trainers, providing members with personalized coaching and workout support. We're also leaning into the evolving health landscape specifically regarding GLP-1. As these treatments can lead to a loss of muscle mass, it's essential that users incorporate strength training to maintain their overall health.

展望未來，我們正在試點使用人工智慧驅動的工具來增強我們俱樂部內部教練的能力，為會員提供個人化的指導和鍛鍊支援。我們也密切關注不斷變化的健康領域，特別是 GLP-1 方面。由於這些治療方法會導致肌肉量減少，因此使用者必須進行肌力訓練來維持整體健康。

Our judgment-free environment makes us the natural partner for this growing demographic. A recent survey conducted by one of our franchisees indicated that roughly 50% of people who take a GLP-1 consider a gym membership. We see positive indicators for continued growth and demand for our offering, as GLP-1s become more accessible through lower pricing and pill formats.

我們所營造的無評判環境使我們成為這個不斷增長的消費群體的天然合作夥伴。我們加盟商最近進行的一項調查顯示，大約 50% 的 GLP-1 患者會考慮辦理健身房會員卡。我們看到積極的跡象表明，隨著 GLP-1 類藥物價格降低和片劑形式的出現，我們的產品將持續成長並受到市場需求的推動。

To that end, we are seeing excellent early results from our Perks partnership with (inaudible) while it is still early days and too soon to run a victory lap, we can share that this has been our most successful program yet with high download and conversion.

為此，我們與（聽不清楚）的 Perks 合作取得了非常好的早期成果。雖然現在還處於早期階段，慶祝勝利還為時過早，但我們可以分享的是，這是我們迄今為止最成功的項目，下載量和轉換率都很高。

Collaborations like this helped to position us at the forefront of a major shift in consumer wellness. Beyond digital perks, we're focused on the physical member experience through format optimization. We believe in giving members the ideal equipment mix designed for them to complete their work out their way.

像這樣的合作幫助我們走在了消費者健康領域重大變革的前沿。除了數位福利之外，我們還專注於透過形式優化來提升實體會員體驗。我們相信應該為會員提供理想的器材組合，讓他們能夠在自己方便的地方完成鍛鍊。

Not only has member response been favorable, the response from our franchisees has been overwhelming. In 2025, 95% of those who opened or remodeled clubs chose an optimized format. We concluded the year with nearly 80% of our entire system featuring some version of a format optimized layout or equipment offering.

不僅會員反應良好，加盟商的反應也十分熱烈。到 2025 年，95% 的俱樂部新開或改建者選擇了優化後的模式。到了年底，我們整個系統中近 80% 的系統都採用某種形式的格式最佳化佈局或設備方案。

And finally, our efforts to accelerate new club growth. Our focus is on leveraging our collective size and scale to defend and expand our industry leadership position in the HVLP space.

最後，我們致力於加快新俱樂部的發展。我們的重點是利用我們集體的規模優勢來捍衛和擴大我們在HVLP領域的行業領導地位。

Thanks to an incredible push by our total system particularly in the last several weeks of the year, we opened 104 clubs during the fourth quarter, an all-time quarterly high for a total of 181 openings in 2025.

由於我們整個系統，特別是在今年最後幾週的大力推動，我們在第四季度開設了 104 傢俱樂部，創下了季度新高，2025 年的總開業數量達到了 181 家。

Let me say that again because it bears repeating. This is the highest number of Q4 openings in our history. While the real estate market showed a few signs of easing in 2025, it remains highly competitive. We are navigating this by partnering with franchisees to demonstrate our unique value proposition to landlords.

讓我再說一遍，因為這一點值得重申。這是我們史上第四季職缺數量最多的一次。儘管2025年房地產市場出現了一些緩和跡象，但競爭仍然非常激烈。我們正在透過與加盟商合作來解決這個問題，以此向房東展示我們獨特的價值主張。

Specifically, how Planet Fitness drives foot traffic that benefits the entire retail center. Furthermore, we're leveraging industry relationships to capitalize on prime site opportunities emerging from retail bankruptcies. We are also seeing success with franchisee-led acquisitions where they purchase small portfolios of regional gems and convert them to Planet Fitness locations.

具體來說，Planet Fitness 如何吸引客流量，從而使整個零售中心受益。此外，我們正在利用產業關係，抓住零售業破產後湧現的優質地段機會。我們也看到，由加盟商主導的收購也取得了成功，他們收購了一些區域內的優質門市，並將它們改造成 Planet Fitness 門市。

An effective way of expanding our footprint in high-demand tight real estate market. This can be beneficial from a build cost standpoint as electrical and plumbing is already in place and from a financial ramp standpoint, as we have seen a solid percentage of members convert to Planet Fitness, so the club has a member base and cash flows from day one.

在高需求、房源緊張的房地產市場中，這是擴大我們業務版圖的有效途徑。從建造成本的角度來看，這可能是有利的，因為電氣和管道已經到位；從財務發展的角度來看，我們已經看到相當一部分會員轉而加入 Planet Fitness，因此俱樂部從第一天起就擁有了會員基礎和現金流。

Our international expansion remains a key growth pillar we are focused on scaling our presence in existing markets like Mexico, Australia and Spain, while strategically entering one to two new markets annually. A prime example of this momentum is our recent entry into Northern Mexico with a new franchisee set to develop Tijuana and Mexicali.

國際擴張仍然是我們重要的成長支柱，我們專注於擴大在墨西哥、澳洲和西班牙等現有市場的份額，同時每年策略性地進入一到兩個新市場。我們最近進軍墨西哥北部市場，與一家新的特許經營商合作，計劃在蒂華納和墨西卡利開展業務，這便是最好的例證。

We've also partnered with a bank to lead the Spain marketing process and have a number of interested investors as we look to convert that territory to a franchise market for accelerated growth. We are disciplined in our approach. We're building sustainable, healthy international market position.

我們也與一家銀行合作，負責西班牙的市場推廣工作，並且已經吸引了一些有興趣的投資者，因為我們希望將該地區轉變為特許經營市場，以加速成長。我們做事嚴謹自律。我們正在建立可持續、健康的國際市場地位。

This deliberate strategy is yielding results as we surpassed the 1 million member milestone across our international markets last year and have now crested 200 international clubs. Our Chief Development Officer, Chip Ohlsson, recently celebrated his one-year anniversary, during which he has strengthened his leadership team with several key appointments.

這項精心策劃的策略正在取得成效，去年我們在國際市場上的會員人數突破了 100 萬大關，目前國際俱樂部數量已超過 200 家。我們的首席發展長 Chip Ohlsson 最近慶祝了他上任一周年，在此期間，他透過幾項重要任命加強了他的領導團隊。

He recently added a franchise sales director to his team with a focus on driving growth domestically to accelerate our outreach and expand our network of franchise partners. Finally, our commitment to member experience continues to earn prestigious third-party recognition.

他最近為他的團隊增加了一名特許經營銷售總監，專注於推動國內增長，以加快我們的拓展速度並擴大我們的特許經營合作夥伴網絡。最後，我們對會員體驗的承諾持續獲得權威第三方機構的認可。

We are especially proud to be named one of USA today's best customer service companies for 2026. We Atlantic Fitness was the highest-rated fitness brand on a list of 750 companies across a wide number of industries, a distinction based on millions of reviews, measuring friendliness, competence and reliability.

我們尤其感到自豪的是，我們被《今日美國》評為 2026 年最佳客戶服務公司之一。在涵蓋眾多產業的 750 家公司中，We Atlantic Fitness 被評為評分最高的健身品牌，這項殊榮基於數百萬條評論，衡量了友善性、能力和可靠性。

Exceptional service is a business imperative that builds trust and drives the loyalty essential to our long-term retention and top line growth. Now I'll turn it over to Jay.

卓越的服務是企業發展的必然要求，它能夠建立信任，並培養客戶忠誠度，而這對我們的長期客戶留存和營收成長至關重要。現在我把麥克風交給傑伊。

Thanks, Colleen. Our financial foundation remains exceptionally strong. I'd like to reiterate, we're extremely proud of what we delivered in 2025. Our highly franchised asset-light model continues to generate significant predictable cash flow.

謝謝你，科琳。我們的財務基礎依然非常穩固。我想再次強調，我們對2025年所取得的成就感到無比自豪。我們高度特許經營的輕資產模式持續產生可觀且可預測的現金流。

This has allowed us to return nearly $800 million to shareholders through buybacks over the last two years while also funding strategic investments for future growth.

這使得我們在過去兩年中透過股票回購向股東返還了近 8 億美元，同時也為未來的成長提供了策略性投資資金。

Now to our fourth quarter results. All of my comments regarding our quarter performance will be comparing Q4 of 2025, to Q4 of 2024, unless otherwise noted. We opened 104 new clubs compared to 86.

