派樂騰 (PTON) 2026 Q2 法說會逐字稿

Good day and welcome to Peloton second quarter fiscal year 2026 conference call, at this time, all participants are in a listen-only mode. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Mr. James Marsh, Senior Vice President of Investor Relations, please go Ahead.

大家好，歡迎參加 Peloton 2026 財年第二季電話會議，目前所有參與者皆處於唯讀模式。（操作人員指示）請注意，今天的會議正在錄音。現在我謹將會議交給貴方發言人，投資者關係高級副總裁詹姆斯·馬什先生，請開始發言。

Thank you, operator. Good morning, and welcome to Peloton's Second Quarter Fiscal Year 2026 Conference Call. Joining today's call are Peloton Chief Executive Officer and President, Peter Stern, and Chief Financial Officer, Liz Coddington.

謝謝接線生。早安，歡迎參加 Peloton 2026 財年第二季電話會議。今天參加電話會議的有 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 implied by these forward-looking statements due to risks and uncertainties associated with our business. Please refer to our SEC filings in today's press release, both of which can be found on the Investor Relations website for a discussion of the material risks and other important factors that could impact our results.

我們對貴方問題的評論和答覆僅反映管理層截至今日的觀點，並將包含根據聯邦證券法作出的與我們業務相關的前瞻性陳述。由於與我們業務相關的風險和不確定性，實際結果可能與這些前瞻性聲明中包含或暗示的結果有重大差異。請參閱我們今天新聞稿中提交給美國證券交易委員會的文件，這兩份文件都可以在投資者關係網站上找到，其中討論了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 also provided in today's press release. I'll now turn it over to Peter.

在本次電話會議中，我們將討論GAAP和非GAAP財務指標。今天的新聞稿中還提供了 GAAP 與非 GAAP 財務指標的調整表。現在我把麥克風交給彼得。

Thanks, James. This quarter, we made significant progress on our multiyear strategy of evolving Peloton from a Connected Fitness company to a Connected Wellness company, an ambition anchored in the societal shift from a focus on lifespan to health span. Peloton's platform equipment and beloved brand, position us to capture more market share within the growing $7 trillion global wellness economy and to deliver ever greater human impact. As I shared in my annual shareholder letter last month, our path forward is focused on expanding our leadership in Cardio+ strength, growing our global commercial footprint and using AI-driven personalization to help our members across a wider array of fitness and wellness domains.

謝謝你，詹姆斯。本季度，我們在將 Peloton 從一家互聯健身公司發展成為一家互聯健康公司的多年戰略方面取得了重大進展，這一目標源於社會從關注壽命轉向關注健康壽命的轉變。Peloton 的平台設備和備受喜愛的品牌，使我們能夠在不斷增長的 7 兆美元全球健康經濟中佔據更大的市場份額，並帶來更大的人類影響。正如我在上個月的年度股東信中所分享的那樣，我們未來的發展方向是專注於擴大我們在有氧運動領域的領先地位，擴大我們的全球商業版圖，並利用人工智慧驅動的個人化服務，幫助我們的會員在更廣泛的健身和健康領域獲得幫助。

As we begin the new calendar year, we are more prepared for this evolution than ever, as we have built a strong financial foundation. Our cost discipline has enabled us to reduce our net debt by 52% year-over-year. The hard work we've done to improve our balance sheet enables us to both invest in our long-term growth and as the year progresses, put in place an anticipated lower cost and more flexible capital structure. In the second quarter, we unveiled a number of exciting updates to our magic formula of industry-leading equipment, intuitive software powered by AI and unmatched human instruction. This included the Peloton Cross Training Series, our first-ever hardware portfolio refresh, Peloton IQ, our AI-powered personalized software and new instructors focused on innovative strength, yoga and pilates offerings.

在新的一年伊始，我們比以往任何時候都更加充分地準備迎接這項變化，因為我們已經建立了強大的財務基礎。我們的成本控制措施使我們的淨債務年減了 52%。我們為改善資產負債表所做的努力，使我們能夠投資於長期成長，並且隨著時間的推移，建立預期中成本更低、更靈活的資本結構。第二季度，我們對業界領先的設備、人工智慧驅動的直覺軟體和無與倫比的人工指導這一神奇配方進行了一系列令人興奮的更新。這其中包括 Peloton 交叉訓練系列、我們首次更新的硬體產品組合、Peloton IQ（我們的人工智慧驅動的個人化軟體）以及專注於創新力量、瑜伽和普拉提課程的新教練。

We launched all of this going into our peak holiday sales period, which delivered 39% adjusted EBITDA growth year-over-year in Q2. We continue to drive higher margins and reduced operating expenses, thanks to our cost restructuring efforts.

我們在假期銷售旺季推出了所有這些舉措，第二季調整後 EBITDA 年比成長 39%。透過成本重組，我們持續提高利潤率並降低營運費用。

This quarter also highlighted the resilience of our Subscription business as we enjoyed strong member retention. Churn was lower than expected during the quarter with a price increase, underscoring the high value members place on our integrated experience. Revenue for Q2 came in below guidance, primarily due to fewer-than-expected equipment sales of the Cross Training Series to existing members. However, we were encouraged by the mix of existing members who purchased a new category of equipment, as more than 70% of Cross Training Series equipment sales to existing Bike owners with Tread and Row products. Our installed base of equipment is quite durable, and member satisfaction is extremely high as evidenced by our consistently high Net Promoter Scores and low churn.

本季也凸顯了我們訂閱業務的韌性，因為我們的會員留存率很高。本季客戶流失率低於預期，同時價格也有所上漲，凸顯了會員對我們一體化體驗的高度重視。第二季營收低於預期，主要是由於現有會員對交叉訓練系列產品的銷售額低於預期。不過，我們很高興地看到，現有會員購買了新類別的設備，其中超過 70% 的 Cross Training Series 設備銷售額來自擁有跑步機和划船機產品的現有自行車用戶。我們已安裝的設備非常耐用，會員滿意度也極高，這從我們持續較高的淨推薦值和較低的流失率中可見一斑。

We believe these factors likely contribute to a longer upgrade cycle than we had anticipated.

我們認為這些因素很可能導致升級週期比我們預期的要長。

In contrast, with sales to new members coming roughly in line with our expectations for the quarter. We remain confident that our product lineup featuring the new Cross Training Series will continue to attract new members. We are also encouraged to see sales of the Cross Training Series lean more towards the + line for our bikes indicating that its premium features and camera vision-based personal coaching are important purchase drivers for consumers. Our current marketing focus is on product education, helping both existing and prospective members discover the full power of what we've built. Swivel screens on all hardware products, more comfortable saddles on our bikes as well as + line feature upgrades, including the movement tracking camera that provides form feedback, rep tracking and weight suggestions.

相比之下，新會員的銷售額與我們對本季的預期基本一致。我們仍然相信，以全新交叉訓練系列為特色的產品陣容將繼續吸引新會員。我們也很高興地看到，Cross Training 系列自行車的銷量更傾向於 + 系列，這表明其高級功能和基於攝影機視覺的個人指導是消費者購買的重要驅動因素。我們目前的行銷重點是產品教育，幫助現有會員和潛在會員發現我們所開發產品的全部功能。所有硬體產品均配備旋轉螢幕，自行車配備更舒適的鞍座，以及+系列功能升級，包括提供姿勢回饋、重複次數追蹤和重量建議的運動追蹤攝影機。

Reviewers from trusted publications have praised the reinvention of our product lineup, including The Wall Street Journal, Women's Health, Men's Health, [PC Mag] and more.

包括《華爾街日報》、《女性健康》、《男性健康》、《PC Mag》等在內的多家權威媒體的評論員都對我們產品線的革新給予了高度評價。

We also scaled our retail footprint to 10 micro stores by the end of October, offering capital-efficient Peloton-managed environments that showcase our hardware and educate consumers on the Cross Training Series. In Q2, micro stores drove more sales on average than our legacy showrooms and more than 8 times the legacy showroom on a sales per square foot basis. In contrast, our third-party retail sales lagged expectations, so we are working with our distribution partners to share best practices in Q3 and beyond. We are committed to growing our commercial offerings and our brand touch points outside-the-home.

到 10 月底，我們的零售規模也擴大到 10 家微型商店，提供資本高效的 Peloton 管理環境，展示我們的硬體並向消費者普及交叉訓練系列產品。第二季度，微型商店的平均銷售額超過了我們傳統的展廳，以每平方英尺的銷售額計算，微型商店的銷售額是傳統展廳的 8 倍以上。相較之下，我們的第三方零售銷售額未達預期，因此我們正在與分銷合作夥伴共同努力，在第三季及以後分享最佳實踐。我們致力於拓展家庭以外的商業產品和服務，並增加品牌接觸點。

Our commercial business unit is well positioned to capture more market share by leveraging the strength of both the Precor and Peloton brands. Commercial showed strong performance achieving 10% revenue growth year-over-year and exceeding expectations across US and international markets. In Q2, we continued to make meaningful progress in improving member outcomes. We saw a 7% year-over-year increase in workout time per Connected Fitness Subscription a clear indication that our content and programming continue to resonate with our members and contributed to our member retention.

