派樂騰 (PTON) 2025 Q4 法說會逐字稿

Good day, and welcome to the Peloton Interactive fourth-quarter fiscal year 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加 Peloton Interactive 2025 財年第四季財報電話會議。（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. Please go ahead, sir.

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。先生，請繼續。

Thank you, operator. Good morning, and welcome to Peloton's fourth-quarter fiscal year 2025 conference call. Joining today's call are Peloton 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 財年第四季電話會議。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 forward-looking statements related to our business under federal securities law. Actual results may differ materially from those contained in or imply these forward-looking statements due to risks and uncertainties associated with our business.

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。

Please refer to our SEC filings and today's shareholder letter, both of which can be found on our Investor Relations website for a discussion of the material risks and other important factors that could impact our results. 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. I'll now turn over the call to Peloton's Chief Executive Officer and President, Peter Stern.

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，以了解可能影響我們業績的重大風險和其他重要因素的討論。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。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 thank you for joining today's call. As we wrap up our fiscal year, everyone at team Peloton should take pride in our results and all that we accomplished. While Liz will review the results in more detail, our team exceeded all our key financial performance goals for Q4 and fiscal 2025. We delivered what we promised operationally and then some. And we reignited our innovation engine on every aspect of our magic formula of equipment, software, and human coaching.

謝謝你，詹姆斯。大家早安，感謝大家參加今天的電話會議。隨著我們結束財政年度，Peloton 團隊的每個人都應該為我們的表現和所取得的成就感到自豪。雖然 Liz 將更詳細地審查結果，但我們的團隊超額完成了第四季度和 2025 財年的所有關鍵財務績效目標。我們在營運上兌現了承諾，也做出了其他承諾。我們重新點燃了設備、軟體和人力指導等神奇配方各個方面的創新引擎。

As we look to the future, our team is rounding out nicely. We recently got two new hires to the leadership team, Chief Marketing Officer, Megan Imbres, who joined us from Apple; and Chief Communications Officer, Dianna Kraus, who joined us from FleishmanHillard. We have also completed the search for our CIO. Corey Farrell joined last week from Pearson and reports to our COO, Charles Kirol.

展望未來，我們的團隊正在不斷改進。我們最近聘請了兩名新員工加入領導團隊，分別是來自蘋果公司的首席行銷長 Megan Imbres 和來自 FleishmanHillard 公司的首席傳播長 Dianna Kraus。我們也完成了對 CIO 的搜尋。Corey Farrell 上週從 Pearson 加入公司，並向我們的營運長 Charles Kirol 匯報工作。

As I promised when I started at Peloton in January, in today's shareholder letter, I outlined Peloton's strategy. I won't reiterate that strategy in these remarks, but I will provide some highlights and color. Our strategy is grounded in our purpose, which is nothing short of delivering human impact at massive scale by empowering our members to live fit, strong, long, and happy. We already deliver on this purpose in part as the trusted fitness partner for approximately 6 million members in six countries, but we are just getting started.

正如我一月份加入 Peloton 時所承諾的那樣，在今天的股東信中，我概述了 Peloton 的策略。我不會在這些評論中重申這一策略，但我會提供一些亮點和色彩。我們的策略以我們的目標為基礎，即透過讓我們的會員過著健康、強壯、長壽和快樂的生活，大規模地對人類產生影響。作為六個國家約 600 萬會員值得信賴的健身夥伴，我們已經在一定程度上實現了這一目標，但我們才剛起步。

Let me explain by providing historical context. Over the past century or so, advances in medical science contributed to the prolonging of life, here in the US by a remarkable 30 years from 1900 to 2020. However, as life span has increased health span, the quality as opposed to the quantity of those years has failed to keep up. People are living longer, but they are also living sicker.

讓我透過提供歷史背景來解釋。在過去的一個世紀左右，醫學科學的進步促進了壽命的延長，在美國，從 1900 年到 2020 年，壽命延長了 30 年。然而，隨著壽命延長，健康壽命也隨之延長，但健康壽命的品質卻未能跟上。人們的壽命越來越長，但患病的情況也越來越嚴重。

In the US alone, we now have the largest gap between life span and health span in history at over 12 years. Addressing health span requires a different approach from life span because health spend depends less on medical interventions and more on our choices and behaviors regarding exercise, sleep, stress, and diet. This is where Peloton comes in.

光是在美國，我們的壽命和健康壽命之間的差距就已超過 12 年，是史上最大的。解決健康壽命需要採用與壽命不同的方法，因為健康支出較少取決於醫療幹預，而更多地取決於我們在運動、睡眠、壓力和飲食方面的選擇和行為。這就是 Peloton 發揮作用的地方。

Cardio fitness is the foundation of wellness and is critical to maximizing health span. If it were a drug, it would be a miracle drug available to everyone without negative side effects. But while cardio fitness is essential for health span, it is not enough by itself. With each passing year, we are coming to understand better the importance of strength, stress management, sleep, and nutrition to living our best lives.

有氧健身是健康的基礎，對於最大限度地延長健康壽命至關重要。如果它是一種藥物，它將是一種人人可用且沒有副作用的神奇藥物。雖然有氧健身對於健康壽命至關重要，但僅有有氧健身是不夠的。隨著時間的推移，我們開始更深刻地理解力量、壓力管理、睡眠和營養對我們過上最好的生活的重要性。

This creates the opportunity. No, more than that, the mandate for Peloton to evolve from being a cardio fitness partner to become the world's most trusted wellness partner across the full array of behaviors that maximize health span.

這就創造了機會。不，更重要的是，Peloton 的使命是從有氧健身合作夥伴發展成為世界上最值得信賴的健康合作夥伴，涵蓋最大限度延長健康壽命的各種行為。

There is no company better positioned than Peloton to achieve this kind of human impact. Behavior change is hard, but we've spent over a decade helping millions of people start and maintain healthy habits by making it fun and by creating a real sense of community and human connection.

沒有任何一家公司比 Peloton 更有能力實現這種對人類的影響。改變行為很難，但我們花了十多年的時間，透過讓改變變得有趣並創造真正的社區感和人際關係，幫助數百萬人養成並維持健康的習慣。

So with that backdrop, here's where we're taking the business with the goals of returning to sustained growth in revenues and members and of sustaining our progress in achieving profitability. We plan to support our members' wellness journeys by expanding our offerings in strength, where we are already a category leader, mental wellbeing, sleep and recovery, and over time, nutrition and hydration.

因此，在這樣的背景下，我們的目標是恢復收入和會員的持續成長，並保持獲利能力的進步。我們計劃透過擴大我們的服務範圍來支持我們會員的健康之旅，我們已經在心理健康、睡眠和恢復以及營養和補水等領域處於領先地位。

While we're exploring new wellness areas, we will continue to build on our strength in cardio, cycling, running, walking, and rowing, recognizing the centrality of cardio for human wellbeing. We recognize that our members come to us at various stages of their fitness journey. And so a one-size-fits-all approach fits no one.

在探索新的健康領域的同時，我們將繼續增強有氧運動、騎自行車、跑步、散步和划船方面的優勢，並認識到有氧運動對人類健康的核心作用。我們認識到我們的會員在健身旅程的不同階段來到我們這裡。因此，一刀切的方法並不適合任何人。

Determining what to do to meet your goals can be overwhelming. So we will employ advanced technologies like AI to enhance our ability to serve as personalized coaches, delivering individual insights, recommendations and custom-tailored plans that make it easier and more efficient to achieve your goals.

確定要做什麼才能實現你的目標可能會讓人不知所措。因此，我們將採用人工智慧等先進技術來增強我們作為個人化教練的能力，提供個人見解、建議和客製化計劃，讓您更輕鬆、更有效率地實現您的目標。

To grow our member community, we will increase our global presence through hotel partnerships, retail expansion, and the launch of new markets. An example of this is our successful micro store pilot in Nashville. Last month, we opened our second micro store, this one in Utah. And we plan to launch an additional eight stores in time for the busy holiday season.

為了擴大我們的會員社區，我們將透過酒店合作、零售擴張和開拓新市場來提高我們的全球影響力。我們在納許維爾成功的微店試點就是一個例子。上個月，我們開設了第二家微店，這家位於猶他州。我們計劃在繁忙的假期季節再開設八家商店。

Here's another example. We launched Peloton repowered, a platform for buying and selling used equipment to sellers nationwide last week, following a successful data in three US metro areas. And yet another. In May, we launched a special pricing program that offers a discount on equipment to military personnel, healthcare workers, first responders, and educators. These purchases have already made a meaningful impact on first-party retail sales in Q4 and while making Peloton more accessible to thousands of people we all count on for the quality of our lives.

這是另一個例子。繼美國三個大都會地區成功後，我們上週推出了 Peloton repowered，這是一個向全國賣家買賣二手設備的平台。還有另一個。五月，我們推出了一項特殊定價計劃，為軍事人員、醫護人員、急救人員和教育工作者提供設備折扣。這些購買已經對第四季度的第一方零售額產生了有意義的影響，同時也使成千上萬的人能夠更輕鬆地使用 Peloton 來提高我們的生活品質。

We also launched special pricing for students, offering them discounted access to our Peloton App subscriptions. Precor is a strong asset to Peloton as it has a presence in more than 60 countries and 80,000 locations. We see a tremendous opportunity to expand our commercial presence and serve a broader range of gym operators by bringing the best of Precor and Peloton together.

