Planet Fitness Inc (PLNT) 2026 Q1 法說會逐字稿

Good morning, and thank you for joining today's Planet Fitness Q1 earnings conference call. (Operator Instructions) I would now like to hand the call over to Brendon Frey for opening remarks. Please go ahead.

早安，感謝各位參加今天 Planet Fitness 第一季財報電話會議。（接線員指示）現在我想把電話交給 Brendon Frey 進行開場致詞。請開始。

Thank you, operator, and good morning, everyone. Speaking on today's call will be Planet Fitness Chief Executive Officer, Colleen Keating; and Interim Chief Financial Officer, Tom Fitzgerald. Colleen and Tom will be available for questions during the Q&A session following the prepared remarks. Today's call is being webcast live and recorded for replay.

謝謝接線員，大家早安。今天的電話會議將由 Planet Fitness 執行長 Colleen Keating，以及代理財務長 Tom Fitzgerald 發言。在準備好的發言結束後的問答環節，Colleen 與 Tom 將回答各位提問。今天的電話會議正以網路直播並錄音，供日後重播。

Before I turn the call over to Colleen, I'd like to remind everyone that the language on forward-looking statements included in our earnings release also apply to our comments made during the call. Our release can be found on our Investor website, along with any reconciliation of non-GAAP financial measures mentioned on the call with their corresponding GAAP measures.

在我把電話交給 Colleen 之前，我想提醒各位，我們財報新聞稿中關於前瞻性陳述的相關措辭，同樣適用於本次電話會議中的評論。我們的新聞稿可在投資人網站上查閱，網站亦提供本次電話會議提及之任何非 GAAP 財務衡量指標與其對應 GAAP 指標之調節表。

With that, I'll now turn it over to Colleen.

那麼，現在我把電話交給 Colleen。

Thank you, Brendon, and thank you, everyone, for joining us for the Planet Fitness first-quarter earnings call. I'm pleased to have Tom Fitzgerald joining me on today's call, and I'd like to thank Tom for pausing his retirement to step in as Interim CFO.

謝謝你，Brendon，也謝謝各位參加 Planet Fitness 第一季財報電話會議。我很高興 Tom Fitzgerald 今天與我一同出席，也要感謝 Tom 暫緩退休，出任代理財務長。

Tom is an accomplished finance leader with a deep understanding of our business and franchise model. I look forward to working with him again to position Planet Fitness to drive growth and shareholder value as we conduct a thoughtful and disciplined search to identify our next permanent CFO.

Tom 是一位卓越的財務領導者，對我們的業務與加盟模式有深刻理解。在我們以審慎且有紀律的方式尋找下一任正式財務長之際，我期待再次與他合作，協助 Planet Fitness 推動成長並提升股東價值。

To start today's call, I'll walk through the key drivers of our first-quarter performance and review the actions we're taking to refine our go-to-market strategies and reinvigorate member growth. Tom will follow with a review of the financials and outline our updated 2026 guidance.

今天電話會議一開始，我將說明第一季表現的關鍵驅動因素，並回顧我們為精進上市策略並重新帶動會員成長所採取的行動。接著 Tom 將回顧財務表現，並說明我們更新後的 2026 年指引。

During the first quarter, we grew net new members by more than 700,000; achieved system-wide same-club sales growth of 3.5%; increased adjusted EBITDA, 19.5%, over Q1 2025; and opened 15 new clubs. While our top- and bottom-line results exceeded expectations, we are not satisfied with our member growth performance.

第一季期間，我們淨新增會員超過 70 萬人；全系統同店銷售成長 3.5%；調整後 EBITDA 較 2025 年第一季成長 19.5%；並新開 15 家俱樂部。雖然我們的營收與獲利表現均優於預期，但我們對會員成長表現並不滿意。

The fitness industry continues to enjoy a number of long-term tailwinds as more people recognize the critical role movement plays in enhancing both physical and mental well-being, preventing disease, and enabling longer, healthier lives. As a result, demand for accessible and affordable fitness continues to grow.

健身產業持續受惠於多項長期順風因素，因為越來越多人認知到運動在提升身心健康、預防疾病，以及延長更長久、更健康壽命方面所扮演的關鍵角色。因此，對於便利且平價的健身需求持續成長。

We saw this momentum in 2025, delivering 6.4% club growth and adding approximately 1.1 million net new members, a 10% increase in net new membership adds over 2024. A recent Health and Fitness Association study cited that fitness memberships for 2025 were up 5.4% over '24, reflecting that the industry experienced solid growth last year as well.

我們在 2025 年看到了這股動能，俱樂部數成長 6.4%，淨新增會員約 110 萬人，較 2024 年淨新增會員數增加 10%。健康與健身協會（Health and Fitness Association）近期一項研究指出，2025 年健身會員數較 2024 年成長 5.4%，顯示產業去年同樣呈現穩健成長。

While this favorable backdrop remains in place, during our key Q1 sign-up period, we faced some internal and external headwinds that impacted our join momentum year-to-date. As a result, we are taking targeted actions to reinvigorate member growth. We believe that a combination of four factors most directly affected our performance.

儘管這樣的有利背景仍然存在，但在第一季關鍵的報名期間，我們面臨一些內外部逆風，影響了今年迄今的入會動能。因此，我們正採取有針對性的行動，以重新帶動會員成長。我們認為有四項因素最直接影響了我們的表現。

First, our marketing largely resonated with a more fitness-minded consumer, yet had less resonance with the fitness beginner or more casual gym goer, traditionally our sweet spot, given our differentiated, non-intimidating environment. Second, we saw some competitive impacts in certain markets, particularly South Central and Southeast US. Third, unfavorable weather conditions affected a number of regions during the quarter. And fourth, macroeconomic pressures and uncertainty weighed on consumers.

第一，我們的行銷內容在很大程度上與較具健身意識的消費者產生共鳴，但對健身新手或較休閒的健身房使用者（傳統上是我們的核心客群）共鳴較低；而我們差異化的、非威嚇性的環境原本正是我們的優勢。第二，我們在部分市場看到競爭帶來的影響，尤其是在美國中南部與東南部。第三，本季多個地區遭遇不利天候。第四，總體經濟壓力與不確定性對消費者造成影響。

Our overall performance reflects the strength and resiliency of our model. However, the addition of more than 700,000 net new members during the quarter did not meet our expectations. While this was driven by multiple factors, refining our marketing messaging and targeting is directly within our control. We are making immediate and near-term adjustments to broaden our reach and ensure our messaging is both visible and resonates with the fitness beginner and more casual gym-goer.

我們的整體表現反映出我們模式的強勁與韌性。然而，本季淨新增會員超過 70 萬人並未達到我們的預期。雖然這是多重因素所致，但精進我們的行銷訊息與目標受眾鎖定，是我們可直接掌控的部分。我們正立即並在短期內進行調整，以擴大觸及範圍，並確保我們的訊息既具能見度，也能與健身新手及較休閒的健身房使用者產生共鳴。

Before I further address that, let me provide some context on how the year has unfolded. Member join trends were solid in the first two weeks of January, partially offset by temporarily elevated churn. Severe cold and winter weather in late January and February disrupted joins, especially as several of the storms fell on Mondays, our busiest join day of the week.

在我進一步說明之前，先提供一些今年以來的背景脈絡。1 月前兩週的入會趨勢穩健，但部分被暫時偏高的流失率所抵銷。1 月下旬與 2 月的嚴寒與冬季天候干擾了入會，尤其是多場風暴發生在週一——這是我們一週中入會最繁忙的一天。

We anticipated that our March campaign, Black Card First Month Free, which was very successful during the same time last year, would improve our join momentum over the remainder of Q1 and into Q2. Yet, as we moved through March and into early April, our join trends remained below our plan.

我們原本預期 3 月的「Black Card 首月免費」活動（去年同一時期非常成功）能在第一季剩餘期間並延續至第二季改善入會動能。然而，隨著 3 月推進至 4 月初，我們的入會趨勢仍低於計畫。

Guided by consumer research and member behavior, over the past two years, we've evolved our equipment mix to deliver a more balanced combination of strengthened cardio equipment, along with additional open floor space. This ensures members can work out their way.

在消費者研究與會員行為的指引下，過去兩年我們調整了器材配置，以提供更均衡的組合：強化有氧器材，同時增加更多開放式地板空間。這確保會員能以自己喜歡的方式運動。

At the end of the first quarter, more than 80% of our entire system featured some version of a format-optimized layout or equipment offering. As we've shared previously, our data shows this was the right decision as we enhance the member experience and support long-term engagement, and we shared some of this feedback at our Investor Day last fall. This evolution was a notable shift within our clubs.

截至第一季末，我們整個系統中超過 80% 的據點已採用某種版本的版型優化配置或器材方案。如同我們先前分享的，我們的數據顯示這是正確的決策，有助於提升會員體驗並支持長期黏著度；我們也在去年秋季的投資人日分享了部分回饋。這項演進在我們的俱樂部內部是一個顯著的轉變。

To broaden our reach and reinforce that people of all fitness levels can achieve their goals at Planet Fitness, in Q4 of 2024, we began to showcase more advanced aspirational gym-goers and strength equipment in our marketing, which resonated with a more fitness-minded consumer. This was a shift from the light-hearted approachable tone that had previously been a hallmark of our brand messaging.

為了擴大觸及並強化「各種健身程度的人都能在 Planet Fitness 達成目標」的訊息，我們在 2024 年第四季開始在行銷中呈現更進階、具企圖心的健身族群以及重量訓練器材，這與較具健身意識的消費者產生共鳴。這與過去作為我們品牌訊息標誌的輕鬆、親和語調有所不同。

We were encouraged by our net member growth in 2025 and made the decision to extend the campaign into 2026. However, looking at data from Q4 of last year and Q1 of this year, we saw that our messaging and targeting was successful in driving increased penetration with the fitness-minded consumer, yet we may have pivoted too far.

