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。（操作人員指示）請注意，今天的會議正在錄音。

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.

現在我謹將會議交給各位發言人，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.

謝謝接線生。早安，歡迎參加 Peloton 2024 財年第四季電話會議。今天參加電話會議的有 Peloton 董事會成員兼臨時聯合執行長 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.

我們對貴方問題的評論和答覆僅反映管理層截至今日的觀點，其中將包含與我們業務相關的、根據聯邦證券法屬於前瞻性陳述的聲明。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聲明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，請參閱我們向美國證券交易委員會提交的文件和今天致股東的信，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財務指標的調節表。

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

現在我將把電話交給臨時聯席執行長凱倫·布恩。

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，感謝各位今天收看我們的節目。在討論第四季業績之前，我想先簡單談談執行長的過渡過程，因為這無疑是我們最關心的問題，我們也相信股東們同樣關心這個問題。

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.

執行長的遴選工作正在順利進行中。我們收到了不少諮詢，在一家領先的獵人頭公司的幫助下，我們一直在篩選一群優秀的合格候選人。我們的候選人名單正在縮小範圍。然而，目前我們無法推測 Peloton 的下一任 CEO 何時上任。我們專注於快速推進，但我們的首要任務是為 Peloton 的下一個篇章找到合適的領導者，並期待在完成這項重要流程後宣布這一消息。

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，我和克里斯與 Peloton 強大的領導團隊合作，繼續在幾個關鍵戰略重點方面取得進展，其中包括調整我們的成本結構以適應我們目前的業務規模，從而提高盈利能力並實現有意義的自由現金流，而無需增長即可實現這一目標；以及對創新進行戰略性投資，從而在長期內實現可持續的盈利增長。這包括軟體和硬體開發，以提供新的健身體驗，改進我們的內容產品，並完善我們的行銷策略，我們今天將對此進行更詳細的討論。

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 月份，我們成功完成了資產負債表的再融資，實現了去槓桿化和延長到期日的目標，並以合理的資本成本獲得了更靈活的條款。透過這項綜合交易，我們減少了約 2 億美元的債務，並將平均到期日延長至 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.

我們的再融資定價具有競爭力，且認購額遠超預期，反映出投資人的強勁需求。總而言之，我們對所獲得的巨大支持以及投資者界對 Peloton 未來投下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.

鑑於目前已奠定了堅實的基礎，並預期每年都能帶來有意義的、可持續的現金流，我們正在探索如何最好地部署多餘的現金，作為整體資本配置策略的一部分，以隨著時間的推移降低資產負債表的槓桿率。上個季度，我們重點討論瞭如何透過產生自由現金流，使公司走上穩固的財務道路，並推動公司實現可持續的獲利成長。Liz 將在後續的第四季度業績報告中詳細討論，該報告表明我們在實現這些財務目標方面持續取得進展，連續第二個季度實現了正的自由現金流和調整後 EBITDA，這是我們在過去幾年中未能實現的。

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.

我們正著力提升獲利能力，以支持我們在軟體、硬體和內容方面的投資，從而改善會員體驗。我們對我們富有創意的路線圖充滿熱情。但是，在證明產品與市場契合之前，我們將謹慎使用行銷資金，並且鑑於消費者背景和宏觀環境的不確定性，我們將繼續對行銷支出保持謹慎。目前，我們正在優化商業模式，為未來的成長播下種子。我們將逐步擴大這些投資規模，以確保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.

我們正在不斷學習和優化的一項成長舉措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，初步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持續吸引越來越多的用戶，我們很高興地看到用戶留存率持續提高，第四季度租賃服務的平均淨月付費訂閱流失率同比下降了 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.

我們之前已經分享過，利用翻新庫存的能力對於我們在美國和加拿大的原創自行車租賃業務實現可持續的單位經濟效益至關重要。由於我們的翻新庫存水準下降，我們已沒有足夠的庫存來支持原有的自行車租賃計劃，因此我們從 8 月 1 日起停止了這項服務。自那時起，我們看到其他迎合注重成本的消費者的產品的銷售率有所提高，包括我們的 Bike+ 租賃計劃、翻新原廠自行車的直接銷售以及我們為購買新自行車提供的 0% 首付融資優惠。這些替代方案比我們原有的自行車租賃方案具有更強的單位經濟效益，預付現金更多，客戶留存率也更高。

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.

我們也會繼續探索能夠擴大業務範圍並實現獲利成長的合作夥伴關係。我們仍然對與 lululemon 的內容授權協議感到滿意，根據該協議，lululemon 工作室會員可以在他們的 Mirror 產品上享受 Peloton 的內容。此次合作為 lululemon 工作室會員帶來了極佳的體驗，持續低流失率便證明了這一點，同時也為 Peloton 帶來了增量訂閱收入和增值毛利率。

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.

基於我們迄今為止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協議，將在美國、英國、加拿大和澳洲提供豐富的 Peloton 課程。Fitbit 將透過 Fitbit 應用程式向其高度活躍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.

