派樂騰 (PTON) 2026 Q4 法說會逐字稿

Good day, and welcome to Peloton's fourth quarter and fiscal year 2026 conference call. (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.

各位好，歡迎參加 Peloton 2026 會計年度第四季及全年財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。現在我想把會議交給今天的發言人——投資人關係資深副總裁 James Marsh 先生。請開始。

Thank you, operator. Good morning, and welcome to Peloton's fourth quarter and fiscal year 2026 conference call. Joining today's call are Peloton Chief Executive Officer and President, Peter Stern; and our new Chief Financial Officer, Sid Thacker.

謝謝，接線員。各位早安，歡迎參加 Peloton 2026 會計年度第四季及全年財報電話會議。今天與會者包括 Peloton 執行長兼總裁 Peter Stern，以及我們新任財務長 Sid Thacker。

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, today's press releases and our earnings presentation all of which can be found on our Investor Relations website for a discussion of material risks and other important factors that could impact our results.

我們的評論以及對各位提問的回覆僅反映管理層截至今日的觀點，並將依據聯邦證券法包含與本公司業務相關的前瞻性陳述。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。關於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，以上皆可於投資人關係網站查閱。

All results discussed today are on an as-reported basis. which include our previous net cost reassignments that began in the beginning of fiscal '26. Please refer to our investor presentation for reconciliations of the impacts of these cost assignments. 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.

今天討論的所有結果皆以申報口徑（as-reported basis）呈現，其中包含我們自 2026 會計年度初開始進行的先前淨成本重新歸類。關於這些成本歸類影響的調節，請參閱我們的投資人簡報。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 財務衡量指標的調節表，以及我們用戶指標的定義，也已載於今日新聞稿中。

Now I'll turn it over to Peter.

現在我把時間交給 Peter。

Thanks, James, and good morning, everyone. As my first full fiscal year comes to a close, we entered the new year with a strong financial and operational foundation. FY26 was filled with product innovations, exciting additions to our leadership and instructor teams, a new company strategy and more ways than ever to help our members live it strong, long and happy.

謝謝，James，各位早安。隨著我第一個完整會計年度即將結束，我們以穩健的財務與營運基礎迎接新的一年。2026 會計年度充滿產品創新、令人振奮的領導團隊與教練團隊新成員加入、全新的公司策略，以及比以往更多方式協助會員活得更強健、更長久、更快樂。

We've also made meaningful progress on our journey to evolve from a connected business company to a connected wellness ecosystem. This ambition defines the future of Peloton and positions us to participate in a $7 trillion global market centered on longevity and health span. Our magic formula of premium hardware intuitive software, world-class coaching and supportive community powers our beloved brand and gives us permission to gradually and systematically capture share in the broader wellness market in the years ahead.

我們也在從「互聯健身公司」演進為「互聯健康生態系」的旅程上取得了實質進展。這項願景定義了 Peloton 的未來，並使我們得以參與一個以長壽與健康壽命為核心、規模達 7 兆美元的全球市場。我們的魔法公式——高端硬體、直覺式軟體、世界級教練指導與支持性的社群——驅動了深受喜愛的品牌，也讓我們能在未來數年逐步且系統性地在更廣泛的健康市場中擴大市占。

Our strategy is built on four pillars: one, improving member outcomes; two, meeting members everywhere; three, making members for life; and four, business excellence. I'm proud to report that we continue to make substantial strides across each of these pillars. Starting with improving member outcomes, which is where we focus on human impact, improving our members' fitness, strength, longevity and happiness.

我們的策略建立在四大支柱之上：第一，提升會員成果；第二，在各處觸達會員；第三，讓會員成為終身會員；第四，卓越營運。我很自豪地報告，我們在每一項支柱上都持續取得顯著進展。首先是提升會員成果，也就是我們聚焦於人的影響力，提升會員的體能、力量、長壽與幸福感。

The more we help our members achieve these outcomes the more we fuel retention. A key driver of this is our product innovation. In FY26, we introduced the cross-training series, a refresh of our products across Bike, Tread and (inaudible). And we launched Peloton IQ, a huge step forward in our use of AI to deliver a more personalized experience to our members.

我們越能幫助會員達成這些成果，就越能推動留存。其中一個關鍵驅動因素是我們的產品創新。在 2026 會計年度，我們推出了交叉訓練系列，並對 Bike、Tread 以及(聽不清楚)等產品進行更新。我們也推出了 Peloton IQ，這是我們運用 AI 提供更個人化會員體驗的一大躍進。

In Q4, more than 50% of monthly active users engaged with personalized guidance powered by Peloton IQ. Our product innovation engine is now firing on all cylinders. And during this calendar year, we will launch additional new equipment in an existing category, while delivering much more customized, personalized guidance to help our members achieve their individual goals.

在第四季，超過 50% 的月活躍用戶使用了由 Peloton IQ 驅動的個人化指導。我們的產品創新引擎如今已全速運轉。而在今年的日曆年度內，我們將在既有品類中推出更多新設備，同時提供更量身打造、更個人化的指導，協助會員達成各自的目標。

We also continue to innovate on our programming. For example, by expanding our specialized content with offerings like the Paso Rates Marathon training program and HiLit+ a very popular high-intensity, low-impact cross-training program. These class and programming additions directly reflect the engagement trend, we're seeing from our members.

我們也持續在課程內容上創新。例如，透過擴充專業化內容，推出如 Paso Rates 馬拉松訓練計畫，以及 HiLit+——一個非常受歡迎的高強度、低衝擊交叉訓練計畫。這些課程與內容的新增，直接反映了我們從會員端觀察到的參與趨勢。

Speaking of engagement, in Q4, pilates workout and workout time were up year-over-year by 44% and 53%, respectively. Given this rapidly growing member demand, in Q4, we executed the acquisition of Scope, an early innovator in connected Pilates with foundational technologies and deep expertise. This move will enhance our R&D efforts and enable us to deliver even more distinctive experiences in this category.

談到參與度，第四季皮拉提斯（Pilates）訓練次數與訓練時間分別年增 44% 與 53%。鑑於會員需求快速成長，我們在第四季完成對 Scope 的收購；Scope 是互聯皮拉提斯領域的早期創新者，擁有基礎技術與深厚專業。此舉將強化我們的研發投入，並使我們能在此品類提供更具差異化的體驗。

The second pillar of our strategy is to meet members everywhere. We know Peloton members are deeply connected to their community instructors and class programs, and we are committed to bringing our experiences to them wherever they are. Forms just a year ago, our commercial business unit has become central to this strategy by increasing our reach outside the home and in more hotels and gyms across our key markets.

我們策略的第二個支柱，是在各處觸達會員。我們知道 Peloton 會員與其社群、教練以及課程內容有深度連結，我們致力於在會員所在之處，將我們的體驗帶給他們。就在一年前才成立的商用事業單位，如今已成為此策略的核心，透過在主要市場的更多飯店與健身房擴大我們在家以外的觸及範圍。

Our CBU delivered double-digit year-over-year revenue growth in fiscal 2026 with growth across all regions and across all major product categories. We estimate that we're approaching 4% of the commercial fitness equipment market segment, leaving enormous room for growth and we are encouraged by the increasing demand for our products.

我們的商用事業單位在 2026 會計年度實現了年增雙位數的營收成長，且所有地區與所有主要產品類別皆有成長。我們估計目前已接近商用健身器材市場區隔約 4% 的市占，仍有巨大的成長空間；同時，我們也受到產品需求持續上升的鼓舞。

In the next few months, we will launch the Peloton Commercial series, the first Peloton Bike and Treadmill built to accommodate the duty cycle of high-traffic commercial gems. We anticipate that with the benefit of this new equipment alongside additional investment in our CBU sales team and product development, we will see accelerating growth from the CBU in fiscal '27 and beyond.

在接下來幾個月，我們將推出 Peloton Commercial 系列——首款為高人流商用健身房的使用頻率（duty cycle）而打造的 Peloton 單車與跑步機。我們預期，受惠於這套新設備，加上對商用事業單位銷售團隊與產品開發的額外投資，我們將在 2027 會計年度及之後看到商用事業單位的成長加速。

Another way we meet members everywhere is through our retail stores. We ended the year with a highly capital-efficient footprint of 10 micro stores, which consistently outperformed our historical fleet of legacy showrooms. Based on this success, over the past few weeks, we have launched 3 additional micro stores, and we plan to add an additional 7 micro stores in time for the holidays, which would result in a doubling of our micro store footprint this year.

