派樂騰 (PTON) 2027 Q1 法說會逐字稿

Good day, and welcome to Peloton's first-quarter 2027 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加 Peloton 2027 會計年度第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker, Mr. James Marsh, Treasurer and Head of Investor Relations. Please go ahead.

現在我想把會議交給今天的發言人，Peloton 財務主管兼投資人關係主管 James Marsh 先生。請開始。

Thank you, operator. Good morning and welcome to Peloton's first-quarter fiscal year 2027 conference call. Joining today's call are Peloton CEO, Peter Stern; and CFO, 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.

謝謝，接線員。各位早安，歡迎參加 Peloton 2027 會計年度第一季電話會議。今天與會的有 Peloton 執行長 Peter Stern，以及財務長 Sid Thacker。我們的評論與對各位問題的回應僅反映管理層截至今日的觀點，並將包含依據聯邦證券法與本公司業務相關的前瞻性陳述。

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

由於與我們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有重大差異。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，以上皆可於投資人關係網站查閱。

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.

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，也已載於今日新聞稿中。

I'll turn it over to Peter.

接下來交給 Peter。

Thank you, James, and congratulations on becoming our Treasurer in addition to Head of IR. And good morning, everyone. We kicked off fiscal year 2027 by delivering Q1 results ahead of expectations, fully deleveraging our balance sheet as measured by net debt and debuting a new tread lineup engineered for every runner, walker and hiker. These achievements demonstrate our progress on our ongoing financial and strategic transformation and position us to continue expanding Peloton's footprint across a broader swath of the multi-trillion-dollar global wellness economy.

謝謝你，James，也恭喜你在擔任投資人關係主管之外，同時成為我們的財務主管。各位早安。我們以優於預期的第一季表現揭開 2027 會計年度序幕，並以淨負債衡量全面去槓桿化資產負債表，同時推出全新跑步機產品線，為每一位跑者、健走者與健行者量身打造。這些成果展現我們在持續推動財務與策略轉型上的進展，並使我們得以持續擴大 Peloton 在數兆美元規模全球健康福祉經濟中的版圖。

In previous calls, I've intimated about our innovation pipeline and in Q1, we put hard proof behind those words. In late September, we introduced Tread Flex, our first-ever folding tread. Which was designed from the ground up to solve the two biggest barriers to purchase, price, and space.

在先前的電話會議中，我曾提到我們的創新產品管線，而在第一季，我們用實際成果證明了這些說法。9 月下旬，我們推出 Tread Flex，這是我們首款可折疊跑步機。它從零開始設計，旨在解決購買的兩大障礙：價格與空間。

We also launched the Peloton Tread Vision and Tread+ Vision as part of our revamped Tread portfolio. All three new Treads have met with acclaim from consumers and press. At the same time, we also brought the Peloton Commercial Series Bike and Tread to market and rolled out the next evolution of our AI-powered operating system, Peloton IQ.

我們也在重新打造的 Tread 產品組合中推出 Peloton Tread Vision 與 Tread+ Vision。這三款全新 Tread 皆獲得消費者與媒體的高度好評。同時，我們也將 Peloton 商用系列（Commercial Series）單車與跑步機推向市場，並推出我們 AI 驅動作業系統 Peloton IQ 的下一代演進。

In Q1, we exceeded the midpoint of guidance on revenue, marking our third consecutive quarter of year-over-year revenue growth, aided by the price changes we implemented last year. While we don't forecast revenue growth to remain linear for the balance of FY '27 once we lap those changes, we're encouraged by this progress. We also reached the top end of our guidance for subscriptions and substantially outperformed in gross margin and adjusted EBITDA.

第一季營收超越指引區間中點，這是我們連續第三季實現年對年營收成長，部分受惠於我們去年實施的價格調整。雖然在 2027 會計年度其餘期間，當我們跨越（比較基期）這些調價因素後，我們不預期營收成長會維持線性，但我們對此進展感到鼓舞。我們的訂閱表現也達到指引上緣，毛利率與調整後 EBITDA 更是大幅優於預期。

Our transformation continues to be guided by four strategic imperatives: first, improve member outcomes second, meet members everywhere third, make members for life, and fourth, business excellence. We continue to make significant progress across all four.

我們的轉型持續以四項策略要務為指引：第一，提升會員成果；第二，隨時隨地觸及會員；第三，讓會員成為終身會員；第四，營運卓越。我們在這四個面向皆持續取得顯著進展。

First, to improve member outcomes, we focus on human impact, elevating our members' cardio fitness, strength, longevity, and happiness. When we help members achieve their goals, we prove our value and build stronger relationships.

首先，為了提升會員成果，我們聚焦於對人的影響，提升會員的心肺適能、肌力、長壽（健康壽命）與幸福感。當我們協助會員達成目標時，我們就能證明自身價值並建立更緊密的關係。

Product innovation is central to delivering these outcomes, and we are entering the FY27 holiday season with the best lineup of products in the history of Peloton, featuring major advances in hardware, software, and affordability. Our revamped Tread portfolio with Tread Flex, Peloton Tread Vision, and Peloton Tread+ Vision has emboldened us to set the goal of becoming as famous for running as we are for cycling. Alongside our hardware innovations, we introduced new Peloton IQ capabilities that deliver more advanced personalized guidance to help our members achieve their goals.

產品創新是實現這些成果的核心。我們正以 Peloton 史上最佳的產品陣容迎接 2027 會計年度假期旺季，在硬體、軟體與可負擔性方面都有重大進展。我們重新打造的 Tread 產品組合——Tread Flex、Peloton Tread Vision 與 Peloton Tread+ Vision——也讓我們更有信心設定目標：在跑步領域的知名度要與我們在騎行領域同樣響亮。除硬體創新外，我們也推出新的 Peloton IQ 功能，提供更進階的個人化指引，協助會員達成目標。

These updates, which became available to members on October 1, include Run Analysis, which analyzes running form to help members run safer and faster IQ Pace Targets, which constantly adjust personalized target speed ranges based on a member's running performance and ReRuns, which allow members to recreate their favorite outdoor routes on any Peloton Tread.

這些更新已於 10 月 1 日向會員開放，包括 Run Analysis（跑姿分析），可分析跑步姿勢以協助會員跑得更安全、更快；IQ Pace Targets（IQ 配速目標），會依據會員的跑步表現持續調整個人化目標速度區間；以及 ReRuns，讓會員能在任何 Peloton Tread 上重現自己最喜愛的戶外路線。

By deepening our commitment to running, walking, and hiking, modalities that are seeing strong momentum both in culture and on our platform, we aim to engage broader audiences, expand our share of home treadmill sales, and better empower members to attain their fitness and wellness goals.