現在來看我們第四季的業績。除非另有說明，我對本季業績的所有評論都將是將 2025 年第四季與 2024 年第四季進行比較。我們新開了104傢俱樂部，而去年同期只有86家。

We completed 96 new club placements this quarter compared to 77 last year. We delivered system-wide same club sales growth of 5.7% and Franchisees same club sales increased 5.6% and corporate same club sales increased 6%.

本季我們完成了 96 個新的俱樂部安置，而去年同期為 77 個。我們實現了系統內同店銷售額成長 5.7%，加盟商同店銷售額成長 5.6%，公司同店銷售額成長 6%。

Approximately 80% of our fourth quarter comp increase was driven by rate growth, with the balance being net membership growth. Black Card penetration was 66.5% at the end of the quarter, an all-time high and an increase of 260 basis points from the prior year.

第四季薪資成長約 80% 是由費率成長推動的，其餘部分則來自淨會員成長。本季末，黑卡滲透率達 66.5%，創歷史新高，比上年同期成長 260 個基點。

Our ending fourth quarter member count of approximately $20.8 million was in line with our expectations. For the fourth quarter, total revenue was $376.3 million compared to $340.5 million.

我們第四季末的會員人數約為 2,080 萬人，符合我們的預期。第四季總營收為 3.763 億美元，而上一季為 3.405 億美元。

The increase was driven by revenue growth across all three segments, including a 9.6% increase in the franchise segment, a 7.4% increase in the corporate-owned club segment and a 15.3% increase in the Equipment segment.

此次成長主要得益於三大業務部門的收入成長，其中特許經營板塊增長 9.6%，公司自營俱樂部板塊增長 7.4%，設備板塊增長 15.3%。

The increase in our Equipment segment revenue was driven by higher revenue from equipment sales to franchisee-owned clubs for the quarter, replacement equipment accounted for approximately 60% of total equipment revenue compared to 58%. For the fourth quarter, the average royalty rate was 6.7%, flat to the prior year.

本季度，我們設備部門收入的成長主要得益於加盟商俱樂部銷售設備的收入增加，更換設備約佔設備總收入的 60%，而上一季為 58%。第四季平均特許權使用費率為 6.7%，與前一年持平。

Our cost of revenue, which relates to the cost of equipment sales to franchisee and clubs was $90.2 million an increase of 12.1% compared to $80.5 million. Club operations expense increased 7.1% to $79.6 million from $74.4 million.

我們的收入成本（與向加盟商和俱樂部銷售設備的成本有關）為 9,020 萬美元，比 8,050 萬美元增長了 12.1%。俱樂部營運費用成長7.1%，從7,440萬美元增至7,960萬美元。

SG&A for the quarter was $37.3 million compared to $35.7 million. Adjusted SG&A was $36.8 million or 9.8% of total revenue compared to $34.4 million or 10.1% of total revenue.

本季銷售、一般及行政費用為 3,730 萬美元，上一季為 3,570 萬美元。經調整後的銷售、一般及行政費用為 3,680 萬美元，佔總收入的 9.8%，而先前為 3,440 萬美元，佔總收入的 10.1%。

National advertising fund expense was $21.4 million compared to $19.4 million, an increase of 10.5%. Net income was $60.7 million, adjusted net income was $69 million and adjusted net income per diluted share was $0.83. Adjusted EBITDA was $146.3 million and adjusted EBITDA margin was 38.9% compared to $130.8 million with adjusted EBITDA margin of 38.4%.

全國廣告基金支出為 2,140 萬美元，而去年同期為 1,940 萬美元，成長了 10.5%。淨利潤為 6,070 萬美元，調整後淨利為 6,900 萬美元，調整後每股攤薄淨利潤為 0.83 美元。調整後 EBITDA 為 1.463 億美元，調整後 EBITDA 利潤率為 38.9%，而去年同期淨利潤為 1.308 億美元，調整後 EBITDA 利潤率為 38.4%。

For the full year, adjusted EBITDA margin increased to 41.7% compared to 41.3% in the prior year. Now turning to the balance sheet. As of December 31, 2025, we had total cash, cash equivalents and marketable securities of $607 million compared to $529.5 million on December 31, of '24. which included $66.3 million and $56.5 million of restricted cash, respectively, in each period.

全年調整後 EBITDA 利潤率從上年的 41.3% 增加到 41.7%。現在來看資產負債表。截至 2025 年 12 月 31 日，我們的現金、現金等價物和有價證券總額為 6.07 億美元，而 2024 年 12 月 31 日為 5.295 億美元，其中分別包括 6630 萬美元和 5650 萬美元的受限現金。

During the quarter, we refinanced approximately $400 million of our debt that was due next year and upsized the deal to $750 million at a blended coupon of 5.4% and executed a $350 million accelerated share repurchase. Now to our outlook. We knew this year would represent the lowest growth year in our three-year algorithm for two primary reasons.

本季度，我們對明年到期的約 4 億美元債務進行了再融資，並將交易規模擴大至 7.5 億美元，綜合票面利率為 5.4%，並執行了 3.5 億美元的加速股票回購。現在談談我們的展望。我們知道，由於兩個主要原因，今年將是三年演算法中成長最低的一年。

First, the extended replacement cycle for equipment as part of our new growth model that we rolled out in '24. Second, in Q3 of last year, we sold eight corporate-owned clubs in California.

首先，作為我們在 2024 年推出的新成長模式的一部分，我們延長了設備的更換週期。其次，去年第三季度，我們在加州出售了八家公司自營俱樂部。

Transitioning these clubs from the corporate owned segment to the franchise segment aligns with our asset-light strategy yet reduces our revenue and profit year-over-year growth in '26.

將這些俱樂部從公司所有權部門過渡到特許經營部門，符合我們的輕資產策略，但卻降低了我們 2026 年的收入和利潤同比增長率。

We've seen strong joint demand during the quarter, a clear signal that our brand value and offerings are resonating. We've also experienced two short-term transitory items quarter-to-date.

本季我們看到了強勁的聯合需求，這清楚地表明我們的品牌價值和產品引起了共鳴。本季至今，我們還遇到了兩個短期過渡性項目。

Our joint trends were impacted by the storms and cold weather in late January across many of our markets, and we experienced a slightly higher cancel rate last month than anticipated. Notably, recent attrition trends are returning in line with their expectations.

1 月下旬，我們許多市場的暴風雪和寒冷天氣影響了我們的聯合趨勢，上個月我們的取消率略高於預期。值得注意的是，近期的員工流動趨勢正恢復到符合預期的狀態。

Now to our guidance for '26, which incorporates the factors described earlier. We expect system-wide and club sales growth of 4% to 5%. We expect to open 180 to 190 new club system wide.

現在來談談我們對 2026 年的指導意見，其中包含了前面提到的各種因素。我們預計系統和俱樂部銷售額將成長 4% 至 5%。我們預計將在全系統範圍內開設 180 至 190 家新俱樂部。

Like last year, we anticipate the cadence of these openings and the related 150 to 160 equipment placements to be weighted for the second half of the year and especially the fourth quarter.

與去年一樣，我們預計這些開業的節奏以及相關的 150 至 160 台設備的安裝將主要集中在下半年，尤其是第四季度。

We expect reequipment sales to represent approximately 70% of total segment revenue, and we expect an equipment margin rate of approximately 30%. We expect total revenue growth of approximately 9% over 2025. We expect adjusted EBITDA to grow approximately 10% over 2025.

我們預計設備更新銷售額將佔該部門總收入的約 70%，設備毛利率約為 30%。我們預計到 2025 年總收入將成長約 9%。我們預計到 2025 年，調整後 EBITDA 將成長約 10%。

We project adjusted net income growth in the 4% to 5% range. On a per share basis, we expect adjusted diluted EPS to increase between 9% to 10% this is based on approximately 80 million adjusted diluted weighted average shares outstanding, which includes the impact from our ASR entered into at the end of last year, and our plan to repurchase approximately $150 million worth of shares in 2026.

我們預計調整後淨利潤成長率在 4% 至 5% 之間。以每股計算，我們預計調整後的稀釋每股盈餘將成長 9% 至 10%，這是基於約 8,000 萬股調整後的稀釋加權平均流通股計算得出的，其中包括我們去年年底簽訂的 ASR 協議的影響，以及我們計劃在 2026 年回購價值約 1.5 億美元的股票。

We anticipate 2026 net interest expense of approximately $114 million reflecting the annualized impact of our 2025 refinancing. Lastly, we expect capital expenditures to be up between 10% and 15% and D&A to be up approximately 10%. We reiterate our three-year growth algorithm that we outlined at last year's Investor Day.

我們預計 2026 年淨利息支出約為 1.14 億美元，反映了我們 2025 年再融資的年度化影響。最後，我們預計資本支出將增加 10% 至 15%，折舊和攤提將成長約 10%。我們重申去年投資者日上提出的三年成長演算法。

The strategic imperatives and growth initiatives we outlined continue to build momentum, positioning us well to deliver against our long-term objectives.