我們在各處觸達會員的另一種方式，是透過零售門市。我們在年底時擁有 10 間資本效率極高的微型門市，其表現持續優於我們過去的傳統展示間門市組合。基於這項成功，在過去幾週我們新增了 3 間微型門市，並計畫在假期前再新增 7 間，使今年微型門市據點數量翻倍。

We are also meeting members everywhere through our strategic partnership with Spotify. We are now delivering our non-equipment based classes such as strength, pilates, bar, yoga, meditation, and outdoor running and walking to hundreds of millions of premium Spotify subscribers around the world. Partnerships like the one with Spotify, enable us to build our brand and test demand in new geographies. For example, recently, Mexico became the most engaged outside the US with our content on Spotify.

我們也透過與 Spotify 的策略合作在各處觸達會員。我們現在把不依賴器材的課程——例如肌力、皮拉提斯、芭蕾塑形（barre）、瑜伽、冥想，以及戶外跑步與健走——提供給全球數以億計的 Spotify Premium 訂閱用戶。像與 Spotify 這樣的合作夥伴關係，使我們能建立品牌並在新地理市場測試需求。例如，近期墨西哥成為美國以外在 Spotify 上對我們內容參與度最高的市場。

Lastly, meeting members everywhere also includes meeting members in real-life events and activations. This year, our instructors represented Peloton in more than 160 events worldwide, a more than threefold increase year-over-year, including major marathons in New York, Berlin and Sydney as well as premier wellness festivals and run clubs.

最後，在各處觸達會員也包括在實體活動與推廣中與會員見面。今年，我們的教練在全球超過 160 場活動中代表 Peloton 亮相，較去年增加逾三倍，其中包括紐約、柏林與雪梨等大型馬拉松賽事，以及頂級健康節與跑團活動。

Our third pillar, Members for Life, focuses on maximizing lifetime value and keeping our members active and engaged. 316,000 of our members now own multiple connected fitness products, up more than 20,000 year-over-year, and these members churn at significantly lower rates than those who own just one. As a result, not only our new products meant to attract new members, but they also keep our existing ones with us for longer.

我們的第三大支柱「終身會員（Members for Life）」聚焦於最大化終身價值，並讓會員保持活躍與投入。目前已有316,000名會員擁有多項互聯健身產品，較去年同期增加逾20,000名；而這些會員的流失率顯著低於僅擁有一項產品的會員。因此，我們的新產品不僅旨在吸引新會員，也能讓既有會員更長時間與我們同行。

We're also driving member loyalty through Club Peloton, which our members have deeply embraced since its launch. Club Peloton rewards were applied to 70% of apparel sales on our site in June. We continue to evolve this program, and in Q4, we launched new milestones and weekly streak badges to celebrate our most committed members.

我們也透過 Club Peloton 推動會員忠誠度；自推出以來，會員已深度擁抱該計畫。6月我們網站上70%的服飾銷售使用了 Club Peloton 獎勵。我們持續演進此計畫，並在第四季推出新的里程碑與每週連續打卡徽章，以表彰我們最投入的會員。

We remain proud of our strong member retention. While we saw an uptick in Q4 churn driven in part by onetime events, we expect our year-over-year churn rate to moderate over the course of FY27. On a full year basis, we expect churn to be roughly flat versus FY26.

我們仍為強勁的會員留存感到自豪。雖然第四季的流失率因部分一次性事件而上升，但我們預期在FY27期間，我們的年對年流失率將逐步趨於緩和。以全年來看，我們預期流失率相較FY26大致持平。

Last but not least, is business excellence. When I started at Peloton, I explained we'd see consistent progress from the bottom of the P&L up. This past year, we made material improvements in our financial and operational foundation, and I'm pleased to share that we have delivered Peleton's first full year of both positive net income and positive operating income at $63 million and $161 million, respectively.

最後但同樣重要的是「卓越營運（business excellence）」。我剛加入 Peloton 時曾說明，我們將從損益表（P&L）底部開始，持續看到一致的進展。過去一年，我們在財務與營運基礎上取得實質改善；我很高興分享，我們已交出 Peloton 首個全年同時實現淨利與營業利益為正的成績，分別為6,300萬美元與1.61億美元。

In addition, we delivered $468 million of adjusted EBITDA and an increase of $65 million or 16% year-over-year and $378 million of free cash flow, an increase of $54 million or 17% year-over-year. This profitability growth reflects the significant progress we've made in improving our cost structure. We committed to a $100 million run rate cost savings initiative in FY26, and I can report that we exceeded this goal.

此外，我們達成4.68億美元的調整後EBITDA，年對年增加6,500萬美元（或16%）；自由現金流為3.78億美元，年對年增加5,400萬美元（或17%）。這項獲利成長反映我們在改善成本結構方面取得的重大進展。我們在FY26承諾推動年化（run rate）1億美元的成本節省計畫，我可以報告我們已超越此目標。

Moving further up the P&L. We're pleased to have achieved our second consecutive quarter of year-over-year revenue growth in Q4.

再往損益表（P&L）上方看。我們很高興在第四季達成連續第二個季度的年對年營收成長。

Turning to FY27. Our core business trends continue to improve, and our business is the healthiest it has ever been as we were projecting the highest total gross margin, adjusted EBITDA and net income in the company's history.

談到FY27。我們的核心業務趨勢持續改善，公司的營運狀態是歷來最健康的一次；我們預期將創下公司史上最高的總毛利率、調整後EBITDA與淨利。

And looking beyond FY27, I'm excited about our multiyear product road map of both consumer and commercial products. This road map includes groundbreaking offerings in entirely new categories that broaden our total addressable market. The first of these new consumer product categories will launch in the fall of 2027, followed by more thereafter. We expect investments in these categories will result in an acceleration of our year-over-year revenue trajectory.

而展望FY27之後，我對我們涵蓋消費端與商用產品的多年產品藍圖感到振奮。此藍圖包含在全新品類中的突破性產品，將擴大我們的整體可觸及市場（TAM）。這些新的消費性產品品類中的第一項將於2027年秋季推出，之後還會陸續推出更多。我們預期對這些品類的投資將帶動年對年營收成長軌跡加速。

Delivering breakthrough product innovation takes time, especially hardware like ours but we are investing with discipline in areas where we have confidence in turns. I'm proud of progress over the last 18 months in filling the product pipeline. This work makes me deeply optimistic about Peleton's future and our team's ability to execute on our next chapter. This is what the successful multiyear business transformation looks like. and I want to share my gratitude to Peloton team members, partners, shareholders and members for taking this journey with us.

要交付突破性的產品創新需要時間，尤其是像我們這樣的硬體；但我們會在有把握取得回報的領域，以紀律方式投資。我為過去18個月在充實產品管線方面的進展感到自豪。這些工作讓我對 Peloton 的未來，以及我們團隊執行下一篇章的能力，深感樂觀。這正是成功的多年期業務轉型應有的樣貌。我也要向 Peloton 的團隊成員、合作夥伴、股東與會員致上感謝，謝謝大家與我們一同走過這段旅程。

With that, I'm pleased to introduce our wonderful new Chief Financial Officer, Sid Thacker, who will share more details with you.

接下來，我很高興介紹我們優秀的新任財務長（CFO）Sid Thacker，他將與各位分享更多細節。

Thanks, Peter. Before I begin, I wanted to share how thrilled I am to be on this journey here at Peloton. The company has many strategic advantages. It's iconic brand, industry-leading instructors and its deeply loyal community, and I'm looking forward to working with our team members to build an even stronger Peloton.

謝謝你，Peter。在我開始之前，我想先分享我對能在 Peloton 一起踏上這段旅程感到非常興奮。公司具備許多策略優勢。其標誌性品牌、業界領先的教練陣容，以及高度忠誠的社群；我也期待與團隊成員合作，打造更強大的 Peloton。

Before joining, I knew we had real work to do to improve our growth trajectory and that getting this business fast to sustained growth would be immediate. But since I started, two things have become very clear to me. The first is that the underlying strength of this business and brand are real. We benefit from enviable churn, providing a high-margin recurring revenue stream, which provide a foundation for our free cash flow generation. Our brand remains exceptionally strong with all of our cross-training series products measured having an NPS score above 70 on a scale from negative 100 to 100.

在加入之前，我就知道我們必須做出真正的努力來改善成長軌跡，並且讓這項業務快速回到可持續的成長將是當務之急。但自我上任以來，有兩件事變得非常清楚。第一，這項業務與品牌的底層實力確實存在。我們受益於令人稱羨的低流失率，帶來高毛利的經常性收入來源，為我們創造自由現金流提供基礎。我們的品牌依然格外強勁；以所有交叉訓練系列產品衡量，其NPS分數皆高於70（量表範圍為-100至100）。

The second is that our teams have a solid strategy along with an excellent drop on the work ahead and how it will drive value. I've been thoroughly impressed by the quality and maturity of the company's innovation pipeline. As Peter mentioned, we have high potential product in the works that target a much-expanded addressable market, giving us real tangible growth engine for the future. Additionally, I see a sizable and immediate opportunity with our commercial business unit to drive profitable growth.