就硬體業務而言，我們正致力於提高高端互聯健身產品的毛利率。我們很高興看到在北美和國際市場上引入並拓展了第三方分銷管道，但我們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型、折扣策略以及我們投放媒體資金的方式。我們預計，由於這些努力，2025 財年互聯健身業務的毛利率將持續提高。

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 的持續轉型進展感到滿意，該公司在本季度實現了強勁的同比增長，部分原因是關鍵產品的推出，包括 2024 財年推出的下一代有氧運動控制台和新的力量訓練產品。Precor 的獲利能力也不斷提升，毛利率較去年同期大幅成長，營運費用也有所降低。

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

現在我將把電話交給克里斯，他將介紹我們的行銷策略和產品開發的最新情況。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.

謝謝你，凱倫。正如凱倫所說，我們專注於以可持續、有利可圖的方式管理業務。因此，我想談談這如何體現在我們的銷售和行銷方法中。

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.

我們在 5 月宣布了一項 2 億美元的成本重組計劃，Liz 很快就會提供最新進展。該計劃包括削減銷售和行銷某些領域的成本，例如降低品牌和創意支出、透過減少展廳面積來降低零售費用以及減少員工人數。然而，這項 2 億美元的成本重組計畫並未包括任何媒體支出削減。

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.

第四季度，我們透過減少媒體支出，實現了比去年同期更大的成本節約。我們將繼續優化 2025 財年的媒體投資，以提高效率，這對我們來說是一項重要的優先事項。雖然我們第四季的客戶終身價值與客戶獲取成本比率為 1.5 倍，與去年第四季相比有了顯著改善，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.

我們還有更多的工作要做。這些努力為公司獲利帶來了額外的成長，我們在第四季度將銷售和行銷總支出減少了 2,600 萬美元，比去年同期減少了 19%。我們也看到了一些早期跡象，表明我們透過行銷接觸男性的方式正在產生共鳴。本季度，我們看到男性對力量訓練和自行車計畫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，即客戶選擇直接從前所有者購買二手 Peloton 硬體。二級市場是我們重要的訂閱用戶來源，並持續為我們帶來穩定的付費連網健身訂閱用戶成長，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.

我們認為這些訂閱用戶中有相當一部分是新增用戶，而且他們的淨流失率和租賃訂閱用戶比例較低。儘管這些二級市場銷售並非來自 Peloton 自有通路或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 聞名遐邇的高品質入職體驗。

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，我們將在美國和加拿大推出一項新的一次性二手設備啟用費 95 美元。對於 Peloton Bike 和 Bike+ 的購買者，我們提供虛擬客製化服務，讓會員從第一次騎乘開始就能最大限度地發揮自行車的性能。

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.

尤其對於這些訂閱用戶來說，需要特別指出的是，他們還可以存取其二手硬體的歷史記錄摘要。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。我們將繼續重視這項重要管道，並尋找更多方法來改善新會員的體驗。例如，向新會員提供關於我們所提供的各種健身方式以及我們的教練提供的許多系列課程和計畫的早期教育。

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.

值得一提的是，這筆活化費將為我們帶來額外的收入和毛利，有助於支持我們對改善會員健身體驗的投資。

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Tread業務。發展 Tread 仍然是我們的首要任務，我想藉此機會向大家報告我們的進展。由於我們在 2024 財年重新推出了價格更高的 Tread+，我們跑步機產品組合的互聯健身收入在第四季度同比增長了 42%。Tread+ 持續提供一流的跑步體驗，激發會員的熱情，其淨推薦值高達 76 分，在我們所有連網健身產品中位列第一。

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.

為了支持我們的跑步機發展，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，這是一項新服務，可以針對個人化強度等級進行指導，作為跑步機速度的替代方案。我們已經看到，我們的競技跑者在重複使用配速目標後，都給予了正面的回饋。

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.

我們也於六月全球跑步日推出了半程馬拉松訓練計畫。此次新增內容擴展了我們的賽事訓練服務，自 2019 年該系列賽事首次推出以來，已幫助超過 30 萬名會員進行賽事訓練。

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.

在尼克·考德威爾的領導下，我們產品團隊的軟體創新速度正在加速。第四季度，我們推出了尋找好友的功能，這增強了我們平台在排行榜上的社群建立潛力。新會員和潛在會員現在可以使用「尋找朋友」功能與他們現有的社交網路建立聯繫。這項功能以及其他即將推出的社交功能旨在透過社區為基礎的自然激勵來增強會員體驗。

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.

敬請關注，我們將陸續推出一些備受期待的社交功能，例如私人群組和挑戰賽。我們預計這些社交功能將隨著時間的推移促進會員留存和自然增長。

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.

