派樂騰 (PTON) 2025 Q1 法說會逐字稿

Good day, and welcome to Peloton's first-quarter fiscal 2025 conference call.

大家好，歡迎參加 Peloton 2025 財年第一季電話會議。

(Operator Instructions)

（操作員說明）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker, Mr. James Marsh, Senior Vice President of Investor Relations.

現在我想將會議交給您的發言人、投資者關係高級副總裁詹姆斯·馬什先生。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，接線生。

Good morning, and welcome to Peloton's first-quarter fiscal 2025 conference call.

早安，歡迎參加 Peloton 2025 財年第一季電話會議。

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.

參加今天電話會議的還有 Peloton 董事會成員、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.

我們對您問題的評論和答覆僅反映管理層截至今天的觀點，並將包括與我們業務相關的聲明，這些聲明屬於聯邦證券法規定的前瞻性聲明。

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.

由於與我們業務相關的風險和不確定性，實際結果可能與這些前瞻性陳述中包含或暗示的結果有重大差異。

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 in our investor relations website.

有關可能影響我們實際結果的重大風險和其他重要因素的討論，請參閱我們向 SEC 提交的文件和今天的股東信，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 GAAP and non-GAAP financial measures.

在本次電話會議中，我們將討論 GAAP 和非 GAAP 財務指標。

A reconciliation of GAAP to non-GAAP financial measures is provided in today's shareholder letter.

今天的股東信中提供了 GAAP 與非 GAAP 財務指標的調整表。

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

我現在將把電話轉給臨時聯合執行長凱倫·布恩 (Karen Boone)。

Good morning, and thank you for joining us today.

早安，感謝您今天加入我們。

Before we dive into today's financial results, I want to share the exciting news regarding our CEO search.

在我們深入了解今天的財務表現之前，我想分享一下有關我們執行長搜尋的令人興奮的消息。

As you probably saw in our separate release this morning, on behalf of the entire Board, I'm thrilled to announce that after a comprehensive search, we have identified the next leader for Peloton.

正如您可能在今天早上我們單獨發布的新聞稿中看到的那樣，我代表整個董事會很高興地宣布，經過全面的搜索，我們已經確定了 Peloton 的下一任領導者。

Peter Stern will assume the role of CEO and President on January 1, 2025.

Peter Stern 將於 2025 年 1 月 1 日起擔任執行長兼總裁。

Peter is a seasoned leader and strategist with over 20 years of experience operating at the intersection of hardware, software, services, and content at Ford, Apple, and Time Warner Cable.

Peter 是一位經驗豐富的領導者和策略家，在福特、蘋果和時代華納有線的硬體、軟體、服務和內容交叉領域擁有 20 多年的營運經驗。

He has a strong track record of innovation, operational excellence, and creating significant shareholder value.

他在創新、卓越營運和創造顯著股東價值方面擁有良好的記錄。

As the Co-Founder and driving force behind Apple Fitness+, Peter led its growth to millions of members and is responsible for successfully scaling over a dozen other subscription services, ranging from Ford BlueCruise to Apple iCloud to Time Warner Cable Home Security.

作為 Apple Fitness+ 的聯合創始人和推動者，Peter 帶領其成長為數百萬會員，並負責成功擴展十多項其他訂閱服務，從福特 BlueCruise 到 Apple iCloud，再到時代華納有線電視家庭安全。

Importantly, Peter has also been a passionate member of the Peloton community since 2016 and have a deep appreciation and respecsut for this business, this brand, and the impact that we have on millions of people around the world every day.

重要的是，自 2016 年以來，Peter 一直是 Peloton 社群的熱情成員，並對這項業務、這個品牌以及我們每天對全球數百萬人產生的影響深表讚賞和尊重。

I truly cannot wait to officially welcome him to Peloton at the start of the calendar year.

我真的迫不及待在年初正式歡迎他加入 Peloton。

Turning to our financial results.

轉向我們的財務表現。

I'm extremely pleased to share that we are reiterating our fiscal 2025 financial goals today, which include: first, aligning our cost structure to the current size of our business by delivering over $200 million of run rate cost savings by the end of fiscal year '25 from our cost restructuring plan announced in May 2024.

我非常高興地告訴大家，我們今天重申了 2025 財年的財務目標，其中包括：首先，到本財年末實現超過 2 億美元的運行成本節約，使我們的成本結構與當前業務規模保持一致'25來自我們2024 年5 月宣布的成本重組計劃。

Second, improving our unit economics across all products and sales channels in pursuit of delivering sustainable, profitable growth and meaningful free cash flow generation.

其次，提高所有產品和銷售管道的單位經濟效益，以實現可持續的獲利成長和有意義的自由現金流產生。

And third, continuing to make strategic investments in innovation to enable Peloton to return to top-line growth in the long term.

第三，繼續對創新進行策略性投資，使 Peloton 能夠長期恢復營收成長。

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 Liz 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，莉茲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, $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 app subscribers and over $1.7 billion of annualized subscription revenue was 68% gross margin.

我們的業績也突顯了我們業界領先的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 用戶、582,000 個應用程式訂閱者以及超過17 億美元的年化訂閱收入，毛利率為68%。

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, but to exceed our goals thus far in reducing costs.

我很高興看到我們的成本削減努力在迄今為止的財務業績中得以實現，我必須說，該團隊不僅在交付方面做得非常出色，而且在降低成本方面超越了我們迄今為止的目標。

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, we manage our business through a lens of LTV to CAC and have taken action to improve the areas that are in our immediate control on both the LTV and the CAC side of the equation.

管理我們的業務以實現盈利增長的關鍵部分是確保我們獲得的所有訂戶都有利可圖並確保我們擁有可持續的單位經濟效益，我們透過LTV 到CAC 的視角來管理我們的業務，並已採取行動改進以下領域：我們對 LTV 和 CAC 方面的直接控制。

To enhance customer LTV, we are focused on expanding Connected Fitness products gross margin across all of our products, sales channels, and markets, leading us to make certain pricing changes and reduced promotional activity in Q1.

為了提高客戶生命週期價值，我們致力於擴大所有產品、銷售管道和市場的 Connected Fitness 產品毛利率，這導致我們在第一季進行了某些定價調整併減少了促銷活動。

We are investing in marketing, product, and content initiatives to drive engagement, which will improve subscriber growth and retention over the long term.

我們正在投資行銷、產品和內容計劃來提高參與度，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 Connected Fitness 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 Fitshop for sale and fulfillment.

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（即亞馬遜和 Fitshop）進行銷售和履行。

Germany sales have outperformed our internal expectations following the third-party transition.

第三方轉型後，德國的銷售表現超出了我們的內部預期。

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 mirror those in our North American business.

我們仍然看好國際業務作為長期成長的來源，因為強勁的保留率和參與度趨勢與我們北美業務的情況相似。

We continue to optimize our sales channel strategy for stronger unit economics in our North American business as well.

我們持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 a 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, we launched an exciting partnership with Truemed in early October, which makes it easier for qualified US-based customers to use pretax HSA or FSA dollars to purchase Peloton products.

在我們的網站上，我們在 10 月初與 Truemed 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 美元購買 Peloton 產品。

We are also pleased to announce that for the first time, the Peloton Bike+ will be available at Costco this holiday season with special pricing across 300 US locations and at costco.com.

我們也很高興地宣布，Peloton Bike+ 將於今年假期季節首次在 Costco 於美國 300 個地點和 costco.com 上以特價出售。

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效益抓住季節性強勁的假期需求，從而提供更強勁的 Connected Fitness 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, improve our unit economics in gross margin and rearchitect our cost structure.

我們正在做大量的工作來優化我們的通路和進入市場策略，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 made Peloton a more sustainable and profitable business.

我們所有人都使 Peloton 成為一家更具可持續性和盈利能力的企業。

One that is better equipped to serve our members and grow our business over the long term.

一個更有能力為我們的會員服務並長期發展我們的業務的公司。

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, Karen.