透過加深我們對跑步、健走與健行的投入——這些運動型態在文化面與我們平台上都展現強勁動能——我們希望吸引更廣泛的受眾、提升我們在家用跑步機銷售的市占率，並更有效賦能會員達成其健身與健康目標。

We also expanded our wearable and connected app integrations to include WHOOP and Google Health Connect, in addition to existing integrations with Apple, Garmin, and Fitbit, enabling even more members to seamlessly sync their metrics with Peloton IQ. By integrating the devices our members already wear every day, we can deliver more personalized guidance that puts Peloton at the center of their daily wellness routines.

我們也擴大穿戴裝置與連結式 App 的整合，新增支援 WHOOP 與 Google Health Connect，並延續既有與 Apple、Garmin 與 Fitbit 的整合，讓更多會員能無縫將其指標同步至 Peloton IQ。透過整合會員每天配戴的裝置，我們能提供更個人化的指引，讓 Peloton 成為其每日健康管理日常的核心。

As you've heard me say before, our ambition extends far beyond cardio. With our revamped tread portfolio rolled out in North America and our other markets set to follow in the spring, we are now turning our attention to launching products in new categories beyond bike and tread.

如同我之前所說，我們的企圖心遠不止於心肺訓練。隨著我們重新打造的跑步機產品組合已在北美推出，且其他市場預計於春季跟進，我們現在將注意力轉向在單車與跑步機之外的新類別推出產品。

By combining premium hardware in an expanding array of categories with personalized software and the world's best human instruction, we're building a connected wellness ecosystem designed to support our members across every aspect of their health span. We plan to launch hardware in a new category in the fall of '27, which we believe will meaningfully expand our TAM and together with other initiatives we are discussing today, put the company on track for sustained revenue growth in the future.

透過在日益擴大的多元類別中結合高端硬體、個人化軟體，以及全球最頂尖的人類教練指導，我們正在打造一個互聯的健康福祉生態系，旨在於會員健康壽命的各個面向提供支持。我們計畫在 2027 年秋季於一個新類別推出硬體產品；我們相信這將顯著擴大我們的 TAM（可服務總市場），並與我們今天討論的其他舉措相輔相成，使公司在未來走上可持續的營收成長軌道。

Moving to meet members everywhere, our second strategic pillar, we took big steps to expand our cultural presence and extend Peloton's reach beyond the home. To generate excitement around our newly launched tread lineup, we introduced the next chapter of our Let Yourself Go brand platform.

談到第二項策略支柱「隨時隨地觸及會員」，我們採取重大步驟擴大文化影響力，並將 Peloton 的觸及範圍延伸至居家之外。為了替新推出的跑步機產品線創造話題，我們推出 Let Yourself Go 品牌平台的下一篇章。

Let Yourself Run is a multi-channel marketing campaign featuring global superstar and Peloton superfan, Miley, alongside the debut of her latest studio album. Marketing messaging generated a more than 100% surge in demos at our first-party retail stores and a measurable uptick in our share of voice.

Let Yourself Run 是一項多渠道行銷活動，由全球巨星、同時也是 Peloton 超級粉絲的 Miley 擔綱，並搭配她最新錄音室專輯的發行。行銷訊息使我們自營零售門市的體驗（demo）人次成長超過 100%，並帶動我們聲量占比出現可衡量的提升。

Turning to our Commercial Business Unit, B2B continues to be a growth engine for the company. In Q1, the CBU delivered double-digit growth with a 13% year-over-year revenue increase. We recently made our new Peloton Commercial Series equipment available for sale, marking a critical step in Peloton's expansion beyond the home.

接著談我們的商用事業單位（Commercial Business Unit），B2B 持續成為公司的成長引擎。第一季 CBU 實現雙位數成長，營收年增 13%。我們近期也開始販售全新的 Peloton 商用系列設備，這標誌著 Peloton 向居家以外市場擴張的關鍵一步。

Early interest has exceeded our initial expectations, and we are already in trials and advanced conversations with leading global gym operators and premium hospitality partners. We look forward to sharing more on our progress here soon.

初期市場興趣已超出我們的初始預期，我們也已與全球領先的健身房營運商及高端旅宿合作夥伴進行試用測試，並展開深入洽談。我們期待不久後分享更多進展。

Additionally, we have expanded our physical retail presence ahead of the holiday season by opening 10 new Peloton micro-store locations since the beginning of FY27, bringing our total to 19 stores across the US, nearly double our fleet from this time last year. Our micro-stores continue to provide an efficient first-party retail channel, both on a unit sales per square foot basis and by driving a higher mix of premium SKUs.

此外，為迎接假期旺季，我們自 2027 會計年度開始以來已新增開設 10 間 Peloton 微型門市，使我們在美國的門市總數達到 19 間，較去年同期幾乎增加一倍。我們的微型門市持續提供高效率的自營零售通路，不僅以每平方英尺的單位銷售表現衡量具有效率，也能帶動更高比例的高端 SKU 組合。

In addition to our micro-stores, we also launched a number of Fitness Factory locations, our first Canada-specific retail partner. Our Members for Life pillar focuses on strengthening subscription retention. Loyalty to Peloton is correlated with engagement, which is driven by our world-class instructors who continually refresh our content and keep members motivated and inspired.

除了我們的微型門市之外，我們也推出了多個 Fitness Factory 據點，這是我們第一個加拿大專屬的零售合作夥伴。我們的「Members for Life」支柱聚焦於強化訂閱留存。對 Peloton 的忠誠度與參與度呈正相關，而參與度則由我們世界級的教練所驅動；他們持續更新內容，讓會員保持動力並受到啟發。

We continue to see healthy engagement from our subscription base and achieved year-over-year growth in average monthly workouts per subscription. We are also seeing more variety in engagement from our members, with strength offerings increasing share and Pilates workouts, in particular, growing by 53% year-over-year in Q1.

我們持續看到訂閱用戶群維持健康的參與度，並實現每個訂閱的平均每月運動次數年增。我們也看到會員參與的多樣性提升，其中肌力訓練內容的占比提高，尤其是皮拉提斯課程在第一季年增 53%。

We know that engagement with multiple modalities is correlated with better retention, not to mention longer lifespan and health span. And our instructors' ability to guide members into new modalities continues to be essential to this momentum.

我們知道，參與多種運動模式與更佳的留存率相關，更不用說更長的壽命與健康壽命。而我們教練引導會員嘗試新運動模式的能力，仍然是推動這股動能的關鍵。

Our business continues to benefit from low churn. In Q1, our churn rate of 1.7% showed significantly improved trends versus Q4 '26, and we finished at the high end of our guidance range for Paid Connected Fitness Subscriptions. Sid will speak to this in more depth shortly.

