派樂騰 (PTON) 2024 Q4 法說會逐字稿

Good day, and welcome to Peloton's fourth-quarter fiscal year 2024 conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加 Peloton 2024 財年第四季電話會議。 （操作員指示）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, Mr. James Marsh, Senior Vice President, Head of Investor Relations. Please go ahead, sir.

現在我想將會議交給您的發言人，高級副總裁兼投資者關係主管詹姆斯·馬什先生。請繼續，先生。

Thank you, operator. Good morning, and welcome to Peloton's fourth-quarter fiscal 2024 conference call. Joining today's call are Peloton Board members and Interim Co-CEOs, Karen Boone and Chris Bruzzo; as well as Chief Financial Officer, Liz Coddington.

謝謝你，接線生。早安，歡迎參加 Peloton 2024 財年第四季電話會議。參加今天電話會議的還有 Peloton 董事會成員和臨時聯合執行長 Karen Boone 和 Chris Bruzzo；以及財務長 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覆僅反映管理層截至今天的觀點，並將包括與我們業務相關的聲明，這些聲明屬於聯邦證券法規定的前瞻性聲明。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有重大差異。有關可能影響我們實際業績的重大風險和其他重要因素的討論，請參閱我們向 SEC 提交的文件和今天的股東信函，這兩份文件都可以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.

在本次電話會議中，我們將討論 GAAP 和非 GAAP 財務指標。今天的股東信中提供了 GAAP 與非 GAAP 財務指標的調整表。

I'll now turn over the call to Interim Co-CEO, Karen Boone.

我現在將把電話轉給臨時聯合執行長凱倫·布恩 (Karen Boone)。

Good morning, and thank you for joining us today. Before we discuss our Q4 results, I'd like to comment briefly on the CEO transition process as it is certainly top of mind for us, and we expect the same is true for our shareholders.

早安，感謝您今天加入我們。在討論第四季業績之前，我想先簡單評論一下執行長過渡流程，因為這無疑是我們最關心的問題，我們預期我們的股東也是如此。

The CEO search is well underway. We've had no shortage of interest, and we have been working through an impressive group of qualified candidates with the help of a leading executive search firm. Our list of candidates is narrowing. However, at this stage, we cannot speculate on the timing for when Peloton's next CEO will start. We are focused on moving quickly, but our top priority is finding the right leader for Peloton's next chapter and look forward to making that announcement as we close down this important process.

CEO搜尋工作正在順利進行中。我們不乏興趣，並且在一家領先的獵人頭公司的幫助下，我們一直在尋找一群令人印象深刻的合格候選人。我們的候選人名單正在縮小。然而，現階段我們無法推測 Peloton 下一任執行長何時上任。我們專注於快速行動，但我們的首要任務是為 Peloton 的下一章找到合適的領導者，並期待在我們結束這一重要流程時宣布這一消息。

In the meantime, Chris and I, in partnership with Peloton's strong leadership team, are continuing to make progress on several key strategic priorities, which include aligning our cost structure to the current size of our business to improve profitability and deliver meaningful free cash flow without requiring growth to get there and investing strategically in innovation that will deliver sustainable, profitable growth over the long term. This includes software and hardware development to deliver new fitness experiences, evolve our content offerings, and refine our marketing strategy, which we'll discuss in more detail today.

同時，克里斯和我與Peloton 強大的領導團隊合作，繼續在幾個關鍵戰略優先事項上取得進展，其中包括根據我們當前的業務規模調整我們的成本結構，以提高盈利能力並提供有意義的自由現金流，而無需需要成長才能實現這一目標，並對創新進行策略性投資，從而實現長期可持續、盈利的成長。這包括軟體和硬體開發，以提供新的健身體驗、發展我們的內容產品並完善我們的行銷策略，我們今天將更詳細地討論這些策略。

One of our most important updates since last quarter relates to our recent refinancing. In May, we completed the successful refinancing of our balance sheet, accomplishing the goals of deleveraging and extending our maturities with more flexible terms at a reasonable cost of capital. Through this holistic transaction, we decreased our debt by roughly $200 million and extended our average maturities up to 2029.

自上個季度以來我們最重要的更新之一與我們最近的再融資有關。 5月，我們成功完成資產負債表再融資，以更靈活的期限、合理的資金成本實現了去槓桿、展期限的目標。透過這項整體交易，我們減少了約 2 億美元的債務，並將平均期限延長至 2029 年。

Our refinancing was competitively priced and significantly oversubscribed, reflecting strong demand from investors. Overall, we're delighted with the incredible show of support we received and the vote of confidence in Peloton's future from the investor community.

我們的再融資價格具有競爭力，並且獲得了大幅超額認購，反映出投資者的強勁需求。總體而言，我們對投資者所給予的令人難以置信的支持以及對 Peloton 未來的信任票感到非常高興。

With a solid foundation now in place and an expectation to deliver meaningful, sustainable cash flow on an annual basis, we are exploring how best to deploy excess cash as part of the overall capital allocation strategy to deleverage the balance sheet over time. Last quarter, we talked a lot about bringing the business to solid financial footing by generating free cash flow and operating the business towards sustainable profitable growth. Our Q4 results, which Liz will discuss in greater detail, demonstrate continued progress in achieving these financial objectives, delivering a second consecutive quarter with both positive free cash flow and adjusted EBITDA, something we have not achieved in the last few years.

憑藉現已奠定的堅實基礎，並期望每年提供有意義的、可持續的現金流，我們正在探索如何最好地部署多餘現金，作為整體資本配置策略的一部分，以隨著時間的推移實現資產負債表去槓桿化。上個季度，我們談論了很多關於透過產生自由現金流和營運業務以實現可持續盈利增長來使業務建立堅實的財務基礎。莉茲將更詳細地討論我們第四季度的業績，這表明我們在實現這些財務目標方面不斷取得進展，連續第二個季度實現了正自由現金流和調整後的EBITDA，這是我們過去幾年從未實現過的。

We're intentionally focusing on delivering stronger bottom-line results to support our investments in software, hardware and content to improve our member experience. We're enthusiastic about our innovative road map. But we'll be judicious about deploying marketing dollars until we demonstrate product market fit and continue to be cautious about marketing spend, given the uncertain consumer backdrop and ongoing macro environment. For now, we are optimizing our business model, planting the seeds for future growth. And we'll scale these investments over time to ensure we can deliver sustainable profitable growth.

我們有意專注於提供更強勁的利潤，以支持我們在軟體、硬體和內容方面的投資，從而改善我們的會員體驗。我們對我們的創新路線圖充滿熱情。但考慮到不確定的消費者背景和持續的宏觀環境，我們將明智地部署行銷資金，直到我們證明產品適合市場，並繼續對行銷支出保持謹慎。目前，我們正在優化業務模式，為未來的成長播下種子。我們將隨著時間的推移擴大這些投資，以確保我們能夠實現可持續的獲利成長。

One growth initiative where we continue to learn and optimize is our bike rental program. In Q4, we launched a rental program for Bike+ in the UK, and early results have outperformed our expectations. Globally, our bike rental offering continues to drive incremental subscribers, and we're pleased to see a continued improvement in retention with average net monthly pay subscription churn for rental down 110 basis points year over year in Q4.

我們不斷學習和優化的一項成長計劃是我們的自行車租賃計劃。第四季度，我們在英國推出了 Bike+ 租賃計劃，早期結果超出了我們的預期。在全球範圍內，我們的自行車租賃服務繼續推動訂閱者的成長，我們很高興看到保留率持續提高，第四季度租賃的平均每月付費訂閱淨流失率同比下降了 110 個基點。

We've shared previously that the ability to use refurbished inventory is key to achieving sustainable unit economics for our original bike rental offering in the US and Canada. As our refurbished inventory levels have come down, we no longer have sufficient inventory to support the original bike rental program, so we ceased this offering as of August 1. Since that date, we have seen higher take rates for our other offerings cater toward cost-conscious consumers, including our Bike+ rental program, the outright sales of refurbished original bikes and our 0% introductory rate financing offers to purchase new bikes. These alternative programs have stronger unit economics than our original bike rental program with more cash paid up front and a stronger retention profile.

我們之前曾分享過，使用翻新庫存的能力是我們在美國和加拿大的原始自行車租賃服務實現永續單位經濟效益的關鍵。由於我們的翻新庫存水準已經下降，我們不再有足夠的庫存來支持原來的自行車租賃計劃，因此我們從8 月1 日起停止了這項服務。接受率更高，以迎合成本- 有意識的消費者，包括我們的 Bike+ 租賃計劃、翻新原裝自行車的直接銷售以及購買新自行車的 0% 介紹性利率融資優惠。這些替代方案比我們原先的自行車租賃方案具有更強的單位經濟效益，預付的現金更多，保留率也更高。

We also continue to explore partnerships that will expand our reach and deliver profitable growth. We continue to be pleased with our lululemon content licensing arrangement, whereby lululemon studio members enjoy Peloton content on their Mirror products. This partnership has delivered a great experience to these lululemon studio members as evidenced by the continued low churn profile while delivering incremental subscription revenue with accretive gross margins for Peloton.

我們還將繼續探索合作夥伴關係，以擴大我們的業務範圍並實現盈利增長。我們仍然對 lululemon 內容授權安排感到滿意，透過該安排，lululemon 工作室成員可以在其 Mirror 產品上享受 Peloton 內容。這種合作關係為這些 lululemon 工作室成員帶來了良好的體驗，持續的低流失率就證明了這一點，同時為 Peloton 帶來了增量訂閱收入和毛利率的增加。

Building on the success we've seen with the content licensing thus far, last week, we announced another multiyear content licensing arrangement with Google Fitbit to offer a wide portfolio of Peloton classes in the US, the UK, Canada and Australia. Fitbit will distribute best-in-class Peloton content to the highly engaged user base on Fitbit's app. Peloton members will also receive special offers on the Google Pixel Watch and Fitbit Charge 6 devices as part of this partnership.