第二，我們的團隊擁有穩健的策略，並且對前方工作以及其如何創造價值有非常清晰的掌握。我對公司創新管線的品質與成熟度印象深刻。如Peter所提，我們正在開發具高度潛力的產品，目標是大幅擴張的可觸及市場，為未來提供真正且具體的成長引擎。此外，我也看到我們商用事業部存在可觀且立即的機會，可推動具獲利性的成長。

In terms of our capital allocation strategy, I see significant cash duration at telecom in the years ahead, giving us the resources to invest in future growth while also deploying capital to benefit shareholders. In the near term, we are already working toward a refinancing of our balance sheet and have begun the process with our bankers. We'll have more to report back in the coming weeks, recognizing that August is a slow month for capital market activity.

就資本配置策略而言，我預期未來數年將有顯著的現金存續期（cash duration）在電信（telecom），使我們在投資未來成長的同時，也能部署資本以回饋股東。短期內，我們已在推動資產負債表再融資，並已與往來投行啟動相關流程。未來幾週我們會有更多進展可回報，同時也考量到8月通常是資本市場活動較為清淡的月份。

Ultimately, we find ourselves in an excellent position to capitalize on the growing fitness and loan market, our best-in-class innovation pipeline paired with an improved financial position and our highly talented collaborative team makes the path forward clear. We know the work ahead of us. We know how to execute, and we are moving quickly.

總體而言，我們正處於極佳位置，可把握成長中的健身與貸款市場；我們同級最佳的創新管線，搭配改善後的財務狀況與高度才華且協作的團隊，讓前進方向十分清晰。我們知道前方要做的工作。我們知道如何執行，而且我們正快速推進。

Diving into our Q4 financial results, we ended the quarter with $2.553 million ending paid Connected Fitness subscriptions within our guidance range. Q4 net churn of 2.2% reflects an increase of 37 basis points year-over-year. 17 basis points or roughly half of these headwinds are the result of onetime factors, most notably, a change to our payment reactivation out of them that we made in Q3 that had an unanticipated adverse impact of reactivations from involuntary churn in Q4.

深入第四季財務結果，我們在本季結束時，付費互聯健身（Connected Fitness）訂閱數為255.3萬，落在我們的指引區間內。第四季淨流失率為2.2%，年對年增加37個基點。其中17個基點（約占這些逆風的一半）源自一次性因素，最主要的是我們在第三季對付款重新啟用流程所做的變更，對第四季由非自願流失帶來的重新啟用產生了未預期的不利影響。

We addressed that change last month and have since observed the normalization of our involuntary churn. Looking ahead to fiscal 2027, we expect churn to be roughly flat year-over-year on a full year basis.

我們已在上個月修正該變更，並且此後觀察到非自願流失已恢復常態化。展望FY27，以全年基礎來看，我們預期流失率年對年大致持平。

Total revenue was $608 million in Q4 which outperformed at the high end of our implied guidance range by $6 million and reflect slice, but nonetheless positive year-over-year growth. Our performance relative to guidance was driven by higher Connected Fitness equipment sales across Peloton and 3 core brands.

第四季總營收為6.08億美元，較我們隱含指引區間上緣高出600萬美元，並反映出些微、但仍為正的年對年成長。相較指引的優於預期表現，主要由 Peloton 三大核心品牌的互聯健身設備銷售高於預期所帶動。

Total gross profit was $344 million in Q4, an increase of $16 million or 5% year-over-year. Total gross margin was 56.7% in Q4 an increase of 260 basis points year-over-year and roughly in line with our Q4 implied guidance. Please refer to our investor presentation for the segment level of rig counts for revenue and gross margin.

第四季總毛利為3.44億美元，年增1,600萬美元或5%。第四季總毛利率為56.7%，年增260個基點，且大致符合我們第四季隱含的指引。請參閱我們的投資人簡報，以取得按事業部門劃分、用於收入與毛利率的鑽機數量（rig counts）資訊。

Total adjusted operating expenses, which exclude restructuring and impairment expenses, were $257 million in Q4. Excluding the impact of $24 million of non-recurring accrued legal contingencies related to patent litigation, adjusted operating expenses decreased $29 million or 11% year-over-year, reflecting the continued progress we've made in rightsizing our cost structure.

第四季調整後營業費用總額（不含重組與減損費用）為2.57億美元。若排除與專利訴訟相關、一次性的2,400萬美元非經常性應計法律或有事項影響，調整後營業費用年減2,900萬美元或11%，反映我們在精簡並調整成本結構方面持續取得進展。

We remain focused on managing dilution, a disciplined approach to equity compensation, which includes changes in our program design and timing more stock-based compensation to financial performance. Stock-based compensation expense was $43 million and decreased $10 million or 19% year-on-year in Q4. This represents the lowest stock-based compensation we've had in many years.

我們仍專注於管理稀釋，並以紀律性的方式推行股權薪酬，包括調整我們的方案設計與時點，讓更多以股票為基礎的薪酬與財務表現連動。第四季以股票為基礎的薪酬費用為4,300萬美元，年減1,000萬美元或19%。這是我們多年來最低的以股票為基礎的薪酬水準。

As Peter noted, we exceeded our goal to achieve at least $100 million of run rate cost savings at the end of fiscal 2026. Adjusted EBITDA for Q4 was $142 million or 23% of total revenue. Excluding the $24 million impact from accrued legal contingencies related to patent litigation, adjusted EBITDA would have been $166 million an increase of $26 million or 19% year-over-year and $12 million above the high end of our guidance range.

如Peter所提，我們在2026財年末達成至少1億美元年度化（run rate）成本節省的目標，且超出預期。第四季調整後EBITDA為1.42億美元，占總收入的23%。若排除與專利訴訟相關之應計法律或有事項2,400萬美元的影響，調整後EBITDA將為1.66億美元，年增2,600萬美元或19%，並較我們指引區間上緣高出1,200萬美元。

Q4 free cash flow of $89 million represented a decrease of $24 million or 21% year-over-year, primarily related to net working capital timing. On a full year basis, we generated $378 million of free cash flow in fiscal year '26, an increase of $54 million or 17% year-over-year.

第四季自由現金流為8,900萬美元，年減2,400萬美元或21%，主要與淨營運資金時點有關。以全年計，2026財年我們產生3.78億美元自由現金流，年增5,400萬美元或17%。

Turning to our balance sheet. We ended the quarter with a strong cash position of $1.21 billion, an increase of $167 million year-over-year after paying down $200 million of debt in Q3. We currently have $93 million of net GAAP, which decreased $367 million or 80% year-over-year. Our gross and net leverage ratios have improved meaningfully to 2.8x and 0.3x, respectively.

接著看資產負債表。本季末我們的現金部位強勁，達12.1億美元；在第三季償還2億美元債務後，現金較去年同期增加1.67億美元。目前我們的GAAP淨負債為9,300萬美元，年減3.67億美元或80%。我們的總槓桿與淨槓桿比率分別顯著改善至2.8倍與0.3倍。

Next, I'd like to share context for our financial outlook. For full fiscal year 2027 and on a quarterly basis, we are providing guidance for total revenue, total gross margin and adjusted EBITDA. We will also continue to provide an annual target for minimum free cash flow and a quarterly guidance range for ending paid connected fitness subscription.

接下來，我想分享我們財務展望的背景。針對2027財年全年以及按季度，我們提供總收入、總毛利率與調整後EBITDA的指引。我們也將持續提供年度最低自由現金流目標，以及季度期末付費Connected Fitness訂閱數的指引區間。

Our full fiscal year 2027 total revenue outlook of $2.3 billion to $2.4 billion reflects a 3.9% revenue decrease year-over-year at the midpoint. Let me put this in context.

我們對2027財年全年總收入的展望為23億至24億美元，以中位數計較去年同期下降3.9%。我來把這放在脈絡中說明。

If we normalize last year's subscription price increase, which drove a onetime benefit in our year-over-year revenue trend, our year-over-year trajectory is actually improving in fiscal year '27. We are expecting an improving trend of both equipment unit sales and revenue, driven by new product introduction before the end of the calendar year, which also contributes to a continued flattening of the curve on connected fitness subscription growth addition.