謝謝，凱倫。

As Karen mentioned, we're focused on improving the efficiency of our customer acquisition costs.

正如凱倫所提到的，我們專注於提高客戶獲取成本的效率。

And this requires us to be strategic with our marketing campaign that generate demand from target growth audiences and to be disciplined with our marketing spend.

這要求我們對行銷活動採取策略性策略，以產生目標成長受眾的需求，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減少了 6,400 萬美元，比去年同期減少了 44%，這主要是由於該季度的媒體支出處於歷史低點。

In fact, our Q1 was the lowest quarter of media spend since fiscal 2020 over four years ago.

事實上，我們第一季的媒體支出是四年前 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 up 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 men to Peloton through targeting and messaging that highlights the robust value of a Peloton membership.

如今，我們三分之二的會員是女性，因此我們看到了透過突出 Peloton 會員的強大價值的定位和訊息來吸引更多男性加入 Peloton 的機會。

Further, we see an opportunity to grow our tread business given our estimates that show the at-home treadmill market is more than twice the size of the at-home stationary bike market.

此外，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，我們看到了發展踏板業務的機會。

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 CAC year over year, while refining a 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將 LTV 擴大到 CAC，同時完善行銷方法，以更好地支持長期可持續和盈利的需求成長。

While our LTV to CAC ratio improved significantly in Q1 to 1.9x, it was still slightly below our target of greater than 2x during the period with historically low media spend.

雖然我們的 LTV 與 CAC 比率在第一季顯著提高至 1.9 倍，但仍略低於我們在媒體支出處於歷史低點期間超過 2 倍的目標。

As our media spend and promotional activity increase in Q2 to drive demand creation and conversion during the holiday shopping season, it's worth noting that many of the customers acquired during Q2 to will not activate their subscription until Q3.

隨著我們在第二季度的媒體支出和促銷活動增加，以推動假日購物季的需求創造和轉化，值得注意的是，在第二季度獲得的許多客戶要到第三季度才會啟動訂閱。

As a result, there will be some quarterly swings in LTV to CAC similar to what we've seen in prior years.

因此，LTV 與 CAC 之間將會出現一些季度波動，類似於我們前幾年所看到的情況。

We consistently evaluate the overall picture of LTV to CAC on a full-year basis to informed decisions about quarterly media investments.

我們一致評估全年 LTV 與 CAC 的整體情況，以便為季度媒體投資做出明智的決策。

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 these 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，我們預計其中一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.

這使我們能夠靈活地根據我們看到的結果擴大或減少投資。

Strength is the second most popular modality in our platform, and it continues to gain share.

力量是我們平台上第二受歡迎的方式，而且它的份額不斷增加。

In September, we launched a public beta test for a new app offering called Strength+ in order to deliver strength training programs that are designed for use in a gym setting.

9 月，我們對一款名為 Strength+ 的新應用程式進行了公開 Beta 測試，以提供專為健身房環境設計的肌力訓練計畫。

These are non-class base workouts and customizable to address the member-specific goals.

這些是非班級基礎鍛煉，可根據會員特定目標進行客製化。

We've gathered more than 70,000 sign-ups to date of people who are interested in trying Strength+.

到目前為止，我們已經收集了超過 70,000 名有興趣嘗試 Strength+ 的註冊用戶。

We are getting productive feedback from our test population of 5,000 that is informing our product iterations.

我們從 5,000 名測試人群中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資訊。

Beyond extended strength offerings, our members have shown considerable interest in game inspired fitness experiences.

除了擴展力量產品之外，我們的會員對遊戲啟發的健身體驗也表現出了極大的興趣。

In fact, over 10% of our active subscribers engaged with Lanebreak in Q1, our first game inspired fitness offering.

事實上，在第一季度，我們超過 10% 的活躍訂閱者參與了 Lanebreak，這是我們的第一個遊戲啟發的健身產品。

So we are currently testing our second game inspired experience in a closed beta of 100 existing Bike+ members.

因此，我們目前正在 100 名現有 Bike+ 會員的封閉測試中測試我們的第二個遊戲體驗。

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.

我們也相信，更高水準的個人化將提高 Peloton 對我們會員的價值。

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, based on a member's individual fitness goals.

在我們現有的一小部分會員中，我們正在測試一項名為個性化計劃的新軟體功能，該功能根據會員的個人健身目標，在我們的應用程式中和透過我們的Connected Fitness 硬體提供每週鍛鍊計畫。

Our goals for personalized plans include both improving retention for new members who 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.

我們的個人化計畫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, so we're making changes to enable our members to engage with one another.

現在我們知道，我們的會員之間透過我們的 Connected Fitness 平台進行了廣泛的社交參與，因此我們正在做出改變，以使我們的會員能夠相互交流。

We recently launched private teams, a new feature where existing members can share results and competing challenges team creation and adoption is pacing well and is 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和競爭挑戰，團隊的創建和採用進展順利，符合我們的期望。

Early results show members who joined teams are both increasing workouts taken and connecting other members via find friends at a faster pace than prior to joining teams, demonstrating healthy signals of a growing network effect.

早期結果顯示，加入團隊的成員不僅增加了鍛鍊次數，而且以比加入團隊之前更快的速度透過尋找朋友來聯繫其他成員，這顯示出網路效應不斷增長的健康訊號。

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.

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一流的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準。

Our annual All For One programming event included various popular musicians and a live performance from Keith Urban in studio.

我們一年一度的 All For One 節目活動包括多位流行音樂家和 Keith Urban 在工作室的現場表演。

These All For One classes generated over 26,000 live member workouts and over 900,000 workouts on demand in the first week available on the platform.

這些 All For One 課程在平台推出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 barre, 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，包括足球力量以及巴利、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 options for walking and hiking.

我們透過推出步行訓練營來擴展跑步機模式，這對會員來說是出色的、影響較小的鍛鍊選擇，也是一系列步行和遠足內容選項中的最新內容。

At the same time, we delivered more content for the performance [athlete] segment, adding more 75-, 90- and 120-minute classes in response to member interest in those options.

同時，我們為表演[運動員]部分提供了更多內容，增加了更多 75 分鐘、90 分鐘和 120 分鐘的課程，以滿足會員對這些選項的興趣。

I'm incredibly proud of the Peloton team for continuing to innovate across marketing, product, and content while we significantly reduced costs in the business.

我為 Peloton 團隊感到無比自豪，他們在行銷、產品和內容方面不斷創新，同時大幅降低了業務成本。

That operational excellence that we're seeing from the team has made all of this possible.

我們從團隊中看到的卓越運作使這一切成為可能。

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, Chris.

謝謝你，克里斯。

First, I'd like to provide an update for how we are tracking against the 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 of the end of Q1, we have actioned all payroll-related changes that were assumed in the restructuring plan, which will deliver over $100 million of annualized run rate savings.

截至第一季末，我們已經實施了重組計劃中假設的所有與工資相關的變更，這將帶來超過 1 億美元的年化運行率節省。

We continue to make progress and benefits from all other non-payroll related savings.

我們繼續取得進展並從所有其他非工資相關的節省中受益。

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.

加上薪資節省，我們仍有望在 2025 財年底前節省超過 2 億美元的營運成本。

And we are realizing some of these savings faster than we anticipated.

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，我們也透過減少媒體支出來提高成本效率，而這些支出並未包含在我們 2 億美元的重組目標中。

Now, I'll spend a few minutes on our Q1 results.

現在，我將花幾分鐘時間介紹第一季的結果。

We ended the quarter with 2.9 million paid Connected Fitness subscribers, reflecting a net decrease of 81,000 in the quarter.

本季末，我們擁有 290 萬付費 Connected Fitness 用戶，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 pauses.

我們的訂閱者表現優異的主要驅動力是，由於訂閱暫停次數減少，用戶流失率略高於我們的預期。

This favorability was partly offset by slightly softer growth additions than we expected.

