派樂騰 (PTON) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Celine, and I'll be your conference operator today.

感謝您的支持。我叫席琳 (Celine)，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to Peloton Interactive third-quarter fiscal year 2025 earnings call. (Operator Instructions) I would now like to turn the call over to James Marsh. Please go ahead.

現在，我歡迎大家參加 Peloton Interactive 2025 財年第三季財報電話會議。（操作員指示）現在我想將電話轉給詹姆斯馬許。請繼續。

Thank you, operator. Good morning, and welcome to Peloton's third quarter fiscal year 2025 conference call. Joining today's call are Peloton's Chief Executive Officer and President, Peter Stern; and Chief Financial Officer, Liz Coddington.

謝謝您，接線生。早安，歡迎參加 Peloton 2025 財年第三季電話會議。參加今天電話會議的有 Peloton 執行長兼總裁 Peter Stern；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 forward-looking statements related to our business under federal securities law. Actual results may differ materially from those contained in or implied by these forward-looking statements due to risks and uncertainties associated with our business. Please refer to our SEC filings and today's shareholder letter, both of which can be found in our Investor Relations website for discussion of material risks and other important factors that could impact our results.

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，並將包括根據聯邦證券法與我們的業務相關的前瞻性陳述。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。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，這兩份文件都可以在我們的投資者關係網站上找到，以討論可能影響我們業績的重大風險和其他重要因素。

During this call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is provided in today's shareholder letter.

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

Following prepared remarks from Peter and LIz, we will begin the question and answer session with two questions submitted by shareholders before the call.

在 Peter 和 LIz 發表準備好的發言後，我們將開始問答環節，回答股東在電話會議前提出的兩個問題。

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

現在我將把電話轉給 Peloton 的執行長兼總裁 Peter Stern。

Thank you, James. Good morning, everyone, and thanks for joining today's call. Having achieved the Peloton employees' Century Club of 100 days, I'm even more optimistic about our future and grateful for the opportunity to lead this company than I was when I was appointed. The first few months have been dedicated to redefining our purpose and values, learning about this fascinating business, and getting to know its mission-driven people.

謝謝你，詹姆斯。大家早安，感謝大家參加今天的電話會議。在實現了 Peloton 員工 100 天百歲俱樂部的成就後，我對我們的未來比剛被任命時更加樂觀，並感激有機會領導這家公司。最初的幾個月我們致力於重新定義我們的目標和價值觀，了解這個迷人的行業，並認識以使命為導向的員工。

Q3 was my first quarter as Peloton's CEO. And I'm pleased to share that we performed at the high end of or above guidance on our key metrics. We grew paid Connected Fitness subscriptions in the seasonally strong quarter, further improved our unit economics. And once again, delivered significantly positive adjusted EBITDA and free cash flow. At the same time, we are making substantial progress in formulating our strategic plans for fiscal year 2026 and beyond. You can expect more details on that next quarter.

第三季是我擔任 Peloton 執行長的第一個季度。我很高興地告訴大家，我們在關鍵指標上的表現達到了或超越了預期。在季節性強勁的季度中，我們增加了付費的 Connected Fitness 訂閱量，進一步提高了我們的單位經濟效益。並且再次實現了顯著正向的調整後 EBITDA 和自由現金流。同時，我們在製定2026財年及以後的策略規劃方面也取得了實質進展。您可以期待下個季度的更多詳細資訊。

But for now, I'd like to discuss our approach to empowering millions of Peloton members to live fit, strong, long, and happy. And in so doing, to deliver long-term shareholder value. Our approach begins with four objectives. Improving member outcomes by delivering even better equipment, software, and instruction for our members, which increases how much they value Peloton; meeting members everywhere, where they shop, workout, and online, because that is how we grow our base of members; creating members for life by deepening connections with and among our members, which will extend the time they stay with us and their lifetime value; and finally, operating with business excellence, because optimizing pricing and promotions and reducing costs will enhance our competitiveness, enable us to invest in our future, and deliver superior shareholder returns.

但現在，我想討論我們如何幫助數百萬 Peloton 會員過著健康、強壯、長壽和快樂的生活。這樣做的目的是為股東帶來長期價值。我們的方法始於四個目標。透過為我們的會員提供更好的設備、軟體和指導來改善會員的結果，從而增加他們對 Peloton 的重視程度；在任何地方與會員見面，無論是在他們購物的地方、鍛煉的地方還是在網上，因為這是我們擴大會員基礎的方式；通過加深與會員之間的聯繫來創造終身會員，這將延長他們在我們這裡的停留時間並延長他們的終身價值；最後，卓越經營，因為優化定價和促銷並降低成本將增強我們的競爭力，使我們能夠投資未來，並為股東帶來卓越的回報。

During the remainder of my prepared remarks, I will elaborate on each of these objectives to provide you a deeper understanding of our strategy in advance of a more comprehensive forward-looking reveal as we progress through my first calendar year at Peloton.

在我準備好的發言的剩餘時間裡，我將詳細闡述每一個目標，以便讓您更深入地了解我們的策略，並在我在 Peloton 的第一個日曆年裡進行更全面的前瞻性披露。

There are three components to our objective of improving member outcomes. The first is delivering even better cardio experiences since cardio is the foundation of our business and of a balanced fitness regimen. Second, we will develop a more holistic science-backed wellness ecosystem that goes beyond cardio. Third, we will focus on becoming ever more personal coaches to our more than 6 million members.

我們改善會員成果的目標包括三個部分。首先是提供更好的有氧運動體驗，因為有氧運動是我們業務和均衡健身方案的基礎。其次，我們將發展一個更全面的、以科學為支撐的健康生態系統，超越有氧運動。第三，我們將致力於成為600多萬會員的私人教練。

Peloton is already the category leader in connected cardio, as evidenced by our strong NPS scores and by the millions of members who engage in our cardio disciplines. In Q3, all our cardio hardware products achieved a net promoter score above 70 and trend exceeded 80 on a scale of minus 100 to 100. We observed 5% year-over-year growth in running workouts and 11% growth in walking workouts. Engagement with newer features such as Pace Target on our treadmill, continued to improve. In Q3, over 80% of Tread users, taking a running workout, used Pace Target up from just under 60% last quarter.

Peloton 已經是聯網有氧運動領域的領導者，我們強勁的 NPS 分數和數百萬參與有氧運動的會員證明了這一點。在第三季度，我們所有的有氧硬體產品的淨建議值都超過了 70，趨勢值在 -100 到 100 的範圍內超過了 80。我們觀察到跑步運動年增 5%，步行運動年增 11%。我們跑步機上的「步速目標」等新功能的參與度不斷提高。第三季度，超過 80% 的 Tread 用戶在跑步運動時使用了 Pace Target，而上一季這一比例略低於 60%。

We see further opportunities to keep winning cardio by delivering innovative software, hardware, and even more engaging content. We'll share more about our innovation road map later this calendar year.

我們看到了透過提供創新的軟體、硬體以及更具吸引力的內容來繼續贏得有氧運動的更多機會。我們將在今年稍後分享更多有關我們的創新路線圖的資訊。

Turning to holistic wellness. In Q3, we saw a higher mix of workout time in strength discipline quarter-over- quarter and year-over-year. We also delivered new Kettlebell content in late February and nearly 70,000 members completed Kettlebell workouts by the end of the quarter. Beyond strength, medication classes take an increased 7% year-over-year in the third quarter.

轉向整體健康。在第三季度，我們發現肌力訓練的時間組合比上一季和去年同期都有所增加。我們也在 2 月底推出了新的壺鈴內容，截至本季末，已有近 7 萬名會員完成了壺鈴鍛鍊。除了強效藥物外，第三季藥物類別的銷售額比去年同期成長了 7%。

Peloton has a vast library of classes. With so many to choose from, we want to help our members reach their goals by becoming a more personal coach. We are lucky at Peloton to have expert instructors, motivated members, and subject to our strong privacy safeguards, a wealth of data on what works at both the individual and population levels.

Peloton 擁有豐富的課程庫。有這麼多的選擇，我們希望透過成為更個人化的教練來幫助我們的會員實現他們的目標。在 Peloton，我們很幸運擁有專業的教練、積極主動的會員，並且在我們強有力的隱私保護措施的約束下，擁有大量關於個人和人口層面有效方法的數據。

The starting point for personalized coaching is a plan tailored to a member's goals. In January, we launched personalized plans to all members. And nearly 500,000 members had started the plan by the end of Q3. We're pleased with the repeat engagement from members using plans, and our testing shows that members who set up personalized plans workout more often and with our discipline. Over time, we'll iterate on personalized plans to make them more comprehensive, dynamic, and data-driven, helping our members take advantage of everything Peloton offers and become the best versions of themselves.

個人化輔導的起點是根據會員的目標量身定制的計劃。一月份，我們向所有會員推出了個人化計劃。截至第三季末，已有近 50 萬名會員啟動了該計畫。我們很高興看到會員重複參與使用計劃，我們的測試表明，制定個人化計劃的會員鍛鍊更頻繁，並且遵守我們的紀律。隨著時間的推移，我們將不斷迭代個人化計劃，使其更加全面、動態和數據驅動，幫助我們的會員充分利用 Peloton 提供的一切，成為最好的自己。

Our second strategic objective is to meet members everywhere. The very essence of Peloton, a studio quality work out from the convenience of your home necessitates that we work to increase our presence outside the home. We need to meet new and existing members at retail stores, gyms, hotels, online, and in real life events, both in the U.S. and the other countries in which we operate.

