Pelephone 專注於現金流產生和創新策略投資，以推動長期成長。他們在關鍵指標上超越了第一季的指導，具有強勁的獲利能力和自由現金流。
Peloton 預計在 2025 財政年度結束時節省超過 2 億美元的成本，重點是減少開支和提高獲利能力。該公司正在調整第二季和 2025 財年的媒體支出和訂閱前景。
兩家公司都專注於提高參與度、會員體驗和永續成長，其中領導層變動和國際擴張是關鍵優先事項。
使用警語：中文譯文來源為 Google 翻譯，僅供參考，實際內容請以英文原文為主
Unidentified Participant
Unidentified Participant
Cash flow generation.
現金流的產生。
And third can to make strategic investments in innovation to enable Pelephone to return to top line growth in the long term.
第三，可以對創新進行策略性投資，使 Pelephone 能夠恢復長期的營收成長。
This includes product development in both software and hardware features, refining our marketing strategy to attract new audiences as well as evolving our content offering to deliver more diversified, engaging fitness experiences.
這包括軟體和硬體功能的產品開發，完善我們的行銷策略以吸引新受眾，以及發展我們的內容以提供更多樣化、更具吸引力的健身體驗。
We believe these efforts will delight our current members and attract new ones to our strong and loyal community.
我們相信這些努力將使我們現有的會員感到高興，並吸引新會員加入我們強大而忠誠的社區。
Our Q1 results were strong, exceeding our guidance on all key metrics, which Les will discuss in greater detail.
我們第一季的業績強勁，超越了我們對所有關鍵指標的指導，萊斯將更詳細地討論這些指標。
Progress on cost reduction efforts are reflected in our profitability metrics.
降低成本工作的進展反映在我們的獲利指標中。
We are proud to report Q1 results, which include 13 million of GAAP operating income of $11 million of free cash flow and $116 million of adjusted EBITDA.
我們很自豪地報告第一季業績，其中包括 1,300 萬美元的 GAAP 營業收入、1,100 萬美元的自由現金流和 1.16 億美元的調整後 EBITDA。
Our results also highlight the continued strength of our category leading Connected Fitness subscription business, which had over 6 million loyal members, 2.9 million Connected Fitness subscribers, 582,000 as subscribers and over $1.7 billion of annualized subscription revenue was 68%.
我們的業績也凸顯了我們領先的Connected Fitness 訂閱業務的持續實力，該業務擁有超過600 萬忠實會員、290 萬Connected Fitness 訂閱者、582,000 名訂閱者，年化訂閱收入超過17 億美元，佔68% 。
Gross margins.
毛利率。
I am thrilled to see our cost reduction efforts materialize in our financial performance to date, and I must say the team has done an incredible job not only to deliver fit to exceed our goals that far and reducing costs.
我很高興看到我們削減成本的努力在迄今為止的財務表現中得以實現，我必須說，該團隊做了一項令人難以置信的工作，不僅提供了遠遠超出我們目標的配合，還降低了成本。
A key part of managing our business toward profitable growth in both ensuring all the subscribers we acquire are profitable and ensuring we have sustainable unit economics.
管理我們的業務以實現盈利成長的關鍵部分是確保我們獲得的所有訂戶都能獲利並確保我們擁有可持續的單位經濟效益。
We manage our business through a lens of LTV to SAC and have taken action to improve the areas that are in our immediate control on both the LTV and the cash side of the equation.
我們透過 SAC 的 LTV 視角來管理我們的業務，並已採取行動改善我們直接控制的 LTV 和現金方面的領域。
To enhance customer LTV.
提高客戶生命週期價值。
We are focused on expanding connected fitness products, gross margin across all of our products, sales channels and market, leading us to make certain pricing changes and reduced promotional activity.
我們專注於擴大互聯健身產品、所有產品的毛利率、銷售管道和市場，這導致我們做出某些定價變化並減少促銷活動。
In Q1, we are investing in marketing, product and content initiatives to drive engagement, which will improve subscriber growth and retention over the long term.
在第一季度，我們正在投資於行銷、產品和內容計劃，以提高參與度，從長遠來看，這將提高訂閱者的成長和保留率。
We also launched the used equipment activation fee, which increases the LTV for new customers who joined Peloton via the secondary market.
我們還推出了二手設備啟動費，這提高了透過二級市場加入 Peloton 的新客戶的 LTV。
Chris will talk in more detail about what we're doing to reduce our customer acquisition costs as well.
克里斯還將更詳細地談論我們正在採取哪些措施來降低客戶獲取成本。
Some of the pricing changes I mentioned were specific to our international business where we raised the prices for all of our byproduct in all international markets in the first quarter to expand connected fitness product gross margin.
我提到的一些定價變化是針對我們的國際業務的，我們在第一季提高了所有國際市場上所有副產品的價格，以擴大互聯健身產品的毛利率。
This is especially important in Germany, where we transitioned our operations to an entirely third party retail and distribution model.
這在德國尤其重要，我們將業務轉變為完全第三方的零售和分銷模式。
This means that while our first party website will remain live to serve as the brand awareness and product education platform, we are now directing traffic to third party retailers, namely Amazon and finish up for sale and fulfillment, Germany sales have outperformed our internal expectations following the third party transition.
這意味著，雖然我們的第一方網站將繼續作為品牌知名度和產品教育平台，但我們現在將流量引導至第三方零售商（即亞馬遜）並完成銷售和履行，德國的銷售表現超出了我們的內部預期第三方轉型。
We are optimistic that this channel strategy could provide a more capital efficient model to explore expansion into additional international markets over time.
我們樂觀地認為，隨著時間的推移，這種通路策略可以提供更具資本效率的模式，以探索向更多國際市場的擴張。
Paid Connected Fitness subscribers in our international markets grew 8% in Q1.
第一季度，我們國際市場的付費 Connected Fitness 用戶成長了 8%。
We remain bullish on international as a source for long-term growth based on the strong retention and engagement trends that near those in our North American business, we continue to optimize our sales channel strategy for stronger unit economics in our North American business as well.
基於接近北美業務的強勁保留率和參與度趨勢，我們仍然看好國際業務作為長期成長的來源，我們也將繼續優化我們的銷售通路策略，以增強北美業務的單位經濟效益。
In Q1, we continued our efforts to close underperforming first party retail stores.
第一季度，我們繼續努力關閉表現不佳的第一方零售店。
Next month, we will test the reimagined smaller store concept in Nashville, Tennessee to evaluate some more cost efficient retail model.
下個月，我們將在田納西州納許維爾測試重新構想的小型商店概念，以評估一些更具成本效益的零售模式。
We also expanded third party and online retail capabilities ahead of the all important holiday season.
我們還在重要的假期季節之前擴大了第三方和線上零售能力。
On our website.
在我們的網站上。
We launched an exciting partnership with true mid and early October, which makes it easier for qualified US-based customers to use pretax HSA or FSA to purchase telecom products.
我們與 true 十月中旬和上旬建立了令人興奮的合作夥伴關係，這使得合格的美國客戶可以更輕鬆地使用稅前 HSA 或 FSA 購買電信產品。
We are also pleased to announce that for the first time, the Peloton Bike plus will be available at Costco this holiday season with special pricing across 300.
我們也很高興地宣布，Peloton Bike plus 將於今年假期期間首次在 Costco 發售，特價 300 輛。
All of these changes position us well to capture the seasonally strong holiday demand with healthier unit economics, delivering stronger Connected Fitness, gross margin and free cash flow.
所有這些變化使我們能夠以更健康的單位經濟來捕捉季節性強勁的假期需求，從而提供更強勁的互聯健身、毛利率和自由現金流。
There's so much great work being done to optimize our channel and go-to-market strategies to improve our unit economics in gross margin and re-architect our cost structure.
我們正在做大量工作來優化我們的通路和進入市場策略，以提高我們的毛利率單位經濟效益並重新建構我們的成本結構。
All of us have may tell us on a more sustainable and profitable business limited better equipped to serve our members and grow our business over the long term.
我們所有人都可以告訴我們一個更永續、更有利可圖的業務有限公司，更好地為我們的會員服務並長期發展我們的業務。
I will now pass the call over to Chris, who will provide an update on our innovation efforts across marketing, product and content where we are making thoughtful investments to drive sustainable, profitable growth.
我現在將把電話轉給克里斯，他將介紹我們在行銷、產品和內容方面的創新工作的最新情況，我們正在這些方面進行深思熟慮的投資，以推動可持續的盈利增長。
Thanks, Karequn.
謝謝，卡倫昆。
As Kevin mentioned, we're focused on improving the efficiency of our customer acquisition.
正如凱文所提到的，我們專注於提高客戶獲取的效率。
Costs from this requires us to be strategic with our marketing campaigns that generate demand from target audiences and to be disciplined with our marketing spend.
由此產生的成本要求我們對行銷活動採取策略性措施，以產生目標受眾的需求，並嚴格控制行銷支出。
In that way, we reduced total sales and marketing expenses by 64 million or 44% year over year in Q1, primarily driven by historically low media spend in the quarter.
這樣，我們第一季的總銷售和行銷費用比去年同期減少了 6,400 萬美元，即 44%，這主要是由於該季度媒體支出處於歷史低點所致。
In fact, our Q1 was the lowest quarter immediate been since fiscal 2020 were four years ago.
事實上，我們的第一季是自四年前 2020 財年以來最低的季度。
We intentionally pulled back our media spend during Q1 because it is a seasonally low hardware sales period for us.
我們有意減少第一季的媒體支出，因為這對我們來說是季節性的硬體銷售低迷時期。
As we look ahead to the holiday season, we are already ramping of media spend to support demand generation ahead of this important time for hardware, sales and subscriber additions.
當我們展望假期時，我們已經在硬體、銷售和用戶增加的重要時刻之前增加媒體支出，以支持需求的產生。
Our go-to-market strategy continues to evolve with a balanced approach that creates demand among new growth audiences, coupled with improved efficiency in our short term conversion tactics.
我們的進入市場策略繼續以平衡的方式發展，在新的成長受眾中創造需求，同時提高我們的短期轉換策略的效率。
Today, two thirds of our members are women, so we see an opportunity to attract more demand deposits on through targeting and messaging that highlights the robust value of occult on membership.
如今，我們三分之二的會員是女性，因此我們看到了透過定位和訊息傳遞來吸引更多活期存款的機會，這些訊息強調了神秘學對會員的強大價值。
Further, we see an opportunity to grow our truck business.
此外，我們看到了發展卡車業務的機會。
Given our estimates that show the at-home treadmills market is more than twice the size of the at-home stationary bike market.
根據我們的估計，家用跑步機市場規模是家用固定自行車市場規模的兩倍以上。
Our goal is to build demand among core audiences and capture that demand during less frequent promotional moments.
我們的目標是在核心受眾中建立需求，並在不太頻繁的促銷時刻抓住這種需求。
While we are still in early days, we're encouraged by the signals that suggests these marketing strategies are working.
雖然我們仍處於早期階段，但我們對這些行銷策略正在發揮作用的訊號感到鼓舞。
In Q1, we saw a 9% year over year mix shifting hardware sales towards men with the highest shift in our tread portfolio.