我們對 2025 年的淨會員成長感到鼓舞，並決定將該活動延伸至 2026 年。然而，從去年第四季與今年第一季的數據來看，我們的訊息與目標受眾鎖定確實成功提高了在具健身意識消費者中的滲透率，但我們可能轉向得過頭了。

To this end, we've identified two areas where we're sharpening and intensifying our focus this year: driving member acquisition and reinforcing affordability. Let me start with member growth. We believe we have an opportunity to dial up the brand's no-gym-timidation ethos in our creative and messaging to appeal broadly to fitness beginners or more casual gym-goers, a differentiator that sets us apart from the rest of the industry and is a critical advantage relative to other HVLP peers.

因此，我們已找出今年將加以聚焦並強化的兩個領域：推動會員招募，以及強化平價定位。我先從會員成長談起。我們認為有機會在創意與訊息傳達上更強化品牌「無健身房恐懼」的精神，以廣泛吸引健身新手或較休閒的健身房使用者；這項差異化使我們有別於產業其他業者，並且相較於其他 HVLP 同業是一項關鍵優勢。

To support this, we're testing new marketing initiatives aimed at reigniting net member growth with our target audience at the forefront. We also ran an RFP process in Q1 and recently selected a new creative agency. While we are already refining existing work for Q2 and Q3, we anticipate a new campaign to be in market before year-end to set us up for Q1 2027.

為了支持這一點，我們正在測試新的行銷舉措，旨在以我們的目標受眾為核心，重新點燃淨會員成長。我們也在第一季進行了RFP流程，並於近期選定一家新的創意代理商。雖然我們已在為第二季與第三季精進既有作品，但我們預期在年底前會有一個新活動上市，以便為2027年第一季做好準備。

Additionally, as we shared at our Investor Day, we are investing in more advanced, data-driven marketing tools that allow us to be more agile in our messaging. This includes testing different machine learning models as we modernize our CRM engine, as well as building a dynamic content optimization engine for both development of creative assets and dynamic ad serving. These tools will enable us to deliver personalized advertising in real time through the right channels, driving acquisition and retention.

此外，正如我們在投資人日所分享的，我們正投資於更先進、以數據驅動的行銷工具，使我們在訊息傳遞上更具敏捷性。這包括在我們現代化CRM引擎的同時，測試不同的機器學習模型，以及建立一個動態內容最佳化引擎，用於創意素材的開發與動態廣告投放。這些工具將使我們能透過正確的渠道即時提供個人化廣告，推動獲客與留存。

While we have seen and are actively addressing increased competition from other HVLP brands in certain markets, they generally target a narrower span of fitness levels and age cohorts. In this environment, it is critical that we clearly and consistently message consumers that while our offering has evolved to meet consumer needs, what truly sets Planet Fitness apart is our non-intimidating, judgment-free environment.

雖然我們已看到並正積極因應在某些市場來自其他HVLP品牌的競爭加劇，但它們通常鎖定較狹窄的體能程度與年齡族群範圍。在此環境下，關鍵在於我們必須清楚且一致地向消費者傳達：儘管我們的產品已演進以滿足消費者需求，真正讓Planet Fitness與眾不同的是我們不具威嚇感、無評判的環境。

And this is where we can fully leverage our unmatched marketing fund by letting prospective members who are new to fitness know we're the place for them to begin their fitness journey and remain as they progress on that journey. While we know most consumers today are more fitness aware, our sweet spot is the more than 70% of the population that are not a gym member today and who value the welcoming environment at Planet Fitness.

而這正是我們能充分運用無可匹敵的行銷基金之處：讓那些健身新手的潛在會員知道，我們是他們開始健身旅程、並在旅程中進步時持續留下的地方。雖然我們知道如今多數消費者對健身更有意識，但我們的甜蜜點在於超過70%目前不是健身房會員的人口，他們重視Planet Fitness的友善、歡迎的環境。

We have a clear plan to expand our leadership position, strengthening the Planet Fitness brand, deepening member engagement, shifting elements of our execution to ensure we continue to maintain and extend our leadership in the HVLP space and driving membership and unit growth.

我們有一個清晰的計畫來擴大我們的領導地位：強化Planet Fitness品牌、深化會員互動、調整部分執行方式，以確保我們持續維持並擴展在HVLP領域的領先地位，並推動會員數與店數成長。

Now, let me turn to our affordability and the everyday value that we offer. Against a macroeconomic backdrop of increasing financial pressure on consumers, we are reinforcing Planet Fitness's long-standing commitment to affordability. Economic data indicates an increasingly uneven economic recovery, with higher-income households remaining resilient, while lower-income consumers experience mounting pressure.

現在，讓我談談我們的可負擔性以及我們所提供的日常價值。在消費者面臨日益增加的財務壓力之宏觀經濟背景下，我們正強化Planet Fitness長期以來對可負擔性的承諾。經濟數據顯示經濟復甦愈發不均衡，高收入家庭仍具韌性，而低收入消費者則承受愈來愈大的壓力。

We want Planet Fitness to be accessible to all consumers who want to improve their health. Our pricing architecture and consumer value proposition is one of our most powerful strategic levers and historically has been a source of disruption and growth for our brand as the leader in the HVLP space.

我們希望Planet Fitness能讓所有想改善健康的消費者都能負擔得起並可輕鬆使用。我們的定價架構與消費者價值主張是我們最強大的策略槓桿之一，歷來也是我們作為HVLP領域領導品牌的顛覆與成長來源。

While we conducted extensive testing over the past couple of years to support a potential Black Card price increase, the consumer and economic backdrop have shifted. Based on our experience, price increases create a near-term headwind to member joins. As a result, given our decision to prioritize member growth, we have decided to pause the national rollout of our Black Card price increase.

雖然過去幾年我們進行了廣泛測試，以支持Black Card可能的漲價，但消費者與經濟背景已經改變。根據我們的經驗，漲價會在短期內對會員加入造成逆風。因此，鑑於我們決定優先推動會員成長，我們已決定暫停Black Card漲價的全國性推廣。

At the same time, we are a test-and-learn organization, and our objective is to evolve pricing thoughtfully and in line with our brand promise of democratizing access to fitness while delivering exceptional value. Our test-and-learn approach ensures any pricing change is deliberate, data-driven, and true to who we are as a brand, reinforcing our HVLP positioning while sustaining our role as the category leader.

同時，我們是一個「測試並學習」的組織，我們的目標是在維持「讓健身更民主化、人人可及」的品牌承諾下，審慎地演進定價並與之保持一致，同時提供卓越價值。我們的測試並學習方法確保任何定價變更都是審慎、以數據驅動，且忠於我們的品牌本質，在強化我們的HVLP定位之際，也維持我們作為品類領導者的角色。

Given our softer start to the year and the adjustments to our strategies, we are updating certain elements of our full-year guidance. Two key factors driving the revisions are the net member growth shortfall in Q1, which has an outsized impact on the year, and our decision to pause an increase to Black Card pricing. Tom will walk through the specifics shortly.

鑑於今年開局較為疲弱以及我們對策略所做的調整，我們正在更新全年指引的某些要素。推動修訂的兩個關鍵因素是：第一季淨會員成長未達預期（對全年影響不成比例地大），以及我們決定暫停Black Card定價上調。Tom稍後將說明具體細節。

These changes also impact the three-year algorithm we shared at Investor Day last November, and as a result, we've made the decision to withdraw that outlook. I want to reaffirm our confidence in our strategy and the many key initiatives that underpinned it, which we outlined at Investor Day.

這些變更也影響我們去年11月在投資人日分享的三年演算法，因此我們決定撤回該展望。我想重申我們對策略以及支撐該策略的多項關鍵舉措充滿信心，這些我們已在投資人日中概述。

We are continuing with these investments, and they are progressing well and on track. While we are taking action to address current market conditions, we are doing so while leaning into the same initiatives we outlined in November to drive sustainable, long-term member growth.

我們將持續進行這些投資，且進展良好並按計畫推進。在我們採取行動因應當前市場狀況的同時，我們也將更積極投入去年11月所提出的同一套舉措，以推動可持續的長期會員成長。

Now I'll turn it over to Tom.

現在我把時間交給Tom。

Thanks, Colleen. It's a pleasure to be back at Planet Fitness supporting you and the team while you search for a permanent CFO. This is a great brand with an incredibly strong competitive position, and I love the brand and I love the team, so it's easy to say yes to rejoin Planet on an interim basis.

謝謝你，Colleen。在你們尋找永久CFO期間，能回到Planet Fitness支持你和團隊，我感到很高興。這是一個很棒的品牌，具備極其強勁的競爭地位；我喜歡這個品牌，也喜歡這個團隊，因此以臨時身分回到Planet很容易就答應了。

While 2026 is off to a slower start than expected, I believe the factors impacting our momentum have been identified and are addressable through adjustments to our strategies. Before I get into the financials, I would like to provide further insight into what we believe drove the softer net member growth in Q1.

雖然2026年的開局比預期更慢，但我相信影響我們動能的因素已被辨識，並可透過調整策略加以解決。在我進入財務數字之前，我想進一步說明我們認為第一季淨會員成長較疲弱的原因。

In addition to the marketing not resonating with the fitness beginner or more casual gym goers, and competitive pressures in certain markets that Colleen spoke to, net member growth was also impacted by higher-than-expected attrition in the first quarter. Planet Fitness is committed to delivering an exceptional member experience, ensuring that our members choose to stay with Planet Fitness based on the value we provide, not due to any barriers to cancellation.

除了行銷未能引起健身新手或較休閒的健身房使用者共鳴，以及Colleen提到的某些市場競爭壓力外，第一季淨會員成長也受到高於預期的流失率影響。Planet Fitness致力於提供卓越的會員體驗，確保會員選擇留在Planet Fitness是基於我們提供的價值，而非因取消會員資格存在任何障礙。

This is why the company took the lead and rolled out online member management nationally in May of last year. As we have shared before, our monthly attrition has historically been between 3% and 4%. This was true last year, even after we introduced online member management more broadly.

