派樂騰 (PTON) 2025 Q2 法說會逐字稿

Good day and welcome to the Peloton Interactive Q2 2025 earnings call.

大家好，歡迎參加 Peloton Interactive 2025 年第二季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

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

現在，我想將會議交給發言人、投資者關係主管詹姆斯·馬什先生。

Please go ahead.

請繼續。

Thank you, operator.

謝謝您，接線生。

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

早安，歡迎參加 Peloton 2025 財年第二季電話會議。

Joining today's call are Peloton Chief Executive Officer and President, Peter Stern; and Chief Financial Officer, Liz Coddington.

參加今天電話會議的有 Peloton 執行長兼總裁 Peter Stern；和財務長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.

我們對您的問題的評論和回應僅反映管理層截至今天的觀點，並包括與我們的業務相關的聲明，這些聲明根據聯邦證券法屬於前瞻性聲明。

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.

由於與我們的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 discussion of 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 on 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，請參閱我們的美國證券交易委員會文件和今天的股東信函，兩者均在我們的投資者關係網站上。

During this call, we will discuss both 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 財務指標的對帳表。

I'll now turn it over to Peloton's Chief Executive Officer and President, Peter Stern.

現在我將把發言權交給 Peloton 執行長兼總裁 Peter Stern。

Thank you, James, and good morning, everyone.

謝謝你，詹姆斯，大家早安。

Thank you for joining today's call.

感謝您參加今天的電話會議。

It is an honor to be here with you.

我很榮幸能和你們在一起。

I'd like to start by thanking Karen Boone and Chris Bruzzo for their leadership during the past few months, inclusive of the quarter we're reporting on today.

首先，我要感謝凱倫·布恩 (Karen Boone) 和克里斯·布魯佐 (Chris Bruzzo) 在過去幾個月（包括我們今天報告的季度）的領導。

Both have now returned to their focus on Board duties, having left Peloton stronger than they found it.

在離開 Peloton 之後，兩人都已經重新專注於董事會職責，並且比當初更加強大。

And for that, we share our deepest gratitude.

對此，我們深表謝意。

For me, the opportunity to lead Peloton is a dream come true.

對我來說，領導 Peloton 的機會是夢想成真。

Fitness has been an important part of my life dating back to my childhood when my mother was a fitness instructor.

自從我小時候起，健身就一直是我生活中的重要部分，當時我的母親是健身教練。

I've personally been a Peloton member since 2016 and like millions of others, I love this category-defining brand.

我個人自 2016 年起就是 Peloton 會員，和其他數百萬人一樣，我喜歡這個定義類別的品牌。

Few companies deliver a product where the more people consume it, the better they feel.

很少公司能夠提供這樣一種產品，讓消費越多的人感覺越好。

That's Peloton.

這就是 Peloton。

And the wonderful thing is that the healthier our members become the more likely they are to stick around and recommend us to others, which makes our business stronger too.

奇妙的是，我們的會員越健康，就越有可能留下來並向其他人推薦我們，這也使我們的業務更加強大。

That's Peloton's virtuous cycle.

這就是 Peloton 的良性循環。

The Peloton team has made impressive progress over the last few quarters in putting the company on sound financial footing.

過去幾個季度，Peloton 團隊取得了令人矚目的進展，使公司財務基礎更加穩健。

Nonetheless, we have a tall hill to climb before we can demonstrate the impact of that virtuous cycle on member and revenue growth.

儘管如此，在我們能夠展示這種良性循環對會員和收入成長的影響之前，我們還有很長的路要走。

So right now, -- our primary focus is on executing against and delivering our fiscal '25 financial and operating goals while we prepare to climb that tall hill in fiscal '26 and beyond.

因此現在，我們的主要重點是執行和實現我們 25 財年的財務和營運目標，同時我們準備在 26 財年及以後攀登那座高山。

We'll share more about longer-term strategy as the calendar year progresses.

隨著時間的推移，我們將分享更多有關長期策略的資訊。

But today, I can share my perspective after one month of official duties at Peloton.

但今天，我可以分享我在 Peloton 任職一個月後的看法。

Achieving the new purpose we've defined for ourselves, empowering people to live fit, strong, long, and happy means we need to focus on innovation on new products and experiences that lead to even better outcomes for members; presence in more places, so we can meet members wherever they are; more ways to connect members with Peloton and our uniquely supportive community; and last but certainly not least, improved unit economics and the cost structure that's rightsized for our business.

實現我們為自己定義的新目標，讓人們健康、強壯、長壽和快樂，意味著我們需要專注於新產品和新體驗的創新，為會員帶來更好的結果；在更多地方開展業務，這樣我們就可以與身在何處的會員見面；更多方式讓會員與 Peloton 和我們獨特的支持社群建立聯繫；最後但同樣重要的一點是，改善單位經濟效益和適合我們業務的成本結構。

Like every Peloton workout, this will be part inspiration, part perspiration.

與每一次 Peloton 鍛煉一樣，這既是靈感，也是汗水。

There's a lot of research that shows that engaging in multiple fitness disciplines improves member outcomes.

大量研究表明，參與多種健身計畫可以改善會員的效果。

While Peloton is best known for our cycling workouts, we're a leader in strength, too.

雖然 Peloton 以自行車訓練而聞名，但我們在力量訓練方面也處於領先地位。

In Q2, over 2 million unique members completed a strength training, boot camp, pilates or yoga workouts.

第二季度，超過 200 萬名獨立會員完成了肌力訓練、新兵訓練營、皮拉提斯或瑜珈鍛鍊。

Strength drove 735 million minutes of workout time in Q2.

肌力訓練推動了第二季度 7.35 億分鐘的鍛鍊時間。

And in terms of workouts equaled 75% of our total number of cycling workouts.

就運動次數而言，相當於我們騎車運動總次數的 75%。

Variety is good not only for our members, but also for our business as it drives higher subscription retention.

多元化不僅對我們的會員有好處，而且對我們的業務也有好處，因為它可以提高訂閱保留率。

Churn is 60% lower for subscriptions where members engaged with two or more disciplines per month versus just one.

每月參與兩項或兩項以上學科的訂閱，會員流失率比僅參與一項學科的訂閱低 60%。

On the cardio side, we continue to elevate Tread, thanks to our marketing efforts, which enabled us to exceed our Tread portfolio sales goals and achieve higher new subscription attach rates on Tread and Tread+ sales year-over-year in Q2.

在有氧運動方面，由於我們的行銷努力，我們繼續提升 Tread 的銷量，這使我們能夠超越我們的 Tread 產品組合銷售目標，並在第二季度實現 Tread 和 Tread+ 銷售的新訂閱附加率同比上升。

And with the release of our 10K training program in Q2, Peloton now offers training for all major race distances.

隨著我們在第二季發布 10K 訓練計劃，Peloton 現在提供所有主要比賽距離的訓練。

And already over 300,000 members have trained for a running race with Peloton.

目前已有超過 30 萬名會員透過 Peloton 進行跑步比賽訓練。

We're also seeing the positive impact of innovative new software features like Pace Targets, which offer running instruction with personalized intensity levels rather than treadmill speed.

我們也看到了創新軟體功能（如Pace Targets）的正面影響，它提供具有個人化強度等級而非跑步機速度的跑步指導。

Nearly 60% of our members who take instructor-led running workouts on our tread products are using Pace Targets, and our members running paces are improving as a result.

我們的會員中有將近 60% 的人在使用我們的跑步機產品進行由教練指導的跑步鍛鍊時使用了 Pace Targets，並且我們的會員的跑步速度也因此得到了提高。

Another way to improve our business is to meet members in more places.

改善我們業務的另一種方法是在更多的地方與會員見面。

For example, at the gym.

例如，在健身房。

In December, we launched Strength+, a new app offering non-class strength training programs with audio guidance from expert coaches and a custom workout generator.

12 月，我們推出了一款新應用 Strength+，提供非課堂力量訓練計劃，配有專業教練的音訊指導和客製化的鍛鍊產生器。

In Q2, it reached over 220,000 monthly active users.

第二季度，其每月活躍用戶數超過 22 萬人。

The vast majority of whom were existing all-access members.

其中絕大多數都是現有的全通會員。

Third-party retail enables us to meet new members in places where they already shop.

第三方零售使我們能夠在新會員已經購物的地方結識他們。

Our new seasonal partner with Costco in the US drove more Bike+ unit sales than any other third-party retail partner, enabling us to meet many new members at a retailer they trust.

我們與美國 Costco 的新季節性合作夥伴推動的 Bike+ 單位銷售額比任何其他第三方零售合作夥伴都要高，使我們能夠在他們信賴的零售商處結識許多新會員。

And we remain focused on meeting more new members across the globe.

我們將持續致力於結識全球更多的新成員。

We are encouraged by the performance of international hardware sales in Q2 alongside our continued growth in paid Connected Fitness subscriptions from international markets.

我們對第二季度國際硬體銷售的表現以及國際市場付費 Connected Fitness 訂閱量的持續成長感到鼓舞。

Turning to the connections between Peloton's members with the company and with each other.

