派樂騰 (PTON) 2023 Q3 法說會逐字稿

Good day, and welcome to the Peloton Interactive Third Quarter 2023 Earnings Call. (Operator Instructions) After a few brief opening remarks, we will be immediately going into our Q&A session. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，歡迎來到 Peloton Interactive 2023 年第三季度財報電話會議。 （操作員說明）在簡短的開場白之後，我們將立即進入問答環節。 （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, Peter Stabler, Head of Investor Relations. Please go ahead, sir.

我現在想把會議交給您的發言人，投資者關係主管彼得·斯塔布勒。請繼續，先生。

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

謝謝你，雪莉。早上好，歡迎來到 Peloton 的第三財季電話會議。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 questions 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 actual 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。有關可能影響我們實際結果的重大風險和其他重要因素的討論，請參閱我們向美國證券交易委員會提交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 the operator for our first question.

我現在將電話轉給接線員來回答我們的第一個問題。

(Operator Instructions) The line of Doug Anmuth with JPMorgan.

（操作員說明）Doug Anmuth 與摩根大通的聯繫。

I just wanted to ask, Barry, if you could talk more about the upcoming changes in brand positioning? And just a little bit more about what you think is misunderstood around the brand, the products and how people use them, and how those changes in brand position can help drive growth going forward?

我只是想問，巴里，你能否多談談即將到來的品牌定位變化？還有一點關於你認為圍繞品牌、產品和人們如何使用它們的誤解，以及品牌定位的這些變化如何幫助推動增長向前發展？

And then also perhaps, Liz, if you could just talk about the potential. I know that the DISH settlement will weigh on free cash flow in 4Q. Can you just update us on your path to positive free cash flow ex that settlement?

然後，Liz，如果你能談談潛力的話。我知道 DISH 結算將對第四季度的自由現金流造成壓力。您能否向我們介紹您在結算前獲得正自由現金流的途徑？

Good morning, Doug. Thanks to everybody for making time to join us this morning.

早上好，道格。感謝大家今天早上抽出時間加入我們。

I'm not going to say too much about the brand repositioning. I want everybody to experience it along with the consumers at the same time. In the letter, I spoke about the fact that we're primarily known as a bike company, but the behaviors of our members extend well beyond that. Into many different categories of exercise and a large percentage of folks use no hardware at all. We have done a very good job of communicating that to prospective members, and we're looking to improve upon that. I think the advertising can be more inclusive than it has been historically.

關於品牌重新定位我就不多說了。我希望每個人都與消費者同時體驗它。在信中，我談到了一個事實，即我們主要是一家自行車公司，但我們成員的行為遠遠不止於此。在許多不同類別的鍛煉中，很大一部分人根本不使用硬件。我們在與潛在成員的溝通方面做得非常好，我們正在尋求改進。我認為廣告可以比以往更具包容性。

And then lastly, of course, we have been promising to reintroduce the app that moment is soon to be upon us, and that will receive considerable focus in marketing relaunch as well.

最後，當然，我們一直承諾在即將到來的那一刻重新引入該應用程序，並且這也將在營銷重新啟動中得到相當大的關注。

And Doug, to address your question about free cash flow. As Barry mentioned in the shareholder letter, the DISH settlement and related expenses associated with that settlement will put pressure on our free cash flow in Q4. So if you exclude those items, we actually are pretty close within striking distance of achieving free cash flow breakdown. And we are -- the progress that we've made is very positive, continues to be positive.

道格，來解決你關於自由現金流的問題。正如 Barry 在股東信中提到的那樣，DISH 和解以及與該和解相關的相關費用將對我們第四季度的自由現金流造成壓力。因此，如果你排除這些項目，我們實際上非常接近實現自由現金流細分。而且我們 - 我們取得的進展非常積極，並且繼續保持積極。

(Operator Instructions) From the line of Ron Josey with Citi.

（操作員說明）來自 Ron Josey 與 Citi 的合作。

Barry, I wanted to ask about SaaS and Peloton and PCR, given both, I think, accounted for about 3/4 of new subs this quarter. And so talk to us a little bit more just how these products are going, how you're going to market with these products and how they're being differentiated relative to the full membership Understood there's nuances in between.

Barry，我想問一下 SaaS、Peloton 和 PCR，我認為這兩者都佔本季度新用戶的 3/4。因此，請與我們多談談這些產品的進展情況，您將如何使用這些產品進行營銷以及它們相對於正式會員的差異化理解之間存在細微差別。

And then Liz I think this quarter, guidance calls for a little bit of a decline in subs, just a seasonally slower quarter. Would love to hear more insights in terms of what you're seeing there as well.

然後 Liz 我認為本季度，指導要求訂閱量略有下降，只是季節性放緩的季度。也很想听到更多關於您在那裡看到的內容的見解。

I'll let Liz take that guidance piece, and we'll talk about [VaaS] and the refurbished bikes. From a marketing perspective, we're doing nothing basically in support of those products. So people are finding them on their own. In some instances, there's a banner across the top of the home page which steers you towards one or the other. For the most part, you have to discover fast by clicking down a couple of layers on the web. So think of it mostly is organic pull-through.

我會讓 Liz 接受那篇指導文章，我們將討論 [VaaS] 和翻新的自行車。從營銷的角度來看，我們基本上沒有做任何事情來支持這些產品。所以人們正在自己尋找它們。在某些情況下，主頁頂部會顯示一個橫幅，引導您前往其中一個。在大多數情況下，您必須通過單擊網絡上的幾層來快速發現。所以想到它主要是有機的拉動。

Liz do you want to talk about the guidance piece?

LZ你想談談指導片嗎？

Sure. Yes. So Ron, you alluded to the fact that we are guiding down on Connected Fitness subs for Q4. A few comments on that. So the fourth quarter is seasonally our toughest or rather our least efficient quarter for us to grow subscribers. Even with our best-in-class retention, we need a base level of growth additions to offset our churn, which, while still quite low, also tends to be seasonally highest in Q4.

當然。是的。所以羅恩，你提到我們正在引導第四季度的互聯健身潛艇。對此有幾點評論。因此，第四季度是我們增長訂戶的最艱難的季節，或者說是我們效率最低的季度。即使我們擁有一流的保留率，我們也需要基本水平的增長來抵消我們的流失，雖然流失率仍然很低，但在第四季度也往往是季節性最高的。

Also important to understand that we are committed to growing our subscribers efficiently. And while we have -- as we expect to target a lower LTV to CAC ratio in Q4 than we did in Q3, our Q3 LTV to CAC was actually above a 2.

同樣重要的是要了解我們致力於有效地增加我們的訂戶。雖然我們有——正如我們預計第四季度的 LTV 與 CAC 比率低於第三季度一樣，我們第三季度的 LTV 與 CAC 實際上高於 2。

Our forecast assumes that we will maintain a strong financial discipline, and we will not overspend either via media spending or by cutting prices or flashing them to acquire unprofitable subscribers.