基於迄今為止我們在內容授權方面的成功，上週，我們宣布與 Google Fitbit 達成另一項多年內容授權安排，在美國、英國、加拿大和澳洲提供廣泛的 Peloton 課程組合。 Fitbit 將透過 Fitbit 應用程式向高度參與的用戶群分發一流的 Peloton 內容。作為合作的一部分，Peloton 會員還將獲得 Google Pixel Watch 和 Fitbit Charge 6 設備的特別優惠。

Turning to our hardware business, we are focused on delivering gross margin improvements for our premium Connected Fitness products. We have been pleased with the introduction and expansion into third-party distribution channels, both in North America and in our international markets, but are doing work to optimize the economics of these channels. This effort includes evaluating certain product pricing models, discounting strategies and the way we deploy media dollars. We expect to continue to see improvements in our Connected Fitness segment gross margins in fiscal '25 as a result of these efforts.

談到我們的硬體業務，我們專注於提高優質 Connected Fitness 產品的毛利率。我們對北美和國際市場第三方分銷管道的引入和擴張感到高興，但正在努力優化這些管道的經濟效益。這項工作包括評估某些產品定價模式、折扣策略以及我們部署媒體資金的方式。由於這些努力，我們預計 25 財年我們的 Connected Fitness 部門的毛利率將繼續改善。

We are also pleased with our continued progress in the turnaround of Precor, which delivered strong year-over-year revenue growth in the quarter driven in part by key product launches, including the fiscal '24 launch of next-generation cardio consoles and new strength products. Precor is also improving their bottom line performance with strong year-over-year improvement in gross margin and reductions in operating expenses.

我們也對 Precor 扭虧為盈的持續進展感到高興，該季度營收同比強勁增長，部分原因是關鍵產品的發布，包括 24 財年推出的下一代有氧運動控制台和新實力產品。 Precor 也透過毛利率逐年大幅提高和營運費用減少來改善其利潤績效。

I will now pass the call over to Chris, who will provide an update on our marketing strategy and product development. Chris?

我現在將把電話轉接給克里斯，他將提供我們行銷策略和產品開發的最新資訊。克里斯？

Thanks, Karen. As Karen mentioned, we are focused on managing the business for sustainable, profitable growth. So I'd like to touch on how this is manifesting in our approach to sales and marketing.

謝謝，凱倫。正如凱倫所提到的，我們專注於管理業務以實現可持續的獲利成長。所以我想談談這在我們的銷售和行銷方法中是如何體現的。

In our $200 million cost restructuring plan that we announced in May, which Liz will provide an update on shortly, we included cost reductions in some areas within sales and marketing such as lower brand and creative spend, lower retail expenses from reducing our showroom footprint and lower headcount. However, the $200 million cost restructuring plan did not include any media spend reductions.

在我們5 月宣布的2 億美元成本重組計劃中（Liz 很快就會提供最新情況），我們在銷售和行銷的某些領域降低了成本，例如降低品牌和創意支出、透過減少展廳佔地面積來降低零售費用以及員工人數減少。然而，2億美元的成本重組計畫並不包括任何媒體支出的削減。

In Q4, we delivered additional cost savings by reducing our media spend year over year. We'll continue to optimize our media investment in fiscal '25 to improve our efficiency, which is an important priority for us. Because while our Q4 LTV-to-CAC ratio of 1.5 times improved significantly compared to Q4 last year, it is still below our 2 to 3 times target range.

在第四季度，我們透過逐年減少媒體支出，實現了額外的成本節省。我們將在 25 財年繼續優化媒體投資，以提高效率，這是我們的首要任務。因為雖然我們第四季的 LTV 與 CAC 比率為 1.5 倍，與去年第四季相比顯著改善，但仍低於我們 2 至 3 倍的目標範圍。

We have more work to do. These efforts are providing additional upside to the bottom line as we reduced total sales and marketing expense by $26 million or 19% year over year in Q4. We're also seeing early signals that our approach to reach men via marketing is resonating. We saw significant improvements in awareness of our strength and cycling disciplines for men in the quarter.

我們還有更多工作要做。這些努力為我們的盈利帶來了額外的好處，我們在第四季度將銷售和行銷費用總額減少了 2,600 萬美元，即同比減少了 19%。我們也看到了早期訊號，表明我們透過行銷吸引男性的方法正在引起共鳴。我們看到本季男性對力量和自行車紀律的認識有了顯著提高。

Next, I'm going to discuss the new approach we're taking to servicing the secondary market, which is when a customer elects to purchase used Peloton hardware directly from a previous owner. The secondary market is an important source of subscribers for us and continues to deliver a steady stream of paid Connected Fitness subscriber additions, which were up 16% year over year in Q4.

接下來，我將討論我們為二級市場提供服務的新方法，即當客戶選擇直接從以前的所有者購買二手 Peloton 硬體時。二級市場是我們重要的訂閱者來源，並繼續提供源源不絕的付費 Connected Fitness 訂閱者增量，第四季較去年同期成長 16%。

We believe a meaningful share of these subscribers are incremental, and they exhibit lower net churn rates and rental subscribers. Although these secondary market sales are not from Peloton-owned channels or any of our third-party distribution partners, we want to ensure these new members receive the same high-quality onboarding experience Peloton is known for.

我們認為，這些訂戶中很大一部分是增量訂戶，他們表現出較低的淨流失率和租賃訂戶。儘管這些二級市場銷售並非來自 Peloton 自有管道或我們的任何第三方分銷合作夥伴，但我們希望確保這些新會員獲得 Peloton 聞名的相同高品質入職體驗。

With that in mind, we're initiating a new onetime $95 used equipment activation fee in the US and Canada. For Peloton Bike and Bike+ purchasers, we offer a virtual custom fitting, so members can get the most out of their bike from ride number one.

考慮到這一點，我們在美國和加拿大推出了新的一次性 95 美元二手設備啟用費。對於 Peloton Bike 和 Bike+ 購買者，我們提供虛擬定製配件，以便會員可以從第一次騎行中充分利用他們的自行車。

It's important to point out, especially for these subscribers, that they also have access to a history summary on their preowned hardware. We're also offering these new members discounts on accessories such as bike shoes, bike mats and spare parts. We'll continue to lean into this important channel and find additional ways to improve the new member experience. For example, providing early education about the broad range of fitness modalities that we offer and the many series and programs our instructors provide to new members.

需要指出的是，特別是對於這些訂閱者來說，他們還可以存取其二手硬體上的歷史摘要。我們也為這些新會員提供自行車鞋、自行車墊和備件等配件的折扣。我們將繼續關注這項重要管道，並尋找其他方法來改善新會員體驗。例如，提供有關我們提供的廣泛健身方式的早期教育，以及我們的教練向新會員提供的許多系列和計劃。

It's also worth highlighting that this activation fee will be a source of incremental revenue and gross profit for us, helping to support our investments in improving the fitness experience for our members.

另外值得強調的是，這筆活化費將成為我們增量收入和毛利的來源，有助於支持我們在改善會員健身體驗方面的投資。

Now, let's move on to our Tread business. Growing Tread remains a top priority for us, and I'd like to take a moment to provide an update on our progress. Connected Fitness revenue from our treadmill portfolio grew 42% year over year in Q4 due to the reintroduction of our higher-priced Tread+ in fiscal 2024. Tread+ continues to deliver a best-in-class running experience driving member enthusiasm as evidenced by its Net Promoter score of 76, the highest across all of our Connected Fitness products.

現在，讓我們繼續討論我們的胎面業務。種植胎面仍然是我們的首要任務，我想花點時間提供有關我們進展的最新資訊。由於我們在2024 財年重新推出了價格較高的Tread+，我們跑步機產品組合的Connected Fitness 收入在第四季度同比增長了42%。就證明了這一點得分為 76，是我們所有 Connected Fitness 產品中的最高分。

To support our Tread growth efforts, we're investing in content offerings and product features designed to enhance the walking and running experience on our platform. We launched Pace Target in Q4, a new offering that enables instruction for personalized intensity levels as an alternative to treadmill speed. We are already seeing positive responses from repeat usage of Pace Targets among our performance runners.

為了支持我們的 Tread 成長努力，我們正在投資內容產品和產品功能，旨在增強我們平台上的步行和跑步體驗。我們在第四季度推出了 Pace Target，這是一項新產品，可以提供個人化強度等級指導，作為跑步機速度的替代方案。我們已經看到績效跑者重複使用配速目標的正面反應。

We also launched our Half Marathon Training Program on Global Running Day in June. This addition expands our race training offering, which has helped over 300,000 members train for a race since the series was first launched in 2019.

我們也在六月的全球跑步日啟動了半程馬拉松訓練計畫。此次新增內容擴展了我們的比賽訓練服務，自 2019 年系列首次推出以來，已幫助超過 30 萬名會員進行比賽訓練。

Under the leadership of Nick Caldwell, our product team's pace of software innovation is increasing. In Q4, we launched the capability to find friends, which enhances our platform's community building potential on the leaderboard. New and prospective members may now use Find Friends to connect with their existing network. This and other upcoming social features launching soon are designed to enhance the member experience with organic community-based motivation.

在 Nick Caldwell 的領導下，我們的產品團隊軟體創新的步伐不斷加快。在第四季度，我們推出了尋找朋友的功能，這增強了我們平台在排行榜上的社區建設潛力。新會員和潛在會員現在可以使用「尋找朋友」來連接他們現有的網路。該功能以及其他即將推出的社交功能旨在透過基於社區的有機動機來增強會員體驗。

Watch this space for the rollout of some highly requested social features like private groups and challenges. We expect these social features to drive member retention and organic acquisition over time.