談談 Peloton 會員與公司以及彼此之間的聯繫。

As you may know, Peloton is named after the pack of cyclists who ride closely together to reduce their collective resistance.

您可能知道，Peloton 的名字來自一群緊密騎行在一起以減少集體阻力的騎行者。

So we are focused on deepening the connections our 6 million members have with each other and with Peloton.

因此，我們專注於加深 600 萬會員彼此之間的聯繫以及與 Peloton 之間的聯繫。

In September, we launched teams, which enables members to share workouts and compete in challenges. 70,000 teams have been created since launch.

九月，我們推出了團隊功能，讓會員可以分享鍛鍊方式並參加挑戰。自推出以來，已創建了 70,000 個團隊。

Then in November, we hosted the 11th annual Thanksgiving Day Turkey Burn, for over 50,000 workout together live.

隨後在 11 月，我們舉辦了第 11 屆感恩節火雞焚燒活動，超過 50,000 人一起現場鍛鍊。

This year's Turkey Burn also brought the feast.

今年的Turkey Burn也帶來了一場盛宴。

Our first Thanksgiving live Strength class which became the largest live Strength class in Peloton's history.

我們的第一場感恩節現場肌力訓練課程成為了 Peloton 史上規模最大的現場肌力訓練課程。

One of the best ways to measure the strength of our members' connection to Peloton is through member satisfaction and retention.

衡量會員與 Peloton 聯繫強度的最佳方法之一是衡量會員滿意度和保留率。

In Q2, we made meaningful improvements in member happiness with net promoter scores improving across all our Bike and Tread products to over 70.

在第二季度，我們所有自行車和跑步機產品的淨推薦值提高到了 70 以上，會員滿意度得到了顯著提升。

As someone who has spent many years in consumer tech and services businesses services businesses, I can tell you that this level of member loved puts us in truly rarified air.

作為一個在消費科技和服務業工作多年的人，我可以告訴你，這種程度的會員喜愛讓我們處於真正稀有的空氣中。

Part of the reason for this was improvements in the responsiveness and quality of our member support.

部分原因是我們的會員支援的回應能力和品質得到了提高。

Our member support satisfaction score was 4.3 on a scale of 1 to 5, up from 4.2 last quarter and meaningfully higher than the 3.1% in Q2 of fiscal '24.

我們的會員支援滿意度得分為 4.3（滿分為 5 分），高於上一季的 4.2 分，且顯著高於 24 財年第二季的 3.1%。

From a retention standpoint, we continue to benefit from exceptionally low churn rates with average net monthly paid Connected Fitness subscription churn of 1.4% in Q2.

從留存角度來看，我們持續受惠於極低的客戶流失率，第二季 Connected Fitness 平均每月淨付費訂閱客戶流失率為 1.4%。

Liz will discuss our second-quarter financials in more detail but I want to take a beat on unit economics and rightsizing our costs because both of these are foundational for us to address before we can return to growth.

Liz 將更詳細地討論我們第二季的財務狀況，但我想先談談單位經濟效益和成本合理化，因為在我們恢復成長之前，這兩個問題都是我們必須解決的基礎。

During this important holiday quarter, we had 12.9% Connected Fitness products gross margin, reaching double digits for the first time in over three years by selling a favorable mix of premium and demonstrating real discipline by aligning our discounts with the margins of our products.

在這個重要的假期季度，透過銷售有利的高端產品組合，並將折扣與產品利潤率保持一致，我們實現了 12.9% 的 Connected Fitness 產品的毛利率，三年多來首次達到兩位數。

On the cost side, the team has made great progress.

在成本方面，團隊取得了巨大進步。

We are on track to exceed $200 million of run rate cost savings by the end of fiscal '25, which was the target announced in our May '24 restructuring plan as well as additional operating expense efficiencies, including reduced media spend.

我們預計在 25 財年末實現超過 2 億美元的營運成本節約，這是我們在 24 年 5 月重組計畫中宣布的目標，同時也實現了額外的營運費用效率，包括減少媒體支出。

The progress made so far shows in our profitability where we achieved meaningful improvements in Q2.

目前所取得的進展體現在我們的獲利能力上，我們在第二季度取得了有意義的提升。

Both adjusted EBITDA, cash flow increased roughly $140 million year-over-year.

調整後的 EBITDA 和現金流均比去年同期增加約 1.4 億美元。

This enabled us to make meaningful progress deleveraging our balance sheet with net debt decreasing over $280 million or 30% year-over-year.

這使得我們在降低資產負債表槓桿率方面取得了重大進展，淨債務年減了 2.8 億美元，降幅達 30%。

All this is to say that while we are working on our long-term growth strategy for fiscal '26 and beyond, our financial goals for fiscal '25 and continued discipline toward improving gross margins, reducing operating costs, and deleveraging our balance sheet are and will remain top priorities for me.

所有這些都表明，雖然我們正在製定 26 財年及以後的長期成長策略，但我們 25 財年的財務目標以及持續提高毛利率、降低營運成本和降低資產負債表槓桿率的努力現在是、並且仍將是我的首要任務。

Now I'll turn it over to Liz to discuss our Q2 results

現在我將把話題轉給 Liz，討論我們的第二季業績

Thanks, Peter.

謝謝，彼得。

We are pleased with our second-quarter results as we exceeded our guidance on key metrics and continued to make meaningful progress improving unit economics and profitability.

我們對第二季的業績感到滿意，因為我們在關鍵指標上超出了預期，並在提高單位經濟效益和盈利能力方面繼續取得有意義的進展。

We also made progress on our marketing objectives by improving LTV to CAC year-over-year and elevating Tread with target audiences.

我們也透過逐年提升 LTV 與 CAC 以及提升 Tread 與目標受眾的互動，在行銷目標方面取得了進展。

We ended the quarter with 2.88 million paid Connected Fitness subscription, reflecting a net decrease of 21,000 in the quarter.

截至本季度，我們的 Connected Fitness 付費訂閱用戶數為 288 萬，淨減少 21,000。

This exceeded the high end of our guidance range by 19,000 subscriptions.

這比我們預期範圍的高端超出了 19,000 個訂閱量。

Outperformance was driven by favorable net churn partially offset by lower growth additions.

優異表現主要得益於良好的淨流失率，但被較低的成長增量部分抵銷。

Average net monthly paid Connected Fitness subscription churn was 1.4%.

Connected Fitness 平均每月淨付費訂閱流失率為 1.4%。

This reflects a 50-basis-point improvement quarter-over-quarter, exceeding internal expectations for seasonally lower churn in Q2.

這反映了季度環比 50 個基點的改善，超過了第二季度季節性客戶流失率較低的內部預期。

Net churn was positively impacted by lower-than-expected subscription cancellations, lower subscription pauses and higher reactivation.

低於預期的訂閱取消量、較低的訂閱暫停量和較高的重新啟動量對淨流失率產生了積極影響。

Reactivation performance was positively impacted by marketing efforts targeting churned subscriptions.

針對流失訂閱的行銷努力對重新啟動績效產生了正面影響。

Q2 net churn of 1.4% also reflects an increase of 20 basis points year-over-year as the benefit from higher reactivation was offset by two main factors.

第二季的淨流失率為 1.4%，也比去年同期增加了 20 個基點，因為恢復活躍度提高帶來的好處被兩個主要因素抵消了。

First, in Q2 fiscal 2024, we had a onetime benefit from fewer net pauses as a result of a shift towards shorter pause length options.

首先，在 2024 財年第二季度，由於轉向較短的暫停長度選項，我們因淨暫停次數減少而獲得了一次性收益。

Second, we continue to see a slight headwind to churn as a result of subscription mix shift towards the secondary market, which has a higher churn profile than subscriptions that purchase their hardware directly from us or our channel partners.

其次，由於訂閱組合轉向二級市場，我們繼續看到客戶流失面臨輕微阻力，與直接從我們或我們的通路合作夥伴購買硬體的訂閱相比，二級市場的客戶流失率更高。

Favorable churn was partially offset by lower gross additions due to slightly lower hardware unit sales, a higher mix of Tread portfolio sales, which have lower new subscription attachment rates than our Bike products, and longer delivery times for times for Tread+ units that delayed subscription activations until Q3.

由於硬體單位銷售額略有下降、Tread 產品組合銷售組合較高（其新訂閱附加率低於我們的自行車產品）以及 Tread+ 單位的交付時間較長（導致訂閱激活推遲到第三季度），導致總新增量較低，部分抵消了有利的客戶流失率。

Secondary market activations were in line with internal expectations and represented roughly 40% of total gross additions in the quarter.

二級市場活化符合內部預期，約佔本季總增量的 40%。

We ended the second quarter with 579,000 paid app subscriptions inclusive of Strength+ subscription, reflecting a net decrease of 4,000 in the quarter.

截至第二季度，我們的付費應用程式訂閱量（包括 Strength+ 訂閱量）為 579,000 個，本季淨減少 4,000 個。

This result exceeded the mid-point of our guidance range by 9,000.

