派樂騰 (PTON) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Peloton Interactive's Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎來到 Peloton Interactive 的 2023 年第二季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Peter Stabler, Head of Investor Relations. Please go ahead.

現在，我想將會議交給您今天的發言人，投資者關係主管彼得·斯特布勒 (Peter Stabler)。請繼續。

Good morning, and welcome to Peloton's fiscal second quarter conference call. Joining today's call are CEO, Barry McCarthy; and CFO, Liz Coddington.

早上好，歡迎來到 Peloton 的第二財季電話會議。參加今天電話會議的有首席執行官巴里·麥卡錫 (Barry McCarthy)；和首席財務官 Liz Coddington。

Our comments and responses to your question reflect management's views as of today only and will include statements related to our business that are forward-looking statements under federal securities law. Actual results may differ materially from those contained in or implied by these forward-looking statements due to risks and uncertainties associated with our business. For a discussion of the material risks and other important factors that could impact our results, please refer to our SEC filings and today's shareholder letter, both of which can be found on our Investor Relations website.

我們對您問題的評論和答复僅反映了管理層截至今天的觀點，並將包括與我們業務相關的陳述，這些陳述是聯邦證券法規定的前瞻性陳述。由於與我們業務相關的風險和不確定性，實際結果可能與這些前瞻性陳述中包含或暗示的結果存在重大差異。有關可能影響我們業績的重大風險和其他重要因素的討論，請參閱我們提交給美國證券交易委員會的文件和今天的股東信，兩者均可在我們的投資者關係網站上找到。

During this call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is [provided] in today's shareholder letter.

在這次電話會議中，我們將討論 GAAP 和非 GAAP 財務措施。今天的股東信中[提供]了 GAAP 與非 GAAP 財務措施的對賬。

I'll now turn the call over to Barry.

我現在將電話轉給巴里。

I want to do something a little bit out of the ordinary just to kick off today's call, if you all indulge me. A good friend of mine named Gail Tifford once best summarized what's special about Peloton, I think, when she described the brand as golden and the member community as platinum. And what makes that possible is the incredible work done by our content team and by the instructors who give it life.

我想做一些不尋常的事情來開始今天的電話會議，如果你們都喜歡我的話。我認為，我的一個好朋友蓋爾·蒂福德 (Gail Tifford) 曾經最好地總結了 Peloton 的特別之處，當時她將品牌描述為金色，將會員社區描述為白金。使這成為可能的是我們的內容團隊和賦予它生命的教師所做的令人難以置信的工作。

And because of that, and in particular, I want to welcome back to the platform today one of our instructors in London by the name of Leanne Hainsby, who after disclosing her recent battle with cancer and her announcement that she's cancer-free, is today once again back on the platform. And the start of her class just coincidentally happens to coincide with the start of this earnings call. So welcome, Leanne, and thank you for all you do for us.

正因為如此，特別是今天，我想歡迎我們在倫敦的一位講師回到這個平台，她的名字叫 Leanne Hainsby，她在披露了她最近與癌症的鬥爭並宣布她沒有癌症之後，今天是再次回到平台上。她上課的開始恰好與這次財報電話會議的開始相吻合。歡迎您，Leanne，感謝您為我們所做的一切。

And with that, we'll turn the call back to the operator and take our first question.

然後，我們會將電話轉回接線員並回答我們的第一個問題。

(Operator Instructions) Our first question comes from the line of Doug Anmuth with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Doug Anmuth。

Barry, you wrote about how the new initiatives across rentals and retail partnerships and just changes in the overall go-to-market drove 19% of the CFU volume in the quarter. I was hoping you could talk more about how you think that will progress over the next 12 months. And which of these initiatives do you expect to be most impactful to drive growth going forward?

巴里，你寫過關於租賃和零售合作夥伴關係的新舉措以及整體上市的變化如何推動本季度 CFU 數量的 19%。我希望你能更多地談談你認為這將在未來 12 個月內取得怎樣的進展。您認為其中哪些舉措對推動未來增長最具影響力？

Well, based on last quarter's performance and quarter-to-date, I think FaaS and the pre-owned business will be the most significant on a quarter-over-quarter basis, last quarter to the quarter before. FaaS has doubled by way of example, and it's continuing to grow rapidly this quarter. And a very large percentage, 63%, I think, with a 95% confidence is incremental to the business. They are -- tend to be slightly higher household income who -- but for the fact they don't have to make contractual commitment would not have come on to the platform. Now -- one.

好吧，根據上個季度和本季度至今的表現，我認為 FaaS 和二手業務在上個季度和上個季度的環比基礎上將是最重要的。例如，FaaS 增長了一倍，並且本季度繼續快速增長。我認為，有 95% 的信心對業務有很大的貢獻，即 63%。他們 - 往往是家庭收入略高的人 - 但事實上他們不必做出合同承諾就不會出現在平台上。現在——一個。

Two, what about third-party retail? It has less incrementality, but we don't have enough data to be confident that we know how much of the revenue is incremental, meaning whether we would have sold that on our own platform but for the fact that we partnered with third parties. It did outperform our expectations in the quarter. But of course, we had no history going into the quarter. So it's difficult for us to know as with FaaS and CPO how exactly to forecast it.

二、第三方零售呢？它的增量較少，但我們沒有足夠的數據來確信我們知道有多少收入是增量的，這意味著我們是否會在我們自己的平台上銷售它，但事實上我們與第三方合作。它在本季度的表現確實超出了我們的預期。但當然，我們沒有進入本季度的歷史記錄。所以我們很難像 FaaS 和 CPO 一樣知道如何準確預測它。

So we continue to be optimistic. We're quite pleased with the performance during the quarter, uncertain about the incrementality, although we are invested in continuing to grow it. And we'll know more as the year progresses.

所以我們繼續保持樂觀。我們對本季度的表現非常滿意，不確定增量，儘管我們投資於繼續增長。隨著時間的推移，我們會知道更多。

If I could just follow up. I know Leslie is joining as the new CMO. Do you feel like there's strong awareness of the new initiatives and the go-to-market strategy among potential consumers? Or is that going to be a big focus in your advertising and marketing efforts?

如果我能跟進就好了。我知道 Leslie 將作為新的 CMO 加入。您是否覺得潛在消費者對新舉措和上市戰略有很強的認識？還是這將成為您廣告和營銷工作的重點？

Well, it's -- awareness is low still, but it's new. Are we going to make it a focus? No, not particularly. I think the focus is going to be anyone, anytime, anywhere. It would be less about bike. It will be about all of the occasions for use and inclusiveness.

嗯，它的意識仍然很低，但它是新的。我們要把它作為一個焦點嗎？不，不是特別是。我認為重點將放在任何人、任何時間、任何地點。騎自行車會少一些。它將涉及所有使用場合和包容性。

Our next question comes from the line of Justin Post with Bank of America.

我們的下一個問題來自美國銀行的 Justin Post。

Can you talk about hardware gross margins in the quarter? What were some of the puts and takes there? What is going to take to get those to breakeven? And when you think about the model, like how much are you willing to lose or take upfront cost to get a subscriber? And do you think the model is working now as you think about your hardware sales-producing subscribers?