我們的商業業務部門憑藉 Precor 和 Peloton 兩大品牌的優勢，已做好充分準備，以獲取更多市場份額。商業業務表現強勁，年增 10%，並在美國和國際市場均超乎預期。第二季度，我們在改善會員權益方面持續取得實質進展。我們發現，每位連網健身訂閱用戶的鍛鍊時間年增了 7%，這清楚地表明，我們的內容和課程繼續引起會員的共鳴，並有助於提高會員留存率。

We also see rapid adoption of Peloton IQ which makes personal training more accessible and impactful by providing dynamic coaching that's responsive to each member's goals. 46% of active members engaged with their performance insights and recommendations during the first quarter since its rollout, and All-Access member engagement with personalized plans was up more than 10% from Q1. Based on our post-purchase research, Peloton IQ was ranked the most compelling feature by those who purchased the Cross Training Bike+, Tread and Tread+. We expect member engagement to increase further as we refine and evolve Peloton IQ to encompass more fitness and wellness domains.

我們也看到 Peloton IQ 的快速普及，它透過提供動態指導，根據每位會員的目標進行調整，使個人訓練更加便利有效。自推出以來，46% 的活躍會員在第一季就使用了他們的訓練表現分析和建議，而 All-Access 會員使用個人化訓練計畫的參與度也比第一季度增加了 10% 以上。根據我們的售後調查，購買了 Cross Training Bike+、Tread 和 Tread+ 的用戶認為 Peloton IQ 是最吸引人的功能。我們預計，隨著 Peloton IQ 不斷完善和發展，涵蓋更多健身和健康領域，會員參與度將進一步提高。

As strength continues to grow in popularity, in part due to the broader adoption of GLP-1s, we will continue to evolve our programming to support both Cardio and Strength. We welcomed three new Strength instructors, all of whom premiered in December teaching yoga sculpt and pilates. In addition to our content, we have a robust R&D agenda in the strength category as well.

隨著肌力訓練越來越受歡迎（部分原因是 GLP-1 的廣泛應用），我們將繼續改進我們的訓練計劃，以支援有氧運動和肌力訓練。我們迎來了三位新的力量訓練教練，他們都在 12 月首次亮相，教授瑜伽塑形和普拉提。除了內容之外，我們在強度方面也有強大的研發計畫。

This Thanksgiving, we celebrated one of Peloton's most beloved traditions, the 12th annual turkey burn. We produced a full slate of live classes throughout Thanksgiving morning, and saw a 6% increase in completed live workouts year-over-year. The Feast, our strength class featuring six instructors had a 24% increase in live workouts year-over-year and was our biggest live Strength class of all time. Our commitment to health outcomes is further evident in the strategic partnerships we initiated.

今年感恩節，我們慶祝了 Peloton 最受歡迎的傳統之一——第十二屆年度火雞焚燒活動。我們在感恩節上午製作了一系列直播課程，直播鍛鍊完成次數比去年同期增加了 6%。我們的「盛宴」肌力訓練課程由六位教練授課，現場訓練人數較去年同期成長 24%，是我們有史以來規模最大的現場肌力訓練課程。我們對健康成果的承諾在我們發起的策略合作中也得到了進一步體現。

In October, we announced a partnership with Twin Health to deliver personalized guidance with recommended Peloton content to improve metabolic health and reverse type 2 diabetes. Several thousand Twin Health members are engaging with our Cardio, Strength, Yoga and Meditation programming. Focusing on women's health, we collaborated with Respin Health on a 60-day study with more than 200 Peloton members experiencing menopause symptoms. Results from the program, which included Cardio and Strength workouts by Peloton and online community and coaching sessions showed that 84% of women experienced overall symptom improvement, including relieve from brain fog, lack of energy, weight gain and poor memory. This further validates the impact Peloton can have on health outcomes.

10 月，我們宣布與 Twin Health 建立合作關係，透過推薦 Peloton 內容提供個人化指導，以改善代謝健康並逆轉第 2 型糖尿病。數千名 Twin Health 會員正在參與我們的有氧運動、肌力訓練、瑜珈和冥想課程。我們專注於女性健康，與 Respin Health 合作進行了一項為期 60 天的研究，研究對象為 200 多名正在經歷更年期症狀的 Peloton 會員。該計劃包括 Peloton 的有氧運動和肌力訓練，以及線上社群和教練課程，結果顯示，84% 的女性整體症狀得到改善，包括緩解腦霧、缺乏精力、體重增加和記憶力下降。這進一步證實了 Peloton 對健康結果的影響。

A pillar of our strategy remains meeting members everywhere. Peloton was the official fitness partner of F1's Grand Prix in Las Vegas and filmed a first-of-its-kind class series on site, bringing the high-energy race vibe to members through on-demand content and immersive experiences. These classes performed well above individual class benchmarks. And according to a search lift study, the activation led to a 10% increase in brand sentiment and an 11% rise in purchase intent as online conversation pivoted toward our world-class content instructors and excite for the partnership.

我們策略的核心仍然是與世界各地的會員會面。Peloton 是 F1 拉斯維加斯大獎賽的官方健身合作夥伴，並在現場拍攝了首個此類課程系列，透過點播內容和沈浸式體驗，將高能量的比賽氛圍帶給會員。這些班級的表現遠遠超過各班級的基準水準。根據搜尋提升研究，這項活動使品牌好感度提升了 10%，購買意願提升了 11%，因為線上對話轉向了我們世界一流的內容講師，並對此次合作感到興奮。

Turning to our strategy of creating members for life. We're strengthening member ties through our new loyalty program, Club Peloton, which is designed to reward our members for their engagement and consistency. Since launching on October 1, 24% of active members engaged with Club Peloton, exceeding our 20% internal target. Benefit thus far have included Peloton apparel discounts and access to exclusive live rides, depending on the members tier. Members using their exclusive Club Peloton apparel discounts drove nearly 50% of apparel purchases in Q2.

轉向我們打造終身會員的策略。我們正在透過新的會員忠誠計畫「Club Peloton」加強與會員的聯繫，該計畫旨在獎勵會員的參與和堅持。自 10 月 1 日推出以來，24% 的活躍會員參與了 Club Peloton 活動，超過了我們 20% 的內部目標。目前為止，會員福利包括 Peloton 服裝折扣和專屬直播課程，具體取決於會員等級。第二季度，會員利用其專屬的 Club Peloton 服裝折扣購買了近 50% 的服裝。

We also launched four new official teams: Menopause Health, HYROX, Move for Life and Cross Training with 25,000 members joining one or more of them in the quarter. Business excellence remains a top priority and it shows in our balance sheet and P&L. We remain on track to achieve our $100 million run rate savings goal by the end of fiscal year 2026.

我們還推出了四個新的官方團隊：更年期健康團隊、HYROX 團隊、活力生活團隊和交叉訓練團隊，本季有 25,000 名成員加入了一個或多個團隊。卓越的經營績效仍是我們的首要任務，這點在我們的資產負債表和損益表中都有體現。我們仍有望在 2026 財年末實現每年節省 1 億美元的目標。

As we shared in August, we are achieving this by evolving our global operating model, thereby enabling us to invest in areas that give us a competitive advantage and most directly support our long-term growth. We recently entered into a relationship with a leading global business services provider to support and deliver some of our operational work while also expanding Peloton's presence in lower-cost locations. The progress we've made in optimizing our cost structure shows in our meaningful free cash flow generation and continued de-leveraging. Optimizing capital allocation is one of our top priorities as we believe it is critical to achieving our growth goals. While our updated full year revenue guidance does not turn positive for the year, our trajectory reflects a meaningful improvement compared to the declines Peloton sustained last year.

正如我們在 8 月分享的那樣，我們正在透過改進我們的全球營運模式來實現這一目標，使我們能夠投資於能夠為我們帶來競爭優勢並最直接地支持我們長期成長的領域。我們最近與一家領先的全球商業服務提供者建立了合作關係，以支援和交付我們的一些營運工作，同時擴大 Peloton 在成本較低地區的業務。我們在優化成本結構方面取得的進展體現在我們可觀的自由現金流產生和持續的去槓桿化。優化資本配置是我們的首要任務之一，因為我們認為這對於實現我們的成長目標至關重要。雖然我們更新後的全年營收預期並未轉正，但我們的發展軌跡反映出與 Peloton 去年遭受的下滑相比，已經出現了顯著改善。

More important, we are making this progress while improving unit economics and profitability, demonstrating our discipline in pursuing sustainable and profitable growth.

更重要的是，我們在提高單位經濟效益和獲利能力的同時取得了這些進展，這體現了我們在追求永續獲利成長方面的嚴謹態度。

By prioritizing business excellence, we are doing what is right in the long term, for our shareholders and our community of loyal members. I will now pass it over to Liz, who will share more details about our Q2 financial results and guidance for the remainder of fiscal 2026.

透過優先考慮卓越的業務表現，我們正在為股東和忠實會員群體的長遠利益做正確的事情。現在我將把發言權交給 Liz，她將分享更多關於我們第二季財務表現和 2026 財年剩餘時間業績指引的細節。

Thanks, Peter. We are proud of our profitability performance this quarter as total gross margin and adjusted EBITDA outperformed our guidance. And as Peter mentioned, we continue to benefit from the loyalty of our members with Q2 ending paid Connected Fitness Subscriptions coming in above the midpoint of our guidance range. Q2 total revenue was $8 million below our guidance. In addition to the lower-than-expected equipment sales, primarily to existing members, revenue was also impacted by longer-than-expected delivery times, delaying roughly $4 million of revenue recognition into Q3.