我們所製定的策略要務和成長措施持續推進，為我們實現長期目標奠定了良好的基礎。

The fundamentals of our business are strong, the model is resilient, and we continue to generate significant cash flow that enables us to return value to shareholders. Now I'll turn the call back to the operator to open it up for Q&A.

我們的業務基本面強勁，商業模式具有韌性，我們持續產生可觀的現金流，從而能夠為股東創造價值。現在我將把電話轉回給接線員，以便進行問答環節。

(Operator Instructions).

（操作說明）

Randal Konik, Jefferies.

蘭德爾‧科尼克，傑富瑞集團。

Yeah, thanks a lot and good morning. I guess, Jay, a question for you is when you look at the '26 guide and you think about you just reiterated your three-year growth algo that you gave at the Analyst Day. Give us some perspective on what does that mean for the two out years in terms of shaping the revenue growth unit expansion and EBITDA dollar growth? How are we supposed to think about that as we think further from '26 into '27 and '28. Thanks.

好的，非常感謝，早安。傑伊，我想問你一個問題，當你查看 2026 年的指導方針時，你會想到你只是重申了你在分析師日上提出的三年增長演算法。請您展望一下，這對未來兩年的營收成長、單位擴張和 EBITDA 美元成長意味著什麼？當我們展望 2026 年、2027 年和 2028 年時，我們該如何看待這個問題？謝謝。

Yeah, hey, Randy, thanks for the question. And as we said, right, we knew that this year would represent the lowest growth year in the three-year range because of the reequipped cycle and because of the sale of the California clubs.

嘿，蘭迪，謝謝你的提問。正如我們所說，我們知道今年將是三年來增長最低的一年，因為重新裝備週期和加州俱樂部的出售。

So those impacts, if we think about that on the year-over-year growth for this year is about a 300 basis points impact to top line and about a 200 basis points slightly north of that on the EBITDA. So obviously, that was contemplated and known.

因此，如果我們考慮這些影響對今年同比增長的影響，那麼對營收的影響約為 300 個基點，對 EBITDA 的影響略高於此，約為 200 個基點。顯然，這一點早已被考慮在內，而且人人都知道。

Also included in our guidance this year are, like we mentioned, just some transitory to a much lesser extent, transitory headwinds and related to the weather impact in joints, which we can talk more about as well as a slight elevation in attrition versus our expectations that we saw in January, which is now normalized but to your point, right, we have reiterated our commitment to the three-year algorithm, and we expect to get back to those targets that we laid out both for revenue and EBITDA over the three-year period and to your point.

正如我們之前提到的，今年的業績指引中也包括一些暫時的不利因素，例如天氣對關節的影響，這些影響程度較小，我們可以就此展開更多討論。此外，1月的人員流失率略高於我們的預期，目前已恢復正常。正如您所說，我們重申了對三年計畫的承諾，並預計在三年內實現我們設定的收入和 EBITDA 目標。

So there's a bit of a step-up in the out years. I think you guys can probably all calculate and do the math. We expected, and this is not dissimilar to what we rolled out with our three-year auto at Investor Day.

所以，晚年階段會有一些進步。我想你們應該都能算出來吧。我們預料到了，這與我們投資者日推出的三年期汽車保險計劃並無太大區別。

We didn't indicate that the Algo was going to be an annual growth rate but certainly, the strategic imperatives, we see the traction in their building and the beauty of this model is that once we start to continue to drive revenue and net member growth, there's significant flow-through to the bottom line.

我們並沒有指出演算法會實現年增長率，但可以肯定的是，從戰略要務的角度來看，我們看到了其發展勢頭，而這種模式的妙處在於，一旦我們開始持續推動收入和淨會員增長，就會對最終利潤產生顯著的積極影響。

So we see increases in both year two and year three of that growth and to get back to the targets we laid out.

因此，我們看到第二年和第三年的成長都在增加，並回到了我們所設定的目標。

Got it. And then since you brought it up, can we then follow up with starting to get a little bit more granular about the month of January then?

知道了。既然你提到了這一點，那麼我們能否進一步探討一月份的具體情況呢？

Yeah. So in terms of January, a couple of points that I'll talk about. On a from a joint standpoint, we saw nice healthy joint trends leading in for the first few weeks of January, leading into the storm that started late in January and then as we work through that storm, we had a significant impact across many of our markets, about 2,000 clubs based on our data had some form of impact, and we saw a marked difference in the relative join volumes during the storm period, the storms period in late January. And then since that time, for the markets that were impacted.

是的。關於一月的情況，我有幾點要談。從會員發展的角度來看，我們在 1 月的前幾週看到了良好的會員發展趨勢，然後在 1 月下旬遭遇了疫情風暴。隨著疫情風暴的到來，我們的許多市場都受到了顯著影響，根據我們的數據，大約有 2000 傢俱樂部受到了不同程度的影響。在 1 月下旬的疫情風暴期間，我們看到了會員註冊量的顯著變化。自那時起，受影響的市場也隨之受到影響。

We've seen a nice rebound, and then we've seen some very healthy join rates related to promotions we've run in February.

我們看到了不錯的反彈，而且由於我們在二月開展的促銷活動，會員註冊率也非常健康。

So I think those things are temporary in nature. Obviously, with the subscription model, a join that happens earlier in the year is more economically impactful and beneficial to join that happens later in the year.

所以我認為這些事情本質上都是暫時的。顯然，在訂閱模式下，年初加入比年末加入在經濟上更有影響力和益處。

And so we've reflected that as part of this guidance, and certainly, the impact is much less than the other impacts that we've discussed. And then from an attrition standpoint, slight elevation in January, right?

因此，我們在指導意見中也考慮到了這一點，而且可以肯定的是，其影響遠小於我們討論過的其他影響。從損耗角度來看，1 月略有上升，對吧？

This was the first year of a high-volume period with the ability to manage your membership with our messaging around cancel anytime so maybe in January, it's more top of mind just like finesses.

今年是會員管理業務量高峰期的第一年，我們推出了隨時取消會員資格的宣傳信息，所以可能在 1 月份，這項功能會像其他一些小技巧一樣，更容易被人們記住。

So we have made some tweaks to our messaging in our digital platform around cancellation. And we have seen that the attrition rate has come in line in February with our expectations.

因此，我們對數位平台上有關取消訂單的資訊傳遞方式進行了一些調整。我們已經看到，2 月的員工流動率符合我們的預期。

Great, thanks a lot.

太好了，非常感謝。

Simeon Siegel, Guggenheim Securities.

西蒙·西格爾，古根漢證券。

Thanks. Hey everyone, good morning. So Jay, just for the guidance, how are you thinking about Black Card penetration and then price versus member growth embedded within those revenues? And then just because we're talking about January, just I guess, Colleen, we've been talking about smoothing out the seasonality of your joints.

謝謝。大家好，早安。傑伊，請問你如何看待黑卡滲透率以及價格與會員成長在這些收入中的作用？然後，因為我們現在在談論一月份，我想，科琳，我們一直在談論如何緩解你關節的季節性疼痛。

So how do you think about the significance of a challenging, whether January now for plan if fitness versus maybe how we would have thought about it historically? Thanks guys.

那麼，您如何看待一月份的挑戰性健身計劃與我們過去的想法相比的意義呢？謝謝各位。

Yeah. So I can start with that. I mean, obviously, from a joint standpoint, right, we've talked about in the past, I think, historically, they talked about 60% or so of joins coming in the first quarter.

是的。我可以從這裡開始。我的意思是，很明顯，從聯合的角度來看，對吧，我們過去也討論過，我認為，從歷史數據來看，他們曾說過大約 60% 的加入量會在第一季度出現。

Obviously, in the past couple of years, it's been higher than that. we've talked about consistently the ability to get net member growth across several quarters.

顯然，過去幾年，這個數字都高於這個水準。我們一直在討論如何在幾個季度內實現淨會員成長。

And I'll let Colleen speak to it more we've got lots of things that we can do, and we're seeing traction on the strategic imperatives to drive joins. In terms of your question on Black Card penetration, I mean, we are seeing in the fourth quarter, we continue to see highest ever Black Card penetration of 66.5%.

接下來我會讓 Colleen 再詳細說。我們有很多事情可以做，我們看到在推動會員加入的策略要務方面取得了進展。關於您提出的黑卡滲透率問題，我的意思是，我們在第四季度看到，黑卡滲透率繼續保持歷史最高水平，達到 66.5%。

So that is a benefit to rate. As we think about the guide and the comp, we're expecting about a [75, 25] splits, 75% being rate, 25% being volume or membership growth.