我們的預測假設我們將保持嚴格的財務紀律，並且我們不會通過媒體支出或通過降價或炫耀來獲得無利可圖的訂戶而超支。

I also want to point out that we do have some uncertainties in our Q4 guidance. As Barry mentioned, we're in the letter, and as we've talked about already on the call, we are relaunching the brand to better communicate our value proposition, and we do expect that to widen our camels with time. And we're also reintroducing the app. And we don't know the impact that these launches are going to have on our Connected Fitness hub growth in Q4. We're cautiously optimistic about that but we have not baked any of that optimism into our guidance forecast for the quarter.

我還想指出，我們的第四季度指南中確實存在一些不確定性。正如 Barry 提到的，我們在信中，正如我們已經在電話中談到的那樣，我們正在重新啟動品牌以更好地傳達我們的價值主張，我們確實希望隨著時間的推移擴大我們的駱駝。我們還重新引入了該應用程序。而且我們不知道這些發布將對我們第四季度的 Connected Fitness 中心增長產生什麼影響。我們對此持謹慎樂觀態度，但我們並未將這種樂觀情緒納入我們對該季度的指導預測中。

And when you speak about efficiency, you're talking about the long-term value to CAC ratio.

當你談到效率時，你是在談論長期價值與 CAC 的比率。

LTV-to-CAC ratio, exactly.

確切地說，LTV 與 CAC 的比率。

(Operator Instructions) From the line of Justin Post with Bank of America.

（操作員說明）來自美國銀行的 Justin Post 專線。

Great. Maybe 1 for Liz and 1 for Barry. First, on -- Liz, when you think about the app pricing and the tiering, how do you protect the Connected Fitness price while also offer a very robust app that people can use on other devices. How do we think about that?

偉大的。也許 1 個給 Liz，1 個給 Barry。首先，Liz，當您考慮應用程序定價和分層時，您如何保護 Connected Fitness 價格，同時提供人們可以在其他設備上使用的非常強大的應用程序。我們如何看待這一點？

And then, Barry, maybe a big-picture question added about 120,000 subs this year. I know there's a lot of macro and competitive headwinds and execution with the new team. How do you think about the right rate of growth for the company on subs as you look past this year? Was this an unusually challenging year and you're optimistic? Or is this kind of the new baseline? How do we think about sub growth from here?

然後，巴里，也許一個大問題今年增加了大約 120,000 個訂閱者。我知道新團隊有很多宏觀和競爭的逆風和執行力。回顧今年，您如何看待公司在潛艇上的正確增長率？這是異常具有挑戰性的一年，而您很樂觀嗎？或者這是一種新的基線？我們如何從這裡考慮子增長？

Do you want me to take the first part of the question first?

你想讓我先回答問題的第一部分嗎？

Yes.

是的。

So Justin, we're not sharing today any details about our new app tiers and the pricing associated with them. But the way to think about it is that they aren't all going to offer the same offering to consumers.

所以賈斯汀，我們今天不會分享有關我們新應用程序層級的任何詳細信息以及與之相關的定價。但考慮的方式是，他們不會都向消費者提供相同的產品。

So for example, what we offer for Connected Fitness is all of our content on our hardware along with access to the app, you kind of get everything is all accessed. The different app tiers will have different amounts of content experiences available to you at different price points. So that's how we're protecting the All Access membership in that regard.

因此，例如，我們為 Connected Fitness 提供的是我們硬件上的所有內容以及對應用程序的訪問權限，您可以訪問所有內容。不同的應用層將以不同的價位為您提供不同數量的內容體驗。這就是我們在這方面保護 All Access 會員的方式。

Well, let me talk about the current environment and then try to share with you how I think about the new baseline, what some of the vectors for growth would be in a super challenging year.

好吧，讓我談談當前的環境，然後嘗試與您分享我對新基線的看法，以及在極具挑戰性的一年中增長的一些載體。

I think since I walked in the door, we -- in restructurings and revaluation and write-down, something like $1.7 billion. And so there's been a tremendous amount of effort invested in, let's say, restructuring the business, rebuilding the lead team, the rest of it. And as a leadership team, we are still finding our rhythm building relationships and trust, all the soft tissue relationships that make teams great. That only happen over time. And so if we manage that process well, we will execute faster and the business will perform better with the passage of time. At least it's been my observation at my previous company.

我想自從我走進門以來，我們——在重組、重估和減記方面，大約 17 億美元。因此，我們投入了大量精力，比方說，重組業務，重建領導團隊，以及其他方面。作為一個領導團隊，我們仍然在尋找建立關係和信任的節奏，所有軟組織關係都能讓團隊變得更好。那隻會隨著時間的推移而發生。因此，如果我們很好地管理該流程，我們將執行得更快，並且隨著時間的流逝，業務將表現得更好。至少這是我在我以前的公司的觀察。

Here are a couple of aspects -- vectors of growth. There are a couple of aspects of the business that we have been in the process of restructuring and we are only just beginning to see glimmers of the benefits of some of those efforts that we've invested. I'm thinking particularly about the commercial and corporate wellness business, we're starting to see some good momentum there. We're starting to see some good momentum in 3P. And we know we have a lot of learning to do to become a good partner in a B2B relationship. But that's showing signs of life.

這裡有幾個方面——增長的載體。我們一直在重組業務的幾個方面，我們才剛剛開始看到我們投資的一些努力帶來的好處。我特別考慮商業和企業健康業務，我們開始在那裡看到一些良好的勢頭。我們開始在 3P 中看到一些良好的勢頭。我們知道要成為 B2B 關係中的好夥伴，我們還有很多學習要做。但這顯示出生命跡象。

International, I think will provide opportunities for growth for us. Also, we introduced new hardware platforms this past year. Let's take the row by example, still only has a 4% unaided brand awareness guide is at 1%. The app is at 5%. I think we have opportunities to improve all of those significantly.

國際化，我認為會為我們提供成長的機會。此外，我們在去年推出了新的硬件平台。讓我們舉個例子，仍然只有 4% 的獨立品牌知名度指南是 1%。該應用程序為 5%。我認為我們有機會顯著改善所有這些。

Let's take the app by way of example. Even before we invested in making it better, the Net Promoter Score is 20% higher than our next highest rated product, which is Bike Plus, which has been quite successful for us, but only 5% of people even know it exists, which makes it 10x lower than bike. So there's lots of opportunity for us to lean into that, and we'll have a full year of Row.

讓我們以應用程序為例。甚至在我們投資改善它之前，淨推薦值就比我們評分第二高的產品 Bike Plus 高 20%，它對我們來說相當成功，但只有 5% 的人知道它的存在，這使得它比自行車低 10 倍。因此，我們有很多機會可以利用這一點，我們將擁有一整年的 Row。

At some point in our future, I anticipate we'll have a second treadmill product that was 2 years ago roughly that we withdrew to us from the marketplace. We don't control the timing on that, but we have invested a lot in our relationship with the government, and that relationship has dramatically improved since Tammy and her team have invested time in that with our engineering team. So I think that will be a vector for both.

在我們未來的某個時刻，我預計我們將推出第二款跑步機產品，該產品大致是 2 年前我們從市場上撤回的產品。我們無法控制這方面的時間，但我們在與政府的關係上投入了大量資金，自從 Tammy 和她的團隊與我們的工程團隊投入時間以來，這種關係得到了顯著改善。所以我認為這將成為兩者的載體。

So new platforms, new businesses, commercial, international, of course, we have new marketing leadership and we'll be leaning in aggressively to support them as they grow the business.