請關注此空間，了解一些備受期待的社交功能的推出，例如私人團體和挑戰。我們預計這些社交功能將隨著時間的推移推動會員保留和有機獲取。

In addition to social features, we recently announced public beta testing for experimental software feature developments on our platform, including personalized plans, a Strength+ app, and more game-inspired workouts. Personalized plans are designed to help members create a fitness routine tailored to their specific goals and needs. We will be testing this new offering on the Peloton app.

除了社交功能之外，我們最近還宣布對我們平台上的實驗性軟體功能開發進行公開 Beta 測試，包括個人化計劃、Strength+ 應用程式以及更多受遊戲啟發的鍛鍊。個人化計畫旨在幫助會員制定適合其特定目標和需求的健身計畫。我們將在 Peloton 應用程式上測試這項新產品。

Our Strength+ app allows us to test a new strength content format with instructor-led workout programs compatible in a gym setting paired with expert coaching audio guidance. And through game-inspired workouts, we are testing experimental cycling experiences meant to encourage social engagement in a virtual training environment. We will test, learn, and iterate on these software development projects, and we look forward to sharing more about these and other software-based future developments expected to roll out in the upcoming quarters of fiscal '25.

我們的 Strength+ 應用程式使我們能夠測試新的力量內容格式，其中包含在健身房環境中相容的教練指導鍛鍊計劃，並配有專家輔導音訊指導。透過受遊戲啟發的鍛煉，我們正在測試實驗性騎行體驗，旨在鼓勵虛擬訓練環境中的社交參與。我們將測試、學習和迭代這些軟體開發項目，我們期待分享更多關於這些項目以及預計將在 25 財年接下來的幾個季度推出的其他基於軟體的未來開發項目的資訊。

We're confident about our new software-driven experiences. And as excited as we always are to innovate on software, it's our instructor-led content that is the core of our business. Looking ahead, we are using the extensive expertise of our instructors in new ways. And we'll look to complement the team with guests and potentially new instructors as we find the right voices to reach our incredibly high standard.

我們對新的軟體驅動體驗充滿信心。儘管我們一直對軟體創新感到興奮，但我們的講師指導內容才是我們業務的核心。展望未來，我們將以新的方式利用講師的廣泛專業知識。當我們找到合適的聲音來達到我們令人難以置信的高標準時，我們將尋求使用嘉賓和潛在的新教練來補充團隊。

Two recent examples of this guest instructor strategy that our members responded positively to were the return of accomplished fitness coach, Irene Kaymer in Germany; and Christian Vande Velde, a professional cyclist in the US. There is no doubt that the connection and authenticity that our instructors bring to our members is a significant part of our competitive differentiation today. And we will work side-by-side with these incredible athletes to continue to evolve our content offerings and serve our members in new and innovative ways.

最近，我們的會員對此客座教練策略做出了積極回應，其中有兩個例子：德國傑出健身教練艾琳·凱梅爾 (Irene Kaymer) 的回歸；克里斯蒂安范德維爾德 (Christian Vande Velde)，美國職業自行車手。毫無疑問，我們的講師為會員帶來的聯繫和真實性是我們當今競爭優勢的重要組成部分。我們將與這些令人難以置信的運動員並肩工作，繼續發展我們的內容產品，並以新的創新方式為我們的會員提供服務。

In fact, on Tuesday of this week, we announced the addition of three new entertainment partners that are now accessible through our Connected Fitness platform: AMC+, Kindle and DIRECTV. We also launched a new feature called Just Guidance, which allows members to follow workout plans created by instructors while enjoying their favorite entertainment content.

事實上，在本週二，我們宣布增加三個新的娛樂合作夥伴，現在可以透過我們的 Connected Fitness 平台存取這些合作夥伴：AMC+、Kindle 和 DIRECTV。我們還推出了一項名為「Just Guidance」的新功能，會員可以在享受自己喜歡的娛樂內容的同時，遵循教練創建的鍛鍊計畫。

And now, Liz will take us through a review of financial performance.

現在，莉茲將帶我們回顧一下財務表現。

Thank you, Chris. First, I'd like to touch on how we are tracking against the cost restructuring plan we announced at our last earnings call back in May.

謝謝你，克里斯。首先，我想談談我們如何追蹤我們在五月的上次財報電話會議上宣布的成本重組計劃。

We made substantial progress toward achieving our plan to deliver over $200 million in run rate cost savings by the end of fiscal '25, delivering approximately $15 million of cost savings in the quarter. Roughly $11 million of the cost savings came from payroll reductions, and the remaining $4 million came from other non-payroll savings.

我們在實現計劃方面取得了實質進展，即在 25 財年末實現超過 2 億美元的營運成本節約，本季實現約 1,500 萬美元的成本節約。大約 1,100 萬美元的成本節省來自工資削減，其餘 400 萬美元來自其他非工資節省。

We remain on track to achieve the full $200 million in run rate cost savings by the end of the fiscal year. We also expect to deliver additional efficiency through reductions to media expenses that are not part of the restructuring plan, and we continue to look for opportunities to further reduce our operating costs and improve our working capital efficiency.

我們仍有望在本財年結束前實現 2 億美元的營運成本節省。我們也希望透過減少不屬於重組計畫的媒體費用來提高效率，我們將繼續尋找機會進一步降低營運成本並提高營運資金效率。

Now, let's spend a few minutes on our Q4 results. We ended the quarter with 2.98 million paid Connected Fitness subscribers, reflecting a net decrease of 75,000 in the quarter. This exceeded the high end of our guidance range as a result of higher-than-expected gross additions in first-party, third-party retail and secondary market channel. Average net monthly paid Connected Fitness subscription churn was 1.9%, which was in line with internal expectations and up roughly 10 basis points year over year.

現在，讓我們花幾分鐘時間來了解第四季的結果。本季結束時，我們的 Connected Fitness 付費訂閱用戶數為 298 萬，本季淨減少 75,000 個。由於第一方、第三方零售和二級市場管道的總增量高於預期，這超出了我們指導範圍的上限。平均每月淨付費 Connected Fitness 訂閱流失率為 1.9%，符合內部預期，較去年同期成長約 10 個基點。

We ended the fourth quarter with 615,000 paid app subscriptions, reflecting a net decrease of 59,000 in the quarter. This result exceeded the high end of our guidance range primarily from favorable average monthly paid app subscription churn, which was 8.4% in the quarter. While our churn was down roughly 80 basis points quarter over quarter in Q4, we anticipated churn to remain somewhat elevated in the quarter due to the roll-off of subscribers associated with a specific corporate wellness client that did not renew their agreement.

截至第四季末，我們的付費應用程式訂閱量為 61.5 萬份，本季淨減少 59,000 份。這一結果超出了我們指導範圍的上限，這主要是由於有利的平均每月付費應用程式訂閱流失率，該季度為 8.4%。雖然我們的流失率在第四季度比上一季下降了約 80 個基點，但我們預計本季的流失率仍將有所上升，因為與未續約協議的特定企業健康客戶相關的訂戶數量減少。

As Chris discussed earlier, we are continuing to invest in new content and features in the app focused on enhancing our strength content offering, personalization and social features. While we develop these enhancements, which we believe will result in a significant improvement in our overall app experience over time, we are reducing the amount of media spend supporting growth in paid app subscriptions for now to maximize our media efficiency.

正如克里斯之前所討論的，我們將繼續投資應用程式中的新內容和功能，重點是增強我們的內容提供、個人化和社交功能的實力。雖然我們開發了這些增強功能（我們相信隨著時間的推移，這將顯著改善我們的整體應用程式體驗），但我們目前正在減少支援付費應用程式訂閱成長的媒體支出，以最大限度地提高我們的媒體效率。

Total revenue was $644 million in the quarter, comprising $212 million of Connected Fitness segment revenue and $431 million of subscription segment revenue. Total revenue was slightly above the high end of our $618 million to $643 million guidance range and up modestly year over year by 0.2%.

該季度總營收為 6.44 億美元，其中 Connected Fitness 部門營收為 2.12 億美元，訂閱部門營收為 4.31 億美元。總收入略高於我們 6.18 億美元至 6.43 億美元指引範圍的上限，年比小幅成長 0.2%。

Total gross profit was $312 million in the fourth quarter, yielding a gross margin of 48.5%, which was above the high end of our guidance range. Our Connected Fitness segment gross margin was 8.3%, ahead our internal expectations. This included $10.7 million of inventory write-offs for excess and returned inventory. Excluding the impact of inventory write-offs and onetime COGS items, adjusted Connected Fitness gross margin was 10.2%, expanding over 15 percentage points compared to the same period a year ago.

第四季總毛利為 3.12 億美元，毛利率為 48.5%，高於我們指導範圍的上限。我們的互聯健身部門毛利率為 8.3%，超出我們的內部預期。其中包括 1,070 萬美元的過剩庫存和退回庫存沖銷。剔除庫存沖銷和一次性銷貨成本項目的影響，調整後的 Connected Fitness 毛利率為 10.2%，與去年同期相比增長超過 15 個百分點。

Total operating expenses, including restructuring and impairment expenses, were $375 million in the fourth quarter compared to $427 million for the period a year ago. Sales and marketing expense decreased $26 million versus the year-ago period, reflecting lower spending on media, retail showrooms and brand and creative spend.

第四季的總營運費用（包括重組和減損費用）為 3.75 億美元，去年同期為 4.27 億美元。銷售和行銷費用比去年同期減少了 2,600 萬美元，反映出媒體、零售展廳以及品牌和創意支出的減少。

Research and development expense decreased $2.8 million versus the year-ago period primarily driven by reductions in business operations and product development and research costs. General and administrative expense increased by $23 million versus the year-ago period driven by an increase in stock-based compensation primarily related to expense recognized in connection with the CEO transition, partially offset by lower depreciation and amortization expense.

