派樂騰 (PTON) 2026 Q3 法說會逐字稿

Good day, and welcome to Peloton's third-quarter fiscal year 2026 conference call. (Operator Instructions)

各位好，歡迎參加 Peloton 2026 財政年度第三季財報電話會議。(接線員指示)

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, Head of Investor Relations. Please go ahead.

請注意，今天的會議將被錄音。現在我想把會議交給今天的講者——投資人關係主管 James Marsh 先生。請開始。

Thank you, operator. Good morning, and welcome to Peloton's third quarter fiscal year 2026 conference call. Joining today's call are Peloton Chief Executive Officer and President, Peter Stern, Interim Chief Financial Officer, Saqib Baig; and Vice President of Financial Planning and Analysis, Scott Burch.

謝謝，接線員。各位早安，歡迎參加 Peloton 2026 財政年度第三季財報電話會議。今天與會者包括 Peloton 執行長兼總裁 Peter Stern、代理財務長 Saqib Baig，以及財務規劃與分析副總裁 Scott Burch。

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.

我們的評論以及對各位提問的回應僅反映管理層截至今日的觀點，並將依據聯邦證券法就本公司業務包含前瞻性陳述。由於與本公司業務相關的風險與不確定性，實際結果可能與這些前瞻性陳述所載或所暗示者存在重大差異。

Please refer to our SEC filings, today's press release and our earnings presentation, all of which can be found on our Investor Relations website for a discussion of our 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 and definitions for our user metrics are also provided in today's press release.

有關可能影響我們業績的重大風險及其他重要因素之討論，請參閱我們向 SEC 提交的文件、今日新聞稿以及我們的財報簡報，以上皆可於我們的投資人關係網站查閱。在本次電話會議中，我們將同時討論 GAAP 與非 GAAP 財務衡量指標。GAAP 與非 GAAP 財務衡量指標之調節表，以及我們使用者指標的定義，也已於今日新聞稿中提供。

I'll turn it over to Peter.

接下來交給 Peter。

Thanks, James, and good morning, everyone. Our Q3 results are proof that the strategy of evolving Peloton from a connected fitness company to a connected wellness company is delivering results. This strategy is in direct response to consumers not only wanting to add years to their life, but also life to their years.

謝謝，James，各位早安。我們第三季的業績證明，將 Peloton 從互聯健身公司演進為互聯健康（wellness）公司的策略正在帶來成果。此策略直接回應消費者不僅希望延長壽命年數，也希望讓生命的每一年更有品質。

Peloton's content, equipment and beloved brand position us to capture more market share within the growing $7 trillion global wellness economy and to achieve ever greater human impact. As I've shared in prior calls, there are four pillars to delivering on our strategy: one, improve member outcomes; two, meet members everywhere; three, make members for life; and four, business excellence.

Peloton 的內容、設備以及深受喜愛的品牌，使我們得以在成長中的 7 兆美元全球健康經濟中取得更多市占，並創造更大的對人類的影響力。如我在先前的電話會議中所分享，落實我們策略有四大支柱：第一，改善會員成果；第二，隨處觸達會員；第三，讓會員終身相伴；第四，卓越營運。

Let's start with our progress on improving member outcomes, which is how we empower them to live fit, strong, long and happy. During the quarter, over 400,000 people took our HiLit classes with Rebecca Kennedy. This contributed to 48% growth in our Pilates modality, which is becoming a central plank of our strength program and an area where we are investing both in R&D and instructors as exemplified by the three we onboarded last quarter.

先從我們在改善會員成果方面的進展談起，這也是我們如何賦能會員，讓他們活得健康、強壯、長壽且快樂。本季有超過 40 萬人參加了 Rebecca Kennedy 的 HiLit 課程。這帶動我們皮拉提斯（Pilates）類別成長 48%，該類別正成為我們肌力計畫的核心支柱之一；我們也在研發與教練方面加大投入，正如上季我們新加入的三位教練所示。

Speaking of R&D, our work on producing new equipment in one of our existing modalities is progressing well, and I look forward to introducing some exciting new hardware and features to you this fall. In the space of mental well-being, last week, we launched 140th Peloton instructor-led meditation and sleep classes in the Breathwrk as well as daily meditations and breath work programming that will begin to develop that app into a preeminent platform to help people relieve stress, sleep and achieve better focus.

談到研發，我們在既有運動類別中開發新設備的工作進展順利，我期待在今年秋季向各位介紹一些令人振奮的新硬體與功能。在心理健康方面，上週我們在 Breathwrk 上推出了第 140 堂由 Peloton 教練帶領的冥想與睡眠課程，並推出每日冥想與呼吸訓練內容，將逐步把該 App 打造成協助人們紓壓、改善睡眠並提升專注力的頂尖平台。

To further our progress in improving member outcomes, I'm delighted to celebrate the arrival of Sarah Robb O'Hagan, our Chief Content and Member Development Officer. Sarah brings a wealth of experience, serving an executive and Board of Director roles for various well-known brands in the fitness space including Exos, Strava, Equinox, Gatorade and Nike. Sarah is focused on accelerating innovation across our content ecosystem, driving engagement and in so doing, deepening loyalty across our community by evolving the member experience.

為了進一步推動改善會員成果的進展，我很高興迎接我們的內容與會員發展長 Sarah Robb O'Hagan 的加入。Sarah 擁有豐富經驗，曾在健身領域多個知名品牌擔任高階主管與董事會職務，包括 Exos、Strava、Equinox、Gatorade 與 Nike。Sarah 將專注於加速我們內容生態系的創新、提升參與度，並透過演進會員體驗，進一步深化社群的忠誠度。

Second, let's talk about our strategy for meeting members everywhere. This part of our strategy is how we grow our Peloton community. Last week, we announced big news in this area, our content licensing partnership with Spotify. This partnership brings more than 1,400 Peloton classes across strength, pilates, bar, yoga, meditation, outdoor and cardio to hundreds of millions of Spotify Premium subscribers globally, exponentially growing our reach.

第二，談談我們「隨處觸達會員」的策略。這部分策略是我們擴大 Peloton 社群的方式。上週我們在此領域宣布了一項重大消息：與 Spotify 的內容授權合作夥伴關係。此合作將超過 1,400 堂 Peloton 課程——涵蓋肌力、皮拉提斯、芭蕾塑形（barre）、瑜伽、冥想、戶外與有氧——帶給全球數以億計的 Spotify Premium 訂閱者，讓我們的觸及規模呈指數式成長。

Our work with Spotify provides a powerful entry point into the magic of Peloton, allowing us to efficiently grow our brand through a platform that people everywhere already know and love while also providing a high margin, diversified revenue stream. We expect to bring hundreds more classes to Spotify Premium subscribers each month.

我們與 Spotify 的合作為人們進入 Peloton 魅力世界提供了強而有力的入口，讓我們能透過一個全球用戶早已熟悉且喜愛的平台，高效率地擴大品牌影響力，同時也帶來高毛利、更多元化的營收來源。我們預期每月將為 Spotify Premium 訂閱者新增數百堂課程。

Our commercial business unit is another way we can meet members everywhere by reaching people in tens of thousands of gyms across more than 60 countries. In Q3, we delivered another quarter of standout growth in this unit, as revenue increased 14% year-over-year. To build on this momentum, we recently announced the Peloton Commercial Series, which includes a new bike and treadmill specifically designed for heavy traffic gym environments.

我們的商用事業部也是「隨處觸達會員」的另一種方式，透過進入 60 多個國家、數以萬計的健身房來觸及人們。第三季我們在該事業部再度交出亮眼成長，營收年增 14%。為延續這股動能，我們近期宣布推出 Peloton Commercial Series（商用系列），其中包含一款全新單車與跑步機，專為高使用量的健身房環境設計。

This equipment, which brings together Precor's industrial-grade durability with Peloton's unsurpassed connected experience, will become available to gym operators in Q2 of fiscal '27 and will help us continue to grow Peloton's international footprint and gym presence. We see tremendous upside in this category as we estimate that we have only a 3% share of the more than $10 billion and growing global commercial fitness equipment market segment.

這些設備結合了 Precor 的工業級耐用性與 Peloton 無與倫比的互聯體驗，將於 2027 財年第二季提供給健身房營運商，並將協助我們持續擴大 Peloton 的國際版圖與健身房佈局。我們看好此類別的巨大上行空間，因為我們估計在規模超過 100 億美元且持續成長的全球商用健身器材市場中，我們目前市占僅約 3%。

And I'd be remiss if I didn't mention our recent ad campaign featuring Hudson Williams. This campaign went viral because it's a glorious demonstration of the joy of movement that drives everything we do at Peloton. I want to congratulate Peloton's marketing team, led by Megan Imbres, which has delivered more than 60 million organic social views and significant global earned media buzz, helping us put Peloton back in the center of the Zeitgeist, where we belong.