所以，評級就是一項優勢。在考慮指南和競爭時，我們預計大約是 [75, 25] 的分配比例，其中 75% 是費率，25% 是數量或會員成長。

And I'll just maybe build a little bit on what you said about the January joins. And Simeon, as you've seen we've been successfully running promotions and experiencing net member growth in quarters outside of Q1. This past year, Q4, we had net member growth prior year in the back half, we also had net member growth.

我可能會在你剛才提到的關於一月份入職的情況上再補充一點。西蒙，正如你所看到的，我們一直在成功開展促銷活動，並在第一季以外的季度實現了會員淨增長。去年第四季度，我們的會員淨成長；上年下半年，我們的會員淨成長也實現了。

So you'll continue to see us deploy marketing in quarters outside of the first quarter. And I think a couple of things important to note, coming through 2025, with 1.1 million net new members, that was is a 10% increase on net new members versus the prior year 2024, and it was our first full year of the elevated classic card pricing as well as the first year that we rolled out nationwide online member management.

因此，您將會看到我們在第一季以外的其他季度繼續進行行銷活動。我認為有幾點需要注意，到 2025 年，淨新增會員人數將達到 110 萬，比上一年 2024 年淨新增會員人數增長 10%，而且 2024 年是我們提高經典卡價格的第一年，也是我們推出全國在線會員管理的第一年。

So that, coupled with, as Jay mentioned, we were seeing strong joint trends coming through January prior to the storm impact. I think all of those things together give us real confidence in the momentum that we're seeing in the business.

因此，正如傑伊所提到的那樣，我們在風暴影響之前的1月份就看到了強勁的聯合趨勢。我認為所有這些因素加在一起，讓我們對目前業務的發展動能充滿信心。

That's great. Thanks guys. Best of luck for the year ahead.

那太棒了。謝謝各位。祝您來年一切順利。

Thank you.

謝謝。

Max Rakhlenko, TD Cowen.

馬克斯·拉赫連科，TD Cowen。

Great, thanks a lot. So first, just on the lower EBITDA and the EPS guide for 2026, a you maybe talk about the shape of the year and how we should think about both [for] 1H versus 2H.

太好了，非常感謝。首先，關於 2026 年較低的 EBITDA 和 EPS 指引，您可以談談這一年的發展趨勢，以及我們應該如何看待上半年和下半年的情況。

Yeah, Max, this is Jay, and I will speak to that. When we think about our comp guide of the four to five a couple of things to point out, right? We are going to be lapping the nationwide rollout of member management in Q2.

是的，Max，我是Jay，我會就此事發言。當我們考慮四到五名學生的比較指南時，有幾點需要指出，對吧？我們將在第二季搶得先機，在全國推廣會員管理。

So when we think about the comps, we think about lower comps in the first half, and we think about higher comps in the back half as a result of that.

所以當我們考慮比較時，我們會想到上半場較低的比較，因此我們會想到下半場較高的比較。

Also, of course, as we've called out with the equipment revenue that is notoriously backloaded. I think last year, we had 57% of our openings in the fourth quarter. This year, I would tell you, it's around that, it might be a few points higher, so maybe closer to 60%.

當然，正如我們之前指出的，設備收入存在嚴重的後置性問題。我認為去年，我們 57% 的新店開幕都發生在第四季。今年，我估計大概就是這個數字，可能會高出幾個百分點，所以可能會接近 60%。

And then otherwise, I think if you model consistently otherwise, from an equipment standpoint. And then obviously, we're going to have an increase this year in the NAF revenue, and I think Brian and Paul and Ellie gave you a ballpark amount for that in on the Investor Day. And then otherwise, yes, it's pretty -- the comps are going to be the drivers. Obviously, we don't guide to membership.

否則，我認為如果你從設備角度來看，始終如一地採用不同的模型。顯然，今年 NAF 的收入將會增加，我想 Brian、Paul 和 Ellie 在投資者日上已經給出了一個大致的金額範圍。除此之外，是的，它很漂亮——競爭對手將是司機。顯然，我們不提供會員資格指導。

We've talked a little bit about the cadence of our membership and our ability to add members throughout the course of the year. We're probably not going to get more granular on that. But I think that should help you shape and form the model.

我們已經稍微討論過我們的會員發展節奏以及我們在一年中增加會員的能力。我們可能不會在這方面進行更細緻的探討。但我認為這應該有助於你建立和完善模型。

Just two quick follow-ups. Just what about on the margin side? Anything that we should think about first half versus second half because the guide does embed obviously some margin pressure. And you touched on some of the drivers. So how should we think about the year progressing?

還有兩個後續問題。那麼利潤率方面呢？我們應該考慮上半年和下半年的情況，因為這份指南顯然包含了一定的利潤壓力。你也談到了一些司機。那我們該如何看待這一年的進展呢？

And Max, you're talking about EBITDA margin standpoint?

Max，你是從 EBITDA 利潤率的角度來談的嗎？

Right.

正確的。

Yeah. So I think if you I think when you think about it, we've got to look at it ex NAF. We're expecting to get significant margin leverage on an ex NAF basis. Even with NAV because that is obviously impactful to the EBITDA margin, we're expecting to be pretty consistent year-over-year.

是的。所以我覺得，仔細想想，我們必須從 NAF 的角度來看這個問題。我們預計在扣除非經常性資產後，利潤率將大幅提升。即使考慮到淨資產值（NAV），因為這顯然會對 EBITDA 利潤率產生影響，我們預計其同比表現將相當穩定。

So I think as we think about our guidance, and the way we've approached this. We think the guidance is appropriately given some of the puts and takes we've talked about.

所以我認為，當我們思考我們的指導方針以及我們處理這件事的方式時。我們認為，考慮到我們討論過的一些買賣交易，該指導是恰當的。

And I think what that helps us do has really set our expense structure below that I mean, certainly, we're going to do all we can to continue to work hard and drive that top line and drive joins.

我認為這有助於我們把費用結構控制在較低水準。當然，我們會盡一切努力繼續努力，提高收入，增加會員數。

But we've set our expense structure with this. And if you think about where we've got leverage in the model, it's really on the SG&A.

但我們已經以此為基礎制定了費用結構。如果你想想我們在這個模式中的優勢在哪裡，那就是銷售、一般及行政費用。

Got it. That's helpful. And then, Colleen, what's the latest thinking around the timing of the Black Card price increase? And how do you think that it will change the complexion of the comp build as well as the Black Card mix and then is it already embedded in the guide? Or are we going to get an update once you roll out the Black Card price increase?

知道了。那很有幫助。那麼，Colleen，關於黑卡價格上漲的時間，目前有什麼最新的想法？你認為這將如何改變競技陣容的組成以及黑卡組合？它是否已經融入指南中了？或者，你們會在黑卡價格上漲後發布更新資訊嗎？

Yes. Great question. So we indicated that we would roll out a card the Black Card price increase after our peak join season. For competitive reasons, we're not being overly specific, but you know our business well, and you know when our peak join season is and I think where we took the classic card price increase two years ago is kind of a directional indication Q3 obviously is our lower join quarter.

是的。問得好。因此，我們表示將在會員註冊高峰期結束後推出黑卡，並提高黑卡價格。出於競爭原因，我們不會過於具體，但您很了解我們的業務，也知道我們的新用戶成長高峰是什麼時候。我認為兩年前我們提高經典卡價格的舉措，在某種程度上預示著第三季的新用戶成長量會下降。

So that will give you an indication of when we're anticipating to roll that out. And as we've said, as we've increased our Black Card penetration over the past couple of years.

這樣您就可以大致了解我們預計何時推出該功能。正如我們之前所說，在過去幾年裡，我們的黑卡普及率一直在提高。

We know we have gotten some organic rates lift out of the increased penetration, and we expect to continue to get to be able to take impact from pricing in the comp from the Black Card price lift. And I think we've given directionally anticipate in the comp about 75%-Ish coming from rate 25-ish coming from volume.

我們知道，隨著市場滲透率的提高，我們已經獲得了一些自然成長，我們預計能夠繼續從黑卡價格上漲中受益。我認為我們已經從比較中給出了方向性預測，大約 75% 來自比率，25% 來自成交量。

Awesome, thanks a lot and best regards the rest of the quarter.

太棒了，非常感謝，祝您本季剩餘的工作一切順利。

Joe Altobello, Raymond James.

Joe Altobello，Raymond James。

Thanks. Hey guys, good morning. First question on attrition rates. You mentioned them a couple of times this morning. I'm curious, back when you implemented click to cancel, are they back to where you thought they'd be in February.

謝謝。嘿，各位，早安。第一個問題是關於人員的流失率。你今天早上提到他們好幾次。我很好奇，當初你們推出點擊取消功能的時候，到二月的時候，用戶數量是否已經恢復到你們預期的水平了？

Joe, this is Jay, and I'll start with that. I mean, yes, from an expectation standpoint, they are back in line with our expectations for February. And like we've talked about historically, while there was an elevation after click to cancel last year, still those rates have been within historical norms and that's when we think about the full year and how we expected, we would expect the attrition rate to be within the historical norms.