我們的業務持續受惠於低流失率。在第一季，我們 1.7% 的流失率相較於 2026 會計年度第四季呈現顯著改善的趨勢，且付費 Connected Fitness 訂閱數最終落在我們指引區間的高端。Sid 稍後會更深入說明。

Last, on our strategy of business excellence, we continue to improve the financial health of our business and instill financial discipline across our operations. This includes our implementation of AI. By embedding AI across our operations, we are innovating faster and at lower cost. In fiscal 2024, we spent over $300 million on R&D, which declined to roughly $240 million in fiscal '26 and an even lower run rate in fiscal '27, yet our pace and scope of innovation have increased dramatically.

最後，在我們追求卓越營運的策略上，我們持續改善公司的財務健康狀況，並在各項營運中建立財務紀律。這也包括我們對 AI 的導入。透過在營運中全面嵌入 AI，我們能以更低成本、更快速度創新。在 2024 會計年度，我們研發支出超過 3 億美元；到 2026 會計年度降至約 2.4 億美元，並在 2027 會計年度進一步降低至更低的年化水準，但我們的創新速度與範疇卻大幅提升。

Another example in the category of business excellence is diversification of our supply chain. With this quarter's new product lineup, we have diversified hardware equipment suppliers, which will help us ensure continuity of supply and manage our costs as evidenced by our ability to launch a treadmill at $1,000 less than our prior base model.

在卓越營運方面的另一個例子是供應鏈多元化。隨著本季的新產品陣容，我們已多元化硬體設備供應商，這將有助於確保供應連續性並管理成本；這也反映在我們能以比先前基礎款低 1,000 美元的價格推出跑步機。

Finally, I want to provide you with a quick update on our capital structure and our goals of lowering our cost of capital and gaining more flexibility.

最後，我想就我們的資本結構，以及降低資金成本並提升彈性的目標，向各位提供一個簡要更新。

We have significantly improved our credit profile since our last refinancing in May 24. That credit profile was further enhanced by our voluntary debt paydown of $280 million subsequent to quarter end, on top of a roughly $200 million note repayment at maturity in February, cumulatively lowering our gross debt by a third, or approximately half a billion dollars in calendar '26. Given recent volatility in the debt markets, we are being opportunistic and disciplined to optimize our cost of debt and flexibility.

自 5 月 24 日我們上次再融資以來，我們的信用狀況已顯著改善。在季度結束後，我們自願償還 2.8 億美元債務，此外 2 月到期時也償還了約 2 億美元票據；合計使我們在 2026 曆年將總債務降低了三分之一，約 5 億美元。鑑於近期債券市場波動，我們以機會主義且自律的方式行事，以最佳化我們的債務成本與彈性。

As we look ahead, I continue to be filled with confidence and optimism about Peloton's future. Our multi-year innovation roadmap is robust, our Commercial Business is opening vital new touch points with new audiences, and our brand remains unmatched in its ability to inspire members every day. We have the right strategy and the right team, positive forward momentum with encouraging results, and I'm excited about what's ahead.

展望未來，我對 Peloton 的前景依然充滿信心與樂觀。我們多年期的創新路線圖相當扎實，我們的商用業務正為新受眾開啟關鍵的新接觸點，而我們的品牌在每日激勵會員方面仍無可匹敵。我們擁有正確的策略與團隊，前進動能為正且成果令人鼓舞，我也對接下來的發展感到期待。

Speaking of the right team, I'll now pass it over to Sid to share more details about the quarter.

談到合適的團隊，我現在把時間交給 Sid，請他分享本季更多細節。

Thanks, Peter, and good morning, everyone. Last quarter, I highlighted our recurring Subscription Business, the opportunity in our Commercial Business Unit, and our product pipeline as foundations for building a stronger Peloton. Our Q1 performance provides solid evidence of our progress.

謝謝你，Peter，各位早安。上一季我強調了我們可重複的訂閱業務、商用事業部的機會，以及我們的產品管線，這些都是打造更強大 Peloton 的基礎。我們第一季的表現為我們的進展提供了有力證據。

We delivered our third consecutive quarter of year-over-year revenue growth, expanded gross profit, and generated strong free cash flow. That provides us the ability to both invest in our future and strengthen our balance sheet. Our focus is to do this in a disciplined way, so we maximize shareholder value.

我們連續第三個季度實現營收年增，擴大毛利，並產生強勁的自由現金流。這讓我們有能力同時投資未來並強化資產負債表。我們的重點是以自律的方式做到這一點，以最大化股東價值。

Diving into our Q1 financial results, we ended the quarter with 2.475 million ending Paid Connected Fitness Subscriptions at the high end of our guidance range. Q1 net churn was 1.7%, an increase of 11 basis points year over year compared with a 37 basis points year-over-year increase in Q4.

深入說明第一季財務結果，我們在季度末的付費 Connected Fitness 訂閱數為 247.5 萬，落在我們指引區間的高端。第一季淨流失率為 1.7%，較去年同期增加 11 個基點；相較之下，第四季的年增幅為 37 個基點。

Last quarter, we discussed the one-time factors that we believe accounted for roughly 50% of the year-over-year degradation in churn. I'm pleased to report that we saw both a normalization of those one-time factors along with improving underlying churn. As a reminder, Q1 of fiscal year 2027 will be the last quarter where we compare against the period prior to October 2025 subscription price increase.

上一季我們討論了我們認為約占流失率年對年惡化約 50% 的一次性因素。我很高興報告，我們看到這些一次性因素已趨於正常化，同時基礎流失率也在改善。提醒一下，2027 會計年度第一季將是最後一個與 2025 年 10 月訂閱價格上調之前期間進行比較的季度。

Our churn trajectory this quarter gives us confidence in our expectation of flat full-year churn for fiscal year 2027 versus fiscal year 2026 and highlights the best-in-class engagement and retention profile of our loyal member base. Total revenue was $559 million in Q1, an increase of $8 million or 2% year over year and $4 million above the midpoint of our guidance range.

本季的流失率走勢讓我們對 2027 會計年度全年流失率相較 2026 會計年度持平的預期更有信心，也凸顯我們忠誠會員群具備同級最佳的參與度與留存表現。第一季總營收為 5.59 億美元，年增 800 萬美元或 2%，並較我們指引區間中點高出 400 萬美元。

Total gross profit was $343 million in Q1, an increase of $59 million or 21% year over year. Total gross margin was 61.3%, an increase of 975 basis points year over year, and 430 basis points above our guidance of approximately 57%. Total gross margin benefited from tariff favorability on Peloton and Precor products as well as lower recall costs compared with last year and versus our expectations.

第一季總毛利為 3.43 億美元，年增 5,900 萬美元或 21%。總毛利率為 61.3%，年增 975 個基點，且較我們約 57% 的指引高出 430 個基點。總毛利率受惠於 Peloton 與 Precor 產品的關稅有利因素，以及相較去年與我們預期更低的召回成本。

Please refer to the investor presentation for the segment-level breakdown for total revenue and total gross margin. Total adjusted operating expenses, which exclude restructuring and impairment expenses, were $226 million in Q1, a decrease of $4 million or 2% year-over-year. This included lower G&A and R&D expenses, primarily driven by lower payroll and stock-based compensation, partially offset by higher sales and marketing expenses.