此外，如果不提到我們近期由 Hudson Williams 擔綱的廣告活動，我就失職了。這支活動之所以爆紅，是因為它精彩展現了「運動的喜悅」，而這正是 Peloton 所做一切的核心驅動力。我也要恭喜由 Megan Imbres 領導的 Peloton 行銷團隊，已帶來超過 6,000 萬次自然社群觀看量與顯著的全球口碑媒體聲量，協助我們讓 Peloton 重回時代精神（Zeitgeist）的中心——那正是我們應在的位置。

Third, let's talk about our strategy of members for life. This is where we work to keep the members we have. Initiatives such as Club Peloton, personalized plans from Peloton IQ and some reactivation offers we implemented in Q3 helped us deliver net churn that was 7 basis points lower year-over-year in Q3, despite the price change we implemented in Q2. These results demonstrate the substantial value we provide to our members.

第三，談談我們「讓會員終身相伴」的策略。這部分是我們致力於留住既有會員的方式。例如 Club Peloton、Peloton IQ 的個人化計畫，以及我們在第三季推出的一些喚回優惠，協助我們在第三季實現淨流失率（net churn）較去年同期降低 7 個基點，儘管我們在第二季已實施價格調整。這些成果證明我們為會員提供了可觀的價值。

Last, but certainly not least, is our strategy of business excellence. I believe the numbers here speak for themselves, as we achieved an important milestone of positive year-over-year revenue growth in Q3, along with growth in gross margin, adjusted EBITDA and free cash flow. Free cash flow increased $56 million or 59% year-over-year.

最後但同樣重要的是我們的「卓越營運」策略。我認為這裡的數字已不言自明：我們在第三季達成一項重要里程碑——營收年增轉正，同時毛利率、調整後 EBITDA 與自由現金流也同步成長。自由現金流年增 5,600 萬美元，增幅為 59%。

While our Q4 expectations reflect that our path to sustained year-over-year revenue growth will not be linear, the underlying vectors of growth have never been clearer. As our business model evolves, we expect investors will see our growth materialize in total revenue first, driven in part by revenue streams like the commercial business unit and content licensing.

雖然我們對第四季的預期反映出，通往持續的營收年增之路不會是一條直線，但成長的底層動能從未如此清晰。隨著我們的商業模式演進，我們預期投資人將首先在總營收中看到成長逐步顯現，其中部分將由商用事業部與內容授權等營收來源所帶動。

I'm also pleased to share that we expect Peloton to achieve positive net income on a full year basis in fiscal '26, in addition to our previously stated goal of positive operating income. This would be the first time in the company's history that we have achieved either of these metrics for a full year, let alone both.

我也很高興分享，我們預期 Peloton 將在 2026 財年以全年為基礎實現淨利為正，此外也將達成我們先前所述的營業利益為正目標。這將是公司歷史上首次在全年期間達成其中任一項指標，更不用說同時達成兩項。

We have rightsized our cost structure, in particular G&A and are now delivering in excess of $1 million of annualized revenue per employee, and we are well positioned to continue delivering innovations in cardio, strength, commercial, mental well-being, content licensing and beyond within a disciplined envelope for R&D spend.

我們已將成本結構調整至適當規模，特別是在一般與行政（G&A）方面；目前每位員工所貢獻的年化營收已超過 100 萬美元。我們也已做好充分準備，在嚴格控管研發（R&D）支出範圍內，持續在有氧、肌力、商用、心理健康、內容授權等領域及其他方面推出創新。

Strong financials and consistent cash flow have resulted in a vastly improved balance sheet. We ended Q3 with a 70% reduction year-over-year in our net debt. Add all this up, and from a financial standpoint, we are no longer operating defensively. Instead, we are operating from a position of profound strategic optionality.

強勁的財務表現與穩定的現金流，使資產負債表大幅改善。我們在第三季結束時，淨負債較去年同期下降 70%。綜合以上，從財務角度來看，我們已不再以防禦姿態運作。相反地，我們正以高度的策略選擇權優勢來運作。

This enables us to move to a new stage of financial maturity, characterized by strategic capital allocation. In anticipation of the expiration of the prepayment penalty on our term loan at the end of this month, we are evaluating every avenue to maximize shareholder value, including debt optimization, capital returns and accretive strategic investments.

這使我們得以邁向財務成熟的新階段，其特徵是策略性的資本配置。鑑於我們的定期貸款提前償還罰金將於本月底到期，我們正在評估所有可用途徑以最大化股東價值，包括債務最佳化、資本回饋以及具增益性的策略投資。

With meaningful excess cash on the balance sheet, we have the luxury of patience. We are actively finalizing our holistic capital allocation strategy, evaluating alternatives, including share repurchases, debt optimization and potentially highly targeted investments. Finalizing and executing on this plan will be a key agenda item for our permanent CFO once they are seated. And speaking of a permanent CFO, our search is progressing well. We have met numerous qualified candidates, and we are gratified by the strong interest they have shown in Peloton.

由於資產負債表上有可觀的超額現金，我們擁有從容等待的餘裕。我們正積極完成整體性的資本配置策略，評估各種選項，包括庫藏股回購、債務最佳化，以及可能高度聚焦的投資。一旦永久 CFO 到任，完成並執行此計畫將成為其重要議程項目。談到永久 CFO，我們的招募進展順利。我們已會見多位合格候選人，並對他們對 Peloton 展現的高度興趣感到欣慰。

As I wrap up these remarks, I want to reiterate my confidence in Peloton's future. We continue to make great progress on deepening our relationships with our members, growing our opportunities to reach new members globally, diversifying our revenue streams and planting new seeds for future growth, all while continuing to strengthen our financial foundation.

在結束這些談話之前，我想再次強調我對 Peloton 未來的信心。我們持續在多方面取得重大進展：深化與會員的關係、擴大在全球觸及新會員的機會、分散營收來源並為未來成長播下新種子，同時也持續強化我們的財務基礎。

With that, I will now pass it over to Saqib, who I'm very grateful to for serving so ably as Interim Chief Financial Officer and who will share more details on our financial results.

接下來，我將把時間交給 Saqib。我非常感謝他以代理財務長的身分出色地履行職責，並將分享更多我們財務結果的細節。

Thanks, Peter. In Q3, we achieved total revenue of $631 million. This exceeded our guidance by $6 million and represents positive year-over-year growth. Our performance relative to guidance was driven by higher Connected Fitness equipment sales across Peloton and Precor brands. We ended Q3 with 2.662 million ending paid Connected Fitness subscriptions in line with the midpoint of our guidance range. Q3 average net monthly paid Connected Fitness subscription churn was 1.2% and improved 7 basis points year-over-year.

謝謝你，Peter。第三季我們達成總營收 6.31 億美元。這比我們的指引高出 600 萬美元，並代表年對年正成長。相較於指引的表現，主要受 Peloton 與 Precor 品牌的 Connected Fitness 設備銷售高於預期所帶動。第三季期末付費 Connected Fitness 訂閱數為 266.2 萬，符合我們指引區間的中點。第三季付費 Connected Fitness 訂閱的平均每月淨流失率為 1.2%，較去年同期改善 7 個基點。

Moving to gross profit and gross margin. As a reminder, in Q1 of fiscal 2026, we began assigning executive compensation and other corporate overhead expenses associated with corporate facilities across the P&L, as we focused on driving more accountability from cost at a functional level. Prior to fiscal 2026, these costs were all recorded to G&A, but are now assigned to COGS, sales and marketing, G&A and R&D.

接著談毛利與毛利率。提醒一下，自 2026 財年第一季起，我們開始將高階主管薪酬以及與公司設施相關的其他企業間接費用分攤至損益表各項目，以在職能層級推動更高的成本責任。在 2026 財年前，這些成本皆記錄於一般與行政（G&A），但現在已分攤至銷貨成本（COGS）、銷售與行銷、G&A 以及研發（R&D）。

All of the year-over-year changes discussed today reference last year on an as-reported basis. Total gross profit was $327 million in Q3, an increase of $9 million or 3% year-over-year. Total gross margin was 51.9% in Q3, an increase of 90 basis points year-over-year and 210 basis points below our guidance of roughly 54%.

今天所討論的所有年對年變動，皆以去年「依報表列示（as-reported）」基礎為比較。第三季總毛利為 3.27 億美元，年對年增加 900 萬美元或 3%。第三季總毛利率為 51.9%，年對年提升 90 個基點，但較我們約 54% 的指引低 210 個基點。

Lower total gross margin relative to guidance was driven by opportunistic promotions across our Connected Fitness equipment sales. We operate within strict LTV-to-CAC hurdle rates. And as we saw a 2x LTV-to-CAC ratio, we see an opportunity to get more aggressive. Please refer to our investor presentation for the segment-level breakdowns for revenue and gross margin.