研發費用較上年同期減少 280 萬美元，主要是因為業務運作以及產品開發和研究成本的減少。與去年同期相比，一般和管理費用增加了 2300 萬美元，主要是由於股票薪酬的增加，主要與首席執行官換屆相關的費用相關，但部分被折舊和攤銷費用的減少所抵消。

This quarter, we recognized $7.8 million of impairment and restructuring expense, of which $8.2 million was non-cash. The non-cash charges were primarily driven by impairment losses related to Connected Fitness assets. The cash charges were primarily driven by a $3.5 million benefit to severance and other personnel costs due to reversals and severance accruals, which were partially offset by $3.1 million relating to exit and disposal costs and professional fees.

本季度，我們確認了 780 萬美元的減損和重組費用，其中 820 萬美元是非現金費用。非現金費用主要是由與 Connected Fitness 資產相關的減損損失所驅動的。現金費用主要是由於沖銷和應計遣散費而產生的 350 萬美元遣散費和其他人事費用，部分被與退出和處置費用以及專業費用相關的 310 萬美元所抵消。

Adjusted EBITDA was $70 million in the fourth quarter, a $105 million improvement from the period a year ago. We generated $26 million in free cash flow in the quarter, the second consecutive quarter of positive free cash flow, something we haven't accomplished since the second quarter of fiscal year 2021.

第四季調整後 EBITDA 為 7,000 萬美元，比去年同期增加 1.05 億美元。本季我們產生了 2,600 萬美元的自由現金流，這是連續第二季實現正自由現金流，這是我們自 2021 財年第二季以來從未實現的成就。

We ended the quarter with $698 million in unrestricted cash and cash equivalents. We also have access to a $100 million revolving credit facility, which remains undrawn to date. Overall, our Q4 performance reflects our continued leadership in the Connected Fitness category and the strength of our subscription business as well as the tremendous progress we have made in rearchitecting our cost structure.

截至本季末，我們擁有 6.98 億美元的非限制性現金和現金等價物。我們還可以獲得 1 億美元的循環信貸額度，迄今為止尚未提取。總體而言，我們第四季度的業績反映了我們在互聯健身類別中的持續領先地位、訂閱業務的實力以及我們在重新構建成本結構方面取得的巨大進展。

Next, I'd like to provide context on our financial outlook for the first quarter and fiscal year 2025. Our guidance for first quarter of fiscal 2025 ending paid Connected Fitness subscription reflects an expected year-over-year decline in hardware sales based on multiple factors.

接下來，我想提供有關我們 2025 年第一季和財年財務前景的背景資訊。 我們對 2025 財年第一季結束付費 Connected Fitness 訂閱的指導反映了基於​​多個因素的硬體銷售預期同比下降。因素。

From a market perspective, the first quarter is typically a seasonally low quarter for hardware sales as consumers shift their discretionary spending toward categories like travel and sporting goods during the summer months. We also expect continued sales headwinds as a result of an uncertain macroeconomic environment.

從市場角度來看，第一季通常是硬體銷售的季節性低季，因為消費者在夏季將可自由支配的支出轉向旅行和體育用品等類別。我們也預計，由於宏觀經濟環境的不確定性，銷售將持續面臨阻力。

Additionally, with our focus on improving profitability, our sales outlook reflects some decisions we've made that we expect to have an impact on our hardware sales in the quarter. We are reducing sales and marketing spend year over year as we continue to focus on optimizing media spend.

此外，由於我們專注於提高獲利能力，我們的銷售前景反映了我們所做的一些決定，我們預計這些決定會對本季度的硬體銷售產生影響。隨著我們繼續專注於優化媒體支出，我們正在逐年減少銷售和行銷支出。

We have also decided to run fewer promotions within the quarter compared to the same period last year. And as Karen previously mentioned, we made the decision to no longer offer a rental option for our original bike starting August 1 due to limited refurbished bike inventory available.

與去年同期相比，我們也決定在本季減少促銷活動。正如凱倫之前提到的，由於可用的翻新自行車庫存有限，我們決定從 8 月 1 日起不再提供原始自行車的租賃選項。

While we are not providing specific guidance on average net monthly paid Connected Fitness churn, we expect our churn rate to be relatively similar to Q4 fiscal 2024. Our first-quarter paid app subscription guidance reflects an expected sequential decline in gross additions due to seasonality coupled with sequential improvement in average monthly paid subscription churn. We expect our churn rate to improve quarter over quarter due to stabilization in our corporate wellness paid app subscription base.

雖然我們沒有提供有關平均每月淨付費Connected Fitness 流失率的具體指導，但我們預計我們的流失率將與2024 財年第四季度相對相似。性因素的影響，總增加量預計將持續下降。由於我們的企業健康付費應用訂閱基礎趨於穩定，我們預期我們的流失率將逐季改善。

Our first-quarter revenue guidance reflects the impact of these hardware sales and subscription trends combined with our business decision to improve profitability. We expect a sequential increase in first-quarter total gross margin as a result of a seasonal mix toward our subscription segment. We also expect significant year-over-year improvement in first-quarter adjusted EBITDA mainly due to lower sales and marketing expense and continued progress towards achieving our $200 million cost reduction plan.

我們第一季的營收指引反映了這些硬體銷售和訂閱趨勢的影響以及我們提高獲利能力的商業決策。我們預計，由於訂閱業務的季節性組合，第一季總毛利率將較上季成長。我們也預計第一季調整後 EBITDA 將年比大幅改善，這主要是由於銷售和行銷費用的減少以及在實現 2 億美元成本削減計劃方面的持續進展。

Our full-year fiscal 2025 guidance reflects the expectation that hardware sales will decline year over year as well as an expectation that average net monthly paid Connected Fitness churn will continue to increase modestly year over year and follow our historical seasonal patterns. Our full-year guidance range for paid Connected Fitness subscription reflects a broad range of outcomes.

我們的 2025 財年全年指引反映了硬體銷售額將同比下降的預期，以及平均每月淨付費 Connected Fitness 流失率將繼續同比小幅增長的預期，並遵循我們的歷史季節性模式。我們對付費 Connected Fitness 訂閱的全年指導範圍反映了廣泛的結果。

We will continue to refine our strategy over the course of the fiscal year, which may include potential changes in pricing, promotional strategies and other levers we may pull to achieve our financial targets. Any changes in these areas may affect our growth additions for paid Connected Fitness subscription and paid app subscriptions across the fiscal year.

我們將在本財年繼續完善我們的策略，其中可能包括定價、促銷策略和我們為實現財務目標而可能採取的其他手段的潛在變化。這些領域的任何變化都可能影響我們整個財年付費 Connected Fitness 訂閱和付費應用程式訂閱的成長。

Additionally, as we continue to improve our member experience, we see clear opportunities to improve engagement, which could result in improvement to our average net monthly paid churn rates for both Connected Fitness and app. While we are optimistic we can improve engagement through product and content innovation and evolving our marketing strategy, the timing of when we will start to see meaningful impact from these efforts is uncertain.

此外，隨著我們不斷改善會員體驗，我們看到了提高參與度的明顯機會，這可能會提高我們 Connected Fitness 和應用程式的平均每月淨付費流失率。雖然我們樂觀地認為，我們可以透過產品和內容創新以及改進我們的行銷策略來提高參與度，但我們何時開始看到這些努力產生有意義的影響尚不確定。

Our guidance for paid app subscriptions reflects a year-over-year decline at the midpoint. We have made the decision to reduce our media spending supporting the app while we invest in innovating the product to improve the member experience and lower churn.

我們對付費應用程式訂閱的指導反映了中位數年減。我們決定減少支援該應用程式的媒體支出，同時投資創新產品以改善會員體驗並降低客戶流失率。

Most importantly, our focus for fiscal 2025 is on delivering our key financial results, which include revenue, gross margin and adjusted EBITDA. We are prioritizing these metrics along with delivering free cash flow.

最重要的是，我們 2025 財年的重點是交付關鍵財務業績，包括收入、毛利率和調整後 EBITDA。我們正在優先考慮這些指標以及提供自由現金流。

Our revenue outlook is tempered by uncertainty surrounding our ability to efficiently grow paid Connected Fitness and app subscribers, including an assumption that our investments in new initiatives will not deliver any upside to subscriber growth within the fiscal year as well as an uncertain macroeconomic outlook.

我們的收入前景因我們有效增長付費Connected Fitness 和應用程式用戶的能力的不確定性而受到影響，包括我們對新舉措的投資不會在本財年內為用戶增長帶來任何好處的假設以及不確定的宏觀經濟前景。

Gross margin is expected to improve year over year as a result of Connected Fitness gross margin expansion as well as revenue mix shift toward our subscription segment. Our adjusted EBITDA guidance of $200 million to $250 million reflects continued improvements in profitability largely due to gross margin expansion, the operating cost savings we expect to achieve related to our previously announced cost restructuring plan and lower year-over-year media spend.

由於 Connected Fitness 毛利率的擴大以及收入組合向我們的訂閱部門的轉變，毛利率預計將逐年提高。我們調整後的EBITDA 指引為2 億至2.5 億美元，反映了獲利能力的持續改善，這主要是由於毛利率的擴大、我們預計與先前宣布的成本重組計劃相關的營運成本節省以及同比媒體支出的降低。

We also expect to deliver meaningful free cash flow on a full-year basis of at least $75 million. It is worth noting that we do expect Q1 free cash flow to be negative due to timing of inventory payments as we build up inventory to support the holiday season in Q2.