這種優惠被比我們預期略弱的成長所部分抵銷。

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 unpauses in the first quarter of fiscal 2024, following elevated pauses in the fourth quarter of fiscal year 2023 in response to our original bike seat post recall.

提醒一下，我們去年同期的淨流失表現包括一次性收益，這是由於 2023 財年第四季度的訂閱暫停次數增多，導致 2024 財年第一季訂閱暫停次數增多，從而帶來了一次性收益。原廠自行車座桿召回。

We ended the first quarter with 582,000 paid app subscriptions, reflecting a net decrease of 33,000 in the quarter.

第一季結束時，我們的付費應用程式訂閱量為 582,000 份，本季淨減少 33,000 份。

This result exceeded the high end of our guidance range by 12,000 from both higher additions and better than expected average monthly paid app subscription churn, which was 7.1% in the quarter.

這一結果超出了我們指導範圍的上限 12,000，因為增加量較高，而且平均每月付費應用程式訂閱流失率比預期好（本季為 7.1%）。

In the first quarter, we've continued to scale back the amount of media spend dedicated to support growth and paid app subscription to maximize media efficiency.

在第一季度，我們繼續縮減專門用於支援成長和付費應用程式訂閱的媒體支出，以最大限度地提高媒體效率。

As we continue evolving our app with software enhancements such as personal plans and private teams, and developing new app offerings like our Strength+ beta, we may elect to invest more in-app media if we see signals that suggest we can accelerate growth of app subscribers efficiently.

隨著我們繼續透過個人計劃和私人團隊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產品（例如我們的Strength+ beta），如果我們看到表明我們可以加速應用程式訂閱者成長的訊號，我們可能會選擇投資更多的應用程式內媒體高效。

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 revenue was down 12% year over year due to lower hardware demand as subscription revenue was up 3% year over year due to content licensing revenue from lululemon and Google Fitbit.

由於硬體需求下降，互聯健身產品收入年減 12%，而由於 lululemon 和 Google Fitbit 的內容授權收入，訂閱收入年增 3%。

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.

總收入高於我們 5.6 億至 5.8 億美元指引範圍的上限，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 Connected Fitness 產品收入略高。

As a reminder, Q1 is a seasonally lower period for hardware sales, which is reflected in the revenue mix of 27% Connected Fitness and 73% subscription for the quarter.

提醒一下，第一季是硬體銷售的季節性較低時期，這反映在該季度 27% Connected Fitness 和 73% 訂閱的收入組合中。

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.

總毛利率為 51.8%，比指導值高出 180 個基點，這是由於有利的 Connected Fitness 產品部門的毛利率和收入組合向我們的訂閱部門的轉變。

Connected Fitness product gross margin was 9.2%, ahead of internal expectations, and up 600 basis points year over year, primarily driven by product mix shifts towards higher margin Precor and Bike rental products, reduced personnel-related expenses, and lower warehousing costs, partly offset by higher expenses associated with our standard warranty reserves.

Connected Fitness 產品毛利率為 9.2%，超出內部預期，年增 600 個基點，主要是由於產品組合轉向利潤率較高的 Precor 和自行車租賃產品、人員相關費用減少以及倉儲成本降低，部分原因是與我們的標準保固儲備相關的較高費用所抵消。

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，較去年成長40個基點。

Total operating expenses, including restructuring and impairment expenses, were $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.

第一季的總營運費用（包括重組和減損費用）為 2.91 億美元，比去年同期減少 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所取得的進展。

We are tracking ahead of our cost savings targets across all expense buckets.

我們正在追蹤所有費用類別的成本節約目標。

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 億美元，年減 3,200 萬美元，即 21%，主要是因為薪資、股票薪酬和專業服務費下降。

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.

本季度，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。

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，並被遣散費和其他人事成本降低帶來的 50 萬美元淨收益所抵銷。

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, above 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 億美元，比我們指引範圍的上限高出 5,600 萬美元，年增 1.07 億美元。

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 in rearchitecting our cost structure while maintaining our leadership position within the Connected Fitness category and the strength of our highly retentive high gross margin subscription business.

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度保留的高毛利率訂閱業務的實力。

Next, I'd like to provide context on our financial outlook for the second quarter and fiscal year 2025.

接下來，我想介紹一下我們第二季和 2025 財年的財務前景。

Our guidance for Q2 FY25 ending paid Connected Fitness subscriptions at 2.84 million to 2.86 million reflects a sequential decrease of 50,000 subscribers at the midpoint.

我們對 2025 財年第 2 季付費 Connected Fitness 訂閱數量的指導為 284 萬至 286 萬，反映出中點訂閱數量環比減少 50,000 名。

We expect our average net monthly paid Connected Fitness churn rate to slightly improve sequentially in Q2.

我們預計第二季平均淨月付費 Connected Fitness 流失率將略有改善。

Our Q2 FY25 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 app media spend.

我們的 2025 財年第 2 季末付費應用程式訂閱量展望為 560,000 至 580,000 名，反映出由於限制應用媒體支出的決定，訂閱者數量中點連續減少 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.

6.4 億美元至 6.6 億美元的收入指引反映了由於這些訂閱趨勢以及硬體銷售的預期季節性增長而導致的中位數環比增長 6,400 萬美元。

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 during the holiday sales period.

46.5% 的總毛利率指引反映出，由於假日銷售期間季節性組合轉向我們的 Connected Fitness 產品領域，預計毛利率將環比下降 534 個基點。

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，環比中位數下降了 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 FY25 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 2025 財年全年指引反映了硬體銷售額將同比下降的預期，以及平均每月淨付費 Connected Fitness 流失率將繼續同比小幅增長的預期，並遵循我們的歷史季節性模式。

Our full-year guidance range or paid Connected Fitness subscriptions of 2.68 million to 2.75 million remains unchanged and reflects a broad range of outcomes.

我們的全年指導範圍或付費 Connected Fitness 訂閱量為 268 萬至 275 萬，保持不變，反映了廣泛的結果。

We will continue to refine our strategy to improve unit economics over the course of FY25, which may include additional changes in pricing, promotional strategy, or other levers available to achieve our financial targets.

我們將在 2025 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 app subscriptions of 550,000 to 600,000, a 20,000 reduction versus our prior guidance, reflects our decision to limit app media spend as we invest in product development to improve the member experience.

我們對付費應用程式訂閱的全年指導範圍為 550,000 至 600,000，比之前的指導減少了 20,000，這反映了我們在投資產品開發以改善會員體驗時限制應用媒體支出的決定。

Additionally, as we continue to improve our member experience, we see clear opportunities to improve engagement, which could result in favorability to churn for both Connected Fitness and app.

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，這可能會增加 Connected Fitness 和應用程式的流失率。

While we are optimistic we can improve engagement through product and constant innovation and evolving our marketing strategy, the timing of when we will start to see meaningful impact from these efforts is uncertain, and therefore not reflected in our guidance.

雖然我們樂觀地認為，我們可以透過產品和不斷創新以及發展我們的行銷策略來提高參與度，但我們何時開始看到這些努力產生有意義的影響是不確定的，因此沒有反映在我們的指導中。

Our primary focus for FY25 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關鍵財務業績，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 FY25 outlook for total revenue remains unchanged at $2.4 billion to $2.5 billion, as well as our outlook for total gross margin, which remains unchanged at 49.0%.

我們對 25 財年總營收的展望維持在 24 億至 25 億美元不變，對總毛利率的展望也維持在 49.0% 不變。

We are raising our FY25 adjusted EBITDA guidance by $40 million to $240 million to $290 million, which reflects our 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 reduced media spend year over year.

我們將2025 財年調整後EBITDA 指引提高4,000 萬美元，至2.4 億美元至2.9 億美元，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，以及我們預計與先前宣布的成本重組計劃相關的營運成本節省，並逐年減少媒體支出。

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 a greater working capital tailwind, as well as continued operating expense efficiencies.