你能談談本季度的硬件毛利率嗎？那裡有哪些 puts 和 takes？要使這些收支平衡需要什麼？當您考慮該模型時，例如您願意損失或承擔多少前期成本來獲得訂閱者？當您考慮硬件銷售的訂閱者時，您認為該模型現在是否有效？

Liz and I will tag team this. Let me do the high-level stuff and shift back to her on the specifics. So let me say we managed through LTV to CAC. And in making those calculations, we take a holistic view of the revenue stream and the expenses associated with both the hardware and the subscription associated with it. So for my part, I don't particularly care about the hardware margin or particularly about the subscription margin. I care about it on an aggregate basis, and I care about the relationship between the lifetime value of the customer relative to the cost of acquisition. And that's the framework we're using in deciding whether or not the model is working. And in the recent model, I think we were operating at 1.4:1 LTV to CAC, which means that each time we add a new subscriber to the business, we increase the enterprise value because that customer will be net profitable over their life.

Liz 和我會標記這個團隊。讓我做一些高層次的事情，然後再回到她的細節上。所以讓我說我們通過 LTV 管理到 CAC。在進行這些計算時，我們全面了解收入流以及與硬件和與之相關的訂閱相關的費用。因此，就我而言，我並不特別關心硬件利潤率或訂閱利潤率。我在總體上關心它，我關心客戶的生命週期價值與獲取成本之間的關係。這就是我們用來決定模型是否有效的框架。在最近的模型中，我認為我們以 1.4:1 的 LTV 與 CAC 運營，這意味著每次我們為業務增加一個新用戶時，我們都會增加企業價值，因為該客戶將在他們的生命週期中獲得淨利潤。

Yes. To just add a little bit more detail to what Barry mentioned, because we did enrich our holiday promotion, that, of course, has an impact on our hardware gross margin. And we did manage to our LTV-to-CAC ratio. So we may have spent more in promotion, but it balanced out and resulted in that 1.4 ratio of LTV to CAC.

是的。為 Barry 提到的內容添加更多細節，因為我們確實豐富了我們的假期促銷活動，這當然會對我們的硬件毛利率產生影響。我們確實設法達到了 LTV 與 CAC 的比率。所以我們可能在促銷上花費了更多，但它平衡了並導致 LTV 與 CAC 的比率為 1.4。

I also want to comment that our overall gross margin when we outperform on Connected Fitness, what that means is the lower margin of our hardware becomes a -- it sort of has a higher penetration relative to subscription. And so that will depress the overall margin a bit, but we're happy with that because we get the subscribers and the subscription revenue over time that comes with them.

我還想評論一下，當我們在 Connected Fitness 上表現出色時，我們的整體毛利率，這意味著我們硬件的較低利潤率變成了 - 它相對於訂閱具有更高的滲透率。因此，這會稍微降低整體利潤率，但我們對此感到滿意，因為隨著時間的推移，我們獲得了訂閱者和訂閱收入。

The other thing, I think, that is worth pointing out here on our gross margin is that this quarter, we did take a number of reserves. We had higher cost -- the cost of revenue were impacted by some excess and obsolescence reserves. So after we got through the holiday period, for example, we looked at our Guide inventory and realized that we had more than we needed and took a reserve against that. We also had some very specific returned inventory that we had on hand that we no longer plan to refurbish and sell. So we took a reserve for that. And then we continue to have some reserves associated with inventory from our Tonic manufacturing facility. So all of those had roughly about a $32 million impact on our Connected Fitness gross margin in the quarter.

我認為，在我們的毛利率方面值得指出的另一件事是，本季度，我們確實取得了一些儲備。我們的成本更高——收入成本受到一些過剩和過時儲備的影響。因此，例如，在我們度過假期後，我們查看了我們的 Guide 庫存，發現我們擁有的庫存超出了我們的需要，並為此做了儲備。我們手頭還有一些非常具體的退貨庫存，我們不再打算翻新和出售。所以我們為此做了儲備。然後我們繼續擁有一些與 Tonic 製造工廠庫存相關的儲備。因此，所有這些對我們本季度的 Connected Fitness 毛利率產生了大約 3200 萬美元的影響。

I think there was a question about when is our hardware Connected Fitness margin going to turn gross margin positive, and we're not giving any guidance on that timing. But as Barry said, we are continuing to focus on optimizing our LTV to CAC. And if you think about the factor -- some of the levers that go into that, as we mentioned, promotions are part of that. Financing is part of that. Third-party channel strategy is part of that equation. All of those things have created a drag on our gross margin, and those get offset by lower sales and marketing expenses in the form of lower media spending. So you have to look, as Barry said, at the whole thing and not just micro focus on gross margin.

我認為有一個問題是我們的硬件 Connected Fitness 利潤率何時會轉為正毛利率，我們沒有就那個時間點給出任何指導。但正如 Barry 所說，我們將繼續專注於將 LTV 優化為 CAC。如果你考慮這個因素 - 正如我們提到的那樣，其中的一些槓桿就是其中的一部分。融資是其中的一部分。第三方渠道策略是該等式的一部分。所有這些都拖累了我們的毛利率，而這些都被較低的媒體支出形式的銷售和營銷費用所抵消。因此，正如巴里所說，你必須關注整個事情，而不僅僅是關注毛利率。

One additional comment, and that is to remind everyone that there are clear trade-offs between the rate of growth of the business fueled by the pace of marketing -- sales and marketing spending on the one hand and the impact that spending has on free cash flow. So if we spent more on marketing, we could have grown faster. But it would have come at the expense of free cash flow and our overarching objective, which is to move the business to free cash flow on a sustained basis so we can control our own destiny. So our first priority is to manage the business for free cash flow and then within that framework to manage for growth.

還有一點要提醒大家，營銷步伐推動的業務增長率（一方面是銷售和營銷支出）與支出對自由現金的影響之間存在明顯的權衡流。因此，如果我們在營銷上投入更多，我們的增長就會更快。但這會以自由現金流和我們的首要目標為代價，即讓企業持續地轉向自由現金流，這樣我們就可以控制自己的命運。因此，我們的首要任務是管理業務以獲得自由現金流，然後在該框架內管理增長。

Our next question comes from the line of Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

Maybe if I could ask a 2-parter. Obviously, there was a lot of demand pull forward through the pandemic, and you went through this sort of normalization dynamic post the pandemic. Are we back on firm ground where you think you understand with the sort of normalized end demand trends are in the category? And therefore, you're now in a mode of sort of executing on leaning in or leaning out with respect to promotion and marketing, and we could be back to some sort of normal seasonal cadence in the business? That's number one.

也許如果我可以問一個 2 夥伴。顯然，大流行期間有很多需求被拉動，大流行後你經歷了這種正常化動態。我們是否回到了堅實的基礎上，您認為您了解該類別中的標準化終端需求趨勢？因此，您現在處於一種在促銷和營銷方面傾向於或傾斜的執行模式，我們可以回到業務中某種正常的季節性節奏嗎？這是第一。

And number two, maybe following up on Doug's question from earlier. Just can you help us better understand how the mobile app strategy fits broadly into the Connected Fitness goals? Are you still viewing it as a potential feeder product for conversion and the subscriber funnel? Or is there an increasing view that maybe this can operate as sort of a stand-alone strategy for folks who might never come around to the hardware?