我們也預計全年將提供至少 7500 萬美元的有意義的自由現金流。值得注意的是，我們確實預計第一季自由現金流將為負值，原因是我們在第二季建立庫存以支持假期期間的庫存支付時間。

Our outlook for fiscal year 2025 reflects our prioritization of improving profitability and delivering meaningful free cash flow. Our improved bottom line financials enable us to focus on innovation in a more strategic way. We remain optimistic about the investments we are making in our software and hardware innovation and also evolving our content offering. We look forward to sharing more about new product features and fitness experiences in upcoming quarters.

我們對 2025 財年的展望反映了我們優先考慮提高獲利能力和提供有意義的自由現金流。我們改善的財務底線使我們能夠以更具策略性的方式專注於創新。我們對我們在軟體和硬體創新以及不斷發展我們的內容產品所做的投資保持樂觀。我們期待在未來幾季分享更多有關新產品功能和健身體驗的資訊。

As we test new fitness and wellness offerings to meet our members' needs, we're allowing time to learn and iterate to ensure that our offerings have signals of strong product market fit before we scale them. As a result, our outlook does not assume subscriber growth from these new initiatives in fiscal 2025.

當我們測試新的健身和健康產品以滿足會員的需求時，我們會留出時間學習和迭代，以確保我們的產品在擴大規模之前具有強大的產品市場契合度。因此，我們的展望並未假設 2025 財年這些新措施會帶來用戶成長。

And with our cost structure better aligned to the current size of our business and a planned path to sustainable positive free cash flow, we now have a solid foundation in place that we can build upon to drive long-term profitable growth and shareholder value.

由於我們的成本結構更好地適應了我們當前的業務規模，並且計劃實現可持續的正自由現金流，我們現在已經奠定了堅實的基礎，可以在此基礎上推動長期盈利增長和股東價值。

And now, I'd like to turn it back to Chris for some closing remarks.

現在，我想請克里斯做一些結束語。

Thanks, Liz.

謝謝，莉茲。

As a global leader in fitness, Peloton enables our members all over the world to unlock their power to achieve their fitness and wellness goals and be part of a community who shares their passion. Our fitness experiences are delivered through the world's leading fitness experts, premium hardware and innovative software, a variety of ways to work out that include multiple content formats from instructor-led classes to scenic outdoor audio, gaming inspired and entertainment.

作為健身領域的全球領導者，Peloton 使我們世界各地的會員能夠釋放自己的力量來實現健身和健康目標，並成為分享熱情的社區的一部分。我們的健身體驗是透過世界領先的健身專家、優質硬體和創新軟體以及多種鍛鍊方式提供的，包括多種內容格式，從教練指導的課程到風景優美的戶外音訊、遊戲啟發和娛樂。

As we look forward together with our team of talented employees, we'll continue to blaze new trails with personalized fitness delivered anywhere consumers want to work out. Our goal is for Peloton to be the most trusted fitness companion whether at home, outside or at the gym. We want to be with our millions of members through every step of their fitness and wellness journey regardless of the destination.

展望未來，我們將與才華橫溢的員工團隊一起，繼續開拓新的道路，在消費者想要鍛鍊的任何地方提供個人化健身服務。我們的目標是讓 Peloton 成為最值得信賴的健身伴侶，無論是在家中、戶外或健身房。我們希望與數百萬會員一起完成健身和健康之旅的每一步，無論目的地如何。

Thank you for your time this morning, and we can now open the line for Q&A.

感謝您今天早上抽出時間，我們現在可以開通問答線。

(Operator Instructions) Douglas Anmuth, JPMorgan.

（操作員指令）Douglas Anmuth，摩根大通。

It's [Bryan Smilek] on for Doug. Just to start, last quarter, you had talked about the Connected Fitness market becoming closer to recovery. Can you just update us on the trajectory of return to growth across the industry and maybe what you're seeing on the macro side? And more specific for Peloton, what would be the one to two key growth initiatives that you're focused on for fiscal year '25?

道格的[布萊恩·斯邁萊克]上場了。首先，上個季度，您曾談到連網健身市場正變得更接近復甦。您能否向我們介紹一下整個產業恢復成長的軌跡以及您在宏觀方面看到的最新情況？更具體地說，對於 Peloton，您在 25 財年重點關注的一到兩項關鍵成長計畫是什麼？

Sure. So why don't I start off with kind of what we're seeing on the macro front. This is Liz. If we look at the overall Connected Fitness market, similar to what we talked about last quarter, our internal estimates that use third-party data indicate that the Connected Fitness category is still declining year over year post COVID.

當然。那麼，我為什麼不從我們在宏觀方面看到的情況開始呢？這是莉茲。如果我們看一下整個互聯健身市場，與我們上季度討論的情況類似，我們使用第三方數據進行的內部估計表明，互聯健身類別在新冠疫情之後仍在逐年下降。

We still see that those year-over-year declines have lessened dramatically since fiscal '22, and that does indicate that we are getting closer to an inflection point where the category could start growing again within the next few quarters. With that, in the short to medium term, we do expect softness in Connected Fitness hardware demand, given the category trends and also macroeconomic uncertainty.

我們仍然看到，自 22 財年以來，同比下降幅度已大幅縮小，這確實表明我們正在接近一個拐點，該類別可能會在未來幾季內再次開始成長。因此，考慮到品類趨勢和宏觀經濟的不確定性，中短期內，我們確實預期互聯健身硬體需求將會疲軟。

But over the long term, we do still really remain bullish on the growth potential for the Connected Fitness category. And we expect to grow our share of total fitness and wellness spending as we invest in product and content innovation and we evolve our marketing strategy.

但從長遠來看，我們仍然看好互聯健身類別的成長潛力。隨著我們對產品和內容創新的投資以及我們行銷策略的發展，我們預計會增加我們在健身和健康支出總額中的份額。

Yes. Let me build on that. This is Chris. I think some of the things to be excited about in the coming year, certainly, a bunch of what we shared today, a lot of innovation in software and in the overall experience with members. We talked about social features. We talked about personalization. We talked about gaming. It's very exciting to see those things start to come to life.

是的。讓我以此為基礎。這是克里斯。我認為來年有一些令人興奮的事情，當然，我們今天分享的一些內容，軟體方面的大量創新以及會員的整體體驗。我們討論了社交功能。我們討論了個性化。我們談論了遊戲。看到這些事情開始變得栩栩如生，真是令人興奮。

And then we have to always point to Tread. Tread remains an incredible opportunity underdeveloped for Peloton. It's one of our highest potential growth levers. And so I think between those improvements in the experience, capitalizing on the Tread opportunity and then just becoming much more effective with our marketing investments, and in particular, targeting key audiences, new audiences like men and the Latinx population, those are some of the things we're excited about.

然後我們必須始終指向 Tread。對於 Peloton 來說，Tread 仍然是一個尚未開發的令人難以置信的機會。這是我們最具潛力的成長槓桿之一。因此，我認為，在體驗的這些改進之間，利用 Tread 機會，然後透過我們的行銷投資變得更加有效，特別是針對關鍵受眾、男性和拉丁裔人口等新受眾，這些是其中的一些我們感到興奮的事情。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

I want to come back to some of the comments you made during the prepared remarks. When you think about improving your LTV to CAC looking out over the next couple of years, what do you see as the key gating factors to improve LTV to CAC? And how are you thinking about which components of that are within your control versus an output of the broader either marketing or competitive environment generally?

我想回顧一下您在準備好的發言中發表的一些評論。當您考慮在未來幾年將 LTV 提高到 CAC 時，您認為將 LTV 提高到 CAC 的關鍵控制因素是什麼？您如何考慮其中哪些組成部分在您的控制範圍內，而不是更廣泛的營銷或競爭環境的輸出？

Yes. I mean I think -- this is Chris. I think you're seeing us continue to focus on that. In fact, we discussed last quarter how Lauren Weinberg jumped into the business here at Peloton and brought a really great eye to marketing spend, and we're already seeing some of the benefit of that.

是的。我的意思是我想——這是克里斯。我想你會看到我們繼續關注這一點。事實上，我們在上個季度討論了 Lauren Weinberg 如何進入 Peloton 的業務，並對行銷支出進行了真正的關注，我們已經看到了其中的一些好處。

So we shared today that our LTV-to-CAC ratio for the last quarter was 1.5x, and that's short of where we want to be, but it's a good improvement. And the way we're getting there is by being more focused on efficiency and on the parts of our business that we can have, I think, the most control.

因此，我們今天表示，上個季度的 LTV 與 CAC 比率為 1.5 倍，雖然低於我們想要的水平，但這是一個很好的進步。我認為，我們實現這一目標的方法是更加關注效率和我們可以擁有最大控制權的業務部分。

We talked today about shifting our focus away from that because -- from a marketing standpoint because we're busily taking the learnings from the last year and making that experience better. That creates an opportunity for us. So actually, it's both sides of the equation that are going to improve our LTV-to-CAC ratio.

我們今天談到將我們的注意力從這一點上轉移開，因為從行銷的角度來看，因為我們正忙於吸取去年的經驗教訓並改善這種體驗。這為我們創造了機會。所以實際上，等式的兩邊都會提高我們的 LTV 與 CAC 比率。

We're both seeing improvements in the financial foundation and our gross margin. That's going to help the LTV. And then we're just becoming far more effective with lower spend, fewer promotions, and that's having a positive impact on CAC.

我們都看到了財務基礎和毛利率的改善。這將對 LTV 有所幫助。然後，我們透過降低支出、減少促銷而變得更加高效，這對 CAC 產生了積極影響。

And I'll just build on the LTV piece. This is Karen. One of the things we're really focused on is improving our hardware margins. So in the Connected Fitness segment, hardware margins have come down significantly over the last couple of years, and we're working on restoring those. And that's going to look at both unit economics on our individual SKUs but also how we're approaching different markets and different channels.