謝謝你，彼得。本季我們的獲利表現令我們感到自豪，總毛利率和調整後 EBITDA 均超出預期。正如彼得所提到的那樣，我們繼續受益於會員的忠誠度，第二季末的付費連網健身訂閱收入高於我們預期範圍的中點。第二季總營收比我們預期低了800萬美元。除了設備銷售額低於預期（主要面向現有會員）之外，收入還受到比預期更長的交貨時間的影響，導致約 400 萬美元的收入確認延遲到第三季。

We ended the second quarter with 2.661 million Paid Connected Fitness Subscriptions, reflecting a decrease of 7% year-over-year and 6,000 above the midpoint of our guidance range. Q2 is typically a seasonally stronger quarter for hardware sales and seasonally lower quarter for churn. However, we expected elevated churn in Q2 due to our Subscription price changes announced on October 1. Following the announcement of those pricing changes, we observed a short-term lift in cancellations that quickly stabilized, resulting in stronger-than-expected retention. Average net monthly Paid Connected Fitness Subscription churn was 1.9% in the quarter, an increase of 50 basis points year-over-year.

第二季末，我們的付費連網健身訂閱用戶數為 266.1 萬，年減 7%，比我們預期範圍的中點高出 6000。第二季度通常是硬體銷售的季節性旺季，而客戶流失率通常是季節性低潮。然而，由於我們在 10 月 1 日宣布了訂閱價格調整，我們預計第二季客戶流失率將會上升。在宣布這些價格變化之後，我們觀察到取消訂單數量在短期內有所上升，但很快就趨於穩定，從而實現了比預期更強的客戶留存率。本季平均每月付費連網健身訂閱用戶淨流失率為 1.9%，較去年同期上升 50 個基點。

Our churn performance demonstrates the underlying health and resilience of our high-margin Subscription business and reinforces the value and human impact we deliver for our millions of members. Our better-than-expected performance on churn was partially offset by lower growth (inaudible), which were primarily impacted by longer equipment delivery and activation times that delayed growth additions to Q3 as well as lower-than-expected equipment sales in third-party retail channels. Total revenue was $657 million in Q2, comprising $244 million of Connected Fitness products revenue and $413 million of Subscription revenue. Connected Fitness products revenue decreased $9 million or 4% year-over-year, driven by lower equipment sales and deliveries, partially offset by a 10% increase in Commercial business unit revenue and higher average selling prices for our products in our Cross Training Series.

我們的客戶流失率表現體現了我們高利潤訂閱業務的穩健性和韌性，並強化了我們為數百萬會員創造的價值和人文影響。我們在降低客戶流失率方面取得的優於預期的成績，部分被較低的增長（聽不清楚）所抵消，這主要是由於設備交付和激活時間延長，導致第三季度新增客戶數量減少，以及第三方零售渠道的設備銷售額低於預期。第二季總收入為 6.57 億美元，其中互聯健身產品收入為 2.44 億美元，訂閱收入為 4.13 億美元。互聯健身產品營收年減 900 萬美元，降幅為 4%，主要原因是設備銷售和交付量下降，但部分被商業業務部門收入成長 10% 以及交叉訓練系列產品平均售價上漲所抵銷。

Subscription revenue decreased $8 million or 2% year-over-year, primarily driven by lower ending Paid Connected Fitness and App subscriptions, and lower content licensing revenue, partially offset by the benefit of Subscription price increases, which contributed a partial quarter benefit due to the timing of billing cycles which are spread throughout each month. As we discussed last quarter, in Q1 of fiscal 2026, we began assigning executive compensation and other corporate overhead expenses associated with our corporate facilities across the P&L. As we focus on driving more accountability for costs at a functional level. Prior to fiscal 2026, these costs were all recorded in G&A but are now assigned to cost of goods sold, sales and marketing, G&A and R&D. All of the year-over-year changes discussed today are referencing last year on an as-reported basis.

訂閱收入年減 800 萬美元或 2%，主要原因是付費連網健身和應用程式訂閱的月末收入減少，以及內容授權收入減少，部分被訂閱價格上漲帶來的好處所抵消，由於計費週期分散在每個月，訂閱價格上漲帶來了部分季度收益。正如我們上個季度所討論的，在 2026 財年第一季度，我們開始將高階主管薪酬和與公司設施相關的其他公司管理費用分配到損益表中。我們將重點放在提高職能層面的成本問責。在 2026 財政年度之前，這些成本全部計入一般及行政費用，但現在已分配至銷售成本、銷售和行銷、一般及行政費用和研發費用。今天討論的所有同比變化都是以去年公佈的數據為基準進行的。

Total gross profit was $331 million in Q2, an increase of $13 million or 4% year-over-year. Total gross margin was 50.5% an increase of 320 basis points year-over-year and 150 basis points above our guidance of 49%. Margin outperformance relative to guidance was driven by a larger mix of Subscription revenue and higher Subscription gross margin. Connected Fitness products gross margin was 13.9%, an increase of 100 basis points year-over-year, primarily driven by lower warranty costs and a mix shift towards higher-margin products, partially offset by increases in tariff import charges and inventory reserves. Subscription gross margin was 72.1%, an increase of 420 basis points year-over-year.

第二季總毛利為 3.31 億美元，比上年同期增加 1,300 萬美元，成長 4%。總毛利率為 50.5%，年成長 320 個基點，比我們先前預測的 49% 高出 150 個基點。利潤率超出預期主要得益於訂閱收入佔比提高和訂閱毛利率成長。互聯健身產品的毛利率為 13.9%，年增 100 個基點，主要得益於保固成本降低和產品組合向高利潤率產品轉變，但部分被進口關稅和庫存準備金的增加所抵消。訂閱業務毛利率為 72.1%，較去年成長 420 個基點。

Subscription gross margin benefited from a $9.7 million reduction to accrued music royalties. Excluding this nonrecurring benefit, Subscription gross margin would have been 69.7%, an increase of 180 basis points year-over-year, of which 100 basis points of favorability was driven by Subscription pricing changes net of churn.

訂閱毛利率受益於應計音樂版稅減少了 970 萬美元。如果排除這項非經常性收益，訂閱業務的毛利率將達到 69.7%，年成長 180 個基點，其中 100 個基點的成長是由訂閱定價變化（扣除客戶流失）帶來的。

Total operating expenses, excluding restructuring, impairment and supplier settlement expenses were $320 million in Q2, a decrease of $24 million or 7% year-over-year, reflecting the continued progress we've made in rightsizing our cost structure. Sales and marketing expenses were $152 million in Q2, a decrease of $1 million or 0.4% year-over-year. Inclusive of the cost assignment changes from G&A, I mentioned before that began this fiscal year, driven by decreases in fixed costs for retail stores and IT and software expenses. As of the end of Q2, we had 7 legacy retail showrooms and 10 Micro Stores, down from 28 showrooms at the end of Q2 of last year.

第二季總營運支出（不包括重組、減損和供應商結算支出）為 3.2 億美元，年減 2,400 萬美元或 7%，反映出我們在調整成本結構方面取得的持續進展。第二季銷售和行銷費用為 1.52 億美元，年減 100 萬美元，降幅為 0.4%。包括我之前提到的本財年開始的 G&A 成本分配變化，這是由於零售商店固定成本以及 IT 和軟體費用的下降所致。截至第二季末，我們擁有 7 家傳統零售展廳和 10 家微型商店，而去年第二季末的展廳數量為 28 家。

Research and development expenses were $65 million in Q2, an increase of $5 million or 8% year-over-year, driven by increases in personnel-related expenses inclusive of stock-based compensation and rent expense. These increases are primarily driven by cost assignments from G&A that began this fiscal year. General and administrative expenses were $103 million in Q2 a decrease of $28 million or 22% year-over-year, driven by decreases in personnel-related costs, inclusive of stock-based compensation and rent expenses, in part driven by cost assignments to other functional areas that began this fiscal year, as well as a decrease in professional fees.

第二季研發費用為 6,500 萬美元，比去年同期增加 500 萬美元，增幅為 8%，主要原因是人員相關費用（包括股票選擇權費用）和租金支出增加。這些增長主要是由於本財年開始的行政管理費用分配所致。第二季一般及行政費用為 1.03 億美元，年減 2,800 萬美元，降幅達 22%，主要原因是人員相關成本（包括股票選擇權費用和租金支出）下降，部分原因是本財年開始將成本分配到其他職能領域，以及專業費用下降。

This quarter, we recognized $26 million of impairment and restructuring expenses, of which $24 million was noncash. The noncash charges were primarily related to plans to rightsize portions of our corporate office footprint, while the remaining $2 million of cash restructuring charges were primarily related to exit and disposal costs and professional fees. Adjusted EBITDA was $81 million in Q2, which was an improvement of $23 million or 39% year-over-year and $6 million above the high end of our guidance range. We generated $71 million of free cash flow in Q2, exceeding our internal expectations and reflecting a decrease of $35 million year-over-year, primarily driven by a greater inventory tailwind to net working capital in Q2 of last year.