總毛利率低於指引，主要是因為我們在 Connected Fitness 設備銷售上採取了機會型促銷。我們在嚴格的 LTV 對 CAC 門檻比率下運作。而當我們看到 LTV 對 CAC 比率達到 2 倍時，我們認為有機會採取更積極的作法。請參閱我們的投資人簡報，以取得各事業部門營收與毛利率的拆分明細。

Total operating expenses, excluding restructuring, and payment and supply settlement expenses; were $267 million in Q3, a decrease of $50 million or 16% year-over-year, reflecting the continued progress we have made in rightsizing our cost structure. We remain on track to achieve at least $100 million of run rate cost savings by the end of fiscal 2026.

第三季營業費用（不含重組，以及付款與供應和解費用）為 2.67 億美元，年對年減少 5,000 萬美元或 16%，反映我們在將成本結構調整至適當規模方面持續取得進展。我們仍按計畫在 2026 財年結束前達成至少 1 億美元的年度化（run rate）成本節省。

We also continued to deliver strong profitability with $126 million of adjusted EBITDA, an increase of $37 million or 41% year-over-year and close to the midpoint of our guidance range. Q3 free cash flow of $151 million represented an increase of $56 million or 59% year-over-year.

我們也持續交出強勁的獲利表現，調整後 EBITDA 為 1.26 億美元，年對年增加 3,700 萬美元或 41%，接近我們指引區間的中點。第三季自由現金流為 1.51 億美元，年對年增加 5,600 萬美元或 59%。

Turning to our balance sheet. We ended the quarter with a strong cash position of $1.13 billion, a decrease of $53 million quarter-over-quarter. This decrease was driven by paying down roughly $200 million of convertible debt when it reached maturity in February, partially offset by strong cash flow generation in the quarter.

接著看資產負債表。本季末我們的現金部位強勁，為 11.3 億美元，較前一季減少 5,300 萬美元。此減少主要因我們在 2 月到期時償還約 2 億美元的可轉換債，部分由本季強勁的現金流入所抵銷。

The significant progress we have made in profitability is reflected in our net debt of $173 million, which decreased $412 million or 70% year-over-year. Similarly, our gross and net leverage ratios have improved meaningfully to 2.9 and 0.4, respectively. As Peter mentioned, we are focused on strategic capital deployment.

我們在獲利能力方面取得的顯著進展，反映在淨負債為 1.73 億美元，年對年減少 4.12 億美元或 70%。同樣地，我們的總槓桿與淨槓桿比率也大幅改善，分別為 2.9 與 0.4。如 Peter 所提，我們正聚焦於策略性資本部署。

A key element of this is managing dilution through a disciplined approach to equity compensation. Our stock-based compensation expense decreased $15 million or 22% year-over-year in Q3. Next, I would like to take time to provide context for the financial outlook for the remainder of the fiscal year.

其中一個關鍵要素，是透過對股權薪酬採取紀律性的作法來管理稀釋。第三季以股票為基礎的薪酬費用年對年減少 1,500 萬美元或 22%。接下來，我想花點時間為本財年剩餘期間的財務展望提供一些背景。

Our full year fiscal 2026 total revenue outlook of $2.42 billion to $2.44 billion reflects an increase of $10 million at the midpoint compared to prior guidance and 2% revenue decrease year-over-year at the midpoint. The increase relative to prior guidance is primarily driven by higher equipment sales observed in Q3.

我們對 2026 財年全年總營收的展望為 24.2 億至 24.4 億美元，中點較先前指引上調 1,000 萬美元；以中點計算，營收年對年下降 2%。相較於先前指引的上調，主要由第三季觀察到的設備銷售較高所驅動。

It is worth noting the anticipated content licensing revenue associated with Spotify partnership we announced last week was already reflected in our prior revenue guidance and will be recorded to the subscription segment.

值得注意的是，我們上週宣布與 Spotify 合作所帶來的預期內容授權營收，已反映在先前的營收指引中，並將記錄於訂閱業務分部。

Our full year fiscal 2026 guidance for total gross margin is roughly 52.5%, which reflects a decrease of roughly 50 basis points relative to prior guidance and an improvement of 160 basis points year-over-year. Our full year fiscal 2026 guidance range for adjusted EBITDA of $470 million to $480 million is in line with prior guidance and an 18% year-over-year increase at the midpoint. Our Q4 guidance range for ending paid Connected Fitness subscription is 2.55 million to 2.57 million.

我們對 2026 財年全年總毛利率的指引約為 52.5%，較先前指引下調約 50 個基點，但年對年提升 160 個基點。我們對 2026 財年全年調整後 EBITDA 的指引區間為 4.70 億至 4.80 億美元，與先前指引一致；以中點計算，年對年增加 18%。我們對第四季期末付費 Connected Fitness 訂閱數的指引區間為 255 萬至 257 萬。

Our guidance reflects an expectation that our average net monthly paid Connected Fitness subscription churn rate will be roughly flat year-over-year in full year fiscal 2026 despite the price change we implemented in Q2, while gross additions are expected to decrease year-over-year as a result of lower equipment sales. Generating meaningful free cash flow remains a top priority for us. We expect full year fiscal 2026 free cash flow to be in the vicinity of $350 million. I will now hand the call back to the operator for Q&A.

我們的指引反映出一項預期：儘管我們在第二季實施了價格調整，但在2026財政年度全年，我們的 Connected Fitness 付費訂閱平均每月淨流失率將大致與去年同期持平；同時，由於設備銷售較低，預計新增訂閱（gross additions）將較去年同期下降。創造可觀的自由現金流仍然是我們的首要優先事項。我們預期2026財政年度全年自由現金流將在約3.5億美元左右。我現在把電話交回給接線員，進行問答環節。

Before I turn the call over to the operator, let me ask a couple of questions from our retail investors. Our first question comes from the leaderboard named [Vic83]. His question is, can you clear up some of the confusion around Section 232 tariffs? Are your products exempt? And what is the new view on tariff impact for the year? Do we expect a refund on previously paid IEEPA tariffs? Peter?

在我把電話交給接線員之前，讓我先回答幾個來自我們零售投資人的問題。第一個問題來自排行榜上的[Vic83]。他的問題是：你們能否釐清一下關於第232條關稅的一些困惑？你們的產品是否豁免？以及今年關稅影響的新看法是什麼？我們是否預期能退回先前已支付的 IEEPA 關稅？Peter？

Thanks, Vic, for the question. Tariffs are, as you know, a moving target. So we follow it closely. First, the equipment we manufacture here in the US is obviously not subject to tariffs at all. For everything else, based on the tariff policies that are currently in place, imported Peloton and Precor hardware are no longer subject to the Section 232 tariffs on aluminum and steel content, but they do remain subject to all other applicable tariffs, which include the MFN tariffs as well as Sections 122 and 301.

謝謝你，Vic，提出這個問題。關稅如你所知，是一個不斷變動的目標。因此我們會密切追蹤。首先，我們在美國本土製造的設備顯然完全不受關稅影響。至於其他所有產品，根據目前生效的關稅政策，進口的 Peloton 與 Precor 硬體已不再適用於鋁與鋼含量的第232條關稅，但仍適用於所有其他相關關稅，包括最惠國（MFN）關稅以及第122條與第301條關稅。

Regarding IEEPA, we're closely monitoring the updates from US Customs and Border Protection on when we'll be able to submit our refund request. Our request is somewhat more complicated than the initial round of requests, but we will submit that as soon as the CBP is ready to receive it.

關於 IEEPA，我們正密切關注美國海關與邊境保護局（CBP）就何時可提交退款申請所發布的最新資訊。我們的申請比第一輪申請更為複雜一些，但我們會在 CBP 準備好接收時，立即提交。

The changes that I just described, along with various inventory ins and outs, drive a net benefit to our tariff exposure. So we expect tariffs to represent roughly $30 million of free cash flow exposure for our full year '26, which is a reduction of $15 million relative to the $45 million that we shared last quarter.

我剛才描述的變更，加上各項庫存進出因素，為我們的關稅曝險帶來淨受益。因此，我們預期在2026財政年度全年，關稅對自由現金流的曝險約為3,000萬美元，較我們上季分享的4,500萬美元減少1,500萬美元。

Thanks, Peter. Our second question comes from leaderboard named [John H. Schreiber]. Please provide an update on the company's capital allocation plan, now that the balance sheet has been significantly improved, thanks to several quarters of positive free cash flow? Can shareholders expect the share repurchase plan to be announced soon? Peter?