因此，新平台、新業務、商業、國際，當然，我們擁有新的營銷領導力，我們將積極支持他們發展業務。

And then lastly, Jen Cotter and her team have really, I think, join signs of great progress for us in turning around our accessories and our apparel business. I think the apparel business, in particular, can be significantly more meaningful than it has been. And I'm excited about some of the initiatives that she's pursuing that we haven't discussed publicly that we'll unlock some growth opportunities there.

最後，我認為 Jen Cotter 和她的團隊確實加入了我們在扭轉配飾和服裝業務方面取得巨大進步的跡象。我認為，尤其是服裝業務，可以比以往更有意義。我對她正在推行的一些我們尚未公開討論的舉措感到興奮，我們將在那裡釋放一些增長機會。

So sorry to be so long-winded, but that's kind of how I'm thinking about the new baseline and the vectors of growth.

很抱歉這麼長篇大論，但這就是我對新基線和增長向量的思考方式。

(Operator Instructions) From the line of Edward Yruma with Piper Sandler.

（操作員說明）來自 Edward Yruma 和 Piper Sandler 的系列。

I guess first one, broader question. I know you guys called out Amazon as being a success story. I wanted to understand if you had any more context behind the remainder of 3P, particularly physical retail like a Dick.

我想第一個，更廣泛的問題。我知道你們稱亞馬遜為成功故事。我想了解 3P 的其餘部分背後是否還有更多背景信息，尤其是像迪克這樣的實體零售店。

And then just a clarifying point on the relaunched app, will connected fitness devices have the option for a more a la carte subscription option? Or is that a -- is that to remain the All Access membership?

然後只是關於重新啟動的應用程序的一個澄清點，連接的健身設備是否可以選擇更多的點菜訂閱選項？還是保留 All Access 會員資格？

It will remain All Access membership. I'm going to ask Liz to comment on Dicks and 3P.

它將保留所有訪問成員資格。我要請 Liz 對 Dicks 和 3P 發表評論。

Yes, sure. I think the way to think about this is it's still very much a new partnership, a new relationship for us. Recall that we only launched that partnership back in November. So we've only got a couple of quarters under our belt with Dicks

是的，當然。我認為思考這個問題的方式是它仍然是一種新的伙伴關係，對我們來說是一種新的關係。回想一下，我們在 11 月才啟動了該合作夥伴關係。所以我們只有幾個季度與 Dicks 合作

And as Barry commented, it's also about us learning how to be a good wholesale partner to a retail business that is more traditional brick-and-mortar. That's not where our business has come from. We've been mostly web-centric in how we sell and how we deliver to our consumers. So we're still working through with Dick's how to be a good partner to them and how to leverage their channel so that we can both be even more successful.

正如 Barry 評論的那樣，這也是關於我們學習如何成為更傳統的實體零售業務的良好批發合作夥伴。那不是我們業務的來源。在我們如何銷售以及如何向消費者提供服務方面，我們主要以網絡為中心。因此，我們仍在與迪克合作，研究如何成為他們的好合作夥伴以及如何利用他們的渠道，以便我們都能取得更大的成功。

(Operator Instructions) From the line of Eric Sheridan with Goldman Sachs.

（操作員說明）來自 Eric Sheridan 和 Goldman Sachs。

First, you talked a lot about the commercial opportunity via the hospitality industry in the letter, and you've obviously got the Hilton partnership. Can we talk a little bit about what you think that means in terms of a driver for either the Connected Fitness subscriber funnel and/or bringing additional people into the digital app that maybe would utilize your hardware in a more nomadic, sort of business travel-type sense through partnerships like that? Just want to understand how you think about that as a stimulant to multiple different parts of the business.

首先，你在信中談到了酒店業的商業機會，而且你顯然已經與希爾頓建立了合作夥伴關係。我們能否談談您認為這對於 Connected Fitness 訂戶漏斗的驅動因素和/或將更多人帶入數字應用程序意味著什麼，這些應用程序可能會在更隨意的商務旅行中利用您的硬件-通過這樣的伙伴關係類型感？只是想了解您如何將其視為業務多個不同部分的興奮劑。

And then in terms of the guidance you gave 1 quarter forward. I wanted to understand a little bit of some of the puts and takes in the gross margin guidance that we could better understand how some of the headwinds and tailwinds might evolve, not just in Q4, but as we roll forward into the next fiscal year.

然後就你給出的指導而言，向前推進了 1 個季度。我想了解一些看跌期權並接受毛利率指導，以便我們可以更好地了解一些逆風和順風可能如何演變，不僅在第四季度，而且隨著我們進入下一個財政年度。

I don't have -- I'll talk about the funnel in hospitality and ask Liz to talk about the gross margin puts and calls in the guidance. Really, I don't have too much to say about hospitality, except that it's been a fruitful source of consumer demand for us. Enormously productive, historically. I would anticipate that, that will continue on a go-forward basis. And so we like the hospitality business for 2 reasons. One, profitable in its own right. And two, it's a good source of future growth for us. Because, as you say, it helps lead the funnel.

我沒有——我會談談酒店業的漏斗，並請 Liz 談談指導中的毛利率看跌期權和看漲期權。真的，關於酒店業，我沒有太多要說的，只是它是我們豐富的消費者需求來源。產量巨大，歷史悠久。我預計，這將繼續向前發展。因此，我們喜歡酒店業有兩個原因。第一，本身就有利可圖。第二，它是我們未來增長的良好來源。因為，正如您所說，它有助於引導漏斗。

I'll take the question about puts and takes for our Q4 margin. So first, just a reminder that our overall gross margin is actually expected to go up quarter-over-quarter to 41% versus the 36% that we had in Q3. And the main driver of that is the shift towards subscription revenue from hardware revenue because we do expect our hardware sales to be lower in Q4 versus Q3.

我將回答有關我們第四季度保證金的問題。所以首先，提醒一下，我們的整體毛利率實際上預計將環比上升至 41%，而我們在第三季度的毛利率為 36%。其主要驅動力是從硬件收入轉向訂閱收入，因為我們確實預計我們的硬件銷售額在第四季度會低於第三季度。

Our guidance does assume some expected pressure on Connected Fitness gross margins Versus is a seasonally weaker quarter for Connected Fitness hardware sales. We're also expecting some weaker sales and margin outlook for Precor as we continue to revamp that business. And then we do have about 200 basis points of impact to overall gross margin included in our guidance from anticipated onetime item that mainly impacts the Connected Fitness segment.

我們的指導意見確實假設 Connected Fitness 毛利率存在一些預期壓力，而 Connected Fitness 硬件銷售的季節性疲軟季度。隨著我們繼續改造該業務，我們還預計 Precor 的銷售和利潤前景會有所減弱。然後我們確實對整體毛利率產生了大約 200 個基點的影響，包括在我們的指導中，來自主要影響 Connected Fitness 細分市場的預期一次性項目。

(Operator Instructions) From the line of Aneesha Sherman with Bernstein.