我們還為學生推出了特別定價，讓他們可以以折扣價格訂閱我們的 Peloton App。Precor 是 Peloton 的強大資產，其業務遍及 60 多個國家和 80,000 個地點。透過將 Precor 和 Peloton 的優勢結合起來，我們看到了擴大商業影響力並為更廣泛的健身房營運商提供服務的巨大機會。

We have integrated Precor with Peloton for business and formed a new commercial business unit under Chief Commercial Officer, Dion Camp Sanders hiring [Ian Reeves] as its General Manager. [Dustin Grose], President of Precor, will be retiring and we sincerely thank for his leadership in returning the Precor business to growth.

我們已將 Precor 與 Peloton 的業務整合，並成立了一個新的商業業務部門，由首席商務官 Dion Camp Sanders 領導，並聘請 [Ian Reeves] 擔任總經理。 Precor 總裁 [Dustin Grose] 即將退休，我們衷心感謝他為 Precor 業務恢復成長所發揮的領導作用。

Our commercial business unit plans to expand on the success we've achieved with our Hilton and Hyatt partnerships. Peloton for business currently operates in over 9,000 hotels and Peloton is now a must-have amenity in quality hotels. Growing our member base also means expanding our online and in-person presence through social channels and events. In Q4, our instructors participated in over 40 events, more than 3 times the amount in Q4 of last year.

我們的商業業務部門計劃擴大我們與希爾頓和凱悅合作所取得的成功。Peloton 商務版目前已在超過 9,000 家飯店運營，並已成為優質飯店的必備設施。擴大我們的會員基礎也意味著透過社交管道和活動擴大我們的線上和實體影響力。第四季度，我們的教練參與的活動超過40場，是去年第四季的3倍多。

When you purchase a piece of Peloton equipment, you aren't just getting a fitness tool. You're also joining a supportive community. We've experimented with ways to strengthen this community and foster more engagement through our social network teams. We have more features on the horizon to deepen connections and engagement among our members. We are also continuing to elevate the member life cycle with new onboarding programs and to recognize our most loyal and committed members.

當您購買一件 Peloton 設備時，您獲得的不僅僅是健身工具。您也加入了一個支持性社群。我們已經嘗試了各種方法來加強這個社區並透過我們的社交網路團隊促進更多的參與。我們將推出更多功能來加深會員之間的聯繫和參與。我們也將繼續透過新的入職計畫來提升會員生命週期，並表彰我們最忠誠和最忠誠的會員。

A core pillar of our strategy is ensuring our prices reflect the human impact we deliver to our members. We continue to improve our unit economics and will adjust prices to reflect the value we provide to our members and the cost of operating our business, including shipping, returns, tariffs, and other fees we pay.

我們策略的核心支柱是確保我們的價格反映出我們為會員帶來的人性化影響。我們將繼續改善單位經濟效益，並將調整價格以反映我們為會員提供的價值和業務營運成本，包括運費、退貨、關稅和我們支付的其他費用。

Peloton is at a critical juncture in our transformation, a moment to invest intentionally in our future. To earn the right to grow, we must align our spending with areas of competitive advantage, specifically our equipment, software, and content while reducing costs in areas that do not differentiate us.

Peloton 正處於轉型的關鍵時刻，是值得我們為未來進行有針對性投資的時刻。為了獲得成長的權利，我們必須將支出與競爭優勢領域結合，特別是我們的設備、軟體和內容，同時降低那些與我們並無差異化的領域的成本。

To that end, we plan to capture an additional $100 million of run rate cost savings by the end of FY26 by optimizing indirect spend, reshaping our teams and, in some cases, the locations where we work and parting ways with a number of our talented colleagues.

為此，我們計劃透過優化間接支出、重組我們的團隊（在某些情況下，重組我們的工作地點）以及與一些優秀的同事分道揚鑣，在 2026 財年末之前額外節省 1 億美元的運行成本。

Decisions that impact our people are the most agonizing ones we make. We are deeply grateful for the contributions of our departing team members, and we are committed to supporting them through this transition. Making fundamental changes to the way our business operates takes sacrifice and hard work, but I'm even more confident in our team now than when I started.

影響我們人民的決定是我們所做的最痛苦的決定。我們非常感謝即將離任的團隊成員所做的貢獻，並致力於在這次過渡期間為他們提供支援。對我們的業務運作方式進行根本性的改變需要犧牲和努力，但我現在對我們的團隊比剛開始時更有信心。

I will now turn it over to Liz to discuss our Q4 and full-year 2025 results.

現在我將把時間交給 Liz 來討論我們的第四季和 2025 年全年業績。

Thanks, Peter. I want to begin by highlighting our sustained progress toward improving the financial health of our business over the course of fiscal year 2025. Our successful efforts to expand gross margins, reduce operating expenses, and optimize inventory levels enabled us to generate $324 million of free cash flow, an increase of $409 million year over year.

謝謝，彼得。首先，我想強調我們在 2025 財年為改善業務財務狀況所取得的持續進展。我們成功地擴大了毛利率，降低了營運費用，並優化了庫存水平，這讓我們產生了 3.24 億美元的自由現金流，比去年同期增加了 4.09 億美元。

We also materially deleveraged our balance sheet, reducing net debt by $343 million or 43% year over year. We are pleased with the progress we've made improving profitability in fiscal 2025 and continue to prioritize delivering meaningful free cash flow. Now, I'd like to touch on our fourth-quarter results, which reflect another solid quarter for financial performance as we exceeded the high end of our guidance on all key metrics.

我們也大幅降低了資產負債表的槓桿率，淨債務年減了 3.43 億美元，降幅達 43%。我們對 2025 財年在提高獲利能力方面取得的進展感到滿意，並將繼續優先考慮實現有意義的自由現金流。現在，我想談談我們第四季度的業績，該業績反映出我們又一個穩健的財務業績季度，因為我們在所有關鍵指標上都超出了預期的上限。

We ended the fourth quarter with 2.8 million paid Connected Fitness subscriptions, reflecting a net decrease of $80,000 quarter over quarter due to seasonally lower hardware sales and seasonally higher churn. Ending paid Connected Fitness subscriptions decreased 6% year over year. We exceeded the high end of our guidance range by 10,000 driven by both higher gross additions and favorable net churn.

在第四季結束時，我們的 Connected Fitness 付費訂閱用戶數量為 280 萬，由於季節性硬體銷量較低以及季節性客戶流失率較高，環比淨減少 80,000 美元。終止付費的 Connected Fitness 訂閱數量較去年同期下降了 6%。由於總新增客戶數增加和淨流失率有利，我們的業績超出了預期範圍的高端 10,000。

Gross additions outperformed our expectations due to higher unit sales of our Connected Fitness products in both first-party and third-party retail channels. Secondary market additions were in line with expectations. Average net monthly paid Connected Fitness subscription churn was 1.8%, an improvement of 10 basis points year over year and an increase of 60 basis points quarter over quarter, in line with our expectations for a sequential increase in Q4 due to seasonality.

由於我們的 Connected Fitness 產品在第一方和第三方零售通路的單位銷售增加，總增幅超出了我們的預期。二級市場增幅符合預期。Connected Fitness 平均淨月付費訂閱流失率為 1.8%，年比改善 10 個基點，較上季增加 60 個基點，符合我們對第四季因季節性因素而季增的預期。

We ended the quarter with 552,000 ending paid app subscription. Total revenue was $607 million in Q4, comprising $199 million of Connected Fitness products revenue and $408 million of subscription revenue, outperforming the high end of our guidance range by $21 million. Our performance relative to guidance was primarily driven by Connected Fitness products revenue from higher-than-expected hardware sales of both Peloton and Precor products.

本季結束時，我們的付費應用程式訂閱用戶數量為 552,000。第四季總收入為 6.07 億美元，其中包括 1.99 億美元的 Connected Fitness 產品收入和 4.08 億美元的訂閱收入，超出我們預期範圍的高端 2,100 萬美元。我們相對於指引的績效主要得益於 Peloton 和 Precor 產品的硬體銷售額高於預期所帶來的 Connected Fitness 產品收入。

Connected Fitness products revenue decreased $13 million or 6% year over year, driven by lower sales and deliveries, partially offset by a mix shift toward higher-priced products. Subscription revenue decreased $23 million or 5% 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 Q1 of fiscal 2025.

連網健身產品收入年減 1,300 萬美元，或 6%，原因是銷售額和交付量下降，但產品組合向高價位產品轉變，部分抵消了這一影響。訂閱收入年減 2,300 萬美元，或 5%，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激活費收入部分抵消了這一減少。

Total gross profit was $328 million in Q4, an increase of $16 million or 5% year over year. Total gross margin was 54.1%, an increase of 560 basis points year over year and 380 basis points above our implied guidance of 50.3%, driven by outperformance in both segments. Connected Fitness product gross margin was 17.3%, an increase of 900 basis points year over year, driven by inventory write-downs recorded in Q4 of last year, a mix shift towards higher-margin products, and decreases in service and repair, warehousing, and transportation costs.

第四季總毛利為 3.28 億美元，年增 1,600 萬美元，增幅 5%。總毛利率為 54.1%，較去年同期成長 560 個基點，較我們預期的 50.3% 高出 380 個基點，這得益於兩個部門的優異表現。Connected Fitness 產品毛利率為 17.3%，較去年同期成長 900 個基點，主要原因是去年第四季的庫存減記、產品組合向高利潤產品轉變以及服務和維修、倉儲和運輸成本的下降。

Subscription gross margin was 71.9% an increase of 370 basis points year over year, driven by decreases in music licensing royalties, personnel-related expenses, inclusive of stock-based compensation and depreciation and amortization. Subscription gross margin benefited from a one-time balance sheet adjustment to accrued music royalties associated with drilling and music licensing agreement. Excluding this one-time benefit, subscription gross margin would have been 69.2%.