在第一季度，我們看到硬體銷售年增 9%，轉向男性，其中我們的胎面產品組合變化最大。
All of these efforts will enable us to expand LTV to cap year over year, while refining and marketing approach to better support sustainable and profitable demand growth in the long term.
所有這些努力將使我們能夠逐年擴大生命週期價值，同時完善和行銷方法，以更好地支持長期可持續和盈利的需求成長。
While our LTV to cap ratio improved significantly in Q1 to 1.9 times was still slightly below our target of greater than two times during the period with historically low media spend as our media spend and promotional activity increase in Q2 to drive demand creation and conversion during the holiday shopping season.
雖然我們的生命週期價值與上限比率在第一季顯著提高至1.9 倍，但仍略低於我們在此期間超過兩倍的目標，媒體支出處於歷史低位，因為我們在第二季度的媒體支出和促銷活動增加，以推動需求創造和轉換。
It's worth noting that many of the customers acquired during Q to will not activated their subscription until Q3.
值得注意的是，許多在第一季獲得的客戶要到第三季才會啟動他們的訂閱。
As a result, there will be some quarterly swings in LTE to see a similar to what we've seen in prior years.
因此，LTE 的季度波動將會與前幾年類似。
We consistently evaluate the overall picture of LTV to cap on a full-year basis to informed decisions about quarterly media investments.
我們一致評估 LTV 的整體狀況，以設定全年上限，以便做出有關季度媒體投資的明智決策。
Now beyond our marketing efforts, product development plays a key role in driving long-term growth as well.
現在，除了我們的行銷工作之外，產品開發在推動長期成長方面也發揮著關鍵作用。
This includes both hardware and software innovation.
這包括硬體和軟體創新。
Recently, we launched a number of software updates that are designed to drive higher engagement from our members by offering alternative workouts, a greater level of personalization and more social engagement on our platform.
最近，我們推出了一系列軟體更新，旨在透過在我們的平台上提供替代鍛鍊、更高水準的個人化和更多社交參與來提高會員的參與度。
While we are encouraged by early results, all of these software updates are still in an early test phase, and we expect some of the software initiatives to be more effective than others.
雖然我們對早期結果感到鼓舞，但所有這些軟體更新仍處於早期測試階段，我們預計某些軟體計劃將比其他計劃更有效。
Our development approach prioritizes getting early versions to market sooner so that we can test how customers respond and iterate accordingly.
我們的開發方法優先考慮將早期版本更快地推向市場，以便我們可以測試客戶的反應並進行相應的迭代。
This allows us to be nimble, scaling investments up or down with the results we see strength is the second most popular modality in our platform, and it continues to gain share.
這使我們能夠靈活地擴大或縮小投資規模，我們看到實力是我們平台上第二受歡迎的模式，並且它的份額不斷增加。
In September, we launched a public beta test for a new app offering called strength plus in order to deliver straight training programs that are designed for use in a gym setting.
9 月，我們對一款名為「strength plus」的新應用程式進行了公開 Beta 測試，以便提供專為健身房環境設計的直接訓練計劃。
Fees are non-class base workouts and customizable to address the member specific goals.
費用是非班級基礎運動費用，可根據會員的特定目標進行客製化。
As we gathered more than 70,000 sign-ups to date, have people who are interested in trying strength.
到目前為止，我們已經收集了超過 70,000 名註冊用戶，其中不乏有興趣嘗試力量的人。
Plus we are getting productive feedback from our test population of 5,000 that is informing our product iterations beyond extended strength offerings.
此外，我們還從 5,000 名測試人員那裡獲得了富有成效的回饋，這些回饋為我們的產品迭代提供了超出擴展強度產品的資訊。
Our members have shown considerable interest in game inspired fitness experiences.
我們的會員對遊戲健身體驗表現出了極大的興趣。
We've got over 10% of our active subscribers engaged with Lane break in Q1, our first game and spirits in this offering.
在第一季度，我們有超過 10% 的活躍訂閱者參與了《Lanebreak》，這是我們推出的第一款遊戲和烈酒。
So we are currently testing our second game and Spirit experienced in a closed beta of 100 existing by plus members.
因此，我們目前正在對我們的第二款遊戲和《Spirit》進行封閉測試，現有 100 名會員由 plus 成員進行測試。
We're building this to deliver an immersive, social and competitive workout experience.
我們建構它是為了提供身臨其境、社交和競爭性的鍛鍊體驗。
We also believe a greater level of personalization will enhance the value of Peloton to our members among a small population of our existing members, we are testing a new software feature called personalized plans, which provides a weekly workout plan, both in our app and through our Connected Fitness hardware.
我們也相信，更高水準的個人化將提高 Peloton 對少數現有會員的價值，我們正在測試一項名為個人化計畫的新軟體功能，該功能在我們的應用程式中和透過我們的互聯健身硬體.
Based on a member's individual fitness goals.
以會員為基礎的個人健身目標。
Our goals for personalized plans include both improving retention for new members to may need help getting started on our platform as well as driving higher engagement among our existing members to enhance the value Peloton brings to their workout routine.
我們個人化計畫的目標包括提高可能需要幫助開始使用我們平台的新會員的保留率，以及提高現有會員的參與度，以提高 Peloton 為其日常鍛鍊帶來的價值。
Now we know that there is extensive social engagement among our members happening off of our connected fitness platform.
現在我們知道，我們的會員透過我們的互聯健身平台進行了廣泛的社交參與。
So we're making changes to enable our members to engage with one another.
因此，我們正在做出改變，以使我們的成員能夠相互交流。
We recently launched private teams, a new feature where existing members can share results and competing challenges to increase in adoption is pacing well in line with our expectations.
我們最近推出了私人團隊，這是一項新功能，現有成員可以分享結果，並透過競爭挑戰來提高採用率，這一進展完全符合我們的預期。
Early results show members who joined teams are both increasing workouts taken and connecting other members.
早期結果顯示，加入團隊的成員既增加了運動次數，又與其他成員建立了聯繫。
The fine friends at a faster pace than prior to joining teams, demonstrating healthy signals of a growing network effect.
好朋友加入團隊的速度比之前更快，顯示出網路效應不斷增長的健康訊號。
Okay.
好的。
So beyond our exciting software initiatives, we're proud to continue delighting our members with our best in class instructor-led fitness content, which delivered strong engagement results in Q1 that were relatively stable year over year and well above pre-COVID levels.
因此，除了我們令人興奮的軟體計劃之外，我們很自豪能夠繼續透過我們一流的由教練指導的健身內容來取悅我們的會員，這些內容在第一季度帶來了強勁的參與度結果，與去年同期相比相對穩定，遠高於新冠疫情前的水平。
Our annual all for one programming event included various parts of the physicians and Ally performance from Keith Urban in studio.
我們一年一度的一體化節目活動包括醫生和艾莉在演播室表演的各個部分。
These all for wind classes generated over 26,000 live member workouts and over 900,000 workouts on-demand in the first week of available on the platform.
所有這些風樂課程在平台上線的第一周內就產生了超過 26,000 次現場會員鍛鍊和超過 900,000 次按需鍛鍊。
We also rolled out a number of new offerings to serve our members diverse interests, including strength for soccer and new programs across bar, Pilates, yoga and meditation.
我們也推出了許多新產品來滿足會員的不同興趣，包括足球力量以及酒吧、皮拉提斯、瑜珈和冥想等新項目。
We expanded our treadmill modalities by launching walking boot camps, which are excellent, lower impact workout options for members and the latest in a series of content ops, thanks for walking and hiking.
我們透過推出健走訓練營來擴展跑步機模式，這對會員來說是出色的、影響較小的運動選擇，也是一系列內容操作中的最新內容，感謝步行和健行。
At the same time, we delivered more content for the performance and fleet segment, adding more 75, 90 and 120 minute classes in response to member interest in those auctions.
同時，我們為表演和機隊部分提供了更多內容，增加了更多 75、90 和 120 分鐘的課程，以滿足會員對這些拍賣的興趣。
I'm incredibly proud of the Pelephone team for continuing to innovate across marketing, product and content.
我為 Pelephone 團隊在行銷、產品和內容方面持續創新感到無比自豪。
While we significantly reduced costs in the business, that operational excellence that we're seeing from the team has made all of this possible.
雖然我們顯著降低了業務成本，但我們從團隊中看到的卓越營運使這一切成為可能。
And with that, I'd like to hand it over to Liz, who will take us through a review of our first quarter financial performance.
接下來，我想將其交給 Liz，她將帶領我們回顧第一季的財務表現。
Thank you, crack.
謝謝你，破解。
First, I'd like to provide an update for how we are tracking against a cost restructuring plan we announced in May.
首先，我想介紹一下我們如何追蹤 5 月宣布的成本重組計劃的最新情況。
As at the end of Q1, we have actioned all payroll related changes that were assumed and the restructuring plan, which will deliver over 100 million of annualized run rate for our brand and benefits and all other non-payroll related savings.
截至第一季末，我們已經採取了所有假設的與工資相關的變更和重組計劃，這將為我們的品牌和福利以及所有其他非工資相關的節省帶來超過 1 億的年化運行率。
Together with the payroll savings, we are still on track to deliver over $200 million of run-rate cost savings by the end of fiscal 2025, and we are realizing some of these savings faster than we anticipated.
加上工資節省，我們仍有望在 2025 財年末實現超過 2 億美元的運行成本節省，而且我們實現其中一些節省的速度比我們預期的要快。
Also, we're delivering additional cost efficiency through reductions to media spend that were not included in our 200 million restructuring goal.
此外，我們還透過減少媒體支出來提高成本效率，而這並不包括在我們 2 億重組目標中。
Now I'll spend a few minutes on our Q1 results.
現在我將花幾分鐘時間介紹我們的第一季結果。
We ended the quarter with $2.9 million paid Connected Fitness subscribers, reflecting a net decrease of 81,000 in the quarter.
本季結束時，我們的 Connected Fitness 付費訂戶數量為 290 萬美元，本季淨減少 81,000 名。
This exceeded the high end of our guidance range by 10,000 subscribers.
這超出了我們指導範圍的上限 10,000 名訂戶。
The main driver of our subscriber outperformance was slightly favorable churn versus our expectations as a result of fewer subscription products fit favorability, but partly offset by slightly softer growth additions than we expected.
我們的訂戶表現優異的主要驅動力是，由於符合青睞度的訂閱產品減少，用戶流失率略高於我們的預期，但部分被成長略低於我們預期的成長所抵消。
Average net monthly paid Connected Fitness subscription churn was 1.9%, slightly favorable versus expectations and in line with the prior quarter and an increase of roughly 40 basis points year over year.
平均每月淨付費 Connected Fitness 訂閱流失率為 1.9%，略好於預期，與上一季一致，較去年同期成長約 40 個基點。
As a reminder, our net churn performance from the year-ago period included a one-time benefit as a result of elevated subscription on positive in the first quarter of fiscal 2024.
提醒一下，我們去年同期的淨流失率表現包括 2024 財年第一季積極訂閱量增加而帶來的一次性收益。
Following elevated pauses in the fourth quarter of fiscal year 2023 and response to our original Bike Seacoast we call we ended the first quarter with 582,000 paid apps subscriptions, reflecting a net decrease of 33,000 in the quarter.