（操作員說明）來自伯恩斯坦的 Aneesha Sherman 系列。

My question is about OpEx. So about a year ago, you were talking about -- or maybe your predecessors were talking about $2 billion in OpEx being the kind of watermark. You're tracking towards that at this point, and you brought down the cost base quite significantly on an underlying basis. Are you at the tail end of the OpEx improvement and cost cutting stage? Are you looking at this as kind of being the steady state level? Or are you looking for more improvement in the next year or so?

我的問題是關於運營支出的。所以大約一年前，你在談論 - 或者你的前任可能在談論 20 億美元的 OpEx 是一種水印。你在這一點上正在追踪，並且你在基礎上大大降低了成本基礎。您是否處於 OpEx 改進和成本削減階段的末尾？您是否將此視為穩態水平？或者您是否希望在明年左右有更多改進？

Yes.

是的。

Yes.

是的。

So going back to the restructuring plan that we outlined about a year ago, we don't have a perfect apples-to-apples comparison to that because we had a number of additional actions that have been taken since we set those targets. But if you actually exclude restructuring, impairments, reserves and settlements, our OpEx is down over $550 million on a trailing 12-month basis as of Q3. And if you can note, that does include the fourth quarter, which still had fairly elevated OpEx mainly in G&A and sales and marketing.

因此，回到我們大約一年前概述的重組計劃，我們沒有與之進行完美的蘋果對蘋果比較，因為自從我們設定這些目標以來，我們已經採取了許多額外的行動。但如果你實際上排除重組、減值、準備金和結算，我們的運營支出在過去 12 個月的基礎上下降了超過 5.5 億美元，截至第三季度。如果你注意到的話，那確實包括第四季度，該季度的運營支出仍然相當高，主要是在 G&A 以及銷售和營銷方面。

On the COGS side, we've had significant volume-based dependency when it comes to determining the cost savings there. And while our volume has come down, we've continued to make significant progress in optimizing our cost of goods sold over the past year. Our cost structure now reflects the impact of the restructuring actions that we took to outsource our last mile delivery, exit our own manufacturing and really effectively shift our high fixed cost business model to a much more variable cost model. From a cost structure perspective, we are in much better shape.

在 COGS 方面，在確定那裡的成本節省時，我們有很大的基於數量的依賴性。雖然我們的銷量有所下降，但過去一年我們在優化銷售成本方面繼續取得重大進展。我們的成本結構現在反映了我們採取的重組行動的影響，這些重組行動將我們的最後一英里交付外包，退出我們自己的製造，並真正有效地將我們的高固定成本業務模式轉變為更加可變的成本模式。從成本結構的角度來看，我們的狀況要好得多。

We do see some further opportunity to optimize cost of goods sold, particularly in the middle mile, and we're going to be working on that over the coming quarters. With regard to OpEx overall, we have made great progress. We're not finished, and we're going to continue to optimize. But the big step function improvement are likely not to happen. It's going to be more about identifying improvements as we go, things like reducing our professional services spend addressing our tech, which should drive some efficiencies. There may be some efficiencies and member support. We're going to continue to look at lowering our real estate costs over time.

我們確實看到了進一步優化銷售商品成本的機會，特別是在中間一英里，我們將在未來幾個季度致力於此。關於整體運營支出，我們取得了很大進展。我們還沒完，還要繼續優化。但大步的功能改進很可能不會發生。這將更多地是在我們前進的過程中確定改進，比如減少我們的專業服務支出來解決我們的技術問題，這應該會提高一些效率。可能會有一些效率和成員支持。隨著時間的推移，我們將繼續考慮降低我們的房地產成本。

So those are some of the areas where you'll continue to see further optimization over the coming quarters.

因此，這些是您將在未來幾個季度繼續看到進一步優化的一些領域。

I would add that, on a go-forward basis, I think there's an opportunity for us to take the several categories where there are tens of millions of dollars of savings to be had as opposed to hundreds of millions of dollars of savings. So things related to IT infrastructure and Liz mentioned the middle mile. And this past year, we had a lot of suppliers' payments by way of settling out inventory commitments and things that are now in the -- after this quarter, will be in the completely in the rear-view mirror for us.

我要補充一點，在前進的基礎上，我認為我們有機會選擇幾個類別，其中可以節省數千萬美元而不是數億美元的儲蓄。所以與 IT 基礎設施和 Liz 相關的事情提到了中間一英里。在過去的一年裡，我們通過清算庫存承諾和現在的事情收到了很多供應商的付款 - 在本季度之後，我們將完全在後視鏡中。

And if I can ask a quick follow-up for Liz. On your comment about Q4, can you reconcile your comments about seasonality and lower subs versus your guidance of only a modest increase in churn? Is it just about expecting lower gross adds?

如果我可以要求 Liz 快速跟進。關於您對第 4 季度的評論，您能否調和您對季節性和較低訂閱量的評論與您對客戶流失率僅適度增加的指導意見？是否只是期望較低的總增加量？

So seasonally, it's both, right? So it's lower gross additions in the quarter expected because of the lower efficiency to go out and acquire them in the quarter, as well as a seasonal uptick in churn that we see -- we've seen every year.

所以季節性，兩者都是，對吧？因此，由於本季度外出和收購它們的效率較低，以及我們看到的季節性流失率上升——我們每年都看到，所以本季度的總增加量較低。

If we were to relax the constraint we've imposed on marketing spending, if we were to relax the free cash flow goal that we've set for ourselves, we could absolutely grow faster. Well, we're not prepared to make that trade-off at the moment until it is kind of what it is.

如果我們放鬆對營銷支出的限制，如果我們放鬆為自己設定的自由現金流目標，我們絕對可以增長得更快。好吧，我們目前不准備做出這種權衡，直到它成為現實。

The focus is as I was going to say, the focus is on LTV to CAC and making sure that while we're willing to go lower than we were at in Q3, it has to be relatively efficient.

正如我要說的那樣，重點是 LTV 到 CAC，並確保雖然我們願意低於第三季度的水平，但它必須相對有效。

First priority is free cash flow. Second priority is growth.

首要任務是自由現金流。第二優先是增長。

(Operator Instructions) From the line of Shweta Khajuria with Evercore ISI.

（操作員說明）來自 Shweta Khajuria 系列和 Evercore ISI。

Liz, could you please remind us what promotions you ran in the quarter? And what your expectations are for the upcoming quarter and for maybe upcoming quarters? And then -- and in addition to maybe perhaps talking about just the overall demand environment.

LZ，能否請您提醒我們您在本季度開展了哪些促銷活動？您對即將到來的季度以及即將到來的季度有何期望？然後 - 除了可能只談論整體需求環境之外。

And then the other follow-up question I have is on free cash flow. So excluding the settlement costs, you are striking distance from breakeven. Could you please help us, just remind us. Outside of growth that you expect coming in for the next year, where -- what are the key levers? And how should we be thinking about working capital for the next fiscal year?