除了社交功能外，我們最近還宣布了平台上實驗性軟體功能開發的公開測試版，包括個人化計畫、Strength+ 應用以及更多遊戲化鍛鍊。個人化計畫旨在幫助會員制定符合其特定目標和需求的健身計畫。我們將在 Peloton 應用上測試這項新功能。

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+ 應用程式可讓我們測試一種新的力量訓練內容形式，其中包含教練指導的鍛鍊計劃，可在健身房環境中進行，並配有專業的教練音訊指導。透過遊戲化的訓練，我們正在測試實驗性的騎乘體驗，旨在鼓勵在虛擬訓練環境中進行社交互動。我們將對這些軟體開發專案進行測試、學習和迭代，並期待與大家分享更多關於這些以及其他預計將在 2025 財年接下來幾個季度推出的基於軟體的未來發展項目的資訊。

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.

我們對全新的軟體驅動型體驗充滿信心。儘管我們一直熱衷於軟體創新，但我們以講師為主導的課程內容才是我們業務的核心。展望未來，我們將以新的方式運用教師的豐富專業知識。我們將尋求邀請嘉賓和潛在的新教練來完善團隊，以找到合適的人才來達到我們極高的標準。

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，我們邀請了兩位優秀的健身教練來德國指導我們，並得到了會員的正面回饋。其中一位是經驗豐富的健身教練艾琳·凱默，另一位是美國職業自行車手克里斯蒂安·范德維爾德。毫無疑問，我們的教練與會員之間的聯繫和真誠是我們如今競爭優勢的重要組成部分。我們將與這些傑出的運動員並肩合作，不斷改進我們的內容產品，並以創新方式服務我們的會員。

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，就在本週二，我們宣布新增了三個娛樂合作夥伴，現在可以透過我們的互聯健身平台存取：AMC+、Kindle 和 DIRECTV。我們還推出了一項名為「Just Guidance」的新功能，該功能允許會員在享受自己喜歡的娛樂內容的同時，跟隨教練制定的鍛煉計劃。

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

現在，莉茲將帶領我們回顧財務表現。

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，我想談談我們與五月上次財報電話會議上宣布的成本重組計劃的進展。

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.

我們在實現到 2025 財年末節省超過 2 億美元年度成本的目標方面取得了實質進展，本季已節省約 1,500 萬美元成本。在節省的成本中，約有 1,100 萬美元來自薪資支出削減，其餘 400 萬美元則來自其他非薪資支出節省。

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.

我們仍有望在本財政年度結束前實現 2 億美元的年度成本節約目標。我們還希望透過削減不屬於重組計劃的媒體支出來進一步提高效率，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看看第四季的業績。本季末，我們的付費連網健身用戶數量為 298 萬，較上季淨減少 7.5 萬。由於第一方、第三方零售和二級市場通路的毛新增量高於預期，因此這一數字超過了我們預期範圍的上限。平均每月淨付費連網健身訂閱流失率為 1.9%，與內部預期一致，較去年同期上升約 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.

第四季末，我們的付費應用程式訂閱用戶數為 61.5 萬，較上一季淨減少 59,000。這一結果超過了我們預期範圍的上限，主要得益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%。雖然第四季度我們的客戶流失率季減了約 80 個基點，但由於與某個特定企業健康客戶相關的訂閱用戶沒有續約，我們預計該季度的客戶流失率仍將保持在較高水平。

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 Chris 之前討論的那樣，我們將繼續投資於應用程式的新內容和功能，重點是增強我們的力量內容提供、個人化和社交功能。在我們開發這些增強功能的同時（我們相信隨著時間的推移，這些功能將顯著改善我們的整體應用程式體驗），為了最大限度地提高我們的媒體效率，我們目前正在減少用於支援付費應用程式訂閱增長的媒體支出。

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%.

該季度總收入為 6.44 億美元，其中互聯健身業務收入為 2.12 億美元，訂閱業務收入為 4.31 億美元。總收入略高於我們先前預測的 6.18 億美元至 6.43 億美元範圍的上限，年增 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%，高於我們預期範圍的上限。我們的互聯健身業務毛利率為 8.3%，高於我們內部預期。其中包括因庫存過剩和退貨而提列的 1,070 萬美元庫存減損損失。剔除庫存減損和一次性銷售成本項目的影響，調整後的連網健身業務毛利率為 10.2%，比去年同期成長超過 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.

第四季總營運支出（包括重組和減損支出）為 3.75 億美元，去年同期為 4.27 億美元。與去年同期相比，銷售和行銷費用減少了 2,600 萬美元，反映出媒體、零售展廳以及品牌和創意方面的支出減少。

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.

與去年同期相比，研發費用減少了 280 萬美元，主要原因是業務營運、產品開發和研究成本的降低。一般及行政費用較上年同期增加 2,300 萬美元，主要原因是與執行長過渡相關的股權激勵費用增加，部分被折舊和攤提費用減少所抵銷。

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 萬美元為非現金費用。非現金支出主要源自於與互聯健身資產相關的減損損失。現金支出主要源自於因沖銷和遣散費提列而產生的 350 萬美元遣散費和其他人事成本收益，部分被與退出和處置成本以及專業費用相關的 310 萬美元抵銷。

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，比去年同期成長 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 財年第二季以來首次取得這樣的成績。

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.