若將去年訂閱價格上調（其對年對年收入趨勢帶來一次性利多）予以常態化處理，我們在2027財年的年對年走勢其實是在改善。我們預期設備銷量與收入的趨勢都將改善，動能來自於在曆年年底前推出新產品；這也有助於Connected Fitness訂閱淨新增成長曲線持續趨於平坦。

We believe the product introductions in fiscal 2027, combined with the entry into new categories in fiscal 2028 and beyond provides the foundation for revenue acceleration. Q1 total revenue is expected to be $545 million to $565 million and reflects an increase of 1% year-over-year at the midpoint as a result of higher subscription revenue due to pricing changes made in Q2 of last year. Similar to fiscal 2026, we expect Q1 to be a seasonally low quarter for equipment sales.

我們相信，2027財年的產品推出，加上2028財年及之後切入新類別，將為收入加速奠定基礎。第一季總收入預期為5.45億至5.65億美元，以中位數計年增1%，主要因去年第二季所做的定價調整帶來較高的訂閱收入。與2026財年類似，我們預期第一季將是設備銷售的季節性淡季。

Full year fiscal 2027 total gross margin is expected to be roughly 54x, reflecting an increase of approximately 140 basis points year-over-year, primarily driven by higher expected Connected Fitness gross margins. Our Q1 fiscal [2026] total gross margin outlook is roughly 57%. This reflects our expectation for a higher mix of subscription revenue relative to full year fiscal '27, which has a higher segment gross margin.

2027財年全年總毛利率預期約為54x，年增約140個基點，主要由於預期Connected Fitness毛利率較高所帶動。我們對第一季（財年[2026]）總毛利率的展望約為57%。這反映我們預期第一季訂閱收入占比相對於2027財年全年更高，而訂閱所在部門的毛利率也更高。

Our full year fiscal 2027 adjusted EBITDA guidance of $435 million to $525 million reflect an increase of $32 million or 7% year-over-year at the midpoint primarily driven by operating expense savings connected to rightsizing our cost structure and the nonrecurring accrued legal contingency related to patent litigation repo in Q4 of fiscal 2026. Q1 adjusted EBITDA is expected to be within the range of $135 million to $145 million, reflecting an increase of $22 million or 18% year-over-year at the midpoint. Primarily driven by higher revenue from subscription pricing, costs related to our Bike Plus seat recall last year and lower operating expenses.

我們對2027財年全年調整後EBITDA的指引為4.35億至5.25億美元，以中位數計年增3,200萬美元或7%，主要由於精簡成本結構帶來的營業費用節省，以及2026財年第四季與專利訴訟相關的非經常性應計法律或有事項回轉（repo）。第一季調整後EBITDA預期介於1.35億至1.45億美元，以中位數計年增2,200萬美元或18%。主要由訂閱定價帶來較高收入、去年Bike Plus座椅召回相關成本，以及較低的營業費用所驅動。

Q1 Connected Fitness subscription guidance of $2.455 billion to $2.475 million reflects a year-over-year decrease of 9.8% at the midpoint, reflecting the tougher comparison to Q1 of last year, which was the final quarter before the price increase. While we expect Q1 net churn to be higher than Q1 of last year, we expect year-over-year net churn trends to moderate over the course of fiscal 2027 as we lap last year's price increase and to end the year roughly flat on a full year basis.

第一季Connected Fitness付費訂閱指引為245.5萬至247.5萬，按中位數計年減9.8%，反映與去年第一季相比的比較基期更具挑戰性；去年第一季是調價前的最後一季。雖然我們預期第一季淨流失（net churn）將高於去年第一季，但隨著我們跨越去年調價的比較基期，我們預期2027財年期間年對年淨流失趨勢將逐步趨緩，並在全年口徑下於年末大致持平。

We remain committed to generating meaningful free cash flow and consistent with prior years are sharing a minimum free cash flow target. For fiscal 2027, our minimum target is at least $350 million. In conclusion, fiscal year '27 represents a pivotal year, where we expect to launch the first in a series of important product innovation designed to return Peloton to growth.

我們仍致力於創造具意義的自由現金流，並延續以往年度做法，提供最低自由現金流目標。就2027財年而言，我們的最低目標為至少3.5億美元。總結來說，2027財年是關鍵的一年；我們預期將推出一系列重要產品創新的第一項，旨在讓Peloton重回成長。

I'll now turn it over to James will kick off the Q&A with questions from our retail investors.

接下來我把時間交給James，他將以來自我們零售投資人的提問展開問答環節。

First question comes from David in Germany. David asks, are there any plans to introduce technical equipment for strength training like (inaudible) or Speediance Gym Monster? There seems to be a huge market for Peloton with the power of Peloton classes trainers and community. Maybe, Peter, you can handle this one?

第一個問題來自德國的David。David問：是否有計畫推出用於肌力訓練的技術設備，例如（聽不清）或Speediance Gym Monster？憑藉Peloton課程、教練與社群的力量，Peloton似乎有很大的市場機會。也許Peter，你可以回答這題？

David, thanks so much for the question. I'm really glad you asked about strength training because after cardio, it's the most important thing that I think our members can do to promote their health. I'm often asked actually what people -- what I recommend people should do and my suggestion is 70 minutes -- 75 minutes a week of vigorous cardio or 115 minutes a week of moderate intensity cardio exercise and 2 days a week of strength training.

David，非常感謝你的提問。我很高興你問到肌力訓練，因為在有氧之後，我認為這是我們會員能做的、最重要的促進健康事項。其實我常被問到我會建議大家做什麼；我的建議是每週70分鐘到75分鐘的高強度有氧，或每週115分鐘的中等強度有氧運動，並且每週進行2天的肌力訓練。

I talked in the past about how roughly 2 million of our members engage with our strength programming in any quarter. Adding to that, we talked earlier about the growth in pilates engagement on our platform. So we see a lot of opportunity in the strength category.

我過去曾談到，我們的會員中每一季大約有200萬人會參與我們的肌力訓練課程。此外，我們先前也談到平台上皮拉提斯參與度的成長。因此，我們在肌力類別看到了很大的機會。

An earnings call is not the time for us to make major product announcements, but what I will tell you is that if you're interested in dumbbell strength training, the Cross Training Series+ line that we launched last October is a great way for you to improve your strength. That equipment has industry-leading features for things like form feedback, rep counting, recommendations when it's time to go up or down in weights, all using our advanced camera vision technology. So I hope that keeps you really busy and building your strength while you wait for us to talk about some really cool stuff that we have in the works. I can't wait to share more about that in the future.

財報電話會議不是我們發布重大產品公告的時機，但我可以告訴你的是，如果你對啞鈴肌力訓練有興趣，我們去年10月推出的 Cross Training Series+ 產品線，是提升肌力的絕佳方式。該設備具備業界領先的功能，例如動作姿勢回饋、次數計數、以及在該加重或減重時提供建議，這些都運用我們先進的相機視覺技術。所以我希望在你等待我們之後分享一些正在研發的很酷內容時，這些能讓你保持忙碌並持續增強肌力。我也迫不及待想在未來分享更多。

Great. Thanks, Peter. Next question comes from Vikas in Los Angeles leaderboard named (inaudible). Vikas asked two questions. First, do we expect to receive a tariff refund? And second, relates to a recent jury verdict in Delaware in favor of NEC for $20.5 million. What is the ongoing impact, if any, on margins and EBITDA from that? Maybe Sid, you can handle those two.

很好。謝謝你，Peter。下一個問題來自洛杉磯排行榜名為(聽不清) 的 Vikas。Vikas 問了兩個問題。第一，我們是否預期會收到關稅退稅？第二，與近期在德拉瓦州陪審團裁決 NEC 勝訴、金額為2,050萬美元有關。這對毛利率與 EBITDA 是否有任何持續性的影響？Sid，也許你可以回答這兩個問題。

Great. Thanks, James, and thanks, Vikas. Let me tackle tariffs first. Year-to-date, we've received $3 million of the tariff refunds from the federal government. We do anticipate receiving additional refunds but we have not incorporated them into our forecast for the quarter year just given the uncertainties around tariffs.

好的。謝謝你，James，也謝謝你，Vikas。我先談關稅。年初至今，我們已從聯邦政府收到300萬美元的關稅退稅。我們確實預期還會收到額外退稅，但由於關稅相關不確定性，我們尚未將其納入本季的預測。

On the second question, as you may have read in the press last week, a jury found that the standard third-party near players that we use to stream content infringed a patent. So while we're considering our legal options in the meantime, we've booked a $23.8 million legal contingency accrual in Q4 of 2026 which represents our estimate of the all-in cost, if we were to pay the full amount today. We've also incorporated that same estimate into our minimum free cash flow target for fiscal 2027. In terms of go-forward impact, we, at this point, do not expect the go-forward impact of potential ongoing royalties to be material.