謝謝你，Peter。第二個問題來自排行榜上的[John H. Schreiber]。在資產負債表因連續數季的正向自由現金流而顯著改善之後，請提供公司資本配置計畫的最新進展？股東是否可期待很快宣布股票回購計畫？Peter？

Thanks for this, John. It's amazing what a difference two years have made in the strength of our balance sheet. And so it's my great pleasure to address your question from where we sit today. As you may know, our $1 billion term loan has a $10 million prepayment penalty that expires at the end of this month.

謝謝你，John。過去兩年對我們資產負債表強度的提升，差異之大令人驚嘆。因此，我很高興能以我們今天所處的位置來回答你的問題。如你所知，我們10億美元的定期貸款有1,000萬美元的提前償還罰金，將於本月底到期。

So we haven't wanted to touch that until then. At the same time, we are accumulating cash on our balance sheet, thanks to our disciplined operating approach. And at the end of the quarter, you heard Saqib say that we had about $1.13 billion in cash, and that's after paying down the $200 million of convertible notes that came due during the quarter.

因此在此之前，我們一直不想去動它。同時，得益於我們嚴謹自律的營運方式，我們正在資產負債表上累積現金。而在季度末，你也聽到 Saqib 提到我們約有11.3億美元現金，這是在本季償還到期的2億美元可轉換公司債之後的數字。

We're now approaching zero net debt. And we need a lot less cash than we have on our books to operate our business, given the steady cash flows that our subscriptions business, in particular, generates. So all of this gives us, what I referred to in the remarks as, profound strategic optionality.

我們現在正接近淨負債為零。而考量到我們的訂閱業務（尤其是）所帶來的穩定現金流，為了營運業務，我們所需的現金遠少於目前帳上持有的現金。因此，這一切讓我們擁有我在致詞中所稱的「深具分量的策略選擇權」。

And so we're working with our banking partners on our plan. We're not ready to discuss the details of that plan right now, and this is ultimately something I want to craft in conjunction with our new CFO once they're onboarded, but I'll tell you the 4-part framework that we're using.

因此，我們正與銀行合作夥伴一起制定計畫。我們目前尚未準備好討論該計畫的細節；而且這最終也是我希望在新任 CFO 到任後共同打造的事情，但我可以先告訴你我們採用的四部分框架。

First, we're trying to reduce our cost of capital. Our current term loan was entered into at a different time and under very different circumstances. And so we believe there's an opportunity to improve our borrowing rates. Second, we're trying to increase our flexibility. Our current term loan limits our ability to engage in shareholder-friendly actions like stock buybacks, and we'd like to reduce those types of restrictions.

第一，我們希望降低資本成本。我們目前的定期貸款是在不同的時間點、在非常不同的情境下簽訂的。因此我們相信有機會改善我們的借款利率。第二，我們希望提升彈性。目前的定期貸款限制了我們採取對股東友善行動（例如股票回購）的能力，我們希望降低這類限制。

Third, and you heard Saqib talk about this, we're working hard to find ways to reduce dilution. There are lots of ways of achieving this. We're already taking steps by reining in stock-based compensation and by moving to net settlement of restricted stock units rather than selling to cover for some of our executive officers. But we're evaluating what else we can do here, including your suggestion of a repurchase.

第三，你也聽到 Saqib 談到這點，我們正努力尋找降低稀釋的方法。達成這點有很多方式。我們已經採取一些措施，例如收斂股票基礎薪酬，並針對部分高階主管改採限制型股票單位（RSU）的淨額交割（net settlement），而非賣股以支付稅款（sell-to-cover）。但我們也在評估還能做些什麼，包括你所建議的回購。

Fourth and last, we're making sure that we have the capital we need to operate our business sustainably and to invest in our future. And this includes rigorously vetted organic and potentially inorganic investments. We'll have more to share on all of this after we've concluded our CFO search. But we have the luxury of time, given the strength of our balance sheet.

第四也是最後，我們要確保擁有足夠資本，以可持續的方式營運業務並投資未來。這包括經過嚴格審核的有機投資，以及可能的非有機投資。在我們完成 CFO 招聘後，我們會就上述事項分享更多資訊。但鑑於我們資產負債表的強勁，我們有時間上的餘裕。

Great. Thanks, Peter. Sheri, you can open the line for Q&A.

很好。謝謝你，Peter。Sheri，你可以開放線路進行問答。

(Operator Instructions)

(接線員指示)

Simeon Siegel, Guggenheim Securities.

Simeon Siegel，Guggenheim Securities。

Peter, I just want to make sure I understand the response to leaderboard member, John, I don't remember the full name, but it was great. How are you thinking about the timing for the strategic actions? Are you suggesting it's a next month thing? Is it a wait for the CFO thing?

Peter，我只是想確認我理解你對排行榜成員 John（我不記得全名）的回覆，但那個回答很棒。你們如何看待採取策略行動的時間點？你是在暗示下個月就會發生嗎？還是要等 CFO 到位？

Just any help on timing, given the balance sheet really is in just such a different place than you were before. So that's been great to see. And then just a quick follow-up comment on the dilution because you mentioned it twice. I think you changed some approaches to how management is paid and incentivized late last year. Can you just speak to your philosophy around executive comp now? And maybe what types of hurdles you think we should be judging you on going forward? Thank you.

鑑於資產負債表確實已經與你們以前大不相同，想請你就時間點提供一些協助。所以看到這樣的變化真的很棒。另外關於稀釋，我再追問一句，因為你提到了兩次。我記得你們在去年稍晚調整了管理層的薪酬與激勵方式。你能否談談你們目前對高階主管薪酬的理念？以及你認為未來我們應該用哪些門檻來評判你們的表現？謝謝。

Absolutely, Simeon. And congrats on the new gig, and we are so happy that you're back in the family. I'll take the first part, and then I'll have Saqib talk about dilution and some of the changes on comp. So as I said, first of all, we do have the ability to be patient. It doesn't mean that we feel patient, but we have the ability to be patient here. And as you know, debt maturities can span many years.

當然可以，Simeon。也恭喜你拿到新職位，我們很高興你回到這個大家庭。我先回答第一部分，接著我會請 Saqib 談談稀釋以及薪酬上的一些變動。所以如我所說，首先，我們確實有能力保持耐心。這不代表我們感覺上很有耐心，但在這裡我們有能力保持耐心。而且如你所知，債務到期日可能橫跨很多年。

And so we think it's unwise for us to rush the process, in particular, and I didn't talk about this in my answer to [John Schreiber], but we intend to go through a credit ratings process prior to doing any refinancing. And we want to make sure we do that right the first time.

因此我們認為，匆忙推進這個流程並不明智；特別是，我在回答 [John Schreiber] 的問題時沒有提到，但我們打算在進行任何再融資之前，先走一遍信用評等流程。而且我們希望第一次就把它做對。

It will be the first time that Peloton gets rated. And of course, as you know, the rating has a very substantial implication on the rates that we would pay over the years of that new debt instrument. So we think we get a better outcome, both on cost of capital and flexibility if we're a bit patient and do it right.

這將是 Peloton 第一次取得評等。當然，如你所知，評等會對我們在該新債務工具存續期間多年所需支付的利率產生非常重大的影響。因此我們認為，如果我們稍微耐心一點、把事情一次做對，就能在資金成本與彈性兩方面取得更好的結果。

And certainly, that includes having a permanent CFO in the seat. So once they're there, we would begin that credit rating process. We'll evaluate the results of that credit rating process, and that will basically guide the pacing of any further actions we take, including the refinancing. Why don't we -- I'll go to Saqib now, and he can talk a little bit about the dilution questions.

而且這當然也包括讓一位正式的 CFO 就位。所以一旦他們到任，我們就會啟動信用評等流程。我們會評估該信用評等流程的結果，而這基本上將引導我們後續任何行動（包括再融資）的節奏。那我們——我現在交給 Saqib，他可以談談關於稀釋的問題。

Yes, sure, Peter. The impact of stock-based compensation on share dilution is top of mind. And reducing the dilution over time is a top priority for us. So we are taking steps to reduce dilution. We are doing it through a net settlement program for equity vesting for select executives as well as ongoing disciplined approach to equity compensation.

好的，當然，Peter。以股票為基礎的薪酬（SBC）對股份稀釋的影響，是我們最關注的議題之一。而隨時間降低稀釋，是我們的首要優先事項。因此我們正在採取措施降低稀釋。我們透過針對部分高階主管在股權歸屬時採行淨額交割（net settlement）計畫，以及對股權薪酬維持一貫且嚴謹的管理方式來達成。

Let me give a little bit more color on that settlement program. So in that program at equity vesting, the company withhold some of their vested shares rather than issuing and selling shares in the market to cover for employee taxes and deliver only the remaining shares to employees.