請參閱投資人簡報，以取得總營收與總毛利率在各事業分部層級的拆解。第一季總調整後營業費用（不含重組與減損費用）為 2.26 億美元，年減 400 萬美元或 2%。其中包含較低的管理費用（G&A）與研發費用，主要由較低的薪資與以股票為基礎的薪酬所帶動，部分被較高的銷售與行銷費用所抵銷。

We increased acquisition and brand marketing spend for our Tread launch campaign, which began in earnest during the last 10 days of the quarter prior to October 1 on-sale date. We remain focused on managing dilution through a disciplined approach to equity compensation, which includes changes in our program design and tying more SBC to financial performance.

我們為 Tread 上市活動提高了獲客與品牌行銷支出，該活動在季度最後 10 天開始全面展開，並在 10 月 1 日正式開賣前加速推進。我們仍專注於透過自律的股權薪酬方式來管理稀釋，包括調整計畫設計，並將更多以股票為基礎的薪酬（SBC）與財務表現連結。

Our stock-based compensation expense was $40 million and decreased $7 million or 16% year over year in Q1. This represents the lowest stock-based compensation we've had in many years. Adjusted EBITDA was $168 million in Q1 or approximately 30% of revenue, an increase of $50 million or 42% year over year, and $23 million above the high end of our guidance range. Outperformance relative to guidance was primarily driven by tariff favorability and lower-than-expected recall-related costs.

第一季我們的以股票為基礎的薪酬費用為 4,000 萬美元，年減 700 萬美元或 16%。這是我們多年來最低的以股票為基礎的薪酬水準。第一季調整後 EBITDA 為 1.68 億美元，約占營收 30%，年增 5,000 萬美元或 42%，且較我們指引區間上緣高出 2,300 萬美元。相較指引的超出表現主要由關稅有利因素與低於預期的召回相關成本所驅動。

Excluding these nonrecurring factors, adjusted EBITDA would have been $143 million or $3 million above the midpoint of guidance. As a reminder, Q1 of last year had a $13.5 million nonrecurring charge for seat post inventory.

若排除這些非經常性因素，調整後 EBITDA 將為 1.43 億美元，較指引中點高出 300 萬美元。提醒一下，去年第一季包含一筆 1,350 萬美元的非經常性費用，與座管庫存相關。

Q1 free cash flow was $143 million or 26% of revenue, which reflects an increase of $76 million or 113% year over year. The year-over-year improvement reflects the year-over-year growth in adjusted EBITDA paired with timing benefits associated with net working capital.

第一季自由現金流為 1.43 億美元，約占營收 26%，年增 7,600 萬美元或 113%。年對年改善反映調整後 EBITDA 的年增，以及與淨營運資金相關的時點效益。

Turning to our balance sheet, we ended the quarter with $1.34 billion of cash and equivalents, an increase of $136 million from the prior quarter last year. We ended the quarter with cash and equivalents exceeding our total debt. On October 9, we made a $280 million voluntary prepayment on our term loan using cash on hand, reducing our existing term loan to around $700 million.

談到我們的資產負債表，本季末我們持有現金及約當現金13.4億美元，較去年上一季增加1.36億美元。本季末我們的現金及約當現金高於我們的總負債。10月9日，我們使用手頭現金對定期貸款自願提前償還2.8億美元，將現有定期貸款降至約7億美元。

Our strong balance sheet, significant cash generation, and confidence in our innovation pipeline allows us to reduce gross leverage while continuing to invest in the business and drive shareholder value.

我們強健的資產負債表、可觀的現金創造能力，以及對創新產品管線的信心，使我們得以在持續投資業務並提升股東價值的同時，降低總槓桿。

Let me provide an update on our refinancing efforts. At this point, we have completed meetings with rating agencies and investors and received positive feedback. Given the volatility in credit markets since late August, we are being methodical about our approach to any future refinancing. Our results this quarter, combined with strong free cash flow, further strengthened our operating and financial profile with the credit markets. We have no near-term debt maturities, a net cash balance sheet, and will take steps to ensure that this process results in the best possible outcome for the business.

我來更新一下我們的再融資進展。截至目前，我們已完成與信評機構及投資人的會議，並獲得正面回饋。鑑於自8月下旬以來信用市場的波動，我們對任何未來再融資的作法都會採取審慎、循序漸進的方式。本季的業績表現，加上強勁的自由現金流，進一步強化了我們在信用市場中的營運與財務形象。我們近期沒有到期債務，資產負債表為淨現金狀態，並將採取措施確保此流程為公司帶來最佳可能結果。

Next, I'd like to share context for our financial outlook. Our full year fiscal 2027 total revenue outlook of $2.3 billion to $2.4 billion remains unchanged from last quarter, reflecting a decrease of approximately 4% year-over-year at the midpoint. As we discussed last quarter, our revenue comparisons reflect the impact of last year's subscription price increase. Those pricing changes provided a year-over-year tailwind in Q1, and we begin lapping them midway through Q2.

接下來，我想分享我們財務展望的背景。我們對2027會計年度全年總營收展望維持在23億至24億美元不變，與上季一致；以中位數計算，年減約4%。如同上季所討論，我們的營收比較反映了去年訂閱價格調漲的影響。這些定價變動在第一季帶來年對年順風，而我們將在第二季中段開始進入「基期消化」（lapping）。

Our Q2 total revenue outlook of $625 million to $650 million reflects a decrease of approximately 3% year-over-year at the midpoint and an increase of approximately 14% quarter over quarter.

我們對第二季總營收的展望為6.25億至6.5億美元；以中位數計算，年減約3%，季增約14%。

As of prior years, Q2 is a seasonally strong quarter for equipment sales, reflecting holiday demand and the lead-in to the new year. Our revenue guidance reflects a blend of optimism regarding the positive feedback from our refreshed Tread lineup, balanced by uncertainty over what will transpire during a quarter that is heavily back-weighted toward Black Friday, Cyber Monday, and winter holiday sales.

如同往年，第二季是設備銷售的季節性強勁季度，反映假期需求以及迎接新年的前置效應。我們的營收指引反映了兩者的平衡：一方面對我們更新後的Tread產品線所獲得的正面回饋抱持樂觀；另一方面，對於一個銷售高度集中在黑色星期五、網路星期一與冬季假期銷售的季度，仍存在不確定性。

We are maintaining our full-year fiscal 2027 total gross margin outlook of approximately 54%, an increase of 140 basis points year over year, primarily driven by higher Connected Fitness gross margins. And including the tariff and recall-related favorability this quarter. Q2 total gross margin is expected to be approximately 50%. The sequential change versus Q1 reflects a seasonally higher mix of Connected Fitness product revenue in comparison with the quarter that benefited from nonrecurring items.