本季度，我們確認了 2,600 萬美元的減損和重組費用，其中 2,400 萬美元為非現金費用。非現金支出主要與調整公司辦公場所規模的計劃有關，而剩餘的 200 萬美元現金重組支出主要與退出和處置成本以及專業費用有關。第二季調整後 EBITDA 為 8,100 萬美元，年增 2,300 萬美元，增幅達 39%，比我們預期範圍的上限高出 600 萬美元。第二季度，我們產生了 7,100 萬美元的自由現金流，超過了我們的內部預期，但同比減少了 3,500 萬美元，這主要是由於去年第二季度庫存對淨營運資本的利好作用更大。

Free cash flow performance in Q2 of this year included roughly $25 million of timing benefits in the quarter. We ended Q2 with $1,180 million in unrestricted cash and cash equivalents, an increase of $76 million quarter-over-quarter. Net debt was $319 million, a decrease of $351 million or 52% year-over-year. Overall, our second quarter profitability performance has enabled us to continue deleveraging our balance sheet. Our gross leverage ratio, defined as our gross principal debt outstanding divided by trailing 12-month adjusted EBITDA, was 3.6 times in Q2, a substantial improvement from 6.2 times in Q2 of last year.

今年第二季的自由現金流表現包含了約 2,500 萬美元的季度時效收益。第二季末，我們擁有11.8億美元的非限制性現金及現金等價物，比上一季增加了7,600萬美元。淨債務為 3.19 億美元，比上年減少 3.51 億美元，降幅達 52%。總體而言，我們第二季的獲利表現使我們能夠繼續降低資產負債率。我們的總槓桿率（定義為未償債務總額除以過去 12 個月的調整後 EBITDA）在第二季為 3.6 倍，較去年同期的 6.2 倍有了顯著改善。

Similarly, our net leverage ratio, defined as gross principal debt outstanding less and cash equivalents divided by trailing 12-month adjusted EBITDA, was 0.8 times in Q2, down from 2.9 times in Q2 of last year.

同樣，我們的淨槓桿率（定義為未償債務總額減去現金等價物，再除以過去 12 個月的調整後 EBITDA）在第二季為 0.8 倍，低於去年第二季的 2.9 倍。

We believe we have more cash on the balance sheet today than we need to run the business and are evaluating opportunities to optimize our capital structure. We will pay down roughly $200 million of 0% convertible notes this month as they come due. Our $1 billion term loan has a 1% prepayment penalty through May of 2026. We are mindful of this timing of when this prepayment penalty expires. As we evaluate our capital allocation strategy, we expect a refinancing to deliver a lower cost of capital and more flexibility over time.

我們認為目前資產負債表上的現金比營運業務所需更多，目前正在評估優化資本結構的機會。本月我們將償還約 2 億美元的 0% 可轉換債券，這些債券將到期。我們提供的 10 億美元定期貸款，提前還款罰金為 1%，有效期至 2026 年 5 月。我們注意到提前還款罰金的到期時間。在評估我們的資本配置策略時，我們預計再融資將降低資本成本，並隨著時間的推移提供更大的靈活性。

Next, I'd like to share context for our financial outlook for Q3 and the remainder of the fiscal year. Our full year fiscal 2026 total revenue outlook of $2.40 billion to $2.44 billion reflects a decrease of $30 million compared to our prior guidance, and a 3% revenue decrease year-over-year at the midpoint. The decrease relative to prior guidance is primarily driven by lower equipment sales to existing members observed in Q2. Our Q3 total revenue outlook of $605 million to $625 million reflects a decrease of 1% year-over-year at the midpoint and a decrease of 6% quarter-over-quarter as a result of seasonally lower equipment sales expected in Q3, partially offset by the benefit of higher Subscription pricing recognized across the full quarter.

接下來，我想分享我們對第三季和本財年剩餘時間的財務展望背景。我們對 2026 財年全年總收入的預期為 24 億美元至 24.4 億美元，比我們先前的預期減少了 3,000 萬美元，按中間值計算，年收入下降了 3%。與先前的預期相比，下降的主要原因是第二季現有會員的設備銷售額下降。我們對第三季總營收的預期為 6.05 億美元至 6.25 億美元，其中值年減 1%，環比下降 6%，這是由於預計第三季設備銷售額將因季節性因素而下降，但部分被整個季度訂閱價格上漲帶來的收益所抵消。

We are raising our full year fiscal 2026 guidance for total gross margin to roughly 53%, which is an increase of 100 basis points from our prior guidance and an improvement of 210 basis points year-over-year, primarily driven by a larger mix of Subscription revenue as well as higher Subscription gross margin. Q3 total gross margin is expected to be roughly 54%, an increase of 300 basis points year-over-year due to a large mix of Subscription revenue as well as favorable gross margins in both segments. We are raising our full year fiscal 2026 guidance for adjusted EBITDA to $450 million to $500 million, an increase of $25 million from our prior guidance and an improvement of 18% year-over-year at the midpoint. The improvement relative to prior guidance is driven by expected favorability to gross profit and operating expenses including recalibrating media spend in response to equipment sales trends.

我們將 2026 財年全年總毛利率預期上調至約 53%，比先前的預期提高了 100 個基點，比上年同期提高了 210 個基點，主要得益於訂閱收入佔比增加以及訂閱毛利率提高。第三季總毛利率預計約為 54%，年增 300 個基點，主要得益於訂閱收入佔比高以及兩個業務部門的毛利率均較為理想。我們將 2026 財年全年調整後 EBITDA 預期上調至 4.5 億美元至 5 億美元，比先前的預期增加 2,500 萬美元，中位數年增 18%。與先前的預期相比，此次業績改善主要得益於毛利和營運費用的預期利好，包括根據設備銷售趨勢重新調整媒體支出。

We also anticipate additional upside by realizing cost savings sooner than previously anticipated. Our Q3 outlook for adjusted EBITDA of $120 million to $135 million reflects an increase of 43% year-over-year at the midpoint and an increase of 57% quarter-over-quarter, primarily due to seasonally lower sales and marketing spend in Q3 relative to Q2. Our Q3 guidance for ending Paid Connected Fitness Subscriptions of $2.650 million to $2.675 million reflects a decrease of 8% year-over-year at the midpoint. Average net monthly Paid Connected Fitness Subscription churn is expected to improve both year-over-year and quarter-over-quarter, with the sequential improvement due to elevated Subscription cancellations (inaudible) pricing changes announced in Q2 that have since stabilized in addition to Q3 at the historically seasonally lower churn quarter. Our guidance reflects an expectation that our net churn rate will be roughly flat year-over-year and full year fiscal 2026, while gross additions are expected to decrease year-over-year as a result of lower equipment sales.

我們也預計，由於成本節約能夠比預期更早實現，將帶來額外的收益。我們對第三季調整後 EBITDA 的預期為 1.2 億美元至 1.35 億美元，其中值較上年同期增長 43%，環比增長 57%，這主要是由於第三季度銷售和營銷支出相對於第二季度季節性下降所致。我們預計第三季末付費連網健身訂閱收入為 265 萬美元至 267.5 萬美元，其中數值年減 8%。預計平均每月付費連網健身訂閱用戶淨流失率將年比和季比均有所改善，季比改善的原因包括：訂閱用戶取消率上升（聽不清楚）、第二季宣布的價格調整（此後趨於穩定）以及第三季歷來是流失率較低的季度。我們的預期反映出，我們的淨流失率預計在 2026 財年將與去年同期基本持平，而由於設備銷售下降，預計新增客戶數量將同比下降。

Generating meaningful free cash flow remains a top priority for us. We are raising our full year fiscal 2026 minimum free cash flow target by $25 million to at least $275 million reflecting our continued progress in lowering operating expenses. Our free cash flow target reflects an expectation for a roughly $45 million impact from tariff exposure, in line with our expectations last quarter. Tariffs remain a dynamic situation that may change in the future.

創造可觀的自由現金流仍然是我們的首要任務。我們將 2026 財年全年最低自由現金流目標提高 2,500 萬美元，達到至少 2.75 億美元，這反映了我們在降低營運費用方面取得的持續進展。我們的自由現金流目標反映了關稅風險帶來的約 4500 萬美元的影響預期，這與我們上個季度的預期一致。關稅情勢瞬息萬變，未來可能會改變。

Overall, our guidance reflects continued improvement in profitability and progress inflecting toward revenue growth. While our full year guidance reflects the [2%] year-over-year revenue decline at the midpoint, this rate of decline is moderating significantly compared to last year's revenue decline of 8% year-over-year. We are balancing our pace of inflection toward growth with remaining disciplined about unit economics, ensuring the customers we acquire are profitable and continuing to optimize our costs, all of which are enabling us to invest responsibly and deliver on a path towards sustainable, profitable growth over the long term. We still expect to achieve the important milestone of positive operating income on a full year basis in fiscal 2026.

整體而言，我們的業績指引反映了獲利能力的持續改善以及收入成長的進展。雖然我們全年的業績預期反映了同比收入下降 2% 的中位數，但與去年同比下降 8% 的收入相比，這一下降速度已顯著放緩。我們正在努力平衡成長的步伐與保持單位經濟效益的自律性，確保我們獲得的客戶能夠盈利，並不斷優化成本，所有這些都使我們能夠負責任地進行投資，並走上長期可持續盈利增長的道路。我們仍期望在 2026 財年實現全年正營業收入這一重要里程碑。

Okay. Before we move to Q&A, I want to address the news that we announced this morning regarding Liz, who will be leaving at the end of March to pursue an opportunity at a private clean tech energy company. Because of Liz' leadership, we are a significantly stronger company today than when she arrived in 2022. Liz is leaving us with a solid financial foundation and a world-class team. We've launched a comprehensive search for Liz's successor who will have very big shoes to fill.