訂閱毛利率為 71.9%，較去年成長 370 個基點，主要由於音樂授權版稅、人員相關費用（包括股票薪酬以及折舊和攤提）的減少。訂閱毛利率受益於與鑽探和音樂許可協議相關的應計音樂版稅的一次性資產負債表調整。除去這筆一次性收益，訂閱毛利率將達到 69.2%。

Total operating expenses, including restructuring and impairment expenses, were $299 million in Q4, a $77 million or 20% decrease year over year, reflecting the continued progress we've made in rightsizing our cost structure, partially offset by expenses associated with today's announced restructuring plan. We exceeded our target to achieve at least $200 million of run rate cost savings by the end of fiscal 2025.

第四季的總營運費用（包括重組和減損費用）為 2.99 億美元，比去年同期減少 7,700 萬美元，降幅為 20%，這反映了我們在調整成本結構方面取得的持續進展，但今天宣布的重組計劃相關費用部分抵消了這一影響。我們超額完成了 2025 財年末至少 2 億美元運行成本節約的目標。

Sales and marketing expenses were $81 million in Q4, a decrease of $32 million or 28% year over year, driven by decreases in advertising and marketing spend, personnel-related expenses, inclusive of stock-based compensation and retail showroom expenses. We exited 24 retail showroom locations in fiscal 2025, reducing our retail footprint from 37 to 13 showrooms at the end of Q4, excluding the addition of one micro store location.

第四季銷售和行銷費用為 8,100 萬美元，年減 3,200 萬美元或 28%，主要原因是廣告和行銷支出、人員相關費用（包括股票薪酬）和零售展廳費用減少。我們在 2025 財年退出了 24 個零售展廳，到第四季末，我們的零售足跡從 37 個展廳減少到 13 個展廳（不包括新增的一個微型商店）。

Research and development expenses were $56 million in Q4, a decrease of $14 million or 20% year over year, driven by decreases in personnel-related expenses, inclusive stock-based compensation and product development costs.

第四季研發費用為 5,600 萬美元，年減 1,400 萬美元，或 20%，主要由於人員相關費用、全額股票薪酬和產品開發成本的減少。

General and administrative expenses were $125 million in Q4, a decrease of $61 million or 33% year over year, driven by decreases in stock-based compensation associated with executive departures in Q4 of last year and other personnel-related expenses were offset by slightly higher professional fees.

第四季的一般及行政開支為 1.25 億美元，較去年同期減少 6,100 萬美元，即 33%，這主要是由於去年第四季高階主管離職導致的股票薪酬減少，以及其他與人事相關的開支被略高的專業費用所抵消。

This quarter, we recognized $37 million of impairment and restructuring expense, primarily consisting of severance and personnel-related charges as a result of today's announced restructuring plan as well as other noncash impairment charges.

本季度，我們確認了 3,700 萬美元的減損和重組費用，主要包括因今天宣布的重組計劃而產生的遣散費和人員相關費用以及其他非現金減損費用。

Adjusted EBITDA was $140 million in Q4, which was a $70 million or 99% improvement year over year and $54 million above the high end of our implied guidance range. We generated $112 million of free cash flow in Q4, an increase of $86 million year over year. Q4 free cash flow benefited from outperformance in revenue and gross margin as well as lower operating expenses.

第四季調整後的 EBITDA 為 1.4 億美元，比去年同期成長 7,000 萬美元（成長 99%），比我們隱含指引範圍的高階主管高出 5,400 萬美元。我們在第四季產生了 1.12 億美元的自由現金流，年增 8,600 萬美元。第四季自由現金流受益於收入和毛利率的優異表現以及營運費用的降低。

We ended Q4 with $1.40 billion in unrestricted cash and cash equivalents, an increase of $125 million quarter over quarter. Overall, our fourth-quarter performance reflects a continuation of meaningful profitability improvement for our already high retention, high gross margin Connected Fitness subscription business.

截至第四季末，我們的非限制現金和現金等價物為 14 億美元，季增 1.25 億美元。總體而言，我們第四季度的業績反映出我們已經很高的留存率、高毛利率的 Connected Fitness 訂閱業務的盈利能力繼續顯著提升。

Our continued focus on rightsizing our cost structure and derisking our balance sheet has enabled us to achieve a strong financial footing from which we can execute our strategy that is focused on achieving sustainable, profitable growth.

我們持續注重調整成本結構和降低資產負債表風險，這使我們能夠建立強大的財務基礎，從而可以執行專注於實現可持續盈利增長的策略。

Next, I'd like to share context for our financial outlook. For full-year fiscal 2026 and on a quarterly basis, we are providing guidance for total revenue, total gross margin, and adjusted EBITDA. We will also continue to provide an annual target for minimum free cash flow and a quarterly guidance range for ending paid Connected Fitness subscriptions.

接下來，我想分享我們的財務前景。對於 2026 財年全年和季度，我們將提供總收入、總毛利率和調整後 EBITDA 的指導。我們也將繼續提供最低自由現金流的年度目標和終止付費 Connected Fitness 訂閱的季度指導範圍。

Our full-year fiscal 2026 total revenue outlook of $2.4 billion to $2.5 billion reflects a 2% revenue decrease year over year at the midpoint. As we execute on our strategy over to the year, we may evaluate changes in pricing, promotional strategy, and other actions to achieve our financial targets.

我們對 2026 財年全年總營收的預期為 24 億美元至 25 億美元，反映出中期營收年減 2%。隨著我們全年策略的執行，我們可能會評估定價、促銷策略和其他行動的變化，以實現我們的財務目標。

Q1 total revenue is expected to be $525 million to $545 million and reflects a decrease of 9% year over year at the midpoint. As a result of anticipated year-over-year declines in hardware sales and paid Connected Fitness subscriptions. Similar to fiscal 2025, we expect Q1 to be a seasonally low quarter for hardware sales.

第一季總營收預計為 5.25 億美元至 5.45 億美元，年比中位數下降 9%。由於預計硬體銷售和付費 Connected Fitness 訂閱量將年減。與 2025 財年類似，我們預計第一季將是硬體銷售的季節性低迷期。

Taken together with our guidance for revenue for the full fiscal year, which reflects a lesser decline at the midpoint compared to what we expect in Q1, you can see that we expect to inflect toward year-over-year revenue growth over the remaining three quarters of the fiscal year.

結合我們對整個財年收入的預期，該預期反映出中期收入下降幅度小於我們對第一季的預期，您可以看到，我們預計本財年剩餘三個季度的收入將實現同比增長。

Starting in fiscal 2026, we will assign executive and other corporate overhead associated with our New York headquarters and other corporate facilities as we focus on driving more accountability for cost at a functional level. Historically, these costs were all reported in G&A, but going forward, will be assigned across COGS, sales and marketing, G&A, and R&D.

從 2026 財年開始，我們將分配與紐約總部和其他公司設施相關的高階主管和其他公司管理費用，因為我們專注於在職能層面上推動更多對成本的問責。從歷史上看，這些成本均在 G&A 中報告，但從長遠來看，將分配到 COGS、銷售和行銷、G&A 和研發中。

Our guidance for total gross margin reflects these assignments, which drives a roughly 70 basis point headwind total gross margin. Full-year fiscal 2026 total gross margin is expected to be roughly 51%. Adjusting for the impact of assigning executive and corporate overhead expenses, our outlook reflects a total gross margin improvement of roughly 140 basis points year over year as a result of our continued focus on optimizing costs.

我們對總毛利率的指導反映了這些任務，這推動了大約 70 個基點的逆風總毛利率。預計2026財年全年總毛利率約為51%。在調整分配高階主管和公司管理費用的影響後，我們的預期反映出，由於我們持續注重優化成本，總毛利率將比去年同期提高約 140 個基點。

Our Q1 fiscal '26 total gross margin outlook is roughly 52%. Our fiscal '26 adjusted EBITDA guidance range of $400 million to $450 million reflects an increase of $21 million or 5% year over year at the midpoint, primarily driven by operating expense savings connected to the new restructuring plan we introduced today.

我們對 26 財年第一季總毛利率的預期約為 52%。我們 26 財年的調整後 EBITDA 指引範圍為 4 億美元至 4.5 億美元，以中點計算，比去年同期增加了 2,100 萬美元或 5%，這主要得益於我們今天推出的新重組計畫帶來的營運費用節省。

We've actioned roughly half of the run rate cost savings as of today and expect the remainder to be realized over the course of the year. Roughly 15% of the $100 million run rate savings goal is expected to come from lower stock-based compensation. Q1 adjusted EBITDA is expected to be within the range of $90 million to $100 million, reflecting a decrease of $21 million or 18% year over year at the midpoint, primarily driven by our expected revenue decline.

截至今天，我們已經實現了大約一半的運行成本節約，預計剩餘部分將在今年內實現。預計 1 億美元運行率節省目標中約 15% 將來自較低的股票薪酬。預計第一季調整後的 EBITDA 在 9,000 萬美元至 1 億美元之間，中位數年減 2,100 萬美元或 18%，主要原因是我們預期的營收下降。

We have decided not to provide annual guidance for ending paid Connected Fitness subscriptions because over time, we plan to make trade-offs between pricing for both subscriptions and hardware and subscription growth. We also believe that we have many vectors for growth that do not result in an increase in subscription. We will continue to provide quarterly guidance for ending paid Connected Fitness subscriptions.