然後我的另一個後續問題是關於自由現金流。因此，如果不計入結算成本，您離收支平衡還差得很遠。能否請您幫助我們，只是提醒我們。除了您預計明年會出現的增長之外，關鍵槓桿是什麼？我們應該如何考慮下一財年的營運資金？

Okay. I think there were a bunch of questions in there. We'll start with the question on promotions. So what promotions did we have in Q3. So if you recall, we went into the Q3 with a promotion in January related to kind of getting into fitness in the new year. That ended -- I don't have the exact date of the promotion, but that went for part of January.

好的。我認為那裡有很多問題。我們將從有關促銷的問題開始。那麼我們在第三季度有哪些促銷活動。因此，如果您還記得的話，我們在 1 月份進行了與新年健身相關的促銷活動，從而進入了第三季度。那結束了——我不知道促銷的確切日期，但那是一月份的一部分。

And then we did have a promotion, we did have some referral rewards promotion. We also had a -- which is basically, if someone refers someone to Peloton, they get that person gets a discount and then the person who does the referral gets the credit for apparel purchase.

然後我們確實進行了促銷，我們確實進行了一些推薦獎勵促銷。我們還有一個 - 基本上，如果有人將某人推薦給 Peloton，他們就會讓那個人獲得折扣，然後推薦的人會獲得購買服裝的信用。

And we also did a spring promotion in March that had discounts on hardware purchases and bundles, as well as a promotion on our refurb products. And we also offered a financing promotion, where we would offer free financing -- or 0% financing for all of the term lengths for a period of time.

我們還在 3 月份進行了春季促銷活動，其中包括硬件購買和捆綁銷售的折扣，以及我們翻新產品的促銷活動。我們還提供了一項融資促銷活動，我們將在一段時間內為所有期限提供免費融資或 0% 的融資。

In Q4, we do have some promotional activity planned by Mother's Day, which actually launches today, our Mother's Day promo. So that will be starting today.

在第四季度，我們確實在母親節之前計劃了一些促銷活動，實際上今天推出了我們的母親節促銷活動。所以這將從今天開始。

With regard to free cash flow and the question about working capital. So just for Q3 to give you a sense, we did have a cash tailwind from inventory. It was about to the tune of about $100 million net of any supplier settlements that we had in the quarter. We are nearing the tail end of those supplier settlements. We only have about $3 million left that will incur in Q4. For Q4, we also expect inventory to be a bit of a tailwind and source of cash but it will be materially lower than what we observed in Q3, again, in part because of the fact that we will be selling less hardware in Q3 in Q4 versus Q3.

關於自由現金流和營運資金的問題。因此，為了讓您了解第三季度，我們確實從庫存中獲得了現金順風。扣除我們在本季度與供應商達成的任何和解協議後，淨額約為 1 億美元。我們正接近這些供應商結算的尾聲。我們只剩下大約 300 萬美元將在第四季度發生。對於第 4 季度，我們還預計庫存會有點順風和現金來源，但它將大大低於我們在第 3 季度觀察到的水平，部分原因是我們在第 4 季度的第 3 季度銷售的硬件將減少與 Q3 相比。

And then we're not really providing much perspective on FY '24 yet. But as we move into FY '24, we expect the tailwind from inventory to continue to moderate over time because we will need to continue to -- we will need to produce Connected Fitness hardware inventory for specific SKUs.

然後我們還沒有真正提供關於 24 財年的太多觀點。但隨著我們進入 24 財年，我們預計庫存的順風將隨著時間的推移繼續緩和，因為我們將需要繼續——我們將需要為特定 SKU 生產 Connected Fitness 硬件庫存。

I would say about the demand environment, uncertain. We've seen consumers respond very favorably to promotional activity in the current environment, maybe even more so than historically.

我會說關於需求環境，不確定。我們已經看到，在當前環境下，消費者對促銷活動的反應非常好，甚至可能比以往任何時候都好。

There's certainly no exuberance in the marketplace, but it's not frozen either. So it's kind of a mixed bag, and we're definitely uncertain about what's next in terms of the economic environment. Maybe the recession is soft landing. What happens with jobs. How uncertain your people. It seems like household incomes who had money still have money, they're able to spend. And then there's everybody else. For them, there's a lot of uncertainty.

市場上肯定沒有繁榮，但也沒有凍結。所以這是一個混合包，我們絕對不確定經濟環境的下一步是什麼。也許經濟衰退是軟著陸。工作會發生什麼。你的人多麼不確定。看起來有錢的家庭收入仍然有錢，他們可以花錢。然後是其他人。對他們來說，有很多不確定性。

Yes. And while there's certainly uncertainty. When we do our demand forecasting, we incorporate the latest trends that we see into our bottoms-up forecast. And so we believe our guidance contemplates some of that macroeconomic headwinds that may be -- that we may be observing, even though it's hard to explicitly identify what they are.

是的。雖然肯定存在不確定性。當我們進行需求預測時，我們會將看到的最新趨勢納入自下而上的預測中。因此，我們相信我們的指導考慮了一些可能存在的宏觀經濟逆風——我們可能正在觀察，儘管很難明確確定它們是什麼。

But we -- and since we have no explicit assumption around what's going to happen in Washington around the -- blast radius associated with the inability of Congress to resolve that with the President, just by way of example. So we're assuming the world continues on as we know it today, we'll see.

但是我們——因為我們對華盛頓周圍將要發生的事情沒有明確的假設——爆炸半徑與國會無法與總統解決這個問題有關，僅舉個例子。所以我們假設世界會像我們今天所知道的那樣繼續發展，我們拭目以待。

(Operator Instructions) From the line of Andrew Boone with JMP Securities.

（操作員說明）來自 Andrew Boone 與 JMP Securities 的合作。

Barry, I wanted to ask now that we're a year into the price increase. Just philosophically how you are thinking about subscription price increases going forward. Given your time in Netflix, it felt like there was a steady cadence there. Does that relate to Peloton?

巴里，我現在想問的是我們漲價已經一年了。從哲學上講，您如何考慮未來的訂閱價格上漲。鑑於你在 Netflix 的時間，感覺那裡有一個穩定的節奏。這與佩洛頓有關嗎？

I don't think so. For the longest time, Netflix's strategy was actually to reduce price and grow share. And it was only after they became dominant on a global basis did they extract a premium from the marketplace associated with the share.

我不這麼認為。在最長的時間裡，Netflix 的策略實際上是降低價格和增加份額。只有在他們在全球範圍內佔據主導地位之後，他們才從與份額相關的市場中榨取溢價。

So left to my own devices, I would be lowering prices, not raising prices. I think it's a very effective way to drive a virtuous cycle of increased engagement, increased word to map, lower marketing expense. You can increase value by making trade-offs against gross margin. And I would like us to be able to do that, but I don't foresee that being possible, given the financial constraints of the business.

所以留給我自己的設備，我會降低價格，而不是提高價格。我認為這是一種非常有效的方式來推動良性循環，即增加參與度、增加文字映射、降低營銷費用。您可以通過對毛利率進行權衡來增加價值。我希望我們能夠做到這一點，但考慮到企業的財務限制，我認為這是不可能的。

You will see, as Liz commented increasing gross margins that are a function of structural shifts in the business, for instance. And that relates to the rate of growth in the subscription business versus the hardware business.