繼 2023 財年第四季度暫停次數增多以及對我們最初稱為 Bike Seacoast 的響應之後，我們在第一季度末獲得了 582,000 個付費應用程式訂閱，反映出該季度淨減少了 33,000 個。
This result exceeded the high end of our guidance range by 12,000 from both higher admissions and better than expected average monthly paid app subscription churn, which was 7.1% in the quarter.
這一結果比我們指導範圍的上限高出了 12,000 個，因為更高的入場量和好於預期的平均每月付費應用訂閱流失率（本季度為 7.1%）。
In the first quarter, we've continued to scale back the amount of media spend dedicated to support growth and paid apt description to maximize media efficiency as we continue evolving our app with software enhancements such as personal lives, plans and private 10s and developing new app offering.
在第一季度，我們繼續縮減專門用於支援成長的媒體支出，並支付恰當的描述以最大限度地提高媒體效率，同時我們繼續透過個人生活、計劃和私人10 等軟體增強功能來發展我們的應用程序，並開發新的應用程式。
Like our strength plus data, we may elect to invest more in at Media if we see signals that suggests we can accelerate growth of app subscribers efficiently.
就像我們的實力加上數據一樣，如果我們看到訊號表明我們可以有效地加速應用程式用戶的成長，我們可能會選擇在媒體上進行更多投資。
Total revenue was $586 million in the first quarter, comprising $160 million of Connected Fitness products revenue and $426 million of subscription revenue.
第一季總營收為 5.86 億美元，其中包括 1.6 億美元的 Connected Fitness 產品收入和 4.26 億美元的訂閱收入。
Connected Fitness products.
互聯健身產品。
Revenue was down 12% year over year due to lower hardware demand as subscription right, revenue was up 3% year over year due to content licensing revenue from lululemon and Google.
由於訂閱權等硬體需求下降，營收年減 12%；由於 lululemon 和 Google 的內容授權收入，營收年增 3%。
Fitbit total revenue was above the high end of our 560 million to 580 million guidance range, primarily due to higher subscription revenue as a result of higher paid Connected Fitness and paid app subscribers than we expected, as well as slightly higher connected fitness products revenue.
Fitbit 總收入高於我們 5.6 億至 5.8 億指引範圍的上限，這主要是由於付費 Connected Fitness 和付費應用程式訂閱者的訂閱收入高於我們的預期，以及連網健身產品收入略高。
As a reminder, Q1, the seasonally slower period for hardware sales, which is reflected in the revenue mix of 27% to Connected Fitness and 73% subscription for the quarter.
提醒一下，第一季是硬體銷售季節性放緩的時期，這反映在該季度 27% 的 Connected Fitness 和 73% 的訂閱收入組合中。
Total gross profit was $304 million in the first quarter, an increase of $18 million or 6% year over year.
第一季毛利總額為3.04億美元，年增1,800萬美元，增幅6%。
Total gross margin was 51.8% and 180 basis points above guidance due to favorable Connected Fitness Product segment, gross margin and revenue mix shift towards our subscription segment Connect percent and up primarily Precor and by rental products, reduced personnel related expenses and lower warehousing costs, partly offset by higher expenses associated with our standard warranty reserves.
總毛利率為51.8%，比指導值高出180 個基點，這是由於有利的Connect 健身產品細分市場、毛利率和收入組合轉向我們的訂閱細分市場Connect 百分比並主要透過Precor 和租賃產品、減少了人員相關費用和降低了倉儲成本，部分被與我們的標準保固儲備相關的較高費用所抵銷。
Subscription gross margin was 67.8%, in line with internal expectations and up 40 basis points year over year.
認購毛利率為67.8%，符合內部預期，較去年同期上升40個基點。
And restructuring and impairment expenses for $291 million in the first quarter, a $126 million or 30% reduction year over year, reflecting the progress we've made thus far toward rightsizing our cost structure, we are tracking ahead of our cost savings targets across all expense buckets.
第一季的重組和減損支出為 2.91 億美元，年減 1.26 億美元，即 30%，反映了我們迄今為止在調整成本結構方面取得的進展，我們正在全面實現成本節約目標。
General and administrative expenses were 120 million, a decrease of 32 million or 21% year over year, primarily driven by lower payroll, stock-based compensation and professional service fees.
一般及管理費用為1.2億，年減3,200萬或21%，主要是因為薪資、股票薪酬和專業服務費減少所致。
We are pleased with the progress we've made on reducing G&A expense thus far, but we recognize the need to reduce G&A as a percentage of revenue over time and see opportunities to do so.
我們對迄今為止在減少一般管理費用方面取得的進展感到高興，但我們認識到需要隨著時間的推移減少一般管理費用佔收入的百分比，並看到這樣做的機會。
Sales and marketing expenses were 82 million, a decrease of $64 million or 44% year over year, primarily from lower spending on media payroll and stock based compensation.
銷售和行銷費用為 8,200 萬美元，年減 6,400 萬美元，即 44%，主要是由於媒體工資和股票薪酬支出減少。
As Chris mentioned, we intentionally reduced Q1 media spend 57% year over year.
正如 Chris 所提到的，我們有意將第一季的媒體支出年減了 57%。
However, we have already begun ramping our media spending this quarter in preparation for the holiday season.
然而，我們已經開始增加本季的媒體支出，為假期做好準備。
And while we still expect media spend to be down year over year in Q2, we expect less of a reduction compared to Q1.
儘管我們仍然預計第二季的媒體支出將同比下降，但與第一季相比，我們預計下降幅度較小。
Research and development expenses were 59 million, a decrease of $20 million or 26% year over year, primarily driven by reductions in payroll, stock-based compensation and product development costs.
研發費用為 5,900 萬美元，年減 2,000 萬美元，即 26%，主要是由於工資、股票薪酬和產品開發成本的減少。
This quarter we recognized $8 million of impairment and restructuring expense, of which 5 million was non-cash.
本季我們確認了 800 萬美元的減損和重組費用，其中 500 萬美元為非現金費用。
The non-cash charges were primarily related to asset write-downs in relation to retail showroom exit.
非現金費用主要與零售展廳退出相關的資產減記有關。
The cash charges consisted of $3 million and exit and disposal costs and professional fees, offset by a 0.5 million net benefit from lower severance and other personnel costs.
現金費用包括 300 萬美元、退出和處置成本以及專業費用，並被較低的遣散費和其他人員成本帶來的 50 萬美元淨收益所抵消。
We also recognized $24 million of supplier settlements due to accruals in the first quarter related to settlement of a dispute with a third party supplier.
我們也確認了 2,400 萬美元的供應商和解金，這是由於第一季與第三方供應商的糾紛和解相關的應計費用所致。
Adjusted EBITDA was 116 million in the first quarter, which was 56 million, about the high end of our guidance range and a 107 million improvement year over year.
第一季調整後 EBITDA 為 1.16 億，即 5,600 萬，約為我們指引範圍的上限，較去年同期改善 1.07 億。
Our first quarter adjusted EBITDA outperformance included roughly 15 million of timing savings within the fiscal year.
我們第一季調整後 EBITDA 的優異表現包括本財年內約 1500 萬美元的時間節省。
We generated $11 million of free cash flow in the quarter, outperforming internal expectations and delivering our third consecutive quarter of positive free cash flow.
本季我們產生了 1,100 萬美元的自由現金流，超出了內部預期，並連續第三個季度實現正自由現金流。
We ended the quarter with $722 million in unrestricted cash and cash equivalents.
截至本季末，我們擁有 7.22 億美元的非限制性現金和現金等價物。
Overall, our first quarter performance reflects the progress we've made and re-architecting our cost structure while maintaining our leadership position within the Connected Fitness category and the strength of our highly retentive high gross margin subscription.
總體而言，我們第一季的業績反映了我們在重新建構成本結構方面取得的進展，同時保持了我們在互聯健身類別中的領導地位以及我們高保留性高毛利率認購的實力。
But that's next I'd like to provide context on our financial outlook for the second quarter and fiscal year 2025.
但接下來我想提供有關我們第二季和 2025 財年財務前景的背景資訊。
Our guidance for Q2 FY 25 ending paid Connected Fitness subscriptions at 2.84 to 2.86 million reflects a sequential decrease of 50,000 subscribers.
我們對 25 財年第 2 季付費 Connected Fitness 訂閱量的指引為 2.84 至 286 萬，反映出訂閱者數量連續減少 5 萬名。
At the midpoint, we expect our average net monthly paid Connected Fitness churn rate to slightly improve six.
在中點，我們預計我們的平均每月淨付費 Connected Fitness 流失率將略微提高 6。
Actually in Q2, our Q2 FY 25 ending paid app subscription outlook of 560,000 to 580,000 reflects a sequential decrease of 12,000 subscribers at the midpoint as a result of a decision to limit our media spend.
實際上，在第二季度，我們 25 財年第二季末的付費應用程式訂閱量前景為 560,000 至 580,000 名，反映出由於決定限制我們的媒體支出，中點訂閱者數量連續減少 12,000 名。
Revenue guidance of 640 million to 660 million reflects a sequential increase of $64 million at the midpoint as a result of these subscription trends, combined with an expected seasonal increase in hardware sales, total gross margin guidance of 46.5% reflects an expected sequential decline in gross margin of 534 basis points as a result of a seasonal mix shift toward our Connected Fitness Product segments.
收入指引為 6.4 億至 6.6 億美元，反映了由於這些訂閱趨勢而環比增加了 6,400 萬美元，加上硬體銷售的預期季節性增長，總毛利率指引為 46.5%，反映了毛利率預期環比下降由於季節性組合轉向我們的互聯健身產品細分市場，利潤率提高了534 個基點。
During a holiday sales period.
假期銷售期間。
Our second quarter adjusted EBITDA guidance of 20 million to 30 million reflects a sequential decline of $91 million at the midpoint, mainly due to higher sales and marketing expenses as we increased media spend for the holiday season.
我們第二季調整後的 EBITDA 指引為 2,000 萬至 3,000 萬美元，環比中點下降了 9,100 萬美元，這主要是由於我們增加了假日季節的媒體支出，導致銷售和行銷費用增加。
Our full year FY 25 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 pattern.
我們的 25 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。
Our full-year guidance range or paid Connected Fitness subscriptions of 2.68 to $2.75 million remains unchanged and risk flex a broad range of outcomes.
我們的全年指導範圍或付費 Connected Fitness 訂閱費為 268 至 275 萬美元保持不變，風險會影響廣泛的結果。
We will continue to refine our strategy to improve unit economics over the course of FY 25, which may include additional changes in pricing, promotional strategy or other levers available to achieve our financial targets.
我們將在 25 財年繼續完善我們的策略，以提高單位經濟效益，其中可能包括定價、促銷策略或其他可用於實現我們財務目標的槓桿方面的額外變化。
Any changes in these areas may affect our gross additions for paid Connected Fitness reductions across the fiscal year.
這些領域的任何變化都可能影響我們整個財年付費 Connected Fitness 削減的總增加額。
Our full year guidance range for paid apps subscriptions as 550,000 to 600,000.