好的。在進入問答環節之前，我想談談我們今天早上宣布的關於 Liz 的消息，她將於 3 月底離職，去一家私人清潔技術能源公司尋求發展機會。由於 Liz 的領導，我們今天的公司實力比她 2022 年剛加入時要強得多。莉茲為我們留下了堅實的財務基礎和一支世界一流的團隊。我們已經全面展開尋找莉茲繼任者的工作，她將面臨巨大的挑戰。

Liz, I'd love for you to share a few words.

莉茲，我很想聽你分享幾句話。

Thank you, Peter. It has truly been a privilege to serve as CFO of Peloton. I am incredibly proud of the work we've done together to dramatically improve our financial profile, put in place a winning strategy and position the business for the future. When I leave in a couple of months, I will do so with mixed emotions, knowing that Peloton's best days lie ahead. And I really want to take this moment to thank Peter our entire Board and our team members for the opportunity to serve as your CFO.

謝謝你，彼得。能夠擔任 Peloton 的財務官，我深感榮幸。我為我們共同取得的成就感到無比自豪，我們大幅改善了財務狀況，制定了致勝策略，並為公司的未來發展奠定了基礎。再過幾個月我離開的時候，心情會很複雜，因為我知道 Peloton 最好的日子還在後頭。在此，我衷心感謝 Peter、我們全體董事會成員和團隊成員，感謝他們給予我擔任財務長的機會。

Thanks for everything, Liz Now, let's open up for questions.

謝謝你，莉茲。現在，讓我們開始提問吧。

Our first question comes from leaderboard name [Trav Russel]. His question is, do you expect hotel partners to upgrade to Peloton Pro products as assets reach end of life? And how should we think about the pipeline for new hospitality and enterprise relationships?

我們的第一個問題來自排行榜名稱。[特拉夫·拉塞爾]他的問題是，當飯店資產達到使用壽命終點時，您是否期望飯店夥伴升級到 Peloton Pro 產品？我們該如何看待建立新的飯店和企業合作關係的管道？

Thanks, Trav Russell. In short, yes. We launched the Peloton Pro Series so that we would have products designed for light commercial environments like hotels. And this is the first time we've actually designed Peloton equipment for commercial use at all, and it's our first ever Tread that enables use outside the home. And we also have an exciting road map of Commercial equipment as we look ahead, including commercial-grade equipment, designed for heavy use environments like commercial gyms.

謝謝你，特拉夫·羅素。簡而言之，是的。我們推出 Peloton Pro 系列，是為了擁有專為飯店等輕型商業環境設計的產品。這是我們第一次真正為商業用途設計 Peloton 設備，也是我們第一款可以在戶外使用的跑步機。展望未來，我們也有令人興奮的商用設備路線圖，其中包括專為商業健身房等高強度使用環境設計的商用級設備。

One thing to keep in mind is that we've transitioned the management of our commercial technical support and our field service from Peloton's residentially-focused organization to Precor, given Precor's expertise in providing maintenance and other services for higher use locations. So that should help extend the life of the products that are already out there. But our commercial business unit has a really healthy pipeline of relationships, across categories.

需要記住的一點是，鑑於 Precor 在為使用頻率更高的場所提供維護和其他服務方面的專業知識，我們已將商業技術支援和現場服務的管理權從 Peloton 以住宅用戶為中心的組織轉移到了 Precor。這樣應該有助於延長現有產品的使用壽命。但是，我們的商業業務部門在各個類別中都擁有非常健康的合作關係管道。

You can see that in last quarter's 10% year-over-year revenue growth and our expectations for continued growth looking ahead. With regard to hospitality in particular, we -- our research shows that many consumers make the choice of where to stay based on whether they have Peloton equipment. We have very strong relationships with Hyatt and Hilton, and we're in thousands of their hotels worldwide and the [plus] strength solution in a really compact footprint. So we feel great about what we can do for travelers.

從上一季10%的年成長率以及我們對未來持續成長的預期可以看出這一點。尤其是在酒店業方面，我們的研究表明，許多消費者會根據酒店是否配備 Peloton 設備來選擇住宿地點。我們與凱悅和希爾頓建立了非常牢固的關係，我們的產品已在全球數千家酒店投入使用，並以非常緊湊的佔地面積提供[增強型]解決方案。所以我們對能夠為旅行者所做的一切感到非常自豪。

Great. Thank you, Peter. Our next question comes from leaderboard named Steve-C 109. Steve asks, how does Peloton think about creating new revenue streams and deeper monetization of the brand beyond the core Subscription and hardware sales. For example, are there $100 million-plus revenue opportunities in sponsorship ads in-person events and/or brick or mortar expansion.

偉大的。謝謝你，彼得。我們的下一個問題來自排行榜上的 Steve-C 109。史蒂夫問道，除了核心的訂閱和硬體銷售之外，Peloton 是如何考慮創造新的收入來源和更深入地實現品牌盈利的？例如，贊助廣告、現場活動和/或實體店擴張是否有超過 1 億美元的收入機會？

Peter?

彼得？

Thanks, Steve for that question. I think the crux of your question is whether we can create meaningful new revenue streams and deeper monetization, leveraging our brands and our relationships. And we believe the answer to that is, yes.

謝謝史蒂夫的提問。我認為你問題的關鍵在於，我們能否利用我們的品牌和人脈關係，創造有意義的新收入來源和更深層的獲利模式。我們認為答案是肯定的。

While we're not exploring advertising on our platform, which is one of the ideas you just raised, we do see additional ways to monetize our content and our brand, for example, through content licensing. The largest examples of that to date have been what we've done with Lululemon Studio and with Google and the Fitbit App, but we're actively pursuing additional opportunities. We also -- you mentioned in-person events and brick-and-mortar expansion. Those are less about new revenue streams. They're more about making more of the revenue streams that we have.

雖然我們目前沒有探索在我們的平台上投放廣告（這也是您剛才提出的想法之一），但我們確實看到了其他將我們的內容和品牌貨幣化的方法，例如透過內容授權。到目前為止，這方面最大的例子是我們與 Lululemon Studio 以及 Google 和 Fitbit App 的合作，但我們正在積極尋求更多機會。我們也—您提到了線下活動和實體店擴張。這些與新的收入來源關係不大。他們更關注的是如何利用我們現有的更多收入來源。

And we're doing that as part of our strategy to meet members everywhere.

這是我們與各地會員互動策略的一部分。

So for in-person events, in Q2 of -- just this past quarter, our instructors appeared at more than 3 times the number of events that they were in, in Q2 of the year before. And we were able to expand our brick-and-mortar retail presence to 46 states in Q2, including our Micro Stores and our third-party relationships. I spoke another vector for growth here is one that I just spoke about, which is our Commercial business unit. And that's an area where the combination of both Precor but also the Peloton brand is really compelling because what we hear from gym operators is that the one brand that people ask for by name is Peloton. And so that's another way that we can create revenue streams and deeper monetization of the Peloton brand.

因此，就線下活動而言，僅上個季度，我們的講師參加的活動數量就比去年同期增加了 3 倍多。第二季度，我們成功地將實體零售業務擴展到了 46 個州，包括我們的微型商店和第三方合作關係。我剛才提到的另一個成長方向，就是我們的商業業務部門。而這正是 Precor 與 Peloton 品牌結合的優勢所在，因為我們從健身房經營者那裡了解到，人們點名要的品牌就是 Peloton。所以，這是我們創造收入來源、更深入實現 Peloton 品牌貨幣化的另一種方式。

We see significant additional opportunities to expand our Connected Fitness business with hardware and software innovations. So those will be additional drivers of growth. And our internal market research shows that consumers have a lot of demand and trust in us in other categories, Strength we've talked about extensively, mental wellbeing, nutrition, hydration, sleep and recovery. Those are all areas we'll share more about when we're ready.

我們看到了透過硬體和軟體創新來拓展互聯健身業務的巨大機會。因此，這些將成為額外的成長驅動力。我們的內部市場調查顯示，消費者對我們在其他類別（例如我們已經廣泛討論過的力量、心理健康、營養、補水、睡眠和恢復）也有很多需求和信任。這些領域我們以後會酌情分享更多資訊。

Great. Thanks, Peter. Operator, can you open the line for Q&A now?

偉大的。謝謝你，彼得。接線員，現在可以開問答環節了嗎？

Yes, thank you so much. (Operator Instructions)

是的，非常感謝。（操作說明）

Youssef Squali, Truist.

Youssef Squali，Truist。

Great. Thank you very much. Good morning, guys. Hi Peter and Liz, best of luck your next endeavor. Maybe to the -- Peter, so the story looks great from a profitability, from a gross margin perspective. Also from a balance sheet perspective, you guys have done a lot. But top line growth remains elusive as you kind of showed in your top line report this morning. Can you maybe talk about the elements you have in place that gives you the confidence that growth is around the corner?