這結果超出了我們預期範圍的中點 9,000。

Total revenue was $674 million in the second quarter, comprising $253 million of Connected Fitness product revenue, a decrease of $66 million or $21 million year-over-year and $421 million of subscription revenue, a decrease of $4 million or 1% year-over-year.

第二季總收入為 6.74 億美元，其中 Connected Fitness 產品收入 2.53 億美元，較前一年減少 6,600 萬美元（減少 2,100 萬美元），訂閱收入 4.21 億美元，較前一年減少 400 萬美元（減少 1%）。

Total revenue was $14 million above the high end of our $640 million to $660 million guidance range due to higher-than-expected revenue from both segments.

由於兩個部門的收入都高於預期，總收入比我們 6.4 億美元至 6.6 億美元的指導範圍高端高出 1,400 萬美元。

The holiday season is a critical period for Connected Fitness products revenue as Q2 has historically represented 40% of annual hardware unit sales.

假期季節是 Connected Fitness 產品收入的關鍵時期，因為第二季歷來佔年度硬體銷售的 40%。

Connected Fitness products revenue exceeded expectation from higher-than-expected premium priced hardware sales, predominantly Tread and Tread+, partly offset by slight underperformance in overall unit sales.

連網健身產品收入超出預期，主要得益於高價硬體銷售（主要是 Tread 和 Tread+），但整體單位銷售額略有不佳，部分抵消了這一增長。

Due to higher-than-expected Tread+ sales, we faced inventory constraints that temporarily led to longer delivery times, delaying some Tread+ deliveries and associated Connected Fitness product revenue recognition to the third quarter.

由於 Tread+ 的銷售量高於預期，我們面臨庫存限制，暫時導致交貨時間延長，將部分 Tread+ 的交付和相關的 Connected Fitness 產品收入確認推遲到第三季。

We also observed higher-than-expected sales for our low-priced refurbished bike.

我們也發現我們的低價翻新自行車的銷售量高於預期。

Offsetting the higher sales of our Tread and Refurbished Bike products, we observed lower sales from the midrange price point, specifically the original Bike.

與我們的踏步自行車和翻新自行車產品較高的銷售量相抵消的是，我們發現中檔價位產品的銷售量較低，特別是原廠自行車。

Subscription revenue was higher than expected as a result of higher paid Connected Fitness subscriptions.

由於 Connected Fitness 訂閱費用增加，訂閱收入高於預期。

Seasonally higher hardware sales in the second quarter is reflected in the revenue mix of 38% Connected Fitness products revenue and 62% subscription revenue.

第二季硬體銷售額季節性成長體現在 38% 的 Connected Fitness 產品收入和 62% 的訂閱收入的收入結構中。

From a sales channel perspective, third-party retail sales were lower than we expected in Q2, which we believe was partly due to our decision to offer lower promotional discounts on the original Bike compared to last year in accordance with our effort to increase hardware margins.

從銷售管道的角度來看，第二季度第三方零售額低於我們的預期，我們認為部分原因是我們決定對原廠自行車提供比去年更低的促銷折扣，以配合我們提高硬體利潤率的努力。

Our holiday performance reflects the continued progress we've made in evolving our marketing strategy.

我們的假期表現反映了我們在行銷策略改進方面所取得的持續進展。

In November, we launched our Find Your Power campaign, featuring J.J. and T.J. Watt.

11 月份，我們發起了「尋找你的力量」活動，以 J.J. 為主角。和 T.J.瓦。

This campaign targeted men and highlighted Tread and Strength products with media rated on live sports.

這次活動主要針對男性，並透過體育直播媒體重點報導的Tread and Strength產品。

This campaign resonated well with man.

這次活動引起了人們的強烈共鳴。

In Q2, 42% of Connected Fitness subscription growth addition a 280 basis point increase quarter-over-quarter and 240 basis points increase year-over-year.

第二季度，Connected Fitness 訂閱量成長 42%，比上一季增加 280 個基點，比去年同期增加 240 個基點。

In addition to advertising more towards men, our marketing efforts were also focused on demonstrating the full value of the Peloton membership through better education of our extensive offerings.

除了向男性投放更多廣告外，我們的行銷工作還致力於透過更好地教育用戶了解我們廣泛的產品與服務，展示 Peloton 會員的全部價值。

Among the Latine and core female audiences exposed to our holiday campaign, we observed a lift in awareness of noncycling modalities like walking, running, yoga, and high-intensity interval training.

在參與我們假期活動的拉丁裔和核心女性受眾中，我們發現她們對步行、跑步、瑜伽和高強度間歇訓練等非騎乘方式的認知度有所提升。

We also saw an increased in the Latine audience that we consider using Peloton which is a leading indicator of future intent to purchase.

我們還發現使用 Peloton 的拉丁裔觀眾數量有所增加，這是未來購買意願的領先指標。

Alongside reaching new audiences and introducing additional discipline to our members, we continue to make progress on improving our marketing efficiency which we measure from a lens of our LTV to CAC ratio.

除了吸引新的受眾並為我們的會員引入額外的紀律之外，我們還繼續在提高行銷效率方面取得進展，我們從 LTV 與 CAC 比率的角度來衡量這一點。

While our LTV to CAC remains in the range of 1 to 2x, we have made progress year-over-year toward our target to reach at least 2x and ideally closer to 3x.

雖然我們的 LTV 與 CAC 比率仍然在 1 到 2 倍的範圍內，但我們已經逐年取得了進展，朝著至少達到 2 倍、理想情況下接近 3 倍的目標邁進。

Our Q2 LTV to CAC was roughly 15% higher than Q2 fiscal 2024.

我們第二季的 LTV 與 CAC 比率比 2024 財年第二季高出約 15%。

Total gross profit was $318 million in Q2, an increase of $19 million or 6% year-over-year.

第二季總毛利為 3.18 億美元，年增 1,900 萬美元，增幅 6%。

Total gross margin was 47.2%, 70 basis points above our guidance due to favorable Connected Fitness product gross margin and favorable subscription gross margin, partially offset by a new mix shift for our Connected Fitness products segment.

總毛利率為 47.2%，比我們的預期高出 70 個基點，這得益於良好的互聯健身產品毛利率和良好的訂閱毛利率，但被互聯健身產品部門的新組合轉變部分抵消。

Connected Fitness gross margin was 12.9%, up 860 basis points year-over-year, primarily driven by a mix shift towards higher-margin products, lower warehousing and transportation related costs, and a reduction in inventory reserves.

Connected Fitness 毛利率為 12.9%，比去年同期成長 860 個基點，主要原因是產品結構向高利潤產品轉變、倉儲和運輸相關成本降低以及庫存儲備減少。

Subscription gross margin was 67.9%, up 60 basis points year-over-year.

訂閱毛利率為67.9%，較去年同期上升60個基點。

Total operating expenses, including restructuring and impairment expenses, were $364 million in the second quarter, a $122 million or 25% reduction year-over-year, reflecting the progress we've made thus far toward rightsizing our cost structure.

第二季的總營運費用（包括重組和減損費用）為 3.64 億美元，比去年同期減少 1.22 億美元（降幅 25%），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 for fiscal 2025.

我們正提前實現2025財年的成本節約目標。

Sales and marketing expense was $153 million, a decrease of $78 million or 34% year-over-year, primarily from a 38% decrease in advertising and market spend and lower personnel-related expenses.

銷售和行銷費用為 1.53 億美元，比去年同期減少 7,800 萬美元或 34%，主要由於廣告和市場支出減少 38% 以及人員相關費用減少。

General and administrative expense was $131 million, a decrease of $29 million or 18% year-over-year, primarily driven by a decrease in settlement costs, professional services fees, and personnel-related expenses.

一般及行政開支為 1.31 億美元，較上年減少 2,900 萬美元，降幅 18%，主要由於結算費用、專業服務費及人員相關費用減少。

Research and development expenses were $60 million, $20 million or 25% year-over-year primarily driven by lower employee-related and contractor expenses.

研發費用為 6,000 萬美元，比去年同期增加 2,000 萬美元或 25%，主要由於員工相關費用和承包商費用的降低。

In Q2, we recognized $20 million of impairment and restructuring expenses, of which $17 million was noncash.

在第二季度，我們確認了 2000 萬美元的減損和重組費用，其中 1700 萬美元是非現金的。

The noncash charges were primarily related to asset write-downs in relation to retail showroom exits.

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 of severance and other exit and disposal costs as we continue executing on our restructuring efforts.

由於我們繼續執行重組工作，現金費用包括 300 萬美元的遣散費和其他退出和處置費用。

Adjusted EBITDA was $58 million in the second quarter, which was $28 million above the high end of our guidance range and a $140 million improvement year-over-year.

第二季調整後的 EBITDA 為 5,800 萬美元，比我們的預期範圍高出 2,800 萬美元，比去年同期增加了 1.4 億美元。

We generated $106 million of free cash flow in the second quarter, an improvement of $95 million quarter-over-quarter and $143 million year-over-year and our fourth consecutive quarter of positive free cash flow.

我們在第二季度產生了 1.06 億美元的自由現金流，比上一季增加 9,500 萬美元，比去年同期增加 1.43 億美元，這是我們連續第四個季度實現正自由現金流。

We ended the quarter with $829 million in unrestricted cash and cash equivalents, an increase of $107 million quarter-over-quarter.