我們的全年付費應用訂閱指導範圍為 550,000 至 600,000。
A 20,000 reduction versus our prior guidance reflects our decision to limit at media spend as we invest in product development to improve the member experience.
與我們先前的指導相比減少了 20,000 美元，反映出我們決定限制媒體支出，因為我們投資於產品開發以改善會員體驗。
Additionally, we continue to improve our member experience.
此外，我們持續改善我們的會員體驗。
We see clear opportunities to improve engagement, which could result in favorability to churn for both Connected Fitness.
我們看到了提高參與度的明顯機會，這可能會導致 Connected Fitness 的客戶流失。
Emma, while we are optimistic, we can improve engagement through product and constant innovation and evolving our marketing strategy.
艾瑪，雖然我們很樂觀，但我們可以透過產品和不斷創新以及不斷發展我們的行銷策略來提高參與度。
The timing of when we will start to see meaningful impact from these efforts is uncertain and therefore not reflected in our guidance.
我們何時開始看到這些努力產生有意義的影響尚不確定，因此沒有反映在我們的指導中。
Our primary focus for FY 25 is delivering our key financial results, which include total revenue, total gross margin and adjusted EBITDA.
我們 25 財年的主要重點是交付主要財務業績，其中包括總收入、總毛利率和調整後 EBITDA。
We are prioritizing these metrics along with delivering free cash flow.
我們正在優先考慮這些指標以及提供自由現金流。
Our FY 25 outlook for total revenue remains unchanged at 2.4 billion, 2.5 billion, as well as our outlook for total gross margin, which remains unchanged at 49.0%.
我們對 25 財年總收入的展望保持不變，為 24 億美元、25 億美元，對總毛利率的展望也保持不變，為 49.0%。
We are raising our FY 25 adjusted EBITDA guidance by 40 million to 240 million to 299, which reflects our continued improvements in profitability, largely due to gross margin expansion.
我們將 25 財年調整後 EBITDA 指引值提高了 4,000 萬至 2.4 億至 299，這反映了我們獲利能力的持續改善，這主要歸功於毛利率的擴張。
The operating cost savings we expect to achieve related to our previously announced cost restructuring plan and reduced media spend year over year.
我們預計實現的營運成本節省與我們先前宣布的成本重組計劃和逐年減少的媒體支出有關。
We are also raising our free cash flow target to at least $125 million, an increase of $50 million from our previous guidance, primarily from lower inventory production that we expect to create greater working capital tailwind as well as continued operating expense efficiencies following are key one free cash flow result of 11 million, and we do expect to achieve positive free cash flow in all four quarters of the fiscal year.
我們還將自由現金流目標提高到至少1.25 億美元，比我們之前的指導增加了5,000 萬美元，這主要是由於庫存產量的降低，我們預計這將創造更大的營運資本順風，以及持續的運營費用效率，以下是關鍵之一自由現金流結果為 1100 萬，我們確實預計本財年所有四個季度都將實現正自由現金流。
We expect to make meaningful progress in deleveraging our balance sheet throughout FY 25 and beyond.
我們預計在 25 財年及以後的資產負債表去槓桿化方面將取得有意義的進展。
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。
I want to take a moment to recognize the remarkable progress the entire Peloton team has made since I took on the role of Interim Co-CEO with Cairn in MetLife's even smarter in many ways, we've made meaningful progress toward our goals of rightsizing our cost structure, improving unit economics and innovating to drive law long-term profitable growth.
我想花點時間來認識一下，自從我在大都會人壽擔任Cairn 臨時聯合首席執行官以來，整個Peloton 團隊取得了顯著的進步，在很多方面變得更加明智，我們在實現合理調整業務規模的目標方面取得了有意義的進展。
And we are just getting started.
我們才剛開始。
So with today's announcement that Peter Stern will start as Peloton next CEO and President in January, I will be stepping down as co-CEO effective tomorrow, November first.
因此，隨著今天宣布彼得·斯特恩 (Peter Stern) 將於 1 月開始擔任 Peloton 下一任執行長兼總裁，我將辭去聯合執行長職務，明天即 11 月 1 日生效。
Karen has graciously agreed to continue as interim CEO Peloton until Peter arrives.
凱倫慷慨地同意繼續擔任 Peloton 臨時首席執行官，直到彼得到來。
It has been a great experience working with Karen loses the lead team and the many talented team members here at Peloton.
與凱倫一起工作是一次很棒的經歷，失去了 Peloton 的領導團隊和許多才華橫溢的團隊成員。
I am very proud to be part of telecom for the difference we make in millions of lives every day, and I look forward to staying very involved as a much smarter Board Director going forward.
我很自豪能夠成為電信業的一員，因為我們每天都在為數百萬人的生活帶來改變，我期待著作為一個更聰明的董事會董事繼續積極參與其中。
Thank you for the time this morning.
謝謝你今天早上的時間。
We can now open the line for Q&A.
我們現在可以開通問答熱線。
Same scale.
相同規模。
Unidentified Participant
Unidentified Participant
As a reminder, to ask a question, please press star one on your telephone and wait for your name to be announced to withdraw your question, press star one.
提醒一下，要提問，請在電話上按星號一，並等待您的名字被宣布，若要撤回您的問題，請按星號一。
Again due to time restraints, we ask that you please limit yourself to one question and one follow-up question.
由於時間限制，我們再次要求您只回答一個問題和一個後續問題。
Please stand by while we compile the Q&A roster.
我們正在整理問答名單，請稍候。
And our first question will come from the line of Simeon Siegel with BMO Capital Markets.
我們的第一個問題將來自蒙特利爾銀行資本市場部門的西蒙·西格爾 (Simeon Siegel)。
Your line is open.
您的線路已開通。
Thanks, morning, everyone, and congrats on the ongoing progress on all the new CEO announcement.
謝謝大家，早安，並祝賀所有新任執行長的宣布所取得的持續進展。
It's really great.
真的很棒。
So welcome.
非常歡迎。
Some really nice momentum here in the profitability trajectory.
在盈利軌跡上有一些非常好的勢頭。
So parent, recognizing them I'd ask you something just because someone else's Pfaff, I guess I was hoping you could speak to how you think or expect Peter would approach the balance of growth and profitability.
因此，家長，認識到他們，我會問你一些問題，只是因為別人是普法夫，我想我希望你能談談你的想法或期望彼得將如何實現增長和盈利能力的平衡。
I'm wondering, do you expect in the actions that you Jacques will flow quickly once you start, do you think you're going to have a taking stock period?
我想知道，你是否期望雅克一旦開始行動就會快速流動，你認為你會有一個盤點期嗎？
I just it seems like you've all done a really collected Nice job on diagnosing the problem that you're already successfully affecting that plan to improve the free cash flow.
我只是覺得你們在診斷問題方面做得非常好，你們已經成功地影響了改善自由現金流的計畫。
So I'm just curious if we can assume that that continues or whether it's a wait and see.
所以我只是好奇我們是否可以假設這種情況會繼續下去，或者是否需要觀望。
And then we'll we'll watch or Peter wants to approach it business.
然後我們會觀察或彼得想要處理它的業務。
I do.
我願意。
Thank you.
謝謝。
Thanks, Simeon.
謝謝，西蒙。
It's absolutely on our mind, it's absolutely the right question is how we're going to balance profitability and growth.
這絕對是我們考慮的問題，我們將如何平衡獲利能力和成長，這絕對是正確的問題。
And it was frankly, top of mind for the board as we were looking for the next CEOM.
坦白說，當我們尋找下一任執行長時，這是董事會的首要考慮因素。
Peter is the right CEO for this chapter on uses season strategy, as you know, for execution.
如您所知，彼得是本章使用季節策略執行的合適執行長。
And he does have that scale, strong track record of driving innovation and growth from.
他確實擁有推動創新和成長的規模和良好記錄。
I will pause.
我會暫停一下。
And just as you think we set the table for his arrival job one was refinancing the debt in May that we stabilize the balance sheet, it has put us a much better position to manage our maturities.
正如你認為我們為他的到來做好了準備，其中之一是為五月份的債務進行再融資，我們穩定了資產負債表，這使我們能夠更好地管理我們的到期日。
And Liz talked a lot about the progress on executing the restructuring, reducing inventory levels, focus on profitability and to generate the cash flow to allow us to begin deleveraging.
莉茲談到了很多關於執行重組、降低庫存水平、專注於盈利能力以及產生現金流以使我們能夠開始去槓桿化的進展。
So we do feel like we now have that stable base upon which to grow in the very near term.
因此，我們確實覺得我們現在擁有可以在短期內實現成長的穩定基礎。
And I don't know how long it is going to last what we have been managing an uncertain macro environment and uncertain consumer backdrop, there's been weather and hurricanes.
我不知道我們一直在管理不確定的宏觀環境和不確定的消費者背景（天氣和颶風）的情況會持續多久。
We have a very young and this focus on election.
我們非常年輕，並且專注於選舉。
So we've been focusing on what we can control.
所以我們一直專注於我們可以控制的事情。
I do expect that to change under Peter's leadership.
我確實希望在彼得的領導下這種情況會改變。
We've been very clear that we're not going to chase unprofitable sub growth, and we've been much more disciplined with spend up and down the P&L.
我們非常清楚，我們不會追逐無利可圖的次級成長，而且我們對損益表上下的支出更加嚴格。
Our media and marketing investments have been much more thoughtful.
我們的媒體和行銷投資更加深思熟慮。
We're optimizing our unit economics by product and by channel.
我們正在按產品和管道優化我們的單位經濟效益。
So those are the things that I do not expect a change where we're going to continue to monitor the kind of see what it makes sense to transact on some of the growth spending and more meaningful ways.
因此，我預計這些事情不會發生變化，我們將繼續監控，看看對一些成長支出和更有意義的方式進行交易是否有意義。
But I guess make no mistake that that's not kind of where the story.
但我想毫無疑問，這不是故事的內容。
Innovation and Growth are still very important to us as an added to both.
創新和成長對我們來說仍然非常重要，作為兩者的補充。
And we are making investments in content and product development of software and hardware and marketing growth is important for this very important holiday period where we are unlocking of marketing dollars.
我們正在對軟體和硬體的內容和產品開發進行投資，行銷成長對於這個非常重要的假期非常重要，我們正在釋放行銷資金。
And again, this is going to be a big part of them.
再說一遍，這將成為其中的重要組成部分。
Peter is going to be a big part of this equation.
彼得將成為這個方程式的重要組成部分。
You have the relevant experience.
你有相關經驗。
He has a track record and a large portion of his compensation is going to be designed to balance owed and drive both profitability and growth.
他擁有良好的業績記錄，他的大部分薪酬將用於平衡所欠並推動盈利和成長。
So he's incentives are well aligned with those goals.
所以他的激勵措施與這些目標非常一致。
I think, of course, you're going to have one of the things I love about it going to see absolutely had a growth mindset to, of course, I think is going to how taking soft period.
當然，我認為，我喜歡的一件事是，你會看到絕對有成長心態，當然，我認為是如何度過軟期。
I think we wanted to come in and learn what has worked, what has not worked before he just kind of, you know, fires before he aims to ours.