你會看到，正如 Liz 評論的那樣，增加的毛利率是業務結構轉變的一個功能，例如。這與訂閱業務相對於硬件業務的增長率有關。

So by way of example, last quarter, subscription revenue exceeded hardware revenue by $30 million. This quarter, it exceeded by $100 million. It's growing significantly faster. I think that is a long-term trend in the business as I flagged, I think, in last quarter's investor letter. And -- but I don't foresee big structural changes in the gross margin of the subscription business itself or even of the hardware business itself.

例如，上個季度，訂閱收入超過硬件收入 3000 萬美元。本季度，它超過了 1 億美元。它的增長速度明顯更快。正如我在上一季度的投資者信函中所指出的那樣，我認為這是該行業的一個長期趨勢。而且 - 但我預計訂閱業務本身甚至硬件業務本身的毛利率不會發生重大結構性變化。

Excluding the restructuring charges.

不包括重組費用。

And eventually, that too would be in the rear view mirror.

最終，這也將出現在後視鏡中。

And then I just wanted to touch on the underlying new subs that are coming on the platform. Are you guys seeing any change there in terms of income or age? Or anything else that would be worth highlighting?

然後我只想談談平台上即將出現的潛在新潛艇。你們看到收入或年齡方面有什麼變化嗎？或者還有什麼值得強調的嗎？

No, not so much. With respect to the new marketing campaign, we will be reaching slightly younger. But that's a TAM play and an inclusivity play. But no changes, particularly. I have noted previously that as we're bringing in a slightly different demographic. It was slightly more female. It was high household income, interestingly enough. Is it professional women who value the optionality, that continues to be true. But it's not skewing the macro numbers, particularly.

不，沒那麼多。關於新的營銷活動，我們將觸及更年輕的人群。但這是 TAM 遊戲和包容性遊戲。但沒有變化，特別是。我之前已經註意到，因為我們正在引入略有不同的人口統計數據。它稍微更女性化。有趣的是，這是高家庭收入。重視選擇性的是職業女性，這仍然是正確的。但這並沒有特彆扭曲宏觀數字。

(Operator Instructions) From the line of Mario Lu with Barclays.

（操作員說明）來自 Mario Lu with Barclays。

Great. This is Alex Hughes on for Mario. Just had a couple of questions around the rower product. Do you have any updates on sales versus your internal expectations for that? And you guys launched the live rowing classes last quarter. Any update on user traction on that or how that's progressing?

偉大的。這是馬里奧的亞歷克斯休斯。只是對賽艇產品有幾個問題。您是否有任何關於銷售與內部預期的更新？你們上個季度推出了現場賽艇課程。關於用戶對此的吸引力或進展如何的任何更新？

You want to talk about -- versus expectations?

你想談談 - 與預期？

We aren't sharing explicitly what our sales are for the rower, but it is still a new product. And similar to what Barry said, our -- it doesn't have a high unaided awareness yet. So one thing to point out is that our current sales are actually pretty heavily skewed to our existing Connected Fitness subscribers, which is similar to what we saw with our Tread when we launched it. And so we are expecting sales to be more accretive to sub growth over time as to continue to build over time as we grow our unaided awareness of the product.

我們沒有明確分享賽艇的銷售情況，但它仍然是一種新產品。與巴里所說的類似，我們的——它還沒有很高的獨立意識。所以要指出的一件事是，我們目前的銷售額實際上嚴重偏向於我們現有的 Connected Fitness 訂閱者，這與我們推出 Tread 時看到的情況類似。因此，我們預計隨著時間的推移，隨著我們對產品的獨立意識的提高，銷售額將更多地增加到次級增長，並隨著時間的推移繼續增加。

Let me add that it received very favorable critical reviews. I think it's made it much more difficult for some of the competitors in that space in particular. So it's grabbed a lot of share.

讓我補充一點，它收到了非常有利的評論。我認為這讓該領域的一些競爭對手變得更加困難。所以它搶了很多份額。

Liz mentioned that the awareness is still low. I think we have opportunities to work on that. Frankly, we didn't really know what to expect when we launched it. And that -- but the combination of the favorable critical reviews and then the reception from our users has been quite good. It's slight -- weighted -- Net Promoter Score is slightly below the Tread product. So think of it is on par with Bike and Tread, which I think for a new product is pretty good.

Liz提到，認知度還很低。我認為我們有機會就此開展工作。坦率地說，當我們推出它時，我們真的不知道會發生什麼。而且 - 但是有利的評論和我們用戶的接受相結合一直非常好。它是輕微的 - 加權 - 淨推薦值略低於 Tread 產品。所以想想它與 Bike and Tread 相當，我認為這對於一個新產品來說是相當不錯的。

I think we have opportunities to continue to improve the content, but it's a new category for us, and I'm confident that we will. But that's not based on any research, by the way, that's just my own assessment as a user.

我認為我們有機會繼續改進內容，但這對我們來說是一個新類別，我相信我們會的。但這並不是基於任何研究，順便說一下，這只是我作為用戶的自己的評估。

And then I just want to add, it's only available in the U.S. today, and we are looking to launch it internationally into other markets over time.

然後我只想補充一點，它今天只在美國有售，我們希望隨著時間的推移在國際上將它推向其他市場。

(Operator Instructions) From the line of Deepak Mathivanan with Wolfe Research.

（操作員說明）來自 Deepak Mathivanan 與 Wolfe Research 的合作。

Great. This is Zack on for Deepak. Just first on marketing, just given with the brand relaunch and the app relaunch later this month, how that could affect kind of the typical seasonality of marketing spend this year, or over the next couple of quarters, kind of relative to historical periods.

偉大的。這是迪帕克的紮克。首先是營銷，考慮到本月晚些時候品牌重新啟動和應用程序重新啟動，這將如何影響今年或未來幾個季度營銷支出的典型季節性，這與歷史時期有關。

And then second, just on SaaS. Churn stepped up a little bit kind of quarter-over-quarter, now at 5%. Kind of how do we -- obviously, it's still early days. But how do we think kind of about the key drivers to kind of bring that down over the long term and that kind of give you confidence in the kind of the unit economics of that model over the long term?

其次，僅在 SaaS 上。流失率環比略有上升，目前為 5%。我們如何 - 顯然，現在還處於早期階段。但是，我們如何看待從長遠來看降低這種情況的關鍵驅動因素，以及如何讓您對該模型的長期單位經濟效益充滿信心？

Liz and I will tag-team this. In terms of seasonality, marketing expense Q-over-Q will decline this quarter versus last quarter, but it will be up slightly single-digit percentages kind of on a year-over-year basis. It was quite low a year-ago Q4.

Liz 和我會組隊這個。就季節性而言，本季度營銷費用與上一季度相比將有所下降，但與去年同期相比將略有個位數百分比增長。一年前的第四季度相當低。

And other than that, I don't expect particularly any big changes in the seasonal pattern. And the reason it's up year-over-year is, of course, is because we're leaning into the launch of app.

除此之外，我預計季節性模式不會有任何特別大的變化。當然，它同比增長的原因是因為我們傾向於推出應用程序。

In terms of churn from my Netflix experience, I would say, it's all about the user experience Sorry -- I may be more clear. We report average churn. Average churn is a function of the average life of the user base. If you're pumping in a lot of new subs, they're going to churn at a higher rate than subsequently with your service for a long period of time, like say, 12 months. I've seen that in every subscription business that I've been a part of, and I've been a part of 3 of them now.