這也是為什麼公司率先在去年5月於全國推出線上會員管理。如同我們先前分享的，我們的每月流失率歷來介於3%到4%。去年即使我們更廣泛導入線上會員管理，情況仍是如此。

In January, we experienced elevated churn, which we partially attribute to a heavy rotation of TV advertising that included the use of the phrase, cancel anytime in the messaging. After adjusting the language, attrition for February and March declined. Though it was still elevated versus last year, the gap was more in line with what we saw in Q4 of last year.

在1月，我們經歷了較高的流失，我們部分將其歸因於電視廣告的高頻輪播，且訊息中使用了「隨時可取消」這句話。在調整措辭後，2月與3月的流失率下降。雖然仍較去年偏高，但差距更接近我們去年第四季所看到的水準。

For Q1, our attrition rate averaged 3.8% per month, which was within our historical range. For the rest of the year, we expect monthly attrition to continue to be in the top half of our historical range, due in part to the implementation of online member management, but also driven by the increased penetration of Gen Z as younger consumers historically churned more than older cohorts.

第一季我們的流失率平均每月為3.8%，仍在歷史區間內。在今年剩餘期間，我們預期每月流失率將持續位於歷史區間的上半部，部分原因是線上會員管理的導入，但也受到Z世代滲透率提高所驅動，因為較年輕的消費者歷來比年長族群更容易流失。

Adding to what Colleen touched on earlier, the headwind from churn was followed by winter storms in January and February. While these weather-related disruptions were known and contemplated when the company issued guidance on the Q4 call in late February, the expectation was that with better weather, net member growth would improve over the remainder of the quarter, similar to what we had seen in the latter half of December and the first half of January. Unfortunately, this reversion did not materialize to the levels expected for the reasons Colleen and I mentioned earlier.

延續Colleen先前提到的內容，流失帶來的逆風之後，1月與2月又遭遇冬季風暴。雖然這些與天候相關的干擾在公司於2月下旬第四季電話會議發布指引時已被知悉並納入考量，但當時的預期是：隨著天氣轉好，淨會員成長將在該季剩餘期間改善，類似我們在12月下半月與1月上半月所看到的情況。不幸的是，基於我與Colleen先前提到的原因，這種回升並未達到預期水準。

Now to our first-quarter results. All of my comments regarding our first-quarter performance will be comparing Q1 2026 to Q1 of last year, unless otherwise noted. We opened 15 new clubs compared to 19. We delivered system-wide same-club sales growth of 3.5% in the first quarter. Both franchisee and corporate same-club sales increased 3.5%.

現在來看我們第一季的業績。除非另有說明，我對第一季表現的所有評論都將以2026年第一季與去年第一季（Q1）作比較。我們新開了15家俱樂部，去年同期為19家。第一季我們實現了全系統同店銷售成長3.5%。加盟店與公司自營店的同店銷售皆成長3.5%。

Approximately 90% of our Q1 comp increase was driven by rate growth, with the balance being net membership growth. Black Card penetration was 67% at the end of the quarter, an increase of 240 basis points from the prior year.

我們第一季同店增長中約90%來自費率提升，其餘來自淨會員成長。本季末Black Card滲透率為67%，較去年同期提高240個基點。

For the first quarter, total revenue was $337 million compared to $277 million, an increase of 22%. The increase was driven by revenue growth across all three segments. A 17% increase in Franchise segment revenue was primarily due to an increase in National Ad Fund, or NAF, higher royalty revenue from increased same-club sales as well as new clubs, and placement and franchise fees.

第一季總營收為3.37億美元，去年同期為2.77億美元，年增22%。增長主要由三大業務分部的營收全面成長所帶動。加盟分部營收成長17%，主要因全國廣告基金（National Ad Fund，NAF）增加、同店銷售提升及新店開設帶來的權利金收入增加，以及設備配置費與加盟費收入增加。

The increase in NAF revenue was primarily due to a 1% increase in NAF contributions from 2% to 3% for 2026. For the first quarter, the average royalty rate was 6.7%, an increase of 10 basis points from prior year.

NAF營收增加主要是因2026年NAF提撥比例提高1個百分點，從2%上調至3%。第一季平均權利金率為6.7%，較去年同期提高10個基點。

The 5% increase in revenue in Corporate-Owned Club segment was primarily driven by sales from new clubs as well as increased same-club sales. As a reminder, we opened 23 new corporate clubs since January 1, 2025, 11 of which occurred in the fourth quarter.

公司自營俱樂部分部營收成長5%，主要由新店帶來的銷售以及同店銷售提升所驅動。提醒一下，自2025年1月1日以來我們已新開23家自營店，其中11家是在第四季開設。

The Equipment segment revenue increased 123%. The increase was primarily driven by higher revenue from replacement equipment sales and higher revenue from new franchisee-owned club placement sales. We completed 14 new club placements this quarter compared to 10 last year. For the quarter, replacement equipment accounted for 87% of total equipment revenue compared to 78%.

設備分部營收成長123%。增長主要由汰換設備銷售收入提高，以及向新加盟主自有俱樂部的設備配置銷售收入提高所帶動。本季我們完成14個新店設備配置，去年同期為10個。本季汰換設備占設備總營收的87%，去年同期為78%。

Our cost of revenue, which primarily relates to the cost of equipment sales to franchisee-owned clubs amounted to $45 million compared to $22 million. Club operations expenses, which relates to our Corporate-Owned Club segment, increased 8% to $88 million compared to $82 million. This increase was primarily due to operating expenses from 23 new clubs open since January 1, 2025.

我們的營收成本主要與向加盟主自有俱樂部銷售設備的成本相關，金額為4,500萬美元，去年同期為2,200萬美元。俱樂部營運費用（屬於公司自營俱樂部分部）增加8%至8,800萬美元，去年同期為8,200萬美元。此增幅主要來自自2025年1月1日以來新開的23家俱樂部所產生的營運費用。

SG&A for the quarter was flat to prior year at $34 million, while adjusted SG&A was $33 million, an increase of 2%. National advertising fund expense was $32 million compared to $22 million, primarily due to the 1-point shift this year in marketing from the local fund to the national fund.

本季SG&A（銷售、一般及行政費用）與去年同期持平，為3,400萬美元；調整後SG&A為3,300萬美元，成長2%。全國廣告基金費用為3,200萬美元，去年同期為2,200萬美元，主要因今年行銷支出有1個百分點從地方基金轉移至全國基金。

Net income was $52 million, adjusted net income was $59 million, and adjusted net income per diluted share was $0.74. Adjusted EBITDA was $140 million, an increase of 20% year-over-year and adjusted EBITDA margin was 41.5% compared to $117 million with adjusted EBITDA margin of 42.3%.

淨利為5,200萬美元，調整後淨利為5,900萬美元，調整後稀釋每股淨利為0.74美元。調整後EBITDA為1.40億美元，年增20%；調整後EBITDA利潤率為41.5%，相較去年同期調整後EBITDA為1.17億美元、調整後EBITDA利潤率為42.3%。

By segment, Franchisee adjusted EBITDA was $95 million and adjusted EBITDA margin decreased from 73.7% to 70.4%. Corporate Club adjusted EBITDA was $46 million and adjusted EBITDA margin decreased from 34.3% to 33.1%. Equipment adjusted EBITDA was $19 million and adjusted EBITDA margin increased from 26.8% to 31.3%.

按分部來看，加盟分部調整後EBITDA為9,500萬美元，調整後EBITDA利潤率由73.7%降至70.4%。公司自營俱樂部分部調整後EBITDA為4,600萬美元，調整後EBITDA利潤率由34.3%降至33.1%。設備分部調整後EBITDA為1,900萬美元，調整後EBITDA利潤率由26.8%升至31.3%。

Now turning to the balance sheet, as of March 31, 2026, we had total cash, cash equivalents and marketable securities of $652 million, compared to $607 million on December 31, 2025, which included $81 million and $66 million of restricted cash, respectively, in each period. In Q1 2026, we used $50 million to repurchase approximately 614,000 shares. At an average price of $81.47.

接著看資產負債表，截至2026年3月31日，我們的現金、約當現金及有價證券合計為6.52億美元；相較2025年12月31日為6.07億美元。兩個期間分別包含受限制現金8,100萬美元與6,600萬美元。在2026年第一季，我們使用5,000萬美元回購約614,000股。平均回購價格為81.47美元。

Moving on to our 2026 outlook. As Colleen noted earlier, given the net member growth trends in the first quarter and our decision to pause the planned national Black Card price increase, we are adjusting our 2026 guidance. We now expect system-wide same-club sales growth to be approximately 1%, revenue to grow approximately 7%, adjusted EBITDA to grow approximately 6%, net interest expense to be approximately $111 million, adjusted net income to decrease approximately 2%, adjusted net income for diluted share to grow approximately 4% based on adjusted diluted weighted average shares outstanding of approximately $79 million.

接下來談我們對2026年的展望。如Colleen先前提到，鑑於第一季淨會員成長趨勢，以及我們決定暫停原先規劃的全國性Black Card漲價，我們正在調整2026年指引。我們目前預期全系統同店銷售成長約1%，營收成長約7%，調整後EBITDA成長約6%，淨利息費用約1.11億美元，調整後淨利下降約2%，在調整後稀釋加權平均流通股數約7,900萬股的基礎上，調整後稀釋每股淨利成長約4%。

Our decision to pause the increase on Black Card accounts for approximately 150 bps of the reduction in our outlook for same-club sales for the year. The rest of the decrease is due to softer net member growth trends. As we think about the composition of same-club sales in the future, our goal is to have the majority of growth driven by member growth versus rate growth.