我想我們想進來了解什麼是有效的，什麼是無效的，然後他就會在瞄準我們之前開火。
So I do think there'll be a stick at taking stock period, but I'm really excited about his arrival.
所以我確實認為盤點期間會有一段時間，但我對他的到來感到非常興奮。
He is, I believe the guy who is going to come in and stress set the strategy that is going to return to growth.
我相信他將進來並製定將恢復成長的策略。
He is very bullish.
他非常看好。
We all are very bullish on the health and wellness space, the share of wallet that is going to go into this category.
我們都非常看好健康和保健領域，以及進入這一類別的錢包份額。
So again, it is going to spend time learning.
所以，還是要花時間學習。
We will spend time aligning on where to go how for how quickly to invest.
我們將花時間調整投資方向、投資方式和投資速度。
And again, I do believe is the right leader to return to growth.
再說一遍，我確實相信他是恢復成長的正確領導者。
And I do believe strongly that under his leadership, our brand is well positioned to be a long-term player.
我堅信，在他的領導下，我們的品牌有能力成為長期參與者。
And the absolute leader in this category, as you can, as you can tell from Kevin's remarks there, she and I have been very involved in this process and with Peter in particular.
作為這一類別中的絕對領導者，正如您可以從凱文的言論中看出的那樣，她和我一直積極參與這一過程，特別是彼得。
And so we're very excited.
所以我們非常興奮。
These really aligned.
這些確實一致。
All those conversations have been so positive.
所有這些談話都是如此積極。
So we know we've got the right leader that's going to bring the right balance and focus on growth.
因此，我們知道我們擁有合適的領導者，他將帶來適當的平衡並專注於成長。
So the excitement is resonating so well.
所以這種興奮感引起了很好的共鳴。
That's great.
那太棒了。
Thanks, guys.
謝謝，夥計們。
And then if I could just follow-up quickly on that maybe for lose.
然後，如果我能快速跟進，也許會失敗。
A quick one is not a lot, but I think this is the first quarter of sequential inventory growth in a long time.
快速增長的數量並不多，但我認為這是很長一段時間以來庫存連續增長的第一季。
So any help on the composition of that inventory, any way to frame what type of equipment is making up that increase?
那麼，對於庫存的組成有什麼幫助嗎？
And I guess I'm asking about not as much for the number.
我想我問的數字並沒有那麼多。
I'm just wondering if we should be reading into that as a signal that they do, you do see some uptick in demand ahead or maybe just to build for the new distribution partners?
我只是想知道我們是否應該將其視為他們這樣做的信號，您確實看到未來需求有所上升，或者可能只是為了新的分銷合作夥伴而構建？
Or am I was just way off and it's a lot of entities, just a function of maybe the lighter gross adds you mentioned.
或者我只是離得太遠了，它有很多實體，只是你提到的較輕的總添加的函數。
So any help on that inventory of used to be the growth comment would be helpful share.
因此，對過去的成長評論的庫存的任何幫助都將是有幫助的分享。
And so the question I believe, is around our sequential growth in inventory and for the first one quarter, as we said during, it's pretty modest sits there is pretty modest.
因此，我認為，問題在於我們的庫存連續成長，正如我們在期間所說，第一季的庫存成長相當溫和。
And and you know, it's really related to our seasonal buildup of inventory ahead of the holiday season, and we do expect a significant inventory tailwind on the full year.
而且你知道，這確實與我們在假期前的季節性庫存累積有關，我們確實預計全年庫存將顯著增長。
We've done some great work.
我們已經做了一些偉大的工作。
Our supply chain team has done some excellent work on in working with our manufacturing partners to reduce our production levels over the course of the year to enable us to be a lot more efficient with our inventory over time.
我們的供應鏈團隊在與製造合作夥伴合作方面做了一些出色的工作，在這一年中降低了我們的生產水平，使我們能夠隨著時間的推移提高庫存效率。
And reduce our days of on-hand inventory, which is great.
並減少我們的現有庫存天數，這很棒。
And that will create a cash sale in press over the course of the year in Q1 is a very slightly, but that's in relation to just the seasonality of fine head of the holiday season.
這將導致全年第一季的現金銷售規模非常小，但這與假期季節的季節性有關。
And we expect our inventory balances to come down over the course of the year.
我們預計今年的庫存餘額將會下降。
But we are just to be clear producing inventory for all of our products.
但我們只是要清楚我們所有產品的生產庫存。
So so because we do know that inventory over the course of the year but on.
之所以如此，是因為我們確實知道全年的庫存狀況。
But we do see it at the overall a tailwind for us on a full-year basis.
但我們確實認為，從全年來看，這對我們來說總體上是有利的。
Sounds great.
聽起來很棒。
Thanks, guys.
謝謝，夥計們。
Best of luck for holiday and nice job for them to.
祝他們假期好運，工作順利。
Thank you.
謝謝。
one moment for our next question.
請稍等一下我們的下一個問題。
And that will come from the line of Curt Nagle with Bank of America.
這將來自科特·內格爾與美國銀行的關係。
Your line is open on has on the on the second quarter.
您的線路已於第二季開放。
This is Kwan Kim on for current nickel this quarter came in line turn came in line at the seasonally high period.
這是 Kwan Kim 在本季目前鎳價上的表現，轉而處於季節性高點。
What are the fact what are we factoring for the rest of the year?
事實上，我們在今年剩下的時間裡要考慮什麼？
Would that be a stable compared to the last year for the remaining quarters?
與去年相比，剩餘季度的情況會穩定嗎？
At our business continues to benefit from very strong subscriber retention and low churn.
我們的業務繼續受益於非常強大的訂戶保留率和低流失率。
Overall, in Q1, our average net monthly churn was 1.9%, which was relatively in line with last quarter.
整體而言，第一季度，我們的平均每月淨流失率為 1.9%，與上季基本一致。
It was up 40 basis points year over year.
年比上漲 40 個基點。
As we discussed during the last quarter earnings call, we expected Q1 net churn to be up year over year due to a few reasons, including the following slightly worse.
正如我們在上個季度的財報電話會議上討論的那樣，我們預計第一季的淨流失率將同比上升，原因有幾個，其中包括以下稍微糟糕的原因。
Overall retention from our 1P and 3P subscriber base, which we've talked about mix shift towards secondary market subscribers, which do have a slightly lower attention than our first party subscribers.
我們的 1P 和 3P 訂戶群的整體保留率，我們已經討論過向二級市場訂戶的混合轉變，這些訂戶的關注度確實比我們的第一方訂戶略低。
And then we also had the impact of a one-time benefit in Q1 of fiscal 24 related to higher subscription on pauses, falling elevated pauses in Q4 of fiscal 23 related to our original by key post record.
然後，我們也受到了 24 財年第一季與暫停訂閱量增加相關的一次性收益的影響，以及 23 財年第四季度與我們原始關鍵貼文記錄相關的高暫停數的下降。
And we did not repeat that benefit this year.
今年我們沒有重複這種好處。
As we move forward and look at Q2, we do expect our churn to improve seasonally compared to Q1.
當我們展望第二季時，我們確實預期與第一季相比，我們的客戶流失率會出現季節性改善。
We do expect that improvement will likely be a bit muted, though, compared to the quarter-over-quarter improvement that we saw in fiscal 24.
不過，與我們在 24 財年看到的季度環比改善相比，我們確實預計這種改善可能會有點溫和。
Again, because of those two headwinds that I mentioned about the slightly worse retention in our overall subscriber base.
同樣，由於這兩個不利因素，我提到了我們整體用戶群的保留率稍差。
And that mix shift into secondary descriptions on which you have that split of higher term from?
這種混合轉變為次級描述，您可以從中分離出更高的術語？
So overall for the remainder of the fiscal year, we expect our churn to continue to be higher year over year because of the mix of subscribers from the secondary market continuing to grow on.
因此，總體而言，在本財年剩餘時間內，由於二級市場的訂戶組合持續成長，我們預期我們的客戶流失率將繼續逐年上升。
But we do expect churn to remain below 2% for the whole of fiscal 2025.
但我們確實預期 2025 財年整個財年的客戶流失率將維持在 2% 以下。
I don't want to point out, though, and we've mentioned this before that our guidance doesn't assume any potential upside to subscriber retention as a result of the software innovation initiatives that Chris talked about earlier, which we believe could positively impact member engagement and ultimately retention over time.
不過，我不想指出這一點，我們之前已經提到過，我們的指導意見並沒有假設克里斯之前談到的軟體創新舉措對訂戶保留有任何潛在的好處，我們相信這可以積極地促進訂閱者保留。
And we didn't have any Incorporated.
我們沒有任何公司。
Those is because the magnitude and two timing of those benefits is uncertain at this point.
這是因為這些好處的規模和兩個時機目前尚不確定。
Great.
偉大的。
Thank you.
謝謝。
Thank you.
謝謝。
Thank you.
謝謝。
one moment for our next question.
請稍等一下我們的下一個問題。
And that will come from the line of Brian Nagel with Oppenheimer.
這將來自布萊恩·內格爾和奧本海默的血統。
Your line is open.
您的線路已開通。
Hi, good morning.
嗨，早安。
I too, would like to add my congratulations on the business and your CEO announcement.
我也想對公司的業務和執行長的宣布表示祝賀。
The margin questions of.
的邊距問題。
So first question, I get to all the Management Board for just on the balance sheet.
第一個問題，我向所有管理委員會詢問資產負債表。
You talk to, you know, comments about 25 D. to de-leverage here.
你知道，你在這裡談論關於 25 D.去槓桿化的評論。
So I guess the question that there's maybe you could go a little more detail, you'll conclude the difficult from a P&L standpoint, much more stable.
所以我想問題是你可能可以講得更詳細一點，你會從損益表的角度得出困難的結論，更穩定。
You generate cash will be for the specific steps you can identify here to address the balance sheet in particularly boosted the debt repayments on the balance sheet?
您產生的現金將用於您可以在此處確定的具體步驟來解決資產負債表問題，特別是增加資產負債表上的債務償還？
Yes.
是的。
And this is Bill.
這是比爾。
I'll take I'll start that one in financial income.
我將從財務收入開始。
So first of all, Ken mentioned earlier that we derisked our balance sheet with a refinancing in May, and that allows us to now be very focused on deleveraging over time.
首先，肯早些時候提到，我們在五月透過再融資降低了資產負債表的風險，這使我們現在能夠非常專注於隨著時間的推移去槓桿化。
And we're also very excited to be talking about the positive free cash flow and also minimum raising our minimum free cash flow target.
我們也非常高興能夠談論正的自由現金流以及最低限度提高我們的最低自由現金流目標。
We are being disciplined with the level of investments that we're making and that goal the goal there is to set us up for future benefit of sustainable, profitable.
我們正在遵守我們正在進行的投資水平和目標，目標是讓我們為未來的可持續、盈利的利益奠定基礎。
And so the result of generating meaningful free cash flow, we do see the opportunity to meaningfully relever vertical deleverage going forward on that.
因此，在產生有意義的自由現金流的結果中，我們確實看到了在這方面有意義地重新利用垂直去槓桿化的機會。
We're going to continue to improve our adjusted EBITDA and then continue to generate that positive free cash flow.