截至本季末，我們的非限制現金和現金等價物為 8.29 億美元，比上一季增加 1.07 億美元。

We continue to make progress towards deleveraging our balance sheet as net debt reduced $281 million or 30% year-over-year.

我們在去槓桿方面繼續取得進展，淨債務年減了 2.81 億美元，降幅為 30%。

Overall, our second quarter performance reflects our continued progress in rearchitecting our cost structure, while maintaining our leadership position within the Connected Fitness category.

總體而言，我們第二季度的業績反映了我們在重塑成本結構方面取得的持續進展，同時保持了我們在互聯健身類別中的領導地位。

It also reflects the strength of our high retention, high gross margin subscription business.

這也反映了我們高留存率、高毛利率訂閱業務的實力。

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

接下來，我想介紹我們對 2025 財年第三季和全年的財務前景。

Following our outperformance in Q2 relative to our previous guidance, we are raising our full-year fiscal 2025 guidance midpoint across our key metrics, including ending paid connected fitness subscriptions, total revenue, total gross margin, and adjusted EBITDA.

由於我們第二季的表現優於先前的預期，我們將提高 2025 財年全年關鍵指標的預期中位數，包括終止付費連網健身訂閱、總收入、總毛利率和調整後的 EBITDA。

We are prioritizing these metrics along with delivering free cash flow.

我們在提供自由現金流的同時，也優先考慮這些指標。

We are raising our full year fiscal 2025 guidance for paid Connected Fitness subscriptions by 55,000 at the midpoint to a narrower range of $2.75 million to $2.79 million.

我們將 2025 財年全年付費 Connected Fitness 訂閱指導數量上調 55,000 個，中位數為 275 萬美元至 279 萬美元的較窄範圍。

This increase reflects our expectations for lower net churn due to the continued favorability across subscription cancellations, pauses, and reactivation, partly offset by our expectations for lower growth additions due to lower hardware sales and mix shift into Tread products, which have lower new subscription attachment rates than our Bike products.

這一增長反映了我們對淨流失率降低的預期，因為訂閱取消、暫停和重新激活的持續利好，但部分抵消了我們對增長增量降低的預期，因為硬體銷售下降和產品組合轉向跑步機產品，跑步機產品的新訂閱附加率低於我們的自行車產品。

Our guidance for third-quarter fiscal 2025 ending paid Connected Fitness subscriptions of $2.85 million to $2.87 million, reflects our expectations for seasonally lower hardware sales trends following the holiday season and for our average net monthly paid Connected Fitness subscription churn rate to remain relatively in line with the second quarter.

我們對 2025 財年第三季付費 Connected Fitness 訂閱費用的預期為 285 萬美元至 287 萬美元，這反映了我們對假期後硬體銷售趨勢季節性下降的預期，以及我們的平均每月淨付費 Connected Fitness 訂閱流失率與第二季保持相對一致。

Our full year fiscal 2025 guidance range for paid app subscriptions of 550,000 to 600,000 remains unchanged.

我們對 2025 財年全年付費應用訂閱量的指導範圍為 550,000 至 600,000，保持不變。

Our outlook for third quarter fiscal 2025 ending paid app subscriptions is 560,000 to 580,000.

我們預計 2025 財年第三季付費應用程式訂閱數量將達到 560,000 至 580,000。

Our full year fiscal 2025 outlook for total revenue of $2.43 billion to $2.48 billion, reflects a narrower range and an increase of $5 million at the midpoint.

我們對 2025 財年全年總收入的預測為 24.3 億美元至 24.8 億美元，這反映了一個較窄的範圍和中間值 500 萬美元的增幅。

This reflects our expectations for favorable subscription revenue from higher paid Connected Fitness subscription and favorable Connected Fitness products revenue from higher trend portfolio sales, partly offset by lower Bike portfolio sales.

這反映了我們對更高付費 Connected Fitness 訂閱帶來的有利訂閱收入和更高趨勢組合銷售帶來的有利 Connected Fitness 產品收入的預期，但自行車組合銷售的下降部分抵消了這一預期。

Q3 revenue guidance of $605 million to $625 million reflects our expectations for seasonally lower hardware sales compared to the second quarter.

第三季營收預期為 6.05 億美元至 6.25 億美元，反映了我們對硬體銷售額較第二季季節性下降的預期。

We are increasing our full year fiscal 2025 outlook for total gross margin to 50% reflecting a 100 basis point increase from prior guidance from expected favorability in Connected Fitness Product segment gross margin and higher subscription segment gross margin as well as a slight revenue mix shift toward our subscription segment.

我們將 2025 財年全年總毛利率預期上調至 50%，這比之前的預期高出 100 個基點，因為預期互聯健身產品部門毛利率將有所提高，訂閱部門的毛利率也將提高，同時收入結構將略微向訂閱部門轉變。

Our third quarter total gross margin guidance of 50% reflects an expected sequential increase in gross margin of 280 basis points as a result of the seasonal mix shift toward our subscription segment in the third quarter.

我們對第三季總毛利率的預期為 50%，反映了預計第三季毛利率將比上一季增加 280 個基點，這是由於第三季季節性產品組合向訂閱部分轉移所致。

We are raising our full year fiscal 2025 guidance for adjusted EBITDA by $60 million to the range of $300 million to $350 million, which reflects our expectations for continued improvements in profitability, largely due to gross margin expansion and continued operating cost savings.

我們將 2025 財年全年調整後 EBITDA 預期上調 6,000 萬美元至 3 億至 3.5 億美元之間，這反映了我們對盈利能力持續改善的預期，這主要歸功於毛利率的擴大和持續的營運成本節省。

Our third quarter adjusted EBITDA guidance of $70 million to $85 million reflects a sequential increase of $19 million at the midpoint, mainly due to seasonally lower sales and marketing expenses following the holiday season.

我們對第三季調整後的 EBITDA 預期為 7,000 萬美元至 8,500 萬美元，中位數為環比增長 1,900 萬美元，主要原因是假期過後銷售和行銷費用季節性下降。

We are also raising our fiscal 2025 free cash flow target to at least $200 million, an increase of $75 million from our previous target.

我們也將 2025 財年的自由現金流目標提高到至少 2 億美元，比先前的目標增加 7,500 萬美元。

This reflects faster-than-expected improvement in operating expense reduction, a higher degree of confidence in full year hardware sales performance following the holiday season, and inventory-related net working capital efficiencies.

這反映出營運費用削減的改善速度快於預期、節慶季過後對全年硬體銷售業績的信心度更高、以及與庫存相關的淨營運資本效率提高。

We expect to continue making meaningful progress in deleveraging our balance sheet through fiscal 2025 and beyond.

我們預計在 2025 財年及以後繼續在資產負債表去槓桿方面取得有意義的進展。

Before we open for Q&A, I'd like to hand it back to Peter to talk about what makes Peloton so special and gives us such optimism for the future.

在我們開始問答環節之前，我想先讓彼得來談談是什麼讓 Peloton 如此特別，並讓我們對未來如此樂觀。

Thanks, Liz.

謝謝，莉茲。

You and the team should be proud of the work you all accomplished in Q2.

您和您的團隊應該為您在第二季所完成的工作感到自豪。

There are lots of companies that make fitness equipment, dozens of fitness apps, countless trainers, but there is only one Peloton.

生產健身器材的公司有很多，健身應用程式有數十種，教練也不計其數，但 Peloton 只有一個。

That's because we combine the best hardware, the best software and the best human coaches with the world's most supportive community.

這是因為我們將最好的硬體、最好的軟體、最好的人力教練與世界上最支持的社群結合在一起。

That's our magic formula.

這就是我們的魔法公式。

And when we get it right, we are unstoppable.

當我們做對了，我們將勢不可擋。

And as I just discussed, winning is about focusing on what matters most: improving outcomes for our members, meeting them in more places, and deepening the connections between them and Peloton as well as with each other.

正如我剛才所討論的，要想取得勝利，就要專注於最重要的事情：改善我們會員的結果，在更多的地方與他們見面，並加深他們與 Peloton 以及彼此之間的聯繫。

And that will take operational excellence and financial discipline, attention to the details that raise our performance for members and as a business.

這需要卓越的營運和財務紀律，專注於細節，以提高我們為會員和作為企業的績效。

This will be hard work.

這將是艱苦的工作。

As Jess Sims often says, never easy, always worth it.

正如 Jess Sims 常說的那樣，永不輕易，但總是值得。

With the energy, momentum and excitement I've seen from Peloton team members in the few short weeks since I started.

在我加入後的短短幾週內，我看到了 Peloton 團隊成員的活力、動力和興奮。

I am more optimistic than ever about the future of Peloton.

我對 Peloton 的未來比以往任何時候都更加樂觀。

With that, Liz and I are delighted to answer your questions.

因此，Liz 和我非常高興回答您的問題。

(Operator Instructions) Simeon Siegel, BMO.

（操作員指令）Simeon Siegel，BMO。

Thanks.