我將在 LTV 部分的基礎上進行構建。這是凱倫。我們真正關注的事情之一是提高我們的硬體利潤。因此，在互聯健身領域，硬體利潤率在過去幾年中大幅下降，我們正在努力恢復這些利潤。這不僅要考慮我們各個 SKU 的單位經濟效益，還要考慮我們如何進入不同的市場和不同的管道。

So you're going to see us evaluating pricing. You're going to see us be a little less promotional, both the depth and the frequency. And we're just going to optimize that over time as well.

所以你會看到我們評估定價。你會發現我們的促銷力道減弱，無論是深度或頻率。隨著時間的推移，我們也會對其進行最佳化。

Yes. I just want to hit on the CAC point one more time. We -- as we've talked about, we've decreased our media spend because we are very focused on making sure that our media is being spent efficiently. And as Lauren and her team work on evolving our messaging and improving our channel strategy with regard to media, we'll start to see that manifest in lower CAC.

是的。我只是想再強調一下 CAC 的觀點。正如我們所討論的，我們減少了媒體支出，因為我們非常注重確保我們的媒體支出得到有效利用。隨著 Lauren 和她的團隊致力於發展我們的訊息傳遞並改進我們在媒體方面的管道策略，我們將開始在較低的 CAC 中看到這一點。

And so for now, we've pulled back on marketing spend as we optimize some of that. And when we see the efficiency, we will lean into it and spend more, our LTV-to-CAC ratios improve. And so Lauren's really focused on efficiency in the lower funnel and then -- and also improve engagement with our marketing and to drive that -- to drive on the LTV side.

因此，目前，我們在優化其中一些行銷支出的同時，已經縮減了行銷支出。當我們看到效率時，我們會投入更多資金，我們的 LTV 與 CAC 比率會提高。因此，勞倫真正關注的是下漏斗的效率，然後 - 並提高與我們行銷的互動並推動這一點 - 推動 LTV 方面。

Nathan Feather, Morgan Stanley.

內森費瑟，摩根士丹利。

Congrats on the progress. Thinking about the subscriber decline that you're looking at in fiscal '25, can you help us think the key components between the lower marketing spend, the macro stoppage of the bike rental program, et cetera? And then is the bike rental program something that you may expect to toggle on and off depending on the level of used inventory?

祝賀取得的進展。考慮到您在 25 財年看到的訂戶數量下降，您能否幫助我們思考行銷支出減少、自行車租賃計畫宏觀停止等之間的關鍵因素？那麼，您是否希望根據已使用庫存的水平來開啟和關閉自行車租賃計劃？

Why don't I start with just some of the overall subscriber trends? Because I do think that harkens back to where we were coming out of the pandemic. We saw sales slow down. And it's easier now to see what was happening, but I do think there was that pull forward.

為什麼我不從一些整體訂閱者趨勢開始呢？因為我確實認為這讓人回想起我們剛剛擺脫大流行的情況。我們看到銷售放緩。現在更容易看到發生了什麼，但我確實認為存在這種推動力。

So I think we've -- we believe that we're coming out of it, but we don't quite know if we're all the way out of it. So there's that, and there's the macro that is hard to discern. So there's certainly some of those trends when you think about the subscribers and maybe having pulled some of those forward. So that's certainly one of the things going on.

所以我認為我們相信我們正在擺脫困境，但我們不太知道我們是否已經完全擺脫困境。就是這樣，還有一個很難辨別的宏觀。因此，當您考慮訂閱者時，肯定會出現一些趨勢，並可能推動其中一些趨勢的發展。這肯定是正在發生的事情之一。

Yes, for sure. That's true on the macro front. But again, some of it is decisions that we have made that we are going to focus on sustainable, profitable growth. And we're not going to spend inefficiently to acquire unprofitable subscribers. And so we have pulled back, and that's the decision that we made to reduce our marketing spend there.

是的，當然。在宏觀方面也是如此。但同樣，我們已經做出了一些決定，即我們將專注於可持續、盈利的成長。我們不會低效地花錢去拿無利可圖的訂戶。所以我們已經撤退了，這就是我們做出的減少行銷支出的決定。

The other thing I do want to point out, you mentioned rental, and that is a factor. As we looked at our bike rental program for the original bike, we've talked about this in the past that the economics are great when we have refurbished inventory but are challenged when we are having to supply that program with new inventory.

我想指出的另一件事是，你提到了租金，這是一個因素。當我們查看原始自行車的自行車租賃計劃時，我們過去曾談到過，當我們翻新庫存時，經濟效益很好，但當我們必須為該計劃提供新庫存時，就會面臨挑戰。

And as our inventory has come down, we determined the right thing to do financially for us was to just -- to cease that program, and that will have some impact, although we are starting to see some benefits with more people taking Bike+. But it will have some impact intentionally as we're using the refurbished inventory just for refurbished sales right now.

隨著我們的庫存下降，我們認為在財務上對我們來說正確的做法就是停止該計劃，這將會產生一些影響，儘管我們開始看到更多人使用 Bike+ 帶來的一些好處。但這會有意產生一些影響，因為我們現在只使用翻新庫存來進行翻新銷售。

So -- and your question about toggling rental on and off, at this point, we don't see that happening because our return rates are still quite low. And the way that we replenish the inventory for our refurbished program is primarily through people who return their bikes through the 30-day home trial. And since that's so low, we don't expect to have a huge amount of inventory.

因此，您關於切換租金的問題，目前我們還沒有看到這種情況發生，因為我們的回報率仍然很低。我們為翻新計劃補充庫存的方式主要是透過 30 天的家庭試用歸還自行車的人。由於這個水平如此之低，我們預計不會有大量庫存。

So our plan for now is to just use that to supply the refurbished original bike program and then not to return to rental. But we may, at some point, decide to change our minds on that, but that's where we are for now.

因此，我們現在的計劃是僅使用它來提供翻新的原始自行車計劃，然後不再返回租賃。但我們可能會在某個時候決定改變主意，但這就是我們目前的處境。

We do still plan to keep the Bike+ program for rental in place. The economics work quite well for us there, both with refurbished and new inventory. And so we have no plans to eliminate that program at any point at this time.

我們仍然計劃保留 Bike+ 租賃計劃。無論是翻新庫存還是新庫存，經濟對我們來說都運作良好。因此，我們目前沒有計劃取消該計劃。

Ron Josey, Citi.

羅恩喬西，花旗銀行。

Two, please. Maybe a bigger picture and guidance talks about potential change in pricing overall. I wanted to see if there's any changes as you think about subscription pricing or is it just hardware, meaning subscriptions around peers as newer products come out like the strength app or Tread adoption? Any insights on pricing for subs? It's question one.

請兩位。也許更大的前景和指導會討論整體定價的潛在變化。我想看看您在考慮訂閱定價時是否有任何變化，或者只是硬件，這意味著隨著新產品的出現，例如強度應用程式或 Tread 採用，同行的訂閱？關於潛水艇的定價有什麼見解嗎？這是問題一。

And then, Liz, I want to understand a little bit more of your comments on churn. Picked up year over year in the quarter, understand seasonality here, though I think you also have expected to remain high going forward. So any insights on what's keeping that churn as high as it is relative to historical would be helpful.

然後，Liz，我想更多地了解您對客戶流失的評論。本季度同比有所回升，請了解這裡的季節性，儘管我認為您也預計未來將保持在較高水平。因此，任何關於是什麼讓客戶流失率保持在歷史最高水平的見解都會有所幫助。

Sure. So I'll take the sub one. We are looking at all of the pricing across the business. There are no plans right now to increase our subscription price. We do think it's a great value.

當然。所以我就選副一。我們正在研究整個企業的所有定價。目前沒有計劃提高我們的訂閱價格。我們確實認為這是一個很大的價值。

And as we do deliver more value with some of these experiences we're talking about, something we might consider in the future. But at this point, we don't have any plans for that.

當我們確實透過我們正在談論的一些體驗提供更多價值時，我們將來可能會考慮這一點。但目前我們還沒有任何計劃。

On the hardware pricing front, it's easier to think about what we might do in certain markets, especially where the penetration of third parties such as international is more significant. There are certain markets where we're entirely third-party distributors, and so the margins there need to be a little bit higher to support those.

在硬體定價方面，更容易考慮我們在某些​​市場可能會做什麼，特別是在國際等第三方滲透率更顯著的地方。在某些市場，我們完全是第三方經銷商，因此那裡的利潤需要更高一點來支持這些市場。

So again, that reflects our -- looking at the unit economics across all products and across all channels. Right now, the subscription margins are quite good. It's the hardware margins that are a little more challenged. So it doesn't mean that we won't ever entertain a subscription price increase, but it's not something that we're planning for any time in the immediate future.

這再次反映了我們對所有產品和所有通路的單位經濟效益的檢視。目前，認購利潤率相當不錯。硬體利潤面臨更大的挑戰。因此，這並不意味著我們永遠不會接受訂閱價格上漲，但這不是我們在不久的將來的任何時間的計劃。

Sure. And then I'll take the churn question. So at a high level, our business continues to benefit from really strong retention rates. We still have a relatively low churn. It was around 1.9% in Q4. And I did mention that it will likely be in the -- around the 1.9% range for Q1, which is an uptick year over year.

當然。然後我將回答流失問題。因此，從高水準來看，我們的業務繼續受益於非常高的保留率。我們的客戶流失率仍然相對較低。第四季約為 1.9%。我確實提到，第一季的成長率可能會在 1.9% 左右，這是逐年上升的。

In Q1 of last year, we benefited from a number of members unpausing their subscriptions following an elevated pause rate as a result of the seat post recall that we had in Q4 of fiscal 2023. When we compare year-over-year churn rates, this creates a headwind for us this year because of last year, we had that onetime benefit. That's about half of the year-over-year increase in churn is coming from that.