本季末，我們持有6.98億美元的非限制性現金及現金等價物。我們還擁有 1 億美元的循環信貸額度，但至今尚未動用。整體而言，我們第四季的業績反映了我們在互聯健身領域的持續領先地位、訂閱業務的強勁表現，以及我們在重組成本結構方面取得的巨大進步。

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，我想介紹我們對 2025 年第一季和全年財務前景的看法。我們對 2025 財年第一季（截至 2025 年 1 月 31 日）付費互聯健身訂閱的預期反映了基於​​多種因素的硬體銷售額年減。

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淡季，因為消費者在夏季會將可自由支配的支出轉向旅遊和運動用品等類別。受宏觀經濟環境不確定性的影響，我們預期銷售仍將面臨持續的不利因素。

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，我們的銷售展望反映了我們所做的一些決定，我們預計這些決定將對本季度的硬體銷售產生影響。我們逐年減少銷售和行銷支出，同時繼續專注於優化媒體支出。

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，我們也決定減少本季的促銷活動。正如 Karen 之前提到的，由於翻新自行車庫存有限，我們決定從 8 月 1 日起不再提供原版自行車的租賃服務。

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.

雖然我們沒有提供關於平均每月淨付費互聯健身用戶流失的具體指導，但我們預計我們的流失率將與 2024 財年第四季相對相似。我們第一季的付費應用程式訂閱預期反映了由於季節性因素導致新增用戶數量預計將較上季下降，以及平均每月付費訂閱用戶流失率較上季改善。由於企業健康付費應用程式訂閱用戶群趨於穩定，我們預期用戶流失率將逐季改善。

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.

我們第一季的營收預期反映了這些硬體銷售和訂閱趨勢的影響，以及我們為提高獲利能力所做的商業決策。由於季節性因素導致訂閱業務佔比上升，我們預計第一季總毛利率將較上季成長。我們也預期第一季調整後 EBITDA 將年比大幅改善，主要原因是銷售和行銷費用降低以及我們 2 億美元成本削減計畫的持續進展。

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.

我們對 2025 財年的全年業績預期反映了硬體銷售額將逐年下降的預期，以及平均每月付費聯網健身用戶流失率將繼續逐年小幅增長並遵循我們歷史上的季節性模式的預期。我們對付費互聯健身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.

在本財年期間，我們將繼續改善我們的策略，其中可能包括價格、促銷策略以及我們為實現財務目標而可能採取的其他措施的潛在變化。這些領域的任何變化都可能影響我們本財年付費互聯健身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，這可能會改善我們 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，透過產品和內容創新以及不斷改進行銷策略，我們可以提高用戶參與度，但何時才能開始看到這些努力產生實質影響尚不確定。

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預測反映出，其年比數據在中點有所下降。我們決定減少對應用程式的媒體投入，同時投資於產品創新，以改善會員體驗並降低用戶流失率。

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 財年的重點是實現關鍵財務業績，包括營收、毛利率和調整後 EBITDA。我們優先考慮這些指標，同時努力實現自由現金流。

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.

我們對收入的預期受到以下因素的限制：我們能否有效增加付費互聯健身和應用程式訂閱用戶數量存在不確定性，包括我們對新舉措的投資在本財年內不會帶來任何訂閱用戶增長，以及宏觀經濟前景的不確定性。

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.

由於互聯健身業務毛利率的擴大以及收入結構向訂閱業務的轉變，預計毛利率將逐年提高。我們調整後的 EBITDA 預期為 2 億美元至 2.5 億美元，這反映了盈利能力的持續改善，主要得益於毛利率的擴大、我們預期將根據先前宣布的成本重組計劃實現的運營成本節約，以及同比媒體支出的下降。

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.

我們也預計全年將實現至少 7,500 萬美元的可觀自由現金流。值得注意的是，由於我們需要為第二季假日季儲備庫存，因此預計第一季自由現金流為負值，這是因為庫存付款的時間表需要調整。

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 財年的展望體現了我們優先提高獲利能力和實現可觀自由現金流的策略。財務狀況的改善使我們能夠以更具策略性的方式專注於創新。我們對在軟體和硬體創新方面的投資以及內容產品的不斷發展仍然保持樂觀。我們期待在接下來的幾季與大家分享更多關於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.

為了測試新的健身和健康服務以滿足會員的需求，我們留出時間進行學習和迭代，以確保我們的服務在規模化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這些新措施會在 2025 財年帶來用戶成長。

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.

隨著我們的成本結構與公司目前的規模更加匹配，以及實現可持續正自由現金流的計劃，我們現在已經擁有了堅實的基礎，可以以此為基礎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，我想把麥克風交還給克里斯，讓他做些總結發言。

Thanks, Liz.

謝謝你，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.