我們還將自由現金流目標提高到至少1.25 億美元，比先前的指導增加了5,000 萬美元，這主要是由於庫存產量下降，我們預計這將創造更大的營運資金順風，以及持續的營運費用效率。

Following our Q1 free cash flow result of $11 million, we do expect to achieve positive free cash flow in all four quarters of the fiscal year.

繼第一季自由現金流達到 1,100 萬美元之後，我們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 FY25 and beyond.

我們預期在 2025 財政年度及以後的資產負債表去槓桿化方面取得有意義的進展。

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 Karen in May.

我想花點時間來認識自​​ 5 月我與 Karen 一起擔任臨時聯合執行長以來整個 Peloton 團隊所取得的顯著進步。

In a relatively short time, I've seen us get smarter in many ways.

在相對較短的時間內，我看到我們在許多方面變得更加聰明。

We've made meaningful progress toward our goals of rightsizing our cost structure, improving unit economics, and innovating to drive long-term profitable growth.

我們在調整成本結構、提高單位經濟效益以及透過創新推動長期獲利成長等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's next CEO and President in January, I will be stepping down as co-CEO, effective tomorrow, November 1.

因此，今天宣布彼得·斯特恩 (Peter Stern) 將於 1 月份開始擔任 Peloton 的下一任首席執行官兼總裁，我將辭去聯合首席執行官的職務，從明天（11 月 1 日）起生效。

Karen has graciously agreed to continue as interim CEO of Peloton until Peter arrives.

凱倫慷慨地同意繼續擔任 Peloton 的臨時首席執行官，直到彼得到來。

It has been a great experience working with Karen, Liz, the lead team, and the many talented team members here at Peloton.

與凱倫、莉茲、領導團隊以及 Peloton 的許多才華橫溢的團隊成員一起工作是一次很棒的經歷。

I am very proud to be part of Peloton 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.

我非常自豪能夠成為 Peloton 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。

(Operator Instructions)

（操作員說明）

Simeon Siegel, BMO Capital Markets.

西蒙‧西格爾 (Simeon Siegel)，BMO 資本市場。

Congrats on the ongoing progress and on the new CEO announcement.

祝賀持續取得的進展以及新任執行長的任命。

It's really great to see.

真的很高興看到。

So, some really nice momentum here in the profitability trajectory.

因此，獲利軌跡中出現了一些非常好的勢頭。

So Karen, recognizing I'm about to ask you something to speak on someone else's behalf, I guess I was hoping you could speak to how you think or expect Peter would approach the balance of growth and profitability.

凱倫，意識到我要請你代表別人發言，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的平衡。

I'm wondering, do you expect any actions that he takes will flow quickly once he start?

我想知道，你認為他採取的任何行動一旦開始就會迅速展開嗎？

Do you think you're going to have a taking stock period?

你認為你會經歷一個盤點期嗎？

It just it seems like you've all done a really collective nice job on diagnosing the problem and you're already successfully affecting that plan to improve the free cash flow.

看起來你們在診斷問題方面都做得非常出色，而且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.

所以我很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 watch how Peter wants to approach the business anew.

然後我們將觀察彼得希望如何重新開展業務。

Thank you.

謝謝。

Thanks, Simeon.

謝謝，西蒙。

It's absolutely on our mind, it's absolutely the right question.

這絕對是我們的想法，這絕對是正確的問題。

It's how we're going to balance profitability and growth.

這就是我們平衡獲利能力和成長的方式。

And it was frankly, top of mind for the Board as we were looking for the next CEO.

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.

Peter 是適合本章的執行長。

He's a seasoned strategist.

他是一位經驗豐富的戰略家。

He's known for execution.

他以執行力聞名。

And he does have that strong track record of driving innovation and growth.

他確實在推動創新和成長方面擁有良好的記錄。

I will pause and just said, do you think we've set the table for his rival?

我會暫停一下，然後說，你認為我們已經為他的對手做好準備了嗎？

Job one was refinancing the debt in May, we did that, we stabilized the balance sheet and it's put us at a much better position to manage our maturities.

第一項工作是對五月的債務進行再融資，我們做到了這一點，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 has talked a lot about the progress on executing the restructuring, reducing inventory levels, focus on profitability to generate the cash flow to allow us to begin deleveraging.

莉茲談了很多關於執行重組、降低庫存水準、專注於獲利能力以產生現金流的進展，以便我們開始去槓桿化。

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 this is going to last but we have been managing an uncertain macro environment and uncertain consumer backdrop, there's been weather and hurricanes.

我不知道這種情況會持續多久，但我們一直在應對不確定的宏觀環境和不確定的消費者背景，包括天氣和颶風。

We have a very intense focus on election.

我們非常關注選舉。

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 don't expect that to change under Peter's leadership.

我不認為這種情況在彼得的領導下會改變。

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。

And 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 those and kind of see what it makes sense to transact on some of the growth spending in more meaningful ways.

因此，我預計這些事情不會發生變化，我們將繼續監控這些事情，並了解以更有意義的方式對一些成長支出進行交易是否有意義。

But I guess, make no mistake, that that's not kind of where the story ends.

但我想，毫無疑問，這並不是故事的結局。

Innovation and growth are still very important to us.

創新和成長對我們來說仍然非常重要。

It's an and, it's a both.

這是一個並且，這是一個兩者。

We are making investments in content and product development, both software and hardware.

我們正在對軟體和硬體的內容和產品開發進行投資。

And marketing growth is important for this very important holiday period where we are unlocking marketing dollars.

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 -- Peter is going to be a big part of this equation.

再說一次，這將是一個重要的部分——彼得將成為這個等式的重要組成部分。

He has the relevant experience.

他有相關經驗。

He has a track record and a large portion of his compensation is going to be designed to balance those 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這些記錄並推動利潤和成長。

So his incentives are well aligned with those goals.

因此，他的激勵措施與這些目標非常一致。

I think, of course, he's going to have -- one of the things I love about him is he absolutely has a growth mindset.

當然，我認為他將會擁有──我喜歡他的原因之一就是他絕對擁有成長型思維。

So, of course, I think he's going to have a taking stock period.

所以，當然，我認為他將會有一個盤點期。

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 and

我想我們想進來了解什麼是有效的，什麼是無效的，然後他就會在他瞄準之前開火，然後

[learn].

[學習]。

So I do think there'll be a taking stock period, but I'm really excited about his arrival.

所以我確實認為會有一個盤點期，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.

我相信他會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 to this category.

我們都非常看好健康和保健領域，以及這個類別的錢包份額。

So again, he's going to spend time learning.

所以，他又要花時間學習了。

We will spend time aligning on where to go, how quickly to invest.

我們將花時間調整投資方向和投資速度。

And again, I do believe he's the right leader to return us to growth.

再說一遍，我確實相信他是讓我們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 and the absolute leader in this category,

我堅信，在他的領導下，我們的品牌有能力成為該類別的長期參與者和絕對領導者，

As you can tell from Karen's remarks there, she and I have been very involved in this process and with Peter in particular.

從凱倫的言論中可以看出，她和我都積極參與了這個過程，尤其是彼得。

And so we're very excited.

所以我們非常興奮。

He's really aligned.

他真的很配合。

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。

The excitement is resonating.

興奮感引起共鳴。

So that's great.

那太好了。

So thanks, guys.

謝謝，夥計們。

And then if I could just follow up quickly on that, maybe for Liz.

然後，如果我能快速跟進此事，也許是為莉茲。

A quick one.

快一點。

It's not a lot, but I think this is the first quarter of sequential inventory growth in a long time.

雖然數量不多，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 maybe you do see some uptick in demand ahead or maybe it's the build for the new distribution partners?

我只是想知道我們是否應該將其視為一個信號，也許您確實看到未來需求有所上升，或者這可能是新分銷合作夥伴的構建？

Or am I just way off and it's not [abandoned], and it's just a function of maybe the lighter gross side you mentioned.