第二個問題，如你可能在上週媒體報導中所見，陪審團認定我們用於串流內容的標準第三方 Near Player 侵犯了一項專利。因此，在我們同時評估法律選項之際，我們已在2026年第四季認列2,380萬美元的法律或有事項準備金，這代表若我們今天支付全額時，我們對總成本的估計。我們也將同樣的估計納入2027會計年度的最低自由現金流目標。就未來影響而言，截至目前我們不預期潛在持續性權利金對未來的影響會是重大。

Operator, could we have a question from the field, please?

接線員，請問可以讓現場提問嗎？

(Operator Instructions) Simeon Siegel, Guggenheim Securities.

(接線員指示) Simeon Siegel，Guggenheim Securities。

Peter, maybe can you -- I'm going to tap on to Dave's comments or I don't remember his name, but can you elaborate on that the new product introductions that you guys mentioned. Just any thoughts to what you can share and maybe it sounds like we should be considering something from a revenue contribution perspective in the future. That sounds pretty exciting. So anything to help us think through just to contextualize how big of a comment that was?

Peter，也許你可以——我想接續 Dave 的評論，或我不記得他的名字了——你能否進一步說明你們提到的新產品導入？任何你能分享的想法都可以；而且聽起來我們未來可能需要從營收貢獻的角度來考量一些事情。這聽起來相當令人振奮。所以有沒有什麼能幫助我們思考、並把那段評論的份量放在脈絡中理解？

And also, can you guys elaborate on the involuntary churn comment that you had mentioned? I'm curious, were you able to reactivate those who were in voluntary churn post the fix.

另外，你們能否進一步說明你們提到的「非自願流失」的評論？我很好奇，在修正之後，你們是否能重新啟用那些在修正後屬於自願流失的用戶？

This is Peter. I'll start with the first part of your questions relating to product introductions and then Sid will address the involuntary churn question. This is what I can tell you, by the end of this calendar year and recognizing that it's August, there aren't that many months left in the calendar year. we plan to, first of all, launch the Peloton Commercial series.

我是 Peter。我先回答你問題的第一部分，關於產品導入；接著 Sid 會回答非自願流失的問題。我可以告訴你的是，在今年曆年年底之前——考量現在是8月，曆年剩下的月份不多——我們計畫首先推出 Peloton Commercial 系列。

We've talked about that pretty specifically in the past and demonstrated those products. That's both a bike and the treadmill designed very specifically for the extremely high duty cycle of commercial fitness locations. We also plan to introduce some meaningful product innovations on the consumer side of the business, focused on areas where we already offer experiences to our members.

我們過去已相當具體地談過，並展示過這些產品。這包括一台單車與一台跑步機，專為商用健身場所極高使用頻率（高負載運轉週期）而設計。我們也計畫在消費者端業務推出一些重要的產品創新，聚焦在我們已為會員提供體驗的領域。

Starting in the fall of FY27, so Simeon, I'm getting specific about timing again. In the fall of FY27, we will introduce the first products in new categories for the company. And then we have a -- basically a march of progress thereafter. Those products open up new total addressable market opportunities for us as a company, and we'll begin to create the potential for meaningful revenue acceleration from that point looking forward.

從FY27的秋季開始——Simeon，我又開始具體談時間點了。在FY27的秋季，我們將推出公司在新類別中的第一批產品。之後基本上會是一個持續推進的節奏。這些產品將為公司開啟新的整體可服務市場（TAM）機會，並從那個時間點往後開始創造營收顯著加速的潛力。

Sid, why don't you address the question about the voluntary churn?

Sid，你來回答一下關於自願流失的問題吧？

Okay. Let me just give you a little bit of color on the involuntary churn issue. As we mentioned in the prepared remarks, about 50% the change in Q4 year-over-year in turn was caused by these onetime factors.

好的。我先補充一些關於非自願流失議題的背景。如同我們在事先準備的講稿中提到的，第四季年對年流失變動中，大約有50%是由這些一次性因素所造成。

So specifically, what happened was we made a change a reactivation algorithm in Q3 that had an unanticipated adverse impact on reactivations from involuntary churn in Q4. Should we get a bit more precise, what happened is we used to send with a certain timing and frequency e-mails to members after payment failure. And when we change the algorithm, we changed the frequency and timing of those e-mails.

具體而言，我們在第三季調整了一個重新啟用演算法，但在第四季對於非自願流失後的重新啟用，產生了未預期的不利影響。更精確地說，過去在付款失敗後，我們會以特定的時間點與頻率寄送電子郵件給會員。而當我們更改演算法時，也改變了這些電子郵件的頻率與寄送時點。

And what we've done since then is reverted back to the previous payment recapture flow, and we've seen the involuntary churn start to normalize now. Separately, since that point in time, we've also reached out to affected members and have had some success in reactivating members that left because of these payment issues.

此後我們已恢復到先前的付款挽回流程，現在也看到非自願流失開始回歸正常。另外，自那個時間點以來，我們也主動聯繫受影響的會員，並在重新啟用因付款問題而離開的會員方面取得了一些成效。

Okay, I just want to clarify one thing that I said earlier. The new product introductions, new categories, those will be the fall of calendar '27. So just to make sure we're all clear on that that's in fiscal '28.

好的，我想澄清我先前說的一點。新產品導入、新類別，會是在曆年27年的秋季。所以為了確保大家都清楚，那是在會計年度28年。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，Wolfe Research。

Could I please follow up on the first part of the last question, which is on the new product revenue expectations. Peter, if you were to contextualize the opportunity across the new product and new revenue sources, how would you help us frame the size of the opportunity across the new products and how revenue could trend? Where do you see the largest opportunity? How do you think the timing of realization of that would work against the visibility that those revenue sources provide you?

我可以追問上一題的第一部分，也就是新產品營收預期嗎？Peter，如果要把新產品與新營收來源的機會放在脈絡中說明，你會如何幫助我們界定新產品機會的規模，以及營收可能的走勢？你認為最大的機會在哪裡？你認為其實現的時間點，會如何影響這些營收來源能提供給你們的能見度？

And second is, should we be going forward, be looking more at revenue as a key metric historically? Of course, it's been focused on subscription and subscriber growth, but is that a change going forward?

第二個問題是，往後我們是否應該更把營收視為關鍵指標？過去當然更聚焦在訂閱與訂戶成長，但未來會有改變嗎？

So we're not providing guidance beyond the FY27 period for any of our metrics, inclusive of revenue but let me at least try to provide a bit of framing in how we look at these things.

因此，我們不會就 FY27 之後期間的任何指標提供指引（包含營收），但我至少想先提供一些我們如何看待這些事情的框架。

So what you'll see this year from our commercial launches, is what we believe the foundation for accelerating growth in our commercial business unit. The way to look at that is that we already delivered double-digit growth from the commercial business unit in FY26, basically on the back of just the pre=core portfolio.

因此，你今年會看到我們商用端的產品上市，我們相信這將成為推動我們商用事業部加速成長的基礎。看待這點的方式是：我們在 FY26 已經讓商用事業部實現了雙位數成長，基本上主要是靠 pre=core 產品組合帶動。

With the introduction of the Peloton Commercial series, we now turbo charge the growth rate of the commercial business unit by providing a dual brand strategy and the power of Peloton, which we know many gyms have requested. That will manifest principally in our Connected Fitness sales and therefore, in revenue although the Peloton equipment does have a subscription attached to it, and so you will also see some subscription revenue.

隨著 Peloton Commercial 系列的導入，我們透過雙品牌策略以及 Peloton 的品牌力（我們知道許多健身房一直在要求），進一步大幅加速商用事業部的成長率。這將主要反映在我們的 Connected Fitness 銷售上，進而反映在營收上；雖然 Peloton 設備也會綁定訂閱，因此你也會看到部分訂閱營收。

And -- but note that this realization of the equipment sales tends to be front-loaded and then the impact of subscriber growth in a new category like that is cumulative. In terms of the launches on the consumer side this year not being terribly specific about that, but that should behave much like our existing consumer business. So you'll see it spread across CS sales. And to the extent the sales are to new members as opposed to existing members, you will see that also manifest in our subscription revenue.

不過請注意，設備銷售的實現通常會較為前置，而像這樣的新類別，其訂閱者成長的影響則是累積性的。至於今年消費者端的上市，我不會講得太具體，但其表現應該會很像我們既有的消費者業務。因此你會看到它分散在 CS 銷售之中。而在銷售對象是新會員而非既有會員的情況下，你也會看到這反映在我們的訂閱營收上。

As we get to FY28 and the introduction of products in new categories that grow our total addressable market, you'll see, again, a front-loaded impact on the CS sales line because the hardware revenue is recognized immediately upon the sale and delivery of those units. And then you will hopefully see the beginnings or the accumulation of the subscriber impacts, both in terms of our gross adds, the bending of the curve we expect on net adds and, of course, the improved trajectory on subscriber revenue.