我們維持2027會計年度全年總毛利率展望約54%不變，年增140個基點，主要由Connected Fitness毛利率提升所帶動。並且包含本季關稅與召回相關的有利因素。預期第二季總毛利率約為50%。相較第一季的環比變動，反映了Connected Fitness產品營收占比在季節性上較高，以及第一季受一次性項目挹注的比較基期因素。

Our full fiscal year 2027 adjusted EBITDA guidance range of $475 million to $525 million is also unchanged, reflecting an increase of approximately 7% year over year at the midpoint. This outlook reflects continued cost discipline as well as the benefit of lapping non-recurring costs incurred last year.

我們對2027會計年度全年調整後EBITDA指引區間仍維持在4.75億至5.25億美元不變；以中位數計算，年增約7%。此展望反映我們持續的成本紀律，以及去年發生的一次性成本在今年進入基期消化所帶來的效益。

For Q2, we expect adjusted EBITDA of $85 million to $100 million, an increase of 14% year over year at the midpoint. The sequential change from Q1 reflects seasonally higher marketing investment and the comparison with Q1 tariff and other favorability.

就第二季而言，我們預期調整後EBITDA為8,500萬至1億美元；以中位數計算，年增14%。相較第一季的環比變動，反映季節性較高的行銷投資，以及與第一季關稅與其他有利因素的比較。

Our Q2 guidance for ending Paid Connected Fitness Subscriptions of 2.425 million to 2.445 million reflects a decrease of approximately 8.5% year over year at the midpoint. As we lap last year's subscription price increase, we expect year-over-year net churn to improve meaningfully in Q2 and subsequently increase year-over-year in Q3 due to an unpause benefit we observed in Q3 last year following elevated pauses in Q2 from pricing changes.

我們對第二季期末付費Connected Fitness訂閱數的指引為242.5萬至244.5萬；以中位數計算，年減約8.5%。隨著我們消化去年訂閱價格調漲的基期，我們預期第二季的年對年淨流失率（net churn）將顯著改善；其後在第三季年對年將再度上升，原因是去年第三季在第二季因定價變動導致暫停（pause）偏高後，出現了「解除暫停」（unpause）的效益。

Overall, we continue to expect net churn to be roughly flat year-over-year for full year fiscal 2027. Generating meaningful free cash flow remains a priority. We are maintaining our full year fiscal 2027 minimum free cash flow target of at least $350 million, consistent with the approach we've taken in prior years.

整體而言，我們仍預期2027會計年度全年淨流失率年對年大致持平。創造具意義的自由現金流仍是優先事項。我們維持2027會計年度全年最低自由現金流目標至少3.5億美元，與我們過去幾年的作法一致。

We are focused on converting earnings into cash and maintaining the flexibility to invest in long-term growth. We are strengthening Peloton's financial foundation and setting the stage for a return to sustained growth. In the meantime, we remain focused on generating cash, investing with discipline and delivering value for our shareholders.

我們專注於將獲利轉化為現金，並維持投資長期成長的彈性。我們正在強化Peloton的財務基礎，為重回可持續成長奠定舞台。在此同時，我們仍專注於創造現金、以紀律進行投資，並為股東交付價值。

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

接下來我把時間交給James，他將以零售投資人的提問展開問答環節。

Thanks, Sid. We'll answer a question from retail now.

謝謝你，Sid。我們現在先回答一個來自零售投資人的問題。

Travis in Denver, leaderboard named Tread Russell asked the following question. Peloton continues to mature in existing markets. Significant international growth opportunities remain untapped. What are the primary barriers to entering these markets and how do you envision international expansion contributing to long-term growth?

丹佛的Travis，排行榜名稱為Tread Russell，提出以下問題。Peloton在既有市場持續走向成熟。仍有顯著的國際成長機會尚未被開發。進入這些市場的主要障礙是什麼？你如何看待國際擴張對長期成長的貢獻？

Peter, do you want to handle that one?

Peter，你想回答這題嗎？

Sure. And thanks, Travis, for the question. I don't actually believe we are mature in our existing markets. We recently ran a survey in the countries where we currently operate, we're in six of them right now with Peloton-branded products and we heard from people who are interested, willing and able to pay for the products that we offer today and the products that we have in our roadmap over the next couple of years.

當然。也謝謝你，Travis，提出這個問題。我其實不認為我們在既有市場已經成熟。我們最近在目前營運的國家做了一項調查；我們現在在其中六個國家提供Peloton品牌產品。我們從受訪者那裡聽到，有一群人對我們今天提供的產品，以及未來兩年產品路線圖上的產品感興趣，且願意也有能力付費購買。

And the results of that survey suggested that there are about 45 million people in the countries we operate in that are interested in Peloton products. So that represents substantial growth opportunities still available to us. And we feel, at least in the five countries outside the US where we operate, that we've achieved strong product-market fit because our subscriptions in those markets display retention and engagement behaviors that are similar to those that we have in the US.

該調查結果顯示，在我們營運的國家中，大約有4,500萬人對Peloton產品感興趣。因此，這代表我們仍有相當可觀的成長機會。而且我們認為，至少在美國以外我們營運的五個國家，我們已達成良好的產品市場契合度（product-market fit），因為這些市場的訂閱用戶在留存與參與度行為上，與美國市場相近。

In a lot of countries outside the six where we operate with Peloton-branded products, people live in smaller homes that are closer to urban centers, and the population that's able and willing to invest in home fitness equipment is proportionally smaller. However, there are plenty of people in those countries that want to get fit and they're willing to invest in themselves. It's just more likely to happen in the context of a gym or a studio setting. So our focus right now is on using our Commercial Business Unit to drive the growth of Peloton-branded product expansion outside our six countries.

在許多我們尚未以Peloton品牌產品營運的國家，人們居住的房屋較小、且更靠近都會中心；能夠且願意投資家用健身器材的人口比例也相對較小。不過，這些國家仍有很多人想要健身，也願意投資自己。只是更可能發生在健身房或工作室（studio）的情境中。因此，我們目前的重點是運用我們的商用事業部（Commercial Business Unit），推動Peloton品牌產品在這六個國家之外的擴張成長。

Precor already serves more than 80,000 facilities. They're across 60 countries versus six. They already have a powerful distribution network. And so, when we look at the capabilities of that Precor distribution system with the new Peloton Commercial Series that just went on sale, we think we've got some real opportunity to penetrate gyms, studios, hospitality, and other vertical markets like multi-dwelling units, as we seed the ground for further Peloton expansion in the future.