謝謝。

Hey, everyone.

嘿，大家好。

Good morning, Peter.

早安，彼得。

Honored, I can welcome you to the fund, that is analyst Q&A.

很榮幸，歡迎您來到基金分析師問答區。

So welcome.

歡迎大家的光臨。

I was curious how you're thinking about the path to growth versus the ongoing improvement in profits?

我很好奇，您如何看待成長路徑與利潤的持續改善？

I know it's still early days for you, but just curious if you have any thoughts on any time line you'd want to share in terms of your views as you dig in.

我知道對你來說現在還為時過早，但我還是很好奇，你是否願意就任何時間線的想法與大家分享你對深入研究的看法。

And then just as a follow-up, I'm not sure if this is for you or for Liz, but you guys have been doing such a nice job in improving profitability in recent quarters.

然後作為後續問題，我不確定這是否適合您或 Liz，但你們在最近幾季在提高盈利能力方面做得非常出色。

Could you share any thoughts on continuing that profitability improvement if and when you do decide to start investing for growth?

如果您決定開始投資成長，您能否分享有關繼續提高獲利能力的想法？

Thanks.

謝謝。

Thanks, Simeon for the warm welcome.

感謝西緬的熱情歡迎。

As you know, I've been at Peloton for just over a month.

如你所知，我加入 Peloton 剛剛一個多月。

So I'm not ready to talk about when or the details of how we plan to turn the business back to top line growth.

所以我還沒準備好談論我們計劃何時或如何讓業務恢復到營收成長的細節。

But I can tell you what we're doing to earn the right to grow, share my belief that we will and suggest where to look when we do.

但我可以告訴你們，為了獲得成長的權利，我們正在做些什麼，分享我對我們的信念，並建議我們在成長過程中應該關注的方向。

So first, we're setting the stage to be able to grow while insuring can deliver meaningful adjusted EBITDA and free cash flow by rightsizing our expenses, which are down 25% year-over-year in Q2; improving our equipment gross margins, which are back up to double digits for the first time in years; and increasing our LTV to CAC ratio, which has improved about 15% year-over-year.

因此，首先，我們為成長做好了準備，同時透過合理調整支出規模，確保能夠實現有意義的調整後 EBITDA 和自由現金流，第二季的支出較去年同期下降了 25%；提高我們的設備毛利率，多年來首次回升至兩位數；並提高我們的 LTV 與 CAC 比率，該比率較上年同期提高了約 15%。

And doing all this is reducing our net debt and our leverage ratios, which means that we'll have the financial capacity that we need to make investments that have strong returns.

所有這些都減少了我們的淨債務和槓桿率，這意味著我們將擁有進行可帶來豐厚回報的投資所需的財務能力。

But I don't want to leave you hanging on the growth question.

但我不想讓你們在增長問題上久久不能平靜。

So I'll just sort of tell you where to look and the levers.

所以我只會告訴你去哪裡找槓桿。

So there are three areas.

因此有三個領域。

One, we're looking to improve member outcomes through innovation on new products and services.

首先，我們希望透過新產品和服務的創新來改善會員的成果。

And if we get that right, then we have the potential to pull all three levers of growing members, growing revenue per member, and increasing member lifetimes.

如果我們能做到這一點，那麼我們就有潛力同時推動三個進程：增加會員數量、增加每位會員的收入、延長會員壽命。

The second is meeting members in more places, and that also allows us to pull the levers of meeting -- of growing members and revenue per member.

第二是在更多地方與會員見面，這也使我們能夠發揮會議的槓桿作用——增加會員數量和每位會員的收入。

And then third is deepening the connection that we have with our existing members, which, in particular, has the potential to lengthen the lifetimes that we have with our members, which are already impressively long.

第三是加深我們與現有會員的聯繫，這尤其有可能延長我們與會員的終身關係，而我們的會員終身關係已經很長了。

So again, no specifics today, but that's where to look.

所以，今天再說一遍，沒有具體細節，但這就是值得關注的地方。

And I'll take the question about the continuing profitability improvement.

我將回答有關盈利能力持續改善的問題。

As you just heard us say a few minutes ago, we did just raise our full year adjusted EBITDA target for FY25 by $60 million.

正如您幾分鐘前聽到我們所說的那樣，我們確實將 25 財年的全年調整後 EBITDA 目標提高了 6000 萬美元。

And so that is reflecting continued improvements in profitability that we expect largely due to our gross margin expansion that we talked about as well as continued operating expense savings.

這反映了我們預計獲利能力的持續提高，這主要歸功於我們談到的毛利率擴大以及持續的營運費用節省。

We are on track to exceed our $200 million annualized run rate cost savings plan by the end of fiscal '25 that we committed to in our restructuring plan back in May of 2024.

我們預計在 2025 財年末超額完成我們在 2024 年 5 月的重組計劃中承諾的 2 億美元年度運行率成本節約計劃。

And then on top of that, as we continue to talk about, we are seeing upside from savings in media, which we also expect to be down materially year-over-year for the remainder of FY25.

除此之外，正如我們繼續談論的那樣，我們看到媒體方面的節省具有上升空間，我們預計 2025 財年剩餘時間的媒體方面節省將同比大幅下降。

And while we're pleased with this progress that we've made, we do see further opportunities for cost optimizations, and we built a culture of cost discipline into our company.

雖然我們對所取得的進展感到滿意，但我們確實看到了進一步優化成本的機會，並且在公司中建立了成本紀律文化。

We know that our OpEx as a percent of revenue is still too high overall for the long term and especially that's true within our G&A area.

我們知道，從長遠來看，我們的營運支出佔收入的百分比總體上仍然過高，特別是在我們的一般及行政管理領域。

And we do see multiple opportunities to rightsize it.

我們確實看到了多個調整其規模的機會。

A couple of examples include things like we still have a lot of tech gaps where we're continuing to solve technology gaps inefficiently with manual work.

舉幾個例子，例如，我們仍然存在許多技術差距，我們仍在繼續透過手動工作低效地解決技術差距。

We're going to work to eliminate that.

我們將努力消除這一現象。

And then another example would be reducing our corporate real estate expenses over time as we see opportunities to do that.

另一個例子是，隨著我們看到機會，我們會逐漸減少企業房地產開支。

Great.

偉大的。

Thanks, I mean operator we have the.

謝謝，我的意思是我們有接線員。

Next question, please.

請回答下一個問題。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

I have two, please.

請給我兩個。

Well, so you can make progress on deleveraging.

好吧，這樣你就可以在去槓桿方面取得進展了。

Can you please highlight some of the milestones on your plan, deleveraging plan from here and maybe some of the tangible and intangible benefits of deleveraging?

您能否強調一下您的計劃中的一些里程碑、去槓桿計劃以及去槓桿的一些有形和無形的好處？

And then the follow-up question is on the tariffs.

後續問題是關於關稅。

Do you expect to see any meaningful impact from tariffs if levied on your P&L?

如果關稅對您的損益表徵收，您預計會產生任何有意義的影響嗎？

Thank you.

謝謝。

Thanks, Shweta.

謝謝，Shweta。

I'll start with the question on deleveraging.

我首先想問一下去槓桿的問題。

So the increase to our minimum free cash flow target to at least $200 million in fiscal '25, that, first of all, reflects this -- a tremendous improvement of over $200 million year-over-year.

因此，我們將最低自由現金流目標提高到 25 財年的至少 2 億美元，這首先反映了這一點——與去年相比，增加了 2 億多美元。

And then if you go back to FY23, it's over $670 million improvement.

如果你回顧 23 財年，你會發現改進金額超過 6.7 億美元。

And deleveraging free cash flow has really enabled us to deleverage.

而去槓桿化的自由現金流確實讓我們實現了去槓桿。

And our reduction in net debt, we talked about it earlier, of $285 million or 30% year-over-year in Q2.

我們之前談過，我們第二季的淨債務減少了 2.85 億美元，比去年同期減少了 30%。

Now, if you pair that lower net debt with growing trailing adjusted EBITDA, that's helping our reported leverage ratio to decline from 7x in Q1 to 2.7x in Q2.

現在，如果將較低的淨債務與不斷增長的調整後 EBITDA 結合起來，這將有助於我們報告的槓桿率從第一季的 7 倍下降到第二季的 2.7 倍。

Now in terms of the tangible benefits of that, the improvement to our leverage ratio has enabled us to achieve a first lien net leverage ratio below 5x.

現在就其實際利益而言，我們的槓桿率的提高使我們能夠實現低於 5 倍的一級淨槓桿率。

And that is resulting in term loan and that equates to roughly $5 million of annualized interest expense savings going forward as long as we continue to hit that threshold each quarter.

這將產生定期貸款，只要我們每季繼續達到這個門檻，就相當於未來每年節省約 500 萬美元的利息支出。

Now on the intangible side, the improvements that we're making to our balance sheet are lowering risk.

現在從無形方面來看，我們對資產負債表所做的改進正在降低風險。

They're positioning us well for future sustainable and profitable growth.

他們為我們未來的可持續獲利成長做好了準備。

And over time we do expect that this will lower our cost of capital, and that will give us more optionality around capital allocation.