我們暫停Black Card漲價的決定，約占我們全年同店銷售展望下調的150個基點。其餘下調則來自較疲弱的淨會員成長趨勢。展望未來同店銷售的組成，我們的目標是讓大部分成長由會員成長驅動，而非費率成長。

Our outlook for unit growth has not changed. We still expect between 180 and 190 new clubs system-wide and anticipate that the cadence of these openings and the related 150 to 160 equipment placements to be weighted to the second half of the year, especially the fourth quarter.

我們對門店（單位）成長的展望沒有改變。我們仍預期全系統將新開180至190家俱樂部，並預期這些開店節奏及相關的150至160個設備配置將偏重於下半年，尤其是第四季。

We expect that re-equip sales will make up approximately 70% of total Equipment segment revenue for the year with an Equipment margin rate of approximately 30%. We expect the second and third quarter to each account for approximately 30% of our full-year replacement Equipment revenue and the fourth quarter to be approximately 15% of the full year. Lastly, we continue to expect capital expenditures to be up 10% to 15% and depreciation and amortization to be up approximately 10%.

我們預期今年汰換設備銷售將約占設備分部總營收的70%，設備分部利潤率約為30%。我們預期第二季與第三季各約占全年汰換設備營收的30%，第四季約占全年15%。最後，我們仍預期資本支出將增加10%至15%，折舊與攤銷將增加約10%。

In closing, we recognize that the operating environment has evolved in ways that require us to make some adjustments and to execute with sharpened focus on our core target. In response, we are taking proactive steps to reinvigorate net member growth and leverage our industry-leading marketing scale. Our focus will be to communicate the unique value proposition of Planet Fitness to a broader audience and ensure we connect with both our current and prospective members in a way that drives sustainable and profitable growth.

總結來說，我們認知到營運環境已出現變化，要求我們做出一些調整，並以更聚焦的方式執行我們的核心目標客群策略。為此，我們正採取主動措施，重新激發淨會員成長，並運用我們在業界領先的行銷規模優勢。我們將專注於向更廣泛的受眾傳達Planet Fitness獨特的價值主張，並確保我們以能夠帶動可持續且具獲利性的成長之方式，與現有及潛在會員建立連結。

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

我現在把電話交回給接線員，開放問答。

(Operator Instructions) Simeon Siegel, Guggenheim Securities.

(接線員指示) Simeon Siegel，Guggenheim Securities。

Thanks. Hey, everyone. Morning.

謝謝。各位好。早安。

First off, Colleen, any color you can share on how your conversations with franchisees are going amid all of it, just the current performance and this color? And then either for you or for Tom, just obviously a notable guidance cut. So maybe just speak to how you arrived at these new numbers, confidence in them, and do you think or do you believe this should be the last cut, and we should be looking at it that way? Thank you very much.

首先，Colleen，在目前這些情況下，你能否分享一些你與加盟主對話的情況與觀察，包括目前的表現以及你提到的這些面向？接著，不論是你或Tom，顯然這次指引下修幅度不小。所以也請談談你們是如何得出這些新數字、對其信心如何，以及你們是否認為這應該是最後一次下修、我們是否應該以這樣的角度來看待？非常感謝。

Sure. Good morning. Thanks for the question, Simeon. So from a standpoint of our conversations with franchisees.

當然。早安。謝謝你的提問，Simeon。就我們與加盟主的溝通而言。

Certainly, we've got alignment on our overarching strategy. Some of the things we're sharing today as it relates to kind of shift in marketing messaging, this is fairly new news. And we have a town hall with our franchisees next week to share more detail on the go-forward plan.

確實，我們在整體策略上已達成一致。我們今天分享的一些內容，特別是關於行銷訊息的轉向，這算是相當新的消息。我們下週會與加盟主舉行市政大會（town hall），分享更多關於後續推進計畫的細節。

Hey, Simeon, I'll take the second part on the outlook.

嗨，Simeon，我來回答展望的第二部分。

I think the big change really is how we're seeing same-club sales and net member growth for the year coming out of Q1. I think Colleen a couple of minutes ago outlined the four reasons behind it. And also, not taking the Black Card price up, given our net member trends, we think that makes sense, but that obviously has a bit of a headwind on the outlook for the year.

我認為最大的變化，主要在於我們從第一季（Q1）結束後，對全年同店銷售與淨會員成長的看法。我想 Colleen 幾分鐘前已概述背後的四個原因。另外，考量到我們的淨會員趨勢，我們認為不調漲 Black Card 價格是合理的，但這顯然會對全年展望帶來一些逆風。

But we think absolutely the right strategic move to make. Our approach was to revise the guidance with the idea that we wouldn't lower it for the rest of the year.

但我們認為這絕對是正確的策略性決策。我們的做法是修正指引，並以今年剩餘時間不再下修為前提。

Great.

很好。

Thanks a lot, guys. Best of luck for the rest of the year.

非常感謝，各位。祝你們今年剩餘時間一切順利。

Randy Connick, Jefferies.

Randy Connick，Jefferies。

Yeah, thanks a lot. So, Tom, just kind of kind of bounce off that a little more. Coming out of the first quarter, are the trends kind of stable from the first quarter into the second quarter? Are they getting worse on a net member basis? Can you kind of elaborate that a little bit in terms of, again, arriving to the annual outlook change?

好的，謝謝。Tom，我想在你剛才的內容上再延伸問一下。第一季結束後，從第一季到第二季，這些趨勢是否大致穩定？就淨會員而言，是否有變得更差？你能否再多說明一些，關於你們如何得出全年展望調整的結論？

Yeah, sure thing, Randy. And we don't really comment on the member.

好的，當然，Randy。而且我們通常不會評論會員。

Growth for the year or projected. But to help you out with a little bit of the color, as Colleen said, we added about a million net members in Q1 last year, and this year it was about 700, a bit over 700, and that's with more new clubs year-on-year. So clearly, we expected more.

全年成長或預測。但為了提供一些背景資訊，如 Colleen 所說，去年第一季我們新增約 100 萬名淨會員，今年約 70 萬多一點，而且是在今年新開店數較去年更多的情況下。所以很明顯，我們原本預期會更多。

And I think for the reasons Colleen outlined, we think a big reason is the marketing and sort of trying to go after a more fitness-minded target versus our traditional target. And we think the beginner or first-timer is just a much bigger pool. So we're going to redirect what is, as.

我想基於 Colleen 提到的原因，我們認為很大一部分原因在於行銷，以及我們試圖鎖定更偏健身導向的目標客群，而不是我們傳統的目標客群。我們認為初學者或第一次上健身房的人，其實是更大的客群池。因此我們會重新調整我們的——

An outsized orders of magnitude larger marketing spend than anyone else in the industry. So we're going to put the crosshairs kind of back on where we used to, but that's going to take a little time. It's not a flip of the switch, as particularly in a franchise system. So I think that's principally what we're seeing. I would say we don't comment on in the quarter, but I'd say we projected the rest of the year based on what we've seen.

相較於產業內任何其他業者都高出許多量級的行銷支出。所以我們會把焦點大致拉回到過去的定位，但這需要一些時間。這不是一按開關就能完成的，尤其在加盟體系中更是如此。所以我認為這主要就是我們看到的情況。我會說我們不會在季度內做評論，但我們是根據目前所見來推估今年剩餘時間。

Coming out of February after the storms and into March, through March?

從二月風暴過後到三月，整個三月的情況呢？

Maybe I'll chime in on that a little bit. In March of last year, we had very strong performance from our Black Card 1st Month Free promotion. And while we had some elevated churn in January and then some storm weather impact that we were seeing coming out of January and into February.

我也補充一下。去年三月，我們的 Black Card「首月免費」促銷表現非常強勁。而今年一月的流失率偏高，接著我們也看到從一月到二月受到暴風雪天氣的影響。

We anticipated very strong performance because we knew we were going to be running the Black Card 1st month free again in March, and we had softer performance than we anticipated there. So some of those trends are what we kind of carried forward in.

我們原本預期表現會非常強，因為我們知道三月會再次推出 Black Card 首月免費，但實際表現比我們預期更疲弱。因此，這些趨勢也被我們在——

Reforecasting the rest of the year because we didn't see the momentum in March that we had anticipated. And then maybe just to comment a little bit further on the marketing and the shift in messaging, particularly because we a couple of times a year do a brand health tracker. We use a third-party research firm to help us evaluate how our marketing is landing. And when we built the 2025 campaign, Grow Stronger Together.

重新預測今年剩餘時間時納入考量，因為我們沒有在三月看到原本預期的動能。另外再多談一點行銷與訊息轉向，特別是因為我們每年會做幾次品牌健康追蹤（brand health tracker）。我們使用第三方研究公司協助評估我們的行銷訊息是否有效傳達。而當我們打造 2025 年的活動「Grow Stronger Together」。

And we are all strong on this planet, we were responding to what we saw in the Brand Tracker in early '24, which was that we needed to communicate to consumers and prospects that you could get strong at a Planet Fitness and that we had the right complement of strength equipment.

以及「We are all strong on this planet」，我們是在回應 2024 年初品牌追蹤所看到的結果：我們需要向消費者與潛在客戶傳達，你可以在 Planet Fitness 變得更強壯，而且我們具備適當的重量訓練器材配置。

The early read on that marketing was that it was working and it was communicating that message. So we saw the lift in consumer sentiment as we evaluated that campaign. What we've come to recognize more recently, particularly in the data that we saw late last year and coming into this year, was that we were penetrating a more fitness-minded consumer.

早期對這波行銷的回饋顯示，它確實有效並成功傳達了該訊息。因此在評估該活動時，我們看到消費者情緒有所提升。但我們最近才更清楚地意識到，特別是從去年底到今年初看到的數據顯示，我們正在滲透到更偏健身導向的消費者。

But, you'll remember at our Investor Day, Brian Povinelli talked about defending and enhancing. And what this messaging did was enhance, but we missed a little bit of the defending. So, where we had a strong ownership of the kind of the beginner or the person who might be more gym-timidated, that 70% of the population that doesn't have a gym membership today.