偉大的。非常感謝。各位早安。嗨，Peter 和 Liz，祝福你們接下來的事業一切順利。或許對彼得來說，從獲利能力和毛利率的角度來看，這個故事看起來很棒。從資產負債表的角度來看，你們也做了很多工作。但正如您今天早上發布的營收報告中所顯示的那樣，營收成長仍然難以實現。您能否談談您目前具備的哪些條件，讓您有信心迎接即將到來的成長？

I think if my math is right, the high end of your '26 guide implies some growth anemic -- but still some positive growth in Q4. And then I guess, the miss on the top line seems to be related to existing customers, not upgrading (inaudible) period rather than new customers, not buying, which is good. Can you maybe flesh that out a little bit and what's baked in the new guide as far as that's concerned? Thank you.

我認為如果我的計算沒錯，你們 2026 年業績指引的高端意味著成長乏力——但第四季仍將出現一些正成長。然後我猜，營收下滑似乎與現有客戶沒有升級（聽不清楚）有關，而不是與新客戶沒有購買有關，這很好。您能否再詳細闡述一下，新指南中在這方面都包含了哪些內容？謝謝。

Thanks, Youssef. There are a bunch of pieces to that. So let me try to address them all. One, we are super proud of the work that we've done on profitability and improving the balance sheet, and those are foundational for us at addressing.

謝謝你，優素福。這其中包含很多面向。那麼，就讓我來盡量一一解答這些問題。首先，我們為在提高獲利能力和改善資產負債表方面所做的工作感到非常自豪，這些都是我們解決問題的基礎。

The second part of your question, which is relating to growth -- it's clear from your question that you'd like us to do better on growth, and I'm with you on that. I will not be satisfied until this company is back to healthy sustained top line growth. And while we didn't reach that this quarter, I will note that the full year guidance that we just announced of the 3% decline at the midpoint compares favorably with last year's 8% and includes Q1's minus 6%. So as we start to look at the trajectory here, like you got last year at minus 8%, you have Q1, minus 6%. You had this at minus 3%.

你問題的第二部分與成長有關——從你的問題中可以明顯看出，你希望我們在成長方面做得更好，我同意你的看法。只有當這家公司恢復到健康且持續的營收成長狀態時，我才會感到滿足。雖然本季我們沒有達到這個目標，但我要指出的是，我們剛剛宣布的全年業績預期中位數為下降 3%，與去年的 8% 相比，這一預期較為樂觀，並且包含了第一季度下降 6% 的情況。所以，當我們開始觀察這裡的軌跡時，就像去年 -8% 一樣，第一季 -6%。你之前把這個數值設為-3%。

Obviously, that implies continued improvement as the year progresses. Again, not enough, but progress.

顯然，這意味著隨著時間的推移，情況會持續好轉。雖然還不夠，但總算是進步了。

Let me talk about the path back to growth. And there are a number of points to that. The first one is we are developing a more complete set of product offerings across the right array of fitness and wellness categories and with the right price points. I'm not here to share our product road map today. And this is a hardware business.

讓我來談談重回成長之路。這其中有很多要點。首先，我們正在開發一套更完整的產品系列，涵蓋合適的健身和健康類別，並具有合適的價格點。我今天不是來分享我們的產品路線圖的。這是一家硬體公司。

So that takes time, but we're making real rapid progress on this. And if you want a proof point of our ability to do that, I joined in January of last year. And within months, we were shipping a completely revamped product lineup. So this is an organization that is capable of doing hard things, and producing quality products on the hardware side.

所以這需要時間，但我們在這方面取得了非常迅速的進展。如果你需要我們有能力做到這一點的證據，我去年一月就加入了。幾個月內，我們就推出了完全改版後的產品系列。所以這是一個能夠完成艱鉅任務並在硬體方面生產高品質產品的組織。

Second thing is that we got to make sure that we've got appropriate pricing for our Subscriptions. We took the key step on that in Q2 and I think it went according to plan, if not better. Third piece, we've got to keep the members that we've got in order to get to growth. So we have to keep improving our net churn, and as you can see from our results and our remarks, we're projecting net churn flat this year despite the pricing action. So the underlying trends here are absolutely heading in the right direction.

第二點是，我們必須確保我們的訂閱服務定價合理。我們在第二季度邁出了關鍵一步，我認為進展順利，甚至比計劃還要好。第三點，我們必須留住現有成員才能成長。因此，我們必須不斷改善淨流失率，正如您從我們的結果和評論中看到的那樣，儘管採取了定價措施，我們預計今年的淨流失率將保持不變。因此，這裡的潛在趨勢絕對是朝著正確的方向發展的。

Fourth, we have to exploit new avenues for growth. I talked about the Commercial business unit. That's, again, a proof point of our ability to generate new forms of growth. In this case, we grew 10% in the last quarter on the top line there. And then, of course, coming back to the first part of your question, we've got to demonstrate that we can do all of this efficiently.

第四，我們必須開拓新的成長途徑。我談的是商業業務部門。這再次證明了我們有能力創造新的成長形式。在這種情況下，我們上個季度的營收成長了 10%。當然，回到你問題的第一部分，我們必須證明我們可以有效率地完成所有這些工作。

So we have to have an appropriate overhead structure. We have to have a positive return on our sales and our marketing investments so that when we deliver the growth, it's real sustainable growth. And you can see that we're on track to deliver against that, including with the full year adjusted EBITDA guidance, reflecting the year-over-year increase of over 40%. Now let me go to the third part of your question, which is to explain what's happening with the sales to existing members and the -- versus existing members.

所以我們必須建立合理的管理架構。我們的銷售和行銷投資必須獲得正回報，這樣我們實現的成長才是真正可持續的成長。可以看到，我們正按計劃實現這一目標，包括全年調整後的 EBITDA 指引，年增超過 40%。現在讓我來回答你問題的第三部分，也就是解釋一下現有會員的銷售額以及——與現有會員相比發生了什麼。

So yes, revenue missed our expectations for the quarter, but I don't think it's a reflection on the new generation of our equipment. I think that's a reflection on our old equipment. So what happened here is we simply overestimated the rate with which existing members would want to upgrade their existing equipment to new equipment. The only historical data point we had as a company on this was when we launched Bike+ a few years ago. And that was a really fundamental reinvention of the entire frame of the Bike.

是的，本季的營收沒有達到我們的預期，但我認為這並不能反映出我們新一代設備的問題。我認為這反映了我們設備的老舊問題。所以，這裡發生的情況是我們高估了現有會員將現有設備升級為新設備的速度。公司在這方面唯一的歷史數據點是幾年前我們推出 Bike+ 的時候。那真是對自行車整個車架的徹底革新。

And so we did not, as it turns out, see the same rate of upgrade from existing members. I think that just speaks to the quality and durability of the existing equipped that our members have and the satisfaction, which I've spoken about at length with that equipment. The other side of this coin, though, is that our sales to our new members met our expectations. And so it shows that our products do resonate with prospective customers. And we step back on this, the existing members, that sales -- that impacts our revenue, but it doesn't impact our subscribers because they're already existing members.

因此，事實證明，我們並沒有看到現有會員升級的比例達到相同的水平。我認為這充分說明了我們會員現有裝備的品質和耐用性，以及他們對這些裝備的滿意度，我已經詳細談到這一點。但另一方面，我們對新會員的銷售額達到了預期。由此可見，我們的產品確實能引起潛在客戶的共鳴。讓我們再來看看現有會員的銷售額——這會影響我們的收入，但不會影響我們的訂閱用戶，因為他們已經是現有會員了。

So the consequence of that is that our subscriber performance was strong, and we performed 6,000 or so subscriptions above the midpoint as a result.

因此，我們的用戶表現強勁，訂閱量比中點高出約 6000 份。

I was just going to add one thing. You had asked about how the existing member sales miss influences our guidance for that half of the year.

我本來只想補充一點。您曾詢問現有會員銷售額未達標會對我們上半年的業績預期產生怎樣的影響。

And I just want to clarify that our guidance doesn't assume any of the softness that we observed in Q2 from lower sales to existing members, is timing and that we will see any of it in the second half. So with the holidays, the Cross Training Series launch and our Subscription pricing changes behind us, we feel we have greater visibility to revenue for the rest of the fiscal year. And really, the changes in our guidance reflect the sales mix from Q2 to existing members. And then that is partly offset by favorable Subscription revenue relative to our prior guidance.

我只想澄清一點，我們的業績指引並未假設第二季度因現有會員銷售額下降而出現的疲軟局面會在下半年出現，這只是時間問題。隨著假期、交叉訓練系列的推出以及訂閱價格調整的完成，我們感覺對本財年剩餘時間的收入有了更清晰的了解。實際上，我們業績指引的變化反映了第二季對現有會員的銷售組合變化。但訂閱收入較我們先前的預期有所改善，部分抵消了上述不利影響。

That's great. Thank you both.

那太棒了。謝謝你們兩位。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，Wolfe Research。

Okay, thanks for taking my questions. Let me try two, please. The first one for Liz, some noise and media coverage around the recent head count reduction. So could you please clarify how much of that is incremental, if any, at all? And what is already accounted for in the guidance already?

好的，謝謝您回答我的問題。請讓我試試兩個。Liz 的第一則消息是關於最近裁員的一些爭議和媒體報導。那麼，您能否具體說明一下，其中有多少是新增的（如果有的話）？而指南中已經考慮到了哪些內容？

And then the second question is for Peter on the Commercial business unit. So commercial business opportunity, how do you view that in terms of where you see the biggest impact? Is this a retention sort of a driver where you improve net churn because those who use Peloton are going to choose hotels in places that have Peloton on equipment? Or is it a lead-gen where you are better positioned to get new subscribers? Thanks a lot.