喬，這位是傑伊，我就從他開始吧。我的意思是，是的，從預期角度來看，他們已經恢復到我們二月的預期水準。正如我們過去所討論的那樣，雖然去年點擊取消訂閱後流失率有所上升，但這些比率仍然在歷史正常範圍內。當我們考慮全年情況以及我們的預期時，我們預計流失率將處於歷史正常範圍內。

And again, we're anniversary-Ing the national rollout of click to cancel in Q2 of this year. And again, from a stepping back perspective, right, there's a lot of reasons why this is the right approach strategically for a member experience.

再次提醒大家，我們將在今年第二季迎來點擊取消功能在全國範圍內的周年紀念日。再從更宏觀的角度來看，有許多理由說明，從策略角度來看，這對於提升會員體驗是正確的方法。

We're continuing to see an increase in our conversion rates that are up 6% in the digital joint flow. Obviously, this is still a focus of the FTC and at the state level.

我們的轉換率持續成長，數位聯合流程的轉換率提高了 6%。顯然，這仍然是聯邦貿易委員會和各州關注的重點。

So we think this is absolutely the right direction in place to be and the rate has gotten back in line with our expectations.

所以我們認為這絕對是正確的方向，利率也已經回到了我們的預期之中。

And I think important to also point out that for the full year 2025, we were still well within historical norms on an annualized basis. And we've shared, it's been a three handle average attrition rate on an annualized basis, and that's where we landed in 2025 as well.

而且我認為還有必要指出，就 2025 年全年而言，我們按年計算仍然遠低於歷史正常水準。我們已經分享過，平均年流失率是 3 倍，我們預期 2025 年的流失率也將維持在這個水準。

Okay, that's helpful.

好的，這很有幫助。

And just also add to that. We also are continuing to see of our joins mid-30% of our joins are rejoins. So we know that when we're treating our members well and giving them the opportunity to manage their membership, they're coming back to us.

還要補充一點。我們還發現，在我們所有的連線中，大約有 30% 的連線是重新連線。所以我們知道，當我們善待會員並讓他們有機會管理自己的會員資格時，他們就會再次光顧。

And I think Jay also indicated that in the joint flow, we've seen about a 6% increase in conversion in the join flow since noting the ability to manage your membership in the joint flow as well.

而且我認為 Jay 也指出，在聯合流程中，自從我們注意到可以在聯合流程中管理您的會員資格以來，轉換率提高了約 6%。

Got it. Thank you. Just to shift gears to expense, this is probably the biggest delta, at least from my model. Was not expecting a $29 million increase year over year. So maybe, could you, I understand the debt levels are up because of the upsized refi and you've got the buyback here, in '26, but I still can't get the [$29 million] of incremental interest expense.

知道了。謝謝。換個角度來說費用，這可能是最大的差異，至少與我的模型相比是如此。沒想到同比會增加2900萬美元。所以，也許，您能解釋一下，我知道由於規模擴大的再融資，債務水平上升了，而且您在 2026 年還有回購計劃，但我仍然無法理解 [2900 萬美元] 的新增利息支出。

Yes, Joe, and we can take it offline if needed. But absolutely, it's just a function of the blend -- we were giving up a coupon in the 3s and the coupon on the new tranche of debt is about 5.4%.

是的，喬，如果需要的話，我們可以離線討論。但毫無疑問，這只是混合比例的問題——我們在 3% 的債券中放棄了票息，而新一批債務的票息約為 5.4%。

So it includes the $400 million that was refied plus the $350 million incremental that allowed us to do the ASR. So that's probably one component, the only other component. Obviously, there's an interest income component embedded in that, but you should be able to get pretty close.

因此，它包括重新確定的 4 億美元，以及使我們能夠進行 ASR 的 3.5 億美元增量。所以這可能是其中一個組成部分，也是唯一另一個組成部分。顯然，其中包含利息收入，但你應該能夠非常接近實際情況。

Got it. Okay, helpful, thank you.

知道了。好的，很有幫助，謝謝。

Chris O'Cull, Stifel Financial Corporation.

Chris O'Cull，Stifel Financial Corporation。

Yeah, thanks. Good morning, Colleen, I'm trying to understand the 4% to 5% comp guide. The company should have become benefit of the Black Card pricing, a 25% increase, I think, in media impressions from the additional ad dollars and then just the residual benefit of the classic card pricing.

嗯，謝謝。早安，Colleen，我正在嘗試理解4%到5%的薪資指導原則。該公司本應受益於黑卡定價，我認為，額外的廣告投入將使媒體曝光量增加 25%，然後還能享受經典卡定價帶來的剩餘收益。

So I mean, in the fourth quarter, comps were up almost 6%. So can you help us understand why comps are expected to slow? I mean is this conservatism or the higher cancellation rate? I'm just trying to understand how to think about this guidance.

我的意思是，第四季同店銷售額成長了近 6%。那麼，您能幫我們理解為什麼預計同店銷售成長會放緩嗎？我的意思是，這是保守主義還是更高的取消率？我只是想弄清楚該如何理解這項指導原則。

Yeah, you want to start or?

是啊，你想開始嗎？

Yeah. Chris, this is Jay, and I can start with that. I mean a couple of things, right? You've got a I mean, this is a subscription model. And when we think about our comp base, obviously, I mean one small factor is the fact that stores enter the comp base after the 13 month.

是的。克里斯，這位是傑伊，我就從他開始吧。我的意思是兩件事，對吧？我的意思是，這是一種訂閱模式。當我們考慮我們的同店銷售基數時，很明顯，我的意思是，一個小因素是商店在第 13 個月之後才進入同店銷售基數。

So when we opened 150 clubs in '24, those are going to largely impact '26, and that was a low club opening year compared like if you think about the 181 that we just opened, which will impact '27 really.

所以，當我們在 2024 年開設 150 傢俱樂部時，這將對 2026 年產生很大影響，而且與 2027 年相比，那一年俱樂部開業數量還比較少，想想我們剛剛開設的 181 傢俱樂部，這將對 2027 年產生很大的影響。

So that's a component of it. And then the other piece is just we've got a large installed base of clubs that generate a ton of cash flow.

這是其中的一個組成部分。另一方面，我們擁有龐大的俱樂部用戶群，這些俱樂部能產生大量的現金流。

So even to your point, with the lift that we will see from rate it just takes a lot to move that needle from a comp standpoint. Obviously, embedded in that comp guide is the fact that we've had a little bit higher attrition than typically, certainly year-over-year since we did the national rollout and again, we would expect that to moderate as we lap that in Q2.

所以即使按照你的觀點，儘管我們將看到費率的提升，但從競爭的角度來看，要真正改變局面仍然需要付出巨大的努力。顯然，該比較指南中隱含著這樣一個事實：自從我們在全國範圍內推廣以來，我們的員工流失率比往年略高，尤其是同比而言。我們預計，隨著我們在第二季完成推廣，這種情況會有所緩和。

I was just going to say I could build on that a little bit. I do think we're back in -- our openings are back-end loaded. We had a very, very strong unit opening year for 2025. And more than 20% lift in openings in '25, versus '24.

我本來想說我可以在此基礎上再補充一點。我認為我們已經重回正軌——我們的開盤機會主要集中在後半段。2025 年，我們的單元開業數量非常非常多。2025 年的開業數量比 2024 年增長了 20% 以上。

However, as Jay said, those clubs will come into the comp base on the 13 draft and because the openings were so back-end loaded, we had over 100 clubs opened in the fourth quarter.

然而，正如傑伊所說，這些俱樂部將根據第 13 屆選秀進入競爭行列，而且由於空缺職位集中在後半段，我們在第四季度開放了 100 多個俱樂部。

We'll start to experience the benefit of those in the comp base much later in the year this year. And as Jay mentioned, we're also back-end loaded in 2024 openings, but it was a significantly lower opening year with only 150 clubs opening and again, back-end loaded.

今年晚些時候，我們才能開始享受這些補償金的好處。正如 Jay 所提到的，2024 年的開業數量也集中在後期，但那一年開業數量明顯較少，只有 150 傢俱樂部開業，而且同樣是後期開業。

So those things certainly factored into our guide. And we also were coming up on the second anniversary of the classic card price lift that we took in June of 2024.

所以這些因素肯定都納入了我們的指引中。此外，我們即將迎來經典卡價格上漲兩週年紀念日，那次上漲是在 2024 年 6 月進行的。

So the most pronounced impact of that pricing has been experienced and then we've -- we do have the Black Card price lift modeled into our guidance. But as you know, we're going to take that after the peak joint season. So we'll be impactful, but not as impactful if we were taking it on the peak join season.