我再補充一些關於該交割計畫的細節。在這個計畫中，於股權歸屬時，公司會扣留部分已歸屬的股份，而不是在市場上發行並出售股份來支付員工稅款，並只把剩餘的股份交付給員工。

Regarding our disciplined approach to equity compensation, you all can see that in the sequential improvement we have been making in our stock-based compensation expense, stepping down from $300 million in fiscal '24 to $230 million in fiscal '25, and we are tracking around $200 million in fiscal '26.

至於我們對股權薪酬的嚴謹管理方式，各位可以從我們在股票為基礎的薪酬費用上所做的連續改善看出來：從 2024 會計年度的 3 億美元降到 2025 會計年度的 2.3 億美元，而 2026 會計年度目前追蹤約為 2 億美元。

Looking ahead, we see this expense continuing to step down in fiscal '27 and beyond. We have also taken significant steps to pay more on performance-based awards in our organization, and we have structured our SBC awards to better align with this approach going forward.

展望未來，我們預期這項費用在 2027 會計年度及之後仍會持續下降。我們也已採取重大措施，在組織內提高以績效為基礎的獎勵占比，並重新設計我們的 SBC 獎勵，使其在未來能更好地與這種做法對齊。

One thing you guys can also note is we are awarding fewer RSUs over time. For example, if you compare our 10-K disclosure in fiscal '25 versus fiscal '24, you'll notice a substantial reduction in the number of shares granted. And one thing I would also like to highlight is because the compensation structure has a multiyear grant, we recognize the benefit over time due to the impact of grants vesting from prior year.

各位也可以注意到的一點是，我們隨時間推移授予的 RSU 數量正在減少。例如，如果你比較我們在 2025 會計年度與 2024 會計年度的 10-K 揭露，你會看到授予股數大幅下降。另外我也想強調的是，由於薪酬結構採多年期授予，我們會隨時間認列其效益，因為會受到前一年度授予之股份在本年度歸屬的影響。

Arpine Kocharyan, UBS.

Arpine Kocharyan，UBS。

Hi, thanks, and good morning.

嗨，謝謝，早安。

So churn has surprised to the upside for more than three, four consecutive quarters for Peloton here. Peter, do you see churn turn stabilizing enough for you to then think about the delta between subscribers that are churning annually versus gross adds and how you look to close that gap over time?

Peloton 的流失率（churn）已連續三、四個季度都優於預期。Peter，你是否認為流失率已穩定到一個程度，讓你開始思考每年流失的訂閱戶與新增訂閱戶（gross adds）之間的差距，以及你們打算如何隨時間縮小這個差距？

Thanks, Arpine. We feel good about our Q3 churn results. Ultimately, your question goes to, I think, when do we reach the point where the two lines of our gross adds and our subscriber churn cross such that we get to net adds in subscribers. So let me talk a little bit about what we're seeing there.

謝謝你，Arpine。我們對第三季的流失率結果感到滿意。歸根結底，你的問題是在問：我們何時會到達新增訂閱戶與訂閱戶流失這兩條線交叉、使我們的訂閱戶出現淨新增（net adds）的那個點。我來談談我們目前看到的情況。

On gross adds, while the number is still declining, the year-over-year rate of decline in gross adds in Q3 of this year is lower than last year. So we're seeing a decelerating rate of decline. And then on churn, after adjusting for the impact of our pricing changes, we're also seeing that our net churn rates are improving on a year-over-year basis.

在新增訂閱戶方面，雖然數字仍在下降，但今年第三季新增訂閱戶的年減幅度比去年更小。所以我們看到下降速度正在放緩。而在流失方面，在調整我們價格變動的影響後，我們也看到淨流失率以年對年來看正在改善。

Putting those two things together, if that keeps changing in the ways that I've described, then we would start to see subscriptions growth. And a big goal for us as a management team is on how we accelerate the pace at which that convergence happens, while making sure that we do it in a sustainable and profitable way because as you can tell from our results, we remain really disciplined in our marketing spend, so that our burden, LTV-to-CAC ratio remains efficient.

把這兩點結合起來，如果它們持續朝我所描述的方向變化，那麼我們就會開始看到訂閱成長。而我們管理團隊的一大目標，是在確保以可持續且具獲利性的方式推進的前提下，加快這種趨勢收斂的速度；因為從我們的結果你也看得出來，我們在行銷支出上仍然非常自律，讓我們的負擔、LTV 對 CAC 的比率維持效率。

In other words, we will not engage in unnatural acts to bend this curve. Ultimately, the way forward here, the way to move the needle on gross adds is through our investments in R&D, which will result in us introducing new products that are more accessible in our existing categories while launching new categories as well.

換句話說，我們不會做不自然的事情來硬把這條曲線扳過來。最終，推動新增訂閱戶的方式，是透過我們在研發（R&D）上的投資，這將使我們在既有品類中推出更容易入手的新產品，同時也會推出新的品類。

I do want to point out that in the meantime, while we wait for subscribers to turn, we have a lot of vectors for revenue growth that don't result in paid Connected Fitness subscriptions. So you'll likely see inflections in growth -- in revenue before you see them in subscribers.

我也想指出的是，在我們等待訂閱戶轉正的同時，我們還有許多不需要帶來付費 Connected Fitness 訂閱的營收成長向量。因此，你很可能會先在營收上看到成長的拐點——在你於訂閱戶數上看到之前。

And this past quarter was an example of that. So some of the vectors that are at play this quarter and will be in the future are selling additional equipment to our existing members. That doesn't generate more subscriptions, but it does generate revenue. The revenue from our commercial business unit, which we talked about earlier, and that grew 14% year-over-year in the last quarter; that's predominantly equipment based. It doesn't come with very many subscribers.

而上一季就是一個例子。所以，本季正在發揮作用、未來也會持續的幾個向量包括：向既有會員銷售額外設備。這不會帶來更多訂閱，但會帶來營收。我們商用事業單位的營收（我們先前也提過），上一季年增 14%；那主要是設備導向。它不會帶來很多訂閱戶。

The Spotify deal that we just announced is a revenue driver. But those aren't our subscribers, those are Spotify's subscribers. The pricing changes, again, that was a real positive impact in Q3. No subscribers attached to that, but real high-margin revenue.

我們剛宣布的 Spotify 合作也是一個營收驅動因素。但那些不是我們的訂閱戶，而是 Spotify 的訂閱戶。再次提到價格調整，這在第三季帶來了非常正面的影響。這不附帶任何訂閱戶，但確實是高毛利的營收。

And then even the promotional levers that you saw us pull in Q3, which helped us beat on revenue, don't come with particularly more subscribers or it's an indirect connection, but it does generate the revenue. So that's a little bit of which should help tide us all over while we wait for the ultimate growth in subscribers.

另外，即便是你們看到我們在第三季採取的促銷槓桿，幫助我們在營收上優於預期，也不會帶來特別多的訂閱戶，或是與訂閱戶的連結較為間接，但它確實能帶來營收。以上就是一些做法，應該能在我們等待訂閱戶最終成長的同時，幫助我們度過這段期間。

Youssef Squali, Truist.

Youssef Squali，Truist。

Great. Thank you very much, and good morning, guys. Nice to see you guys making real progress on some of these important KPIs. So maybe a couple of questions. One, maybe talk a little bit about the promotional intensity you saw in Q3. I think you called that out as one of the drivers of gross margin.

很好。非常感謝，大家早安。很高興看到你們在一些重要的KPI上取得實質進展。我這邊可能有幾個問題。第一個，能否談談你們在第三季看到的促銷強度？我記得你們提到這是毛利率的驅動因素之一。

And try to reconcile basically your Q4 guide for Connected Fitness subscribers with your comments around churn being relatively flat. So maybe just give us some color as to what's going on outside of maybe the seasonally weak period that is this quarter we're going into. Is there anything else going on maybe you're pulling back on the promotional intensity that you've done in Q3?

另外，想請你們協助釐清：你們對第四季 Connected Fitness 訂閱用戶的指引，與你們提到的流失率相對持平之間，如何對得上。所以也許可以補充一些背景，說明除了我們即將進入的這一季本來就是季節性偏弱之外，還有什麼因素在影響？是否還有其他情況，例如你們可能會收斂第三季所採取的促銷強度？

And then just one last one. Peter, you talked a little bit about new hardware coming in this fall. Maybe can you just provide some preview of what those may be? I think, new modalities -- would strength be part of it? Would a cheaper tread be a part of it? Just any kind of color you can provide, knowing that, obviously, you'll provide a lot more this fall, more details.