隨著時間的推移，我們確實預計這將降低我們的資本成本，並為我們在資本配置方面提供更多的選擇權。

Why don't I jump in for a moment on the tariff part of your question, Shweta, and then I'll pass to Liz for a bit more detail.

施韋塔 (Shweta)，我先來談談你問題的關稅部分，然後再請利茲 (Liz) 提供更詳細的資訊。

As I'm sure you all know the questions around tariffs really represent a rapidly moving target.

我相信大家都知道，有關關稅的問題確實是快速變化的目標。

And so we're closely monitoring it I'm sure, alongside all of you.

所以我相信我們和你們所有人都在密切關注此事。

The good news here is that no Peloton branded hardware products are subject to the tariffs from China or if they were to reemerge from Mexico or Canada.

好消息是，Peloton 品牌的硬體產品不會受到來自中國的關稅影響，即使它們從墨西哥或加拿大重新出現，也不會受到關稅影響。

And of course, most of our revenues come from subscriptions.

當然，我們的大部分收入來自訂閱。

Liz can provide a little more color here.

Liz 可以在這裡提供更多顏色。

Yes.

是的。

So while the tariffs on imports from Mexico and Canada are currently paused, if all of the tariffs went into effect at the current proposed tariff rates, we would expect to see roughly 1% impact to our connected fitness products.

因此，雖然目前暫停對來自墨西哥和加拿大的進口產品徵收關稅，但如果所有關稅按照目前擬議的關稅稅率生效，我們預計我們的連網健身產品將受到約 1% 的影響。

And that's mainly related to Peloton apparel and Precor.

這主要與 Peloton 服裝和 Precor 相關。

And that estimate also assumes no mitigation.

而且該估計還沒有假設任何緩解措施。

For China only, our unmitigated impact is well under 1% of Connected Fitness COGS.

僅就中國而言，我們的未減輕影響遠低於 Connected Fitness 銷售成本的 1%。

Very helpful.

非常有幫助。

Thanks, Peter.

謝謝，彼得。

Thanks, Liz.

謝謝，莉茲。

Curtis Nagle, Bank of America.

美國銀行的柯蒂斯‧納格爾。

Good morning.

早安.

Thanks very much.

非常感謝。

I wanted to focus on the free cash flow just -- what drove the outperformance in 2Q?

我只想關注自由現金流——是什麼推動了第二季度的出色表現？

And then on the big rates for the, full year, assuming that's mostly just the incremental flow through on the higher higher EBITDA, maybe some working capital efficiencies?

然後，就全年的大利率而言，假設這主要是更高的 EBITDA 的增量流量，也許是一些營運資本效率？

Could we -- I guess that will be our first question if you go through that.

我們可以嗎——我想如果您經歷過的話，這將是我們第一個問題。

And then I have a follow-up.

然後我有一個後續問題。

Sure.

當然。

So let me talk a little bit through our free cash flow.

那麼讓我稍微談談我們的自由現金流。

So our Q2 free cash flow of $106 million, that did exceed our internal expectations.

因此，我們第二季的自由現金流為 1.06 億美元，確實超出了我們的內部預期。

And some of the benefits that we saw were permanent and some of them are timing.

我們看到的一些好處是永久性的，而有些好處只是時間性的。

On the timing front, we saw a significant amount of favorability associated with the timing of invoices for music and media vendors that we do expect to pay in Q3.

在時間方面，我們看到與音樂和媒體供應商的發票時間相關的大量有利因素，我們確實預計將在第三季支付這些發票。

And our outperformance -- on the permanent side, our outperformance in Q2 adjusted EBITDA also benefited free cash flow.

從永久方面來看，我們的優異表現——第二季調整後 EBITDA 的優異表現也使自由現金流受益。

And so that outperformance was driven by favorable revenue and faster-than-expected operating expense reductions as we've talked about earlier.

正如我們之前所說，這種優異表現是受良好收入和快於預期的營運費用削減所推動的。

And then again, I also mentioned that we raised our guidance midpoint for adjusted EBITDA by $60 million and we expect most of that to flow through to free cash flow.

再次，我還提到，我們將調整後 EBITDA 的指導中點上調了 6000 萬美元，我們預計其中大部分將流入自由現金流。

We also did see a benefit in net working capital from reducing inventory production levels.

我們也確實看到降低庫存生產水準為淨營運資本帶來的好處。

Previously, when we had set guidance last quarter, there was some uncertainty around how much we could optimize production.

以前，當我們在上個季度設定指導方針時，對於我們能夠在多大程度上優化生產存在一些不確定性。

And so our full year guidance or target of at least $200 million of free cash flow reflects those impacted inventory production improvement to net working capital and then also that faster-than-expected operating expense savings.

因此，我們全年至少 2 億美元自由現金流的指導或目標反映了庫存生產改善對淨營運資本的影響，也反映了比預期更快的營運費用節省。

I do want to point out that the $200 million minimum free flow target which implies roughly $87 million in free cash flow in the second half of FY25, that's our minimum expectation.

我確實想指出的是，2 億美元的最低自由流動目標意味著 25 財年下半年的自由現金流約為 8,700 萬美元，這是我們的最低預期。

Our goal is to achieve more than this.

我們的目標是實現更多。

Awesome.

驚人的。

Good to hear.

很高興聽到。

Peter, maybe a question for you, just churn numbers were certainly encouraging.

彼得，也許我想問你一個問題，客戶流失率確實令人鼓舞。

I guess, just in terms of maybe a little bit more what's driving it, I mean it sounds like it's results of some of these engagement efforts.

我想，就可能更多地談論推動它的因素而言，它聽起來像是一些參與努力的結果。

Maybe you're seeing a leveling off across the subbase more generally.

或許你會看到整個基底層都呈現更普遍的趨於平穩。

Just digging into that and then just what's assumed in the guidance, maybe a little more specifically, I think churn is lower.

只要深入研究這一點，然後根據指導中的假設，也許更具體地說，我認為客戶流失率會較低。

But yes, I'd love to hear your thoughts on that.

但是的，我很想聽聽你對此的想法。

Yeah, Curtis, thanks for asking.

是的，柯蒂斯，謝謝你的詢問。

I like to talk about our churn because we've -- our subscription business continues to show remarkable consistency and resilience with that exceptionally low average net monthly churn rate of 1.4% for Connected Fitness subscriptions.

我喜歡談論我們的客戶流失，因為我們的訂閱業務繼續表現出非凡的一致性和彈性，Connected Fitness 訂閱的平均每月淨流失率極低，僅為 1.4%。

So what's going on here?

那麼這裡發生了什麼事？

One, like all the subscription businesses I've ever seen, there's a tenure effect here.

首先，就像我見過的所有訂閱業務一樣，它存在著一種任期效應。

We have a great deal of long-standing and highly loyal members.

我們擁有大量長期且高度忠誠的會員。

And so with the passage of time, that benefits our churn.

因此，隨著時間的推移，這將有利於我們的客戶流失。

The second thing is looking at engagements.

第二件事是看參與度。

Peloton is that rare brand that makes you healthier the more you use it.

Peloton 是一個罕見的品牌，使用得越多，您就越健康。

And so one of our goals is to get more people using our product more.

因此，我們的目標之一就是讓更多的人使用我們的產品。

And we're pleased to see here some growth in our engagement levels in terms of the average monthly workout time for ending Connected Fitness subscription if we look at that on a year-over-year basis.

如果以同比來看，我們很高興地看到，在結束 Connected Fitness 訂閱後，我們的參與度在平均每月鍛鍊時間方面有所增長。

So we've got a healthy customer base.

因此我們擁有健康的客戶群。

We've got healthy usage.

我們有健康的使用習慣。

As I mentioned earlier, we have strong NPS scores, and that all adds up to healthy churn.

正如我之前提到的，我們擁有很高的 NPS 分數，這一切都有助於實現健康的客戶流失。

Liz maybe you want to provide a little more?

莉茲，也許你想提供更多一點？

I can provide a little bit more color on the outlook.

我可以對前景提供更多一些說明。

I think you were asking a little bit more.

我覺得你問的有點多了。

We're not -- we don't guide specifically to churn, but we can -- I can tell you that in Q3, we do expect our average month net monthly paid Connected Fitness churn rate to remain relatively in line with Q2.

我們沒有專門針對客戶流失提供指導，但我們可以告訴您，在第三季度，我們確實預計平均每月淨付費 Connected Fitness 客戶流失率將與第二季度保持相對一致。

And then just on a full-year basis, we do continue to expect our churn rate to increase modestly.

然後從全年來看，我們確實預期客戶流失率會持續小幅上升。

And as we've talked about before, we do continue to see a mix shift of our subscriptions into the secondary market, which has a lower retention rate compared to subscriptions where customers purchase their fitness hardware directly from us.

正如我們之前談到的，我們確實繼續看到我們的訂閱轉向二級市場，與客戶直接從我們這裡購買健身硬體的訂閱相比，二級市場的保留率較低。

And then we have talked about this one-time subscription on pause benefit in fiscal '24 that won't repeat.