第二，也許跟進 Doug 之前的問題。您能否幫助我們更好地了解移動應用程序戰略如何廣泛適用於 Connected Fitness 目標？您是否仍將其視為用於轉換和訂閱者渠道的潛在饋線產品？或者是否有越來越多的人認為，對於那些可能永遠不會接觸硬件的人來說，這可能是一種獨立的策略？

I'll jump in first and then hand it over to Liz. We outperformed in the quarter. The good news and the bad news is -- the good news is we outperformed. The bad news is our -- the accuracy of our forecasting, our ability to forecast the business and particularly given the many changes we made in the business model is not as highly evolved yet as it will be. Is that because of the changes we made in the model or because there's -- the consumer behavior is different than we have understood it to be historically? I think maybe it's some of both. And the reason I think that is because we've continued to outperform even our updated forecasts in the quarter. And so we don't quite have our handle -- our arms around consumer behavior. So I think the answer to your question is, no, we're not back to normal yet. If there's some new normal that's happening, and I don't feel like we quite grasp what it is, one.

我會先跳進去，然後交給 Liz。我們在本季度表現出色。好消息和壞消息是——好消息是我們表現出色。壞消息是我們的——我們預測的準確性，我們預測業務的能力，特別是考慮到我們在業務模型中所做的許多改變還沒有像未來那樣高度發展。這是因為我們在模型中所做的更改還是因為 - 消費者行為與我們以往理解的不同？我想也許兩者兼而有之。我認為這是因為我們在本季度的表現甚至超過了我們最新的預測。因此，我們不太了解我們對消費者行為的掌控。所以我認為你的問題的答案是，不，我們還沒有恢復正常。如果有一些新常態正在發生，我覺得我們不太了解它是什麼，一個。

Minor point with respect to seasonality. I should have mentioned in answering Doug's question about FaaS that among the things we're seeing that we didn't expect is that FaaS does not -- has not been exhibiting the seasonal characteristics of the rest of the business. Wasn't -- it didn't spike at all, for instance, during the holidays. It's just continued its march as if holidays didn't happen.

關於季節性的次要問題。在回答 Doug 關於 FaaS 的問題時，我應該提到，在我們所看到的我們沒有預料到的事情中，FaaS 沒有——沒有表現出其他業務的季節性特徵。不是——它根本沒有飆升，例如，在假期期間。它只是繼續前進，就好像假期沒有發生一樣。

And then lastly, with respect to the app, I think of it as its own endgame. And maybe we'll see the All-Access subscription, hardware business or maybe not, I don't really care. The end goal for that strategy is to expand the TAM by reaching a user base that historically we've not been able to access to do it with our core strength, which is all of the content and the user experience that our instructors give life to and to enable consumers to use that content on competitive hardware and to use it in the home and to use it in the gym and to use it outside, whether it's strength or it's yoga or it's running outside or on a treadmill, whether it's rowing, what have you.

最後，關於應用程序，我認為它是它自己的結局。也許我們會看到 All-Access 訂閱、硬件業務或可能不會，我真的不在乎。該戰略的最終目標是通過觸達用戶群來擴大 TAM，而在過去，我們一直無法利用我們的核心優勢來做到這一點，即我們的講師賦予生命的所有內容和用戶體驗並使消費者能夠在競爭性硬件上使用該內容，在家中使用，在健身房使用，在戶外使用，無論是力量訓練還是瑜伽，還是戶外跑步或跑步機，無論是划船，你有什麼。

And today, it's a bike, it's a tread, it's a row, it's in your home. But tomorrow, it's all those other things. And the path to the promised land is the app, I think, at least that's how I conceptualized it. And that's the opportunity we're trying to pursue. Liz, do you want to add anything?

而今天，它是一輛自行車，它是一個胎面，它是一排，它就在你的家裡。但是明天，就是所有其他事情了。通往應許之地的道路是應用程序，我認為，至少我是這樣構思它的。這就是我們正在努力追求的機會。 lz，你想補充什麼嗎？

I think you actually explained it quite well, Barry. The only thing that I will add is there was a comment in there in Eric's question about seasonal cadence. And I just want to say that from a modeling perspective, we still expect that our revenue for the year is going to most closely resemble that of fiscal '22.

我認為你實際上解釋得很好，巴里。我唯一要補充的是，在埃里克關於季節性節奏的問題中有一條評論。我只想說，從建模的角度來看，我們仍然預計我們今年的收入將最接近 22 財年的收入。

Let me just drive home the point, not to read too much hype into this call. But today, we have as many subs as we're forecasting we're going to have at the end of the quarter. We have seen plenty of churn historically, particularly at the end of the seasonal rush. And so we're forecasting that whatever incremental growth we have, we will get back in the form of churn. We're not forecasting a spike in the churn rate. It's just the math, to be clear. But it could be right, it could be wrong. We're going to find out.

讓我直言不諱，不要對這次電話會議進行過多的炒作。但是今天，我們的潛艇數量與我們預測的季度末一樣多。從歷史上看，我們已經看到了大量的客戶流失，尤其是在季節性高峰期結束時。因此我們預測，無論我們有多少增量增長，我們都會以流失的形式回歸。我們並沒有預測流失率會飆升。這只是數學，要清楚。但它可能是對的，也可能是錯的。我們會找出答案的。

Our next question comes from the line of Shweta Khajuria with Evercore ISI.

我們的下一個問題來自 Shweta Khajuria 與 Evercore ISI 的合作。

I guess I have a quick question on free cash flow. You got to positive free cash flow this quarter, excluding some of the supplier-related costs. How should we think about the magnitude of each of the key drivers of getting to positive free cash flow in fiscal year '24? So specifically, I'm talking about the cost cuts you've made have an impact, supplier contracts you've renegotiated have an impact, but also inventory drawdown has an offsetting impact. So could you help us in terms of what will be driving the trajectory of sustainable positive free cash flow?

我想我有一個關於自由現金流的快速問題。本季度您獲得了正的自由現金流，不包括一些與供應商相關的成本。我們應該如何考慮在 24 財年實現正自由現金流的每個關鍵驅動因素的重要性？所以具體來說，我說的是你所做的成本削減會產生影響，你重新談判的供應商合同會產生影響，但庫存減少也會產生抵消影響。那麼，您能否就推動可持續正自由現金流軌蹟的因素為我們提供幫助？

Sure. So Shweta's question is really about like what is going to drive sustainable free cash flow into fiscal 2024. So you mentioned inventory. Inventory will continue to be a tailwind for us in fiscal '24. So that is a benefit. And then it's really all about being very conscious about our OpEx and making sure that we are as efficient as we possibly can be and then measure -- doing that LTV-to-CAC analysis to make sure that we are acquiring subscribers efficiently. And then it's about growth. We have to continue to figure out how to grow the business so that we have enough cash inflow to cover our operating expenses over time, net of the fact that we've already bought a lot of the inventory and have a lot of it on hand already.