就我的 Netflix 體驗中的流失而言，我會說，這都是關於用戶體驗的。抱歉——我可能更清楚。我們報告平均流失率。平均流失率是用戶群平均壽命的函數。如果您要吸引大量新訂閱者，那麼在很長一段時間內（比如 12 個月），他們的流失率將高於隨後使用您的服務。我在我參與的每個訂閱業務中都看到了這一點，現在我已經參與了其中的三個。

Churn declines over time. And my last 2 businesses, it was asymtotic at 12 months. We see something similar here. So when growth accelerates, churn picks up slightly. When growth slows down, the average reported churn ticks down. So to really understand what's happening with churn, you need to actually see the cohorts and see how, over time, the churn curve, is the slope changing? Is it shifting in parallel? Like what is happening? And that's how you drive increases in lifetime value.

流失率會隨著時間的推移而下降。而我最近的 2 項業務，在 12 個月時是漸近的。我們在這裡看到類似的東西。因此，當增長加速時，客戶流失率會略有上升。當增長放緩時，報告的平均流失率會下降。因此，要真正了解流失發生了什麼，您需要實際查看同類群組並了解隨著時間的推移，流失曲線的斜率如何變化？它是平行移動的嗎？就像發生了什麼？這就是您推動生命週期價值增長的方式。

So having said that, how do you bend the shape of the churn curve? You do that with engagement, largely. And you do that by controlling the quality of the subscribers that you acquire. And so let me start there. That's all about -- the responsibilities for that rest with marketing. And if -- again, you can generally judge how valuable a customer is going to be based on their retention very early in their life. And so you just have to self-regulate and acquire subs from sources that are going to meet your expectations in terms of churn.

話雖如此，您如何彎曲流失曲線的形狀？你主要通過參與來做到這一點。你通過控制你獲得的訂戶的質量來做到這一點。讓我從這裡開始。就是這樣——營銷的責任在於此。如果——再一次，你通常可以根據客戶在生命早期的保留率來判斷客戶的價值。因此，您只需要自我調節並從能夠滿足您對流失率預期的來源獲取訂閱者。

In terms of engagement. Let's say, the last 3 quarters, we've seen a pretty good improvement about 5 percentage points in the base of customers, let's say, who are engaged with All Access product. The key, of course, is for Jen Cotter and her team of instructors continue to make great content. But that all by itself is not sufficient. If we make great content, but you can't find it, when you hop on your bike or tread or row might as well not exist.

在參與度方面。比方說，在過去的 3 個季度中，我們看到客戶群有了大約 5 個百分點的相當不錯的改善，比方說，參與 All Access 產品的人。當然，關鍵在於 Jen Cotter 和她的講師團隊會繼續製作出色的內容。但這一切本身是不夠的。如果我們製作了很棒的內容，但您找不到它，那麼當您騎上自行車時，踏板或划船可能就不存在了。

And so the product team, the engineering team used to be great at driving personalization. And we have made that an investment priority when I walked in the door. I think we're making a lot of good progress there. We're also introducing some new categories of content, like Lane Break, where we're seeing really off-the-charts kind of engagement and give a slightly more male and a much younger MO. So we need to continue to -- same thing with Power Zones, by the way. So we need to continue to lean into those use cases, lean into personalization.

因此，產品團隊、工程團隊過去非常擅長推動個性化。當我走進大門時，我們已將其作為投資重點。我認為我們在那裡取得了很大進展。我們還引入了一些新的內容類別，例如 Lane Break，我們在其中看到了真正超出圖表的參與度，並提供了更多男性和更年輕的 MO。所以我們需要繼續 - 順便說一句，Power Zones 也是如此。因此，我們需要繼續研究這些用例，研究個性化。

Sorry to be so long-winded.

抱歉這麼囉嗦。

I wanted to add just a couple of quick things. First of all, first half, I do want to comment that we are still within that 18- to 20-month payback period that we have been targeting, even with the slight uptick in churn that we've seen.

我只想添加一些快速的東西。首先，上半年，我確實想評論一下，即使我們已經看到客戶流失率略有上升，我們仍處於我們一直瞄準的 18 到 20 個月的投資回收期內。

And then Barry comments about sales and marketing. So our sales and marketing overall expense is actually down, expected to be down year-over-year in Q4, but our media spend is expected to be up. So the overall sales and marketing function itself, which includes things like brand and creative and headcount and all those things is down year-over-year, but we're spending a bit more on media, to your point, around the brand we launch and the app.

然後 Barry 評論了銷售和營銷。因此，我們的銷售和營銷總費用實際上有所下降，預計第四季度將同比下降，但我們的媒體支出預計會增加。因此，整體銷售和營銷職能本身，包括品牌、創意和員工人數等所有這些都同比下降，但我們在媒體上的支出有所增加，就你而言，圍繞我們推出的品牌和應用程序。

Well, Fast as a great example of how it is you can make trade-offs between marketing spend, churn, growth in order to drive more overall profitability in the business. So Fast absolutely had the higher churn rate, but the incrementality is in the low 60s. And so even though the lifetime value, we estimate to be, in round numbers, half that of an All Access member, we're growing so much faster because of Fast, we're driving more profit.

好吧，Fast 是一個很好的例子，說明您如何在營銷支出、客戶流失和增長之間做出權衡，以提高企業的整體盈利能力。 So Fast 的流失率絕對更高，但增量在 60 左右。因此，即使生命週期價值，我們估計在整數方面是 All Access 成員的一半，但由於 Fast，我們的增長速度要快得多，我們正在推動更多利潤。

And so we're willing to take the churn hit because of the increase in enterprise value that results from us deploying that strategy.

因此，由於我們部署該策略導致企業價值增加，我們願意承受客戶流失的打擊。

(Operator Instructions) From the line of Dana Telsey with Telsey Advisory Group.

（操作員說明）來自 Dana Telsey 與 Telsey Advisory Group 的合作。

As you think about the shift of the business model and the relaunch of the app -- or the launch of the app that's coming, how do you see the shape of what the financial profile of the company should look like? Does the cadence quarterly or revenue streams, how you envision the mile on a quantitative basis?

當你考慮商業模式的轉變和應用程序的重新啟動——或者即將推出的應用程序時，你如何看待公司的財務狀況應該是什麼樣子的？節奏是季度性的還是收入流，你如何在量化的基礎上設想里程數？

Well, I'm not sure I fully understand the question. But as we've talked about, our business has shifted more towards subscription relative to Connected Fitness hardware. So as the app growth as a larger share of our business, that will continue to shift, and more of our revenue will be coming from subscription. And as we know, the gross margin of our subscription business is higher, so that will also continue to help improve our gross margins overall.