我們將繼續提高調整後的 EBITDA，然後繼續產生正的自由現金流。
And when we do that, and we will naturally deleverage.
當我們這樣做時，我們自然會去槓桿化。
And we also see over the course of time, real interest cost savings with rates step-downs on our leverage ratio falls between below five.
我們也看到，隨著時間的推移，隨著利率下降，我們的槓桿率所節省的實際利息成本降至五以下。
And then eventually, there is also the potential conversion of our 20 29.5% convertible notes.
最終，我們的 20 份 29.5% 可轉換票據也有可能轉換。
So our balance sheet is a much better position than it's been in the past with lower risks.
因此，我們的資產負債表狀況比過去好得多，風險也更低。
We've positioned ourselves well for sustainable and profitable growth, but now and we also see the ability to strategically reduce our gross debt over time, and we will be strategic about that.
我們已經為永續和獲利成長做好了準備，但現在我們也看到了隨著時間的推移策略性地減少總債務的能力，我們將對此採取策略性措施。
But we don't have anything to share regarding a definitive capital allocation framework for how we're going to execute that at this time.
但對於目前我們將如何執行的明確資本分配框架，我們沒有任何可分享的資訊。
That's very helpful for Gord because if I did, you have a follow-up question or did I do thank you for that.
這對戈德非常有幫助，因為如果我這樣做了，你就會有一個後續問題，或者我確實為此表示感謝。
And my follow-up questions, unrelated.
和我的後續問題無關。
But just from a bigger-picture due to maybe a little while here, who's probably the better question is your new management team takes place.
但從更大的角度來看，也許在這裡待了一段時間，誰可能是更好的問題是你的新管理團隊上任了。
But you'll do look at I mean, this is why I look at the business.
但你會看到我的意思是，這就是我關注這項業務的原因。
It's no longer part, which is good for the ability of Peloton to really maintain that core base.
它不再是一部分，這有利於 Peloton 真正維護核心基礎的能力。
You could talk just a few minutes ago about moments.
你可以在幾分鐘前談論一些時刻。
Cobalt, you're still very low charge because you're watching the business.
鈷，你的收費仍然很低，因為你在關註生意。
And if you stabilize the business or are you finding or is there anything you could help us with is like you're finding those elemental pockets of new demand, those new customers that could come into the Peloton system?
如果你穩定了業務，或者你是否發現或有什麼可以幫助我們的，例如你正在尋找新需求的基本口袋，那些可能進入 Peloton 系統的新客戶？
Yes, hi, this is Chris on a great question.
是的，嗨，我是克里斯，我正在回答一個很好的問題。
And I think it goes straight to the kind of discipline that we've been talking about in marketing.
我認為這直接涉及到我們在行銷中一直討論的那種紀律。
A key part of that is we reaching, you know, and what the opportunity and what's the message and how are you doing that efficiently.
其中的一個關鍵部分是我們達到了，你知道，機會是什麼，資訊是什麼，以及你如何有效地做到這一點。
And I think we've had some really great success just recently in focusing on in the prepared remarks, you heard me talk about two-thirds of our current members are women.
我認為我們最近在準備好的發言中取得了一些非常巨大的成功，你聽到我談到我們現有成員中三分之二是女性。
And so now we're you know, we're targeting the male demographic in our advertising.
所以現在我們的廣告目標是男性。
We've done some more advisory NFL games.
我們還做了一些 NFL 諮詢比賽。
We featured the Warner Brothers, um, but more importantly, the the campaign and the work that we're doing is expanding our reach.
我們以華納兄弟為特色，嗯，但更重要的是，我們正在做的活動和工作正在擴大我們的影響力。
And we're seeing in the data that there's a shift toward men in new hardware purchases.
我們從數據中看到，新硬體的購買趨勢正在向男性轉變。
And with that, this was a shift within that in the Tread and Tread plus products.
隨之而來的是 Tread 和 Tread plus 產品的轉變。
So we feel really good about that is just an indicator of the way we're thinking about the marketplace now, which is targeting, as you said, targeting those so discrete pockets and then being efficient and effective in the weather that we reached.
因此，我們對此感到非常滿意，這只是我們現在對市場的思考方式的一個指標，正如您所說，我們的目標是瞄準那些如此離散的領域，然後在我們所達到的天氣條件下保持高效和有效。
I should point out that I'm here in November, we're going to we're going to be holding a lot of member gratitude events and messages, and that's another core impart.
我應該指出，我在 11 月來到這裡，我們將舉辦許多會員感恩活動和訊息，這是另一個核心內容。
A core part of this, you know, activating that incredibly loyal base to refer any gauge their friends and family to bring them into the telephone experienced.
您知道，其中的核心部分是激活極其忠誠的基礎，向他們的朋友和家人推薦任何標準，將他們帶入有經驗的電話中。
You'll see us do a lot more of that.
您會看到我們做了更多這樣的事情。
Very helpful.
非常有幫助。
I appreciate it.
我很感激。
Thank you.
謝謝。
Thank you, operator.
謝謝你，接線生。
Next question, one moment for our next question.
下一個問題，請稍等一下我們的下一個問題。
And that will come from the line of nations further with Morgan Stanley.
這將來自摩根士丹利進一步的國家線。
Your line is open.
您的線路已開通。
And Ron, thanks for taking the question and really encouraging to see the progress on profitability as you think about how to drive sustainable profitable growth into the here and how you're thinking about where physical retail fits in as a component of your go to market?
羅恩，感謝您提出這個問題，當您思考如何推動可持續的盈利增長以及您如何考慮實體零售作為您進入市場的組成部分時，看到盈利能力的進展真是令人鼓舞？
And especially given the Costco launch of, do you see some portion of the customer base who are more willing to convert in-person and online and reflecting on the owned stores mission here, we see the potential to improve performance versus the pro forma.
特別是考慮到 Costco 的推出，您是否看到部分客戶群更願意親自和在線進行轉化，並反思自有商店的使命，我們看到了與預計相比提高績效的潛力。
Thank you.
謝謝。
Sure, this is Karen.
當然，這是凱倫。
So on retail in general, I'd say we are still on the path to close some of the underperforming retail stores that then we'll have them this holiday season.
因此，就零售業而言，我想說我們仍在關閉一些表現不佳的零售店，然後我們將在這個假期季節關閉它們。
And so the team has put together some really thoughtful activations and a subset of those stores.
因此，團隊整理了一些真正經過深思熟慮的激活活動和這些商店的子集。
I was wondering, instructors and Magic and excitement to them to make sure they're not they're still representing the brand well, and we can engage with our members and new customers and have some excitement around this basis.
我想知道，教練和魔術師對他們感到興奮，以確保他們仍然能夠很好地代表品牌，我們可以與我們的會員和新客戶互動，並圍繞這個基礎感到一些興奮。
We are testing of to the point on how you might imagine that we're testing of smaller micro store concept in Nashville.
我們正在測試您可能想像的我們正在納許維爾測試小型微型商店概念的程度。
So it's a way to do it in a lower capital, lower payroll, lower square footage, but still have a physical presence in all three locations like Costco.
因此，這是一種以較低的資本、較低的工資、較小的面積來實現這一目標的方法，但仍然在像好市多這樣的所有三個地點都有實體存在。
And we're hoping that reaches an incremental audience we have we're so excited about, you know, a lot of people shop on Amazon, propagating there and trust to anyone with, you know, they're just that's part of their daily routines.
我們希望能夠吸引更多的受眾，我們對此感到非常興奮，你知道，很多人在亞馬遜上購物，在那裡進行傳播並信任任何人，你知道，他們只是他們日常生活的一部分例行公事。
And then we still have the Dick's Sporting Goods internationally through a few important to and it's a much more capital efficient way for us.
然後，我們仍然透過一些重要的管道在國際上擁有迪克體育用品，這對我們來說是一種更資本有效的方式。
Rollouts of retail, I would say is in the reimagine process, it's not going anywhere soon.
我想說的是，零售業的推出正在重新構想過程中，而且不會很快發生。
We're going to kind of optimize the mix between 3P and IB and make sure that it makes economic sense and reaches as many new incremental buyers as possible.
我們將優化 3P 和 IB 之間的組合，確保其具有經濟意義並吸引盡可能多的新增量買家。
Great.
偉大的。
That's helpful.
這很有幫助。
And then a is given the more flexible international, but you talked about in Germany and Austria, Italy to hear how you're thinking about potential further international expansion in its distribution, the primary constraint to growth?
然後，給予更靈活的國際化，但您在德國、奧地利、義大利談到了您如何考慮其分銷中潛在的進一步國際擴張，即增長的主要限制？
Or is it more on the local content side?
或更多的是本地內容方面？
Sure.
當然。
So international is still another important part of the long-term growth strategy for us.
因此，國際化仍然是我們長期成長策略的另一個重要組成部分。
It's just a matter of prioritization and sequencing.
這只是優先順序和順序的問題。
I do think we've made some very important step, Germany, as an example, where we are entirely 3P now.
我確實認為我們已經邁出了一些非常重要的一步，以德國為例，我們現在完全是 3P。
So in order to do that and do that profitably and effectively, we had to make some pricing changes, we need to make sure there's sufficient margins for that third party to have margin, and it still makes economic sense for us to do so.
因此，為了做到這一點，並以有利可圖和有效的方式做到這一點，我們必須做出一些定價變化，我們需要確保第三方有足夠的利潤來獲得利潤，而且這樣做對我們來說仍然具有經濟意義。
So now we have them in a couple of different models and we can test and see which ones we're still learning what what makes sense and how much to invest as we roll it out.
因此，現在我們有幾種不同的模型，我們可以測試並看看哪些模型我們仍在學習，什麼是有意義的，以及在推出時需要投資多少。
But some if not, there's not one limiting factor is just how do you want to sequence and characterize the various investments.
但有些如果不是，則沒有一個限制因素是您希望如何對各種投資進行排序和表徵。
But I would say we're really excited about the way the international model has taken shape, again, both with the way we've taken some of the investments on the people side of the centralized those and then also with the pricing, just a better go-to-market strategy.
但我想說，我們對國際模式的形成方式感到非常興奮，無論是我們在集中化人員方面進行的一些投資，還是定價，只是更好的進入市場策略。
So we will expand over time.
所以我們會隨著時間的推移而擴展。
We had no new plans to talk about markets right now.
我們現在沒有新的計劃來談論市場。
So that's something that Peter get onboarded will evaluate additional investments in current markets and or new markets we want to go into over time, but it's still very hard part of the long-term strategy.
因此，彼得加入後將評估對當前市場和/或我們希望隨著時間的推移進入的新市場的額外投資，但這仍然是長期策略中非常困難的一部分。
And it's not really heard much about it's not so much about bears as it is about as we were thoughtful about our priorities on, we have to be thoughtful about making the experience that meets the bar in.
我們並沒有真正聽說過太多關於它的事情，與其說是關於熊，不如說是因為我們深思熟慮了我們的優先事項，我們必須深思熟慮地打造符合標準的體驗。
So the contract does have to be relevant and localized.
因此，合約必須具有相關性且本地化。
So I'm going to see us be thoughtful about that.
所以我會看到我們對此深思熟慮。
And and if we are expanding in international markets, Baidu in a way that we're proud of.