當然。所以 Shweta 的問題實際上是關於什麼將推動可持續的自由現金流進入 2024 財年。所以你提到了庫存。在 24 財年，庫存將繼續成為我們的順風車。所以這是一個好處。然後這真的是關於非常了解我們的運營支出並確保我們盡可能高效然後衡量 - 進行 LTV-to-CAC 分析以確保我們有效地獲取訂戶。然後是關於增長。我們必須繼續弄清楚如何發展業務，以便我們有足夠的現金流入來支付我們的運營費用，我們已經購買了大量庫存並且手頭有很多庫存已經。

So it's really just about operating the business in an efficient way to maintain that positive free cash flow or break-even free cash flow ideally. And yes, the key is really figuring out how to continue to grow the business. And by the way, as we grow the app part of the business, that is a higher gross margin business that is good for us over time as well.

因此，這實際上只是以一種有效的方式經營業務，以保持正的自由現金流或理想的收支平衡自由現金流。是的，關鍵是弄清楚如何繼續發展業務。順便說一句，隨著我們業務應用程序部分的發展，這是一項毛利率更高的業務，隨著時間的推移對我們也有好處。

Let me jump in and add that -- let's talk about maybe some of the changes in the year ahead compared with the past year in terms of savings. So we saw significant reduction in head count in the past year and savings commensurate with that. Will we see more of that on a go-forward basis? No, we won't. I made it clear in a previous call that as far as that is concerned, we're done with head count reductions, and let me reaffirm that to all of our employees who are listening on the call.

讓我加入並補充一點——讓我們談談未來一年與去年相比在儲蓄方面可能發生的一些變化。因此，我們在過去一年中看到了員工人數的大幅減少以及與之相稱的節省。我們會在前進的基礎上看到更多嗎？不，我們不會。我在之前的電話中明確表示，就此而言，我們已經完成裁員，讓我向所有正在聽電話的員工重申這一點。

But we have significant opportunities for additional expense reduction in the business, and I expect that we will realize those in the next 1 or 2 years. They're in middle mile. They're in last mile. They're in all of the operating systems we use, ERP, warehouse, order management system, which has resulted in lots of manual processes. We still have a lot of inventory, and we pay a lot of money in storage costs. And as we work down our inventory positions, we have substantial additional savings to be realized by limiting those storage costs just as we have in the past year.

但我們在業務中有進一步削減開支的重要機會，我預計我們將在未來 1 或 2 年內實現這些目標。他們在中英里。他們在最後一英里。它們存在於我們使用的所有操作系統中，ERP、倉庫、訂單管理系統，這導致了大量的手動流程。我們還有很多存貨，我們支付了很多倉儲費。隨著我們降低庫存頭寸，我們可以通過限制這些存儲成本來實現大量額外節省，就像我們在過去一年中所做的那樣。

So the only offsets, important to bear in mind, is the trade-off between growth and cash flow and savings. So if we lean back into international growth by way of example, we're going to lose more money. We'll grow faster, and we'll only grow if the LTV to CAC shows net profit over time. But as you add new subscribers, you lose money. It's true with Netflix. It's true with Spotify. It's true with Peloton. And so we just need to figure out what -- artfully what the appropriate balance is.

因此，需要牢記的唯一抵消因素是增長與現金流和儲蓄之間的權衡。因此，如果我們以舉例的方式回歸國際增長，我們將損失更多的錢。我們會增長得更快，而且只有當 LTV 到 CAC 隨著時間的推移顯示淨利潤時，我們才會增長。但是，當您添加新訂戶時，您就會賠錢。 Netflix 確實如此。 Spotify 也是如此。 Peloton 也是如此。因此，我們只需要巧妙地弄清楚什麼是適當的平衡。

Our next question comes from the line of Ron Josey with Citi.

我們的下一個問題來自花旗銀行的 Ron Josey。

Maybe, Barry, I wanted to follow up on your comments on churn just now and understood there's no real change, and you have maybe a little bit higher churn on seasonality just given the holiday. But do you think this 1.1% churn is, call it, the new normal for maybe full members now that we're in 3 quarters into the price hike and maybe any insights on the churn around FaaS subscribers? I think we added shoes and some benefits to the program this quarter that might have brought churn down for these FaaS subscribers. So any insights there would be helpful on churn.

也許，巴里，我想跟進你剛才對客戶流失的評論，我知道沒有真正的變化，而且你的季節性客戶流失率可能會因為假期而稍微高一點。但是你認為這 1.1% 的流失是，稱之為，也許是正式會員的新常態，因為我們已經進入價格上漲的 3 個季度，也許對圍繞 FaaS 訂戶的流失有任何見解？我認為我們在本季度為該計劃增加了鞋子和一些好處，這可能會降低這些 FaaS 訂戶的流失率。因此，那裡的任何見解都會對客戶流失有所幫助。

And then, Liz, I think from a guidance perspective, because we're assuming greater FaaS and 3P distribution sales, and I think it's more FaaS than CPO, talk to us about how that rolls -- flows through the P&L.

然後，Liz，我認為從指導的角度來看，因為我們假設更大的 FaaS 和 3P 分銷銷售，而且我認為 FaaS 比 CPO 更多，請與我們談談它是如何滾動的 - 通過損益表流動。

Let's talk about the overall churn number. Let me talk about FaaS. So FaaS has a higher churn rate than the typical All-Access customer. It's running about 4.5%, 4.7%. That should not alarm you, and here's why. The sub base is still quite young. And over time, if you were to look at individual cohorts, the question that we need to answer for ourselves and for you is what does the shape of the retention curve, the churn curve look like. So -- and as the sub base ages, the average churn rate, which is what the 4.5%, 4.7% represents, will come -- of course, will come down. The question is what's -- where does it turn asymptotic? And at what rate does it turn asymptotic? Is it going to be 1% or is it going to be 3%?

讓我們談談總體流失率。先說FaaS。因此，FaaS 的流失率高於典型的 All-Access 客戶。它的運行率約為 4.5%、4.7%。這不應該讓你驚慌，這就是原因。子基地還很年輕。隨著時間的推移，如果你要查看單個隊列，我們需要為自己和你回答的問題是保留曲線的形狀是什麼，流失曲線是什麼樣的。所以——隨著子基數的老齡化，平均流失率，也就是 4.5%、4.7% 所代表的——當然會下降。問題是什麼——它在哪裡漸近？它以什麼速度漸近？是 1% 還是 3%？

Based on our understanding of consumer behavior to date, we think the payback for FaaS customers who receive a new bike is about 18 months and for customers who receive a used bike is 12 to 14 months, which is as good as we hoped. I thought, worst case, it'd be 2 years, then we need to go back and reengineer the numbers to get to a better outcome. And the best we could possibly hope for would be a 12-month payback. So looks to us, at least initially, like the program is working. And by the way, we're still not doing any kind of credit check verification on the front end to identify customers and shouldn't be doing business with, all of which would contribute to a better lifetime experience. So we're still learning how to operate the program. But at least initially, based on the churn behavior we're seeing so far, and we're only talking about roughly 24,000 FaaS customers in total, I think there's reason to be optimistic about it.