第二個問題是問彼得的，關於商業業務部門。那麼，從商業機會的角度來看，您認為在哪些方面會產生最大的影響？這是不是某種留存驅動因素，可以改善淨流失率，因為使用 Peloton 的用戶會選擇那些在飯店配備 Peloton 設備的地方入住？或者，這是一種潛在客戶開發方式，您更有可能獲得新訂閱用戶？多謝。

Yes. So let me address the first part of the question first around OpEx and the announcement that we had last week. So when we announced in August, our goal to achieve our $100 million of annualized run rate cost savings by the end of fiscal '26. We -- this action that we took in just last week was always been part of that plan. And so as of last week, we've actioned the remainder of our rate savings plan with changes in our workforce as well as shifting work to lower-cost locations, including moving some work to a global business partner.

是的。那麼，首先讓我回答問題的第一部分，即關於營運支出以及我們上週發布的公告。因此，我們在 8 月宣布，我們的目標是在 2026 財年末實現 1 億美元的年度運行率成本節約。我們——我們上週採取的這項行動，一直都是該計劃的一部分。因此，從上週開始，我們已經實施了剩餘的費率節省計劃，包括調整員工隊伍，以及將工作轉移到成本較低的地區，包括將一些工作轉移到全球業務合作夥伴。

And doing all of this from a P&L perspective, we're reducing both G&A and sales and marketing as a percentage of revenue. And that's enabling us to reinvest more into R&D while still reducing total OpEx as a percentage of revenue. And with these actions, we are on track to deliver against our $100 million cost savings target.

從損益表的角度來看，我們正在降低一般及行政費用和銷售及行銷費用佔收入的百分比。這樣一來，我們就能在降低營運支出佔收入比例的同時，將更多資金投入研發。透過這些措施，我們可望實現節省1億美元成本的目標。

And then Shweta, thanks for the question about the CBU. There's been an interesting evolution in our goals regarding the Precor business since Peloton first acquired it. When it was first purchased, it was done for essentially supply augmentation for the company. Then subsequently, there was a belief that it was essentially a way of driving new subscribers for the Peloton, let's call it, residential business. But today, we've realized that the opportunity in Commercial Fitness is extremely large.

還有，Shweta，謝謝你問CBU的問題。自 Peloton 首次收購 Precor 以來，我們對 Precor 業務的目標發生了有趣的演變。最初購買該設備主要是為了增加公司的供應能力。隨後，人們認為這本質上是為 Peloton 的（我們姑且稱之為）住宅業務吸引新用戶的一種方式。但如今，我們意識到商業健身領域的機會非常巨大。

It's a multi, multibillion dollar market. And we have a relatively low share there. And we're now demonstrating the ability to not only grow that business but to grow that business profitably. And so we're approaching the CBU primarily as a new vector for profitable growth for the company and to generate value for our shareholders on a stand-alone basis. And let me just talk a bit about some of those opportunities.

這是一個價值數十億美元的市場。我們在那裡的份額相對較低。而我們現在不僅證明了我們有能力發展這項業務，而且還能實現獲利性成長。因此，我們主要將 CBU 視為公司獲利成長的新途徑，並以此為股東創造獨立價值。接下來，我想簡單談談其中的一些機會。

Some of that's just blocking and tackling, like we know just adding back salespeople, getting more focused on key accounts will help grow the business. We also have the potential to bring Peloton equipment to commercial customers through new products like the Peloton Pro Series, and also using the Precor team's existing relationships in 60 countries and with tens of thousands of gym operators. And then we also have an opportunity to reinvest in Precor's product road map.

有些事情只是基礎性的工作，例如我們知道，只要增加銷售人員，更專注於重點客戶，就能幫助業務成長。我們還可以透過 Peloton Pro 系列等新產品，以及利用 Precor 團隊在 60 個國家/地區與數萬家健身房營運商建立的現有關係，將 Peloton 設備帶給商業客戶。此外，我們還有機會對 Precor 的產品路線圖進行再投資。

For example, we just relaunched Precor's first Flatted Belt Treadmill. And the preorders on that exceeded expectations, and we're also seeing strong performance in Precor strength equipment, both on the plate-loaded and the free weight side. So we think this is a sustainable driver of growth on a stand-alone basis. That all being said, we know that our Peloton members are looking for Peloton equipment when they travel and that getting Peloton equipment into gyms is a terrific way for us to generate new relationships and awareness of our product. So I would view those as an ancillary but important benefit of us achieving the success with our CBU that we're aiming for.

例如，我們剛剛重新推出了 Precor 的首款平板式跑步機。這款產品的預售量超出了預期，而且我們還看到 Precor 肌力訓練器材，無論是槓鈴片式還是自由重量式，都表現出色。因此，我們認為這本身就是一個可持續的成長驅動力。綜上所述，我們知道 Peloton 會員在旅行時會尋找 Peloton 設備，而將 Peloton 設備引入健身房是我們建立新關係和提高產品知名度的絕佳方式。因此，我認為這些是我們實現CBU目標所附帶但重要的好處。

Okay, thanks, Peter. Thanks, Liz.

好的，謝謝你，彼得。謝謝你，莉茲。

Arpine Kocharyan, UBS Investments.

Arpine Kocharyan，瑞銀投資。

Hi, thank you so much for taking my question and good morning. So churn was overall better than what you had talked about earlier for the quarter. But you had also talked about flattish churn in the year. And it seems like today, you're reiterating that guidance together with decrease in gross adds, which was also expected. Could you maybe update us now that you have a quarter behind you post price increase and kind of better churn than expected, where you're thinking gross adds trajectory could end up for the year?

您好，非常感謝您回答我的問題，早安。所以，本季整體客戶流失率比你之前提到的還要好。但您也曾提過今年人員流動較為平緩。今天看來，你們再次重申了這項指導方針，同時新增用戶數量也有所下降，這也在意料之中。現在價格上漲後已經過去一個季度，而且客戶流失率也比預期要好，您能否更新一下您認為今年的總新增用戶數最終會達到什麼水平？

Sure. So we don't actually -- we aren't providing guidance on Subscribers or on gross additions for the year. So we talked about our Q3 guidance. For First of all, I do want to reiterate the fact that our churn was lower than we expected in Q2. And as a result of that, we have been able to update our expectations around Subscriptions for the end of the year.

當然。所以實際上，我們不會——我們不提供有關訂閱用戶數量或年度新增用戶總數的指導意見。所以我們討論了第三季業績預期。首先，我想重申一下，我們第二季的客戶流失率低於預期。因此，我們得以更新對年底訂閱業務的預期。

And for Q3, our outlook, we shared that as well. Q3, just to give you a little bit about our guidance for that, that is $2.65 -- our subscriber guidance is 2.650 million to 2.675 million Paid Connected Fitness -- that reflects an increase of 2,000 subs quarter-over-quarter and a decrease of 218,000 year-over-year.

至於第三季的展望，我們也分享了出來。第三季度，我們想簡單介紹一下我們的預期，即每股收益 2.65 美元——我們的付費聯網健身訂閱用戶預期為 265 萬至 267.5 萬——這反映出季度環比增長 2000 名訂閱用戶，同比減少 21.8 萬名訂閱用戶。

Q3 is typically a seasonally low quarter for churn. It's also a seasonally stronger quarter for new sub additions. And that's just something that we tend to say -- tend to see every year, especially with the winter months in the Northern Hemisphere. Now we're not guiding for Q3 net churn, but we do expect churn to improve year-over-year in Q3. And as Peter said earlier, we do expect it to be flat, relatively flat on a year-over-year basis.

第三季通常是客戶流失率較低的季度。此外，這個季度也是新增訂閱用戶數量通常較多的時期。而這正是我們每年都會看到的現象，尤其是在北半球的冬天。目前我們不提供第三季淨流失率的預測，但我們預期第三季流失率將較去年同期改善。正如彼得之前所說，我們預期流失率將與去年同期持平，相對持平。

At, tend to be every year, especially with the winter months in the northern hemisphere. Now, we're not guiding for Q3 net churn, but we do expect churn to improve you over a year in Q3. And as Peter said earlier, we do expect it to be flat, relatively flat on a year over year basis.

每年都會發生這種情況，尤其是在北半球的冬季。目前，我們不對第三季淨流失率進行預測，但我們預計第三季流失率將比一年前有所改善。正如彼得之前所說，我們預期將年比來看，經濟將保持平穩，相對穩定。

This is Peter. I'll just jump in a moment on gross adds because you specifically asked about that and reiterating Liz's point, we don't guide to it, but -- if we look at the last quarter, our equipment sales were roughly in line with what we expected. And we had slightly lower third-party sales but slightly higher first-party sales. And so that's kind of what comprised the sales piece. But then our activations were delayed -- and Liz talked about the revenue impact of that in the quarter, but that was basically delayed by just delivery dates and then some sense that it was the holidays and people would take some time to activate.

這是彼得。關於新增毛利，我在這裡就插一句，因為你特別問到了這個問題。我重申一下 Liz 的觀點，我們沒有這方面的指導，但——如果我們看一下上個季度，我們的設備銷售額大致符合我們的預期。第三方銷售額略有下降，但自有銷售額略有上升。這就是銷售部分的內容大致構成。但後來我們的激活被推遲了——Liz 在本季度談到了這造成的收入影響，但這基本上只是由於交付日期延遲，以及人們認為正值假期，需要一些時間才能激活。

So that had some impact on gross adds in Q2 that then we should flow into Q3.