因此，價格上漲帶來的最大影響已經顯現，而且我們已經將黑卡價格上漲納入了我們的預期。但正如你所知，我們將在聯合賽季高峰期之後再進行這項工作。所以我們會產生影響，但不會像在招募高峰期那樣產生影響。

Okay. And then just a question on the row partnership. Are there any plans to jointly market the benefit to consumers? And is the is a partnership designed to encourage membership retention, meaning is the perks discount a onetime upfront benefit? Or is it structured to be an ongoing benefit.

好的。然後還有一個關於划船搭檔的問題。是否有計劃聯合向消費者推廣這項福利？這項合作是否旨在鼓勵會員留存，也就是說，會員折扣是否是一次性預付福利？或者，它旨在成為一項持續性的福利？

Yeah. So the Perks partnership, we just launched in late Q4 and the intent really is to give it's mutually beneficial, right, to give row the opportunity to promote in front of 20.8 million fitness-minded members and at the same time, give our members an added benefit through discounts and the ability to convert with Row as a complement to their commitment to health and wellness.

是的。所以，我們剛剛在第四季末推出了 Perks 合作關係，其目的是為了實現互利共贏，對吧？讓 Row 有機會在 2080 萬有健身意識的會員面前進行推廣，同時透過折扣和將 Row 作為其健康和保健承諾的補充，為我們的會員提供額外的好處。

We've done we've seen a number of studies on the GLP-1 impact in our business. One in particular that one of our franchisees commissioned and shared with us indicated that 50% of people who take a GLP-1 consider a gym membership. Those are very, very compelling market customer market indicators.

我們已經看過一些關於 GLP-1 對我們業務影響的研究。我們的一位加盟商委託進行的一項調查與我們分享，結果顯示，50% 服用 GLP-1 的人會考慮辦理健身房會員卡。這些都是非常有說服力的市場客戶市場指標。

So this is our first attempt to really partner with a provider, a GLP-1 provider and make the offering available to our members. And as I said, we've seen quite high cut-through and quite high conversion, but early days. We think there's more opportunity in our partnership with Row.

所以這是我們第一次真正嘗試與一家供應商（一家 GLP-1 供應商）合作，並將服務提供給我們的會員。正如我所說，我們已經看到了相當高的穿透率和轉換率，但現在還處於早期階段。我們認為與 Row 的合作還有更多機會。

But again, for competitive reasons, we won't speak to what our go-forward intentions are other than to say both we and Row have been pleased with the early results from the Perks farmers.

但出於競爭原因，我們不會透露未來的計劃，只能說我們和 Row 都對 Perks 農場主的早期成果感到滿意。

Okay, thanks.

好的，謝謝。

Rahul Krotthapalli, JP Morgan.

拉胡爾·克羅塔帕利，摩根大通。

Guys, I just wanted to revisit the comp waterfall, and the member joined waterfall for the clubs. Can you remind us how this currently tracks and especially for the classes of the clubs that opened in the last two years and then also that entered the comp base, curious to see how this is tracking after the white card pricing and then as a follow-up, do you expect to see any tailwinds if rest of the industry on your competition is for to click to cancel at some point? Any color there would be helpful. Thank you.

各位，我只是想重新審視競賽瀑布圖，以及俱樂部成員加入瀑布圖。您能否提醒我們目前的情況如何，特別是過去兩年新開的俱樂部以及加入會員體系的俱樂部的會員情況？我很想看看白卡定價之後的情況如何。另外，如果您的競爭對手最終選擇取消會員資格，您是否預期會有任何利多因素？任何顏色都會有所幫助。謝謝。

So Rahul, this is Jay, and in regards to the comp trends, you broke up a little bit on the question. But right we talk about when those new clubs enter in the first year of comp, they typically are comping in the 40 plus percent range. Year two was in the low to mid-teens. Year three, generally speaking, is in mid-single digits and then beyond that, low to mid-single digits, if that I think that was your question. And then what was the second part of the question.

拉胡爾，我是傑伊，關於競爭趨勢的問題，你剛剛回答得有點含糊不清。但是，當我們談到這些新俱樂部在第一年加入競爭性比賽時，他們的比賽獎金通常都在 40% 以上。第二年是在十幾歲到十幾歲之間。一般來說，第三年的入學人數在個位數中段，之後幾年則在個位數低段到中段，我想這就是你的問題所在。那麼問題的第二部分是什麼呢？

Click to cancel to the industry and its impact on us.

點擊取消訂閱，了解該行業及其對我們的影響。

Yeah. So I mean, I'll start and Colin may chime in. But again, I think strategically, we think this is the right thing to do from a member experience standpoint and from a derisking the business standpoint and from we are seeing lift in our digital conversions with the ability to cancel anytime. So we think that sets us up well strategically and going forward to have an advantage.

是的。所以我的意思是，我先開始，科林可能會插話。但從策略角度來看，我們認為這樣做是正確的，這既能提升會員體驗，又能降低業務風險，而且隨著會員可以隨時取消，我們的數位轉換率也提高了。所以我們認為這在戰略上對我們很有利，並且有利於我們未來取得優勢。

And I'll just say, again, we're as Jay said, focused on doing the right thing by our members. We're seeing more and more municipalities whether at the state level or local municipal level, focused on giving consumers and subscription models, the ability to manage their subscription or manage their membership.

我再說一遍，正如傑伊所說，我們專注於為我們的成員做正確的事情。我們看到越來越多的市政當局，無論是州級還是地方市政當局，都致力於讓消費者和訂閱模式能夠管理他們的訂閱或會員資格。

So we believe we did the right thing and also derisk our business by kind of getting ahead of that. And at the end of the day, I touched on the mid-30% rejoin rate.

所以我們相信我們做對了，而且透過提前應對，也降低了我們業務的風險。最後，我提到了 30% 左右的重新加入率。

We think that's probably the biggest impact, favorable impact is when we've empowered our members to manage their membership. They feel good about their relationship with us.

我們認為，賦予會員管理其會員資格的權力可能是最大的正面影響。他們對與我們的關係感到滿意。

And the top two reasons why we see people cite a cancellation reason are they moving or lack of time. So it's nothing to do with experience or lack of desire. And when they consider rejoining a gym or a club, a large proportion of them come back to Planet Fitness.

人們取消預訂的前兩個主要原因是搬家或時間不足。所以這與經驗或缺乏意願無關。當他們考慮重新加入健身房或俱樂部時，很大一部分人會回到 Planet Fitness。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Yeah, hi, good morning. Could you share a little bit more on the joint trends that you're seeing? And do you see opportunity to make up for some of the pockets of weakness that you mentioned and still add close to the number of members that you added in 2025, is there any reason that that's not realistic at this stage.

是啊，你好，早安。能否再詳細分享您觀察到的共同趨勢？您是否認為有機會彌補您所提到的某些弱點，並在 2025 年實現接近當年新增成員數量的目標？現階段是否有任何理由認為這不切實際？

I'll start maybe and just say we were seeing very strong joint trends coming through the tail end of 2024 and coming tail end of 2025 and coming into 2026 prior to the weather impact.

我先說一句，在天氣影響之前，我們看到 2024 年末、2025 年末以及 2026 年初期的聯合趨勢非常強勁。

So that gives us a lot of confidence around the fact that we've got great secular tailwinds, and people are more fitness-minded than ever before.

因此，這讓我們對未來充滿信心，因為我們擁有良好的長期發展趨勢，人們比以往任何時候都更重視健身。

So to your point, John, we're confident in our ability to drive strong member growth through the balance of the year. And again, I'll say the results that we had in 2025 and which were a 10% lift in net member growth over the prior year despite the fact that we rolled out online member management and had full year impact of the classic card price lift.

所以，約翰，正如你所說，我們有信心在今年餘下的時間裡實現會員數量的強勁增長。我再次強調，我們在 2025 年取得了顯著成果，儘管我們推出了線上會員管理，並且經典卡價格上漲產生了全年影響，但淨會員成長率仍比前一年提高了 10%。

I think the other thing is as our we look at consumer data in addition to our lapsed members and the strong results we're seeing with rejoins.

我認為另一點是，除了關注流失會員和我們看到的重新加入的強勁成果之外，我們還會關註消費者數據。

As we shared at the Investor Day, active adults in the US likely to pay is somewhere in the neighborhood of 50 million to 60 million people and fitness paying members who could have the opportunity to convert to Planet also in the 60 million people.

正如我們在投資者日上分享的那樣，美國活躍的成年人中，可能付費的人數大約在 5000 萬到 6000 萬人之間，而有機會轉而成為 Planet 會員的健身付費用戶也有 6000 萬人左右。

So the opportunity to continue to drive joints, have our marketing reach this broad fitness-minded audience is something that we feel really confident about.