或者我只是離得很遠，它並沒有[被遺棄]，它只是你提到的較輕的毛面的一個功能。

So any help on that inventory vis-a-vis the growth comment would be helpful.

因此，對該庫存相對於成長評論的任何幫助都會有所幫助。

Sure.

當然。

So the question I believe, is around our sequential growth in inventory and for the first quarter.

因此，我認為問題在於我們第一季的庫存環比成長。

As we said during -- it's pretty modest and 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.

正如我們在期間所說 - 這是相當溫和的，這確實與我們在假期前的季節性庫存積累有關，我們確實預計全年庫存將出現顯著增長。

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 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 tailwind for us over the course of the year.

這將為我們全年創造現金順風。

In Q1 it's up very slightly, but that's in relation to just the seasonality of buying ahead of the holiday season.

第一季的漲幅非常小，但這僅與假日季節前的購買季節性有關。

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.

但需要明確的是，我們正在為所有產品生產庫存。

So -- because we do need that inventory over the course of the year but we do see it as overall a tailwind for us on a full-year basis.

所以 - 因為我們確實需要全年的庫存，但我們確實認為它總體上對我們全年來說是一種推動力。

Sounds great.

聽起來很棒。

Thanks a lot, guys.

非常感謝，夥計們。

Best of luck for holiday and nice job.

祝假期好運，工作順利。

Great.

偉大的。

Thank you.

謝謝。

Curt Nagle, Bank of America.

科特·內格爾，美國銀行。

(inaudible) on the solid quarter.

（聽不清楚）在實心季度。

This is [Kimli] on for Curt Nagle.

這是 Curt Nagle 的 [Kimli]。

This quarter came in line -- churn came in line at the seasonally high period.

本季的情況符合預期－客戶流失率在季節性高峰期出現。

What are the fact -- what are we factoring for the rest of the year?

事實是什麼——今年剩下的時間我們要考慮什麼？

Would that be a stable rate compared to the last year for the remaining quarters?

與去年相比，剩餘季度的成長率是否穩定？

Sure.

當然。

First, let's take a step back.

首先，讓我們退後一步。

Our business continues to benefit from very strong subscriber retention and low churn overall.

我們的業務繼續受益於非常強勁的訂戶保留率和整體較低的流失率。

In Q1, our average net monthly churn was 1.9%, which was relatively in line with last quarter, it was up 40 basis points year over year.

第一季度，我們的平均月淨流失率為 1.9%，與上季基本一致，較去年同期成長 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 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 retention than our first-party subscribers.

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，原因有以下幾個：我們已經討論過的1P 和3P 用戶群的整體保留率略差；混合轉向二級市場訂戶，其保留率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 unpauses, following elevated pauses in Q4 of fiscal '23 related to our original bike seat post recall and we did not repeat that benefit this year.

然後，在23 財年第四季度與我們原來的自行車座椅召回相關的暫停增多之後，我們還受到了24 財年第一季與更高的訂閱取消暫停相關的一次性收益的影響，我們沒有重複這一好處年。

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 2024 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, and that mix shift into secondary subscriptions on which do have that split of higher churn profile.

同樣，由於我提到的這兩個不利因素，我們的整體訂戶群的保留率稍差，並且這種組合轉向了二級訂閱，而二級訂閱確實具有較高的流失率。

So overall for the remainder of the fiscal year, we expect our churn to continue to be higher year over year because of that mix of subscribers from the secondary market continuing to grow.

因此，總體而言，在本財年剩餘時間內，我們預計我們的客戶流失率將繼續逐年上升，因為二級市場的訂戶組合持續成長。

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 do 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，我確實想指出，我們之前已經提到過這一點，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，我們認為這可能會產生積極影響隨著時間的推移，會員參與度和最終保留率。

And the reason we haven't incorporated any of those is because the magnitude and timing of those benefits is uncertain at this point.

我們之所以沒有納入其中任何一項，是因為目前這些好處的規模和時機尚不確定。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

Brian Nagel, Oppenheimer.

布萊恩·內格爾，奧本海默。

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。

(multiple speakers)

（多個發言者）

So first question, I've got two.

所以第一個問題，我有兩個。

I'll ask them in order.

我會按順序問他們。

For -- just on the balance sheet.

因為——就在資產負債表上。

You talked in the prepared comments about '25 being a deleverage year.

您在準備好的評論中談到 25 年是去槓桿年。

So I guess the question I have there is maybe you could go into it a little more detail.

所以我想我的問題是也許你可以更詳細地討論一下。

Clearly the business now from the P&L standpoint is much more stable.

顯然，從損益表的角度來看，現在的業務更加穩定。

You're generating cash flow, but are there any specific steps you can identify here to address the balance sheet, in particular, the debt that remains on the balance sheet?

您正在產生現金流，但您是否可以在此處確定任何具體步驟來解決資產負債表問題，特別是資產負債表上剩餘的債務？

Yes.

是的。

This is Liz.

這是莉茲。

I'll take -- I'll start that one off and folks can add in on top.

我會先開始，大家可以在上面添加。

So first of all, Karen 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，凱倫先前提到，我們在 5 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自由現金流以及最低自由現金流目標——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 growth that is sustainable and 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和獲利成長做好準備。

And so the result of generating that meaningful free cash flow, we do see the opportunity to meaningfully deleverage going forward and that they're going to continue to improve our adjusted EBITDA and then continue to generate that positive free cash flow.

因此，產生有意義的自由現金流的結果是，我們確實看到了未來有意義的去槓桿化的機會，並且他們將繼續改善我們調整後的 EBITDA，然後繼續產生積極的自由現金流。

And when we do that, we will naturally deleverage.

當我們這樣做時，我們自然會去槓桿化。

We also see over the course of time, real interest cost savings with rate step-downs on our leverage ratio falls between -- below five.

我們也看到，隨著時間的推移，我們的槓桿率隨著利率下降而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 2029, 5.5% convertible notes.

最終，我們的 2029 年 5.5% 可轉換票據也有可能轉換。

So our balance sheet is in a much better position than it's been in the past.

因此，我們的資產負債表狀況比過去好得多。

We've lowered risks.

我們降低了風險。

We've positioned ourselves well for sustainable and profitable growth.

我們已經為可持續和盈利的成長做好了充分的準備。

Now, and we also see the ability to strategically reduce our gross debt over time, and we will be strategic about that.

現在，我們也看到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.

這非常有幫助。

Go ahead.

前進。

Sorry.

對不起。

I was just going to say, did you have a follow-up question?

我只是想說，你還有後續問題嗎？

I did.

我做到了。

Thank you for that.

謝謝你。

And my follow-up question's unrelated.

和我的後續問題無關。

But there's some bigger picture too.

但還有一些更大的圖景。

Maybe a little -- it's probably a better question as your new management team takes place.

也許有一點——隨著新管理團隊的上任，這可能是一個更好的問題。

But if you look at the -- I guess I'm looking at the business, one of the positives has been the ability of Peloton to really maintain that core base.

但如果你看一下——我想我正在看業務，其中一個積極因素就是 Peloton 真正維持核心基礎的能力。

You talked just a few minutes ago -- about moments ago about your still very low churn.

就在幾分鐘前，您談到了您的客戶流失率仍然很低。

But as you're watching the business and if you stabilize the business are you finding -- or is there anything you could help us with this like you're finding those incremental pockets of new demand, those new customers that could come into the Peloton system?

但是，當你觀察業務時，如果你穩定了業務，你會發現——或者有什麼可以幫助我們的，例如你發現了那些增量的新需求，那些可能進入 Peloton 的新客戶系統？

Yes, hi, this is Chris.

是的，嗨，這是克里斯。

That's a great question.

這是一個很好的問題。

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 who are you reaching?

其中的關鍵部分是您要聯絡誰？

You know, and what the opportunity and what's the message and how are you doing that efficiently.

你知道，機會是什麼，訊息是什麼，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 men -- in the prepared remarks, you heard me talk about two-thirds of our current members are women.