我們決定不提供終止付費 Connected Fitness 訂閱的年度指導，因為隨著時間的推移，我們計劃在訂閱和硬體的定價與訂閱成長之間做出權衡。我們也認為，我們有許多成長向量，但不會導致訂閱量的增加。我們將繼續提供終止付費 Connected Fitness 訂閱的季度指引。

Going forward, total revenue will be our primary top-line metric because it is a better measure of Peloton's long-term health. Q1 ending paid Connected Fitness subscription guidance of $2.72 billion to $2.73 million reflects a year-over-year decrease of 6% at the midpoint. We expect gross additions to decrease year over year as a result of an expected year-over-year decrease in Peloton hardware unit sales.

展望未來，總收入將成為我們的主要營收指標，因為它可以更好地衡量 Peloton 的長期健康狀況。第一季末 Connected Fitness 付費訂閱費用指引為 27.2 億美元至 273 萬美元，年比中位數下降 6%。我們預計，由於 Peloton 硬體銷售量預計將年減，總增量也將年減。

Average net monthly paid Connected Fitness subscription churn is expected to follow our historical seasonal pattern with higher churn in Q1, but still slightly lower than Q1 of last year. Before we cover free cash flow, I wanted to share a quick note on tariff policy, which as you know, is a dynamic situation.

預計每月平均淨付費 Connected Fitness 訂閱流失率將遵循我們的歷史季節性模式，第一季的流失率較高，但仍略低於去年第一季。在我們討論自由現金流之前，我想先簡單介紹一下關稅政策，正如你們所知，這是一個動態的情況。

While we manufacture some Precor products in the US, we are subject to country-specific reciprocal tariffs for Peloton and Precor equipment, including but not limited to: Peloton and Precor equipment imported from Taiwan and other Precor products imported from China. While Peloton tablets are currently subject to a tariff exemption for computers, we anticipate that our imported tablets from Thailand may become subject to a country-specific reciprocal tariff rate within the coming months.

雖然我們在美國生產一些 Precor 產品，但我們必須遵守針對 Peloton 和 Precor 設備的特定國家/地區的互惠關稅，包括但不限於：從台灣進口的 Peloton 和 Precor 設備以及從中國進口的其他 Precor 產品。雖然 Peloton 平板電腦目前享有電腦關稅豁免，但我們預計，未來幾個月內，我們從泰國進口的平板電腦可能會受到特定國家互惠關稅稅率的約束。

Peloton and Precor imported equipment are also currently subject to a 50% tariff on their aluminum content. We remain committed to generating meaningful free cash flow with a target to achieve at least $200 million in fiscal 2026, inclusive of anticipated tariff exposure of roughly $65 million.

Peloton 和 Precor 進口設備的鋁含量目前也需繳納 50% 的關稅。我們仍然致力於創造有意義的自由現金流，目標是在 2026 財年實現至少 2 億美元，其中包括預計約 6,500 萬美元的關稅風險。

As the rates continue to evolve, this exposure could change. In fiscal 2025, we reduced our inventory position, creating a significant net working capital benefit to free cash flow. While we do expect a small cash benefit from inventory in fiscal 2026, overall, we expect changes in net working capital to be a free cash flow headwind this fiscal year.

隨著利率不斷變化，這種風險敞口可能會改變。在 2025 財年，我們減少了庫存，為自由現金流帶來了顯著的淨營運資本效益。雖然我們確實預期 2026 財年庫存會帶來少量現金收益，但總體而言，我們預期淨營運資本的變動將成為本財年的自由現金流阻力。

We also expect greater one-time cash restructuring charges within the fiscal year as a result of our $100 million run rate cost savings plan. These headwinds are partially offset by improvements in gross margin and operating expenses as a result of our focus on improving monetization and optimizing costs. For Q1 specifically, our typical seasonal sales pattern for Connected Fitness equipment requires us to build up inventory ahead of the holiday season and puts pressure on free cash flow within the quarter.

由於我們實施了 1 億美元的營運成本節約計劃，我們也預計本財年內一次性現金重組費用將會增加。由於我們專注於提高貨幣化和優化成本，毛利率和營運費用的提高部分抵消了這些不利因素。具體來說，對於第一季度，我們 Connected Fitness 設備的典型季節性銷售模式要求我們在假期前建立庫存，並給本季度的自由現金流帶來壓力。

When compounded by cash outlay for restructuring costs, we expect Q1 free cash flow to be slightly negative. By continuing to generate meaningful free cash flow in fiscal 2026, we expect to continue to make progress on reducing net debt and deleveraging our balance sheet over time, while also investing meaningfully in innovation so that we can make progress on our long-term objective to return Peloton to sustainable, profitable growth.

當加上重組成本的現金支出時，我們預期第一季的自由現金流量將略為負值。透過在 2026 財年繼續產生有意義的自由現金流，我們預計將在減少淨債務和降低資產負債表槓桿率方面繼續取得進展，同時在創新方面進行有意義的投資，以便我們能夠在長期目標上取得進展，使 Peloton 恢復可持續的盈利增長。

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

現在我們想開放問答環節。

Thanks, Liz. We'll begin the Q&A process this morning by taking a couple of questions from investors that set their topics in in advance. We received more than two dozen questions this quarter. So what while we can't add all of them, we did pick a couple of representative ones that will tackle before the operator opens the line for additional questions.

謝謝，莉茲。今天上午，我們將開始問答環節，回答投資人提出的幾個問題，這些問題是事先確定的。本季我們收到了二十多個問題。因此，雖然我們無法添加所有問題，但我們確實挑選了幾個具有代表性的問題，並在接線員開通熱線回答其他問題之前進行解決。

Our first question was asked by a number of US investors, so I'll paraphrase. How does Peloton see the opportunity for growth as Americans focus more on health and fitness? And in particular, can you speak to how this impacts the younger demographic. Peter, maybe you can jump on that one?

我們的第一個問題是許多美國投資者提出的，因此我將進行解釋。隨著美國人越來越關注健康和健身，Peloton 如何看待成長機會？特別是，您能否談談這對年輕人群體有何影響？彼得，也許你可以試試這個？

Thanks, James. The attitudes of younger people are a big reason for the strategy that we announced today. When we look at young people, they're expanding their definition of what it means to live well. From a narrow focus on cardio as a tool for weight loss toward a more holistic approach that brings together cardio and strength in sleep, stress management, and nutrition to improve the quality of their lives and as I talked about, their health span.

謝謝，詹姆斯。年輕人的態度是我們今天宣布這項策略的重要原因。當我們觀察年輕人時，他們正在擴展對美好生活的定義。從狹隘地將有氧運動作為減肥的一種工具，轉向一種更全面的方法，將有氧運動和力量訓練與睡眠、壓力管理和營養結合起來，以改善他們的生活質量，正如我所說的，延長他們的健康壽命。

We also see that younger people are more likely to do training for their mental health they pursue a more diverse range of training approaches with more of an equal approach to strengthen cardio. They are also adopting functional nutrition thinking about food as a tool to enhance their wellness. At the same time that we're seeing all of those positive trends, we're also seeing just upsetting high levels of stress and depression and anxiety among young people.

我們也發現，年輕人更有可能進行心理健康訓練，他們追求更多樣化的訓練方法，採用更平等的方法來增強心肺功能。他們也採用功能性營養思想，將食物視為增進健康的工具。在我們看到所有這些正面趨勢的同時，我們也看到年輕人中令人不安的高壓力、憂鬱和焦慮程度。

So while we're reorienting Peloton with the announcement of today's strategy to maximize human impact for everyone, we know young people need us more than ever. And that means we're going to be focusing even more on personalized training programs that cut across the many disciplines that we offer. That means even more investment in strength, including things like our Strength+ app because people are more likely to pursue hybrid workout regimens, both at home and at the gym.

因此，當我們今天宣布戰略以最大限度地發揮對每個人的人類影響來重新定位 Peloton 時，我們知道年輕人比以往任何時候都更需要我們。這意味著我們將更加重視涵蓋我們所提供的眾多學科的個人化培訓計劃。這意味著在力量方面投入更多，包括我們的 Strength+ 應用程式之類的產品，因為人們更有可能在家中和健身房進行混合鍛鍊方案。

It means more investment in areas like meditation and sleep for mental wellbeing. We have something really cool on the way. I can't wait to talk more about it soon, using a mix of software and human coaching. And then last but not least, our special pricing program that I talked about earlier, offers discounted subscriptions on the Peloton app for students because not everyone has access to our equipment at college.

這意味著在冥想和睡眠等領域投入更多資金以促進心理健康。我們有一些非常酷的東西正在路上。我迫不及待地想盡快透過軟體和人工指導的方式進一步討論這個問題。最後但同樣重要的一點是，我之前提到的特殊定價計劃為學生提供 Peloton 應用程式的折扣訂閱，因為並不是每個人都能在大學使用我們的設備。

Great. Our next question comes from [Barack] in San Jose, California, Leaderboard name [B Metin]. He asks: stock-based compensation expenses have been growing disproportionately to the growth in your business. What are management's thoughts on current levels of SBC. Peter?

偉大的。我們的下一個問題來自加州聖荷西的[巴拉克]，排行榜名稱[B 梅廷]。他問道：股票薪酬費用的成長與公司業務的成長不成比例。管理層對 SBC 的當前水準有何看法？彼得？

Thanks, Barack. Great question. I'll start by just noting that some stock-based compensation is a good thing. It aligns the interests of the company's employees, especially in your leadership with the interests of shareholders, where all -- we all benefit when we see stock improvements in the value of our stock. It's also retentive.

謝謝，巴拉克。好問題。首先我想指出的是，有些以股票為基礎的薪酬是一件好事。它將公司員工的利益（特別是在您的領導下）與股東的利益結合起來，當我們看到股票價值上漲時，我們所有人都會受益。它也具有保留性。

So typically, cash payments happen within the year, but parts of stock-based compensation require employees to stay for multiple years in order to receive the benefits. It also encourages a long-term mindset as a consequence. That being said, your question was what's our thought on the current level of stock-based compensation.