然後，我們討論了 24 財年暫停福利的一次性訂閱，該福利不會重複。

And those are creating a slight headwind for us.

這些都為我們帶來了一點阻力。

And that's partially offset by all the great work our marketing team is doing to reactivate lapsed subscription.

我們的行銷團隊為重新啟動失效的訂閱而做出的出色工作部分抵消了這一損失。

Helpful.

很有幫助。

Thank you.

謝謝。

Arpine Kocharyan, UBS.

瑞銀的 Arpine Kocharyan。

Hi, thanks for taking my question.

你好，謝謝你回答我的問題。

Peter, welcome to Peloton.

彼得，歡迎來到 Peloton。

Great to hear you on the call.

很高興在電話裡接到您的電話。

You talked a lot about improving churn.

您談了很多關於改善客戶流失率的問題。

I was wondering, is it fair to assume that this better-than-expected churn, which is probably not as much of a surprise to you as to us, given the efforts you've taken to get there.

我想知道，考慮到你們為實現這一目標所付出的努力，我們可以合理地假設這種客戶流失率好於預期，但對你們來說，這可能並不像對我們來說那麼令人驚訝。

My question is, how should we think about potential price increases in light of improving churn?

我的問題是，在改善客戶流失率的情況下，我們該如何看待潛在的價格上漲？

It seems like you feel better about churn today than you did three months ago?

看起來，您今天對於客戶流失的感覺比三個月前好多了？

First, is that a fair assumption?

首先，這是一個合理的假設嗎？

Second, how should we think about sort of price increases in the subscription business in light of improving churn?

其次，從改善客戶流失率的角度來看，我們該如何看待訂閱業務的價格上漲？

Thank you.

謝謝。

Then I have a quick follow-up.

然後我快速跟進。

Hi, Arpine.

你好，Arpine。

Thanks for the question.

謝謝你的提問。

With regard to pricing, to state the obvious, pricing is a powerful lever with every change up or down, essentially dropping straight to the bottom line.

關於定價，顯而易見，定價是一個強大的槓桿，每次上漲或下跌都會直接影響到底線。

So we're taking a hard look at pricing alongside everything else in our business.

因此，我們正在認真考慮定價以及我們業務中的其他所有問題。

As a reminder, in Q1, we took steps to improve our unit economics by taking up the price of our rower in North America, and we also raised prices for bike and bike plus in our international markets.

提醒一下，在第一季度，我們採取措施提高單位經濟效益，提高了北美划船機的價格，同時也提高了國際市場上自行車和自行車加產品的價格。

This holiday season, we also improved our hardware unit economics by reducing the number of days that we were on promotion and by structuring our promotional strategy to better align with the margin profile of our products.

這個假期，我們還透過減少促銷天數並調整促銷策略以更好地適應我們產品的利潤狀況，提高了硬體單位經濟效益。

So all of that added up to greater discipline as well as some terrific learning opportunities for us around pricing.

所以，所有這些都為我們提供了更高的紀律性，以及一些有關定價的極好的學習機會。

I think a question that might be in everybody's mind is around subscription pricing, and we know how important subscription pricing is to our members as well as to the performance of the business.

我想每個人心中可能都有一個問題是關於訂閱定價的，我們知道訂閱定價對我們的會員以及業務表現有多重要。

And we won't take any actions there lightly.

我們不會輕易採取任何行動。

So beyond what I've shared so far, that's about all we have to say today, but we'll share more about pricing when we're ready to.

所以除了我到目前為止分享的內容之外，這就是我們今天要說的全部內容，但我們會在準備好時分享更多有關定價的資訊。

Wonderful.

精彩的。

Great.

偉大的。

Peter, I was wondering if you could share your initial impression of where you see low-hanging fruit in terms of further cost optimization?

彼得，我想知道您是否可以分享一下您對進一步成本優化方面容易取得的成果的初步印象？

Do you feel that, that's first in hardware COGS versus more in sort of OpEx and the obvious sort of G&A that you've talked about before in terms of being higher than it's supposed to be?

您是否認為，這首先是硬體 COGS，而不是營運支出以及您之前談到的明顯的 G&A 費用，因為它們高於應有的水平？

Where do you see that low-hanging fruit as you sort of look at the business with fresh eyes?

當您以全新的眼光看待這項業務時，您認為那些唾手可得的成果在哪裡？

Thanks, Arpine.

謝謝，Arpine。

Let's talk a little bit about this before.

我們先來討論一下這個問題。

I think the important thing for us to note is that we're being very aggressive with regard to costs.

我認為我們要注意的重要一點是我們在成本方面非常積極。

And we are on track to deliver the $200 million in expense savings that we laid out just a few months ago.

我們正按計畫實現幾個月前所訂定的 2 億美元開支節約目標。

And you can see that reflected in the results that we reported today.

您可以從我們今天報告的結果中看到這一點。

We also think that there are some opportunities, both in the IT space, both as an enabler of reducing manual effort from our employees as well as an area that we're looking at are things like IT licenses.

我們也認為，IT 領域也存在一些機會，可以減少員工的手動工作量，我們正在關注的領域包括 IT 許可證等。

Liz shared with you the work that we're doing on reducing our corporate real estate expense as well.

Liz 與您分享了我們為降低公司房地產開支所做的工作。

And that does feel like relatively low-hanging fruit, although those savings do take time to materialize due to our contractual commitments.

這確實感覺像是相對容易實現的目標，儘管由於我們的合約承諾，這些節省確實需要一些時間才能實現。

So we're absolutely planning on achieving those savings, but they'll materialize when it makes sense.

因此，我們絕對計劃實現這些節約，但它們會在合理的時候實現。

In terms of free cash flow, you heard Liz's good news about the $5 million step down in our interest expense.

在自由現金流方面，您聽到了 Liz 宣布的關於我們的利息支出減少 500 萬美元的好消息。

That's real money.

這可是真金白銀。

And that's low-hanging fruit that -- it might not have felt low hanging a year ago.

這是唾手可得的果實——一年前你也許感覺不到它唾手可得。

But from where we are right now, that's an immediate benefit that the team has achieved due to their impressive work on deleveraging.

但從目前的情況來看，這是團隊在去槓桿方面所做的出色工作所取得的直接利益。

Lane Cura, Goldman Sachs.

高盛的萊恩·庫拉 (Lane Cura)。

Hi.

你好。

This is Eric Sheridan from Goldman Sachs.

這是高盛的 Eric Sheridan。

I had a quick question on brand versus direct marketing investments and generating end demand.

我有一個關於品牌與直接行銷投資以及產生最終需求的快速問題。

How do you think about the mix of those marketing investments over the medium to long term and where there could potentially be a higher return on marketing spend as you think about deploying that -- those growth investments against your platform goals.

您如何看待中長期內這些行銷投資的組合，當您考慮部署這些成長投資以實現您的平台目標時，哪些地方可能帶來更高的行銷支出回報？

Thank you.

謝謝。

Thanks, Eric.

謝謝，埃里克。

The fitness category, in particular, is a category where you do have to remind people, to get back into the market and do the right thing for themselves.

特別是健身類別，你必須提醒人們重返市場並為自己做正確的事。

So I don't think you can anticipate that this is a business where we're suddenly going to be able to do away with a marketing spend.

因此，我認為你無法預料到，這是一個我們突然能夠取消行銷支出的業務。

And I think we've demonstrated the ability to do some brand marketing, for example, our Watt Brothers advertising and move the needles that we intended and promised to move.

我認為我們已經展示了進行一些品牌行銷的能力，例如我們的 Watt Brothers 廣告，並且達到了我們預期和承諾的效果。

For example, with the increased uptake that we saw of our products by men.

例如，我們發現男性對我們產品的接受度有所提高。

That being said, we recognize that brand marketing is more difficult to measure and justify than performance marketing.

話雖如此，我們意識到品牌行銷比績效行銷更難衡量和證明。

So what does that mean?

那麼這意味著什麼？

With regard to brand marketing, Lauren and our team are being really disciplined about doing things like media mix modeling and hold out areas for us to try to determine the real impact of our brand marketing spend, know which half works versus which half doesn't work so that we can be as efficient as possible with that.

對於品牌行銷，勞倫和我們的團隊在做諸如媒體組合建模等事情時非常嚴謹，並為我們保留一些領域，以確定我們的品牌行銷支出的真正影響，知道哪一半有效，哪一半無效，這樣我們就可以盡可能高效地做到這一點。

Secondly, we are doing as much of our marketing spend in the performance category where it's highly measurable as we possibly can.

其次，我們盡可能將行銷支出投入到可高度衡量的績效類別。

And the good news there is that when you look at the sum total of our marketing spend, we're getting more effective and more efficient.

好消息是，當你查看我們的行銷支出總額時，會發現我們的效率和效果越來越高。

Our reduction in marketing spend in Q2 exceeded the reduction in our Connected Fitness sales by a meaningful amount.

我們第二季行銷支出的減少幅度遠遠超過了 Connected Fitness 銷售額的減少幅度。

And that also resulted in improvement in our LTV to CAC ratio.