當我們進入 FY28，並推出能擴大我們總可服務市場（TAM）的新類別產品時，你會再次看到 CS 銷售線出現前置的影響，因為硬體營收會在這些單位完成銷售與交付時立即認列。接著你應該會看到訂閱者影響的開始或累積，包括我們的新增（gross adds）、我們預期淨新增（net adds）曲線的彎折，當然也包括訂閱營收走勢的改善。

It's too soon for us to say what that will result in with any level of specificity. These are new products in new categories for us. But our expectation is that by growing our market in this way, this is how we move Peloton into the next phase of our transformation. And to very specifically answer your question, then what I think you should expect is revenue growth should be -- proceed a change in -- towards subscriber growth, both because of the combination of the CBU, which is heavily weighted toward equipment sales and because the impact on subscriber revenues lags the impact -- and our numbers of subscribers lags the impact on CS sales.

現在要我們以任何程度的具體性來說明其結果仍為時過早。這些對我們而言是新類別中的新產品。但我們的預期是，透過以這種方式擴大市場，這就是我們將 Peloton 推進到轉型下一階段的方法。而非常直接地回答你的問題：我認為你應該預期的是，營收成長將會——先於——朝向訂閱者成長的變化，原因在於商用事業部（CBU）的組合高度偏向設備銷售，以及訂閱營收的影響相較於 CS 銷售的影響具有滯後性——我們的訂閱者數也會滯後於 CS 銷售的影響。

Arpine Kocharyan, UBS.

Arpine Kocharyan，瑞銀（UBS）。

Sid, welcome to the call. You talked about flat churn year-over-year for 2027 fiscal year, which I think we have been good news for everyone. But now that base for 2026 is slightly higher, but it seems like you were suggesting that you've seen some normalization insurance is that change was introduced. First, could you talk a little bit more about what exactly you've seen, what rate of normalization that you've seen since the change was made? And then does that mean that there is a chance that the current guide could actually be a little bit better year-over-year if we see that rate of normalization continue because it's given -- basically, you're guiding flat on the current base?

Sid，歡迎加入電話會議。你談到 2027 會計年度的流失率（churn）年對年持平，我想這對大家來說都是好消息。但現在 2026 年的基期略高，不過聽起來你在暗示，自從引入那項變更後，你們看到了一些正常化的跡象。首先，你能否多談一點你們究竟看到了什麼、以及自變更實施以來你們看到的正常化速度（rate of normalization）？其次，這是否意味著，如果這種正常化速度持續，當前的指引其實有機會在年對年表現上更好一些，因為——基本上——你們是以目前的基期來指引持平？

I think the way to think about this is if you look at Q4, you look at the roughly 37 basis points year-over-year change in churn. About half of that was related to this involuntary churn issue of the onetime factors and about half of it, we still think is a result of the lingering impact of the price increase we took in October. So if you think about our guidance for flat churn year-over-year, what we would expect to see is in Q1, we still expect higher churn year-over-year because we're still comparing against a period that didn't have the impact of the price increase. And then as we start to anniversary the price increase, we should start to see more favorable churn trends and a moderation of churn trends.

我認為思考方式是：如果你看 Q4，你會看到流失率年對年大約變動了 37 個基點。其中大約一半與這個非自願流失（involuntary churn）問題的一次性因素有關，另外一半我們仍認為是 10 月調漲價格所帶來的遞延影響。因此，若你以我們「流失率年對年持平」的指引來看，我們預期在 Q1 仍會看到流失率年對年較高，因為我們仍在與一個尚未受到漲價影響的期間做比較。接著，當我們開始進入漲價的週年比較（anniversary）後，我們應該會開始看到更有利的流失率趨勢，以及流失率趨勢的緩和。

The only other thing to keep in mind as you think about the quarterly cadence of churn is we actually experienced a relatively favorable year-over-year churn rate in the third quarter because a bunch of people that paused as a result of the price increase came back in Q3. So that's the only thing to keep in mind, but other than that, we should start to see much improved churn trends relative to Q1 once we start to anniversary the price increase. But we factored in the normalization of the involuntary churn in our expectation that churn will be flat year-over-year for the full year.

另外一點在思考流失率的季度節奏時要記住的是：我們在第三季其實經歷了相對有利的年對年流失率，因為有一批因漲價而暫停的用戶在 Q3 回來了。所以這是唯一需要留意的點；除此之外，一旦我們開始進入漲價的週年比較，相較於 Q1 我們應該會看到明顯改善的流失率趨勢。不過，我們已將非自願流失的正常化納入考量，因此我們預期全年流失率將年對年持平。

Okay. That's helpful. And then a quick follow-up. Thinking about your capital allocation priorities as it relates to growth and how you think about buybacks versus investing back in the business to drive growth and where it makes sense maybe to deploy capital inorganically versus buy back stock? If you could comment on that?

好的。這很有幫助。接著一個簡短追問。就你的資本配置優先順序而言，特別是與成長相關時，你如何在庫藏股回購（buybacks）與回投資於業務以推動成長之間取捨？以及在何種情況下，透過非有機方式（inorganically）部署資本會比回購股票更合理？你能否評論一下？

Yes. So let me just start by saying before we do anything, the thing we have to do is we need to get our refinancing done. That refinancing, we expect will deliver on both our previously stated goals of lowering our cost of capital as well as providing greater flexibility. So we've begun the refinancing process with our bankers.

可以。我先說，在我們做任何事情之前，我們必須先完成再融資。我們預期這次再融資將同時達成我們先前公開表述的兩個目標：降低資本成本，以及提供更大的彈性。因此我們已與我們的投行夥伴啟動再融資流程。

We'll have more to report as we conclude that process. But you're right. I mean, what we've said publicly in the past is we think a gross debt-to-EBITDA ratio of somewhere in the 2 to 4x range is a sustainable level of gross debt. So what that would imply is we have a substantial amount of excess cash on the balance sheet today.

當我們完成該流程時，會有更多可報告的內容。不過你說得沒錯。我們過去公開表示過，我們認為總負債對 EBITDA 比率（gross debt-to-EBITDA）約在 2 到 4 倍區間，是一個可持續的總負債水準。因此，這意味著我們目前資產負債表上有相當可觀的超額現金。

And when we're thinking about deploying that cash, I think we're going to do what's in the best long-term interest of shareholders. I mean, I will say that I've been an investor for many years, and I do understand very deeply the impact of deploying capital wise we can have. So when we think about decisions like M&A or buybacks, what we're thinking about is, number one, how do we improve this business, how do we maximize shareholder value. We examine the expected returns from any capital allocation decisions, not only against our cost of capital but also against all other available options. And we're also thinking about not only just the expected returns, but also the risks inherent in any decision we make, and we want to make sure that we operate with a sufficient margin of safety. So we'll have more to report soon on the capital allocation front.

而在思考如何運用這些現金時，我認為我們會做出最符合股東長期利益的選擇。我想我也可以說，我做投資人很多年了，我非常深刻理解明智部署資本所能帶來的影響。因此，當我們考慮像併購（M&A）或回購這類決策時，我們思考的是：第一，如何改善這門生意、如何最大化股東價值。我們會把任何資本配置決策的預期報酬，不僅與我們的資本成本相比，也會與所有其他可行選項相比較。同時我們也不只看預期報酬，還會考量任何決策內含的風險，並確保我們在運作上保有足夠的安全邊際。因此，在資本配置方面，我們很快會有更多可對外說明的內容。

Doug Anmuth, JPMorgan.

Doug Anmuth，摩根大通。

I have two. Just first, Peter, on Peloton IQ, can you just talk more about how members are interacting here with your AI-driven tools and what impact you're seeing in terms of engagement and retention there? And then secondly, just as you launched the Telecom commercial series and CBU becomes a little bit or part of the mix, can you talk about any impact on revenue per hardware unit and then also on margins.

我有兩個問題。首先，Peter，關於 Peloton IQ，你能否再多談談會員如何與你們的 AI 驅動工具互動，以及你們在參與度與留存方面看到的影響？其次，隨著你們推出 Telecom 商用系列、且 CBU 也開始成為組合的一部分，你能否談談對每台硬體單位收入的任何影響，以及對毛利率的影響？

Of course, Doug. So let's start with Peloton IQ. I love that question because it's such a positive way for us to take advantage of the revolution that's happening around AI on behalf of our members. And we do that by delivering personalized insights and recommendations. The -- it turns out that based on our research, Peloton IQ has now become the number one feature of interest from our potential customers. And so that shows what a big competitive differentiator this can be.