我們的第二個策略目標是與世界各地的會員見面。Peloton 的本質是讓您在家中即可享受到工作室品質的便捷鍛煉，這要求我們努力增加我們在戶外的參與度。我們需要在美國和我們經營的其他國家的零售店、健身房、飯店、網路和現實生活中與新舊會員見面。

Our Precor brand provides a great opportunity to expand the presence of Peloton in commercial gyms. We recently launched a pilot program with Precor to bring a collection of telecom instructor-led Tread classes to select Precor treadmills. And we've engaged Precor to provide installation and maintenance support on Peloton equipment in gyms given the exacting demands of gym operators and the duty cycles imposed on gym equipment.

我們的 Precor 品牌為擴大 Peloton 在商業健身房的影響力提供了絕佳機會。我們最近與 Precor 合作啟動了一項試點計劃，將一系列由電信教練指導的跑步課程引入選定的 Precor 跑步機。鑑於健身房經營者的嚴格要求以及健身器材的使用週期，我們已聘請 Precor 為健身房的 Peloton 器材提供安裝和維護支援。

We're also continuing to test new models to bring Peloton to gyms. In February, we opened a Peloton- branded facility at the University of Texas at Austin. In this one studio, we've already met nearly 1,000 new Peloton members.

我們還在繼續測試新模型，將 Peloton 引入健身房。二月，我們在德州大學奧斯汀分校開設了一家 Peloton 品牌設施。在這個工作室裡，我們已經認識了近 1,000 位新的 Peloton 會員。

Turning to the retail, our micro store test in Nashville has been encouraging. Store revenue has outpaced the average of our other North America retail showrooms despite having one-tenth the square footage. We plan to bring on additional locations soon.

談到零售業，我們在納許維爾進行的微店測試令​​人鼓舞。儘管店鋪面積只有我們其他北美零售展廳的十分之一，但其收入卻超過了平均水準。我們計劃很快開設更多地點。

In addition to our own first-party retail channels, third-party retailers allow us to meet members where they already shop. Amazon seasonal sales events are a great example of moments that capture incremental hardware sales. In March, we observed year-over-year growth in the U.S. from Amazon's Big Spring Sale.

除了我們自己的第一方零售通路外，第三方零售商還使我們能夠在會員已經購物的地方與他們見面。亞馬遜季節性銷售活動是捕捉增量硬體銷售的絕佳範例。3 月份，我們觀察到亞馬遜春季大促銷在美國實現了同比增長。

Meeting members everywhere also includes growing our international markets where we group paid Connected Fitness subscriptions year-over-year in Q3. A prerequisite to further scaling internationally is cost effectively translating our programming, especially given our enormous output with 3,300 classes released in the quarter alone. In March, we launched AI-powered subtitles, starting with our existing languages in English, Spanish and German. And we are now translating roughly 100 classes per day.

在世界各地滿足會員的需求還包括擴大我們的國際市場，我們在第三季度同比增長了 Connected Fitness 的付費訂閱量。進一步擴大國際規模的先決條件是以經濟的方式翻譯我們的節目，特別是考慮到我們僅在本季度就發布了 3,300 個課程的巨大產出。今年 3 月，我們推出了人工智慧字幕，首先推出的是現有的英語、西班牙語和德語字幕。現在我們每天翻譯大約100堂課。

Our third objective is to keep our members for life. This starts with delivering elevated experiences at each stage in the member lifecycle. Member satisfaction scores are our preferred way to measure the member experience. This quarter, we worked with our repair partners to pilot dedicated vans stocked with Peloton spare parts to increase first visit repair resolution. And we are now extending this pilot to additional locations. Our Service & Repair MSAT was 4.5 in Q3, an improvement of 5% quarter-over-quarter and 7% year-over-year.

我們的第三個目標是終身保留我們的會員。首先要為會員生命週期的每個階段提供高級體驗。會員滿意度分數是我們衡量會員體驗的首選方式。本季度，我們與維修合作夥伴合作，試用配備 Peloton 備件的專用貨車，以提高首次維修解決率。我們現在正在將該試點擴展到更多地點。我們的服務與維修 MSAT 在第三季為 4.5，比上一季提高了 5%，比去年同期提高了 7%。

We also introduced AI into our call centers, providing our agents with a powerful intelligent agent while still delivering the human interactions our members expect. In Q3, our Member Support MSAT score was 4.3, improving 1% quarter-over-quarter and 20% year-over-year.

我們還將人工智慧引入呼叫中心，為我們的代理商提供強大的智慧代理，同時仍提供我們的會員期望的人性化互動。第三季度，我們的會員支援 MSAT 得分為 4.3，季增 1%，年增 20%。

We see significant opportunities to continue improving our member satisfaction by optimizing the journey from the point of purchase to delivery, installation and onboarding; improving our hardware design to allow for easier installation and repairs; and reducing the number of times that members need to contact our member support teams.

我們看到了透過優化從購買點到交付、安裝和入職的整個過程來繼續提高會員滿意度的巨大機會；改進我們的硬體設計，以便更容易安裝和維修；並減少會員需要聯繫我們的會員支援團隊的次數。

Beyond strengthening member collections with Peloton, we believe that when members feel connected to each other, they're more likely to stay committed to their fitness regimen. We launched (inaudible) in January, enabling members who have joined the team to encourage and support each other by sharing workout activity and reacting to activity from teammates. We also launched community teams in the quarter, which are public, discoverable, and recommended team of up to 50,000 members. As of Q3, our members have created nearly 100,000 teams. We see higher engagement within the first month after members join a team.

除了透過 Peloton 加強會員集合之外，我們相信，當會員彼此感到聯繫時，他們更有可能堅持自己的健身計劃。我們於一月份推出了（聽不清楚），使加入團隊的成員能夠透過分享運動活動和對隊友的活動做出反應來互相鼓勵和支持。我們也在本季推出了社群團隊，這些團隊是公開的、可發現的和推薦的團隊，最多有 50,000 名成員。截至第三季度，我們的會員已創建近100,000個團隊。我們發現成員加入團隊後的第一個月內參與度較高。

Last but not least, we need to operate with greater efficiency and effectiveness in revenue realization and cost reduction. To accelerate our progress, I recently made changes to our leadership team. The first change was recruiting Charles Kirol to be our COO. Charlie knows how to manufacture complex consumer-facing equipment. He also currently holds the rank of Rear Admiral in the U.S. Navy Reserves where he is one of the senior most procurement, logistic, and supply core officers. This is the type of expertise and leadership we need for our next chapter.

最後但同樣重要的一點是，我們需要以更高的效率和效力實現收入並降低成本。為了加快我們的進步，我最近對我們的領導團隊進行了調整。第一個變化是聘請查爾斯·基羅爾 (Charles Kirol) 擔任我們的營運長。查理知道如何製造面向消費者的複雜設備。他目前也擔任美國海軍預備役海軍少將，是採購、後勤和供應核心部門最資深的官員之一。這正是我們下一章所需要的專業知識和領導。

The second change was designating Dion Camp Sanders as our Chief Commercial Officer. I referenced earlier the importance of scaling Peloton's presence in more places, including gyms, retail, hospitality, and internationally. Dion oversees all these areas and so bears principal responsibility for our strategy of meeting members everywhere. Additionally, we have announced a search for a CIO, CMO, and Chief Communications Officer.

第二個變化是任命迪翁·坎普·桑德斯 (Dion Camp Sanders) 為我們的首席商務官。我之前提到擴大 Peloton 在更多地方的業務的重要性，包括健身房、零售、飯店和國際市場。迪翁負責監督所有這些領域，因此對我們在各地會見會員的策略負有主要責任。此外，我們也宣布尋找資訊長、行銷長和首席傳播官。

Even in advance of these changes, I want to highlight the team's significant progress in reducing costs. We continue to track ahead of our $200 million cost restructuring plan which is driving meaningful improvement in profitability and helping us to deleverage our balance sheet at a swift pace. We see further opportunities to reduce our costs. We are formalizing a company-wide program to drive continuous cost improvement while ensuring our bases for competitive differentiation remain best-in-class.

即使在這些變化發生之前，我也想強調團隊在降低成本方面取得的重大進展。我們繼續推進 2 億美元的成本重組計劃，該計劃將推動盈利能力的顯著提升，並幫助我們快速降低資產負債表的槓桿率。我們看到了進一步降低成本的機會。我們正在製定一項全公司範圍的計劃，以推動持續的成本改進，同時確保我們的競爭差異化基礎仍然是一流的。

Having walked you through our strategy at a high level. I'll now turn it over to Liz to discuss Q3 results.

我們已經向您詳細地介紹了我們的策略。現在我將把話題交給 Liz 來討論第三季的業績。

Thanks, Peter. We are pleased with our third quarter results as we delivered at the high end of or exceeded guidance on key metrics and continued to make meaningful progress on improving unit economics and profitability. We also advanced our marketing objectives by improving our LTV-to-CAC ratio with a disciplined approach to sales and marketing.

謝謝，彼得。我們對第三季的業績感到滿意，因為我們在關鍵指標上達到或超過了預期，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。我們也透過採用嚴謹的銷售和行銷方法提高了 LTV 與 CAC 的比率，從而推進了我們的行銷目標。

We ended the quarter with $2.88 million paid Connected Fitness subscriptions, reflecting a net increase of 5,000 in the quarter due to seasonally higher additions and lower churn. This represented a decline of 6% year-over-year and exceeded the high end of our guidance range by 10,000 subscriptions.