因此，通常情況下，現金支付會在一年內發生，但部分股票薪酬要求員工留任多年才能獲得福利。因此，它也鼓勵人們建立長期思維。話雖如此，您的問題是我們對當前股票薪酬水平的看法是什麼。

And I'd say, historically, it's been too high. But I'll note that in FY25, we were able to reduce our stock-based compensation expense by $77 million, which is a 25% reduction year over year. And we do expect that to decline further in FY26.

我想說，從歷史上看，這個數字太高了。但我要指出的是，在 25 財年，我們能夠將股票薪酬費用減少 7,700 萬美元，比去年同期減少 25%。我們確實預計這一數字在 26 財年將進一步下降。

So I think we are definitely focusing on dilution, it's important. But the other thing that we're doing is trying to even more closely align the interests of our leadership with interest of our shareholders. And to that end, in FY25, we introduced performance stock units, PSUs, as a component of our executive compensation, and we are planning on increasing the mix of PSUs as a fraction of total stock-based compensation as we entered FY26. Thanks again for the question.

所以我認為我們肯定會關注稀釋，這很重要。但我們正在做的另一件事是努力使我們領導層的利益與股東的利益更加緊密地結合。為此，我們在 2025 財年引入了績效股票單位 (PSU) 作為高階主管薪酬的一部分，並且我們計劃在進入 2026 財年時增加 PSU 在股票薪酬總額中所佔的比例。再次感謝您的提問。

Thanks, Peter. [Sherry], can you open up the question -- the line for questions, please?

謝謝，彼得。 [雪莉]，你能打開提問專線嗎？

(Operator Instructions) Arpine Kocharyan, UBS.

（操作員指示）Arpine Kocharyan，瑞銀。

Thank you for taking my question. I was wondering if you could go over what's baked into your revenue assumptions for the year. You provided some good context in terms of sort of current strategy of why all you're doing could increase sort of higher engagement and that can lead to better churn and outcomes and ultimately, hopefully, stabilization in subs.

感謝您回答我的問題。我想知道您是否可以解釋一下您對今年的收入預期。您就當前策略提供了一些很好的背景信息，說明了為什麼您所做的一切都可以提高參與度，從而可以帶來更好的客戶流失和結果，並最終實現訂閱量的穩定。

But -- and I know it may be challenging to get into pricing given there is no -- there was no profit increase announcement from Peloton in the release. But maybe you could go over the key inputs of how you get to your revenue numbers for the year? And then I have a quick follow up for Liz.

但是——我知道，考慮到沒有——Peloton 在發布會上沒有宣布利潤增長，因此定價可能具有挑戰性。但也許您可以回顧一下如何獲得年度收入數字的關鍵輸入？然後我要快速跟進 Liz 的情況。

Sure. So thank you, Arpine, for the question. So we talked about a little while ago that our Q1 revenue guidance reflects a 9% decline at the midpoint. And our full-year guidance reflects a 2% decline at the midpoint, and that does imply that we expect to inflect toward year-over-year revenue growth in the following three quarters of the year.

當然。所以感謝 Arpine 提出這個問題。所以我們剛才談到，我們的第一季營收預期反映了中點 9% 的下降。我們的全年預期反映了中期 2% 的下降，這確實意味著我們預計今年接下來的三個季度營收將實現同比增長。

And we intend to achieve this through a combination of growth levers that are available to us, and that includes sales and subscriptions as a result of some exciting product updates that we hope to be able to share with you soon. adjusting prices to reflect the value that we provide to our members and cost of operating our business. And this includes things like charging delivery and return fees and adjusting pricing and promotions.

我們打算透過多種可用的成長槓桿來實現這一目標，其中包括一些令人興奮的產品更新帶來的銷售和訂閱，我們希望能夠很快與您分享這些產品更新。調整價格以反映我們為會員提供的價值和營運業務的成本。其中包括收取運費和退貨費以及調整價格和促銷等內容。

And in today's shareholder letter, we did note that we'll have more details to share about our product innovation before our next earnings call, and we're very excited about these, and they make us optimistic for the holidays. And then we'll be able -- in our next earnings call to be able to provide some more color on how these are impacting our full-year expectations.

在今天的股東信中，我們確實指出，我們將在下次收益電話會議之前分享更多有關我們產品創新的細節，我們對此感到非常興奮，它們讓我們對假期充滿樂觀。然後，我們將能夠在下一次收益電話會議上提供更多有關這些因素如何影響我們全年預期的詳細資訊。

Thank you. That's very helpful. And then maybe this one is for you as well. Would it be possible to go over the cadence of that $100 million of Costa? And you alluded to where they're coming from? Outside of headcount where else you see opportunities?

謝謝。這非常有幫助。那也許這個也適合你。有可能超越科斯塔那 1 億美元的節奏嗎？您有提到他們來自哪裡嗎？除了員工人數之外，您還在哪裡看到機會？

There's always that concern that incremental cost cutting is always more difficult when the low-hanging fruit has been harvested, but if you could help us sort of break down the cadence of those cost saves throughout the year, it would be helpful.

人們總是擔心，當低垂的果實被收穫後，增量成本削減總是會更加困難，但如果您能幫助我們分解全年這些成本節約的節奏，那將會很有幫助。

Sure. So today's announced restructuring plan is designed to achieve at least $100 million in annualized run rate savings by the end of FY26. And as of today, we will have actioned about roughly half of the run rate savings through the reductions in our workforce, and we expect to achieve the remainder throughout the balance of the year, one of the areas that we are focused on is indirect spend optimization and then also potential workforce locations.

當然。因此，今天宣布的重組計劃旨在在 26 財年末實現至少 1 億美元的年度運行率節約。截至今天，我們將透過裁員實現大約一半的運行成本節省，我們預計在今年餘下時間裡實現剩餘成本節省，我們重點關注的領域之一是間接支出優化以及潛在的勞動力位置。

So -- and the $100 million run rate savings target consists of reductions across our operating expenses. The biggest area is G&A. And then we also expect some savings across R&D, sales and marketing, and COGS. And then I mentioned it earlier, but I'll mention it again, that our stock-based comp represents about 15% of the run rate savings period.

因此，1 億美元的運行率節省目標包括削減我們的營運費用。最大的領域是 G&A。然後，我們也預計在研發、銷售和行銷以及銷貨成本方面會有一些節省。我之前提到過，但我還要再提一下，我們的股票補償約佔運行率節省期的 15%。

That's very helpful. Thank you.

這非常有幫助。謝謝。

Youssef Squali, Truist Securities.

Youssef Squali，Truist Securities。

Congrats on that solid quarter. Maybe just a follow up to the prior question about growth. And just to be clear, so it's great to see you guys going from having shrunk for the last several years to look in at a pivot in revenue growth starting hopefully in Q2 through the rest of the year.

恭喜本季取得豐碩成果。也許只是對之前關於成長的問題的後續回答。需要明確的是，很高興看到你們擺脫了過去幾年的萎縮，並有望在第二季度開始並在今年剩餘時間內實現收入成長的轉折點。

But as we look at the business maybe longer term and maybe beyond the price adjustments that may get you there near term, can you maybe just talk about your expectations for kind of the secular growth in this business. Is this business still at a holistic level still flat to maybe declining from an overall market standpoint? Or do you see that having maybe improved? And then I have a quick gross margin question for Liz after that.

但是，當我們從更長遠的角度看待這項業務，也許除了價格調整之外，還可能在短期內實現這一目標，您能否談談對這項業務長期成長的預期。從整個市場的角度來看，這項業務是否整體上仍處於平穩甚至下降的狀態？或者您認為情況可能有改善嗎？然後我向 Liz 提了一個簡短的毛利率問題。

Yeah, Youssef, thanks for that question. We have great optimism for the future of this business. One of the things that we've done here is that some research focusing on the US and looking at what we believe the market opportunity is even if we just focus on fitness for a moment. And so we looked at -- in this case, just people with household income of over 75,000 spend money on fitness. And that's 17 million people in the US just alone.

是的，優素福，謝謝你提出這個問題。我們對這個業務的未來充滿信心。我們在這裡所做的事情之一是進行一些以美國為重點的研究，並研究我們認為的市場機會是什麼，即使我們只專注於健身。因此我們研究了一下——在這種情況下，只有家庭收入超過 75,000 美元的人才會花錢健身。光在美國就有 1700 萬人。

And then if we further qualify that group, to add that they're willing to spend money on both fitness equipment and fit subscriptions, we believe that's about 17 million households in our service addressable market. And in the US, we have only a fraction of those households and subscribers.

然後，如果我們進一步確定該群體的資格，並補充說他們願意在健身器材和健身訂閱上花錢，那麼我們相信，在我們的服務目標市場中大約有 1700 萬個家庭。而在美國，我們只擁有其中一小部分家庭和使用者。

And so we've got plenty of upside just in the market as it's been sort of as it exists right now. I talked earlier about the trends that we're seeing in the marketplace as well with people becoming ever focused on their quality of life and recognizing that that creates a real need for them to engage in behavioral change. That has, one, the potential to further increase those numbers that I just described but second for us to open up additional vectors for growth for our company.