如果我們正在國際市場上擴張，百度將以我們引以為傲的方式。
Very helpful.
非常有幫助。
Thank you.
謝謝。
Thank you.
謝謝。
one moment for our next question.
請稍等一下我們的下一個問題。
And that will come from the line of Shweta Khajuria with Wolfe Research.
這將來自 Shweta Khajuria 和 Wolfe Research 的血統。
Your line is open.
您的線路已開通。
Hello.
你好。
Can you hear me January?
一月你聽得到我說話嗎？
Okay.
好的。
Thank you for taking my questions.
感謝您回答我的問題。
I guess, and could you please talk about how you came to the decision with Peter as a senior team, he has phenomenal experience, especially as it relates to Apple Plus fitness for some experience with Apple, which is translatable.
我想，您能談談您是如何與 Peter 作為高級團隊做出決定的嗎？
But as you were rolling through different candidates, what specifically about Peter, do you think will jump out as he comes onboard?
但是，當您篩選不同的候選人時，您認為 Peter 加入後會脫穎而出嗎？
Thanks a ton.
非常感謝。
Sure.
當然。
Well, I couldn't be more excited is the fun to talk about, Peter, just really hits and checks a lot of the processes that we were looking for.
好吧，彼得，談論的樂趣讓我非常興奮，他真的點擊並檢查了我們正在尋找的許多流程。
As you mentioned, his experience, not just the app has been a plus, but really he has a ton of a breadth of experience across hardware, software and content business.
正如您所提到的，他的經驗，不僅僅是應用程序，而且實際上他在硬體、軟體和內容業務方面擁有豐富的經驗。
It is across services, but you've also had a lot of experience driving growth through innovation.
它涉及各種服務，但您也擁有透過創新推動成長的豐富經驗。
And that's where we are in our journey.
這就是我們的旅程。
As we kind of talked about, we have a stable base.
正如我們所說，我們有一個穩定的基礎。
We now need to return to growth.
我們現在需要恢復成長。
And I also just really believe is highly aligned with Telecom for values on the key has been a number for eight years.
我也真的相信與電信的價值觀高度一致，這數字已經持續了八年。
He loves what we're doing, the Lowe's health and wellness as part of his own routine at his own regimen.
他熱愛我們正在做的事情，將勞氏健康和保健作為他自己養生習慣的一部分。
So I think he believes in the product he believes in the space, you have the perfect skillset experiences and I think is going to be a great fit.
所以我認為他相信他所相信的產品，你擁有完美的技能組合經驗，我認為這將是一個非常合適的人選。
So we're just really, really excited to get them started targeted at anything to that.
所以我們真的非常非常興奮讓他們開始針對任何事情。
I would just say on a personal level is thoughtful consideration is going to definitely bring a, you know, an approach to learning, which we think is excellent.
我只想說，在個人層面上，深思熟慮的考慮肯定會帶來一種我們認為非常好的學習方法。
And any deeply appreciate with Delphi has done many is excited about helping to lead the next chapter.
任何對德爾福所做的深刻感激之情都對幫助引領下一個篇章感到興奮。
Thanks for the next question, please, operator, one moment for our next question.
感謝您提出下一個問題，接線員，請稍等一下我們的下一個問題。
And that will come from the line of Andrew Boone was JMP Securities.
這將來自安德魯·布恩 (Andrew Boone) 的家族，即 JMP 證券 (JMP Securities)。
Your line is open.
您的線路已開通。
Thanks, much for taking my questions on.
非常感謝您回答我的問題。
I wonder if you double click on the reduction in marketing this quarter.
我不知道你是否雙擊了本季行銷的減少。
Can you guys talked about the importance used as you guys did pull back there and what may be incremental and decremental?
你們能談談你們撤回那裡時所使用的重要性以及可能增量和減量的內容嗎？
And then as we think about that two to three times kind of LT. B to CAC. tech conduit, can you just talk about the path back into that, that framework?
然後當我們思考兩到三倍的 LT 時。 B 至 CAC。技術管道，你能談談回到那個框架的路徑嗎？
And then for my second question is, I'd love to double click in terms of Connected Fitness gross profit margins on you guys have seen steady improvement there is is that kind of the ceiling?
我的第二個問題是，我想雙擊一下 Connected Fitness 的毛利率，你們已經看到了穩定的改善，有這樣的上限嗎？
Or do you guys feel like there's more progress to go?
或者你們覺得還有更多進步嗎？
How does that move into a step function and maybe in the double-digits?
它如何轉變為階躍函數，甚至可能達到兩位數？
Thanks so much.
非常感謝。
Yes.
是的。
I mean, I'll start.
我的意思是，我要開始了。
And then as you can big, I would say the word at the top here as it relates to marketing is the discipline that I talked about a third remarks I talked about earlier in the Q&A, but effective audience targeting them being effective in the way that we're optimizing our investments, the way that we're focused on the entire picture, your marketing picture, including a retention engagement of our existing members, deserve kind of the key hallmarks of what Lauren Weinberg our CMO has brought in this last year.
然後，正如您可以說的那樣，我會說這裡頂部的詞因為它與營銷有關，這是我在問答之前談到的第三個評論中談到的學科，但是針對他們的有效受眾以以下方式有效：我們正在優化我們的投資，我們專注於整體情況的方式，您的行銷情況，包括我們現有會員的保留參與度，值得我們的首席行銷長 Lauren Weinberg 在去年所帶來的關鍵標誌。
Depends on, you know, we've gone from being promotion heavy to one that to a place where we're now balancing demand and creation and desire with with those moments where we can capture demand through conversion events and promotions and fuse opportunities.
取決於，你知道，我們已經從促銷重度轉變為我們現在平衡需求、創造和慾望的地方，以及我們可以透過轉化事件和促銷來捕獲需求並融合機會的時刻。
But we have coming up in holiday week and then you see the numbers.
但我們即將迎來假期週，然後你會看到數字。
We significantly reduced our customer acquisition costs.
我們顯著降低了客戶獲取成本。
We become much more disciplined in our media spending.
我們在媒體支出方面變得更加自律。
And um, and a lot more focus on where are those qualified growth audiences.
嗯，多關注那些合格的成長受眾在哪裡。
So all of these areas, and I'm really impressed with what Lauren and her team have done and the way they, I think set up a Peloton as part of this broader effort at the company to create a solid foundation of sustainable and profitable growth.
因此，所有這些領域，勞倫和她的團隊所做的事情以及他們的方式給我留下了深刻的印象，我認為建立Peloton 作為公司更廣泛努力的一部分，旨在為可持續和盈利增長奠定堅實的基礎。
So you can expect that to continue.
所以你可以預期這種情況會持續下去。
So on that on the question around the LTV account, can I pass back to get into that two to three times?
那麼關於 LTV 帳戶的問題，我可以回頭進入該帳戶兩到三次嗎？
So our goal is to get to that two to three times range, ideally closer to three.
所以我們的目標是達到兩到三倍的範圍，最好接近三倍。
And we do have some work to get there.
我們確實還有一些工作要做。
We are we're not quite there yet.
我們還沒有完全做到這一點。
And we have these near term.
我們近期有這些。
However, we are focused on that are under our control.
然而，我們專注於我們控制範圍內的事情。
And then as Chris was talking, a lot of our investing in future growth.
然後，正如克里斯所說，我們對未來的成長進行了大量投資。
So the pricing changes that we've made on the reduced promotional activity that you saw in Q1, our way for us to improve our gross margin on.
因此，我們針對您在第一季看到的促銷活動減少而做出的定價調整，是我們提高毛利率的方式。
So we made progress on those in Q1.
所以我們在第一季取得了進展。
As we go into Q2, we will still have promotions over the holidays, but we will continue to make progress on our LTV by improving our gross margins over time.
進入第二季度，我們仍然會在假期期間進行促銷活動，但隨著時間的推移，我們將透過提高毛利率來繼續在生命週期價值方面取得進展。
And ultimately, our goal is to get to where we have significant positive gross margins across all products, all channels and all markets.
最終，我們的目標是在所有產品、所有通路和所有市場上實現顯著的正毛利率。
And the other pieces around attack, which, you know, Chris was talking about.
還有關於進攻的其他部分，你知道，克里斯正在談論這一點。
That's really about the depth of unprofitable customers and then also evolving our messaging to target those audiences in order to drive that efficiency.
這實際上關係到無利可圖的客戶的深度，然後不斷發展我們的訊息傳遞以瞄準這些受眾，以提高效率。
And then we also have, in addition to kind of working media dollars that we invest in marketing or also focus on those non-media costs that you hit us sales and marketing and impact our tech.
然後，除了我們投資於行銷的工作媒體資金之外，我們還關注那些影響我們銷售和行銷並影響我們技術的非媒體成本。
And that includes things like exiting retail showrooms, which can talk a little bit about earlier, optimizing our brand and creative sand and also optimizing our head count until we've been focused on all of those things.
這包括退出零售陳列室之類的事情，這可以早些時候討論一下，優化我們的品牌和創意沙子，並優化我們的員工數量，直到我們專注於所有這些事情。
Now I think the last part of your question was around connected fitness gross margin.
現在我認為你問題的最後一部分是關於互聯健身的毛利率。
And what do you have more ability to make make more progress?
而你有什麼能力更有能力有更大的進步呢？
We certainly have the ability to make more progress over time.
隨著時間的推移，我們當然有能力取得更多進展。
Again, we're really focused on the things that we can control and you're seeing some of the progress there manifest and then we will do the right thing in terms of LTV to cap.
再說一次，我們真正關注的是我們可以控制的事情，你會看到一些明顯的進展，然後我們將在生命週期價值方面採取正確的措施來達到上限。
And if it does make sense to invest a bit more in the LTV side of the equation relative to the taxes, are there equation, we will continue to make those trade-offs as we go.
如果相對於稅收在等式的 LTV 方面多投資一點確實有意義，是否存在等式，我們將繼續進行這些權衡。
But our goal is to continue to drive improvement in gross margin because that helps us fund our tenant can create a lot of that efficiency that we're looking for in our holidays are an example, seasonally higher demand.
但我們的目標是繼續推動毛利率的提高，因為這有助於我們為租戶提供資金，可以創造許多我們在假期中尋求的效率，例如季節性更高的需求。
We will be spending on media neckwear and that will drive growth into the future quarter.
我們將在媒體領帶上進行支出，這將推動未來季度的成長。
And we and we will also be spending on promotions in that quarter.
我們也將在該季度的促銷活動上投入資金。
one other thing I want to mention is that frequent us it was in our Connected Fitness and that and it's accretive to our Connected Fitness gross margin overall.
我想提到的另一件事是，我們經常在我們的 Connected Fitness 中使用它，這增加了我們 Connected Fitness 的整體毛利率。
So as the prequel business growth, that will also drive higher Connected Fitness margins over time, the Connected Fitness 14.
因此，隨著前傳業務的成長，隨著時間的推移，Connected Fitness 14 的利潤率也將提高。
Okay.
好的。
Next question with one moment for our next question.
下一個問題請花點時間回答我們的下一個問題。
And that will come from the line of Douglas Anmuth with JPMorgan.