本季結束時，我們的 Connected Fitness 付費訂閱用戶數為 288 萬美元，由於季節性新增用戶數增加和流失率降低，本季淨增 5,000 人。這比去年同期下降了 6%，並且比我們預期範圍的高端多了 10,000 個訂閱。

Outperformance relative to guidance was driven by both favorable net churn and higher growth addition. Average net monthly paid Connected Fitness subscription churn was 1.2% in the third quarter, in line with Q3 of last year, and an improvement of 20 basis points quarter-over-quarter. Net churn positively impacted by strong performance and subscription cancellations and reactivations, which benefited from marketing outreach to churn members.

相對於指導而言的優異表現是由有利的淨流失率和更高的成長附加價值所推動的。第三季度，Connected Fitness 平均每月淨付費訂閱流失率為 1.2%，與去年第三季持平，比上一季改善了 20 個基點。淨流失率受到強勁業績以及訂閱取消和重新激活的正面影響，這得益於對流失會員的營銷推廣。

Gross additions outperformance was driven by slightly higher first party hardware unit sales whilst third party retail sales and secondary market additions were in line with expectations. We ended the third quarter with 573,000 paid app subscription, inclusive of Strength+ subscription, reflecting a net decrease of 12,000 in the quarter.

總新增銷售量優異是由於第一方硬體單位銷售量略有上升，而第三方零售銷售和二級市場新增銷售量符合預期。截至第三季度，我們的付費應用程式訂閱用戶數為 573,000 人，其中包括 Strength+ 訂閱用戶，本季淨減少 12,000 人。

Total revenue was $624 million in the third quarter, comprising $205 million of Connected Fitness products revenue and $419 million of subscription revenue. Total revenue was $9 million above the midpoint of our $605 million to $625 million guidance range.

第三季總營收為 6.24 億美元，其中包括 2.05 億美元的 Connected Fitness 產品收入和 4.19 億美元的訂閱收入。總收入比我們 6.05 億美元至 6.25 億美元指引範圍的中點高出 900 萬美元。

Connected Fitness products revenue decreased $74 million or 27% year-over-year, driven by lower sales and deliveries across all Connected Fitness product category. Seasonally lower hardware sales in the third quarter compared to last quarter is reflected in revenue mix of 33% Connected Fitness products revenue and 67% subscription revenue. Subscription revenue decreased $19 million or 4% year-over-year, driven by lower paid Connected Fitness subscriptions and lower paid app subscriptions, partly offset by used equipment activation fee revenue, which was introduced in the first quarter of fiscal 2025.

由於所有 Connected Fitness 產品類別的銷售和交付量下降，Connected Fitness 產品收入年減 7,400 萬美元，降幅為 27%。與上一季相比，第三季硬體銷售額季節性下降，這反映在收入結構中，即 33% 的 Connected Fitness 產品收入和 67% 的訂閱收入。訂閱收入年減 1,900 萬美元，或 4%，原因是 Connected Fitness 訂閱費用和應用程式訂閱費用減少，但 2025 財年第一季推出的二手設備啟動費收入部分抵消了這一影響。

We remain focused on acquiring new members more cost effectively, and our third quarter performance reflects the continued progress we've made in evolving our marketing strategy. Our advertising and marketing spend decreased 46% year-over-year, while our Connected Fitness product revenue decreased by a comparatively lower rate of 27% year-over-year. Our Find Your Power marketing campaign that began in the holiday season continued in the third quarter, showcasing the breadth of Peloton's offerings to men and highlighting our Tread and Strength products.

我們仍然專注於以更具成本效益的方式吸引新會員，而我們第三季的業績反映了我們在改善行銷策略方面取得的持續進展。我們的廣告和行銷支出較去年同期下降了 46%，而我們的 Connected Fitness 產品收入則是年減幅度相對較低，為 27%。我們從假期季節開始的「尋找你的力量」行銷活動在第三季度繼續進行，展示了 Peloton 為男性提供的廣泛產品，並重點介紹了我們的跑步和力量產品。

Similar to Q2, in Q3, we saw both a 300-basis-point increase year-over-year in the mix of gross additions to men as well as higher new subscription attach rate from Tread sales year-over-year. These efforts drove an improvement in LTV-to-CAC of more than 30% year-over-year, achieving our ratio slightly above 2x for the quarter.

與第二季度類似，在第三季度，我們看到男性新增用戶數量年增 300 個基點，同時 Tread 銷售的新訂閱附加率也較去年同期成長。這些努力使得 LTV 與 CAC 的比率同比提高了 30% 以上，本季略高於 2 倍。

Total gross profit was $318 million, an increase of $8 million or 3% year-over-year. Total gross margin was 51%, an increase of 780 basis points year-over-year and 100 basis points above our guidance due to revenue mix shift towards subscription segment and favorable Connected Fitness product's gross margin. Connected Fitness product gross margin was 14.3%, up 1,000 basis points year-over-year, primarily driven by lower inventory write-downs and mix shift toward higher margin products and lower warehousing and transportation costs, partly offset by changes in our warranty reserves. Subscription gross margin was 69%, up 90 basis points year-over-year.

總毛利為 3.18 億美元，比去年同期增加 800 萬美元，增幅 3%。總毛利率為 51%，年成長 780 個基點，比我們的預期高出 100 個基點，原因是收入結構向訂閱部分轉變，以及 Connected Fitness 產品的毛利率較高。Connected Fitness 產品毛利率為 14.3%，較上年同期增長 1,000 個基點，主要由於庫存減記減少、產品組合向利潤率更高的產品轉移以及倉儲和運輸成本降低，但保修儲備金的變化部分抵消了這一影響。訂閱毛利率為69%，較去年成長90個基點。

Total operating expenses, including restructuring and impairment expenses were $351 million in the third quarter, a $105 million or 23% decrease year-over-year, reflecting the progress we've made thus far toward rightsizing our cost structure. We continue to track ahead of our target to achieve $200 million of annualized run rate cost savings by the end of fiscal 2025.

第三季的總營運費用（包括重組和減損費用）為 3.51 億美元，比去年同期減少 1.05 億美元（下降 23%），反映了我們迄今為止在調整成本結構方面所取得的進展。我們將繼續朝著目標邁進，在 2025 財年末實現 2 億美元的年度營運成本節約。

Sales and marketing expense was $106 million, a decrease of $64 million or 37% year-over-year, primarily from a decrease of $52 million in advertizing and marketing expense and a $4 million decrease in personnel-related expenses, inclusive of stock-based compensation expense.

銷售和行銷費用為 1.06 億美元，比去年同期減少 6,400 萬美元，降幅為 37%，主要由於廣告和行銷費用減少 5,200 萬美元，以及人員相關費用減少 400 萬美元（包括股票薪酬費用）。

General and administrative expense was $151 million, a decrease of $2 million or 1% year-over-year, driven by a $5 million decrease in settlement costs and professional services, a $2 million decrease in software and IT costs, and a $2 million decrease in depreciation and amortization costs. These decreases were partly offset by a net increase of $7 million in personnel related expenses, inclusive of stock-based compensation, driven primarily by $21 million of executive departure costs. Excluding the impact of these executive departures, general and administrative expense decreased $23 million or 15% year-over-year.

一般及行政開支為 1.51 億美元，較上年減少 200 萬美元，降幅為 1%，主要由於結算費用和專業服務費用減少 500 萬美元、軟體和 IT 成本減少 200 萬美元、折舊和攤銷費用減少 200 萬美元。這些減少部分被人事相關費用淨增加 700 萬美元所抵消，其中包括股票薪酬，主要原因是 2,100 萬美元的高階主管離職費用。不計這些高階主管離職的影響，一般及行政開支年減 2,300 萬美元，即 15%。

Research and development expenses were $60 million, a decrease of $17 million or 22% year-over-year, primarily driven by lower employee-related and contractor expenses. In Q3, we recognized $33 million of impairment and restructuring expenses, of which, $31 million was non-cash. The non-cash charges are primarily asset write-downs related to the plans to right-size portions of our corporate office footprint. The cash charges consisted of $2 million of severance and other exit and disposal costs as we continue executing on our restructuring efforts.

研發費用為 6,000 萬美元，年減 1,700 萬美元，降幅為 22%，主要因員工相關費用和承包商費用降低。第三季度，我們確認了 3,300 萬美元的減損和重組費用，其中 3,100 萬美元為非現金費用。非現金費用主要是與調整公司辦公空間規模計畫有關的資產減記。現金費用包括 200 萬美元的遣散費和其他退出和處置費用，因為我們將繼續執行重組工作。

Adjusted EBITDA was $89 million in the third quarter, which was $4 million above the high end of our guidance range and an $84 million improvement year-over-year. We generated $95 million of free cash flow in the third quarter, a decrease of $11 million quarter-over-quarter and increase of $86 million year-over-year. As of Q3, we generated $211 million of free cash flow fiscal year-to-date. This was also our fifth consecutive quarter of positive adjusted EBITDA and positive free cash flow.

第三季調整後的 EBITDA 為 8,900 萬美元，比我們的指導範圍高階高出 400 萬美元，年增 8,400 萬美元。我們在第三季產生了 9,500 萬美元的自由現金流，環比減少 1,100 萬美元，年增 8,600 萬美元。截至第三季度，我們本財年迄今已產生 2.11 億美元的自由現金流。這也是我們連續第五個季度實現調整後 EBITDA 和自由現金流為正。

We ended the quarter with $914 million in unrestricted cash and cash equivalents, an increase of $85 million quarter-over-quarter. We continued to make progress toward deleveraging our balance sheet as net debt reduced from $312 million or 35% year-over-year to $585 million. Average Q3, trailing 12-month adjusted EBITDA of $334 million reflects an improvement of $435 million year-over-year.