不過，你會記得在我們的投資人日上，Brian Povinelli 談到「防守與強化」（defending and enhancing）。而這套訊息做到了強化，但我們在防守上有些不足。因此，過去我們對初學者或可能對健身房感到畏懼的人有很強的品牌佔有——也就是目前沒有健身房會員的 70% 人口。

This messaging may have resonated or did resonate a bit more intimidating, and we saw that in the more recent brand health data, so that's what's influencing the pivoting on the marketing messaging.

這套訊息可能讓人感覺、或確實讓人感覺更具壓迫感（更令人畏懼），我們在近期的品牌健康數據中看到了這點，因此這也促使我們轉向調整行銷訊息。

And then when you think about, when I looked at the Black Card penetration, I believe it was up, and then you're talking about a price, a broader price review, what is the kind of messaging there of thought process there? Because on one hand, you're getting that increased penetration so that fitness-minded person, I'm assuming, is appreciating the value of those amenities in the Black Card spa, yet.

另外，當我看 Black Card 的滲透率時，我記得它是上升的；而你們又在談價格、以及更廣泛的價格檢視。這背後的訊息與思考脈絡是什麼？因為一方面，你們的滲透率提高，代表那位更健身導向的客群——我猜——更能感受到 Black Card SPA 等設施的價值；但另一方面——

Are you kind of looking at that from a perspective of is our initial pricing to an initial gym goer looking too high when they see that Black Card price? Just kind of give us some perspective of why the broader price review and pausing the Black Card. Just want to get some color there. Thanks.

你們是否也在從另一個角度看：對於初次上健身房的人而言，當他們看到 Black Card 的價格時，是否覺得入門定價太高？請給我們一些觀點：為什麼要做更廣泛的價格檢視，以及為什麼暫停調漲 Black Card。想多了解一些背景。謝謝。

Absolutely. Great question. I'm glad you asked it. So as we think about the increased penetration that we've been experiencing with Black Card pricing and in the. In the mid to upper mid-60s in penetration across our membership, since we've narrowed the delta, the increase in the Classic card price to $15 narrowed the delta between Classic and Black.

當然。這是個很好的問題。我很高興你問到。所以，當我們思考 Black Card 定價帶來的滲透率提升，以及——目前在我們會員結構中，滲透率約落在 60% 中段到偏高 60% 的區間；由於我們把 Classic 卡價格調到 15 美元，縮小了 Classic 與 Black 之間的價差。

That increased penetration is giving us price, right? It's giving us organic price lift because we're getting more penetration at the black card price of $24.99 versus the classic price of $15. So to be clear, and we've said this over the past year, we are getting price from the increased penetration. We also, as we've talked about, we have seen in the past where we've taken a lift in black card pricing, we've seen a.

這樣的滲透率提升等同於帶來價格效益，對吧？它帶來自然的價格上升（organic price lift），因為更多會員以 24.99 美元的 Black Card 價格入會，而不是 15 美元的 Classic 價格。所以要說清楚，而且我們過去一年也一直這麼說：我們確實從滲透率提升中獲得了價格。另外，如同我們先前談到的，過去我們調升 Black Card 價格時，我們也曾看到——

A slight headwind on join, certainly a diminution on the penetration, but it builds back overtime. Given what we saw in the first quarter and our focus on doubling down on member growth, really leaning into member growth for the rest of the year.

入會方面確實有些微逆風，對滲透率也有一定程度的削弱，但會隨著時間推移回升。基於我們在第一季看到的情況，以及我們專注於加倍推動會員成長、在今年剩餘時間全力投入會員成長。

And kind of the consumer landscape and backdrop, we felt that the most prudent decision was not to put a price headwind when we're doubling down on membership growth. So we've put the pause on the nationwide rollout of a black card price elevation. And we're continuing to do price testing in a number of different markets with a couple of different price scenarios.

考量到消費者環境與整體背景，我們認為在加倍推動會員成長之際，最審慎的決策是不在價格上再增加逆風。因此，我們已暫停黑卡（Black Card）價格上調的全國性推廣。同時，我們仍在多個不同市場、以幾種不同的價格情境持續進行價格測試。

We're always going to be testing, but the black card price test was initiated in a different, much different consumer environment. So we felt it was prudent to refresh our tests, run a couple of new ones and put the pause as we really lean in heavy on driving member growth between now and the end of the year.

我們一向都會持續測試，但黑卡價格測試是在另一個、截然不同的消費者環境下啟動的。因此，我們認為更新測試、再跑幾個新的測試並先按下暫停鍵是審慎之舉，因為從現在到年底我們會更大力聚焦在推動會員成長。

Max Rakhlenko, TD Cowen.

Max Rakhlenko，TD Cowen。

Hey, great. Thanks a lot. Maybe piggybacking in a way to the last question, but Tom, can you just going back to the comps of the year at plus 1% because just give us more help. You are still getting the benefit from the black card mix, as Colleen just discussed. You are going to be cycling the worst of click-to-cancel in QQ. In 3Q. And then in 4Q, you start to get the benefit from the waterfall given all the boxes that you opened late last year. So in the context of all of this, sort of how do we build to the 1% comp? And then how should we think about the member versus rate contribution the rest of the year?

嗨，很好。非常感謝。也許某種程度上承接上一題，Tom，你能否回到全年同店（comps）+1%的假設，幫我們多一些理解？你仍然能受惠於黑卡組合占比，如 Colleen 剛才所說。你也將在 QQ 週期中消化掉 click-to-cancel 最糟的影響。在第三季。然後到第四季，因為你去年年底開了很多店，你會開始從 waterfall 中受益。在這些因素的脈絡下，我們該如何推導到 1% 的同店？另外，今年剩餘時間我們應如何看待會員數（member）與費率（rate）對成長的貢獻？

So I would say that you're right, the clubs coming on board toward the end of the year into the comp base, that helps. It really does come down to the member growth. And as in our business, it's not really what happened last month or last quarter, it's sort of the 12 months prior versus the prior and also the quarter's net member growth versus the net member growth in the prior quarter.

我會說你講得沒錯，年底前後新開的門店納入同店比較基期，確實有幫助。但最終還是回到會員成長。而在我們的業務中，重點不在上個月或上季發生了什麼，而是看前 12 個月相對於更前一期的表現，以及本季的淨會員成長相對於上一季的淨會員成長。

And Q1 being such a big piece of that net member growth change for the year, it kind of has an outsized impact that works its way through. So I think the rate split rate volume split in Q1 was 90/10, 90 rate 10 volume. And I think, as Colleen said, really.

第一季在全年淨會員成長變化中占比很大，因此會產生較大的外溢影響並一路反映下去。所以我認為第一季的費率/量（rate/volume）拆分是 90/10，也就是 90 來自費率、10 來自量。而且我想，如 Colleen 所說，確實。

Doubling down, zeroing in on the primary goal of driving net member growth, we've got to get that split to be different than 90-10, it's kind of unsustainable.

我們加倍投入、聚焦在推動淨會員成長這個首要目標，就必須讓這個拆分不同於 90/10，因為那樣是不可持續的。

And in our business, you can spend a lot of money to drive because net member growth is profitable almost no matter what you do, unless you spend an incredible amount of money very efficiently. It's almost impossible not to make net member growth profitable. So that's really what's the beauty of the model and I think what we want to rebalance. But the way we're calling the year is really based on the lack of the black card price increase that I mentioned, which was in our original outlook.

在我們的業務中，你可以投入很多行銷費用來推動，因為淨會員成長幾乎不論怎麼做都能帶來獲利，除非你花了極其龐大的金額且效率非常差。幾乎不可能讓淨會員成長變得不賺錢。這正是這個模式的美妙之處，也是我認為我們想要重新平衡的地方。但我們對全年展望的說法，主要是基於我提到的黑卡未進行價格上調，而那原本在我們最初的展望之中。

As not rolling that nationally, as well as just what we've seen as Colleen and I just mentioned on the last couple of questions about what happened through March that we expected more and didn't get it.

由於沒有在全國推行，以及如我和 Colleen 在前幾題提到的，我們看到截至三月的情況：我們原本預期會更多，但結果沒有出現。

We've got some work to do, and I think it will take a little bit of time to redirect it, but we're very confident that this is the right approach. And again, given our outside spend and position in the industry and the fact that no one really goes after who we go after, we're confident that that will fall into place and start to reaccelerate member growth and ultimately comps, it's just going to take a while.

我們還有一些工作要做，我認為重新導正需要一點時間，但我們非常有信心這是正確的做法。再者，考量到我們在產業中的行銷支出規模與定位，以及幾乎沒有人真正去爭取我們鎖定的客群，我們有信心這會逐步到位並開始讓會員成長重新加速，最終也會帶動同店，只是需要一些時間。

Bolt on for a minute too, just because I know you're looking to model. And I think -- so we get asked the question, well, we can share it broadly. The Black Card price was about 150 basis points of the comp for the year, right? And then I would also say kind of the seasonality and the subscription nature of the model. A miss in Q1 is harder to make up over the rest of the year.

我再補充一下，因為我知道你在做模型推估。而且我想——我們常被問到這個問題，那我們也可以更廣泛地分享。黑卡價格對全年同店的貢獻大約是 150 個基點，對吧？另外我也想提到，這個模式具有季節性與訂閱性。第一季若未達標，會更難在全年剩餘時間補回來。

A January join represents 12 months of revenue. If the marketing engine starts kicking at a higher efficiency later in the year, it'll take two joins in January or two joins in July to make up a January join because of the seasonality and the subscription model. And the other thing I'll just remind you as well, we had a very strong unit openings here last year at 181.