因此，我們非常有信心能夠繼續推動關節活動，讓我們的行銷活動觸及這個具有廣泛健身意識的受眾群體。

Okay. Great. And then, Jay, one follow-up on the full year outlook for adjusted EBITDA. You guided to 10% growth. I think it explained 200 basis points of the difference versus the mid-teens three year average that you highlighted in November. Could you just maybe bridge the gap, the remainder of the difference there, the other 300 basis points or maybe 200 basis points to 300 basis points.

好的。偉大的。然後，Jay，請問一下全年調整後 EBITDA 的展望情況。你引導實現了10%的成長。我認為這解釋了與你在 11 月強調的三年平均值十幾個百分點的差異 200 個基點。您能否幫忙彌補差距，也就是剩下的 300 個基點，或是 200 到 300 個基點之間的差距？

Are there any other investments upfront hitting the first year or opportunities the next 2 years after to drive greater leverage? Just any color there. Thank you.

是否有其他前期投資可以在第一年發揮作用，或者在接下來的兩年內有機會獲得更大的槓桿效應？隨便什麼顏色都行。謝謝。

Yeah, John, for sure. So again, we knew about the headwinds coming in. We knew that this year would be the lowest growth year in our three-year algo, the intent was not that, that three-year algo was an annual growth rate for each year.

是的，約翰，當然。所以，我們早就知道會有逆風來襲。我們知道今年將是我們三年演算法中成長最低的一年，但我們的目的並非如此，該三年演算法的目標是每年的年增長率。

So there's a ton of good things happening like Colleen mentioned in her prepared remarks around the strategic imperatives.

所以，正如科琳在她準備好的發言稿中提到的，圍繞著戰略要務，有很多好事正在發生。

And those things will build and gain traction and gain momentum. We talk about the first 100 days. We talk about the Black Card spa amenities. We talked about improving the app in terms of training. So there's lots of good things going on. Obviously, we're focused on joins. We're focused on retention.

這些事情會逐漸發展壯大，獲得關注，並最終形成動力。我們來談談前100天。我們來聊聊黑卡會員的SPA設施。我們討論瞭如何從培訓方面改進應用程式。所以有很多好事正在發生。顯然，我們關注的是連結。我們專注於提高用戶留存率。

So as we think about that, the power of this model is that and again, we think the guidance is appropriate. That has helped us set the expense structure in a very good way.

所以當我們思考這個問題時，這個模型的優勢就在於此，而且我們認為該指導是恰當的。這幫助我們很好地建立了費用結構。

So once we start to have this flywheel continue to compound, which we expect in the future years there's significant opportunity from a flow-through and growth perspective.

因此，一旦這種飛輪效應持續成長（我們預計未來幾年將會出現這種情況），從收益傳遞和成長的角度來看，將會出現巨大的機會。

Okay, thank you.

好的，謝謝。

I might have just I might add to that, too, just the momentum we're seeing with the younger consumer as well. And as we think about the potential for lifetime value, high school summer pass, we were just shy of million participants last year, $3.7 million this year and an increased conversion rate to paying members at the conclusion of that.

我可能還會補充一點，那就是我們在年輕消費者群中也看到了這種成長勢頭。當我們考慮終身價值的潛力時，以高中暑期通行證為例，去年我們的參與者人數接近百萬，今年為 370 萬美元，並且在年底時付費會員的轉換率有所提高。

So I think lots of strong momentum from a joint volume. And the fact that one of the big drivers is obviously unit openings, and we came off an incredibly strong year of unit openings in 2025, with more than 20% lift in unit openings year-on-year, '25, versus '24.

所以我認為聯合成交量帶來了強勁的上漲勢頭。而其中一個主要驅動因素顯然是單元開業數量，我們在 2025 年經歷了非常強勁的單元開業年份，與 2024 年相比，2025 年的單元開業數量同比增長超過 20%。

Sharon Zackfia, William Blair.

莎倫·扎克菲亞，威廉·布萊爾。

I think one of the big wildcards you had entering this year was the increase to the [NAS] fund. I know there's been a lot of it sounds like noise in the first couple of months of the quarter for various reasons.

我認為今年最大的不確定因素之一是[NAS]基金的增加。我知道由於各種原因，本季頭幾個月出現了很多類似噪音的情況。

But how do you think about that wild card in terms of increased impressions and kind of more shots on goal as we go throughout the rest of the year as it relates to member growth.

但是，在接下來的時間裡，我們該如何看待這個不確定因素，它能否增加曝光量，並帶來更多射門機會，從而促進會員成長呢？

No, so I'll start and then, Jay, if you want to chime in, you're welcome to. So you're right in that we had the 1% shift from the last coming into the NAV for 2026. However, we asked our franchisees to keep their last spending whole for Q1 and we're anticipating that shift to have the most impact in Qs two, three and four.

不，那我先開始，然後，傑伊，如果你想插話，歡迎你隨時發言。所以你說得對，2026 年的淨資產值與前一年相比確實有 1% 的變動。但是，我們要求加盟商在第一季保持上一季的支出不變，我們預計這項變更將在第二、三、四季產生最大的影響。

And some of the new capabilities that, that shift in dollars to the NAV. Some of the new capabilities that will enable are things like the dynamic content optimization and the enhanced AI-enabled CRM as well as helping to fund the predictive churn model that we've got under development and we'll have in pilot in the fairly near term.

以及一些新的功能，這些功能會以美元的形式轉移到淨值 (NAV)。一些新的功能將實現動態內容優化和增強型人工智慧客戶關係管理等功能，同時也有助於資助我們正在開發的預測性客戶流失模型，我們將在不久的將來進行試點。

So it's funding the building of some of those capabilities that will make our marketing even more effective over the longer term. When you think about DCO, dynamic content optimization or dynamic creative optimization, it will enable us to customize our marketing messaging and better tailor it to the consumer that we're attempting to reach based on kind of the shopping behavior that we see from that consumer and the same with AI-enabled CRM, it will give us greater insights into consumers and consumer motivation and enable us to be more precise in how we target those prospective customers. Particularly as we're looking to reach those active likely to pay or fitness paying members that are using other brands or other modalities.

因此，它將資助建立一些能夠使我們的行銷在長期內更加有效的能力。當你想到動態內容優化（DCO）或動態創意優化時，它能讓我們根據目標消費者的購物行為，客製化行銷訊息，並更好地針對目標消費者進行調整。同樣，人工智慧驅動的客戶關係管理（CRM）也能讓我們更深入了解消費者及其動機，從而更精準地定位潛在客戶。尤其是我們希望接觸那些活躍的、可能付費的健身會員，他們目前使用其他品牌或其他方式。

And Colleen, how do we think about your use of $1 down? I know it's up a bit year over year, through February. Is that something that is more of a lever that you'll use as well after you take the black card price increase to kind of bolster the classic card, membership joints?

科琳，你覺得你首付1美元的做法怎麼樣？我知道截至二月份，這個數字比去年同期略有上升。在提高黑卡價格之後，這也是您會用來加強經典卡和會員制場所的手段？

So we've talked a little bit about, the advertising that we want a compelling message that showcases the value of Planet Fitness and then that you can get strong at Planet Fitness. So, we call that kind of the YPF why Planet Fitness messaging.

我們已經稍微討論過廣告，我們想要一個引人注目的訊息，來展示 Planet Fitness 的價值，以及你可以在 Planet Fitness 變得強壯。所以，我們把這種YPF（YPF）風格稱為Planet Fitness（星球健身）的宣傳訊息。

And then we use an offer as a compelling kind of reason to join now. So the brand building is why Planet Fitness and then a compelling financial offer, is kind of why Planet Fitness now or the call to action. To drive, joints and conversions with us within a specific timeline, so we'll continue to use a balance of brand building, messaging as well as landing on a call to action that may include a financial inducement.

然後，我們利用優惠作為一個令人信服的理由，促使人們立即加入。所以，品牌建立是 Planet Fitness 的立足之本，而極具吸引力的財務方案則是 Planet Fitness 現在吸引顧客的關鍵所在，或者說是行動號召。為了在特定時間內推動與我們合作的合作和轉化，我們將繼續採用品牌建立、訊息傳遞以及最終促成行動號召（可能包括經濟激勵）的平衡策略。

Xian Sew, BNP Paribas.

Xian Sew，法國巴黎銀行。

Hi guys, thanks for the question. I wanted to follow up about the 30% or 30% rejoin rate. Can you maybe talk about the time between maybe members are leaving the system and coming back? Is there any as that time away from the system getting shorter as you're seeing kind of more of this trend? Curious to hear about that.

大家好，感謝你們的提問。我想進一步了解30%或30%的重新加入率。您能否談談成員離開系統到重新加入系統之間的時間間隔？隨著這種趨勢的加劇，系統運作時間是否正在縮短？很想聽聽這方面的情況。

We continue to market to former members on a very consistent basis. We're continuing to test different time lines. So as for example, and again, for competitive reasons, I won't be super specific. But we used to perhaps wait a little bit longer before we would come back to them with a rejoin offer.