本季末，我們擁有 9.14 億美元的非限制現金和現金等價物，比上一季增加 8,500 萬美元。我們在降低資產負債表槓桿率方面繼續取得進展，淨債務從去年同期的 3.12 億美元（35%）減少至 5.85 億美元。第三季平均過去 12 個月的調整後 EBITDA 為 3.34 億美元，較去年同期成長 4.35 億美元。

Overall, our third quarter performance reflects a continuation of meaningful profitability improvement, driven by higher gross margins and cost discipline. By generating meaningful free cash flow, we are also de-risking our balance sheet quickly. We are well-positioned for future growth as the leader in the Connected Fitness category with a a high-retention, high-gross margin subscription business.

總體而言，我們的第三季業績反映出獲利能力的持續顯著提升，這得益於更高的毛利率和成本控制。透過產生有意義的自由現金流，我們也正在迅速降低資產負債表的風險。作為互聯健身領域的領導者，我們擁有高留存率、高毛利率的訂閱業務，為未來的成長做好了準備。

Next, I'd like to take time to provide some context for the financial outlook for the remainder of the fiscal year. We are raising the midpoint of our full-year FY25 guidance for key metrics, including ending paid Connected Fitness subscription, total revenue, and adjusted EBITDA, while maintaining guidance for total gross margin. We are prioritizing these metrics along with delivering free cash flow.

接下來，我想花點時間介紹一下本財年剩餘時間的財務前景。我們正在提高 2025 財年全年關鍵指標的中位數，包括終止付費 Connected Fitness 訂閱、總收入和調整後 EBITDA，同時維持總毛利率的指引。我們優先考慮這些指標以及提供自由現金流。

Our full-year FY25 guidance range for ending paid Connected Fitness subscriptions up to $2.77 million to $2.79 million reflects a narrower range and an increase of 10,000 at the midpoint. This increase incorporates the outperformance in Q3 and our expectations for seasonally higher net churn in Q4 as we enter the warmer months a spring and summer. Our full-year FY25 guidance range for ending paid app subscription of 540,000 to 550,000 reflects a narrower range and a decline of 30,000 at the midpoint. Our paid subscription guidance reflects lower gross additions, primarily due to limiting media spend and investment and attracting new corporate wellness clients.

我們對 2025 財年全年 Connected Fitness 付費訂閱終止指導範圍為 277 萬美元至 279 萬美元，這反映了一個較窄的範圍，中間值增加了 10,000。這一增長體現了第三季度的優異表現以及我們對第四季度隨著進入春季和夏季較溫暖的月份而出現的季節性淨流失率上升的預期。我們對 2025 財年全年付費應用訂閱量的指導範圍為 540,000 至 550,000，這反映了一個較窄的範圍，中間值下降了 30,000。我們的付費訂閱指南反映了較低的總增加量，主要是由於限制媒體支出和投資以及吸引新的企業健康客戶。

Our outlook for full-year FY25 total revenue of $2.455 billion to $2.47 billion reflects a narrower range and an increase of $8 million at the midpoint. This increase incorporates an expectation for favorable subscription revenue, mainly driven by higher paid Connected Fitness subscriptions.

我們對 2025 財年全年總收入的預期為 24.55 億美元至 24.7 億美元，這反映了一個較窄的範圍，中間值增加了 800 萬美元。這一增長體現了對良好訂閱收入的預期，主要受更高付費的 Connected Fitness 訂閱收入的推動。

Our FY25 outlook for total gross margin of 50% remains unchanged and incorporates our expectations for minimal impact from tariffs in q4. We are raising our FY25 adjusted EBITDA guidance to $330 million to $350 million, an increase of $15 million at the midpoint. Our outlook reflects continued improvement and profitability, largely due to favorability in gross profit and continued operating expense savings.

我們對 2025 財年總毛利率 50% 的預期保持不變，並考慮了我們對第四季關稅影響最小的預期。我們將 25 財年調整後的 EBITDA 預期上調至 3.3 億至 3.5 億美元，中間值增加 1,500 萬美元。我們的前景反映了持續的改善和盈利能力，這主要歸功於良好的毛利和持續的營運費用節省。

Before we cover free cash flow, a quick note on tariff policy which, as you know, is a dynamic situation. Peloton and Precor branded equipment are currently subject to a 25% tariff on their aluminum content. Precor and apparel products sourced from China are subject to additional tariffs. We expect our full-year FY25 free cash flow to be in the vicinity of $250 million, which incorporates our expectations for a roughly $5 million in free cash flow headwind in Q4 from the impact of tariffs. This meaningful free cash flow generation will continue reducing net debt and deleveraging our balance sheet.

在我們討論自由現金流之前，先簡單介紹一下關稅政策，正如您所知，這是一個動態的情況。Peloton 和 Precor 品牌設備的鋁含量目前需繳納 25% 的關稅。Precor 和來自中國的服裝產品需繳納額外關稅。我們預計 25 財年全年自由現金流將在 2.5 億美元左右，其中包括我們對第四季度因關稅影響而導致的約 500 萬美元自由現金流逆風的預期。這種有意義的自由現金流產生將繼續減少淨債務並降低我們的資產負債表的槓桿率。

Now we'd like to open the line for Q&A.

現在我們想開放問答環節。

I would like to turn the call over to James Marsh for the first two questions. Please go ahead.

我想將前兩個問題交給詹姆斯·馬什 (James Marsh) 來回答。請繼續。

Great. Thank you. The first question is from Daniel at Boston. Daniel asks, how are you incorporating AI to chart the future of Peloton?

偉大的。謝謝。第一個問題來自波士頓的丹尼爾。丹尼爾問道，您如何利用人工智慧來規劃 Peloton 的未來？

Thanks for the question, Daniel. I think AI has the potential to give human superpowers. And so that's how we're using AI. Let me give you a few examples of that. So we've been giving our members support agents and what we call an intelligent agent to sit alongside them. And that takes there already impressive knowledge about our products and just makes it kaleidoscopic. And the AI agent also takes away some of the drudgery in their work, for example, by taking notes on the calls so that they can focus on giving our members the human touch that they expect.

謝謝你的提問，丹尼爾。我認為人工智慧有潛力賦予人類超能力。這就是我們使用人工智慧的方式。讓我給你舉幾個例子。因此，我們一直為我們的會員提供支援代理以及我們所謂的智能代理來陪伴他們。這讓他們對我們的產品有了更深刻的了解，並使其千變萬化。而且人工智慧代理商還可以減輕他們工作中的一些繁重工作，例如記錄通話內容，這樣他們就可以專注於為我們的會員提供他們所期望的人性化服務。

Another example of that, I talked about earlier, is our use of AI for translation. And let me just dimensionalize this. A typical season of a TV show has somewhere, let's say, between 8 to 12 episodes. Last quarter, Peloton produced 3,300 classes. So the traditional approach to translation just isn't going to cut it. But AI can allow our instructors to communicate with our members in languages beyond the ones that they naturally speak. And so that's another example of allowing human beings to achieve new heights.

我之前談到的另一個例子是我們使用人工智慧進行翻譯。讓我來將其維度化。一部電視劇的典型一季大約有 8 到 12 集。上個季度，Peloton 開設了 3,300 堂課。因此，傳統的翻譯方法根本行不通。但人工智慧可以讓我們的教練用會員自然使用的語言以外的語言與他們溝通。這是人類達到新高度的另一個例子。

We've been, in the last couple of weeks, deploying Google Gemini to most of our Peloton team members. And that allows them to use their big creative brains to do big creative thinking and let the AI agent do a lot of work for them beyond that.

在過去的幾周里，我們一直在向大多數 Peloton 團隊成員部署 Google Gemini。這使得他們能夠利用自己富有創造力的大腦進行創造性思考，並讓人工智慧代理為他們完成許多工作。

And to me, the most exciting way that we're using AI is by empowering our personalized plans. So personalized plans basically take our amazing human instructors and allow them to basically create a program so that we feel more like a personal coach. And I view that as basically a way of empowering our members with AI. We launched that in Q3. And we're already up to nearly half a million plans set up already. So the future is bright for Peloton members with AI.

對我來說，我們使用人工智慧最令人興奮的方式是增強我們的個人化計畫。因此，個人化計劃基本上採用了我們出色的人類教練，並允許他們創建一個計劃，讓我們感覺更像一個私人教練。我認為這基本上是一種利用人工智慧增強我們成員能力的方式。我們在第三季推出了它。我們已經制定了近五十萬個計畫。因此，對於擁有 AI 的 Peloton 會員來說，未來是光明的。

The next question was asked by a number of folks, including Collin from Ireland, Ben from Sweden, and J. Smith from Spain. The question is, when will Peloton expand into new markets?

下一個問題由許多人提出，包括來自愛爾蘭的 Collin、來自瑞典的 Ben 和來自西班牙的 J. Smith。問題是，Peloton 何時會擴展到新市場？

I love this question because of the world would be a better place with more Peloton in it. We're currently in five countries besides the U.S, so that's the UK, Canada, Germany, Austria, and Australia. And right now, our penetration rates in those countries are significantly lower than they are in the U.S. So our current focus is on growing from there. And then like in the U.S., we need to earn the right to grow before we expand further internationally. So right now, our international team is focused on trying to dial in the right mix of first party versus partner-led growth. And we're also trying to drive up the efficiency of our customer acquisition.