因此，這對第二季新增毛利產生了一定影響，而這種影響應該會延續到第三季。

Yes. I just want to reiterate that when Peter said sales were in line, he met sales to new members were in line overall with our expectations. With the outperformance really coming from first-party sales orders, again, with that delay, and then the underperformance come from our third-party retail partners.

是的。我只想重申一下，彼得說銷售額符合預期，他指的是新會員的銷售額大致符合我們的預期。業績優異主要來自第一方銷售訂單，但同樣存在延遲；而業績不佳則來自我們的第三方零售合作夥伴。

That's very helpful. Thank you. And one quick follow-up. And I know it's probably hard to speak of exact time lines given you just introduced a bunch of new products this fall. But I was wondering if, Peter, you could talk about your broad sort of takeaways or thoughts around new hardware product road map that you're looking at over the next, I don't know, 12 to 18 months? And how you are thinking about the timing of a separate strength skew as well as your thoughts around more affordable Tread product?

那很有幫助。謝謝。還有一個後續問題。我知道鑑於你們今年秋季剛剛推出了一系列新產品，現在可能很難給出確切的時間表。但我很想知道，Peter，你能否談談你對未來 12 到 18 個月內即將推出的新硬體產品路線圖的整體看法或想法？您如何考慮單獨推出強度偏差測試的時機，以及您對更經濟實惠的Tread產品有何想法？

Yes, Arpine, I think in the earnings call is not where we would make a major new hardware product announcement. But what I can say is that I remain incredibly impressed by the capabilities of our hardware engineering teams here at Peloton. And as I mentioned, earlier, they have demonstrated the ability to produce really high-quality equipment in a very short period of time. That being said, hardware is it takes time not only to design and engineer it, but to make sure we test it because this is the kind of equipment that people run on it and they engage in other physical activity with regard to this equipment. And so we have to be incredibly careful about it.

是的，Arpine，我認為財報電話會議並不是我們發布重大新硬體產品公告的場合。但我可以說的是，我對 Peloton 硬體工程團隊的能力仍然印象深刻。正如我之前提到的，他們已經證明有能力在很短的時間內生產出非常高品質的設備。也就是說，硬體的設計和製造不僅需要時間，還需要確保對其進行測試，因為人們會使用這類設備進行跑步和其他體育活動。所以我們必須對此格外謹慎。

So with all of that said, I feel very confident that we will be able to make some meaningful announcements in the next 12 to 18 months and that those will start to create new opportunities for us as a company.

綜上所述，我非常有信心，我們將在未來 12 到 18 個月內發布一些有意義的公告，這些公告將為我們公司創造新的機會。

Thank you very much.

非常感謝。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Your line is open Thanks so much for taking the question. And wishing you the best going forward, Liz. Building on some of the comments you've made so far, Peter, would love to understand where -- what you prioritize from a strategy perspective. When you think about building increased value across the member base. How should we be thinking about investments and product gains around content and the services way? And maybe even going a little bit deeper in what some of the early signals you've gotten with respect to IQ and the adoption rate there? Thanks so much.

您的線路已接通。非常感謝您回答問題。祝你未來一切順利，莉茲。Peter，基於你目前為止的一些評論，我很想了解從戰略角度來看，你的優先事項是什麼。當你思考如何為所有會員創造更多價值。我們該如何看待圍繞內容和服務方式的投資和產品收益？或許還可以更深入地探討一下，你從 IQ 和那裡的採用率方面得到的一些早期訊號是什麼？非常感謝。

Absolutely, Eric. And thank you for the question. So here are some of the things that I'm prioritizing. One is delivering even more differentiated Cardio experiences. You could see that in our innovations with the Cross Training Series and the Pro Series, both of which we announced and launched on October 1.

當然，埃里克。謝謝你的提問。以下是我優先考慮的一些事項。其中一項是提供更有差異化的有氧運動體驗。這一點可以從我們於 10 月 1 日發布的 Cross Training 系列和 Pro 系列的創新中看出。

The second area is providing a much more full array of Fitness & Wellness experiences. So that's, of course, leaning into strength. Some of the things that we're doing with Sleep & Recovery, you could see that with our partnership with the hospital for Special Surgery, mental well-being, building on that acquisition we did with Breathwrk, and then, of course, beginning to personalize our offerings for every member, and Peloton IQ takes our personalized plans to the next level there. So that's another way for us to be able to add value for our members and encourage them to try, for example, more categories of content like getting people who are principally focused on Cardio to do more with Strength, which we know is good for the member and good for us.

第二個區域提供更全面的健身和健康體驗。所以，這當然是發揮自身優勢。我們正在睡眠與復原方面所做的一些事情，例如我們與特種外科醫院的合作、心理健康方面的工作、以及我們對 Breathwrk 的收購，當然還有開始為每位會員提供個性化服務，而 Peloton IQ 則將我們的個人化計劃提升到了一個新的水平。所以，這也是我們為會員增加價值並鼓勵他們嘗試更多內容的一種方式，例如，讓主要專注於有氧運動的人更多地進行力量訓練，我們知道這對會員和我們都有好處。

In terms of your question about Peloton IQ. One, let me just start with this. I am incredibly proud of the fact that The Wall Street Journal, when they put Peloton IQ up against the AI Fitness Coaching from Apple and Google, we came out on top. And as a dedicated fitness company, I'd expect to beat them at our game, but it's still gratifying given that these are some pretty well-resourced companies to be compared against.

關於您提出的關於 Peloton IQ 的問題。首先，讓我先從這一點開始。我感到無比自豪的是，《華爾街日報》將 Peloton IQ 與蘋果和谷歌的 AI 健身教練進行對比，結果我們勝出。作為一家專業的健身公司，我期望在我們的領域擊敗他們，但考慮到這些都是資源非常雄厚的公司，能夠與之競爭仍然令人欣慰。

As we mentioned earlier on the call, nearly half of our active members engaged with their performance insights and their personalized recommendations during the quarter, and that was the first quarter that Peloton IQ was even out there. and the engagement with personalized plans among our members with Connected Fitness equipment increased 10% quarter-over-quarter. Another thing that we're seeing Peloton IQ do, is it's changing the purchasing patterns of our customers. So when we ask customers why they bought what they bought, Peloton IQ was ranked the most compelling feature by those who purchased the Cross Training Series, Bike+, Tread and Tread+. And all of this is just going to keep getting better because we plan to expand Peloton IQ to cover more domains besides Strength.

正如我們在先前的電話會議中提到的，近一半的活躍會員在本季度使用了他們的運動表現分析和個人化推薦，而這也是 Peloton IQ 推出後的第一個季度。此外，擁有連網健身設備的會員使用個人化計畫的比例較上季成長了 10%。我們看到 Peloton IQ 帶來的另一個影響是，它正在改變我們客戶的購買模式。因此，當我們詢問顧客為什麼購買他們所購買的產品時，購買了 Cross Training Series、Bike+、Tread 和 Tread+ 的顧客將 Peloton IQ 評為最具吸引力的功能。而且這一切都會越來越好，因為我們計劃將 Peloton IQ 擴展到力量訓練以外的更多領域。

Thank you, operator. I think we're going to wrap up the call at this stage so we can get this wrapped up before market open. Thank you for joining us today. Closing remarks, Peter?

謝謝接線生。我認為我們應該就此結束通話，以便在市場開盤前完成這項工作。感謝您今天蒞臨。彼得，還有什麼要補充的嗎？

I'll just say a couple of words before we wrap up. Fitness & Wellness isn't a quarterly goal for our members, and it shouldn't be for our business either. With Pelotons' disciplined operational focus, we're providing the foundation necessary to fuel continued innovation. We remain committed to returning the business to sustainable growth and we're encouraged by our steady progress. I want to highlight a few classes and programs that you may be interested in between now and the next call.

在結束之前，我再說幾句。對我們的會員來說，健身和健康並不是季度目標，對我們的企業來說，也不應該是。憑藉 Peloton 嚴謹的營運策略，我們正在為持續創新奠定必要的基礎。我們仍然致力於使公司恢復可持續成長，並且我們對取得的穩步進展感到鼓舞。從現在到下次通話這段時間，我想重點介紹一些您可能感興趣的課程和專案。

First, Rebecca Kennedy launched High Lift, which is a four-week high-intensity low-impact Cross Training program. For those of you who are looking to take up running this year, Kristen Ferguson can help you with her Call Yourself a Runner program, which we also released a few weeks ago. And if you haven't tried our new Strength instructors, I encourage you to take a Sculpt Flow, Pilates or Kettlebell class with Greta, Johanna or Zacharias. Okay. With that, we look forward to seeing you on the leaderboard. Thank you.

首先，Rebecca Kennedy 推出了 High Lift，這是一個為期四週的高強度低衝擊交叉訓練計畫。對於今年打算開始跑步的人來說，克里斯汀·弗格森的「稱自己為跑步者」計劃可以幫助你，我們幾週前也發布了該計劃。如果您還沒有體驗過我們新的肌力訓練教練，我鼓勵您參加 Greta、Johanna 或 Zacharias 的塑形流、普拉提或壺鈴課程。好的。我們期待在排行榜上看到你的身影。謝謝。

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

謝謝。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了。