Precor已服務超過80,000個場館。其覆蓋60個國家，而非六個。他們已擁有強大的通路分銷網路。因此，當我們結合Precor分銷系統的能力，以及剛開始銷售的全新Peloton Commercial Series，我們認為在健身房、工作室、旅宿（hospitality）以及其他垂直市場（例如多戶住宅單位）方面，將有實質機會提高滲透率，並為未來進一步的Peloton擴張先行鋪路。

Great. Thanks, Peter. Can we open it up to questions, please?

很好。謝謝你，Peter。請開放大家提問，好嗎？

(Operator Instructions) Youssef Squali, Truist.

(操作員指示) Youssef Squali，Truist。

Great. Thank you so much and congrats on the ongoing turnaround, guys.

很好。非常感謝，也恭喜各位持續推動轉型有成。

So, Peter, can you maybe just address how the lower price and new Tread Flex that you've just introduced and other upcoming products that are coming down the pike. And I think you referred to a new vertical in your prepared remarks are potentially expanding the TAM for Peloton, maybe make it easier to compete, particularly in these times where maybe the consumer may be a little more cost-conscious.

所以，Peter，你能否談談你們剛推出的較低價格與新的 Tread Flex，以及其他即將推出的產品。另外我想你在事先準備的發言中提到一個新的垂直領域，這些是否有可能擴大 Peloton 的 TAM（總可服務市場），也許讓競爭更容易一些，特別是在目前消費者可能更注重成本的時期。

And then talk to us also about the opportunity around the Commercial Business Unit and especially the sustainability of those double-digits growth rate that you just put up for the first quarter. Thank you so much.

然後也請談談商用事業部（Commercial Business Unit）的機會，尤其是你們第一季剛繳出的雙位數成長率，其可持續性如何。非常感謝。

Absolutely. Thanks, Youssef. So affordability certainly seems to be in the air this week as an important theme. So we'll -- we're very excited about the fact that with the launch of Tread Flex and the revamping of our entire Tread portfolio with Peloton Tread Vision and Peloton Tread+ Vision, we now have a good, better, best model and a much more effective differentiation across the products in terms of things like price foldability with Tread Flex that allows us to serve people who live in smaller homes with the use of computer vision now on the Peloton Tread Vision with not just the benefit of a flat belt tread on the Peloton Tread+ Vision, but also Sled Mode.

當然。謝謝你，Youssef。所以，「可負擔性」本週確實似乎成為一個重要主題。因此我們——對於推出 Tread Flex，以及以 Peloton Tread Vision 與 Peloton Tread+ Vision 全面改造我們整個 Tread 產品組合這件事感到非常興奮；我們現在有「好／更好／最佳」的產品架構，並且在產品差異化上更有效，包含像是價格、Tread Flex 的可折疊性（讓我們能服務住在較小住宅的人），以及在 Peloton Tread Vision 上導入電腦視覺；而 Peloton Tread+ Vision 不僅具備平板式跑帶（flat belt tread）的優勢，還有 Sled Mode。

All of these things are allowing walkers and runners and hikers the optionality to pick the best product at the right price point for them. And it should go without saying that us having a product now that's skirting the $2,000 price point in the treadmill category puts us really right in the sweet spot of the market for high-quality treads. So that certainly opens up our TAM in the tread market, which is a large market with still continued growth. And we expect our sales of treadmills to be materially higher in a world where a full good-better-best lineup than one where we didn't.

所有這些都讓走路者、跑者與健行者能有更多選擇，以適合自己的價位挑選最合適的產品。而且不言而喻的是，我們現在在跑步機品類中有一款價格逼近 2,000 美元的產品，這讓我們正好落在高品質跑步機市場的甜蜜點。因此，這確實擴大了我們在跑步機市場的 TAM；這是一個規模龐大且仍持續成長的市場。我們預期，在擁有完整「好／更好／最佳」產品線的情境下，我們的跑步機銷售將顯著高於沒有這樣產品線的情境。

Now looking ahead at TAM, I'm not going to reveal the product specifically today, that will wait for an appropriate consumer moment, but I did share that. The first of them will launch in the fall of 2027, and we are targeting areas where there is tremendous consumer interest and momentum and where we believe there is a real hole in the market for what Peloton has to offer, which is integrated experience of premium equipment, state-of-the-art software powered by AI, human instruction, and our unique ability to bring together a community that keeps people feeling committed and accountable.

至於展望未來的 TAM，我今天不會具體揭露該產品，會留待適當的面向消費者的時點再公布；但我確實分享過，其中第一款將於 2027 年秋季推出。我們鎖定的是消費者興趣與動能非常強的領域，並且我們相信市場上確實存在一個缺口，正是 Peloton 能提供的：整合式體驗——高端設備、由 AI 驅動的最先進軟體、人類教練指導，以及我們獨特的能力，能凝聚社群，讓人們保持投入並對自己負責。

So that will also significantly increase our TAM. Now focusing on the Commercial Business. That's one where there is still tremendous TAM available to us. We believe that even with the strong growth that we've demonstrated, we still have only roughly 4% market share in the Commercial space. And we are benefiting, we think, from the dual brand portfolio that we've created that ranges from mass market offerings to premium segment offerings through the combination of Precor and now the new Peloton Commercial Series.

因此，這也將大幅提升我們的 TAM。現在把焦點放在商用業務。這一塊我們仍有非常可觀的 TAM 可供開拓。我們認為，即便我們已展現強勁成長，我們在商用領域的市占率仍僅約 4%。我們也認為，我們所打造的雙品牌產品組合正在帶來助益：透過結合 Precor，以及現在新的 Peloton Commercial Series，涵蓋從大眾市場到高端細分市場的產品。

On the Precor side, we're just in the early stages of reinvesting in the product, in our sales capabilities, in introducing things like financing that we think will continue to power the growth of that part of our commercial services. And we're still actually getting relatively limited contribution from the Peloton-branded side of the equation, given that the Commercial Series just went on sale and we're still in early conversations and trials with gym operators.

在 Precor 這一端，我們才剛開始重新加大對產品與銷售能力的投資，並導入我們認為將持續推動該部分商用服務成長的措施，例如融資方案。而就 Peloton 品牌這一端而言，由於 Commercial Series 才剛開始銷售、我們也仍在與健身房營運商進行初期洽談與試用，因此目前實際貢獻仍相對有限。

That being said, the interest -- the initial feedback we're getting is really encouraging. And so, we view that as a potential turbocharger to the Commercial Business Unit.

話雖如此，我們看到的興趣——以及目前收到的初步回饋——都非常令人鼓舞。因此，我們將其視為商用事業部的一個潛在「渦輪增壓器」。

Awesome. Thanks, Peter.

太棒了。謝謝你，Peter。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，Wolfe Research。

Hi. This is Shweta at Wolfe. Thanks for taking my questions. Let me try two, please.