因此，就目前的市場狀況而言，我們擁有很大的上漲空間。我之前談到了我們在市場上看到的趨勢，人們越來越關注他們的生活質量，並認識到這確實需要他們參與行為改變。一方面，這有可能進一步增加我剛才描述的那些數字，另一方面，這也為我們公司開闢了額外的成長空間。

We basically only really been serving people through cardio and then the rest of the disciplines, while we have amazing offerings and really impressive uptake of those are essentially adjunct to that. But as you start to think about each of those as a vector for customer acquisition and potentially drivers of incremental value from our members, you can start to see a significant potential for growth.

我們基本上只透過有氧運動和其他學科為人們提供服務，雖然我們提供的服務令人驚嘆，而且這些服務的接受度確實令人印象深刻，但基本上都是輔助性的。但是，當您開始將每一個都視為獲取客戶的載體以及從我們的會員中獲取增量價值的潛在驅動力時，您就會開始看到巨大的成長潛力。

And as I said earlier, I believe that there is no company better positioned as a matter of credibility and the resources that we have and the amazing people that we have in our company to capture those opportunities. So I view this as an expanding market and one that we have barely scratched the surface of.

正如我之前所說，我相信，就信譽、資源以及我們公司出色的人才而言，沒有任何一家公司比我們更有能力抓住這些機會。因此，我認為這是一個不斷擴大的市場，而我們才剛剛觸及這個市場的表面。

That's awesome. That's really helpful. And then maybe, Liz, could you please double click on your expectations for gross margin for 2026, particularly across both subscription and hardware, I think you guys have done a really good job improving margins on the hardware business. How does that progress throughout the year as maybe you could gain maybe some headwinds to that top line.

太棒了。這真的很有幫助。然後，Liz，也許您能雙擊一下您對 2026 年毛利率的預期，特別是在訂閱和硬體方面，我認為您在提高硬體業務的利潤率方面做得非常好。這情況在全年會如何發展？也許你會在這一營收方面遇到一些阻力。

Sure. So let me talk a little bit about Q1 and then I'll talk about the full year. So in Q1, we do expect our total gross margin to decrease sequentially, and that's due to lower margin across both of our segments. Our Connected Fitness gross margin will be impacted by the fact that we will have less -- we expect to have less hardware sales. So that causes some fixed cost deleverage.

當然。那麼，讓我先談談第一季的情況，然後再談談全年的情況。因此，在第一季度，我們確實預計我們的總毛利率會環比下降，這是因為我們兩個部門的利潤率都下降了。我們的 Connected Fitness 毛利率將受到硬體銷售額減少的影響—我們預計硬體銷售額將會減少。因此這會導致一些固定成本去槓桿。

And similar to prior years, we do expect to have just a lower seasonal mix of revenue from Connected Fitness in Q1. And then Q1 sub-margin is expected to return into the 68% to 69% range that we are typically in. We outperformed a bit in Q4, but we expect to be back in kind of our 68% to 69% range.

與往年類似，我們預計第一季 Connected Fitness 的營收季節性組合會有所下降。預計第一季的利潤率將回到我們通常所處的 68% 至 69% 的範圍內。我們在第四季度的表現略有超出，但我們預計將回到 68% 至 69% 的範圍內。

Now on a full-year basis, if you look at our fiscal '26 guidance, it reflects a year-over-year improvement of 140 basis points after you adjust for the impact of assigning the executive and corporate overhead costs into COGS. I talked a little bit about how we are making that change in assignment that starting this year.

現在，從全年來看，如果您查看我們的 26 財年指引，您會發現，在調整了將高階主管和公司間接成本分配到 COGS 的影響後，同比去年同期提高了 140 個基點。我稍微談了一下我們如何從今年開始改變任務。

And so we do expect margin improvement in both of our segments. Connected Fitness segment, we expect to benefit from things like lower service and repair costs, lower warranty costs, and also some of the benefits associated with our FY26 cost savings plan. And then the Subscription segment, we do expect to benefit from optimization to our content production and music royalty expenses.

因此，我們確實預期兩個部門的利潤率都會提高。在互聯健身部門，我們預計將受益於更低的服務和維修成本、更低的保固成本，以及與我們的 FY26 成本節約計畫相關的一些好處。然後是訂閱部分，我們確實希望從內容製作和音樂版稅費用的優化中受益。

Super helpful. Thanks, Liz. Thanks, Peter.

超有幫助。謝謝，莉茲。謝謝，彼得。

Curtis Nagle, Bank of America.

美國銀行的柯蒂斯‧納格爾。

Yeah, great. Maybe just switching gears a little bit. We touched on this a bit on the call, but just thinking about capital allocation and potential refi that you guys have demonstrated very strong EBITDA and cash flow. How are you thinking about that, I guess, in relation to the term loan?

是的，很棒。也許只是稍微轉換一下思路。我們在電話會議上稍微談到了這一點，但只是考慮資本配置和潛在的再融資，你們已經展示了非常強勁的 EBITDA 和現金流。我想，您對於定期貸款有何看法？

Sure. So let me just sort of recap a little bit on our capital allocation strategy and kind of where we've been and where we're going. So many of you may recall that in May of '24, we were approaching a maturity wall, and we successfully completed a $1.35 billion refinancing of our balance sheet.

當然。因此，請容許我稍微回顧一下我們的資本配置策略以及我們過去的做法和未來發展方向。你們中的許多人可能還記得，2024 年 5 月，我們即將到期，我們成功完成了 13.5 億美元的資產負債表再融資。

And then since that time, we have grown our adjusted EBITDA from $4 million in fiscal '24 to over $400 million in fiscal 2025, and we also generated over $320 million of free cash flow. So with that progress, which we've been really pleased with, we have been able to quickly deleverage our balance sheet, and our net debt has decreased 43% year over year.

從那時起，我們的調整後 EBITDA 從 24 財年的 400 萬美元成長到 2025 財年的 4 億多美元，同時我們也產生了超過 3.2 億美元的自由現金流。因此，我們對這一進展感到非常高興，我們已經能夠快速降低資產負債表的槓桿率，我們的淨債務比去年同期減少了 43%。

So we ended the quarter with just under $1.4 billion of unrestricted cash and cash equivalents. And we also are mindful that we do have those $200 million in convertible notes that are due in Feb of next year. And obviously, we have enough cash on our balance sheet to be able to pay them down and then some.

因此，本季末我們的非限制現金和現金等價物略低於 14 億美元。我們也注意到，我們確實有 2 億美元的可轉換票據將於明年 2 月到期。顯然，我們的資產負債表上有足夠的現金來償還這些債務，甚至更多。

And we don't intend to pay them early at this point because they are a 0% coupon. Now as you think about -- we think about our capital allocation strategy going forward, we do believe that we have more cash on the balance sheet that we need to run the business. And our top priority is just to continue to deleverage as we believe this will create more optionality for us in the future.

我們現在不打算提前付款，因為他們是 0% 的優惠券。現在，正如您所想的那樣——我們考慮未來的資本配置策略，我們確實相信我們的資產負債表上擁有經營業務所需的更多現金。我們的首要任務是繼續去槓桿，因為我們相信這將為我們未來創造更多的選擇。

Now regarding our $1 billion term loan, specifically, it is a five-year term loan. It's priced now at SOFR plus 5.5%. It used to be 6%. We achieved a 50 basis point rate step down for achieving our first lien net leverage ratio of less than 5x a couple of quarters ago. If we were to take the term loan out today, it comes with a penalty of 1% or roughly $10 million, and then that reduces to par in May of '26.

現在關於我們的 10 億美元定期貸款，具體來說，這是一筆五年期定期貸款。目前其價格為 SOFR 加 5.5%。以前是6%。幾個季度前，我們實現了 50 個基點的利率下調，以實現我們的第一留置權淨槓桿率低於 5 倍。如果我們今天提取定期貸款，則會產生 1% 或約 1000 萬美元的罰款，然後在 26 年 5 月降至平價。

So we are always looking at optimizing our capital structure, but we do want to be mindful of that $10 million penalty, which as we get closer and closer to May of '26, it's less of a benefit to take out and restructure ahead of that date. But we're always looking at what opportunities we have, and we do believe that our much stronger balance sheet should enable us to achieve better interest rates at the right time when we do restructure.

因此，我們一直在尋求優化我們的資本結構，但我們確實要留意那 1000 萬美元的罰款，隨著我們越來越接近 26 年 5 月，在此日期之前取出並重組的好處越來越小。但我們始終在尋找我們擁有的機會，我們確實相信，我們更強勁的資產負債表應該能讓我們在重組時在適當的時機實現更好的利率。

Okay. Got it. Then maybe just Peter, a quick one for you, just in terms of sizing commercial opportunity. You have a new working group dedicated to that. So in terms of how material that could be to revenue and results this year, just any thoughts there?

好的。知道了。那麼也許只是彼得，就商業機會的規模而言，我可以快速向您詢問。你們有一個專門負責此事的新工作小組。那麼，就這對今年的收入和業績有多大影響而言，您有什麼看法嗎？

Yeah. Curtis, thanks. The commercial business unit that we launched has already turned back to growth. And that is the consequence of the amazing work of the Precor team in rebuilding relationships with gyms around the world. I love this combination. You've got basically Precor, which builds world-class heavy-duty equipment for the commercial environment.

是的。柯蒂斯，謝謝。我們推出的商業業務部門已經恢復成長。這是 Precor 團隊在與世界各地的健身房重建關係方面所做的出色工作的結果。我喜歡這個組合。您基本上已經了解了 Precor，它為商業環境製造世界一流的重型設備。

And just as important as the service model that they've got, that's ideal for the high-use environments and the expectations of commercial gym operators. And then you've got Peloton with our magic formula, a beautiful high-quality equipment and software and human coaching.