這將來自道格拉斯·安穆斯 (Douglas Anmuth) 與摩根大通 (JPMorgan) 的血統。
Your line is open.
您的線路已開通。
Great.
偉大的。
Thanks.
謝謝。
It's Brian smart, Alec, on for Doug.
布萊恩·斯馬特 (Alec) 替補道格 (Doug)。
As you enter the holiday season, can you just talk about which go-to-market channels and initiatives are key to driving improving seasonality and higher hardware sales?
當您進入假期季節時，您能否談談哪些入市管道和舉措對於推動改善季節性和提高硬體銷售至關重要？
And then I know we've talked about it in the past to, but can you just provide an update where the connected fitness industry is that the overall cadence of return to growth rate of declines?
然後我知道我們過去已經討論過這個問題，但是您能否提供一個最新情況，即互聯健身行業的整體回歸增長率下降的節奏是什麼？
Thanks.
謝謝。
All of the question that was in the field.
現場存在的所有問題。
Yes, thanks for the question.
是的，謝謝你的提問。
I mean, we're entering the holiday season with cautious optimism.
我的意思是，我們正以謹慎樂觀的態度進入假期季節。
I think we talked about macroeconomic factors that are out of our control, but we're focused on things that were that are within our control.
我認為我們討論了我們無法控制的宏觀經濟因素，但我們關注的是我們控制範圍內的事情。
And I'm just going to be a broken record and you can expect us to spend this in a disciplined way.
我將打破紀錄，你可以期待我們以一種有紀律的方式度過這一切。
We will spend less on media this year will be less promotional than we were in our holiday season last year.
今年我們在媒體上的支出將比去年假期減少，促銷活動也將減少。
And we will continue to manage our LTV to cap ratios in the right word.
我們將繼續以正確的方式管理我們的生命週期價值與上限比率。
But we're excited about, as I mentioned, ways of getting existing members engaged and involved through referrals of the way we're targeting the pockets of growth and about new third party relationships like the one we just discussed today related to Costco.
但正如我所提到的，我們對透過推薦方式讓現有會員參與進來的方式感到興奮，我們的目標是實現成長，也對新的第三方關係（例如我們今天剛剛討論的與Costco 相關的關係）感到興奮。
So when we can do things like our Bike plus available with special bundled pricing and extended warranty like we have a cost that we're doing at Costco, that's another great opportunity.
因此，當我們可以做像我們的 Bike plus 這樣的事情時，可以提供特殊的捆綁定價和延長保修，就像我們在 Costco 所做的那樣，這是另一個很好的機會。
So we have a we have a strong plan.
所以我們有一個強而有力的計劃。
We're prepared and I think we're going to focus well this holiday season.
我們已經做好了準備，我想我們會在這個假期集中精力。
Certainly.
當然。
The last question is a bit about the connected fitness industry.
最後一個問題是關於互聯健身產業的一些問題。
Overall.
全面的。
So we do track with third party data and some market share data around connected fitness and market share trends.
因此，我們確實追蹤了第三方數據以及一些有關互聯健身和市場份額趨勢的市場份額數據。
Our data suggests that the overall fitness market declined around 2% nearly or in Q1.
我們的數據顯示，第一季整體健身市場下降了 2% 左右。
We're seeing that, Jim, they're settling into a new normal going around 3% to 4% year over year in the last couple of quarters compared to 8 to nine 9% year-over-year growth that they were experiencing in Q1 and Q2 of fiscal 24.
吉姆，我們看到，他們正在進入一種新常態，在過去幾個季度中，同比增長率約為 3% 至 4%，而他們在 2017 年經歷的同比增長率為 8% 至 9%。財年第一季和第二季。
For the Connected Fitness hardware sales piece on sales overall are continuing to decline year over year.
對於互聯健身硬體銷售而言，整體銷售額持續逐年下降。
Surgeons are still taking a bit of share.
外科醫生仍然佔據著一些份額。
However, we are such a large part of the connected fitness market that the decisions that we are making to grow prioritized profitability are certainly impacting this trend to some of the other things that we're seeing are you know, there are macroeconomic factors like the impact of inflation, interest rates and uncertainty around the upcoming presidential election that could be playing into overall Connected Fitness hardware sales in general.
然而，我們在互聯健身市場中佔有如此大的份額，以至於我們為提高優先盈利能力而做出的決定肯定會影響這一趨勢，以及我們所看到的其他一些事情，你知道，有一些宏觀經濟因素，例如通貨膨脹、利率和即將到來的總統選舉的不確定性的影響可能會影響整體互聯健身硬體的銷售。
And then so just for us, we're focused on the things that we can control, which is really focusing on sustainable and profitable growth and then ensuring that we create the best possible experience for new and existing numbers that are joining our telephone candidates.
因此，對於我們來說，我們專注於我們可以控制的事情，這真正專注於可持續和盈利的增長，然後確保我們為加入我們的電話候選人的新的和現有的號碼創造最佳的體驗。
Thank you, operator.
謝謝你，接線生。
And we have time for one last question.
我們還有時間回答最後一個問題。
And that will come from the line of Eric Sheridan with Goldman Sachs.
這將來自埃里克·謝裡丹（Eric Sheridan）和高盛（Goldman Sachs）的血統。
Your line is open.
您的線路已開通。
Thanks so much for squeezing me.
非常感謝你壓榨我。
Maybe just one question on Coke tempt.
也許只是關於可樂誘惑的問題。
You to know whether you could just sort of build loadings, run the business, I think about where the strategy is going to go over the medium to longer term as Peter joins, how do you think about the right levels of adjustment of contract duration around contact at the role that to complete continuing to drive sort of a demand of the user side of the gauge?
你知道你是否可以建立負載，經營業務，我想一下隨著彼得的加入，中長期策略將走向何方，你如何考慮合約期限的正確調整水平聯絡人的作用是完成持續推動用戶方的某種需求？
What sort of conversion metrics over the medium to long term, fixed so much?
從中長期來看，什麼樣的轉換指標固定得如此之多？
Yes, thanks.
是的，謝謝。
Well, I mean, covenants, as truly at the very center of our experience and our instructor-led content is the hallmark of what makes for a great Peloton experienced.
嗯，我的意思是，契約確實是我們經驗的核心，而我們的教練指導的內容是成就偉大的 Peloton 經驗的標誌。
So there's that we're going to continue to invest there and to innovate.
因此，我們將繼續在那裡投資並創新。
We've done some really interesting things just in the last quarter around bringing new high-k and walking experiences to the treadmill walking boot camps.
就在上個季度，我們做了一些非常有趣的事情，為跑步機步行訓練營帶來新的高 k 和步行體驗。
We're doing some programs around Tiki walks after meals, which will be a relevant as we approach the Thanksgiving holiday.
我們正在做一些圍繞餐後 Tiki 散步的項目，這在我們接近感恩節假期時將是相關的。
So there's lots of room still happening in that space.
所以這個空間裡還是有很多空間。
We talked about all for one and the music partnerships that we did there.
我們談論了一切，以及我們在那裡所做的音樂合作。
It has been and will continue to be an area that's it incredibly important to us.
它一直並將繼續是一個對我們來說非常重要的領域。
And um, yes, I think that will continue.
嗯，是的，我認為這種情況會繼續下去。
Looking to add one more thing.
希望再增加一件事。
We are also investing in non-cost based contained to on selling our entertainment offerings in our gaming and five certainty balances, which were leaning into it on.
我們還投資於基於非成本的投資，包括銷售我們的遊戲娛樂產品和五個確定性餘額，這些餘額都依賴它。
And so we're pretty we're seeing the opportunity to expand beyond our for our incredible instructor-led workout, which we have all these modalities.
因此，我們很高興看到有機會超越我們令人難以置信的教練指導鍛煉，我們擁有所有這些模式。
And Chris was talking about some of the new and new ones that we've added that we really think are going to be valued on it.
克里斯正在談論我們添加的一些新的和新的內容，我們確實認為這些內容會受到重視。
But also those non-Class one that on that, we are seeing gains and interest and traction, and we think we'll be able to drive engagement over time, which again, as active parcels, scrubbers are engaged and they stick with us.
但在那些非一級方面，我們也看到了收益、興趣和牽引力，我們認為隨著時間的推移，我們將能夠推動參與度，這再次表明，作為活躍的包裹，洗滌器參與並堅持我們。
And we've seen that time and time again, and we want that to kick in.
我們已經一次又一次地看到這一點，我們希望它能夠發揮作用。
Okay, terrific.
好吧，太棒了。
Thank you.
謝謝。
I would now like to turn the call back to Mr. Ken Burns for any closing remarks.
我現在想將電話轉回給肯·伯恩斯先生，請他發表結束語。
Thank you, operator.
謝謝你，接線生。
Before we end the call, I just wanted to thank Chris for all of the leadership he has brought to the business over the last six months, driving our teams toward innovation and reinforcing our members.
在結束通話之前，我只想感謝克里斯在過去六個月中為公司帶來的所有領導力，推動我們的團隊走向創新並加強我們的成員。
First mindset during this period has been a lot of transition and a lot of change.
在此期間，首先的心態發生了許多轉變和變化。
I've been really lucky if that is my partner over the life six months in our interim co-CEO role, and we're very lucky to have returned to the board and benefit from his experience and insight going forward.
如果他是我在六個月的臨時聯合執行長職位中的合作夥伴，我真的很幸運，而且我們很幸運能夠回到董事會並從他的經驗和洞察力中受益。
I will continue in the role of interim CEO through the calendar year before handing the baton back two or two here in January and critical, I will both be actively involved in ensuring a smooth and successful transition.
我將在整個日曆年中繼續擔任臨時首席執行官，然後在一月份將接力棒交回兩到兩次，至關重要的是，我將積極參與確保順利和成功的過渡。
I really can't be it couldn't be more excited to get people on board.
我真的不能更興奮地讓人們加入。
In addition to the depth of experience, he brings to really have such great respect for the many passionate team members who work to bring amazing experiences to our membrane and curiosity to learn all about the business.
除了豐富的經驗之外，他還對許多充滿熱情的團隊成員表示極大的敬意，他們致力於為我們的膜帶來令人驚嘆的體驗，以及了解所有業務的好奇心。
You're going to bring a fresh perspective as we continue on our path to deliver sustainable and profitable growth.
當我們繼續實現可持續和盈利增長的道路上時，您將為我們帶來全新的視角。
And lastly, I am so proud of the telecom leadership team, the many passionate and purpose-driven team members who are devoted to Pelephone success.
最後，我為電信領導團隊感到非常自豪，他們是許多充滿熱情、目標導向的團隊成員，他們致力於 Pelephone 的成功。
All the hard work and progress has really set us up to continue to deliver on our goals as we enter the next phase of telecoms journey under Peter's leadership, and we truly can't wait to welcome them to the team, stay safe and happy holidays.
所有的辛勤工作和進步確實使我們能夠繼續實現我們的目標，因為我們在彼得的領導下進入了電信之旅的下一階段，我們真的迫不及待地歡迎他們加入團隊，保持安全和假期快樂。
This concludes today's program.
今天的節目到此結束。
Thank you for participating.
感謝您的參與。
You may now disconnect.
您現在可以斷開連線。
No.
不。
And in May.
五月。