一月入會代表 12 個月的營收。如果行銷引擎在年內較晚時點才以更高效率開始發力，因為季節性與訂閱模式的關係，你可能需要兩個一月入會或兩個七月入會，才能補上一個一月入會的差距。另外也提醒你，我們去年門店開設數非常強勁，達到 181 家。

Unit openings, 104 of those were in Q4 and many of them late Q4, so they won't actually come into the comp until the 13th draft cycle.

在這些新開店中，有 104 家是在第四季開出，而且很多是在第四季末期，因此它們實際上要到第 13 個扣款週期（draft cycle）才會納入同店比較。

Got it. Okay. That's helpful. And then, Colleen, a lot of your comments are around marketing, but there certainly was a lot less color on how you're dealing with a more competitive peers set that, as we all know, is going to become even more of a challenge over the coming years. So should the takeaway be that, in your view, marketing is the biggest issue and not the actual value proposition itself, even with an increasing number of peers that arguably offer more for a similar price?

了解。好。這很有幫助。接著，Colleen，你很多評論都圍繞在行銷，但對於你如何應對更具競爭性的同業組合，著墨相對少；而我們都知道，未來幾年這只會變得更具挑戰。所以我們是否可以解讀為：在你看來，最大的問題是行銷，而不是價值主張本身——即便同業數量增加，而且可以說以相近價格提供更多？

So I think I would say offer different, not offer more. Where we're really doubling down is on the 70% who are not a member.

我想我會說是提供「不同」，而不是提供「更多」。我們真正加倍投入的是那 70% 目前不是會員的人。

Of a gym or a club today, and are gym-timidated. And we know one of the biggest barriers to joining a gym is that fear of walking through the front door. And I've said that before, our biggest competitor is fear of walking through the front door. As I called out in my remarks, we did see competitive pressure in a couple of very specific geographies. So I called out Southeast, I called out South Central.

也就是今天沒有加入任何健身房或俱樂部、而且對健身房感到畏懼的人。我們知道，加入健身房最大的障礙之一，就是害怕走進大門的那一步。我以前也說過，我們最大的競爭對手，是害怕走進大門。如我在發言中指出，我們確實在幾個非常特定的地區看到競爭壓力。我點名了東南部，也點名了中南部。

But do keep in mind, we are five to six times the size of our next largest competitor. So we can't say competition broadly and holistically across the estate is the driver of the softer join momentum in Q1. We do believe, and what we've seen in the brand health tracker, the data that we've reviewed, is that we're.

但也請記住，我們的規模是下一個最大競爭對手的五到六倍。因此我們不能說，整體與全面地看，競爭是第一季入會動能轉弱的驅動因素。我們確實相信，而且從品牌健康追蹤（brand health tracker）與我們檢視的數據所見，我們正在。

We're resonating with a more fitness-minded consumer, but that is not as representative of our unique value proposition and the value that we do bring to the table, which is that welcoming all fitness levels, anyone of any age, any fitness level, any body type, you're going to walk into a Planet Fitness and you're going to see somebody who looks like you.

我們正在與更偏健身導向的消費者產生共鳴，但那並不那麼能代表我們獨特的價值主張，以及我們所帶來的價值：也就是歡迎所有健身程度的人，不論年齡、健身程度或體型，你走進 Planet Fitness，都會看到看起來跟你一樣的人。

And feel comfortable in our non-intimidating environment. So we're going to amp that up in the marketing communications to ensure that we're penetrating our core prospective customer base.

並在我們不具威嚇感的環境中感到自在。因此，我們將在行銷傳播上加大力道，以確保我們能更深入滲透我們的核心潛在客群。

But on any changes to the box or anything like that, is that more longer-term?

但就盒裝或類似事項的任何變更而言，那會是比較長期的嗎？

What we've seen is the form -- in the consumer feedback on format optimization.

我們看到的是，在消費者對版型最佳化的回饋中，這個形式——

Is resonating.

正在引起共鳴。

And Bill Bode shared that at our Investor Day, where our NPS indicates that our members are appreciating the more balanced complement of strength and cardio. So that ish 50/50 mix of the gym floor, having a balance of strength and cardio, and also the fact that we've opened up more floor space for people to kind of drop a mat and do their work out their way.

Bill Bode 也在我們的投資人日分享過這點：我們的 NPS 顯示，會員很欣賞力量訓練與有氧訓練更均衡的組合。也就是健身房場地大約 50/50 的配置，力量與有氧取得平衡；同時，我們也騰出了更多地面空間，讓大家可以鋪張墊子，用自己喜歡的方式完成訓練。

That is resonating. We think the creative -- candidly, we got exactly what we set out to do.

這正在引起共鳴。我們認為這個創意——坦白說，我們確實達成了原本設定要做到的事。

We wanted to convey that you could get strong at Planet Fitness, but when we think about the creative, we dialed up a little bit of the sweat level of our talent in the creative and some of our messaging, and we need to bring back a little bit of the lightheartedness.

我們想傳達的是，你可以在 Planet Fitness 變得更強壯；但回頭看這個創意，我們在畫面與部分訊息上，把演出者的流汗程度調高了一點，我們需要把那種輕鬆幽默的感覺再帶回來一些。

And convey the approachability and the NOGE intimidation that makes us so unique and special.

並傳達那種親和力，以及「不帶評判、沒有威嚇感（NOGE intimidation）」的特質，這正是我們如此獨特且特別的原因。

Joseph Altobello, Raymond James.

Joseph Altobello，Raymond James。

Thanks. Hey, guys. Good morning. I guess first question, I'll piggyback off of the competitive pressures question in terms of the quarter. It sounds like it was regionally confined, but what was it about those competitors. Or maybe those regions that drove that?

謝謝。嗨，各位。早安。我想第一個問題，我會延續剛才關於本季競爭壓力的提問。聽起來似乎是區域性集中，但那些競爭對手是什麼因素——或許是那些地區——導致了這樣的情況？

Yeah, I'll start, Joe.

好的，我先開始回答，Joe。

I think it is concentrated. And I think one of the things that we've seen historically is -- and some of them are opening boxes in certain markets fairly aggressively, the newer formats. And sometimes we've seen this historically with Planet, a new gym opens up near one of ours, we lose some members, but over time, we tend to gain them back because they're not comfortable in those environments.

我認為確實是集中在特定區域。而且我們歷來看到的一件事是——其中一些競爭者在某些市場相當積極地開新店，採用較新的店型。而我們過去在 Planet 也曾看到這種情況：有新健身房在我們附近開幕時，我們會流失一些會員，但隨著時間推移，我們往往會把他們再吸引回來，因為他們在那些環境裡不自在。

And I think back to what Colleen was saying, that's really one of the key things about Planet is we're trying to get you primarily the 70% now who don't belong to a gym to start your journey. And then when you get in, it should feel like -- it should feel very different than any other gym would feel, where it's not intimidating, it's welcoming.

我也呼應 Colleen 剛才說的，Planet 的關鍵之一在於：我們主要是要讓目前那 70% 沒有加入健身房的人開始他們的旅程。而當你走進來時，感受應該——應該跟其他任何健身房都很不一樣：不具威嚇感、很歡迎你。

No matter your fitness level. And we just don't think they have the ability to do that. I'd say the second thing is, candidly, when we took the classic card up from 10 to 15, we thought some of them would follow. And in some markets. And some of these key markets that Colleen mentioned, they haven't. So the headline price is better than ours.

不論你的健身程度如何。而我們就是不認為他們有能力做到這點。我想第二點是，坦白說，當我們把 Classic Card 從 10 美元調到 15 美元時，我們原本以為他們有些人會跟進。而在某些市場確實如此。但在 Colleen 提到的一些關鍵市場，他們並沒有。所以表面上的標價比我們更便宜。

And now when you get inside, there's all kinds of extra fees and add-ons and commitments you have to make. But when you're there. So we think as we reconsider the approach forward, I think primarily to compete, we need to make sure our environment is.

但等你進去之後，會有各種額外費用、加購項目，以及你必須做出的承諾。但當你人在那裡時才會發現。因此我們認為，當我們重新思考未來的做法時，若要競爭，首要是確保我們的環境——

Is even less intimidating than it is, that's a never-ending quest, we'll never be satisfied with that. And I think the second piece of it is redirecting to primarily target the people who aren't, who don't have a gym membership today.

要比現在更不具威嚇感；這是一個永無止境的追求，我們永遠不會對此感到滿足。第二個部分則是把重點重新導向，主要鎖定那些目前沒有、也就是今天還沒有健身房會員資格的人。

That's helpful. I appreciate it, Tom. And maybe secondly, on the macro pressures on member growth, I'm curious when you started to see a shift there because the testing that you did last year obviously sounded relatively encouraging. It allows you to move forward with the price increase. But I'm curious what the timing was there. And just as a follow-up to that, it looks like it's still $30 in many markets. So is that going to get rolled back?

這很有幫助。謝謝你，Tom。另外第二點，關於宏觀壓力對會員成長的影響，我想了解你們何時開始看到那裡出現轉變，因為你們去年做的測試聽起來其實相對令人鼓舞。也讓你們能推進漲價。但我好奇那個時間點是什麼時候。以及作為延伸問題，看起來很多市場仍是 30 美元。所以那會被回調嗎？

So I'll start. The testing really started back in 2024.

我先說。那個測試其實在 2024 年就開始了。

So it was a different consumer environment when we initiated that Black Card test. We started that test almost immediately on the heels of the Classic Card price rollout, which was June 28 of 2024. So we're going back now nearly two years and a bit of. Consumer environment.