去年第一季度，由於我們在 2023 財年第四季度召回席位，導致暫停率上升，許多會員取消了訂閱，這讓我們受益匪淺。 ，因為去年我們獲得了一次性的好處。流失率年增率的大約一半來自於此。

We're also seeing a slight impact from worsening churn rates, and then we do see some mix shift into our higher churn populations, namely our secondary market subscribers, which we've talked about, they do have a slightly higher churn rate than those who purchase outright from via first-party or third-party channels and then also slightly -- the higher churn rates that we do see from our bike rental program.

我們也看到了流失率惡化的輕微影響，然後我們確實看到一些混合轉移到我們的較高流失人群中，即我們已經討論過的二級市場訂戶，他們的流失率確實比那些用戶略高他們透過第一方或第三方管道直接購買，然後還有一點——我們確實從自行車租賃計劃中看到了更高的流失率。

Arpine Kocharyan, UBS.

阿爾平‧科恰良 (Arpine Kocharyan)，瑞銀集團。

Could you go back to your kind of underlying assumption for Connected Fitness subs for 2025, and maybe kind of dissect how much of that decline is increasing churn versus addition of new subscribers? And then just one housekeeping question. In terms of Q4, could you clarify a contribution from lulu deal?

您能否回到對 2025 年 Connected Fitness 訂閱者的基本假設，也許可以剖析一下這種下降有多少是由於流失率的增加與新訂閱者的增加而造成的？然後只有一個家政問題。就第四季度而言，您能否澄清一下 lulu 交易的貢獻？

I missed the last part of your question. Q4 from what was that?

我錯過了你問題的最後一部分。 Q4 那是什麼？

From lulu deal? lululemon deal?

來自露露交易？露露檸檬交易？

Oh, lululemon, sure. So we don't actually share externally any information about the revenue that we get from our lululemon deal. We've shared it somewhat in the past. It's remained pretty constant and consistent. We aren't seeing any -- we're seeing really good retention rates from the lululemon members, and so we're pleased with that.

哦，露露檸檬，當然。因此，我們實際上不會對外分享任何有關我們從 lululemon 交易中獲得的收入的資訊。我們過去曾分享過一些內容。它保持相當穩定和一致。我們沒有看到任何 - 我們看到 lululemon 會員的保留率非常高，所以我們對此感到滿意。

Your question about underlying subs for 2025, it's really hard to break out the factors into -- in a way that we compete and parse them for you, how much is this and how much is macro, how much are certain different things. But I do want to really just kind of circle back to the fact that there are some macroeconomic factors at play. There's still some COVID impact at play that we are -- we believe is really tapering off this year and hopefully, by next year, will be -- won't be a factor for us anymore.

你關於 2025 年基礎潛艇的問題，真的很難將這些因素分解為——以我們為你競爭和解析它們的方式，這有多少，有多少是宏觀的，有多少是某些不同的東西。但我確實想回到這樣一個事實：有一些宏觀經濟因素在起作用。新冠疫情的影響仍在發揮作用，我們相信今年這種影響確實會逐漸減弱，希望到明年，這種影響將不再成為我們的一個因素。

But some of the things are really related to decisions that we are making about the business that where we -- and we also are leaving -- if you look at our guidance for fiscal '25 for subscribers -- it does suggest that we are going to be declining in subscribers, and the range is pretty broad. And the reason for that is that as we evolve our strategy over the course of the fiscal year, we may make changes to pricing. Karen alluded to some things that we're thinking about there.

但有些事情確實與我們正在做出的有關業務的決策有關，如果您查看我們對訂閱者的 25 財年指導，我們也將離開該業務，這確實表明我們將要離開訂戶數量正在下降，而且範圍相當廣泛。原因是，隨著我們在本財年中製定策略，我們可能會對定價做出改變。凱倫提到了我們正在考慮的一些事情。

We're evolving our promotional strategies and that we may also pull other levers to achieve our financial targets. And so all of those things may affect how our gross additions flow in. We also see a lot of opportunities for some of the things that Chris was talking about, not only to potentially drive subscriber growth, but also to improve engagement, which could also result in an improvement in our churn rate. And so examples of where we expect to see that could be our beta test and some of the new products and content offerings and then also just as we evolve our member marketing strategy.

我們正在改進我們的促銷策略，我們也可能會利用其他手段來實現我們的財務目標。因此，所有這些因素都可能會影響我們的總增量流入方式。提高我們的客戶流失率。因此，我們期望看到的例子可能是我們的 Beta 測試以及一些新產品和內容產品，然後也是我們發展會員行銷策略時的例子。

However, we need to learn how our members are going to respond to these offerings, and the timing of when we might see some of the impact from those efforts on churn is uncertain. So it's really hard for me to parse out how those different things are going to manifest over the fiscal year.

然而，我們需要了解我們的會員將如何應對這些產品，並且我們何時會看到這些努力對客戶流失產生一些影響尚不確定。因此，我真的很難分析出這些不同的事情在本財年將如何反映。

But we really do feel good about the range that we provided. And it does suggest that in fiscal '25, our ability to grow subscribers remains unlikely, although we're going to work on improving that over the course of the year as we go.

但我們確實對我們提供的範圍感到滿意。這確實表明，在 25 財年，我們增加訂戶的能力仍然不太可能，儘管我們將在這一年中努力改進這一點。

Lee Horowitz, Deutsche Bank.

李‧霍洛維茨，德意志銀行。

Great. 2025 has clearly become a year where you rightsize the cost structure and get the business to a healthy profitable base. But looking forward, how do you think about how much white space is actually left in the Connected Fitness market for Peloton to attack? And how may that view on sort of the ability to attack the overall market inform the attributes you're looking for in your next CEO?

偉大的。 2025 年顯然是調整成本結構並使業務建立健康獲利基礎的一年。但展望未來，您如何看待 Connected Fitness 市場實際上還剩下多少空白空間可供 Peloton 進攻？這種對攻擊整個市場的能力的看法如何影響您在下一任執行長中尋找的特質？

And then maybe one on gross margin. Can you help us unpack sort of the meaningful Connected Fitness gross margin improvements that you were looking for in 2025 a bit more? How are you planning to affect that outcome in 2025? And how much more room do you think there is to sort of rightsize that cost structure on product gross margins going forward sort of absent any benefits you may get from this?

然後也許是毛利率。您能否協助我們了解您希望在 2025 年實現的 Connected Fitness 毛利率的大幅提升？您計劃如何在 2025 年影響這項結果？您認為在沒有從中獲得任何好處的情況下，未來還有多少空間可以調整產品毛利率的成本結構？

Okay. There's a lot there. Let's start with what we're -- the white space and what we're excited about. I'd say there are still a lot of people who think about us as a bike and/or cardio company. So I think that is white space. I think we have 16 modalities, but not everyone knows all the modalities we have.

好的。那裡有很多東西。讓我們從我們的本質開始——空白和我們興奮的事情。我想說仍然有很多人認為我們是自行車和/或有氧運動公司。所以我認為那是空白。我認為我們有 16 種模式，但並不是每個人都知道我們擁有的所有模式。

We're really excited about Tread and running, both from the selling more Treads, but also the content, the experiences and run clubs and social features that we're thinking about. We're really bullish on strength. I think there's so much of a movement towards strength. I think people understand the science behind it and why it's important. It is the number two modality for us, but I still think there's a lot of people who come for the cardio and then understand the strength.

我們對 Tread 和跑步感到非常興奮，不僅是因為銷售了更多的 Treads，還因為我們正在考慮的內容、體驗、跑步俱樂部和社交功能。我們確實看好實力。我認為有很多向力量邁進的運動。我認為人們了解背後的科學原理以及其重要性。這是我們的第二大方式，但我仍然認為有很多人來參加有氧運動，然後了解其強度。

We're not yet known for strength. So I think you'll see with the beta tests we're having, with other things, we're planning to make sure that's better understood and more well known. I think you'll see that as more of a white space for us in the future with new members and even kind of going deeper with our existing members.

我們還沒有以實力聞名。因此，我認為您將透過我們正在進行的 Beta 測試以及其他事情看到，我們計劃確保更好地理解並更廣為人知。我想你會發現這對我們未來的新成員來說是更多的空白，甚至是與我們現有成員的進一步深入。

And then I think there's more we can do just with broadening beyond just fitness over time. These are things that will test and beta and make sure they're working before we scale them and invest a lot of money behind them. But I think there's an incredible amount of white space over time for us, both in the US and in our international markets.

然後我認為隨著時間的推移，除了健身之外，我們還可以做更多的事情。這些東西將進行測試和測試，並確保它們在我們擴展它們並投入大量資金之前發揮作用。但我認為，隨著時間的推移，無論是在美國還是在國際市場上，我們都存在著令人難以置信的空白空間。

With international specifically, we're very focused on reducing the losses there in our go-to-market strategy. So it's more capital-light. But as we kind of optimize the current market, we'll be able to go into additional markets. So I do believe there's a lot of white space over time.

特別是在國際市場，我們非常注重減少市場進入策略的損失。所以它更輕資本。但當我們優化當前市場時，我們將能夠進入其他市場。所以我確實相信隨著時間的推移會有很多空白。

Yes. And the things that Karen is talking about, strength, Tread, even our efforts to become more focused in marketing where we build up demand before we try to deliver it via promotions, et cetera, all these things are made possible because we're putting the company on solid financial footing.

是的。凱倫所說的事情，力量，Tread，甚至我們更加專注於行銷的努力，在我們嘗試透過促銷等方式提供需求之前，我們建立了需求，所有這些事情都成為可能，因為我們把公司財務基礎雄厚。

So we say in our remarks, we're planting the seeds here for growth. And some of these seeds will take some time. We've got to change that perception that it's only about the bike that it's actually also about strength.