當然可以，Doug。那我們先從 Peloton IQ 開始。我很喜歡這個問題，因為這是一個非常正向的方式，讓我們能代表會員去善用 AI 正在發生的革命。我們透過提供個人化洞察與推薦來做到這點。根據我們的研究，Peloton IQ 現在已成為潛在客戶最感興趣的第一大功能。這也顯示它可以成為非常重要的競爭差異化因素。

The things that people are using across the board, our members are starting to engage with what we call Peloton IQ Insights. So we're providing somewhere between three to five insights for our members every week about ways that they can enhance their workout program. And we've got more than 50% of our monthly active users now engaging with that.

整體來看，大家正在使用的功能是：會員開始與我們稱為 Peloton IQ Insights 的內容互動。因此，我們每週會為會員提供大約三到五則洞察，說明他們可以如何強化自己的訓練計畫。目前我們每月活躍用戶中，已有超過 50% 會與這項功能互動。

For the relatively smaller percentage of customers that have already switched over to the plus side of the Cross Training series, that's where we see people getting the most benefit from what Peloton IQ can do because those are the people who are using it for things like form feedback and rep tracking and even more adaptive coaching. Let me give a sneak peek of what to expect looking forward.

對於相對較小比例、已經切換到 Cross Training 系列 plus 版本的客戶，我們看到他們從 Peloton IQ 的功能中獲益最大，因為這些人會用它來做例如動作姿勢回饋、次數追蹤，甚至更具適應性的教練指導。我先預告一下未來可以期待什麼。

So our next frontier for Peloton IQ is moving too much deeper personalization, and that's things like enabling a much wider array or even an infinite number of open-ended bowls and being able to adjust programs much more dynamically based on what we're observing over time and even in the moment from our members. We're also working on integrating even more wearables data because there's obviously a revolution taking place around the adoption use of wearables, and we want to support as many of them as we possibly can.

Peloton IQ 的下一個前沿，是推進到更深度的個人化，例如支援更廣泛、甚至無限數量的開放式目標，並能根據我們隨時間、甚至當下從會員身上觀察到的情況，更動態地調整課程計畫。我們也在整合更多穿戴式裝置資料，因為穿戴式裝置的採用與使用正明顯出現一場革命，而我們希望盡可能支援更多裝置。

So we're already excited about Peloton IQ. It's making a difference in differentiating our product. People are using it extensively and we have much more to come on that.

所以我們已經對 Peloton IQ 感到非常興奮。它正在為我們的產品差異化帶來改變。大家大量使用它，而我們在這方面也還有更多內容即將推出。

Now second question was about the impact of the CBU for hardware units and our margins. Our FY27 guidance does incorporate the impact of accelerating growth from the CBU. And as I mentioned earlier, in response to Arpine's question, that's principally manifested on the revenue side in terms of CS sales, although there is a component of subscriptions that will start to lay in. The way to think about this category is it's evolved differently from the home fitness space in that it has historically been one in which there is not a tail of subscriptions, right?

第二個問題是關於 CBU 對硬體單位以及我們毛利率的影響。我們的 FY27 指引已納入 CBU 加速成長的影響。如我先前回應 Arpine 的問題時提到，這主要會在營收端體現為 CS 銷售，雖然也會有一部分訂閱收入開始逐步貢獻。理解這個品類的方式是：它與居家健身市場的演進不同，因為歷史上它並沒有訂閱尾端（subscription tail），對吧？

The market is based on the sale of equipment only. And so there are typically higher margins and higher prices associated with that equipment. There also is a higher price associated with that equipment in that -- the equipment needs to be manufactured for an extraordinarily high level of usage. And also typically -- at least in our case, given our tremendous commitment to quality on the Precor side comes bundled with a longer standard warranty than you would find on the consumer or the residential side of the business. So what you see from the CBU is higher revenue per sale, you also see higher margins. And the CS margins that we publish represent a blend of the higher gross margins from the CBU and the lower relative gross margins on the consumer side.

這個市場主要是以設備銷售為主。因此，該設備通常伴隨較高的毛利率與較高的售價。設備售價較高也反映在：設備必須以極高的使用強度標準來製造。此外，通常——至少以我們的情況而言，鑑於我們在 Precor 端對品質的高度承諾——會搭配比消費者端或住宅端業務更長的標準保固。因此，你會看到 CBU 帶來每筆銷售更高的營收，也會看到更高的毛利率。而我們公布的 CS 毛利率，代表的是 CBU 較高的毛利率與消費者端相對較低毛利率的混合。

Youssef Squali, Truist.

Youssef Squali，Truist。

This is Robert on for Youssef. On the planned new upcoming launches, do you expect that revenue acceleration to come more from sale opportunities to new to existing users? Or do you view it as a way to broaden your reach at lower ASPs? And then I'm curious on the planned CAC and margin impact over the first year or two from those planned new launches.

我是 Robert，代 Youssef 提問。關於即將推出的新產品發表，你們預期營收加速會更多來自對既有用戶的銷售機會，還是你們將其視為以較低 ASP（平均售價）擴大觸及面的方式？或者你們認為這是以較低 ASP 擴大觸及面的方式？另外我也想了解，這些新發表在前一到兩年對計畫中的 CAC（獲客成本）與毛利率的影響。

So let me focus on this year, which is what we have built into our guidance and which we are prepared to provide a little bit more specificity on. So we historically see in our existing categories, a blend of sales to both existing and new users. And we anticipate that we will see the same thing on the consumer or the residential side this year. So again, just the roughest estimate I can give you is think about something in the vicinity of kind of 50-50 between existing members and new members for the sales of the consumer equipment this year.

我先聚焦在今年，因為這是我們已納入指引、也準備提供更具體說明的部分。歷史上，在我們既有品類中，銷售會同時來自既有用戶與新用戶的組合。我們預期今年在消費者端或住宅端也會看到同樣的情況。所以，再次強調，我能給你的最粗略估計是：今年消費者設備的銷售，大約可視為既有會員與新會員各占約 50-50。

As we look forward to what we're doing in FY28 on the consumer side, that's certainly too soon to speculate on the blend between existing members and new members. But what I will say is that if -- to the extent we offer those types of products to existing members, they will receive a substantial discount to reflect their loyalty and the value that they provide us from their already existing primary subscription. So all of that is being built into our financial models, and we'll have more to share about that as we get closer.

至於展望 FY28 在消費者端的作法，現在要推測既有會員與新會員的占比確實還太早。但我可以說的是：如果——在我們向既有會員提供這類產品的範圍內——他們將會獲得相當可觀的折扣，以反映他們的忠誠度，以及他們透過既有主要訂閱所帶給我們的價值。這些都已納入我們的財務模型中，隨著時間更接近，我們也會分享更多資訊。

Nathan Feather, Morgan Stanley.

Nathan Feather，摩根士丹利。

Just little bit more on the wearable space here. Certainly seen a lot of growth in this market with some of the new capabilities that have been released. I guess as you think about how you're approaching the space from a partnership versus ownership perspective? And is this an area you potentially consider getting into, especially given the already kind of deep connection that you have with your vendors?

再多問一點關於穿戴式裝置領域。我們確實看到這個市場在一些新功能推出後成長很快。我想問的是，當你們思考如何切入這個領域時，你們會採取合作夥伴模式，還是自有（ownership）模式？以及這是否是你們可能考慮進入的領域，特別是考量到你們與供應商之間已經有相當深的連結？

Yes, Nathan, it's something that we've thought about in the past, and we've decided that given that there are so many compelling wearable options available to our members, in many cases, offered by a range of extremely powerful and large companies to some also very innovative startups in that space.

是的，Nathan，這是我們過去思考過的事情；我們的結論是，鑑於市面上有非常多對會員而言很有吸引力的穿戴式裝置選項，很多是由一系列極其強大且規模龐大的公司提供，也有一些是該領域非常創新的新創公司提供。

Rather than us attempting to compete with the players in those markets, the best way for us to work with the wearables industry is essentially to sort of play Switzerland here. And for us to integrate with as many of them accessible and build partnerships that range from both ingesting data that -- again, based on our members' opt-in permission and subject to privacy requirements providing our data back to those wearable companies so that they can provide the best possible insights to their members.

與其由我們嘗試去和那些市場參與者競爭，我們與穿戴式裝置產業合作的最佳方式，基本上是扮演「瑞士」的角色。也就是盡可能與更多裝置整合並建立合作關係：一方面在會員選擇加入（opt-in）授權且符合隱私要求的前提下，匯入那些資料；另一方面也把我們的資料回傳給那些穿戴式裝置公司，讓他們能為其會員提供最佳的洞察。

And also working with select members of the players in those industries to do things like co-marketing. So we don't -- by not competing with them in that space, we have the most potential to be able to serve our members across every type of wearable that's out there and also to be able to use that as a way to grow our subscribers.