我認為我們最近在關注男性方面取得了一些非常巨大的成功——在準備好的發言中，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 targeting the male demographic in our advertising.

因此，現在我們的廣告目標是男性族群。

We've done some more buys during NFL games, we featured the Watt brothers.

我們在 NFL 比賽期間進行了更多購買，其中包括瓦特兄弟。

But more importantly, the campaign and the work that we're doing is expanding our reach, and we're seeing in the data that there's a shift toward men in new hardware purchases, and with the greatest shift within that in the Tread and Tread+ products.

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範圍，我們從數據中看到，新硬體的購買量正在向男性轉變，其中 Tread 和 Tread+ 的轉變最大產品。

So we feel really good about that.

所以我們對此感覺非常好。

And it's just an indicator of the way we're thinking about the marketplace now, which is targeting, as you said, targeting those discrete pockets and then being efficient and effective in the way that we're reaching them.

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離散的口袋，然後以高效和有效的方式到達這些目標。

I should point out that here in November, we're going to be holding a lot of member gratitude events and messages, and that's another a core part of this, you know, activating that incredibly loyal base to refer and engage their friends and family to bring them into the Peloton experience, you're going to see us do a lot more of that.

我應該指出，在 11 月份，我們將舉辦許多會員感恩活動和訊息，這是其中的另一個核心部分，你知道，激活極其忠誠的基礎來推薦和吸引他們的朋友和家人為了讓他們融入Peloton 體驗，你會看到我們做了更多這樣的事。

Very helpful.

非常有幫助。

I appreciate it.

我很感激。

Thank you.

謝謝。

Thank you.

謝謝。

Operator, next question please.

接線員，請下一個問題。

Nathan Feather, Morgan Stanley.

內森費瑟，摩根士丹利。

Hi, everyone.

大家好。

Thanks for taking the question and really encouraging to see the progress on profitability.

感謝您提出問題，看到獲利能力的進步確實令人鼓舞。

As you think about how to drive sustainable, profitable growth, interested to hear how you're thinking about where physical retail fits in as a component of your go-to market?

當您思考如何推動永續的獲利成長時，有興趣聽聽您如何考慮實體零售在您的目標市場中的定位嗎？

Especially given the Costco launch.

特別是考慮到 Costco 的推出。

Do you see some portion of the customer base who are more willing to convert in-person than online and reflecting on the own stores (inaudible) where you see the potential to improve performance versus the prior format.

您是否看到部分客戶群更願意親自進行轉化而不是在線轉化，並反思自己的商店（聽不清楚），您認為與之前的格式相比，有潛力提高績效。

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。

So the team has put together some really thoughtful activations in a subset of those stores to bring 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.

因此，團隊在這些商店的一部分中整合了一些真正深思熟慮的活動，為他們帶來指導、魔力和興奮，以確保他們仍然很好地代表了品牌，我們可以與我們的品牌互動。對此基礎感到興奮。

We are testing to the point on how we might re-imagine that we're testing of smaller micro store concept in Nashville.

我們正在測試如何重新想像我們正在納許維爾測試較小的微型商店概念。

So it's a way to do it in a lower capital, lower payroll, lower square footage, but still have a physical presence.

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，但仍有實體存在。

It's also the reason why we are exploring additional 3P locations like Costco.

這也是我們探索 Costco 等其他 3P 地點的原因。

We're hoping that reaches an incremental audience.

我們希望能夠吸引更多的受眾。

We have -- we're so excited about, you know, a lot of people shop on Amazon, we're happy to be there and trust Amazon with, you know, they're just -- that's part of their daily routine.

我們非常興奮，你知道，很多人在亞馬遜上購物，我們很高興能夠在那裡並信任亞馬遜，你知道，他們只是——這是他們日常生活的一部分。

And then we still have the Dick's Sporting Goods.

然後我們還有迪克體育用品。

Internationally, 3P's important too and it's a much more capital efficient way for us to rollout.

在國際上，3P 也很重要，對我們來說，這是一種更資本有效的推廣方式。

So retail, I would say, is in the reimagine process, it's not going anywhere soon.

因此，我想說，零售業正處於重新構想的過程中，而且不會很快發生任何變化。

We're going to kind of optimize the mix between 3P and 1P and make sure that it makes economic sense and reaches as many new incremental buyers as possible.

我們將優化 3P 和 1P 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 given the more flexible international model you talked about in Germany and Austria, interested to hear how you're thinking about potential further international expansion?

然後考慮到您在德國和奧地利談到的更靈活的國際模式，有興趣聽聽您如何考慮潛在的進一步國際擴張嗎？

And your distribution the primary constraint to growth?

您的分銷是成長的主要限制因素嗎？

Or is it more on the localized content side?

或更多的是在地化內容方面？

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.

我確實認為我們已經邁出了一些非常重要的一步。

Germany, as an example, where we are entirely 3P now.

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 in a couple of different models and we can test and see which ones -- we're still learning what makes sense and how much to invest as we roll it out.

所以現在我們有幾個不同的模型，我們可以測試並看看哪些模型 - 我們仍在了解什麼是有意義的以及在推出時要投資多少。

But it's not -- there's not one limiting factor it's just how do you want to sequence and characterize the various investments.

但事實並非如此——沒有一個限制因素，只是你想如何對各種投資進行排序和描述。

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 and centralized those and then also with the pricing, it's 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，無論是我們在人員方面進行一些投資並將這些投資集中起來，還是在定價方面，這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, so that's something that Peter gets to onboard and 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.

我們現在沒有新的計劃來討論市場，所以這是彼得加入的事情，並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，但這仍然是長期的非常困難的部分長期戰略。

And it's not really very much about barriers -- it's not so much about barriers as it is about -- as we're thoughtful about our priorities on -- we have to be thoughtful about making an experience that meets the bar.

這並不是真正的障礙——與其說是障礙，不如說是——因為我們深思熟慮我們的優先事項——我們必須深思熟慮地創造一種符合標準的體驗。

And so, the content does have to be relevant and localized.

因此，內容必須具有相關性且在地化。

And so you're going to see us be thoughtful about that.

所以你會看到我們對此深思熟慮。

And if we are expanding in international markets, we're going to do that in a way that we're proud of.

如果我們要拓展國際市場，我們將以一種令我們自豪的方式做到這一點。

Great, very helpful.

太棒了，非常有幫助。

Thank you.

謝謝。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究。

Hello.

你好。

Can you hear me?

你聽得到我嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

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 the CEO.

我想，您能談談您是如何做出讓彼得擔任執行長的決定的嗎？

It seems like he has phenomenal experience, especially as it relates to Apple Plus fitness -- experience with Apple, which is translatable.

他似乎擁有非凡的經驗，尤其是與 Apple Plus 健身相關的經驗——與 Apple 的經驗，這是可以翻譯的。

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 加入後會跳出哪些具體內容？

Thanks a ton.

非常感謝。

Sure.

當然。

Well, I couldn't be more excited.

嗯，我非常興奮。

This is a fun one to talk about.

這是一個很有趣的話題。

Peter just really hits and checks a lot of the boxes that we were looking for.

彼得真的擊中並檢查了我們正在尋找的許多盒子。

As you mentioned, his experience, not just the Apple Fitness+, but really he has a ton -- a breadth of experience across hardware, software, and content businesses across services, but he's also had a lot of experience driving growth through innovation, and that's where we are in our journey as we've kind of talked about.

正如你所提到的，他的經驗，不僅僅是Apple Fitness+，而且他確實擁有豐富的經驗——跨服務的硬體、軟體和內容業務的廣泛經驗，而且他也擁有透過創新推動成長的豐富經驗，並且正如我們所談到的，這就是我們旅程中的位置。

We have a stable base we now need to return to growth.

我們擁有穩定的基礎，現在需要恢復成長。

And I also just really believe he's highly aligned with Peloton's core values.

我也真的相信他與 Peloton 的核心價值高度一致。

He has been a number for eight years.