嗨，我是 Wolfe 的 Shweta。謝謝讓我提問。我想問兩個問題，麻煩了。

For the new Tread lineup, how should we be thinking about the contribution of new products that's accounted for in your full year guide and especially as we head into seasonally strong quarters?

針對新的 Tread 產品線，我們應該如何看待新產品在你們全年指引中的貢獻，尤其是進入季節性較強的季度時？

And then the second question I had was on your refinancing. It sounds like your conversations have been positive with the environment. You are vigilant of the environment. So is it fair to think that perhaps you will take it as it comes as the environment eases up and there's no expectation of coming to a refinancing deal by year end or anything like that market dependent? Is that how we should think about it? Thank you.

第二個問題是關於你們的再融資。聽起來你們在目前環境下的溝通進展是正面的。你們也密切關注市場環境。那麼是否可以理解為，你們可能會隨著環境緩和而順勢而為，而不預期一定要在年底前達成再融資交易之類的（取決於市場）？我們應該這樣理解嗎？謝謝。

Thanks, Shweta. This is Peter. Why don't I take the first part of the question about Tread Flex and then Sid will cover the refinancing.

謝謝你，Shweta。我是 Peter。我先回答關於 Tread Flex 的第一部分，然後 Sid 會說明再融資。

So I'll note that it's still very early in a critical quarter for us. I'd call this the first inning given that we still have Black Friday, Cyber Monday, the December holiday period all ahead of us. But we do expect both Tread Flex and in the context of our completely revamped Tread lineup to have a positive impact on both our revenue and our subscriptions, all of this is factored into our guidance.

我想先指出，對我們而言，這個關鍵季度才剛開始。我會說這只是第一局，因為接下來還有黑色星期五、網路星期一，以及 12 月的假期檔期。但我們確實預期，Tread Flex 以及在我們全面改造的 Tread 產品線背景下，將對營收與訂閱都帶來正面影響；這些都已反映在我們的指引之中。

As I said earlier in response to Youssef, for Q2 specifically, what I can say right now is we're really pleased with the press reception, the customer reviews of the revamped treadmills. So all of those things lead us to feel optimistic. But given that it's early, I think we should hold out on providing more detail on our performance until this quarter is complete and we roll around to our Q2 earnings. Sid?

如同我先前回覆 Youssef 時所說，就第二季（Q2）而言，我目前能說的是，我們對媒體的反應、以及客戶對改版跑步機的評價都非常滿意。因此，這些因素都讓我們感到樂觀。但由於現在仍在早期，我認為在本季結束、並進入我們 Q2 財報時點之前，我們先保留不提供更多關於表現的細節。Sid？

Great. Hi, Shweta. Sid. Let me talk about the refinancing. So when we set out to do the refinancing, there were four primary goals. The first was we needed to complete the inaugural ratings process. The second, we wanted to deleverage our balance sheet. The third is we wanted to lower our cost of capital. And fourth, we wanted to provide increasing flexibility for capital deployments to improve shareholder value, but we also wanted to do that while maintaining a strong balance sheet.

好的。嗨，Shweta。我是 Sid。我來談談再融資。當我們著手進行再融資時，有四個主要目標。第一，我們需要完成首次的信用評等流程。第二，我們希望降低資產負債表的槓桿。第三，我們希望降低資金成本。第四，我們希望在維持強健資產負債表的同時，提供更高的資本運用彈性，以提升股東價值。

So let's talk about what we've done. We've completed the ratings process and the investor meetings and we're quite pleased with the feedback. Given as you've seen in Q1 and our strong balance sheet, we've paid down about $280 million of our term loan in October, so we brought that down from just about $1 billion to about $700 million.

那我們來談談已經做了什麼。我們已完成評等流程與投資人會議，對回饋相當滿意。如你在第一季（Q1）所見，憑藉我們強健的資產負債表，我們在 10 月償還了約 2.8 億美元的定期貸款，將其從接近 10 億美元降至約 7 億美元。

Having said that, the last two months have been very volatile in the credit markets. There have been very few opportunistic issuances. And as you know, we have a very strong balance sheet. We have no upcoming maturities. We have cash that exceeds debt. And so, I think our strong Q1 results further improve our position, our operational and financial profile with the credit markets.

話雖如此，過去兩個月信用市場波動非常大。可供把握的發行窗口非常少。而且如你所知，我們的資產負債表非常強健。我們沒有即將到期的債務。我們的現金高於負債。因此，我認為我們強勁的 Q1 業績進一步改善了我們在信用市場中的地位，以及我們的營運與財務面貌。

I think the message is we'll be patient, we'll be methodical in our approach, and we're confident we'll get the best outcome for the business and for shareholders.

我認為傳達的訊息是：我們會保持耐心、以有條不紊的方式推進，我們也有信心能為公司與股東爭取到最佳結果。

Okay. Thank you, both.

好的。謝謝兩位。

Arpine Kocharyan, UBS.

Arpine Kocharyan，瑞銀（UBS）。

Hi, good morning. Thank you for taking my question and apologies. I'm hopping between calls today. It's very possible you addressed some of this in your prepared remarks, but I was hoping you could dive maybe a little bit deeper into what you're seeing in underlying subscriber trends after the Tread introduction, how is new product lineup helping you target new subscribers versus anchoring the subscriber you already have because they're less likely to turn if they now have both a bike and a tread, obviously.

嗨，早安。謝謝讓我提問，也先致歉。我今天在多個電話會議之間切換。你們很可能已在事先準備的發言中提到其中一些，但我希望你們能更深入談談：在 Tread 推出之後，你們看到的底層訂閱用戶趨勢是什麼？新的產品組合如何幫助你們觸及新的訂閱用戶，相較之下又如何鞏固既有訂閱用戶——因為如果他們現在同時擁有單車和跑步機，顯然他們較不容易流失。

Ultimately, I'm really just curious to hear how much closer does this bring you toward more stabilized nets of ads? And then I have a quick follow up.

歸根結底，我主要想了解的是：這讓你們距離「新增訂閱（gross adds）」更穩定的水準還有多近？然後我還有一個簡短的追問。

Sure, Arpine, why don't I take this first part of your question before the follow up. So as I said earlier, it's still early in the quarter with regard to our equipment sales, and the big moments still lie ahead. That being said, we are encouraged, as I said earlier, about the reviews that we received on the products.

當然，Arpine，你的追問之前，我先回答你問題的第一部分。如我先前所說，就我們的器材銷售而言，本季才剛開始，真正的重要時點還在後面。不過話說回來，我們確實受到鼓舞，正如我先前提到的，我們對產品收到的評價感到振奮。

I will also note that our Tread products tend to sell more to a mix of both existing and new members. Either way, we win. When we sell a treadmill to an existing member, we know that the likelihood of churn from that member drops precipitously as they reinvested or really retaken their vows with Peloton.