身為全球健身領域的領導者，Peloton 讓世界各地的會員能夠釋放自身潛能，實​​現健身和健康目標，並成為擁有共同熱情的社群的一份子。我們的健身體驗由世界領先的健身專家、優質硬體和創新軟體提供，涵蓋多種鍛鍊方式，包括多種內容形式，從教練指導的課程到風景優美的戶外音訊、遊戲靈感和娛樂。

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，我們將與我們才華橫溢的員工團隊一起，繼續開拓創新，為消費者提供隨時隨地都能進行的個人化健身服務。我們的目標是讓 Peloton 成為最值得信賴的健身夥伴，無論是在家中、戶外或健身房。我們希望陪伴數百萬會員走過健身和健康之旅的每一步，無論他們的目標是什麼。

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

感謝您今天上午抽出時間，現在我們可以開始問答環節了。

(Operator Instructions) Douglas Anmuth, JPMorgan.

（操作說明）道格拉斯·安穆斯，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?

布萊恩·斯邁萊克將代替道格上場。首先，上個季度您曾談到互聯健身市場正在逐步復甦。能否簡單介紹一下整個產業的成長恢復軌跡，以及您在宏觀層面觀察到的情況？具體到 Peloton，在 2025 財年，你們重點關注的一到兩項關鍵成長舉措是什麼？

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，不如我先從宏觀層面來看我們目前看到的情況開始。這是莉茲。如果我們縱觀整個互聯健身市場，就像我們上個季度討論的那樣，我們使用第三方數據進行的內部估算表明，在新冠疫情之後，互聯健身類別仍然逐年下降。

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 2022 財年以來，這些同比下降的幅度已經大幅減少，這表明我們正接近一個拐點，該類別可能會在未來幾個季度內再次開始成長。有鑑於此，短期至中期內，考慮到品類趨勢和宏觀經濟的不確定性，我們預期互聯健身硬體的需求將趨於疲軟。

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，我們仍然非常看好互聯健身領域的成長潛力。我們預計，隨著我們對產品和內容創新進行投資，以及我們不斷改進行銷策略，我們在健身和健康總支出中所佔的份額將會成長。

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。讓我在此基礎上繼續說下去。這是克里斯。我認為來年有很多值得期待的事情，當然，包括我們今天分享的許多內容，軟體方面的許多創新以及與會員的整體體驗。我們討論了社交功能。我們討論了個人化問題。我們聊了遊戲。看到這些事物開始栩栩如生地呈現出來，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，跑步仍然是一個尚未充分開發的巨大機會。這是我們最具潛力的成長槓桿之一。因此，我認為，在體驗的改進、利用 Tread 的機會以及提高行銷投資的有效性之間，特別是針對關鍵受眾群體和新受眾群體（如男性和拉丁裔人口），這些都是我們感到興奮的事情。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

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?

我想回到您在事先準備好的演講稿中提出的一些意見。展望未來幾年，當您考慮如何提高客戶終身價值 (LTV) 與客戶獲取成本 (CAC) 的比值時，您認為提高 LTV 與 CAC 比率的關鍵限制因素是什麼？您認為哪些因素在您的控制範圍內，哪些因素是更廣泛的行銷或競爭環境的結果？

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，我覺得──這是克里斯。我想你們可以看到我們將繼續專注於此。事實上，我們上個季度討論過 Lauren Weinberg 如何加入 Peloton 公司，並帶來了對行銷支出的敏銳眼光，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.

今天我們分享了上個季度的客戶終身價值與客戶獲取成本比率為 1.5 倍，雖然低於我們預期的目標，但這已經是一個很大的進步。而我們實現這一目標的方式是更加重視效率，以及我們能夠最大程度掌控的業務部分。

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.

我們今天討論了將重點從那件事上轉移開來，因為——從行銷的角度來看，我們正在忙於吸取去年的經驗教訓，並努力改善用戶體驗。這為我們創造了機會。所以實際上，等式的兩邊都會改善我們的 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.

我們雙方都看到財務基礎和毛利率有所改善。這將有助於提高車輛總價值。然後，我們就能以更低的支出和更少的促銷活動獲得更高的效率，這對客戶獲取成本 (CAC) 產生了正面的影響。

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.

我將繼續深入探討 LTV 這部分內容。這是凱倫。我們目前重點關注的事情之一是提高硬體利潤率。因此，在互聯健身領域，硬體利潤在過去幾年大幅下降，我們正在努力恢復這些利潤。這將檢視我們各個 SKU 的單位經濟效益，以及我們如何開拓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.

所以接下來你們會看到我們對價格進行評估。你會發現我們的宣傳力道和頻率都會降低。我們也會隨著時間的推移不斷優化這一點。

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。我只想再強調一下 CAC 這一點。正如我們之前討論過的，我們減少了媒體支出，因為我們非常注重確保媒體支出得到有效利用。隨著 Lauren 和她的團隊不斷改進我們的資訊傳遞方式和媒體管道策略，我們將開始看到這些改進體現在更低的客戶獲取成本 (CAC) 上。

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，目前我們已削減了行銷支出，同時對其中的一些方面進行最佳化。當我們看到效率提升時，我們會增加投入，提高客戶終身價值與客戶獲取成本比率，進而改善客戶終身價值與客戶獲取成本比率。因此，Lauren 非常注重提高銷售漏斗下部的效率，然後——以及提高我們行銷的參與度，並以此來推動 LTV 的提升。

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?