我們持續不斷地向原會員進行市場推廣。我們正在繼續測試不同的時間安排。舉例來說，再次強調，出於競爭原因，我不會說得太具體。但我們過去可能會等更長時間，才會再次向他們發出重新加入的邀請。

We're testing marketing that approaches them during a narrower lapsed period and again, evaluating the effectiveness of each of the different marketing offers to our former lapsed members. I think the most important thing that we are seeing is this increase in rejoin rate. And it's really in the mid-30s. I think we finished the quarter 34.5% am I right.

我們正在測試在較短的流失期內接觸他們的行銷策略，並再次評估每種不同的行銷方案對我們以前流失會員的有效性。我認為我們看到的最重要變化是重新加入率的提高。實際上，它應該在30多度。我認為我們本季結束時的完成率為34.5%，對嗎？

34.8% for Q4 rejoin rate. So it's really solidly mid-30s, slightly more than third of our joins lapsed members returning to our system.

第四季重新加入率為 34.8%。所以，實際人數穩定在 30% 左右，略多於三分之一的新會員是之前流失的會員重新加入我們的系統。

Okay, thanks. And then maybe just on the GLP-1s. Is there any other way to think about what you're seeing so far? I know it's early days, but are you starting to see members on GLP-1 join the system? I know the roars, but maybe just kind of what you're seeing so far in terms of the GLP-1 member trends and what the potential could be.

好的，謝謝。然後或許就只用 GLP-1 類藥物了。對於目前所看到的情況，還有其他思考方式嗎？我知道現在還為時過早，但是您是否開始看到 GLP-1 的成員加入該系統了？我知道大家會有激烈的爭論，但也許你只是想了解目前為止 GLP-1 成員的發展趨勢以及可能的發展潛力。

Yeah. So again, we don't while we don't track specifically the proportion of our members on GLP-1s, given the size of our member population and we believe it's representative of kind of the nationwide utilization, which is roughly about 13% today.

是的。所以，雖然我們沒有專門追蹤使用 GLP-1 的會員比例，但考慮到我們會員人數的規模，我們認為這可以代表全國的使用情況，而目前全國的使用率約為 13%。

I think importantly, when you think about a GLP-1 user and the fact that they're embarking on a journey of health and wellness for themselves, and perhaps we're not a gym member before, might be a first-time gym goer. And we know that gamification is real.

我認為很重要的一點是，當你想到 GLP-1 使用者，以及他們正在開啟一段追求健康和幸福的旅程，而且他們以前可能不是健身房會員，可能是第一次去健身房時，就應該意識到這一點。我們知道遊戲化是真實存在的。

We feel like for the GLP-1 use our brand, Planet Fitness. We are perfectly positioned to meet that customer and support them as they look to combat loss of muscle mass with strength training and also being an environment that's welcoming and without intimidation, judgment free as they embark on their fitness journey. So we see this as an opportunity for us to continue to expand our reach.

我們覺得對 GLP-1 來說，使用我們的品牌 Planet Fitness 比較適合。我們完全有能力滿足客戶的需求，並支持他們透過肌力訓練來對抗肌肉流失，同時營造一個熱情友善、沒有威懾力、沒有評判的環境，讓他們能夠安心開啟健身之旅。因此，我們認為這是一個繼續擴大我們影響力的機會。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格林布林，摩根士丹利。

Hi, thanks, just wanted to go back to kind of marrying up the 26 guides versus the longer-term guide, but actually focus more on cash and specifically, CapEx, it looks like you've got that growing are expected to grow 10% to 15% this year. Last year was kind of in a similar range. I know you mentioned this is more around corporate-owned clubs.

您好，謝謝。我只是想回到過去，把這 26 個月的指導方針與長期指導方針結合起來，但實際上更關注現金流，特別是資本支出。看起來您已經了解到，預計今年資本支出將增加 10% 到 15%。去年的情況也差不多。我知道你提到這更多是指公司擁有的俱樂部。

So is that something that we should be thinking could be front-loaded in that or should we be thinking that there's a consistent kind of growth there? And any thoughts around potentially selling additional corporate-owned properties to close.

所以，我們應該認為這種成長可能是前期集中的，還是應該認為這種成長是持續的？以及是否有考慮出售更多公司擁有的房產以完成交易。

Yeah. So I can start with that. The CapEx, I think, was a little bit lower in the last year, maybe around 6% growth. So to your point, we're maybe always a little conservative in the way we think about that CapEx and that the driver of that are a couple of things. It is our corporate-owned clubs.

是的。我可以從這裡開始。我認為，去年的資本支出略有下降，成長率可能在 6% 左右。所以，正如您所說，我們在考慮資本支出時可能總是有點保守，而這背後的驅動因素有幾個。這是我們公司旗下的俱樂部。

Of course, we've got the new clubs. And then this year, we are undertaking a fair amount of relocations and remodels are at least planned.

當然，我們還有新的俱樂部。今年，我們將進行相當多的搬遷工作，並且至少已經制定了改造計劃。

Also, from a modeling standpoint, obviously, we've talked about Spain and recycling that capital and getting that in the hands of a franchisee to develop that.

此外，從模式的角度來看，我們顯然已經討論過西班牙，以及如何回收這些資金，並將其交給加盟商進行開發。

But we have, from a CapEx standpoint, modeled continued development in Spain on our balance sheet this year. So I think that rate of growth is a reasonable way to think about it in the model going forward. We will continue to build cash throughout the model.

但從資本支出角度來看，我們今年已在資產負債表中對在西班牙的持續發展進行了規劃。所以我認為，在未來的模型中，用成長率來思考這個問題是合理的。我們將繼續透過該模式累積現金流。

And of course, we've talked about continuing to invest in buybacks to return value to shareholders. And in terms of recycling capital and looking at other corporate clubs, I mean, we're always going to look at opportunities and options as they come up. We're right around the 90%, 10% split between franchise and corporate owned and we think in this business. That's a good balance, especially given the four-wall profitability.

當然，我們也討論過繼續投資股票回購，為股東創造價值。至於資本循環利用和考察其他企業俱樂部，我的意思是，我們會始終關注出現的各種機會和選擇。我們目前的加盟店和直營店的比例大約是 90% 比 10%，我們認為在這個行業裡，加盟店和直營店的比例是比較接近的。這是一個很好的平衡，尤其考慮到四面牆的盈利能力。

Yeah. I think it's important to say we are out to market or we've engaged the banker to go to market for Spain. Would love to bring in a great franchise partner to help us accelerate growth in Spain because those clubs are performing very well and seeing ramps in a new market like Spain that are akin to our new club member ramps that we see domestically and then just on the California clubs, I think it's important to note, that was a bit of a geographic outlier for us.

是的。我認為有必要說明，我們已經進入西班牙市場，或者說我們已經聘請了銀行家來開拓西班牙市場。我們非常希望引進一位優秀的加盟合作夥伴，幫助我們在西班牙加速發展，因為這些俱樂部的業績非常好，在西班牙這樣的新市場，會員成長速度與我們在國內的新俱樂部會員成長速度類似。另外，加州俱樂部的情況，我認為需要特別指出，對我們來說，那是一個比較特殊的地域性例外。

This was an efficiency play as well as the opportunity to put that market in the hands of a well-capitalized franchisee who had a good operational infrastructure on the West Coast because majority of our corporate clubs are on the East, Northeast, Southeast. So this was an efficiency play as well as an opportunity to recycle capital with that sale.

這既是一項提高效率的舉措，也是一個將市場交給資金雄厚、在西海岸擁有良好營運基礎設施的加盟商的機會，因為我們的大部分公司俱樂部都位於東部、東北部和東南部。所以，這既是一次提高效率的舉措，也是一次透過出售資產回收資金的機會。

There are no further questions at this time. I would now like to turn the call back to Colleen Keating, CEO, for closing remarks. Go ahead.

目前沒有其他問題了。現在我謹將電話轉回給執行長科琳·基廷，請她作總結發言。前進。

Thank you, and thank you for all the thoughtful questions. In closing, I'll just reiterate our performance in 2025 demonstrates the immense power of our model. We remain laser focused on our four strategic imperatives, which do serve as the foundation for our next chapter of growth and our unwavering commitment to delivering long-term shareholder value. Thank you.

謝謝，也謝謝大家提出的所有深思熟慮的問題。最後，我只想重申，我們在 2025 年的表現證明了我們模型的巨大威力。我們將繼續專注於我們的四大戰略要務，這些要務是我們下一階段成長的基礎，也是我們堅定不移地致力於為股東創造長期價值的體現。謝謝。

This concludes today's call.

今天的電話會議到此結束。

Thank you for attending. You may now disconnect.

謝謝各位的出席。您現在可以斷開連線了。