最後一個問題。Peter，你提到今年秋季會推出新硬體。能否先預告一下可能會是哪些？我想，新模態——力量訓練會包含在內嗎？會有更便宜的跑步機嗎？在你們今年秋季會提供更多細節的前提下，任何你能提供的補充資訊都很有幫助。

Thanks, Youssef. There's a lot in there. So let me do my best to try to cover all of it. As I said in my remarks, we use an LTV-to-CAC framework to drive our marketing and our promotional spend, right? And that -- we like that framework because it's inclusive of everything from how much money we spend on marketing to how aggressive we are on promotions. And what we saw about a month or so into the quarter was that we had real marketing efficiency. And so we took that opportunity to do a couple of things.

謝謝你，Youssef。這裡面問題很多。我會盡力把它們都涵蓋到。如我在發言中所說，我們用 LTV 對 CAC 的框架來驅動我們的行銷與促銷支出，對吧？我們喜歡這個框架，因為它把從行銷花多少錢到促銷有多積極等所有因素都納入考量。而我們在本季大約進行一個月左右時看到行銷效率非常好。因此我們把握這個機會做了幾件事。

One, we had a promotion that was planned to expire sometime toward the end of February, and we extended that promotion an extra week or so. We also saw an opportunity to take a little bit of a deeper price promotion on a variety of our pieces of equipment throughout the sort of back half of the quarter, in order to take advantage of that. And we were still able to land our LTV to CAC at 2x, which is in our long-term goal range for LTV to CAC. So that's basically what happened in Q3 on that front.

第一，我們原本規劃在二月底左右到期的一個促銷活動，我們把它延長了大約一週。我們也看到機會，在本季後半段針對多款設備做更深的降價促銷，以便利用這個情勢。同時我們仍能把 LTV 對 CAC 落在 2 倍，這也在我們長期目標區間之內。所以第三季在這方面基本上就是這樣發生的。

We don't have any plans to repeat that activity in Q4, so our guidance reflects the expectation that our gross additions will continue declining year-over-year, and that's just us remaining disciplined and also being increasingly, I think, sophisticated about the best times to be promotional, right?

我們第四季沒有計畫重複這樣的作法，因此我們的指引反映了這樣的預期：我們的新增（gross additions）將持續年減；這也反映我們保持紀律，並且我認為在判斷何時最適合做促銷方面也越來越成熟。

So we've done a lot of work, looked at our successes and our failures in the past. And we see that the periods where we acted in Q3 are some of the most productive ones. And Q4, as you mentioned, seasonality on the churn side, is also of a seasonal period for equipment sales as well.

我們做了很多工作，回頭檢視過去的成功與失敗。我們看到第三季採取行動的那些期間，是最具生產力的一些時段。而第四季，如你提到的，在流失率方面有季節性；同時在設備銷售方面也同樣存在季節性。

So now turning to your question on gross adds and our guide, the seasonality we just talked about, you raised that as well, that is something well known in our business. I also talked about pulling back on promotional intensity and remaining disciplined in our marketing investment. And so all of that basically adds up to the Q4 that we're projecting.

接著回到你對新增與我們指引的問題：我們剛談到的季節性，你也提到了，這在我們的業務中是眾所周知的。我也提到我們會降低促銷強度，並在行銷投資上保持紀律。因此，這些因素加總起來，就是我們對第四季的預測。

With regard to the question that you had about our new equipment, for competitive reasons and because it's an earnings call, not a big product reveal moment, I'm not going to comment specifically on our unannounced hardware today, but I'll just elaborate a bit and say that, one, bringing more price accessibility in our existing modalities is a top priority for us.

至於你問到的新設備，基於競爭因素，且因為這是財報電話會議、不是大型產品發表時刻，我今天不會針對尚未公布的硬體做具體評論；但我可以補充說明：第一，提高我們既有模態的價格可及性，是我們的首要任務。

We have the ability to do this in the bike category because we've been able to take advantage of the large reservoir of refurb inventory that we have available to us, but we have not had a similar opportunity in our other categories. And so that's really driving our R&D in that area.

在自行車品類，我們有能力做到這點，因為我們能利用手上大量的整新（refurb）庫存；但在其他品類我們沒有類似的機會。因此這也在推動我們在該領域的研發。

With regard to new modalities, I want to note that they do take a little longer because we're building from the ground up. But as you mentioned, I will remind you that we're already a leader in the strength category. We have roughly 2 million of our members engaging with strength every quarter.

至於新模態，我想指出它們確實需要更長時間，因為我們是從零開始打造。但如你所提，我也提醒你：我們在力量訓練類別已經是領導者。我們每一季大約有 200 萬名會員參與力量訓練。

And we see an opportunity to broaden our equipment portfolio in that category, and I wouldn't even view that as a singular opportunity. I think there are multiple opportunities for us to pursue that category, which we define as all forms of resistance training. So I hope that tides you over.

我們看到機會在該類別擴充我們的設備產品組合，而且我不會把它視為單一機會。我認為我們在這個類別上有多個機會可以追求；我們將其定義為各種形式的阻力訓練。希望這些說明能先讓你有個概念。

Yes, that answers it all. Thanks, Peter.

是的，這回答了全部問題。謝謝你，Peter。

Doug Anmuth, JPMorgan.

Doug Anmuth，摩根大通。

Great. Thanks. It's Bryan Smilek on for Doug. I guess just two questions. Obviously, good to see the acceleration on the commercial series and revenue overall. Could you just elaborate more on the demand pipeline and how the product and go-to-market strategy is changing, especially as you launch the new products in 2Q '27?

很好。謝謝。我是代替 Doug 的 Bryan Smilek。我想問兩個問題。很明顯，很高興看到商用系列與整體營收的加速成長。能否更詳細說明需求管線，以及產品與上市（go-to-market）策略如何改變，特別是在你們於 2027 會計年度第二季推出新產品之際？

And then I guess, more so on the marketing side, Peter, you talked about managing towards that 2 to 3x average LTV to CAC. Can you talk about some channels where you're seeing some of this efficiency and spend that allowed you to get those deeper promos throughout the quarter?

另外，偏向行銷面：Peter，你提到以平均 2 到 3 倍的 LTV 對 CAC 來管理。能否談談你們在哪些渠道看到效率與支出表現，讓你們能在整個季度期間做出更深的促銷？

Yes. Thank you. I can start with the commercial business. So we -- just to double click on the Q3 performance, as Peter covered in his remarks were that CBU grew year-over-year 14% in Q3. As we look ahead in Q4, we expect CBU revenue growth to be a little softer in Q4 due to elevated CBU revenue in Q4 of last year, as we experienced increased demand ahead of tariff surcharges, which were announced in Q4 of FY25.

好的。謝謝。我可以先從商用業務談起。我們——再更深入看第三季表現，如 Peter 在發言中提到，CBU 在第三季年增 14%。展望第四季，由於去年第四季 CBU 營收基期偏高，我們預期第四季 CBU 營收成長會稍微放緩；去年第四季因為在 FY25 第四季宣布關稅附加費之前，需求提前增加。

So I just want you guys to have a context with that. When you think about the long-term growth potential for the commercial business, we see tremendous opportunity. We estimate that we roughly have around 3% of a growing $10 billion commercial fitness equipment segment market share.

我只是希望大家有這個背景脈絡。當你思考商用業務的長期成長潛力時，我們看到非常巨大的機會。我們估計，在一個成長中的 100 億美元商用健身器材市場中，我們大約擁有 3% 的市占率。

The commercial fitness market is expanding as we observed rising global health awareness, we're seeing growth in gym and corporate wellness centers and also an increased demand for digitally enabled fitness facilities. And all of these things drive demand for our high-quality equipment.

隨著我們觀察到全球健康意識提升，商用健身市場正在擴張；我們看到健身房與企業健康中心成長，同時對具備數位功能的健身設施之需求也在增加。而所有這些因素都推動了對我們高品質設備的需求。

And we believe we have multiple growth vectors. A lot of them are going to play in the long run, but some of them in the short term as well. First, growing the legacy Precor business, and we can do that through sales enablement, channel partnership, investing in our strategy account. This is the core of our CBU business today.

我們相信我們有多個成長向量。其中許多會在長期發揮作用，但也有一些在短期內就能見效。第一，擴大既有的 Precor 業務，我們可以透過銷售賦能、通路夥伴合作，以及投資我們的策略型客戶來做到這點。這是我們目前 CBU 業務的核心。

Second, we see an opportunity in investing in commercial product road map. As you just highlighted that this quarter, we announced the Commercial Series, which will feature a bike and tread built specifically for high-traffic gym floors.