恭喜你取得進展。考慮到您在 2025 財年面臨的用戶數量下降問題，您能否幫助我們分析一下導致用戶數量下降的關鍵因素，例如行銷支出減少、自行車租賃計劃的全面停止等等？那麼，自行車租賃計畫是否會根據二手車庫存水準而隨時開啟或關閉呢？

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.

我先從一些整體訂閱用戶趨勢說起吧？因為我認為這可以追溯到我們走出疫情時的處境。我們發現銷售成長放緩。現在更容易看清當時發生的事情，但我確實認為當時有一種向前推進的動力。

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.

所以我覺得我們已經——我們相信我們正在走出困境，但我們還不太確定是否已經完全走出困境。所以，一方面是這樣，另一方面是難以辨別的宏觀因素。所以，當你考慮到訂閱用戶以及可能已經提前吸引了其中一些用戶時，肯定會發現一些這樣的趨勢。所以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。從宏觀層面來看，情況確實如此。但話說回來，其中一些是我們已經做出的決定，我們將專注於可持續的、盈利的成長。我們不會浪費資源去獲取不獲利的用戶。因此，我們撤回了投資，這就是我們決定減少在該地區行銷支出的原因。

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.

另外我想指出的是，你提到了租房，這也是一個需要考慮的因素。當我們審視最初的自行車租賃計劃時，我們過去曾討論過，當我們擁有翻新庫存時，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.

隨著庫存減少，我們認為在財務上對我們來說正確的做法是停止該計劃，這將產生一些影響，儘管我們開始看到一些好處，越來越多的人參加了 Bike+ 計劃。但這會有意地產生一些影響，因為我們目前只將翻新庫存用於翻新產品銷售。

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.

所以—關於您提出的開啟和關閉租賃功能的問題，目前我們還沒有看到這種情況發生，因為我們的退貨率仍然很低。我們翻新計畫的庫存補充方式主要是透過人們在 30 天家庭試用期內退回自行車的方式來實現的。由於庫存量很低，我們預計不會有大量的庫存。

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.

所以我們目前的計劃是，只用這筆錢來供應翻新的原廠自行車項目，然後不再恢復租賃業務。但我們或許會在某個時候改變主意，但目前我們就是這樣。

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+ 自行車租賃項目。無論是翻新庫存還是新庫存，我們在那裡的經濟效益都相當不錯。因此，我們目前沒有任何計劃取消該項目。

Ron Josey, Citi.

Ron Josey，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.

請給我兩個。或許更宏觀的視角和指導意見會談到整體定價的潛在變化。我想了解一下，隨著像是力量訓練應用或跑步機等新產品的推出，訂閱價格是否會發生變化，或者這只是硬體方面的問題，例如同行之間的訂閱價格差異？關於訂閱價格有什麼見解嗎？這是第一個問題。

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.

莉茲，我還想更深入了解你對客戶流失的看法。本季同比有所增長，雖然考慮到季節性因素，但我認為你們也預期未來會保持高位。因此，任何關於是什麼原因導致目前客戶流失率相對於歷史水準如此之高的觀點都將很有幫助。

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。所以我選那個重低音。我們正在審查公司所有業務的定價。目前我們沒有提高訂閱價格的方案。我們認為它物超所值。

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.

而且，隨著我們透過我們正在討論的某些體驗提供更多價值，我們未來可能會考慮這些體驗。但目前我們還沒有任何這方面的計畫。

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，我們更容易考慮在某些市場（尤其是第三方（如國際）滲透率較高的市場）所採取的措施。在某些市場，我們完全是第三方分銷商，因此那裡的利潤率需要更高一些才能維持營運。

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.

所以，這又反映了我們──檢視所有產品和所有通路的單位經濟效益。目前訂閱利潤率相當不錯。硬體利潤率面臨的挑戰更大一些。所以這並不意味著我們永遠不會考慮提高訂閱價格，但這並不是我們近期內會考慮的事情。

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。接下來我將回答客戶流失率的問題。因此，從總體上看，我們的業務繼續受益於非常高的客戶留存率。我們的客戶流失率仍然相對較低。第四季約為1.9%。我確實提到過，第一季可能會在 1.9% 左右，比去年同期有所增長。

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 財年第四季度進行了座椅桿召回，導致暫停訂閱率上升，之後許多會員恢復了訂閱，我們從中受益。當我們比較同比客戶流失率時，由於去年我們有了那次一次性的優惠，這給我們今年帶來了不利影響。這大約佔同比客戶流失率成長的一半。

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.

我們也看到流失率惡化帶來了一些影響，而且我們看到一些群體組成發生了變化，流失率較高的群體，特別是我們的二級市場訂閱用戶，我們已經討論過，他們的流失率確實比透過第一方或第三方管道直接購買的用戶略高，此外，我們的自行車租賃計劃的流失率也略高。

Arpine Kocharyan, UBS.