所以當我們啟動 Black Card 測試時，消費者環境是不同的。我們幾乎是在 Classic Card 價格上調推出後立刻開始這項測試；Classic Card 的調價是在 2024 年 6 月 28 日。所以回頭看，現在已經將近兩年，且消費者環境也有些——變化。

Yeah, I'd say I'll pick it up. So we do have some markets still at 29, Joe, if that's what you were asking. And I think we've got where we have it, we want to let it run a little longer, in part to see how that Black Card and Classic Card mix shifts over time. And also in some of those markets.

我接著補充。Joe，如果你問的是這個，我們確實有些市場仍是 29 美元。而且在我們已經採用該價格的地方，我們希望再讓它跑一段時間，部分原因是想觀察 Black Card 與 Classic Card 的組合占比，隨時間如何變化。另外在其中一些市場——

The price that other people offer is significantly higher. So we -- and the cost of doing business is significantly higher. So we're going to let them run for a little bit and continue to read, but we don't have any plans at the moment to pull those back.

其他業者提供的價格明顯更高。因此我們——而且營運成本也顯著更高。所以我們會讓它們再運行一段時間並持續觀察，但目前沒有計畫把那些價格調回去。

I think that's right. I think we've got a number of tests in market, but we're not -- there are no -- and we said no nationwide rollout for the black hard price elevation, but we don't have any imminent plans of.

我認為沒錯。我們在市場上有多項測試，但我們不——目前沒有——而且我們也說過 Black Card 的調價不會做全國性推廣，但我們也沒有任何迫在眉睫的計畫要——

Of a price rollback there either.

要在那裡進行價格回調。

Jonathan Komp, Baird.

Jonathan Komp，Baird。

Just a broader question. With nearly 3,000 units in your typical approach of.

我有個更宏觀的問題。在你們接近 3,000 家門店、且一向採取——

Your testing and learning, is there anything that holds back your ability or speed to which you can test new initiatives outside of marketing maybe? And when you think about changing the trend in member trends, can you give us a little more concrete to your specific plans and maybe confidence levels and any thoughts on timeline?

測試與學習的典型做法下，除了行銷之外，是否有任何因素會限制你們測試新舉措的能力或速度？另外，當你們思考扭轉會員趨勢時，能否更具體談談你們的特定計畫、可能的信心程度，以及對時程的任何看法？

Sure. I'll start with maybe the ability to test.

當然。我先從測試能力談起。

Certainly, we own about 10% of the fleet, and we can move very quickly with great agility to run tests in our own corporate clubs.

確實，我們擁有約 10% 的門店，因此我們可以非常快速、以很高的敏捷度，在自營俱樂部中進行測試。

So that's a test accelerant. The other thing I'll say is we've got a super-engaged franchisee base, and even some of the tests that are in flight right now.

所以這能加速測試。另外我想說的是，我們有一個高度投入的加盟主基礎，即使是目前正在進行中的一些測試——

We reached out to a number of franchisees and have had great participation, and that tends to be true in our system. When we reach out to franchisees and ask them to participate in a test, we find, a lot of engagement and strong participation. So, we can move with speed and agility in testing.

我們也聯繫了多位加盟主並獲得很好的參與度，而這在我們的系統中通常都是如此。當我們聯繫加盟主並請他們參與測試時，我們會看到高度投入與強勁的參與。因此，我們能以速度與敏捷度推進測試。

I will say we may tend to test longer because of the size of our estate to make sure we're really pressure testing and because of the seasonality of our business. So we can launch a test quickly, and with agility, we may tend to test a bit longer to make sure that we're capturing regional nuances, really understanding the difference in the control group.

我會說，因為我們據點規模很大，為了確保我們真的有做壓力測試，以及因為我們業務具有季節性，我們可能傾向於測試更久一些。所以我們可以快速、靈活地啟動測試，但我們可能會把測試時間拉長一點，以確保能捕捉到各地區的細微差異，真正理解對照組之間的差別。

And capturing some seasonality in the test as well. Anything you want to add to that?

也把一些季節性因素納入測試中。你還想補充什麼嗎？

No, John, maybe I'll take the second part of your question and Colleen may add.

沒有，John，也許我來回答你問題的第二部分，Colleen 可能會再補充。

I think the confidence we have in the actions will improve net member growth trends once we get them in place. I'd say it's pretty high. I mean, we're going back more to in an evolved way, not exactly the same way, but going back to.

我認為，一旦我們把這些行動落地，我們對其能改善淨會員成長趨勢的信心會更強。我會說信心相當高。我的意思是，我們在更進化的方式下回到過去的做法——不完全一樣，但確實是回到。

What we did and targeting who we did, and it was successful. I mean, we grew faster than the industry for years. We used to talk about a higher percentage of people who don't belong to a gym is now lower. That's really due to us.

我們曾經做過的事，以及我們曾經鎖定的對象，而且那是成功的。我的意思是，我們多年來的成長速度都快於產業。我們以前常說，不屬於健身房的人口比例很高，現在已經降低了。那真的要歸功於我們。

And the power of the marketing. And I think to Colleen's point, we got what we were trying to do in a way that also shows the power of the marketing. So I think putting the big bazooka on the right target with the right messaging, it's not a new idea. It's an evolved idea that we used to run for a long time in our playbook that had a lot of success. So that's primarily what gives us the most confidence.

以及行銷的力量。而且我認為就像 Colleen 說的，我們以某種方式達成了我們想做的事，同時也展現了行銷的威力。所以我認為，把大砲對準正確的目標、用正確的訊息，這不是新點子。這是一個進化版的點子，我們過去在作戰手冊裡長期運行，而且非常成功。所以這主要就是我們最有信心的原因。

Okay, great. Then my follow-up, Colleen, in the press release, I think you mentioned confidence in driving enhanced top and bottom line results in 2027.

好的，很好。那我接著問，Colleen，在新聞稿裡，我想你提到對於在 2027 年推動更強的營收與獲利表現（top line 與 bottom line）有信心。

Any more context to that comment and your confidence in driving some re-acceleration after this year and a bit of a reset? And do you see any risk that the trends you're updating guidance for this year creep into less willingness from franchisees to build units? Thanks again.

能否再多一些背景說明你這段話，以及在今年之後、經過一些重置後，你對推動再加速的信心？另外，你是否看到任何風險：你們今年更新指引所反映的趨勢，會不會讓加盟商降低開新店的意願？再次感謝。

So I think when it comes to a shift in marketing and marketing messaging, it takes a minute to work with the agency and develop the new messaging and the new creative and shoot the creative.

我認為，當涉及行銷與行銷訊息的轉變時，需要一點時間與代理商合作、開發新的訊息與新的創意內容，並拍攝這些創意。

And then, of course, we've got to test it. And at the end of the day.

然後，當然，我們還得測試。而且歸根結底。

The biggest quarter, the biggest join quarter where we're going to really see the greatest return on these initiatives. While we're moving on them very quickly this year, we'll best evaluate the benefit when we get into a join quarter like Q1 of 2027. So we see this year as a building year for some of these.

最大的季度、也是入會最多的季度，才是我們真正會看到這些舉措帶來最大回報的時點。雖然我們今年推進得非常快，但當我們進入像 2027 年第一季這樣的入會旺季時，才能最好地評估其效益。所以我們把今年視為其中一些事項的建置年。

And we communicated some of the things we're investing in at Investor Day, and those are moving forward as well.

而且我們在投資人日也溝通了我們正在投資的一些項目，這些也都在持續推進。

We just went into pilot, early pilot, in the launch of our AI-enabled predictive churn model.

我們剛進入試點階段，是早期試點，推出我們的 AI 驅動預測式流失模型。

So that was something that we talked about at Investor Day that just went into pilot.

所以這是我們在投資人日談到、而且剛剛進入試點的項目。

We're in the short strokes of selecting our partner for the DCO engine.

我們正在最後階段挑選 DCO 引擎的合作夥伴。

And we're making very good progress on the AI-enabled CRM next best action model that will be in market or be in flight in the back half of the year. That's in the second-half, it will go into pilot.

同時，我們在 AI 驅動的 CRM「下一步最佳行動」模型上也取得非常好的進展，該模型將在今年下半年進入市場或上線運行。也就是在下半年，它會進入試點。

In lockstep and in tandem with our new app, our revitalized app. So there's a lot in flight this year.

並且與我們的新 App、我們重新振興的 App 同步、並行推進。所以今年有很多項目正在進行中。

And we communicated that, right, that this was going to be a year where we were building and investing in some new tools that will help us to drive, particularly top-line in the future. And when that top-line grows because of the flow-through, particularly on member revenue.

而且我們也已經溝通過，對吧，今年將會是我們建置並投資一些新工具的一年，這些工具將幫助我們在未來推動成長，特別是營收端（top-line）。而當營收端因為這些因素成長時，透過流量傳導（flow-through），特別是在會員收入上。

It has an outsized impact on either.

它會對其中任何一項產生不成比例的影響。

Arpine Kocharyan, UBS.

UBS 的 Arpine Kocharyan。

Hi. Thanks for taking my question.

嗨。謝謝讓我提問。

Your ADA pipeline came down further from 800 to closer to 750 in your latest 10-K. And I think it says including more than 500 clubs over the next three years. Could you just maybe address if you're looking at kind of further pruning ADAs, how that's going? And I understand the more accelerated unit openings would bring that number down faster, but wondering what else is driving that lower?

你們在最新的 10-K 中，ADA 管線從 800 進一步降到接近 750。而且我想裡面寫到，未來三年包含超過 500 家俱樂部。你們能否說明一下，是否在考慮進一步修剪 ADA、目前進展如何？我理解更快的展店速度會讓這個數字更快下降，但想了解還有哪些因素導致它降低？

I'll start, then, Tom, if you want to chime in. So certainly, part of the diminution on the pipeline is the fact that we had such a strong openings here last year, right? So we had 181 new clubs open last year.

我先回答，然後 Tom 你如果想補充也可以。所以，管線下降的一部分原因，確實是因為我們去年開店非常強勁，對吧？我們去年新開了 181 家俱樂部。

At the same time, and Chip talked about this, there's a.