這也導致了我們的 LTV 與 CAC 比率的改善。

Again, not where we want it to be long term, but material progress toward our goal of exceeding a ratio of 2 to 1.

再說一遍，這不是我們想要的長期目標，而是朝著超過 2 比 1 的目標取得實質進展。

So we're getting better.

所以我們正在變得更好。

We're putting in place the tools and the discipline to achieve further improvements.

我們正在採用工具和紀律來實現進一步的改進。

And I think you'll see us balance performance and brand marketing in a thoughtful way going forward.

我認為您會看到我們在未來以深思熟慮的方式平衡績效和品牌行銷。

Great.

偉大的。

Operator, we have time for one more question.

接線員，我們還有時間再回答一個問題。

Lee Horowitz, Deutsche Bank.

德意志銀行的李‧霍洛維茲 (Lee Horowitz)。

And thanks for sneaking me in.

謝謝你讓我偷偷進來。

Maybe, Peter -- we appreciate the growth plans for '26 and beyond are selling the works.

也許吧，彼得——我們很欣賞 26 年及以後的增長計劃正在推銷這些作品。

Can you maybe talk at a high level as to what you see as the most obvious levers you can pull in order to stabilize sort of the gross addition declines that you've seen worsened to start off the calendar year?

您能否從高層次談談，您認為可以採取哪些最明顯的措施來穩定年初以來惡化的總增量下降趨勢？

And one follow-up to Liz, if I could.

如果可以的話，我想跟進一下 Liz 的情況。

Sure.

當然。

Lee, the most important thing for us to do in the near term is to super serve the members that we have.

李先生，我們近期最重要的事情就是為現有的會員提供優質的服務。

And we've made real progress on that.

我們在這方面取得了真正的進展。

If you look at the improvement, for example, in our MSAT scores, which year-over-year -- remember, this is a 5-point scale has gone up from 3.1 to 4.3. And we have a higher target than that going forward.

以我們的 MSAT 成績為例，如果你看一下它的進步，你會發現與去年同期相比，這是一個 5 分制，從 3.1 上升到了 4.3。我們未來的目標是更高的。

That's a situation where we're doing everything we can to ensure that every new customer, in particular, loves us as much as the ones that we've retained in the past.

在這種情況下，我們會竭盡全力確保每位新客戶都像過去的客戶一樣喜愛我們。

We're also working hard the near term to launch new capabilities that add value to our existing members.

我們近期也將努力推出新功能，為現有會員增加價值。

So as we mentioned in the remarks, when we see members who are engaging in two or more disciplines, we have a 60% reduction in our churn rate.

因此，正如我們在評論中提到的那樣，當我們看到從事兩個或更多學科的會員時，我們的流失率就會降低 60％。

So we're working really hard to get people to, for example, embrace the Strength modality which we know, based on a lot of research, is a terrific addition to a cardio program.

因此，我們正在非常努力地讓人們接受肌力訓練模式，根據大量的研究，我們知道，肌力訓練模式對於有氧運動計畫來說是一個很好的補充。

These things, I think, are the lowest hanging fruit in the next few months for us to continue to retain that customer base that we worked so hard to acquire.

我認為，這些事情是我們在未來幾個月內繼續保留我們辛苦獲得的客戶群最容易實現的目標。

Liz, do you want to add anything?

莉茲，你還有什麼要補充嗎？

No.

不。

The only thing that I would say is, to your point, is about retaining the subscribers that we have and then also for those that are joining us new, making sure that they get off to a really great start and are able to engage because we do know if they engage early, that will predict that they will be a subscriber for a longer period of time.

我唯一想說的是，正如你所說，我們要保留現有的訂閱者，同時也要確保新訂閱者有一個良好的開端，並能夠積極參與，因為我們知道，如果他們儘早參與，就意味著他們會在更長的一段時間內成為訂閱者。

So that would also manifest in lower churn for the subscriber who are joining us as new growth additions.

因此，這也會體現為作為新增長點加入我們的用戶的流失率降低。

Really helpful.

真的很有幫助。

And maybe one just follow-up on Connected Fitness gross profit, gross margin.

也許只是跟進一下 Connected Fitness 的毛利和毛利率。

Reaching that double-digit sort of milestone for the first time is a great hurdle to clear, but we think that you still are always away from where you think this can go over time.

首次達到兩位數的里程碑是一個巨大的障礙，但我們認為，你仍然遠離你認為隨著時間的推移可以達到的目標。

Any context as to sort of where you see the upper band on Connected Fitness product gross margin and the levers you have there to sort of pull those higher going forward?

您能介紹一下 Connected Fitness 產品毛利率的上限嗎？

Thanks so much.

非常感謝。

Sure.

當然。

Our improvements in Connected Fitness gross margin are due to -- there's multiple dimensions to that.

我們的 Connected Fitness 毛利率的提高是由於——這是多個方面的原因。

Some of that is mixed into some of our more premium products that do have a higher gross margin and then some of that is also just being more optimized in how we offer discounts.

其中一些混入了我們一些確實具有更高毛利率的優質產品中，而另一些則在我們提供折扣的方式上進行了進一步優化。

And then we've also made some pricing changes.

然後我們還做了一些價格調整。

So we can continue to pull the levers over time.

因此我們可以隨著時間的推移繼續施加影響。

And we do expect our gross margins that they can continue to expand.

我們確實預計我們的毛利率能夠繼續擴大。

I'm not going to give you a specific target for that, but we know that there is more opportunity to expand them over time.

我不會給你一個具體的目標，但我們知道隨著時間的推移，會有更多的機會擴大這些目標。

And we do expect for the remainder, just to clarify, for Q3 and the full year for fiscal '25, at least, we do expect to maintain Connected Fitness product gross margins primarily because we are shifting towards those higher-margin products and being really disciplined about our promotions.

需要澄清的是，我們確實預計，至少在第三季和 25 財年全年的剩餘時間裡，我們確實預計能夠保持 Connected Fitness 產品的毛利率，這主要是因為我們正在轉向那些利潤率更高的產品，並且對我們的促銷活動非常嚴格。

I would now like to turn the call over to Mr. Peter Stern for any closing remarks.

現在，我想請彼得·斯特恩先生作結束語。

So before we end the call, I want to acknowledge that Peloton has a very special base of investors because many of you are also our enthusiastic members.

因此，在我們結束通話之前，我想承認 Peloton 擁有非常特殊的投資者基礎，因為你們中的許多人也是我們的熱心會員。

And in addition to being the CEO, I'm also an enthusiastic member.

除了擔任執行長之外，我還是一名熱心會員。

So let me leave you with a few thoughts that bridge the two ways we relate to Peloton.

所以，請容許我給你留下一些想法，這些想法彌合了我們與 Peloton 的兩種關係。

I talked earlier about improving member outcomes.

我之前談到了改善會員成果。

One of the ways we're doing this is by providing personalized coaching.

我們採取的方法之一是提供個人化指導。

If you haven't already tried a power zone ride, pace targets on Tread or the personalized plans feature we released last week, please do so.

如果您還沒有嘗試過動力區騎行、Tread 上的配速目標或我們上週發布的個人化計劃功能，請嘗試一下。

These are already delivering for our members and they're a taste of the future.

這些已經為我們的會員提供服務，它們是未來的預兆。

And if you haven't already tried a Peloton Strength, boot camp Pilates or yoga class, there's no time like the present.

如果你還沒有嘗試過 Peloton Strength、新兵訓練營普拉提或瑜伽課程，那麼現在正是時候。

I also talked about meeting members in more places.

我還談到了在更多地方與會員見面。

There are lots of ways that Peloton shows up in the physical world.

Peloton 在現實世界中以多種方式呈現。

But one way that I'm excited about this month is in the virtual one.

但這個月讓我興奮的一個方式是虛擬的。

Our appearance in Marvel Studios, Captain America, Brave New World in theaters next Friday.

我們將於下週五在漫威影業出演《美國隊長》、《美麗新世界》並在戲院上映。

And while you wait for that, keep an eye out for some special workouts to help you get fit like a superhero.

在等待的過程中，請留意一些特殊的鍛煉，以幫助您像超級英雄一樣健康。

Finally, I talked about making members for life and the importance of connecting our members with each other.

最後，我談到了終身會員的培養以及會員之間相互聯繫的重要性。

We launched public teams last week, and I'd encourage every one of you to go on our app and join one.

我們上週推出了公共團隊，我鼓勵大家使用我們的應用程式加入其中。

And if you're an analyst, please join James' team.

如果您是分析師，請加入詹姆斯的團隊。

Together, we go long because we know that being part of a supportive community helps people establish and stay with healthy routine.

我們一起長久前行，因為我們知道成為一個支持性社區的一部分有助於人們建立和維持健康的日常生活。

Okay.

好的。

You have your assignments.

你有你的任務。

Thank you for joining today's call, and I'll see you on the leaderboard.

感謝您參加今天的電話會議，我們會在排行榜上見到您。

Thank you all for participating.

感謝大家的參與。

This concludes today's program.

今天的節目到此結束。

You may now disconnect.

您現在可以斷開連線。