與他們所擁有的服務模式同樣重要的是，它非常適合高使用率的環境和商業健身房經營者的期望。然後你就擁有了 Peloton，它擁有我們的神奇配方、精美的高品質設備和軟體以及手動指導。

When you put those things together, you've got a foundation in terms of equipment, software, content and the services that just no one can match for Jim. You add to that the fact that Precor is already in 80,000 facilities across 60 countries. Peloton's in 20,000. We haven't deduced the whole thing, but we're talking about relationships with close to 100,000 facilities around the world.

當你把這些東西放在一起時，你就擁有了設備、軟體、內容和服務的基礎，這是沒有人能與吉姆相比的。除此之外，Precor 的業務範圍已涵蓋 60 個國家的 80,000 個機構。Peloton 已達 2 萬人。我們還沒有推斷出全部內容，但我們正在談論與世界各地近 100,000 個設施的關係。

So when you do what we're now -- we're working on, which is you get to one combined sales force with two powerful complementary brands. We think commercial fitness and wellness is ours to win and it is an important vector for growth for us.

因此，當您按照我們現在正在做的事情去做時，您就會獲得一個擁有兩個強大互補品牌的聯合銷售團隊。我們認為商業健身和健康是我們的勝利，也是我們成長的重要載體。

Okay. Thank you.

好的。謝謝。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

Thanks for taking my questions. So I want to -- I apologize, I think this will be a little repetitive, but I do want to bounce back to the revenue guidance for the year. The question I want to ask is, as you've laid it out here in fiscal Q1, revenue is expected for your guidance to be down high-single digits that improved through the year. So what are -- to help us understand better that guidance or the achievability of that guidance.

感謝您回答我的問題。所以我想——抱歉，我想這會有點重複，但我確實想回到今年的收入預期。我想問的問題是，正如您在第一財季所述，預計收入將下降高個位數，但全年都會有所改善。那麼，什麼可以幫助我們更好地理解該指導或該指導的可實現性。

Can you point to anything you're seeing in the business now that gives you that confidence? And then I guess with that, how should we think about the split, if you will, between -- any changes you plan to make on subscription pricing versus new member acquisition within that guidance.

您能否指出目前業務中看到的任何讓您充滿信心的事情？然後我想，如果您願意的話，我們應該如何考慮分割——您計劃在該指導範圍內對訂閱價格和新會員獲取做出的任何改變。

Brian, why don't I take a little bit of a crack at this because Liz sort of did the first pass at this question. So again, as you noted, the first point is that from a revenue standpoint, if you look at Q1 versus the rest of the year, we go from down at the midpoint, minus 9 to the rest of the year, minus 2. So we are inflecting toward growth in the back part of the year. The -- what are the vehicles for accomplishing that right? It's growing the -- our new member acquisition.

布萊恩，我為什麼不嘗試這個問題呢，因為莉茲已經先回答了這個問題。因此，正如您所說，第一點是從收入的角度來看，如果您將第一季與今年剩餘時間進行比較，我們會發現從中點下降了 9%，到今年剩餘時間下降了 2%。因此，我們將在今年下半年實現成長。那麼──實現這項權利的手段是什麼？我們的新會員數量正在成長。

And you'll see that happening as a consequence of some of the innovations that we are not talking about today, but that we will reveal before our next earnings call. And we believe that will attract more new members to the company alongside the fact that Q2 is usually a seasonally strong business that we hope to achieve an acceleration of that progress. It comes from higher revenue per member. We believe we'll be able to accomplish that by selling more equipment.

您將會看到，這是我們今天不討論的一些創新的結果，但我們將在下次收益電話會議之前披露這些創新。我們相信，這將吸引更多的新成員加入公司，同時第二季通常是季節性強勁的業務，我們希望加速這一進展。這是因為每位會員的收入較高。我們相信透過銷售更多的設備我們能夠實現這一目標。

And again, we're very excited about our innovations, but more to come on that. Some of that can be to existing members. Some of that can be to new members. You're pushing on questions around the price change. And I guess what I would say is the best time to announce a price change, if you're going to do that is when you've actually got the value lined up, looking both backwards and forwards.

再次強調，我們對我們的創新感到非常興奮，但未來還會有更多創新。其中一些可以針對現有成員。其中一些可以針對新成員。您正在詢問有關價格變化的問題。我想說的是，如果你要這麼做的話，宣布價格變動的最佳時機是當你實際上已經確定了價值，同時回顧過去和展望未來的時候。

And looking back, we are delivering tremendous value to our members, and we feel great about where we are. We've more than doubled our instructor-led programs since we lasted a price change over three years ago. We've significantly increased our library workouts.

回顧過去，我們為會員提供了巨大的價值，我們對目前的狀況感到非常滿意。自從三年前我們進行價格調整以來，我們的講師指導課程數量增加了一倍以上。我們大大增加了圖書館運動的次數。

We've done so much on strength, whether it's the launch of the Strength+ app or whether it's launching new categories like Kettle bells and weighted vests. We've expanded many of the features of our product like we launched entertainment options like YouTube and Disney+ and NBA League path to our product.

我們在力量方面做了很多工作，無論是推出 Strength+ 應用程序，還是推出壺鈴和加重背心等新類別。我們擴展了產品的許多功能，例如我們在產品中推出了 YouTube、Disney+ 和 NBA 聯賽路徑等娛樂選項。

I've talked a lot about personalized plans and we're now up to 700,000 of our members having an advantage of personalized plans that are based on their goals and their preferences. So I think looking backwards, we feel really great about the value we provided. But a lot of members will feel like, well, I already got that. So what are you going to do for me going forward?

我已經多次談論個人化計劃，現在我們有多達 70 萬名會員可以享受基於他們的目標和偏好的個人化計劃。所以我認為回顧過去，我們對所提供的價值感到非常滿意。但很多成員會覺得，好吧，我已經懂了。那你以後會為我做些什麼呢？

And today is not the day for me to talk about those sorts of things. But when we do, I think our members are going to be even more excited about what Peloton has to offer. So again, I'm not going to comment anymore on that particular topic, except to just signal the value we have -- we already deliver and intend to deliver, it's been really positive.

今天不是我談論這些事情的日子。但當我們這樣做時，我認為我們的會員會對 Peloton 提供的服務感到更加興奮。所以，我再說一遍，我不會再對這個特定主題發表評論，只是表明我們的價值——我們已經實現並打算實現，這是非常積極的。

But there are those things. The other point that I'd like to make, right, is that there are a lot more ways of driving growth now for us as a business, right, selling a second or even a third Connected Fitness product to our existing subscribers.

但確實存在這些事情。我想提出的另一點是，現在我們有更多的方式來推動業務成長，例如向我們現有的訂戶銷售第二款甚至第三款 Connected Fitness 產品。

I talked a moment ago about the revenue that we generate from our commercial business unit, and we're seeing so much momentum now from that unit. We're starting to see some real interest in the marketplace on content licensing opportunities because there is simply nothing like Peloton out there in the world. And so all of those basically aggregate up to give us the confidence that we can turn the tide on the revenue side.

我剛才談到了我們從商業業務部門產生的收入，我們現在看到該部門的發展勢頭強勁。我們開始看到市場對內容授權機會的真正興趣，因為世界上根本沒有像 Peloton 這樣的公司。因此，所有這些因素加在一起，基本上給了我們信心，讓我們能夠扭轉收入方面的局面。

Great. I appreciate all the color. I'll leave it there. Thank you.

偉大的。我欣賞所有的色彩。我就把它留在那裡。謝謝。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

Thanks a lot for taking my questions. Let me try two, please. Peter, thanks for the context on how balloon cable, it sounds like there will be more details coming here in the next few months. But to the degree that you can comment on any -- so is Peloton going to -- the value proposition going to be one of a wellness app rather than fitness app. And if we are thinking about it that way, the value proposition that will be added on, are you thinking about offering different types of gearing because if I just want to have a part of it, versus the full package.

非常感謝您回答我的問題。請讓我試兩次。彼得，謝謝你提供有關氣球電纜的背景信息，聽起來在接下來的幾個月裡會有更多細節公佈。但是，就你可以評論的程度而言——Peloton 也將如此——其價值主張將是健康應用程式而不是健身應用程式。如果我們這樣考慮，那麼將要增加的價值主張，您是否考慮提供不同類型的槓桿，因為如果我只想要其中的一部分，而不是完整的一攬子計劃。

And then the second is the TAM has been big. I think it is pretty well understood in terms of how big your TAM is. One of the concerns has been adding new subscribers at the price point because it's a premium product. So could you please address that? And in the past, it has been fitness as a service and/or certified refurbished. Are those going to still be strategies that you're going to be doubling down on? Or where do those stand?

第二點是TAM已經很大了。我認為從 TAM 有多大的角度來理解這一點是相當容易的。由於這是一款高端產品，因此人們擔心的一個問題是能否以這樣的價格吸引到新用戶。那你能解決這個問題嗎？過去，它一直將健身作為一種服務和/或經過認證的翻新。這些仍是您要加倍努力的策略嗎？或者它們處於什麼位置？

Well, that's great. Lots to cover there. So I want to start with the fact that cardio is and will continue to be the foundation for Peloton as it is the foundation for our members achieving their health and wellness outcomes. And our leadership in that space and the trust that we've built with our members in the category are what entitle us to be able to offer these additional offerings.

嗯，那太好了。那裡有很多內容要講。因此，我想首先說明的是，有氧運動現在是並將繼續是 Peloton 的基礎，因為它是我們會員實現健康和保健成果的基礎。我們在該領域的領導地位以及我們與該類別成員建立的信任使我們有資格提供這些額外的產品。

So right now, strength is already a key part of our approach. If you were to listen to the CDC, they will tell you that a mix of cardio and strength is optimal for adult fitness. And we are seeing 2 million of our members engaging in our train classes again this quarter. And so we've been doing even more in that area. I talked about kettlebell classes.