他已經成為號碼八年了。

He loves what we're doing.

他喜歡我們正在做的事情。

He loves health and wellness, it's part of his own routine and his own regimen.

他熱愛健康，這是他自己日常生活和養生之道的一部分。

So I think he believes in the product, he believes in the space, he has the perfect skillset and experience set, and I just think he's going to be a great fit.

所以我認為他相信這個產品，他相信這個領域，他擁有完美的技能和經驗，我認為他會非常適合。

So we're just really, really excited to get him started.

所以我們真的非常非常興奮讓他開始。

It's hard to add anything to that.

很難對此添加任何內容。

I would just say, on a personal level, he's thoughtful, he's considerate, he's going to definitely bring an approach to learning, which we -- I think is excellent.

我只想說，就我個人而言，他很周到，他很體貼，他肯定會帶來一種學習方法，我認為這是非常好的。

And he deeply appreciates what Peloton has done.

他對 Peloton 所做的事情深表讚賞。

And he's excited about helping to lead the next chapter.

他很高興能夠幫助引領下一個篇章。

Thanks, Shweta.

謝謝，舒維塔。

Next question, please, operator.

接線員，請下一個問題。

Andrew Boone, JMP Securities.

安德魯·布恩，JMP 證券。

Thanks so much for taking my questions.

非常感謝您回答我的問題。

I wanted to double click on the reduction in marketing this quarter.

我想雙擊本季行銷的減少。

Can you guys talk about the learnings as you guys did pull back there and what may be incremental?

你們能談談你們撤回那裡時學到的東西以及可能會增加的內容嗎？

And then as we think about that 2x to 3x kind of LTV to CAC target, can you guys talk about the path back into that framework?

然後，當我們考慮 2 到 3 倍的 LTV 到 CAC 目標時，你們能談談回到該框架的路徑嗎？

And then for my second question is, I'd love to double click in terms of Connected Fitness gross profit margins.

我的第二個問題是，我想雙擊 Connected Fitness 毛利率。

You guys have seen steady improvement there.

你們已經看到了那裡的穩定進步。

Is that kind of the ceiling?

天花板是這樣的嗎？

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。

Yeah.

是的。

I mean, I'll start and then Liz, you can chime in.

我的意思是，我先開始，然後莉茲，你可以插話。

I think -- I would say the word at the top here as it relates to marketing is the discipline.

我認為──我會說這裡最上面的詞，因為它與行銷相關，就是學科。

And I talked about it in the prepared remarks and I talked about earlier in the Q&A, but effective audience targeting, being effective in the way that we're optimizing our investments, the way that we're focused on the entire picture --marketing picture, including a retention engagement of our existing members.

我在準備好的發言中談到了這一點，我在問答環節也談到了這一點，但有效的受眾定位，有效地優化我們的投資，我們專注於整體營銷的方式圖片，包括保留我們現有成員的參與。

These are kind of the key hallmarks of what Lauren Weinberg, our CMO, has brought in this last year to Peloton.

這些是我們的行銷長 Lauren Weinberg 去年為 Peloton 帶來的關鍵特徵。

We've gone from being promotion heavy, to one that -- to a place where we're now balancing demand creation and desire with those moments where we can capture demand through conversion events and promotions and seasonal opportunities like we have coming up in the holiday.

我們已經從以促銷為主，轉變為現在正在平衡需求創造和慾望，以及我們可以透過轉化活動、促銷和季節性機會來捕捉需求的時刻，就像我們在假期。

And then you see the numbers.

然後你就會看到數字。

We've significantly reduced our customer acquisition costs.

我們顯著降低了客戶獲取成本。

We've become much more disciplined in our media spending.

我們在媒體支出方面變得更加嚴格。

And a lot more focus on where are those qualified growth audiences.

並且更加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，我對 Lauren 和她的團隊所做的事情以及他們建立 Peloton 的方式印象深刻，我認為這是公司更廣泛努力的一部分，旨在為可持續和盈利奠定堅實的基礎生長。

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 to CAC and the path back to getting to that 2x to 3x?

那麼關於 LTV 到 CAC 以及回到 2 倍到 3 倍的路徑的問題？

So our goal is to get to that 2x to 3x range, ideally closer to 3.

所以我們的目標是達到 2 倍到 3 倍的範圍，最好接近 3。

And we do have some work to get there.

我們確實還有一些工作要做。

We're not quite there yet.

我們還沒有完全做到這一點。

And we have these near-term levers that we are focused on that are under our control.

我們有這些我們關注的近期槓桿，並且在我們的控制之下。

And then as Chris was talking, a lot about investing in future growth.

然後，正如克里斯所說，很多關於投資未來成長的內容。

So the pricing changes that we've made and the reduced promotional activity that you saw in Q1 are a way for us to improve our gross margins.

因此，我們做出的定價調整以及您在第一季看到的促銷活動的減少是我們提高毛利率的一種方式。

So we made progress on those in Q1 and 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.

因此，我們在第一季取得了進展，進入第二季時，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。

The other piece is around our CAC, you know, Chris was talking about.

另一件事情是關於我們的 CAC，你知道，克里斯正在談論。

That's really about the discipline, not overspending to acquire unprofitable customers, and then also evolving our messaging to target those audiences in order to drive that efficiency.

這實際上是關於紀律的，而不是過度支出來獲取無利可圖的客戶，然後還不斷改進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 the working media dollars that we invest in marketing, we're also focused on those non-media costs that do hit our sales and marketing and impact our CAC.

然後，除了我們投資於行銷的工作媒體資金之外，我們還關注那些確實影響我們的銷售和行銷並影響我們的 CAC 的非媒體成本。

And that includes things like exiting retail showrooms, which Karen talk a little bit about earlier, optimizing our brand and creative spend, and also optimizing our headcount.

這包括退出零售陳列室（凱倫之前談到）、優化我們的品牌和創意支出，以及優化我們的員工數量。

So we've been focused on all of those things.

所以我們一直專注於所有這些事情。

Now, I think the last part of your question was around Connected Fitness gross margin and do we have more ability to make more progress?

現在，我認為您問題的最後一部分是關於 Connected Fitness 的毛利率，我們是否有更大的能力來取得更多進展？

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 CAC.

再說一次，我們真正專注於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 (LTV) 到 CAC 方面做正確的事情。

And if it does make sense to invest a bit more in the LTV side of the equation relative to the CAC side of the equation, we will continue to make those trade-offs as we go.

如果相對於等式的 CAC 方面，在 LTV 方面多投資一點確實有意義，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 CAC and create a lot of that efficiency that we're looking for.

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 CAC 提供資金並創造我們所尋求的效率。

You know, our holidays are an example, seasonally higher demand.

您知道，我們的假期就是一個例子，季節性需求更高。

We will be spending on media in that quarter, and that will drive growth into the future quarter.

我們將在該季度在媒體上進行支出，這將推動未來季度的成長。

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 Precor does sit within our Connected Fitness segment and it's accretive to our Connected Fitness gross margin overall.

我想提到的另一件事是，Precor 確實屬於我們的 Connected Fitness 細分市場，並且它增加了我們 Connected Fitness 的整體毛利率。

So as the Precor business grows, that will also drive higher Connected Fitness margins over time.

因此，隨著 Precor 業務的成長，隨著時間的推移，這也將推動 Connected Fitness 利潤率的提高。

And the Connected Fitness margin.

以及互聯健身利潤。

Okay, got it.

好的，明白了。

Next question, please.

請下一個問題。

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。

Douglas Anmuth, JPMorgan.

道格拉斯·安穆斯，摩根大通。

Great.

偉大的。

Thanks.

謝謝。

It's Brian Smilek on for Doug.

布萊恩·斯邁萊克 (Brian Smilek) 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 just driving improving seasonality and higher hardware sale.

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更高的硬體銷售至關重要。

And then I know we've talked about it in the past too, but can you just provide an update where the Connected Fitness industry is in the overall cadence of return to growth and rate of decline?