第二，我們看到投資商用產品路線圖的機會。如你剛才提到的，本季我們宣布了 Commercial Series（商用系列），將推出專為高人流健身房場地打造的單車與跑步機。

This is a milestone that combines Peloton Digital fitness leadership with Precor trusted industrial scale. And we have received great feedback, two of the leading industry events in this space and look forward to bringing these market -- into the market in fiscal '27.

這是一個里程碑，結合了 Peloton 在數位健身的領導地位與 Precor 值得信賴的工業級規模能力。我們在此領域的兩個主要產業活動上收到了非常好的回饋，並期待在 2027 財年將這些產品推向市場。

The third thing that I would like to highlight is the opportunity for international expansion, which is a big opportunity for CBU by leveraging Precor's existing global presence to grow the Peloton brand. Currently, we believe CBU is underrepresented outside of the US, and we believe we have significant room to grow our market share internationally.

第三，我想強調的是國際擴張的機會；透過運用 Precor 既有的全球布局來成長 Peloton 品牌，這對 CBU 來說是很大的機會。目前我們認為 CBU 在美國以外的滲透仍不足，而我們相信在國際市場提升市占率仍有相當大的成長空間。

let me cover the second question that you asked, which was about the various channels that we have and their impact on our LTV to CAC. So let me focus on our first party versus our secondhand sales versus our third-party sales. In 1P sales, we saw good efficiency on web. And of course, a lot of that is driven by our e-mail marketing. We have a team that is just absolutely a crack team at working the funnel and getting ever more efficient at customer acquisition with the leads that we generate.

我來回答你問的第二個問題，也就是我們各種通路及其對 LTV 相對 CAC 的影響。我先聚焦在我們的第一方（1P）銷售、二手銷售，以及第三方銷售。在 1P 銷售方面，我們看到網站端效率良好。當然，其中很大一部分是由我們的電子郵件行銷所驅動。我們有一支非常精銳的團隊，擅長經營漏斗，並在我們所產生的潛在客戶線索上，持續提升獲客效率。

Within our first-party retail, we continue to see really encouraging results from our micro stores. And that is relative to our in-line stores, where I think our micro stores are actually now despite being, give or take, 1/10 the size of our in-line stores, they're significantly more productive than the in-line stores, and it shows some of the things that we've learned about the positioning of those stores.

在我們的第一方零售方面，我們持續看到微型門市（micro stores）帶來非常令人鼓舞的成果。相較於我們的標準門市（in-line stores），我認為我們的微型門市目前雖然大約只有標準門市的 1/10 規模（上下浮動），但其生產力顯著高於標準門市，這也反映出我們在門市定位上所學到的一些經驗。

And that has given us the confidence to begin investing in the next round of micro stores that we'll have in line for our fiscal '27. We also saw a good customer acquisition from secondhand sales, which in the quarter generated more than half of our gross adds. And that is influenced by our marketing, right?

這也讓我們有信心開始投資下一輪微型門市，並規劃在 2027 財年推出。我們也從二手銷售看到良好的獲客表現，本季二手銷售帶來的新增用戶超過我們總新增的一半。而這也受到我們行銷的影響，對吧？

What we have found in our path to purchase research is that when we market to members, then that begins a process for them of discovering all the ways that they can get access to Peloton equipment. And some of them choose to do so, for example, through Facebook Marketplace or through our Repowered marketplace. And that has turned out to be very productive for us.

我們在購買路徑研究中發現，當我們向會員投放行銷時，會啟動他們探索各種取得 Peloton 設備方式的流程。其中一些人會選擇例如透過 Facebook Marketplace 或透過我們的 Repowered 市集來取得。而這對我們而言證明是非常有成效的。

Relatively less productive in the quarter were our third-party retail and our Fitness-as-a-Service rental business, so those, I would say, just to round out the answer to your question, were among the less productive channels.

相對而言，本季較不具生產力的是我們的第三方零售，以及我們的 Fitness-as-a-Service（健身即服務）租賃業務；所以我想，為了完整回答你的問題，這些屬於表現較弱的通路。

Great. Thank you, Peter. Appreciate it.

很好。謝謝你，Peter。感謝。

Brian Nagel, Oppenheimer.

Brian Nagel，Oppenheimer。

Hey guys, good morning. I appreciate you taking my questions. So Peter, the first one I'm going to ask, I mean, I guess a little bit bigger picture. Recognizing you haven't provided official guidance beyond this current fiscal year, but on the commentary around the evolution of Peloton to more of a wellness company and some of these green shoots you're starting to see on that front, how long -- again, what's the duration?

各位早安。謝謝你們回答我的問題。Peter，我第一個問題想問的是，我想從更宏觀的角度來看。我知道你們尚未提供超出本財年的正式指引，但就你們談到 Peloton 正在演進成更偏向健康（wellness）的公司，以及你們在這方面開始看到的一些初步正向跡象，這需要多久——再問一次，時間跨度大概是多長？

Do we see some type of -- within the total company results, a real inflection as a result of these efforts? I mean is it -- I guess is it an event that we could expect in the next fiscal year, or are we waiting longer than that?

在公司整體業績中，我們是否會因為這些努力而看到一個明顯的拐點？我的意思是——我想問的是，這會是我們在下一個財年就能期待的事件，還是要等更久？

And then my follow-up question, just to kind of tie this all together, again, I appreciate all the comments with regard to the balance sheet; the forthcoming balance sheet rework, how critical is that in order to drive this next leg of growth within Peloton?

接著我的追問，為了把這些串起來，我也很感謝你們對資產負債表的各項評論；關於即將進行的資產負債表重整，這對於推動 Peloton 下一階段成長有多關鍵？

Yes, Brian, thank you. So I think the question you're asking is how long do we have to wait until we get back to sustained growth? And there's a couple of ways of looking at that, right? One is subscriptions, the other is revenue. And as I've shared earlier in the call, what we can expect is revenue to come ahead of subscriptions.

是的，Brian，謝謝。我想你問的是：我們還要等多久才能回到可持續的成長？這可以從幾個角度來看，對吧？一個是訂閱，另一個是營收。如我先前在電話會議中分享的，我們可以預期營收會先於訂閱回升。

We're not ready at this point to call when we get back to subscriptions growth, but I was very pleased that we were able to deliver a Q3 with positive revenue growth. While we won't see that likely sustain in Q4, based on our implied guidance for the quarter, I think we're now in a stage where hopefully we'll see some step forward and some steps back, as we right the ship.

目前我們還沒準備好判斷何時能回到訂閱成長，但我非常高興我們能在第三季交出營收正成長。雖然根據我們對第四季的隱含指引，這種情況可能不會在第四季持續，但我認為我們現在正處於一個階段：在我們把船身扶正的過程中，希望會看到一些前進、也會有一些後退。

And the ways that we do that are not only by continuing to build on our leadership in cardio but as we talked about on this call, starting to expand our impact into some areas like strength, where we know that there is substantial untapped opportunity and we have a really ambitious R&D agenda.

而我們做到這點的方法，不僅是持續鞏固我們在有氧（cardio）領域的領導地位，也如同我們在本次電話會議所談到的，開始把影響力擴展到像是肌力（strength）等領域；我們知道那裡仍有大量尚未開發的機會，而且我們有非常積極的研發（R&D）計畫。

It's also in things like what we're doing in mental well-being, where we're generating now Peloton content for the Breathwrk app, and that will generate revenue, but app subscribers, not CF subscribers, which are the ones that we typically see investors tracking.

也包括我們在心理健康（mental well-being）方面所做的事；我們現在正在為 Breathwrk 應用程式製作 Peloton 內容，這將帶來營收，但會是 App 訂閱者，而不是 CF 訂閱者——而 CF 訂閱者通常是投資人會追蹤的指標。

We're also making progress in some other areas like nutrition and hydration, and we'll have more to share about that hopefully in the not-too-distant future. And we also find, of course, that when members engage in multiple modalities, they stay with us longer and that can positively move the trajectory on subscriptions as well as revenue.

我們也在其他領域取得進展，例如營養與補水（nutrition and hydration），希望在不久的將來能分享更多。當然我們也發現，當會員參與多種運動模式（modalities）時，他們會更長期地留在我們的平台上，這也能對訂閱與營收的走勢帶來正向影響。

And so for example, the category of sleep is one where we're already a leader in sleep meditations. I made sure to take one last night before this morning's call, and I'd encourage everyone to do that. So those are some of the categories in the areas that will first get us back to revenue growth and then ultimately set the stage for the subscriptions turn.