我喜歡這個問題，因為如果有更多的 Peloton，世界將會變得更美好。目前，除了美國以外，我們的業務還涵蓋了五個國家，分別是英國、加拿大、德國、奧地利和澳洲。目前，我們在這些國家的滲透率明顯低於美國。因此，我們目前的重點是從這些國家發展。然後就像在美國一樣，我們需要先贏得成長的權利，然後才能進一步進行國際擴張。因此，現在我們的國際團隊正致力於嘗試找到第一方主導和合作夥伴主導的成長的正確組合。我們也在努力提高客戶獲取的效率。

When we do that, we're going to be able to achieve both meaningful scale and profitability. Then when you couple that with what I talked about a moment ago, which is AI translation of our content, which unlocks new languages, that's what will collectively position us to expand into new countries. But in the meantime, we do see some opportunistic markets that are adjacent to some of the markets we're already in where they speak the same language. And so we're going to look at doing some of that starting next year.

當我們做到這一點時，我們將能夠實現有意義的規模和獲利能力。然後，當你將它與我剛才談到的結合起來時，即我們的內容透過人工智慧翻譯，可以解鎖新的語言，這將使我們能夠擴展到新的國家。但同時，我們確實看到一些機會市場與我們現有的一些市場相鄰，它們使用相同的語言。因此，我們將從明年開始考慮採取一些措施。

Great. Celine, can you open up for Q&A now?

偉大的。席琳，您現在可以開始問答了嗎？

(Operator Instructions)

（操作員指示）

Youssef Squali, Truist.

Youssef Squali，Truist。

Thank you very much and good morning, all. So Peter, you've been on the job for five months now. I'd love to get your take on your progress on key initiatives to-date relative to your initial expectations, where are you running ahead, where are you may be trailing a bit, and how that informs your view on returning to revenue growth? And second, on changes to the management team and you've touched on this in your prepared remarks a bit, but can you elaborate a little more on the rationale of these moves now? And the type of executive profiles you're looking for to fill these vacancies? Thanks a lot.

非常感謝，大家早安。彼得，你已經工作五個月了。我很想了解一下，相對於您最初的預期，您目前在關鍵舉措上的進展如何，哪些方面領先，哪些方面可能落後，以及這些如何影響您對恢復收入增長的看法？第二，關於管理團隊的變動，您在準備好的發言中稍微提到了這一點，但是您能否更詳細地闡述一下這些舉措的理由呢？您正在尋找哪種類型的高階主管來填補這些空缺？多謝。

Sure, Youssef. Thanks for the questions. Let me try to take them in order. So the first part is sort of talking a little bit about our key initiatives and how we're doing against initial expectations. And so far, so good. As I mentioned a moment ago, the first thing that we need to do is earn the right to grow. And when you look at the progress there, I think it's quite remarkable. We've been able to reduce our operating costs by 23% year-over-year. Our unit economics are up over 1,000 basis points year-over-year. Our LTV-to-CAC ratio in the last quarter was kind of in our target zone. And so we're starting to be able to acquire new members much more cost effectively. We're delivering real cash flow. We talked about this vicinity of $0.25 billion this year. And so all of that, I think, on earning the right to grow front, is really encouraging.

當然，優素福。感謝您的提問。讓我嘗試按順序進行。因此，第一部分大致談論了我們的主要舉措以及我們目前的進展與最初的預期相比如何。到目前為止，一切都很好。正如我剛才提到的，我們需要做的第一件事就是贏得成長的權利。當你看到那裡的進步時，我認為它非常了不起。我們的營運成本較去年同期降低了 23%。我們的單位經濟效益年增超過 1,000 個基點。我們上個季度的 LTV 與 CAC 比率基本上處於我們的目標範圍內。因此，我們開始能夠以更具成本效益的方式招募新會員。我們正在提供真正的現金流。我們今年談論的這個數字大約是 2.5 億美元。因此，我認為，獲得成長權的所有這一切都確實令人鼓舞。

We also set some other objectives for the remainder of this fiscal year around, for example, winning in Tread, which, as you know, is 2 times the market size of a bike. And we've been mixing into Tread and also increasing the percentage of new members that we get when we sell a Tread. We talked about reaching new audiences like men. And again, for the quarter, we were up 300 basis points year-over-year in our mix of men among our new subscribers. We've been talking about the importance of strength and becoming more of a holistic wellness provider. And I will tell you, that is an area where I've really been very positively surprised to realize that Peloton is actually the largest strength subscription service in the world. And that just gives me really great hope.

我們也為本財年剩餘時間設定了一些其他目標，例如在 Tread 中獲勝，正如你所知，Tread 的市場規模是自行車的兩倍。我們一直在融入 Tread，並且還在增加我們銷售 Tread 時獲得的新會員的比例。我們討論如何吸引新的受眾，例如男性。本季度，我們的新用戶中男性用戶的比例與去年同期相比增加了 300 個基點。我們一直在談論力量的重要性以及成為更全面的健康提供者。我會告訴你，這是一個讓我非常驚訝的領域，我意識到 Peloton 實際上是世界上最大的力量訂閱服務。這確實給了我很大的希望。

Now the second question you had, I think, was what are the biggest challenges or the opportunities that we have and going to have in getting back to growth. And there, we got to start innovating on our hardware. We've been doing a great job on software. But it's all got to come together in the mix of hardware and software and incredible content that we've got. So that our members derive even more value from us and they've got reasons to buy more from Peloton. We need to meet members in more places. We talked about this. But we've been to-date reducing our presence, for example, in retail. And we need to find ways now cost effectively to get back into retail. And then of course, I talked about gyms and hotels, those are big opportunities, and also real life events. We set a goal for our content team of increasing the number of real life events were in over the next year by 3x. And then last but not least, we need to increase the member lifetimes of our existing members, so we can manage churn.

現在，我認為您的第二個問題是，在恢復成長的過程中，我們面臨的最大挑戰或機會是什麼？從此，我們開始對硬體進行創新。我們在軟體方面做得很好。但這一切都需要透過硬體、軟體和我們擁有的令人難以置信的內容的結合來實現。這樣，我們的會員就能從我們這裡獲得更多價值，他們就有理由向 Peloton 購買更多產品。我們需要在更多地方與會員見面。我們討論過這個。但迄今為止，我們一直在減少在零售等領域的業務。我們現在需要找到經濟有效的方法來重返零售業。當然，我還談到了健身房和飯店，這些都是巨大的機遇，也是現實生活中的事件。我們為內容團隊設定了一個目標，在未來一年內將現實生活中的事件數量增加 3 倍。最後但同樣重要的一點是，我們需要延長現有會員的壽命，這樣我們才能管理客戶流失。

We're in a really good place in the quarter. We did 1.2%. But we can always do better on that. And so that's going to involve everything from continuing to up-level the quality of member support we provide and the experience we provide throughout the lifecycle to overtime, creating even more reasons for our members to stay loyal to us. And we need to do all what I just described in a balanced way. So we're neither chasing demand nor are chasing supply and ensuring that we're growing profitably. So I think that was the second question.

本季我們的表現非常好。我們做到了 1.2%。但我們總是可以做得更好。因此，這將涉及方方面面，從繼續提升我們提供的會員支援的質量，到我們在整個生命週期中提供的體驗，再到加班，為我們的會員創造更多忠誠於我們的理由。我們需要以平衡的方式完成我剛才描述的所有事情。因此，我們既不追逐需求，也不追逐供應，並確保我們的獲利成長。所以我認為這是第二個問題。

The third question was to talk a little bit more about the management changes. And I want to put all this in context. I was really lucky to join a company that already had an excellent lead team. And I'm grateful for the contributions that every one of those lead team members has made to-date, including the work that Andy and Lauren have done over the last couple of years to get us to the stage that we're at right now.

第三個問題是進一步談談管理階層的變化。我想把這一切都放在背景裡。我很幸運能夠加入一家已經擁有優秀領導團隊的公司。我感謝每一位領導團隊成員迄今為止的貢獻，包括安迪和勞倫在過去幾年所做的工作，使我們達到了現在的階段。

Regarding the hiring of Charles Kirol as our COO, we're specifically focused on improving our pace of innovation. The agility that we have in our supply chain, especially given the economic uncertainty that's out there in the marketplace, the quality of our products, in particular, the quality of our installs, and the cost of our Connected Fitness equipment so we can appeal to even more potential new members. That commitment to improving every aspect of our equipment will help deliver a critical part of our magic formula. Our new CMO and I are going to be focused together on the plan to get Peloton back to top line growth.

關於聘請查爾斯·基羅爾 (Charles Kirol) 擔任我們的首席營運官，我們特別專注於提高我們的創新步伐。我們的供應鏈非常靈活，尤其是在市場經濟不確定的情況下，我們的產品質量，特別是安裝質量，以及我們的互聯健身設備的成本，讓我們能夠吸引更多潛在的新會員。致力於改進我們設備的各個方面將有助於實現我們神奇配方的關鍵部分。我和我們的新任行銷長將共同致力於讓 Peloton 恢復營收成長的計畫。

And then we can continue to do a better job in getting our new story out there, and that's what I'm looking for with Chief Communications Officer. And then, we still have a lot of tech debt that we have to address as a company, and that's going to allow us to move faster and continue to reduce cost. And that's why we've got a search for a CEO. I do think all of those searches are progressing quite well. And so I hope to have some good news to report relatively soon.

然後，我們可以繼續更好地傳播我們的新故事，這就是我對首席傳播官的期望。然後，作為一家公司，我們仍然有許多技術債需要解決，這將使我們能夠更快地採取行動並繼續降低成本。這就是我們尋找執行長的原因。我確實認為所有這些搜尋都進展得相當順利。因此我希望很快就能報告一些好消息。

Very helpful. Thanks, Peter.

非常有幫助。謝謝，彼得。

Arpine Kocharian, UBS.