我知道我們過去也討論過這個問題，但您能否提供一下互聯健身行業恢復增長和下降速度的整體節奏的最新情況？

Thanks.

謝謝。

I'll take the holiday question.

我來回答假期問題。

And Liz, you can take the other one.

麗茲，你可以拿另一件。

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 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'll spend less on media this year, we'll be less promotional than we were in our holiday season last year, and we will continue to manage our LTV to CAC ratios in the right way.

今年我們在媒體上的支出將比去年假期季節減少，我們將減少促銷力度，並且我們將繼續以正確的方式管理 LTV 與 CAC 的比率。

But we're excited about, as I mentioned, ways of getting existing members engaged and involved through referrals, 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，我們對透過推薦讓現有會員參與的方式、我們瞄準成長目標的方式以及新的第三方關係（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 have our Bike+ available with special bundled pricing and extended warranty like we have at Costco -- that we're doing at Costco, that's another great opportunity.

因此，當我們能夠像 Costco 一樣以特殊捆綁價格和延長保固提供 Bike+ 之類的事情時，這就是另一個絕佳的機會。

So 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。

I think the last question is a bit about the Connected Fitness industry overall.

我認為最後一個問題是關於整個互聯健身產業的。

So we do track with third-party data, the market share data around Connected Fitness and market share trends.

因此，我們確實追蹤第三方數據、有關 Connected Fitness 的市場份額數據和市場份額趨勢。

Our data suggests that the overall fitness market declined around 2% year over year in Q1.

我們的數據顯示，第一季整體健身市場年減約 2%。

We're seeing that gyms are settling into a new normal, going around 3% to 4% year over year in the last couple of quarters compared to 8% to 9% year-over-year growth that they were experiencing in Q1 and Q2 of fiscal '24.

我們看到健身房正在進入一種新常態，過去幾季的年成長率約為 3% 至 4%，而第一季和第二季的年成長率為 8% 至 9% '24 財年。

For the Connected Fitness hardware sales piece, sales overall are continuing to decline year over year.

對於互聯健身硬體銷售部分，整體銷售額逐年持續下降。

So gyms are still taking a bit of share.

所以健身房仍然佔據了一些份額。

However, we are such a large part of the connected fitness market that the decisions that we are making to prioritize profitability are certainly impacting this trend.

然而，我們在互聯健身市場中佔據如此大的份額，以至於我們做出的優先考慮獲利能力的決定肯定會影響這一趨勢。

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.

我們看到的其他一些事情是，宏觀經濟因素，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，可能會影響整體聯網健身硬體的銷售。

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 Peloton community.

因此，對我們來說，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 Peloton 社區的新的和現有的數字創造最好的體驗。

Thank you.

謝謝。

Operator, maybe we have time for one last question.

接線員，也許我們還有時間回答最後一個問題。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thanks so much for squeezing me in.

非常感謝你把我擠進去。

Maybe just one question on content.

也許只是關於內容的一個問題。

As you continue to sort of build learnings around the business, and 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 investment of contract, duration around content, and the role that content can play in continuing to drive sort of end demand of the user side and engagement and sort of conversion metrics over the medium to long term?

當你繼續圍繞業務進行學習，並思考隨著彼得的加入，中長期策略將走向何方時，你如何考慮合約投資的正確水平、內容的持續時間以及從中長期來看，內容在繼續推動用戶端的最終需求、參與度和轉換指標方面可以發揮什麼作用？

Thanks so much.

非常感謝。

Yeah, thanks.

是的，謝謝。

Well, I mean, content is absolutely at the very center of our experience, and our instructor-led content is the hallmark of what makes for a great Peloton experience.

嗯，我的意思是，內容絕對是我們體驗的核心，而我們由講師指導的內容是打造出色的 Peloton 體驗的標誌。

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 hiking 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健行和步行體驗。

We're doing some programs around taking walks after meals, which will be irrelevant as we approach the Thanksgiving holiday.

我們正在做一些關於飯後散步的計劃，隨著感恩節假期的臨近，這將變得無關緊要。

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.

我們討論了 All For One 以及我們在那裡進行的音樂合作。

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 yeah, I think that will continue.

是的，我認為這種情況將會持續下去。

If I can add one more thing.

如果我可以再補充一件事。

We are also investing in non-cost based content too.

我們也在投資非成本內容。

So in our entertainment offerings, in our gaming and (inaudible) experiences, which we're leaning into.

因此，在我們的娛樂產品、遊戲和（聽不清楚）體驗中，我們都傾向於這些。

And so we're seeing the opportunity to expand beyond our core, our incredible instructor-led workout, which we have all these modalities and Chris was talking about some of the new and new ones that we've added that we really think are going to be value-added.

因此，我們看到了超越我們的核心的機會，我們令人難以置信的由教練指導的鍛煉，我們擁有所有這些模式，克里斯正在談論我們添加的一些新的和新的鍛煉，我們真的認為這些運動將會持續下去。

But also those non-class one that we are seeing gains, some interest and traction, and we think we'll be able to drive engagement over time, which again, as our app subscribers are engaged and they stick with us and we've seen that time and time again, and we want that to kick in.

但我們也看到了那些非類別的收益，一些興趣和吸引力，我們認為隨著時間的推移，我們將能夠推動參與度，同樣，隨著我們的應用程式訂閱者參與並且他們堅持使用我們，我們已經一次又一次地看到這一點，我們希望它能發揮作用。

(multiple speakers)

（多個發言者）

Thank you.

謝謝。

I would now like to turn the call back to Ms. Karen Boone for any closing remarks.

現在我想將電話轉回給凱倫·布恩女士，請其發表結束語。

Thank you, operator.

謝謝你，接線生。

Before we end the call, I just wanted to thank Chris for all the leadership he has brought to the business over the last six months, driving our teams toward innovation and reinforcing our members-first mindset during this period, there has been a lot of transition and a lot of change.

在我們結束通話之前，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，並在此期間強化了我們的會員至上的心態，有很多過渡和很多變化。

I've been really lucky to have him as my partner over the six months in our interim co-CEO role, and we're very lucky to have him return to the Board and benefit from his experience and insight going forward.

在這六個月的臨時聯席執行長職位上，我非常幸運能有他作為我的合作夥伴，而且我們也很幸運讓他重返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 throughout the calendar year before handing the baton back to Peter in January.

我將在整個日曆年內繼續擔任臨時首席執行官，然後在一月份將接力棒交還給彼得。

And Chris and I will both be actively involved in ensuring a smooth and successful transition.

克里斯和我都將積極參與確保平穩、成功的過渡。

I really can't be -- couldn't be more excited to get Peter on board.

我真的不能──不能更興奮讓彼得加入。

In addition to the depth of experience he brings, he really has such a great respect for the many passionate team members who work to bring amazing experiences to our members every single day.

除了他帶來的豐富經驗之外，他還非常尊重許多充滿熱情的團隊成員，他們每天都致力於為我們的會員帶來令人驚嘆的體驗。

And I know he brings a growth mindset and curiosity to learn all about the business.

我知道他具有成長心態和好奇心來了解有關業務的一切。

He's going to bring a fresh perspective as we continue on our path to deliver sustainable and profitable growth.

在我們持續實現永續和獲利成長的道路上，他將帶來全新的視角。

And lastly, I am so proud of the Peloton leadership team, the many passionate and purpose-driven team members who are devoted to Peloton success.

最後，我為 Peloton 的領導團隊感到非常自豪，他們中有許多充滿熱情、目標驅動的團隊成員，他們致力於 Peloton 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 Peloton's journey under Peter's leadership, and we truly can't wait to welcome him to the team.

當我們在 Peter 的領導下進入 Peloton 旅程的下一階段時，所有的努力和進步確實使我們能夠繼續實現我們的目標，我們真的迫不及待地歡迎他加入團隊。

Thank you and happy holidays.

謝謝你，節日快樂。

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。