同時，Chip 也談到這點，還有一個。

There's a slide in our Investor Day deck about this as well, about the ability to take back some territory and resell it.

我們投資人日簡報裡也有一張投影片談到這件事，也就是我們有能力收回部分區域並重新出售。

So we've got a new team member on our development team that's actively engaging with franchisees and prospective franchisees.

所以我們在開發團隊新增了一位成員，正積極與加盟商以及潛在加盟商接洽。

And we're seeing opportunity where we may be able to sell some new territory as well. So. We also have talked about population growth and kind of deurbanization and where when transactions happen, we have the ability to recast ADAs, which then in turn kind of builds that pipeline as well.

我們也看到一些機會，可能可以再出售一些新區域。所以。我們也談到人口成長與某種程度的去都市化；當交易發生時，我們有能力重新調整 ADA，進而也會在某種程度上重建那個管線。

As we've had transactions occur in our portfolio, we look at the territory, we recast the ADA based on where the population growth has taken place, where there may be another opportunity to support another club in that geo and adjust the ADAs accordingly with the new transaction.

當我們的投資組合中發生交易時，我們會檢視該區域，並根據人口成長發生的位置、以及在該地理區域是否還有機會支撐另一家俱樂部，來重新調整 ADA，並在新的交易下相應調整。

Yes, I'd maybe just add to that, Arpin.

是的，我可能再補充一下，Arpin。

Over time, we've somewhat shortened the number of years in an ADA.

隨著時間推進，我們在某種程度上縮短了 ADA 的年限。

So what happens -- and part of it is we want to see how it's going before we commit so much.

所以會發生的情況是——其中一部分原因是，我們希望在投入那麼多承諾之前，先看看進展如何。

It gives us more flexibility, more agility.

這讓我們更有彈性、更敏捷。

And so that by sort of by shortening the tail, if you will -- or not the tail, but the timeline and the number of years on average in an ADA, that has a natural.

因此，透過縮短尾端——如果你願意這麼說的話——或者不是尾端，而是縮短時間軸與 ADA 平均年限，這在總機會數上自然會。

Sort of reduction there in total opportunities.

帶來某種程度的下降。

Your next question comes from the line of Chris O'Cull with Stifel Financial Corp. Your line is open. Please go ahead.

你的下一個問題來自 Stifel Financial Corp. 的 Chris O'Cull。你的線路已開通。請繼續。

Yeah, thanks. Good morning, guys. I had a follow-up on the Black Card pricing. And I apologize if I missed it, but are there any new. Black card pricing structures you're testing?

是的，謝謝。各位早安。我想追問一下 Black Card 的定價。如果我漏聽了先說聲抱歉，但你們是否正在測試任何新的。Black Card 定價結構？

Hey, Chris, it's Tom. Good to talk to you again. We, as Colleen said in her -- on the call, we're going to be testing some things. We're going to be talking to our franchisees about what we want to test.

嗨，Chris，我是 Tom。很高興再次和你通話。正如 Colleen 在她——在電話會議上所說的，我們將會測試一些事項。我們會和我們的加盟商討論我們想要測試的內容。

As we typically do, we'll share that, what it is, where it is and how it's doing at the appropriate time, but it's premature to talk about that. But I think.

如同我們通常的做法，我們會在適當的時機分享：那是什麼、在哪裡，以及進展如何，但現在談這個還為時過早。不過我認為。

As we think about really putting net member growth front and center in all that we want to do, I think it does make sense to step back and say, what are we doing today and what else do we want to think about and potentially test going forward?

當我們思考要把淨會員成長真正放在我們所有想做事情的核心位置時，我認為退一步檢視並問：我們今天在做什麼、以及我們還想再思考什麼並在未來可能進行哪些測試，是有道理的。

More to come, but...

後續還會有更多資訊，但……

It's price and it's the price-value relationship.

是價格，以及價格—價值之間的關係。

Okay. And then, Colleen, my main question is about just the marketing changes. And I'm just wondering how you envision reworking the message to reach both non-users and current fitness-minded gym users. I'm just trying to understand how you manage the risk of trying to be a gym for everyone without losing kind of the simplicity and clarity of a message to like a single group.

好的。接著，Colleen，我的主要問題是關於行銷變更。我想了解你如何設想重新調整訊息，以同時觸及非使用者以及目前重視健身的健身房使用者。我只是想理解：在試圖成為人人都適合的健身房時，你們如何管理風險，避免失去針對單一族群時訊息的簡潔與清晰。

Yeah, I think we've long been kind of the opposite brand, and it's been our sweet spot to target that very large 70% of the population that is not a member of a gym today. And we want to ensure that our marketing messaging is reaching and resonating with that population.

是的，我想我們長期以來算是相反定位的品牌，而我們的甜蜜點一直是鎖定目前不是健身房會員的那個非常龐大的 70% 人口。我們希望確保我們的行銷訊息能觸及並引起那個族群的共鳴。

Yeah, and I might add, Chris.

是的，我也補充一下，Chris。

Over the years, when we were targeting the folks who don't belong to a gym, we also had people who were pretty darn ripped in our gyms.

多年來，當我們鎖定那些不屬於健身房的人時，我們的健身房裡也有一些練得相當精壯的人。

You knew one well, and I know that I see them when I go in the gyms that we have.

你很熟悉其中一位，而我也知道我去我們的健身房時會看到他們。

They -- and part of the non-intimidation, too, is, just because they are bodybuilders doesn't mean they act like lunks. And I think that goes back to the no gym intimidation, really making sure our members are comfortable. And those are the folks who are wiping down the equipment after they use it, they put it away, and they're not banging it on the floor, then you can't clap chalk and all that stuff in our place. And that's what you get in the other places, so that is hard for them to replicate.

他們——而且「不具威嚇感」的一部分也在於：只是因為他們是健美選手，不代表他們就會像莽漢一樣行事。我認為這回到「沒有健身房威嚇感」的核心，真正確保我們的會員感到自在。而那些人會在使用器材後把器材擦拭乾淨、把器材歸位，也不會把器材砸到地上；在我們這裡也不能拍粉、撒粉之類的。而在其他地方你會看到那些情況，所以那對他們來說很難複製。

Because that's a very hard thing to change given who they've attracted compared to who we've attracted.

因為相較於我們吸引到的人，他們吸引到的客群不同，而要改變那件事非常困難。

I think the importance is and what has been our sweet spot is that we attract members of all age cohorts, all fitness levels.

我認為重要的是、也是我們的甜蜜點在於：我們吸引各個年齡層、各種健身程度的會員。

And we want to ensure that our marketing is conveying that that environment exists at Planet Fitness.

我們希望確保我們的行銷能傳達：在 Planet Fitness 確實存在那樣的環境。

Okay. Thanks, guys.

好的。謝謝各位。

Yeah. Thanks, Chris.

好的。謝謝你，Chris。

Sharon Zackfia, William Blair.

Sharon Zackfia，William Blair。

Hi. Thanks for taking the question.

嗨。謝謝讓我提問。

I guess as we think about the impact on more of those new to gym members, is there anything you can share on kind of what the membership mix was in new joins of those new to gym versus what you've seen historically?

我想，當我們思考對更多「新加入健身房」會員的影響時，你們是否能分享一下：新加入者中「首次加入健身房」的比例大概是多少，相較於你們過去歷史上看到的情況如何？

Yes, Sharon, without being super specific, it's the last couple of quarters, it's been down a little bit.

是的，Sharon，在不講得太具體的前提下，過去幾個季度這個比例有小幅下降。

Okay.

好的。

And then, Tom, as I think about kind of the impact of this tough first quarter, it kind of implies flat comps for the rest of the year. Is there any curve to that comp for the rest of the year? And how do we think about member growth? I mean, do you think there is an opportunity to end '26 with more members than you currently have? Thanks.

另外，Tom，當我思考這個艱難第一季的影響時，這似乎暗示今年剩餘時間的同店表現會持平。今年剩餘時間的同店表現會有什麼走勢曲線嗎？以及我們該如何看待會員成長？我的意思是，你認為有機會在 2026 年底的會員數高於你們目前的會員數嗎？謝謝。

Yeah, sure. So we'll stick with our practice of not projecting and providing an outlook on membership, but I do think you're right, Sharon. We see kind of a gradual step down across the quarters without we don't provide quarterly guidance, as but it's just based on that subscription model that you know and Colleen and I touched on earlier, that's how we see it.

好的，當然。我們會維持一貫做法，不對會員數做預測或提供展望；但我認為你說得對，Sharon。我們看到各季度呈現逐步下滑的趨勢——雖然我們不提供季度指引——但這是基於你所熟悉的訂閱模式，正如我和 Colleen 先前提到的，我們就是這樣看待的。

I will now hand the conference off to Colleen Keating for closing remarks. Colleen, please go ahead.

我現在把電話會議交給 Colleen Keating 做結語。Colleen，請開始。

Thank you. Planet Fitness is a market leader and the underlying strength of. Our brand and our business model remains in place. We have a proven track record of successfully navigating market pressures and near-term headwinds. More than 30 years ago, we entered the category as a disruptor, built on a differentiated offering and an unmatched value proposition at an accessible price point. That foundation continues to guide how we operate today, and we look forward to updating. On our progress as we move ahead.

謝謝。Planet Fitness 是市場領導者，而……的根本實力。我們的品牌與商業模式的根基仍然穩固。我們在成功應對市場壓力與短期逆風方面有經過驗證的紀錄。30 多年前，我們以顛覆者之姿進入這個類別，建立在差異化的產品提供與無可匹敵的價值主張之上，並以可負擔的價格帶提供服務。這個基礎持續指引我們今天的營運方式，我們也期待在推進過程中更新。我們的進展。

Thank you.

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.

感謝各位出席。您現在可以掛線。