瑞銀的 Arpine Kocharian。

Hi. Thank you so much for taking my questions and good morning. Peter, would it be possible to give us a sense of what overall impact on your business you're seeing from kind of broader consumer slowdown and macro fears? I guess what kind of macro scenarios are factored in to your Q4 guidance, which is actually going up by about $3 million, by my calculation, in terms of EBITDA from what you're implying before? Have you actually seen any slowdown in any segments? What are you watching as far as kind of broader consumer health? And then I have a quick follow-up.

你好。非常感謝您回答我的問題，早安。彼得，您能否向我們介紹一下，更廣泛的消費放緩和宏觀擔憂對您的業務造成了哪些整體影響？我猜您在預測第四季時會考慮哪些宏觀因素？根據我的計算，EBITDA 實際上比您之前暗示的要高出約 300 萬美元？您是否確實看到任何細分領域的成長放緩？就更廣泛的消費者健康而言，您關注什麼？然後我有一個快速的跟進。

Thanks, Arpine. We've seen some ins and outs lately, but let me pass it to Liz to talk about some more of the specifics on this.

謝謝，Arpine。我們最近看到了一些細節，但讓我把它交給 Liz 來談論這方面的更多細節。

Sure. So going into the end of March and very early April, we did see a little bit of softness in our sales. But we've actually, since then, seen things bounce back and we do feel really good about our future. And overall, our business is resilient and continues to be resilient. And we are predominantly a subscription business with a high subscription retention and a loyal member base.

當然。因此，進入三月底和四月初，我們的銷售額確實出現了一些疲軟。但實際上，從那時起，我們看到情況開始好轉，我們對未來感到非常樂觀。總體而言，我們的業務具有韌性，並將繼續保持韌性。我們主要從事訂閱業務，擁有較高的訂閱保留率和忠誠的會員基礎。

Now, if you think about it on the sale of fitness equipment side, we do realize that macroeconomic uncertainty could impact demand for Connected Fitness hardware sales because these are larger ticket purchases. But that being said, we do have lower price entry options for price-sensitive customers that we can lean into. For example, we can offer 0% financing so that customers can pay for their equipment over time. We offer Peloton Certified Refurbished Bike and Bike+ at lower price points. We also offer our Bike+ rental option. And then we have the secondary market where churn customer sell their hardware to others via our peer-to-peer model.

現在，如果從健身器材銷售的角度考慮，我們確實意識到宏觀經濟的不確定性可能會影響對互聯健身硬體銷售的需求，因為這些都是較大的購買量。但話雖如此，我們確實為價格敏感的客戶提供了較低的價格進入選擇。例如，我們可以提供 0% 融資，以便客戶可以分期支付設備費用。我們以較低的價格提供 Peloton 認證的翻新自行車和 Bike+。我們也提供 Bike+ 租賃選項。然後我們有二級市場，流失客戶可以透過我們的點對點模式將他們的硬體賣給其他人。

Now regarding our subscription business, which comprises the vast majority, as I mentioned earlier, of our revenue and gross profit, that part of our business remains highly resilient with quite strong retention.

現在關於我們的訂閱業務，正如我之前提到的，它占我們收入和毛利的絕大部分，這部分業務仍然具有很強的彈性和相當強的保留率。

I also think it's worth pointing out that if you look at the price of our All Access membership, which provides access to a huge library of classes and more than 50 expert instructors at a price of $44 a month in the U.S., that's lower than many monthly gym memberships and also lower than the prices of individual classes at some boutique fitness gyms.

我還認為值得指出的是，如果你看看我們的 All Access 會員價格，它在美國以每月 44 美元的價格提供龐大的課程庫和 50 多位專家教練的訪問權限，這比許多健身房的月度會員資格要低，也低於一些精品健身房的單獨課程價格。

And then one more point that I think is helpful just as you think about the broader fitness industry as it relates to macro, if you take a look at historical GDP data related to the broader fitness industry, and if you look at overall, it shows that our fitness industry has been quite resilient during periods of economic uncertainty. During the period GDP declined between 2008 and 2009, external data showed that U.S. spend on fitness continued to grow and that implied that the fitness industry has some resilience to external economic factors or to put it more plainly, the data suggests that fitness isn't among the areas or the first places that consumers are likely to scale back when times are tough, presumably due to the value that they place on personal fitness and wellness. Hopefully that addresses your question.

然後，我認為還有一點很有幫助，就像你思考更廣泛的健身產業與宏觀經濟的關係一樣，如果你看一下與更廣泛的健身產業相關的歷史 GDP 數據，如果你從整體上看，你會發現我們的健身產業在經濟不確定時期具有相當的彈性。在2008年至2009年GDP下降期間，外部數據顯示，美國在健身方面的支出持續增長，這意味著健身行業對外部經濟因素具有一定的抵禦能力，或者更直白地說，數據表明，健身並不是消費者在經濟困難時期可能首先縮減的領域或場所，大概是因為他們重視個人健身和健康。希望這能解答您的問題。

That is actually super helpful. Thank you. And then a quick follow-up. Peter, you highlighted pricing and condition of kind of cost discipline in your strategic pillars on how you see returning to growth. Could you maybe expand on that a little bit? It seemed like the initial strategy was sort of super serving the consumer to protect churn and maybe then focus on pricing, while you kind of continue to further reduce OpEx. If you could just elaborate on that a little bit more would be very helpful.

這確實非常有幫助。謝謝。然後進行快速跟進。彼得，您在策略支柱中強調了定價和成本紀律條件，並談到如何恢復成長。能稍微詳細說明一下嗎？最初的策略似乎是超級服務消費者以保護客戶流失，然後可能將重點放在定價上，同時繼續進一步降低營運支出。如果您能更詳細地解釋一下這一點，將會非常有幫助。

Sure Arpine. First of all, I don't think super serving the member and also making sure that we get value for our products are mutually incompatible. As we said, actually, I think during last quarter's remarks, we're taking a really hard look at pricing and that builds on work that we did earlier this fiscal year where we improved our unit economics. We took up the price of the (inaudible) in North America and both of our bike products internationally. And so we're continuing to look at our equipment pricing and of course, taking into consideration the impact of tariffs as we do so.

當然可以，Arpine。首先，我認為為會員提供優質服務和確保我們的產品物有所值是相互矛盾的。正如我們所說，實際上，我認為在上個季度的評論中，我們正在認真研究定價，這是基於我們在本財年早些時候所做的工作，即改善我們的單位經濟效益。我們提高了北美（聽不清楚）的價格，並且提高了我們兩款自行車產品在國際上的價格。因此，我們將繼續關注我們的設備定價，當然，也會考慮關稅的影響。

Regarding the subscription price increase, I don't have anything to say today, except to note that it's been almost three years since we did a subscription price increase and we've never done one internationally. We feel really good about the value we provide. So it's something that we continue to take a look at. If we do decide to make changes on that in the future, we'll comment on that when the time is right.

關於訂閱價格上漲，我今天沒有什麼好說的，只是要指出，我們已經有近三年沒有提高訂閱價格了，而且我們從未在國際上提高過訂閱價格。我們對我們提供的價值感到非常滿意。因此我們會繼續關注此事。如果我們決定在未來對此做出改變，我們會在適當的時候對此發表評論。

Thank you very much.

非常感謝。

Doug Anmuth, J.P. Morgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

Thanks so much for taking the questions. I have two. First on the brand, the brand has been through a lot of change over the past several years and involved a number of CMO changes as well. I'm just curious how you think about improving the marketing strategy overall. And a few thoughts, I know, obviously, the role you're still trying to fill. And secondly, (technical difficulty) puts and takes around fiscal '26 free cash flow, just following in the big move in '25? Thanks.

非常感謝您回答這些問題。我有兩個。首先是品牌，該品牌在過去幾年中經歷了許多變化，並且還涉及許多 CMO 變更。我只是好奇您如何看待整體改善行銷策略。還有一些想法，我知道，顯然，你仍在努力扮演這個角色。其次，（技術難度）26財年的自由現金流是否會隨著25年的大動作而改變？謝謝。

I'm sorry, Doug, you cut out a little bit on the end of your question. Would you mind repeating the part that you are directed at me? Sorry about that.

抱歉，道格，你的問題結尾有點打斷了。您介意重複一下您對我說的話嗎？很抱歉。

Yes, absolutely. Sorry. It's early, but looking for some of the puts and takes around fiscal '26 free cash flow, just from a big move up in '25.

是的，絕對是。對不起。現在還為時過早，但我們正在尋找 26 財年自由現金流的一些利弊，這僅僅是 25 年大幅上漲的結果。

Thank you.

謝謝。

So regarding brand -- Doug, thanks. I'll start and talk a little bit about what we're doing on marketing. What we've been doing basically is taking a real holistic look at every aspect of marketing. So elevating the customer lifecycle all the way from awareness through to some of the things that we haven't really done as much as a company like (inaudible). And all of that discipline we think will give us a boost in terms of the subscriber acquisition and retention we get. The team is really sophisticated in measurement and making sure that we spend our marketing in pretty optimal ways. And so what we're doing there as we start to look at 2026 is plan holistically across every anything from our brand to performance marketing, to pricing, which we talked about a moment ago, to the partnerships that we invest in, to the promotions that we take. And ensure allocating our dollars in the most efficient way we can across all of those levers so that we can acquire new members in ways that are cost-effective and start to get us back to growth.