好吧，我不確定我是否完全理解這個問題。但正如我們所談到的，我們的業務已經更多地轉向訂閱，而不是 Connected Fitness 硬件。因此，隨著應用程序在我們業務中所佔份額的增加，這種情況將繼續發生變化，我們更多的收入將來自訂閱。正如我們所知，我們訂閱業務的毛利率更高，因此這也將繼續幫助提高我們的整體毛利率。

And it will expand the business. We'll continue to grow. We'll be able to get scale, which will mean that our OpEx as a function of revenue will come down. So it's leading us all in the right direction towards getting to our North Star goal, which is to be a bigger business with more subscribers and higher operating income and getting us to operating income breakeven over time.

它將擴大業務。我們會繼續成長。我們將能夠擴大規模，這意味著我們的 OpEx 作為收入的函數將會下降。因此，它引導我們所有人朝著正確的方向前進，以實現我們的北極星目標，即成為擁有更多訂戶和更高營業收入的更大企業，並讓我們隨著時間的推移實現營業收入收支平衡。

But structurally, it's really more about that shift that we're continuing to see happen from the mix of Connected Fitness hardware to subscription. Now that doesn't mean that some of those app subscribers over time will also become Connected Fitness members, but we're going to have to see how that journey evolves, and we'll have products available for them however they want to join Peloton.

但從結構上講，這實際上更多是關於我們繼續看到的從互聯健身硬件到訂閱的轉變。現在這並不意味著隨著時間的推移，其中一些應用程序訂閱者也會成為 Connected Fitness 會員，但我們將不得不看看這一旅程如何演變，我們將為他們提供產品，無論他們想加入 Peloton .

Building off of Liz's comments. If we're successful in growing the app business, we become increasingly an asset-light model. And it most definitely will change the working capital attributes of the business in a favorable way. Not to -- at the risk of something like Captain Obvious. And the margins will benefit as a result, both the gross margin and the operating margins.

建立在 Liz 的評論之上。如果我們成功地發展了應用程序業務，我們將越來越成為一種輕資產模式。而且它肯定會以有利的方式改變企業的營運資本屬性。不要 - 冒著像 Captain Obvious 這樣的風險。結果，毛利率和營業利潤率都將受益。

Right. And remember, our North Star around growth is LTV to CAC ratio. So we're going to continue to evaluate how we grow our subscriber base in that framework.

正確的。請記住，我們圍繞增長的北極星是 LTV 與 CAC 的比率。因此，我們將繼續評估我們如何在該框架內擴大訂戶群。

I would tell you -- and if we're successful in deploying an asset-light model, we'd probably see faster growth in international. It's much easier to launch internationally an app product, than it is hardware business, for sure.

我會告訴你——如果我們成功地部署了輕資產模型，我們可能會看到國際業務的更快增長。毫無疑問，在國際上推出應用產品要比硬件業務容易得多。

And Barry, just following up on international, where international grew faster than the U.S. this quarter. What are you seeing internationally and leaning into the hospitality business, how do you see the pace of adds for new hospitality change joining the platform?

而巴里，只是跟進國際市場，本季度國際市場的增長速度快於美國。您在國際上看到了什麼並傾向於酒店業務，您如何看待加入該平台的新酒店變革的步伐？

I'm going to hold off on answering that. I appreciate the question. I think hospitality for us primarily as a U.S.-based business, at least for the coming fiscal year. And then I think there'll be opportunities for us to go beyond that.

我將推遲回答這個問題。我很欣賞這個問題。我認為，至少在下一個財政年度，我們主要是作為一家美國企業，對我們來說是熱情好客。然後我認為我們將有機會超越這一點。

And in terms of international growth, I'm thinking primarily existing markets with a few additional new markets. But it's mostly -- it's re-architecting our go-to-market strategy in existing markets with increasingly culturally relevant content that unlocks the growth opportunities of those markets, pursue some co-branding opportunities for us. Just not a strategy that we've deployed. I think we're going to have an exciting announcement, by way of example, over the next couple of quarters in that regard to help accelerate our growth.

在國際增長方面，我主要考慮現有市場和一些額外的新市場。但它主要是 - 它正在重新設計我們在現有市場中的上市戰略，提供越來越多的文化相關內容，釋放這些市場的增長機會，為我們尋求一些聯合品牌機會。只是不是我們已經部署的策略。例如，我認為在接下來的幾個季度中，我們將在這方面發布令人興奮的公告，以幫助加速我們的增長。

(Operator Instructions) From the line of Youssef Squali with Truist Securities.

（操作員說明）來自 Youssef Squali with Truist Securities。

Great. So Barry, the Peloton brand was built on just great quality physical product historically. As the business moves to an app-centric strategy, asset-light strategy, can you maybe just speak to the competitive advantages that you are bringing, the moat you're trying to build? And what gives you confidence that you'll be able to maintain the same type of advantage that you've been able to build in the physical world?

偉大的。所以 Barry，Peloton 品牌在歷史上是建立在質量上乘的實體產品之上的。隨著業務轉向以應用程序為中心的戰略、輕資產戰略，你能否談談你帶來的競爭優勢，你正在努力建立的護城河？是什麼讓您有信心保持您在現實世界中建立的相同類型的優勢？

I think both Liz and I will comment here. From my part, I would say we faced many challenges in the past year, almost in every aspect of the business, except for content. Content is kind of the golden goose. Is the bike a great experience from a hardware perspective and better than things that had come before? It absolutely is. But the magic and the glue that binds the community with almost religious fervor amongst the members is the content and the instructors.

我想 Liz 和我都會在這裡發表評論。就我而言，我想說我們在過去的一年裡面臨著許多挑戰，幾乎在業務的各個方面，除了內容。內容是金鵝。從硬件的角度來看，這輛自行車是否是一種很棒的體驗，並且比以前的東西更好？絕對是。但是，將社區與成員之間近乎宗教般的熱情聯繫起來的魔力和粘合劑是內容和教師。

And so if we're successful in extending that into the app world and if we architect the app in ways that drive personalization so that you can find and engage with all that content in a -- quickly and in a frictionless way, then I think will do quite well. If we don't do those things, we won't.

因此，如果我們成功地將其擴展到應用程序世界，並且如果我們以推動個性化的方式構建應用程序，以便您可以快速、無摩擦地找到並參與所有內容，那麼我認為會做得很好。如果我們不做這些事情，我們就不會。

Yes. I mean, I completely agree with your comments there Barry. The one thing that I will add is that it's important for us to continue to innovate on the content experience over time, and that is something that we are focused on doing, and we'll continue to do that. And over time, you'll see new forms of content coming from us. And that will be something that continues to keep that competitive moat there.

是的。我的意思是，我完全同意你在 Barry 那裡的評論。我要補充的一件事是，隨著時間的推移繼續創新內容體驗對我們來說很重要，這是我們專注於做的事情，我們將繼續這樣做。隨著時間的推移，您會看到我們提供的新形式的內容。這將繼續保持競爭優勢。

And so content is -- to your point, is really our secret sauce at Peloton, our golden goose at Peloton.

因此，內容是 - 就您而言，這確實是我們在 Peloton 的秘訣，我們在 Peloton 的金鵝。

Thank you. That is all the time we have today for our question and answers. Thank you again for participating. This concludes today's program. You may now disconnect.

謝謝。這就是我們今天用於問答的所有時間。再次感謝您的參與。今天的節目到此結束。您現在可以斷開連接。