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?

您能否回到您對 2025 年互聯健身訂閱用戶的基本假設，並分析一下這種下降有多少是由於用戶流失增加，又有多少是由於新增訂閱用戶？最後還有一個家事的問題。關於第四季度，您能否說明一下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 指的是什麼？

From lulu deal? lululemon deal?

來自 Lulu 的優惠？lululemon優惠？

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，lululemon，當然可以。所以，我們實際上不會對外透露我們從與lululemon的合作中獲得的收入資訊。我們過去也曾略有提及。它一直保持著相當穩定和一致的狀態。我們沒有看到任何問題——lululemon 會員的留存率非常好，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.

關於您提出的 2025 年基礎子項的問題，真的很難將各種因素分解開來——我們無法為您分析和分析這些因素，其中有多少是具體因素，有多少是宏觀因素，有多少是其他不同的因素。但我確實想再次強調，有一些宏觀經濟因素在運作。雖然新冠疫情的影響仍然存在，但我們相信它在今年會逐漸減弱，希望到明年，它就不會再對我們造成影響了。

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業務決策有關，我們——以及我們正在離開的地方——如果你看看我們對 2025 財年訂閱用戶的指導意見——它確實表明我們的訂閱用戶數量將會下降，而且下降幅度相當大。原因在於，隨著我們在本財年內不斷調整策略，我們可能會對定價進行調整。凱倫提到的一些事情，正是我們正在考慮的。

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.

我們正在不斷改進促銷策略，也可能採取其他措施來實現我們的財務目標。因此，所有這些因素都可能影響我們的總收入流入。我們也看到了克里斯所談到的一些事情所帶來的許多機會，不僅可以潛在地推動訂閱用戶成長，還可以提高用戶參與度，這也有可能改善我們的用戶流失率。因此，我們預計這種情況可能會出現在我們的 beta 測試、一些新產品和內容產品，以及我們不斷發展的會員行銷策略中。

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.

但是，我們需要了解我們的會員將如何回應這些舉措，以及何時才能看到這些舉措對降低客戶流失率產生一些影響，目前尚不確定。因此，我很難弄清楚這些不同的因素將在本財年內如何反映出來。

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.

但我們對所提供的產品範圍確實感到滿意。這表明，在 2025 財年，我們增加用戶數量的能力仍然不太可能，儘管我們將在這一年中努力改善這種情況。

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?

太好了。 2025年顯然是調整成本結構、使企業達到健康獲利水準的關鍵一年。但展望未來，您認為 Peloton 在互聯健身市場還有多少空白領域可以開拓？那麼，這種對開拓整體市場能力的看法，又會如何影響你對下一任CEO的品質要求呢？

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?

然後或許可以再討論一下毛利率。您能否更詳細地解釋一下您在 2025 年期望實現的互聯健身業務毛利率的顯著提升？您打算如何影響2025年的結果？那麼，在不考慮任何潛在收益的情況下，您認為未來在產品毛利率方面還有多少空間來調整成本結構呢？

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。讓我們先從我們是什麼開始——空白領域以及我們興奮的事物。我認為仍然有很多人把我們看作是一家自行車和/或有氧運動器材公司。所以我認為這是留白。我認為我們有 16 種治療模式，但並非每個人都知道我們擁有的所有治療模式。

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 和跑步運動感到非常興奮，不僅因為能賣出更多 Tread，還因為我們正在考慮的內容、體驗、跑步俱樂部和社交功能。我們非常看好強勢股。我認為現在有一種追求強大的趨勢。我認為人們理解其中的科學原理以及為何它如此重要。對我們來說，這是第二大訓練方式，但我仍然認為很多人最初是為了做有氧運動而來，然後才了解到肌力訓練的重要性。

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.

我們目前還不以實力著稱。所以我認為，透過我們正在進行的beta測試以及其他一些事情，我們計劃確保這一點能得到更好的理解和更廣泛的宣傳。我認為你會看到，未來我們會在這方面有更大的發展空間，既可以發展新成員，也可以與現有成員進行更深入的交流。

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.

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。這些項目需要經過測試和推廣，確保它們能夠正常運行，然後再進行規模化生產並投入大量資金。但我認為，隨著時間的推移，無論是在美國還是在我們的國際市場上，我們都還有巨大的發展空間。

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.

尤其是在國際市場，我們非常注重在市場進入策略中減少損失。所以它對資本的要求更低。但隨著我們對現有市場進行最佳化，我們將能夠進入更多市場。所以我相信隨著時間的推移，會有很多空白期。

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。Karen 所說的那些事情，例如實力、Tread，甚至我們在行銷方面更加重視培養需求，然後再透過促銷等方式來滿足需求，所有這些都是因為我們讓公司擁有了穩固的財務基礎。

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，我們在這裡播下發展的種子。有些種子需要一段時間才能發芽。我們必須改變這種看法，認為自行車運動只是關乎自行車本身，實際上它也關乎力量。

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，肌力訓練是我們使用 Peloton 進行鍛鍊的第二大最受歡迎的方式。它也與跑步有關，我們正在圍繞配速目標和跑步內容做一些非常酷的事情。所以，這些努力——我們對此感到非常興奮，我們認為它們為 Peloton 創造了很大的發展空間，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 2025 財年互聯健身業務的毛利率將大幅提高。其中一個原因是，我們預期不會像過去那樣，在儲備金中出現庫存減損。

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.