因此現在，實力已經成為我們方法的關鍵部分。如果您聽取 CDC 的意見，他們會告訴您，有氧運動和肌力訓練相結合對成年人的健身效果最佳。本季度，我們再次看到 200 萬會員參加我們的火車課程。因此我們在該領域做了更多工作。我談到了壺鈴課程。

The dedicated Strength+ app, which now allows you to take Peloton into the gym. We're evolving our software capabilities in the strength space, and we'll have some very exciting updates in that area coming soon.

專用的 Strength+ 應用程序，現在可讓您將 Peloton 帶入健身房。我們正在強度領域不斷提升我們的軟體能力，並且很快就會在該領域推出一些非常令人興奮的更新。

Mental wellbeing -- we continue to see strong levels of engagement in our medication cost. And as I indicated a little while ago, we have something cool coming along those lines that I can't wait to tell you more about that I think will make a big difference for people, and it will help with sleep as well. And then we're basically using our content team as an R&D lab on nutrition.

心理健康－我們繼續看到人們對藥物成本的關注度很高。正如我剛才所說，我們有一些很酷的東西即將問世，我迫不及待地想告訴你們更多，我認為它會給人們帶來很大的改變，也有助於睡眠。然後我們基本上將我們的內容團隊用作營養研發實驗室。

So in Q4, we launched our Peloton Kitchen series on social media. We're working in partnership with Dr. Jamie Sher, who's an expert nutritionist and dietician, and we're going to be attending and iterating on nutritional content over time.

因此，在第四季度，我們在社群媒體上推出了 Peloton Kitchen 系列。我們正在與營養專家和營養師 Jamie Sher 博士合作，我們將隨著時間的推移關注和迭代營養內容。

In terms of your questions then on -- there are a number of them that followed from that, Shweta, with regard to tiering, we already do have a tiering structure between F1, F+. We've got the Strength+ app that's available a la carte. And those, we think, are really nice gateways for people to discover Peloton and ultimately ladder up to the all-access membership.

就您隨後提出的問題而言——Shweta，關於分層，我們有許多問題，我們在 F1、F+ 之間已經有了分層結構。我們有可供點菜的 Strength+ 應用程式。我們認為，這些都是讓人們了解 Peloton 並最終成為全通會員的絕佳途徑。

With regard to our TAM, as I discussed earlier, there is a big -- there is 117 million people who are -- who spend money in the category and have the capability to invest in our type of equipment, but there's a big gap between that and the people who are ready for subscription. And so it's important for us to be able to tell our story and to reignite the innovation engine that excites people in the way that Peloton once did and certainly will in the very near

關於我們的 TAM，正如我之前所討論的，有 1.17 億人在該類別上花錢，並且有能力投資我們類型的設備，但這些人與準備訂閱的人之間存在很大差距。因此，對我們來說，重要的是能夠講述我們的故事，並重新點燃激發人們的創新引擎，就像 Peloton 曾經做到的那樣，而且在不久的將來也一定會做到。

future. With regard to -- and by the way, in so doing, we will essentially close the gap between the $17 million and $117 million, and that's where so much opportunity for us. With regard to [FAS] and Refurbished, we are committed to both of those programs as well as to the secondary market, which is contributing a very large fraction of our new members.

未來。順便說一句，這樣做的話，我們將從根本上縮小 1700 萬美元和 1.17 億美元之間的差距，這對我們來說是一個很大的機會。關於 [FAS] 和 Refurbished，我們致力於這兩個計劃以及二級市場，這為我們的新成員貢獻了很大一部分。

Essentially, what you see here, and this is the tiering of our equipment prices, is that without having to produce in the case particularly of our bikes without having to produce a lower-end bike, we're able to use our premium products and use the combination of the refurbishment and that secondary market to offer a lower price access point for people. And because we build that equipment to last, it's basically as good as new for secondary owners.

本質上，您在這裡看到的，這是我們設備價格的分級，即無需生產（特別是我們的自行車），無需生產低端自行車，我們就能夠使用我們的高端產品，並結合翻新和二級市場，為人們提供更低的價格接入點。而且由於我們製造的設備經久耐用，因此對於二手用戶來說，它基本上和新的一樣好。

So yeah, we're committed to all of those, and I appreciate the question.

是的，我們致力於實現所有這些目標，我很感謝你提出這個問題。

Thanks, Peter.

謝謝，彼得。

Great. And now it's the bottom of the hour here. Sherry, I'll ask the last question. It comes from Debbie in New York, Leaderboard name Get Busy Living. And Debbie asked what are some of your strategies and ideas for keeping Peloton interesting and exciting, particularly for loyal and long-time users.

偉大的。現在正是整點。雪莉，我來問最後一個問題。它來自紐約的黛比，排行榜名稱為 Get Busy Living。黛比詢問，您有哪些策略和想法可以讓 Peloton 保持有趣和令人興奮，特別是對於忠實和長期的用戶。

Peter?

彼得？

Debbie, thank you. I love that question because I'm one of them, too. I'm approaching my ninth year anniversary as a Pelton member in September. So -- and there are occasions when I find myself just getting in the rut of like my go-to instructors and just doing the latest classes from them. But fortunately, I'm privy to all the amazing things that we're doing here.

黛比，謝謝你。我很喜歡這個問題，因為我也是其中之一。今年九月我即將迎來成為 Pelton 會員九週年紀念。所以 — — 有時候我發現自己只是陷入了跟我的導師學習的窠臼，只上他們最新的課程。但幸運的是，我知道我們在這裡所做的所有令人驚奇的事情。

So here's some advice, and this is what I've been doing. We'll try to branch out. And we support about 15 different disciplines. And that's not just good for keeping your interest in Peloton. It's good for your body. It's good for your mind. So do strength in addition to cardio. If you belong to a gym, please download and try the Strength+ app. It's amazing.

所以這裡有一些建議，這就是我一直在做的事情。我們將嘗試拓展業務。我們支持大約 15 個不同的學科。這不僅有利於保持您對 Peloton 的興趣。這對你的身體有好處。這對你的心智有好處。除了有氧運動外，還要進行肌力訓練。如果您屬於健身房，請下載並嘗試 Strength+ 應用程式。太神奇了。

Add in meditations, whether you're doing them at a time -- during the daytime for focus or whether you're doing it at nighttime to help you sleep, it will reduce your stress that might even improve your interpersonal relationships. Try one of our new approaches like weighted vest classes or kettlebell workout.

加上冥想，無論你是在白天集中註意力還是在晚上幫助睡眠，它都會減輕你的壓力，甚至可能改善你的人際關係。試試我們的新方法，例如加重背心課程或壺鈴鍛鍊。

Again, branch out on the instructors. I've had the privilege of meeting all of them. We have more than 50 remarkable instructors and every one of them is an inspirational expert. Please go ahead and set up a personalized program. We've improved them a lot, even in the last quarter, to make them flexible around your schedule.

再次，拓展教練的範圍。我很榮幸能見到他們所有人。我們擁有 50 多位優秀的講師，他們每一位都是鼓舞人心的專家。請繼續設定個人化程序。即使在上個季度，我們也對它們進行了很大的改進，使它們能夠靈活地適應您的日程安排。

And then what the personalized program will do is it will recommend a mix of both newer and older classes that will help you achieve your goals faster. Definitely join a team, I'm a member of one of them. And that is basically now this supportive environment, it's like a safe social network that gives you tips on what works for other people and encouragement.

然後，個人化程式會推薦新舊課程的組合，以幫助您更快地實現目標。一定要加入一個團隊，我就是其中一個團隊的成員。這就是現在基本上支持性的環境，它就像一個安全的社交網絡，為你提供對其他人有用的建議和鼓勵。

We also recently just added the ability in the team's feed to link to work out. So our members are now recommending workout to each other, which is awesome.

我們最近還在團隊資訊流中加入了鍛鍊連結功能。所以我們的會員現在互相推薦運動方式，這太棒了。

If you can afford it, add another piece of our equipment into the mix, I know that sounds self-serving, but it's -- if you add, let's say, you're recycling die hard and you add tread or row into your routine, it's going to activate different muscles for you, both physically and mentally.

如果您負擔得起，可以添加另一件我們的設備，我知道這聽起來有些自私，但是——如果您添加，比如說，您非常熱衷於回收利用，並且在日常鍛煉中添加踩踏或划船，它將激活您的不同肌肉，無論是身體上還是精神上。

And then last but not least, and since you're a long-time member like me, I think you're going to really appreciate the work that we're doing to recognize and reward healthy habits and loyalty to our community. So that's one of the cool things we're going to be announcing really soon, and it's going to grow over time.

最後但同樣重要的一點是，由於您和我一樣是長期會員，我想您會非常欣賞我們為表彰和獎勵健康習慣和對社區的忠誠所做的工作。這是我們即將宣布的很酷的事情之一，而且它會隨著時間的推移而發展。

So all that -- with all that, stay with it, Debbie, stay tuned, and I welcome your feedback as we share more.

所以，堅持下去，黛比，請繼續關注，當我們分享更多內容時，我歡迎您的回饋。

Great. I want to thank everyone for joining us today. Have a good day. Thank you.

偉大的。我要感謝今天與我們一起參加的各位。祝你有美好的一天。謝謝。

This concludes today's program. Thank you all for participating. You may now disconnect.

今天的節目到此結束。感謝大家的參與。您現在可以斷開連線。