根據我們迄今為止對消費者行為的了解，我們認為收到新自行車的 FaaS 客戶的投資回收期約為 18 個月，收到二手自行車的客戶的投資回收期為 12 至 14 個月，這與我們希望的一樣好。我想，最壞的情況是 2 年，然後我們需要回過頭來重新設計數字以獲得更好的結果。我們可能希望的最好結果是 12 個月的投資回收期。因此，在我們看來，至少在最初階段，該程序正在運行。順便說一句，我們仍然沒有在前端進行任何類型的信用檢查驗證來識別客戶並且不應該與之開展業務，所有這些都將有助於改善終身體驗。所以我們仍在學習如何操作該程序。但至少在最初，根據我們目前看到的流失行為，而且我們只談論總共大約 24,000 個 FaaS 客戶，我認為有理由對此感到樂觀。

Now it is -- have some negative adverse consequences for cash flow because it's -- from a cash flow perspective, you're not selling hardware up front. So you're not recouping that investment in working capital as quickly, but we are seeing faster growth as a consequence. So I just want to remind everybody, if a program is really successful, growing really fast with attractive paybacks, then we're going to have to also figure out what the financing strategy is going to be for it because it will have different working capital attributes than the core business we currently have. But we should be so lucky to have that challenge. And if we have it, then I'm pretty confident in our ability to figure it out.

現在它 - 對現金流產生一些負面的不利影響，因為它 - 從現金流的角度來看，你不是在預先銷售硬件。因此，您不會很快收回對營運資金的投資，但我們因此看到了更快的增長。所以我只想提醒大家，如果一個項目真的很成功，增長非常快，回報豐厚，那麼我們還必須弄清楚它的融資策略是什麼，因為它會有不同的營運資金比我們目前擁有的核心業務更重要的屬性。但我們應該很幸運能夠接受這樣的挑戰。如果我們有它，那麼我對我們解決它的能力很有信心。

Liz, do you want to talk about churn?

LZ，你想談談客戶流失嗎？

Yes. Sure. I just wanted to add one thing that for the quarter, for Q2, we were actually closer to 28,000 FaaS subscribers at the end of Q2. And it was about double the number that we had in Q1. So really, really great growth, great for FaaS.

是的。當然。我只想補充一點，對於本季度，對於第二季度，我們實際上在第二季度末接近 28,000 FaaS 訂閱者。這大約是第一季度的兩倍。非常非常大的增長，非常適合 FaaS。

The CEO doesn't know the numbers. Sorry about that, folks.

首席執行官不知道這些數字。對不起，伙計們。

Well -- but let's talk a little bit about churn. So our churn, flat quarter-over-quarter, and we're very pleased with our Connected Fitness potential levels overall. FaaS has a very minimal impact on overall churn at this point. And right now, we don't expect any significant changes to our current churn levels aside from the fact that we do have small seasonal variations from quarter-to-quarter. So that's a little bit about churn.

好吧 - 但讓我們談談客戶流失。因此，我們的流失率環比持平，我們對整體的 Connected Fitness 潛力水平感到非常滿意。此時，FaaS 對整體流失的影響非常小。現在，我們預計當前的客戶流失水平不會有任何重大變化，除了我們每個季度的季節性變化確實很小。所以這與客戶流失有關。

Ron, I think there was a part of your question that was asking about how like 3P, FaaS and our Peloton refurbish program flow through our P&L, and I can give a little bit of perspective on that. Barry already gave some. So the fact that FaaS is becoming a bigger growth driver for us means that we do get less revenue from a new FaaS member than we do from somebody who buys a Connected Fitness hardware product because they just pay for the $150 delivery fee and then the cost of their membership. That also impacts our gross margin in the month that they become a FaaS member, and we've talked about that before. So that is a near-term drag on margin. It's also a near-term drag on revenue, just as -- but over time, we recoup that.

羅恩，我認為你的問題中有一部分是在詢問 3P、FaaS 和我們的 Peloton 翻新計劃如何通過我們的損益表流動，我可以對此給出一些看法。巴里已經給了一些。因此，FaaS 正在成為我們更大的增長動力這一事實意味著，我們從 FaaS 新成員那裡獲得的收入確實少於從購買 Connected Fitness 硬件產品的人那裡獲得的收入，因為他們只支付 150 美元的送貨費，然後再支付成本他們的會員資格。這也會影響我們在他們成為 FaaS 成員的那個月的毛利率，我們之前已經討論過這個問題。因此，這是對利潤率的近期拖累。這也是對收入的近期拖累，就像——但隨著時間的推移，我們會收回這一點。

For 3P, we've talked about that as well that because our third parties do extract a margin from us, there is a little bit of an impact to revenue from them. We also have terms in accruals. We also consider our marketing expense as a contra revenue adjustment for those relationships. So those are a drag on revenue as well and a bit of a drag on gross margin, too.

對於 3P，我們也談到了這一點，因為我們的第三方確實從我們那裡榨取了利潤，所以對他們的收入有一點影響。我們也有應計條款。我們還將我們的營銷費用視為對這些關係的收入調整。因此，這些也會拖累收入，也會拖累毛利率。

And then for refurb, because it is a lower price point, obviously, we're getting less revenue from when we sell a refurbished bike. But on a cash margin perspective, it's great because we are getting cash for products that we would have otherwise just had as a return and not been able to do something with. So it's great overall economics. Although from a P&L standpoint, you will see the negative impact from that.

然後對於翻新，因為它是一個較低的價格點，顯然，我們從銷售翻新自行車時獲得的收入較少。但從現金利潤率的角度來看，這很好，因為我們正在為我們本來可以作為回報而無法做某事的產品獲得現金。所以這是偉大的整體經濟。儘管從損益的角度來看，您會看到由此產生的負面影響。

Our next question comes from the line of Brian Nagel with Oppenheimer.

我們的下一個問題來自 Brian Nagel 與 Oppenheimer 的對話。

So maybe a couple of questions, maybe unrelated, I'll shove into one just make it simple. So first off, with regard to the now expanded distribution infrastructure with Amazon and DICK'S, any additional insights there as to how you may further develop that infrastructure?

所以也許有幾個問題，也許不相關，我會把它推到一個簡單一點。那麼首先，關於亞馬遜和 DICK'S 現在擴展的分銷基礎設施，關於如何進一步開發該基礎設施的任何其他見解？

And then my second question, I know we've talked about FaaS a bit here. But as you look at the initial growth there, are you basically just allowing that growth to be dictated by the market? Or are there governors in place right now that you could adjust over time to drive that growth one way or the other?

然後我的第二個問題，我知道我們在這裡討論了一些 FaaS。但是，當您查看那裡的初始增長時，您是否基本上只是允許增長由市場決定？或者現在是否有州長可以隨著時間的推移進行調整以以一種或另一種方式推動增長？

If you mean drive the growth up or down?

如果你的意思是推動增長還是下降？

Correct.