例如，睡眠（sleep）這個類別，我們在睡眠冥想方面已經是領導者。我昨晚在今天早上的電話會議前也特別做了一次，我也鼓勵大家都試試。以上就是一些類別與領域：它們會先帶我們回到營收成長，並最終為訂閱回升奠定基礎。

With regard to the balance sheet, we don't need to refinance in order to be able to drive the strategy that we described, but we'd be foolish not to because we are, from where we sit right now, paying more interest than we need to. And so that could generate additional funds for free cash flow or for investments, and that refinancing would also give us the flexibility to engage in shareholder-friendly actions like buybacks that could help reduce the float and address the dilution that we know is on many of our investors' minds.

就資產負債表而言，為了推動我們所描述的策略，我們不需要進行再融資；但如果不做，我們就太愚蠢了，因為以我們目前的狀況來看，我們支付的利息高於必要水準。因此，這可能為自由現金流或投資帶來額外資金，而再融資也會讓我們具備彈性，得以採取對股東友善的行動，例如庫藏股回購，這有助於降低流通股數並處理我們知道許多投資人所關心的稀釋問題。

So all of those things are absolutely on the table along with the fact that under the right circumstances, and it would require the right price and real discipline and rigor because we've worked super hard to accumulate this money, so we're not going to fritter it away.

所以，所有這些事情都絕對在考量範圍內；同時也要強調，在合適的情況下——而這需要合適的價格、真正的自律，以及嚴謹的紀律，因為我們非常努力才累積了這筆資金，所以不會把它隨便浪費掉。

If the right investment or acquisition opportunities come to us, we'll take those really seriously as one of the -- not the only public company in our segment of the fitness market, we are pretty common port of call for companies looking for an exit. And if we find the right one at the right price, we would at least seriously consider that. So those are some of the things that we can do with our excess cash. But first and foremost, it's with the goal of serving our shareholders.

如果有合適的投資或併購機會找上門，我們會非常認真看待；作為我們健身市場細分領域中——並非唯一、但屬於少數的上市公司之一，我們相當常成為尋求退出的公司優先接洽的對象。如果我們找到合適的標的且價格合宜，我們至少會認真考慮。以上就是我們可以運用多餘現金的一些方式。但首要且最重要的，是以服務股東為目標。

We have time for one last question. operator.

我們還有時間再問最後一題。接線員。

Shweta Khajuria, Wolfe Research.

Wolfe Research 的 Shweta Khajuria。

Thank you for taking my question. I guess, could you please talk to how you think about the evolution of the business? So certainly, you spoke to the trends that you're seeing in gross adds and retention, implying that net adds could be flat at some point and then turn positive.

謝謝讓我提問。我想請你談談你如何看待業務的演進。你確實提到你在總新增與留存方面看到的趨勢，暗示淨新增可能在某個時間點持平，之後轉為正成長。

But as your business evolves, how do you view the overall market opportunity across commercial business unit and partnerships like the one you just announced with Spotify versus hardware sales, whereby is net adds going to be a key metric for you, if your revenue is coming from other diversified sources, so how do you think about that?

但隨著你們的業務演進，你如何看待整體市場機會——包括商用事業部以及像你們剛宣布與 Spotify 的合作這類夥伴關係——相較於硬體銷售？也就是說，如果你們的營收來自其他更多元的來源，淨新增是否仍會是你們的關鍵指標？你們如何思考這點？

Yes, thanks, Shweta, I'll cover that. I mean, we try to be pretty practical and hard nosed when it comes to the business. So quality revenue ultimately is what matters. And by quality revenue, I mean, revenue with good margins and ultimately, really efficient cash flow generation from that.

好的，謝謝你，Shweta，我來回答。我的意思是，我們在看待業務時，會盡量務實且強硬。最終重要的是高品質營收。所謂高品質營收，我指的是具備良好毛利，並且最終能非常有效率地產生現金流的營收。

We know that a substantial fraction of that quality revenue for us comes today from Connected Fitness subscriptions. And so that is also an important metric to us. But it's in service of the revenue metric, it's not an end metric in and of itself.

我們知道，對我們而言，目前相當大一部分的高品質營收來自 Connected Fitness 訂閱。因此，這也是我們的重要指標。但它是為了服務營收指標，本身並不是終極指標。

That being said, we are acutely focused on that one because we recognize its importance in our profit generation in particular. But we're incredibly excited about our ability to diversify this business, leveraging the power of the Peloton and the Precor brands. So the commercial business growth that we're experiencing is, one, because gym operators are so excited that Precor is back, right?

話雖如此，我們確實高度聚焦在這個指標上，因為我們認知到它對我們獲利能力、尤其是利潤產生的重要性。但我們也對於能夠運用 Peloton 與 Precor 品牌的力量來多元化這項業務感到非常興奮。因此，我們目前看到的商用業務成長，第一個原因是健身房營運商非常興奮，因為 Precor 回來了，對吧？

We were such an important supplier to them for many years. I think we took our eye off the ball for a couple of years there. But gym operators, they're all telling us they can see it that we're back, and that represents what we believe to be a sustainable source of high-quality revenue growth for many years into the future.

多年來我們一直是他們非常重要的供應商。我想我們有幾年確實有點分心、沒有把重點放在該做的事上。但健身房營運商都在告訴我們，他們看得出來我們回來了；而這也代表我們相信，未來很多年這將會是可持續的高品質營收成長來源。

Content licensing is another area that's attractive for us because it allows us to leverage the investment that we've already made in content for our Connected Fitness subscribers and to generate additional high-margin revenue from that existing space.

內容授權是另一個對我們很有吸引力的領域，因為它讓我們能夠運用我們已經為 Connected Fitness 訂閱者投入的內容投資，並在既有基礎上創造額外的高毛利營收。

Going back to the commercial business, the Peloton brand is woefully underexploited in that space. Again, gym operators tell us every time we speak with them that the only brand that their members ask for by name is Peloton. And so we've had people lining up to see our products when we've demonstrated at recent fitness conferences.

回到商用業務，Peloton 品牌在那個領域的開發程度嚴重不足。同樣地，健身房營運商每次跟我們談話都會說，他們的會員唯一會指名要求的品牌就是 Peloton。因此，當我們在近期的健身產業展會上展示產品時，很多人排隊等著看我們的產品。

Those hardware sales will come with some subscribers just to tie those things back, but not at the same ratio as a household, right, where you sell one piece of equipment that's basically shared by a couple or one or two people in that household. In the case of gym, many people share the same piece of equipment. So that's a little bit about how all those things relate to each other.

這些硬體銷售也會帶來一些訂閱者，這樣把各項因素串起來看；但比例不會像家庭場景那樣高，對吧？在家庭中，你賣出一台設備，基本上是由一對伴侶或該家庭的一到兩個人共用。但在健身房的情況下，很多人會共用同一台設備。以上大概就是這些因素彼此之間的關係。

But the evolution of the business is from Connected Fitness to Connected Wellness across all of the categories of cardio, both residential and commercial, strength, nutrition, mental wellbeing, sleep, recovery, realized through high-quality revenue with subscribers as a secondary metric that fuels that high-quality revenue.

但業務的演進方向，是從 Connected Fitness 走向 Connected Wellness，涵蓋所有心肺類別（住宅與商用）、肌力、營養、心理健康、睡眠與恢復；並透過高品質營收來實現，而訂閱者作為次要指標，用來驅動這些高品質營收。

That was helpful. Thanks, Peter.

這很有幫助。謝謝你，Peter。

Okay. Before we wrap, knowing that many of the people who participate in this call are also our members, I want to point out a few items that you shouldn't miss. So first, check out the two-for-one Strength class that features Hudson Williams CoStars, Adrian and Tunde. So you too can build muscles like Hudson.

好的。在我們結束之前，知道有許多參與這通電話的人同時也是我們的會員，我想提醒幾個你不應錯過的項目。首先，去看看二對一的肌力課程，主打 Hudson Williams，並由 Adrian 和 Tunde 共同出演。這樣你也能練出像 Hudson 一樣的肌肉。

I also want to encourage you to join our Live Spring Cross Training plan. Those classes have been dropping Monday through Friday, and they're also available on demand. And finally, if you're training for a marathon, be sure to try our new Pace Your Race: Marathon program that proudly features our cast of global Tread instructors. With that, thank you for joining today, and please join me in wishing James Marsh a happy birthday.

我也想鼓勵你加入我們的 Live Spring Cross Training 計畫。這些課程週一到週五都會上線，也提供隨選點播。最後，如果你正在為馬拉松訓練，務必試試我們全新的 Pace Your Race：Marathon 計畫，並自豪地由我們全球 Tread 教練陣容擔綱。最後，感謝各位今天加入，也請和我一起祝 James Marsh 生日快樂。

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。感謝各位參與。您現在可以掛線。