關於品牌——Doug，謝謝。我將首先談談我們在行銷方面所做的工作。我們所做的基本上是對行銷的各個方面進行真正的全面審視。因此，提升客戶生命週期，從認知到一些我們還沒有像其他公司那樣真正做過的事情（聽不清楚）。我們認為，所有這些紀律都會在用戶獲取和保留方面為我們帶來很大的幫助。團隊在測量方面非常精明，並確保我們以最佳的方式投入行銷。因此，當我們開始展望 2026 年時，我們正在做的就是全面規劃一切，從我們的品牌到績效行銷、定價（我們剛才談到的）、我們投資的合作夥伴關係、我們採取的促銷活動。並確保以最有效的方式在所有這些槓桿上分配我們的資金，以便我們能夠以具有成本效益的方式獲得新成員並開始恢復成長。

We've also been doing things like using up media mix models and hold out tests so that we can continue to build our knowledge base about what works in a space that's really, it's challenging, right, to get people to take that step to start an exercise regimen. And so the way that we do marketing mix is a really big difference there.

我們也一直在做一些事情，例如使用媒體組合模型和進行測試，這樣我們就可以繼續建立我們的知識庫，了解在真正具有挑戰性的領域中什麼是有效的，對吧，讓人們邁出這一步開始鍛鍊計劃。因此，我們實施行銷組合的方式確實有很大不同。

In terms of brand versus performance marketing, that's something that is sort of implicit in all of this. I think we need to keep doing both of those and the two of them complement each other. So that's a little bit about what we're doing on the marketing strategy. I'll pass it to Lizeto talk about '26.

就品牌行銷與績效行銷而言，這在某種程度上是隱含的。我認為我們需要繼續做這兩件事，而且它們相輔相成。這就是我們在行銷策略方面所做的一些事情。我會把它傳給 Lizeto 來談論 26 年。

Yes. So first, I want to comment a little bit about where we are at year-to-date for fiscal '25. So year-to-date, we've delivered $210 million in free cash flow. And we had said in last quarter when we set our guidance, we talked about delivering on a minimum of $200 million in free cash flow and the full year. So we continue to outperforming a bit on our expectations and have greater visibility on our free cash flow as we progress through the year. And we now expect that we will end the year with roughly in the vicinity of $250 million in free cash flow for fiscal '25, which given where we were a year ago, it's quite a tremendous improvement year-over-year and massively from two years ago.

是的。首先，我想簡單評論一下我們 25 財年迄今為止的狀況。因此，今年迄今為止，我們已實現 2.1 億美元的自由現金流。我們在上個季度製定指導方針時就說過，要實現全年至少 2 億美元的自由現金流。因此，隨著今年的進展，我們的表現繼續超出預期，我們的自由現金流也更加清晰。我們現在預計，2025 財年我們的自由現金流將達到約 2.5 億美元，與一年前相比，這比去年同期有了顯著改善，與兩年前相比更是大幅提升。

Now I'm not going to provide you with any sort of guidance around fiscal '26, but it is worth noting a few things. In fiscal '25, we are benefiting from a net working capital tailwind associated with optimizing our inventory level. And we do expect to have a modest tailwind going into fiscal '26, but not nearly as much as we observed at fiscal 2025. But we do expect for the year to generate meaningful positive free cash flow in fiscal '25 as we are doing in FY25.

現在我不會為您提供有關 26 財年的任何指導，但有幾件事值得注意。在 25 財年，我們受惠於與優化庫存水準相關的淨營運資本順風。我們確實預計，2026 財年將會迎來溫和的順風，但遠不及 2025 財年觀察到的強勁。但我們確實預期 25 財年將產生有意義的正自由現金流，就像 25 財年所做的那樣。

Got it. Meaningful positive free cash flow for fiscal '26. Thank you so much. Appreciate it.

知道了。26 財年的自由現金流顯著為正。太感謝了。非常感謝。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

Good morning. Thanks for taking my questions. So the first question I want to ask, Peter, I mean, longer-term in nature and looking at your results today and over the last several quarters, you've done a great job of kind of stabilizing the business and controlling cost. But how are you thinking about or how should we think about the return to positive top line trends and the sort of building blocks to get in there?

早安.感謝您回答我的問題。所以我想問的第一個問題是，彼得，從長期來看，看看你今天和過去幾季的業績，你在穩定業務和控製成本方面做得很好。但是您如何看待或我們應該如何看待恢復正面的營收趨勢以及實現這一目標所需的基礎？

Yes. Thanks, Brian. That's the work that we've been doing on developing the strategy and the plans for the next few years. So let me just try to translate what we shared in our letter and in my remarks into the math of actually getting back to positive trends. So the first part of the strategy that you heard me talk about was improving member outcomes. And what that does is deliver more value to our members. And that's going to translate into members being willing to pay more for Peloton and buying more things from us. And so you can look at that as the key to increasing average revenue per member.

是的。謝謝，布萊恩。這就是我們為制定未來幾年的策略和計劃所做的工作。因此，請允許我嘗試將我們在信中和我的評論中所分享的內容轉化為實際恢復正向趨勢的數學計算。所以，您聽到我談論的策略的第一部分是改善會員成果。這樣做的目的是為我們的會員帶來更多價值。這意味著會員願意為 Peloton 支付更多費用並從我們這裡購買更多東西。因此，您可以將其視為增加每位會員平均收入的關鍵。

The second part of the strategy is meeting members in more places. And by being in retail and gyms and commercial and growing internationally and being more real life events and having a greater presence online, all of that adds up to sort of more (inaudible), more opportunities for us to grow members. So you can view that as driving the number of members up.

這個策略的第二部分是在更多地方與會員會面。透過進入零售、健身房和商業領域，在國際上不斷發展，參與更多現實生活活動，並在線上擁有更大的影響力，所有這些都為我們增加會員提供了更多（聽不清楚）的機會。因此，你可以認為這會增加會員數。

The third part of the strategy that you heard was creating members for life, and that's about increasing longevity, which translates into a lower churn and higher customer lifetime value. So focusing on the top line growth, essentially, our whole equation is basically average revenue per member, times number of members, times years per member. That equals or our long-term revenue. And so that's basically the bridge from the strategy that I shared with you to how we drive growth.

您聽到的策略的第三部分是創建終身會員，這是為了提高會員壽命，從而降低客戶流失率並提高客戶終身價值。因此，專注於營業收入成長，本質上，我們的整個等式基本上是每位會員的平均收入，乘以會員數量，乘以每位會員的年數。這相當於我們的長期收入。這就是我與你們分享的策略與我們如何推動成長之間的橋樑。

That's very helpful. I appreciate it. And then my just my follow-up question on the balance sheet, again, you're generating sustained free cash flow and we've seen the leverage ratio has come down. So as we think about the balance sheet going forward, do you think there will be more kind of a natural deleveraging or are you expecting to take more aggressive near-term steps?

這非常有幫助。我很感激。然後我只是關於資產負債表的後續問題，再次，您正在產生持續的自由現金流，並且我們已經看到槓桿率已經下降。因此，當我們考慮未來的資產負債表時，您是否認為會出現更多自然的去槓桿，或者您是否預期會採取更積極的短期措施？

I can take that one. First of all, the health of our balance sheet is something that we are particularly proud of relative to where we were. We were about a year ago, if you think about it, we were approaching maturity of while we had to complete a $1.35 billion refinancing of our balance sheet which has since been done. And then since then, we've grown our trailing 12-month adjusted EBITDA to $334 million, which is a massive improvement of our $435 million year-over-year. And then we have also generated over $230 million of free cash flow over the past 12 months.

我可以接受那個。首先，相對於先前的狀況，我們對我們的資產負債表的健康狀況感到特別自豪。想想看，大約一年前，我們即將到期，而我們必須完成 13.5 億美元的資產負債表再融資，目前已經完成。從那時起，我們過去 12 個月的調整後 EBITDA 成長至 3.34 億美元，與去年同期的 4.35 億美元相比有了大幅提升。在過去的 12 個月中，我們還產生了超過 2.3 億美元的自由現金流。

So we're really pleased with that progress because, as you pointed out, it has allowed us to deleverage our balance sheet. Our net debt has decreased $312 million or 35% year-over-year as of Q3. And then we also ended the quarter with $914 million in unrestricted cash and cash equivalents.

因此，我們對這一進展感到非常高興，因為正如您所指出的，它使我們能夠降低資產負債表的槓桿率。截至第三季度，我們的淨債務年減了 3.12 億美元，降幅為 35%。本季末我們還擁有 9.14 億美元的非限制現金和現金等價物。

Now a few things to note. We are mindful of the fact that we do have about $200 million in convertible notes that are due in February of next year. And so we have ample cash on our balance sheet to be able to pay them. We're not planning to pay them early at this point in time as they are 0% coupon. But as our balance sheet becomes healthier and healthier, we have more optionality around capital allocation. We likely will over time. We believe we have more cash on our balance sheet right now than we need to run the business. Our top priority is to continue to deleverage because we believe that's the best way for us to create more optionality now in regard to capital allocation. And that will also help us reduce our cost of capital over time.

現在有幾點要注意。我們注意到，我們確實有約 2 億美元的可轉換票據將於明年 2 月到期。因此，我們的資產負債表上有足夠的現金來支付這些款項。由於他們的票面利率為 0%，因此我們目前不打算提前付款。但隨著我們的資產負債表變得越來越健康，我們在資本配置方面有了更多的選擇。隨著時間的推移，我們可能會這麼做。我們相信，我們目前資產負債表上的現金比經營業務所需的還要多。我們的首要任務是繼續去槓桿，因為我們相信這是我們目前在資本配置方面創造更多選擇性的最佳方式。這也將幫助我們逐步降低資本成本。

And so that would include things like paying down our debt, investing more in strategic initiatives to grow the business, which Peter talked about all these initiatives that we have, there's also the potential over time to consider any inorganic growth opportunities that we might want to pursue. And then eventually, at some point, although we are restricted right now with our loan covenants, to offer capital return alternatives through dividends and share buybacks.