正確的。

Well, the answer to that is yes. Let's say that we are concerned about the cash flow, the tax on cash flow would just slow it down. We could hit, let's say, 300 units a day and decide we're not selling any more in a particular day, and we just take it down from the web so that Zoomers can't order any more FaaS bikes in any particular day or week or month or quarter, by way of example.

好吧，答案是肯定的。假設我們擔心現金流，對現金流徵稅只會減慢它的速度。我們可以達到，比方說，每天 300 輛並決定我們在特定的一天不再銷售，我們只是從網上刪除它，這樣 Zoomers 就不能在任何特定的一天訂購更多的 FaaS 自行車或例如，一周或一個月或一個季度。

Secondly, it's ripe for international expansion. The pace at which we decide to go is another lever. A third lever is, why don't we just change the value proposition and we make it more expensive? That has churn implications, of course, which has lifetime value implications and CAC implications. But it's absolutely one of the variables that we factor into the mix in deciding how to modulate growth or we can lower prices and almost certainly grow faster as a consequence.

其次，國際擴張的時機已經成熟。我們決定前進的步伐是另一個槓桿。第三個槓桿是，我們為什麼不改變價值主張，讓它變得更貴呢？當然，這會影響客戶流失，進而影響生命週期價值和 CAC。但這絕對是我們在決定如何調節增長時考慮的變量之一，或者我們可以降低價格，因此幾乎可以肯定增長更快。

Yes. The only thing to add, the first part of the question, I think, was around any insights on developing our infrastructure with Amazon and DICK'S as third parties. I think right now, if you look at these partnerships, it's still very new to us. We've only been roughly a quarter in terms of our relationship with DICK'S. We just went through our first holiday season with our third parties.

是的。唯一要補充的是，問題的第一部分，我認為，是關於以亞馬遜和 DICK'S 作為第三方開發我們的基礎設施的任何見解。我想現在，如果你看看這些合作夥伴關係，它對我們來說仍然很新。就我們與 DICK'S 的關係而言，我們只有大約四分之一。我們剛剛與第三方一起度過了第一個假期。

And so while our third-party sales, along with the rest of our sales, outperformed our expectations during holiday, we're still learning about those partnerships and figuring out how we want to continue to partner to make it a win for both our business as well as Amazon and DICK'S. Do you want to add anything to that?

因此，雖然我們的第三方銷售以及我們的其他銷售在假期期間的表現超出了我們的預期，但我們仍在了解這些合作夥伴關係並弄清楚我們希望如何繼續合作以使其成為我們業務的雙贏以及亞馬遜和 DICK'S。你想添加什麼嗎？

Our next question comes from the line of Youssef Squali with Truist.

我們的下一個問題來自 Youssef Squali 與 Truist 的對話。

Two questions for me. First, can you maybe speak to the level of promotional intensity in the quarter and your plans and expectations for the second half? In other words, kind of what does the guide imply in terms of promotional activity?

我有兩個問題。首先，您能否談談本季度的促銷力度以及您對下半年的計劃和期望？換句話說，指南在促銷活動方面意味著什麼？

And two, maybe just a clarification, Liz, on something you said earlier about the seasonality you're seeing this year similar to what you saw in 2022. In 2022, Q4, your fiscal Q4 was the lowest revenue quarter at about 19% of revenue. So I'm assuming that's kind of what you're telegraphing. But what else you'd like us to know about how maybe Q4 will turn out? I know you're not guiding yet, so maybe just directionally.

第二，可能只是澄清一下，Liz，關於你之前所說的關於你今年看到的季節性與 2022 年相似的事情。在 2022 年第四季度，你的財政第四季度是收入最低的季度，約為 19%收入。所以我假設這就是你要傳達的信息。但是關於第四季度的結果，您還想讓我們知道什麼？我知道你還沒有指導，所以也許只是方向性的。

So with regard to revenue, that second part of your question, we are not providing guidance on Q4. So I think you can interpret my comment earlier about revenue seasonality how you want, but we're not providing specific guidance on the quarter.

所以關於收入，你問題的第二部分，我們沒有提供關於第四季度的指導。所以我認為你可以按照你想要的方式解釋我之前關於收入季節性的評論，但我們沒有提供本季度的具體指導。

On promotional intensity, and Barry, you can fill in for us anything I miss here, but I think the way that we think about promotional levers, we have to come back to the whole concept of LTV to CAC and that promo is part of one of the key levers in that equation, right? So as we look in the quarter, we are going to make trade-offs between our media spending, our financing offers and also promotion as an opportunity. And especially as we have a lot of inventory right now, it is a lever for us. And so we don't comment too much about promotional strategies. That's for competitive reasons, in part, but we are trying to balance across our inventory reductions, managing margin and cash flow. All of those are important parts about how we think about promotional activity.

關於促銷強度，Barry，你可以為我們填寫我在這裡遺漏的任何內容，但我認為我們考慮促銷槓桿的方式，我們必須回到 LTV 到 CAC 的整個概念，而促銷是其中的一部分該等式中的關鍵槓桿，對嗎？因此，當我們展望本季度時，我們將在媒體支出、融資提議和促銷機會之間進行權衡。特別是因為我們現在有很多庫存，這對我們來說是一個槓桿。因此，我們不會過多評論促銷策略。這在一定程度上是出於競爭原因，但我們正試圖在減少庫存、管理利潤和現金流之間取得平衡。所有這些都是關於我們如何看待促銷活動的重要部分。

I would just remind everybody that it's just a form of marketing spending. It just happens to land in a different part of the P&L, one; two, proven to be enormously effective for us; three, the more you do it, the more you erode the brand value proposition. And so you'd do well to use it sparingly. In the years that I've been here, we've had some form of promotional activity in almost every quarter, I think, to varying degrees. It's for Leslie to decide how aggressively or not. She wants to use it as part of the marketing mix on a go-forward basis, so TBD.

我只想提醒大家，這只是一種營銷支出形式。它恰好落在損益表的不同部分，一個；第二，事實證明對我們非常有效；三、越做越侵蝕品牌價值主張。所以你最好謹慎使用它。在我來這裡的這些年裡，我認為我們幾乎每個季度都有不同程度的某種形式的促銷活動。由 Leslie 決定是否積極進取。她想在前進的基礎上將其用作營銷組合的一部分，因此待定。

Our next question comes from the line of Edward Yruma with Piper Sandler.

我們的下一個問題來自 Edward Yruma 和 Piper Sandler 的台詞。

Barry, in one of your earlier answers, you talked about the puts and takes on the P&L from international growth and just that faster growth would cost more money. I know you cited that restoring international growth as a goal in year 2. Kind of what do you see other than the promotional level that could help do that? And do you expect to enter new countries?

巴里，在你之前的一個回答中，你談到了看跌期權和國際增長帶來的損益，只是更快的增長會花費更多的錢。我知道您將恢復國際增長作為第 2 年的目標。除了可以幫助實現這一目標的促銷級別之外，您還看到了什麼？你希望進入新的國家嗎？

Still figuring it out is the long and the short answer. I would like to enter new countries, probably Western Europe first. But I don't know when, and I don't know how much we would spend doing it. And I hope to have the answer to those questions in the next 3 months. But we just don't have it today, long story short.