我們的庫存規模已經大大縮小，或者說更合理，我們將繼續努力提高庫存效率，以便減少庫存數據，並在未來建立更有效率的供應鏈。我們也討論了我們專注於定價以及減少年度促銷活動數量的問題。這些因素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.

至於它能達到多高，我不會為你設定一個具體的目標。但我們的目標是讓互聯健身業務的利潤率回到較低的水平，至少達到兩位數的低水平，然後繼續——是的，然後隨著時間的推移繼續提高利潤率。

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.

還有一點值得指出，那就是我們過去的一些行銷訊息確實側重於促銷活動。我們正在轉變思路，真正專注於您透過 Peloton 獲得的全部價值主張以及您的整體會員資格，並將此作為我們訊息傳遞的一部分。而其目標，再次強調，是要減少促銷活動，更專注於 Peloton 的長期價值。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，Wolfe Research。

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?

我不確定你是否已經明確了你對來年的目標。如果您能就此發表意見，那就太好了。其次，您提到的這些新舉措，隨著新任執行長的上任，策略可能會發生怎樣的變化？因為這在某種程度上也可能取決於他或她。就目前情況而言，如果要將其置於一個連續光譜上，你認為哪兩項策略在中短期內會產生最大的影響？

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。那我就來回答CEO的問題吧。正如我在事先準備好的發言稿中所說，這對我們來說是頭等大事。我們一直非常關注這件事。我們已經取得了很大進展。我們做了大量的審查工作，進行了多次對話。我們已經篩選出了一些非常優秀的候選人。

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.

話雖如此，不到最後一刻我們不會罷休，因為我們對候選人的篩選已經進行到相當深入的階段了。我們不會詳細介紹特定的候選人資料，但我想說的是，我們對整個過程、大家的關注度以及我們正在接觸的候選人的素質都感到非常興奮。所以我不會具體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.

目前我們已經有了非常具體的人選。但這個人肯定會對策略發表意見和看法。我認為我們目前正在做的一些事情，例如提高訂閱價格，是故意的。如果沒有新的執行長作為例證，我們可能不會走這條單行道。

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，以及我們在近期內關注的事情，我們今天談論的所有事情，在我看來都是不言而喻的。我們現在更加謹慎地控制支出，不僅包括我們已經討論過的行銷支出，還包括損益表上的其他支出。

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合理，而這些可以——這些可以為未來的客戶獲取成本和成長提供資金。我們正在播下種子，為所有會員，包括新會員和現有會員，提供一些我們認為非常令人興奮的內容和服務。所以我覺得我們現在專注於此，而且我認為新上任的執行長會迅速恢復正常，我們不會耽誤任何工作。

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。我和凱倫喜歡​​討論如何為下一任領導者做好準備，以及現在我們可以採取哪些明智的措施來創造盡可能最好的環境。因此，要讓公司走上穩固的財務基礎，為未來的發展播下種子。這些目標是——提高我們利用資源的方式，尤其是在行銷方面，從而創造需求，並幫助 Peloton 以力量訓練、跑步機等運動而聞名。這些才是重要的事。所以我們認為這是在為環境做準備。我們認為，這將為下一任領導人創造良好的發展環境。

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

謝謝。現在我謹將電話交給凱倫‧布恩，請她作總結發言。

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。感謝您今天抽出時間。我想強調的是，整個董事會都高度重視執行長的遴選工作，我們希望在不久的將來能與大家分享一些消息。同時，克里斯、我和整個領導團隊都高度專注於我們能夠控制的事情。

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.

我們正在執行重組計劃，並實現了削減開支的目標。今天我們談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各個環節的支出，包括硬體毛利率，並確保我們的單位經濟效益在所有市場和所有管道都能發揮作用。

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.

同時，我們也非常注重提高營運資金效率，以實現庫存減少的目標。更重要的是，我們正在為未來的成長進行投資，在擴大投入規模之前，我們會先進行測試和學習。我們對與 Tread 的合作機會感到興奮，我們正在努力發揮自身優勢，包括內容和交付形式，以及即將為現有和新成員推出的新社群功能和更多體驗。

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.

我衷心感謝我們優秀的教練和許多才華橫溢的員工，他們日復一日地為數百萬會員帶來 Peloton 的魅力。我可能不應該在這裡做出太多承諾，但我很高興地說，我相信你們將在下個季度的電話會議上與 Peloton 的新 CEO 進行對話並聽到他的發言。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了。