因此，這將包括償還債務、在策略性舉措上投入更多資金以發展業務等事項，彼得談到了我們所採取的所有這些舉措，隨著時間的推移，我們也有可能考慮我們可能想要追求的任何無機增長機會。然後最終，在某個時候，儘管我們目前受到貸款契約的限制，但我們可以透過股利和股票回購提供資本回報替代方案。

Very helpfu. l appreciate it. Thank you.

非常有幫助。我很感激。謝謝。

Simeon Siegel, BMO Capital Markets.

西蒙‧西格爾 (Simeon Siegel)，BMO 資本市場。

Thanks. I was kind of hoping James to introduce me as (inaudible) from New York. But I'll take it. Good morning, everyone. Nice progress on improving the health of the business, Peter. So if I'm looking at this, your members, I think, the total members are declining faster than the cash, the (inaudible) paid subs, those two metrics you gave. Do you think you're seeing less (inaudible) members peeling off and the engagement and strength of the remaining users, I guess, are inherently stronger? And if so, what would the implications be on churn and maybe potential ability to take price, anything else? Just curious if you're ending up with a smaller but stronger user base. And if so, what initiatives that might empower you to implement?

謝謝。我有點希望詹姆斯介紹我來自紐約（聽不清楚）。但我會接受它。大家早安。彼得，在改善業務健康方面取得了良好的進展。因此，如果我看一下這個，我認為您的會員總數下降的速度比現金、（聽不清楚）付費訂閱（您給出的這兩個指標）的速度要快。您是否認為，離開的會員越來越少，而留下來的會員的參與度和實力，我想，本質上會更強？如果是這樣，那麼這對客戶流失以及潛在的定價能力會有什麼影響？還有其他什麼影響？我只是好奇您是否最終擁有一個規模較小但更強大的用戶群。如果是的話，您能採取哪些措施來實施呢？

And Liz, at the used equipment activation fees, can you quantify that at all? If I'm looking at this correctly, I think that paid CF subs are up slightly quarter-over-quarter, but the sub revenue was down slightly. So just trying to think through what other moving pieces might be in that sub revenue line and maybe into to the app decline, just anything else we should keep in mind? Thanks, guys.

還有 Liz，您能量化一下二手設備的啟動費用嗎？如果我沒看錯的話，我認為付費 CF 訂閱量較上季略有上升，但訂閱收入略有下降。因此，只是想想想在子收入線中可能還有哪些其他變動因素，以及可能導致應用程式衰退的原因，我們還應該記住什麼？謝謝大家。

Thanks, Simeon. I'll start us off. I don't think we're seeing it the same way you're seeing in terms of total members declining at a different rate from the subscriptions. But nonetheless, what we're seeing basically year-over-year is consistency around our churn percentage. And I think it was pretty strong in the last quarter at 1.2%. And we do continue to benefit from the tenure effect. We just have some longstanding, very loyal members in the business.

謝謝，西緬。我先開始吧。我認為我們所看到的情況與您所看到的情況並不相同，即會員總數的下降速度與訂閱量的下降速度不同。但儘管如此，我們看到的客戶流失率與去年同期基本保持一致。我認為上一季的成長速度相當強勁，達到 1.2%。我們確實繼續受益於任期效應。我們只是有一些長期的、非常忠誠的成員。

So in general, we're just focused right now in making sure that we can serve those members the best we possibly can and build the value that they perceive in the company. And we are seeing, if anything, really positive signs because our NPS scores have risen, in some cases, by double digits over the last year. So that does give us confidence in the value that we're delivering. Not going to talk anymore about what we do with that, except to keep focusing on improving it. With that, I'll pass to Liz.

所以總的來說，我們現在只專注於確保我們能夠盡最大努力為這些會員提供最好的服務，並建立他們在公司中感受到的價值。而且，我們看到了真正積極的跡象，因為在過去一年中，我們的 NPS 分數在某些情況下上升了兩位數。這確實讓我們對我們所提供的價值充滿信心。我們不會再談論如何處理它，只是繼續專注於改進它。說完這些，我就把麥克風交給 Liz。

I just want to correct one thing. The members are down 8% versus the subscriptions down 6%. But you have to remember that number is also impacted by app. So our app, we only have one number per subscriber within the app. And app members are down more. Not just our Connected Fitness members when you're looking at that, you're including our app members as well. I did want to just grab that one point.

我只想糾正一件事。會員數下降了 8%，訂閱數量下降了 6%。但你必須記住，這個數字也會受到應用程式的影響。因此，在我們的應用程式中，每個用戶只有一個號碼。而且應用程式會員數量下降更多。您看到的不僅是我們的 Connected Fitness 會員，還包括我們的應用程式會員。我確實只想抓住這一點。

Now the question about activation fees. So the used equipment activation fee, just for everybody's reference, is the fee that we charge when a subscriber joins us through the secondary market and purchase their hardware from someone else, not through Peloton and not throughout one of our third-party retail partners. We actually have been pleased with the secondary market activation fee. It has added revenue for the business. And it's a positive for us because we get that revenue upfront and we are actually seeing, as a result of that, a slightly improved cohort of churn among secondary subscribers, presumably because they're investing a little bit more when they pay that fee. But it is a benefit for us, both in terms of revenue and free cash flow.

現在的問題是關於啟動費。因此，二手設備啟動費（僅供大家參考）是當訂戶透過二級市場加入我們並從其他人那裡購買硬體時我們收取的費用，而不是透過 Peloton 或我們的第三方零售合作夥伴之一購買。我們實際上對二級市場啟動費感到滿意。它為企業增加了收入。這對我們來說是件好事，因為我們可以預先獲得收入，而且我們實際上看到，二級訂閱用戶的流失率略有改善，大概是因為他們在支付費用時投資了更多一點。但這對我們來說是有益的，無論是從收入或自由現金流來看。

I also want to remind you that in our subscription revenue, we also include things like our content licensing revenue as well. So it's not just purely subscribers that you're looking in there, so (inaudible) would be in there, any Google Fitbit revenue would be in there, anything of that nature where we are licensing some of our content to other (inaudible).

我還想提醒您，我們的訂閱收入還包括內容授權收入等。所以，你所關注的不僅僅是訂閱用戶，所以（聽不清楚）會包含在內，任何 Google Fitbit 的收入都會包含在內，任何我們將部分內容授權給其他方的性質的收入都會包含在內。（聽不清楚）。

Sounds good. Best of luck for the rest of year.

聽起來不錯。祝您今年餘下的時間一切順利。

And that concludes our question-and-answer session. I will now turn the conference back over to Peter for closing remarks.

我們的問答環節到此結束。現在我將會議交還給彼得，請他作結束語。

Thank you, operator. Before we close, I want to take a moment to share one of the most important things I've tried to do since joining Peloton. And that's to understand what works so we can do more of that. Today, we discussed a number of things that are working. Strength content and features, and solutions around holistic wellness like meditation. Our micro store is driving more revenue than our average showroom at a fraction of the size, cost, and lease commitment. Our workout area at the University of Texas is helping us reach more members. Teams are growing fast with nearly 100,000 already. And our reactivation efforts have been successful. We're also shifting perceptions of our content in our product offerings, extending beyond the bike with tread, running, walking, and strength.

謝謝您，接線生。在結束之前，我想花點時間分享我加入 Peloton 以來嘗試做的最重要的事情之一。這就是為了了解什麼是有效的，以便我們能夠做更多的事情。今天，我們討論了一些正在發揮作用的事情。力量內容和特點，以及圍繞冥想等整體健康的解決方案。我們的微型商店比普通展廳的收入更高，但規模、成本和租賃承諾只是普通展廳的一小部分。德州大學的健身區正在幫助我們吸引更多的會員。團隊規模正在快速成長，目前已接近 10 萬人。我們的恢復努力已經成功。我們也在改變人們對產品內容的看法，從自行車擴展到踏板、跑步、步行和肌力訓練。

As we unveil our strategic plans for fiscal year '26 and beyond, you should expect to hear more from us about doing more of what's working. And we know many of you are not just shareholders, but also among our most avid members. So here are your assignments. Check out our Kettlebell strength workouts and our exclusive line of classes featuring DJs from Armin van Buuren's Armada Music. And looking forward, try our new series, including progressive push for cycling and mobility and strength for longevity. As the weather improves, try it live outdoor every Saturday at 10.30 A.M. Eastern. Olivia will host this week's run with a live leaderboard. And last, stay tuned for pace targets for walking and hiking, coming to Tread this quarter.

當我們公佈 26 財年及以後的策略計畫時，您應該會聽到更多關於我們所做的有效舉措的消息。我們知道你們中的許多人不僅是股東，也是我們最熱心的會員。以下是你的作業。看看我們的壺鈴肌力訓練和由 Armin van Buuren 的 Armada Music 的 DJ 主持的獨家課程。展望未來，請嘗試我們的新系列，包括對騎行和機動性的逐步推動以及對長壽的力量。隨著天氣好轉，請於每週六上午 10:30 嘗試戶外直播。東。奧莉維亞將主持本週的比賽並發佈現場排行榜。最後，請繼續關注本季在 Tread 上發布的步行和徒步旅行的配速目標。

Thank you all for joining today's call. I look forward to sharing more about our plans in the coming months. In the meantime, see you on the leaderboard.

感謝大家參加今天的電話會議。我期待在接下來的幾個月分享更多我們的計劃。同時，我們在排行榜上見。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。