仍然弄清楚是長而短的答案。我想進入新的國家，可能首先是西歐。但我不知道什麼時候，也不知道我們要花多少錢去做。我希望在接下來的 3 個月內得到這些問題的答案。但我們今天還沒有，長話短說。

Our next question comes from the line of Aneesha Sherman with Bernstein.

我們的下一個問題來自 Aneesha Sherman 與 Bernstein 的對話。

So 2 questions, please. So the first one is with higher FaaS demand and faster deliveries at the end of the quarter, does that suggest that there should have been some lag subs as in January? And is that already baked into your guide of 3.08 million to 3.09 million for Q3?

所以請問 2 個問題。所以第一個是在本季度末 FaaS 需求更高和交付速度更快，這是否表明應該像 1 月份那樣出現一些滯後？這是否已經包含在您的第三季度 308 萬至 309 萬的指南中？

And then second, marketing is down even as a percent of sales. I'm curious if you could give us some color on how much of that is temporary as you're -- it sounds like you're holding back marketing on the digital app until you've relaunched it versus structural declines, including a leaner team, lower field expenses and maybe even structurally lower as you broaden your distribution footprint and maybe need less marketing. So any color on that would be helpful.

其次，營銷佔銷售額的百分比甚至下降了。我很好奇你能否給我們一些顏色，說明其中有多少是暫時的——聽起來你在重新啟動數字應用程序之前一直在阻止數字應用程序的營銷，而不是結構性下降，包括更精簡團隊，降低現場費用，甚至可能在結構上降低，因為您擴大了分銷足跡並且可能需要更少的營銷。所以上面的任何顏色都會有幫助。

The sales and marketing line item on the P&L is a hodgepodge of a couple of different things, just by way of reminder. So some of it relates purely to marketing spend for the core business. Some of it relates to the commercial and wellness business. And what's the...

損益表上的銷售和營銷項目是幾個不同事物的大雜燴，只是提醒一下。因此，其中一些純粹與核心業務的營銷支出有關。其中一些與商業和健康業務有關。什麼是...

Retail.

零售。

Thank you. And the last piece is retail. And we've fairly -- we're in the process of dramatically shrinking the loss associated with that component of the business. Now all things being equal, as the subscription revenue grows, sales and marketing expense should shrink pretty dramatically as a percent of revenue. This is all part of a tutorial I gave investors at the Investor Day that Spotify hosted before. It's direct listing, by way of example. And at Netflix, as I recall, sales and marketing expense fell from something like 24% to 14%, even as CAC remained relatively constant just because of the attributes of a well-run subscription business. You only pay to acquire the marginal new sub. You don't pay for the recurring revenue. And the recurring revenue grows as a percentage of the total over time, which is why you see the reduction.

謝謝你。最後一塊是零售。而且我們已經公平地 - 我們正在大幅減少與該業務組成部分相關的損失。現在一切都相同，隨著訂閱收入的增長，銷售和營銷費用佔收入的百分比應該會大幅下降。這是我在 Spotify 之前舉辦的投資者日給投資者的教程的一部分。舉例來說，它是直接上市。我記得在 Netflix，銷售和營銷費用從大約 24% 下降到 14%，即使 CAC 保持相對穩定只是因為運營良好的訂閱業務的屬性。您只需支付購買邊際新潛艇的費用。您無需為經常性收入付費。隨著時間的推移，經常性收入佔總收入的百分比會增加，這就是你看到減少的原因。

Now the offsets for us will be, let's say, international expansion. Well, our unaided brand awareness in new countries is quite low as you would expect. That means it's -- that CAC will be higher as you roll out your presence in those new markets. And so we're just going to have to balance it from an earnings and a cash flow perspective as we try to nail the growth. But we should be beneficiaries of increased word of mouth as the unaided brand awareness grows, particularly in North America and because of the growth in recurring subscription revenue, offset by growth in new markets and in new product categories that have relatively low growth like the digital app. Because last time I looked, I'm not sure what it is today, it was 4% unaided brand awareness. And the Net Promoter Score was the highest of all of the products we offer, something like in -- I can't remember if it's the low 80s or mid-70s, anyway, enormously high.

現在，我們的補償將是，比方說，國際擴張。好吧，正如您所期望的那樣，我們在新國家/地區的獨立品牌知名度非常低。這意味著——當您在這些新市場中開展業務時，CAC 會更高。因此，當我們試圖確定增長時，我們只需要從收益和現金流的角度來平衡它。但隨著獨立品牌知名度的提高，尤其是在北美，我們應該成為口耳相傳的受益者，因為經常性訂閱收入的增長被新市場和增長相對較低的新產品類別（如數字產品）的增長所抵消應用程序。因為上次我看的時候，我不確定今天是多少，是 4% 的獨立品牌知名度。淨推薦值是我們提供的所有產品中最高的，就像——我不記得是 80 多歲還是 70 多歲，無論如何，非常高。

So question, how heavily from a marketing perspective where we're going to lean into to that opportunity, and the answer is, as we just walked in the door, give us some time to figure that out.

所以問題是，從營銷的角度來看，我們將在多大程度上依靠這個機會，答案是，當我們剛走進門時，給我們一些時間來弄清楚這一點。

Got it. Really helpful. And on the lag subs from your later deliveries and FaaS demand, any comments on that?

知道了。真的很有幫助。關於您後期交付和 FaaS 需求的滯後訂閱，對此有何評論？

So over the holidays, we -- this is not a particular impact that is unique to this particular holiday or this particular calendar year. Over the holidays, when we sell a lot of Connected Fitness units over the Black Friday, Cyber Monday, it does take us time to be able to deliver those. And so we generally do have situations where somebody may have ordered a Peloton bike or a tread or a rower, and we -- but they -- we don't actually deliver it to them, and they don't activate their subscription until January. So that's not a unique phenomenon to this year. So it's something that happens every holiday quarter into the -- from quarter 2 into quarter 3.

因此，在假期期間，我們——這不是這個特定假期或這個特定日曆年所獨有的特定影響。在假期期間，當我們在黑色星期五、網絡星期一銷售大量 Connected Fitness 設備時，我們確實需要時間才能交付這些設備。因此，我們通常確實會遇到這樣的情況，即有人可能訂購了 Peloton 自行車、踏板或划船器，而我們——但他們——我們實際上並沒有交付給他們，他們直到一月份才激活他們的訂閱.所以這不是今年的獨特現象。因此，從第 2 季度到第 3 季度，每個假期季度都會發生這種情況。

But there is kind of a peak backlog coming into this quarter...

但是本季度出現了積壓高峰……

Yes, relative to other quarters.

是的，相對於其他季度。

Relative to the other quarters, yes.

相對於其他季度，是的。

Yes. But it's not a -- it's contemplated in our guidance, and it is not unique to this year versus other years.

是的。但這不是——我們的指導中考慮到了這一點，而且與其他年份相比，這並不是今年所獨有的。

By the way, shout out to the -- to all of the folks at Peloton involved in the delivery of Connected Fitness units to consumers' homes because they substantially outperformed our expectations for the quarter. And we're quite grateful to them for the efforts that they exerted on behalf of the business.