同時也會與該產業中的部分業者合作，進行例如聯合行銷（co-marketing）等活動。因此，透過不在該領域與他們競爭，我們就最有機會能在市面上各類穿戴式裝置上服務會員，並且也能把這作為成長訂閱用戶的一種方式。

To date, we've integrated with Apple, with Google, with Garmin. We've got a couple more big ones on the way. We'll have more to talk about that in the not-too-distant future. So I think we're doing -- approaching this -- that is the absolutely most member-friendly way we can and recognizing our unique strengths and what we can contribute while not overextending ourselves into places where we may have difficulty differentiating our company.

截至目前，我們已與 Apple、Google 以及 Garmin 完成整合。接下來還有幾個大型合作正在推進中。在不久的將來，我們會有更多內容可以分享。因此，我認為我們正在以——以對會員最友善的方式來推進這件事——同時認清我們獨特的優勢與我們能貢獻的價值，並避免把自己過度延伸到那些我們可能難以做出差異化的領域。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

The hardware strategy and distributing hardware, you've been on a journey over the last couple of years in terms of go-to-market and retail and different partnerships approaches. What have been some of the key learnings as that go-to-market strategy has evolved? And when you think about where you want to take the product set forward over the next 2 to 3 years, how should we be thinking about the key priorities to make sure the products match up with the go-to-market and are aligned with some of those key learnings over the last couple of years in terms of how the mix might evolve?

關於硬體策略與硬體的分銷，過去幾年你們在上市策略、零售以及不同合作夥伴模式上一路走來。隨著上市策略演進，有哪些關鍵學習？以及當你思考未來 2 到 3 年要如何推進產品組合時，我們應該如何看待關鍵優先事項，以確保產品能與上市策略相匹配，並與過去幾年在組合可能如何演變方面的關鍵學習保持一致？

Eric, that's a deep question. So let me try to approach it from a couple of angles. The first one I'm going to -- first way I'll approach that is looking back up the supply chain. So when I joined Peloton was practically single-sourced in terms of our hardware business, which creates a great deal of dependency on a single provider, some risk and relatively limited negotiating leverage.

Eric，這是個很深的問題。我試著從幾個角度來回答。第一個角度，我會——我會先從供應鏈上游回頭看。我加入 Peloton 時，我們的硬體業務幾乎是單一來源供應，這會造成對單一供應商高度依賴，帶來一些風險，且議價能力相對有限。

While we feel great about our close partnership that we've enjoyed in that space, I think it's really important. And our COO, Charlie Kirol, has done a great job at this and ensuring that we have more flexibility and a better ability to compete and over time, offer products at more compelling price points. Now I raised that because one of the key learnings that we've discovered in the hardware space is that there is a pretty high level of price elasticity around consumer fitness equipment. And so it's important that we'd be able to offer products at price points that are accessible to our members.

雖然我們對在該領域所建立的緊密合作關係感到非常滿意，我也認為那確實很重要。而我們的營運長 Charlie Kirol 在這方面做得非常出色，確保我們擁有更高的彈性、更強的競爭能力，並且隨著時間推進，能以更具吸引力的價格帶提供產品。我之所以提到這點，是因為我們在硬體領域的一項關鍵學習是：消費者健身器材的價格彈性相當高。因此，我們必須能以會員可負擔、可觸及的價格帶提供產品。

Another sort of takeaway from that is that -- that we've learned to become, I think, really creative in finding ways to make our products accessible and affordable to the largest number of potential members. And what I mean by that is if you look up and down the line, at what we've done, for example, in the bike category, where there's a robust secondary market with products available for a few hundred dollars to refurb that we've been able to take advantage of to rental models all the way up to our plus line, which is a premium offering that delivers really remarkable capabilities for helping people get fit, we've been able to introduce -- I hate the way these words sound, but I'm just going to be a pure economist with you for a moment. We've been able to price discriminate, I think, very effectively in the bike market.

另一個收穫是——我們學會了以非常有創意的方式，讓最多潛在會員能以可取得、可負擔的方式使用我們的產品。我的意思是，如果你縱觀我們在各產品線所做的事，例如在單車品類中，存在一個強勁的二手市場，有些產品只要幾百美元就能翻新；我們也能利用這點，從租賃模式一路延伸到我們的 Plus 產品線——這是一個高端產品，能提供非常出色的功能來幫助人們健身——我們得以推出——我不太喜歡這些詞聽起來的感覺，但我先用純經濟學的語言說一下。我認為我們在單車市場上，已經非常有效地做到了價格歧視。

With regard to some of the other categories, we have less ability to do that. And so we'll be focusing on expanding our portfolio as well as the ways that our products can be accessed by our members in the coming years.

至於其他一些品類，我們做到這點的能力較弱。因此，未來幾年我們將專注於擴充產品組合，以及擴大會員可取得我們產品的方式。

Another thing that I think we've learned about hardware in this category is that people want to try it. And especially if it's something that is new to them, and that has driven not just the work that we've done on our first-party micro stores where we have, as I mentioned earlier, launched 13 micro stores in the last -- just over a year -- and actually, I think we're slated to launch 2 more by the end of today. So we're really, really excited about where we're going there, but also to significantly expand our third-party retail presence whether it's through companies like DICK'S Sporting Goods or the work that we've done with Johnson fitness and wellness. We've also got some exciting initiatives taking place in Canada, big, new relaunch with John Lewis in the UK.

我認為我們在這個品類的硬體方面學到的另一件事是：人們想要先試用。尤其當那是他們不熟悉的新事物時，這不僅推動了我們在第一方微型門市上的投入——如我先前提到的，我們在過去——一年多一點的時間裡已開出 13 家微型門市——而且我想我們預計在今天結束前還會再開 2 家。所以我們對那裡的發展方向感到非常、非常興奮；同時也會大幅擴展我們的第三方零售據點，不論是透過像 DICK'S Sporting Goods 這樣的公司，或是我們與 Johnson Fitness & Wellness 的合作。我們在加拿大也有一些令人振奮的計畫正在進行；在英國則與 John Lewis 進行大型、全新的重新上線。

All of these are ways that we can give our members a chance to touch and feel and try our equipment. The reason I raised that is because as we start to introduce products in new categories, that's when we -- fundamentally new categories, that's where that retail distribution is going to become even more important. So you can see us building the foundation for types of hardware based on the insights that we've had to date.

這些都是讓會員有機會親手觸摸、實際感受並試用我們設備的方式。我之所以提到這點，是因為當我們開始在全新品類中推出產品——也就是根本上屬於新類別的產品時——零售通路的分銷將變得更加重要。因此，你可以看到我們正基於迄今為止獲得的洞察，為各類硬體打下基礎。

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

現在我想把電話會議交回給 Peter Stern 先生，請他做結語。

So recognizing that many, if not most of our investors are also members, before we close, I want to highlight a couple of programs that we have out there. One of them is Rebecca Kennedy's highly popular highlight Plus program. I mentioned that earlier, but I just want to give you a sense of the magnitude of these things so that if you're motivated by FOMO, it gets you trying it. We've had more than 200,000 members taking over 1.2 million classes so far in highlight Plus. So it's enormously successful.

考量到我們許多——如果不是大多數——投資人同時也是會員，在結束之前，我想強調幾個我們目前推出的方案。其中之一是 Rebecca Kennedy 非常受歡迎的 Highlight Plus 方案。我先前提過，但我想讓大家感受一下這些方案的規模，這樣如果你是被 FOMO（錯失恐懼）驅動的人，可能就會想去試試看。到目前為止，已有超過 200,000 名會員參與 Highlight Plus，累計上了超過 120 萬堂課。所以它非常成功。

We also launched a new Sculpt 30 program. That has classes available every Monday, and I highly recommend those. And then for those of you who haven't tried our breathe work app, we introduced a new 7-day program. It's called Breathe Into Better Sleep. It counts towards your Peloton streaks. It counts toward Club Peloton. And after a day of earnings calls and investor meetings, I plan on using that tonight. So with that, I look forward to seeing all of you on the leaderboard, and I want to thank everyone for the questions and for listening in.

我們也推出了一個新的 Sculpt 30 方案。每週一都有課程可上，我非常推薦。另外，對於還沒試過我們呼吸練習 app 的各位，我們推出了一個新的 7 天方案。它叫做「Breathe Into Better Sleep」。它會計入你的 Peloton 連續紀錄（streaks）。也會計入 Club Peloton。在經歷了一整天的財報電話會議與投資人會議之後，我今晚打算用它。那麼，我期待在排行榜上見到各位，也感謝大家的提問與收聽。

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

今天的節目到此結束。感謝各位參與。您現在可以中斷連線。