所以我們在演講中說，我們在這裡播下成長的種子。其中一些種子需要一些時間。我們必須改變這種觀念：自行車只與自行車有關，實際上也與力量有關。

In fact, strength is our second most popular way of exercising with Peloton. It's also about running and we're doing some very cool stuff around Pace Targets and running content. So those are efforts that are -- we're very excited about and we think create lots of white space for Peloton, but it will take time to develop.

事實上，力量是我們在 Peloton 中第二受歡迎的鍛鍊方式。這也與跑步有關，我們正在圍繞配速目標和跑步內容做一些非常酷的事情。因此，我們對這些努力感到非常興奮，我們認為可以為 Peloton 創造大量空白，但這需要時間來發展。

On the margin front, so first of all, we are expecting substantial improvement in our Connected Fitness gross margins in fiscal '25. One of the reasons for that are the fact that we are not expecting to have the inventory write-off in reserves that have -- we've been challenged with in the past.

在利潤率方面，首先，我們預計 25 財年的 Connected Fitness 毛利率將大幅改善。原因之一是我們不希望在儲備中進行庫存沖銷，而我們過去曾面臨過這樣的挑戰。

We've much more -- or much more rightsized on our inventory, and we're going to continue to lean on making that more and more efficient over time so that we can reduce our data on hand and just have a much more efficient supply chain going forward. We also talked about the fact that we are focused on pricing and also on reducing the amount of promotional activity that we have in the year. Those things directly affect our gross margins.

我們的庫存有更多，或者說更合理，隨著時間的推移，我們將繼續致力於使庫存變得越來越高效，以便我們可以減少手頭上的數據，並擁有更有效率的供應鏈向前推進。我們還談到了這樣一個事實，即我們專注於定價以及減少今年的促銷活動數量。這些事情直接影響我們的毛利率。

And then in terms of how high can it get, I'm not going to throw out a specific target for you. But our goal would be to get our Connected Fitness margins back into the low, at least the low double-digit range and then continue to -- yes, and then continue to improve it over time.

至於能達到多高，我不會給你一個具體的目標。但我們的目標是讓我們的 Connected Fitness 利潤率回到低水平，至少是兩位數的低水平，然後繼續——是的，然後隨著時間的推移繼續提高。

Another thing, it's worth pointing out is that some of our marketing messaging in the past has really been focused on promotions. And we are moving away from that to really focus on the full value proposition of what you get with Peloton and your overall membership as part of our messaging. And the goal there is, again, to make it less about promotions and more about the value of Peloton over time.

值得指出的另一件事是，我們過去的一些行銷訊息實際上專注於促銷。我們正在擺脫這一點，真正關注您透過 Peloton 獲得的全部價值主張以及您的整體會員資格，作為我們訊息傳遞的一部分。我們的目標是減少促銷，而更專注於 Peloton 隨著時間的推移的價值。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究。

I'm not sure if you addressed what you're looking for in the next year. If you could please comment on that, that would be great. And then the second thing is these new initiatives that you are talking about, as the new CEO comes in, how could the strategy change potentially because that it may depend on him or her a little bit as well. And as it stands now, which -- if you were to put it in a spectrum, which one do you -- which top two strategies do you think will have the most impact in the near to midterm?

我不確定您是否解決了明年的需求。如果您能對此發表評論，那就太好了。第二件事是你正在談論的這些新舉措，隨著新執行長的上任，策略可能會發生怎樣的變化，因為這也可能在某種程度上取決於他或她。就目前情況而言，如果您將其放在一個範圍內，您認為哪兩個策略將在近期到中期產生最大影響？

Sure. So I'll take the CEO question. As I said in my prepared remarks, this is a very high priority for us. We've been very focused on it. We are far along in the process. We've done a lot of vetting, a lot of conversations. And we've narrowed it down to some very highly qualified candidates.

當然。那我將回答執行長的問題。正如我在準備好的發言中所說，這對我們來說是一個非常重要的優先事項。我們一直非常關注它。我們在這個過程中已經走得很遠了。我們做了很多審查、很多對話。我們已經將範圍縮小到一些非常合格的候選人。

That said, we're not done until we're done because we're pretty far along on candidates, we're not going to go through the specific profiles, but I would say we're just really excited about the process and the interest that there has been and the quality of the candidates we're talking to. So I'm not going to give specifics on what we're looking for.

也就是說，在我們完成之前我們還沒有完成，因為我們在候選人方面已經取得了很大的進展，我們不會詳細介紹具體的個人資料，但我想說我們對這個過程和結果感到非常興奮人們對我們的興趣以及我們正在交談的候選人的素質。所以我不會詳細說明我們正在尋找什麼。

Again, we have some very specific folks in mind at this point. But that person will absolutely opine and weigh in on the strategy. I think some of the things we're doing right now are intentionally something like a subscription price increase. That is a one-way door we probably wouldn't go through without a new CEO as an example.

同樣，我們此時考慮的是一些非常具體的人。但那個人絕對會發表意見並權衡該策略。我認為我們現在正在做的一些事情是有意的，例如提高訂閱價格。如果沒有新任執行長作為例子，我們可能不會通過這一單向門。

But the things we're doing now and the things we're focused on in the very near term, all the things we're talking about today are what I would consider sort of no-brainers. We're being more judicious with our spend both on marketing, which we've talked about, but really up and down the P&L.

但我們現在正在做的事情以及我們近期關注的事情，我們今天談論的所有事情都是我認為不需要動腦子的事情。我們在行銷方面的支出更加明智，我們已經討論過這一點，但實際上是在損益表上上下浮動。

And we're making sure that our unit economics and our margins make sense and that can -- those things fund CAC and future growth in the future. And we're planting the seeds with what we think are some really exciting content and offerings for all of our members, new members and existing members alike. So I think we're focused on that, and I think the new CEO coming in will pick right back up, and we won't miss a beat.

我們正在確保我們的單位經濟效益和利潤率有意義，並且可以——這些東西為 CAC 和未來的成長提供資金。我們正在為所有會員、新會員和現有會員播下我們認為真正令人興奮的內容和產品的種子。所以我認為我們專注於這一點，我認為新上任的執行長將立即恢復活力，我們不會錯過任何一個機會。

Totally. And Karen and I like to talk about preparing the way for the next leader and making some of the smart moves now that we can make to create the best possible environment. So getting the company on solid financial footing, planting seeds for growth. These are -- becoming more effective in how we're using our resources, especially in marketing and then creating demand and in helping Peloton become known for things like strength and Tread and running. These are the important things. So we see that as preparing the environment. And we think that, that's just going to create a great runway for the next leader.

完全。凱倫和我喜歡談論為下一任領導者準備道路，並採取一些我們現在可以採取的明智舉措來創造最好的環境。因此，讓公司擁有堅實的財務基礎，播下成長的種子。這些是——在我們如何利用我們的資源方面變得更加有效，特別是在行銷方面，然後創造需求，並幫助 Peloton 因力量、胎面和跑步等方面而聞名。這些都是重要的事情。所以我們認為這是準備環境。我們認為，這將為下一任領導者創造一個良好的跑道。

Thank you. I would now like to turn the call over to Karen Boone for closing remarks.

謝謝。我現在想將電話轉給凱倫·布恩 (Karen Boone) 致閉幕詞。

Okay. Thank you for the time today. I do want to stress that the entire Board is highly focused on the CEO search, and we do hope to have some news to share there in the very near term. In the meantime, Chris and I and the entire leadership team are highly focused on what we can control.

好的。謝謝你今天的時間。我確實想強調，整個董事會都高度關注執行長的搜尋，我們確實希望在短期內有一些消息可以分享。同時，克里斯和我以及整個領導團隊都高度關注我們可以控制的事情。

We're executing against our restructuring plan, and we're delivering those expense reductions. And we talked a lot about media efficiency today, but I do want to stress that we're looking at further optimizing our spend up and down the P&L, including on hardware gross margins and ensuring our unit economics work in all of our markets and in all of our channels.

我們正在執行我們的重組計劃，並且我們正在實現這些費用削減。今天我們談論了很多關於媒體效率​​的問題，但我確實想強調，我們正在考慮進一步優化損益表上下的支出，包括硬體毛利率，並確保我們的單位經濟效益在我們所有的市場和地區發揮作用。我們所有的頻道。

And we're also very focused on working capital efficiency to deliver the inventory reductions. And importantly, we are making investments for future growth where we will test and learn before scaling the spend. We're excited about the opportunity with Tread, the work we're doing to lean into strength, both with content and delivery formats and with new community features and additional experiences on the come for both existing and new members.

我們也非常注重營運資金效率，以減少庫存。重要的是，我們正在為未來的成長進行投資，在擴大支出之前我們將進行測試和學習。我們對與 Tread 合作的機會感到很興奮，我們正在做的工作是為了增強實力，無論是內容和交付格式，還是新的社群功能以及為現有和新會員提供的額外體驗。

I do want to thank our amazing instructors and the many talented employees who bring the magic of Peloton to our millions of members day in and day out. And I should probably underpromise here, but I am excited to say that I do believe you will be speaking to and hearing from the new CEO of Peloton on this call next quarter. Thank you.

我確實要感謝我們出色的教練和眾多才華橫溢的員工，他們日復一日地將 Peloton 的魔力帶給我們數百萬會員。我可能應該在這裡做出承諾，但我很高興地說，我相信您將在下個季度的電話會議上與 Peloton 新任執行長交談並聽取他的意見。謝謝。

This concludes today's program. Thank you all for participating. You may now disconnect.

今天的節目到此結束。感謝大家的參與。您現在可以斷開連線。