順便說一句，向所有參與向消費者家中交付互聯健身設備的 Peloton 員工大聲疾呼，因為它們的表現大大超出了我們對本季度的預期。我們非常感謝他們為企業所做的努力。

Our next question comes from the line of Kaumil Gajrawala with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Kaumil Gajrawala。

Can you maybe just talk about -- you've laid out your various initiatives in some detail. Can you maybe just talk about the decisions on Precor and the Ohio facility and if there's any sort of shift in strategy or any impact keeping those assets for a bit longer may have on some of the initiatives you've outlined?

你能不能談談——你已經詳細闡述了你的各種舉措。您能否談談關於 Precor 和俄亥俄工廠的決定，以及是否有任何戰略轉變或將這些資產保留更長時間的任何影響可能會對您概述的一些計劃產生影響？

Liz will take POP, and I'll take Precor. Let me begin with Precor. When I -- I think it was in my first earnings call with investors, I said, look, strategy is about choice, and our choice is to commit ourselves to Connected Fitness. So if it's not Connected Fitness, we're not doing it. And that begs the question, well, okay, where does Precor fit and why are you doing it? And we had the worst-kept secret in the planet is that we've been exploring the sale of Precor. And we got pretty far down the path. And then the price that the buyer was willing to pay dramatically dropped. And we walked away from the table. I mean, at some point, it crossed the stupid line to the point where you're just not willing to dance anymore, and that happened for us.

Liz 會選擇 POP，而我會選擇 Precor。讓我從 Precor 開始。當我——我想那是在我與投資者的第一次財報電話會議上，我說，看，戰略是關於選擇的，而我們的選擇是致力於 Connected Fitness。因此，如果不是 Connected Fitness，我們就不會這樣做。這就引出了一個問題，嗯，好吧，Precor 適合哪裡，你為什麼要這樣做？我們擁有這個星球上最不為人知的秘密，那就是我們一直在探索 Precor 的銷售情況。我們走得很遠。然后買家願意支付的價格急劇下降。我們離開了桌子。我的意思是，在某些時候，它越過了那條愚蠢的線，以至於你再也不願意跳舞了，這發生在我們身上。

Now for all of the time that we have owned it, we've done nothing to invest in the performance of the business to its own detriment. And we've done a reasonable job of kind of running it for our benefit, including sucking some talent out of it into our own hardware business. It was good for us, bad for them.

現在，在我們擁有它的所有時間裡，我們沒有做任何對業務績效進行投資而損害其自身的事情。為了我們的利益，我們已經做了一些合理的工作，包括從中吸取一些人才到我們自己的硬件業務中。這對我們有利，對他們不利。

So we're going to reverse course. I think we understand how to add some incremental value without great expense and have a disproportionate increase in the value of the business. And the overarching strategy would be to run Precor for the benefit of Precor and to not dilute those efforts for the benefit of our own operating business, let that run as a freestanding subsidiary. And so that's the path we're on. And when we see success, we will see a dramatic increase in its market value. And then unless we have a shift in strategy or they have a shift in their product strategy, at some point, we would look to divest.

所以我們要倒退。我認為我們了解如何在不花費大量費用的情況下增加一些增量價值，並使業務價值不成比例地增加。總體戰略是為了 Precor 的利益而運營 Precor，而不是為了我們自己的經營業務的利益而削弱這些努力，讓它作為獨立的子公司運營。這就是我們走的路。當我們看到成功的時候，我們會看到它的市場價值急劇增加。然後除非我們改變戰略或者他們改變他們的產品戰略，否則在某個時候，我們會尋求剝離。

So I'll take the question about POP. So we had expected to sell our -- the Peloton Output Park facility in Ohio by the end of calendar year '22. Unfortunately, that process got delayed, but we are hopeful that we will be able to sell it by the end of the fiscal year. And we are confident that we will be able to sell it. It's just -- it's literally just taking us longer. Now end of the fiscal year is not guaranteed, but that is our goal.

所以我會回答關於 POP 的問題。因此，我們曾預計在 22 年年底前出售我們在俄亥俄州的 Peloton Output Park 設施。不幸的是，這個過程被推遲了，但我們希望我們能夠在本財政年度結束前出售它。我們有信心能夠出售它。這只是 - 它實際上只是讓我們花費更長的時間。現在不能保證財政年度結束，但這是我們的目標。

Our last question comes from the line of Lauren Schenk with Morgan Stanley.

我們的最後一個問題來自摩根士丹利的 Lauren Schenk。

This is Nathan Feather on for Lauren Schenk. Can you just talk through how the initial demand for the rower spend and where you and Rexon got production and then distribution? And then what portion of demand is coming from new versus existing subscribers?

這是 Lauren Schenk 的 Nathan Feather。你能談談對賽艇的最初需求是如何花費的，以及你和 Rexon 在哪裡生產和分銷的嗎？那麼新訂戶和現有訂戶分別有多少需求？

And then just a follow-up last question, what exactly is causing the delay in selling POP? And how are you getting that fixed?

然後只是後續的最後一個問題，究竟是什麼導致 POP 銷售延遲？你是如何解決這個問題的？

Okay. So as far as the demand for the rower, just like our other products, over the holiday season, the rower outperformed our expectations. It is a newer product for us, and awareness outside our Peloton member base, we're still building that quite a bit. So to your point, a larger share of the rower sales did go to existing members. It was roughly as high as 65% over the holiday period.

好的。因此，就賽艇的需求而言，就像我們的其他產品一樣，在假期期間，賽艇的表現超出了我們的預期。這對我們來說是一個較新的產品，並且在我們的 Peloton 會員群之外的意識，我們仍在建設中。因此，就您的觀點而言，更大份額的賽艇銷售確實流向了現有會員。在假期期間，這一比例大約高達 65%。

Now since the holidays, it has moved to be more in line with the percent of existing members that are purchasing our tread product, and that's in Q3. The trend is more in the 40-ish percent range in terms of overlap with existing subs. So that's a little bit about the rower and new versus existing.

現在自假期以來，它已經與購買我們胎面產品的現有會員的百分比更加一致，這是在第三季度。就與現有潛艇的重疊而言，趨勢更多地在 40% 左右的範圍內。所以這有點關於賽艇運動員和新的與現有的。

On POP, the POP facility is a large facility. It's in Ohio. It's a great facility for the right use case for it, but we just have to find the right buyer for that facility. And so we're taking the time to be able to do that.

在 POP 上，POP 設施是一個大型設施。它在俄亥俄州。對於正確的用例來說，這是一個很好的設施，但我們只需要為該設施找到合適的買家。因此，我們正在花時間來做到這一點。

And I'm currently showing no further questions at this time, I'm sorry. I would like to turn the call back over to Peter Stabler for closing remarks.

抱歉，目前我沒有進一步提問。我想將電話轉回給 Peter Stabler 以作結束語。

Thank you, everyone, for joining us today. We'll talk to you next quarter. Have a good day.

謝謝大家今天加入我們。我們將在下個季度與您交談。祝你有美好的一天。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。