我也要補充，我們的 Tread 產品通常會賣給既有會員與新會員的混合族群。不論哪一種，我們都算贏。當我們把跑步機賣給既有會員時，我們知道該會員的流失可能性會大幅下降，因為他們等於再次投入，或說是與 Peloton 重新立下承諾。

With regard to the non-members who have been purchasing our treadmills, we've been very pleased to date to see that the rate of subscription sign up on those treadmill sales has been on par with the rate of subscription sign up from nonmembers who take our bikes. So the actual mix of new versus existing subscribers really needs time to play itself out, especially because we began the quarter by extending our most generous promotional pricing to our existing members as a way of showing our appreciation to them for their loyalty. So that will play out over the course of the quarter, but we feel good either way.

至於購買我們跑步機的非會員，我們目前為止很高興看到，這些跑步機銷售所帶來的訂閱註冊率，與非會員購買我們單車時的訂閱註冊率相當。因此，新訂閱用戶與既有訂閱用戶的實際組合，確實需要時間才能看得更清楚，尤其是因為我們在本季一開始就把最優惠的促銷價格延伸提供給既有會員，以表達我們對他們忠誠度的感謝。所以這會在本季過程中逐步反映出來，但不論如何我們都感覺良好。

Now, to your broader point about to what extent treadmills will address the shortfall between our gross adds and our churn, what I would say is that treadmills represent essentially a down payment on the work that we are doing in both existing categories this year and in new categories starting next year to close that gap.

至於你更宏觀的問題：跑步機在多大程度上能彌補我們「新增訂閱」與「流失」之間的缺口——我會說，跑步機基本上是我們今年在既有品類、以及明年起在新類別所做工作的一筆「首付款」，用來縮小那個差距。

But we're very pleased by the trajectory where we see the rate of decline in gross adds continuing to improve and as you could see in our quarterly results, the rate of our churn trajectory improving significantly quarter over quarter, implying that we'll be down in churn on both a rate basis and certainly an absolute basis over the remainder of the year. Eventually, if those trends continue, the lines do cross, and our challenge as a company and as a management team is to accelerate the timeline at which those lines cross.

但我們對目前的走勢非常滿意：我們看到新增訂閱下滑的幅度持續改善；而且如你在季度業績中所見，我們的流失趨勢也在季度對季度（QoQ）上顯著改善，這意味著在今年剩餘期間，我們的流失不論以比率來看、或當然以絕對值來看，都會下降。最終，如果這些趨勢延續，兩條線就會交叉；而我們作為一家公司與管理團隊的挑戰，是加速讓這兩條線交叉的時間點。

That's excellent. Thank you. Very helpful. In terms of capital allocation, I wanted to -- you are in a net cash position today, which is a really great position to be in the current environment. How are you thinking about reinvesting back into the business to drive subs versus inorganic growth opportunities, and how you balance that against returning cash to shareholders?

太好了。謝謝。非常有幫助。在資本配置方面，我想問——你們目前是淨現金部位，這在當前環境下是非常好的位置。你們如何思考把資金再投入業務以推動訂閱成長，與透過外部（非有機）成長機會之間的取捨？以及你們如何在這些選項與回饋現金給股東之間取得平衡？

Yeah, sure. This is Sid. I think. Look, what do we want to do, we want to maintain a really strong balance sheet, we want to deploy excess capital to increase shareholder value, and we want to invest to grow the business. But given that you pointed out, our very strong balance sheet and the substantial cash generation that we generate. We can do all three. So let me just talk about cash first.

好的，當然。我是 Sid。你看，我們想做的是：維持非常強健的資產負債表、運用多餘資本來提升股東價值，並且投資以成長業務。但如你所指出的，我們的資產負債表非常強健，而且我們也有可觀的現金創造能力。我們三件事都能做。我先談談現金。

So we don't need a significant amount of cash to operate the business under normal circumstances. So our subscription business provides a very steady stream of cash every month. We're also very efficient in how we fund our inventory. So in thinking about our cash balance, we think about debt maturities. So we have obviously our convertible notes. And we want to make sure that we have enough liquidity to operate prudently and to manage the business under a variety of scenarios. Now that still leaves us with excess. That can be deployed to create shareholder value.

在正常情況下，我們不需要大量現金就能營運業務。我們的訂閱業務每月都提供非常穩定的現金流。我們在庫存資金安排上也非常有效率。因此在思考現金餘額時，我們會考量債務到期情況。我們當然有可轉換公司債。我們希望確保有足夠的流動性，以審慎方式營運，並能在各種情境下管理業務。即便如此，我們仍會有多餘資金。這些資金可以用來創造股東價值。

Now speaking of shareholder value, we believe very strongly in the value of our existing member base as well as in the potential for the best-in-class innovation pipeline that Peter mentioned to drive sustainable growth in shareholder value. We're also sensitive to dilution. So we're going to think about those things. As we think about capital deployment and return of capital to shareholders.

談到股東價值，我們非常堅信既有會員基礎的價值，也相信 Peter 提到的同級最佳（best-in-class）創新產品管線，能推動股東價值的可持續成長。我們也對稀釋（dilution）保持敏感。因此我們會把這些因素納入考量。在思考資本運用與回饋股東時，我們會綜合權衡。

So I think we'll work with the Board to assess capital deployment. Any decision we make is going to be made in the best interest of shareholders. We're going to assess the expected returns, risks, and we're going to do all of this while maintaining a very strong balance sheet.

所以我想我們會與董事會合作評估資本運用。我們做出的任何決策都會以股東的最佳利益為依歸。我們會評估預期報酬與風險，並在維持非常強健資產負債表的同時完成這些工作。

Thank you very much.

非常感謝。

Operator, next question, please.

接線員，請進行下一個問題。

Doug Anmuth, JPMorgan.

Doug Anmuth，摩根大通（JPMorgan）。

Hey, this is Danny Pfeiffer on for Doug.

嗨，我是代 Doug 出席的 Danny Pfeiffer。

On the first question on Peloton IQ, can you maybe talk about how members are interacting with your AI-driven tools and what impact you're seeing in terms of engagement and retention?

第一個問題關於 Peloton IQ：你們能否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什麼影響？

And then on the second one, on Connected Fitness gross margins, can you unpack the drivers of the material year-over-year and quarter-over-quarter step-up in 1Q and any color you could provide on cadence going forward?

第二個問題關於 Connected Fitness 的毛利率：你們能否拆解一下，第一季（1Q）年對年（YoY）與季對季（QoQ）毛利率大幅提升的驅動因素？以及對未來節奏（cadence）有任何可分享的看法？

Thanks, Danny. This is Peter. Why don't I cover your questions on Peloton IQ and then I'll pass to Sid to talk about gross margins. So I'm actually really pleased to say that we now have, in the month of September, over a million of our monthly active users engaged with Peloton IQ. And that can be everything from interacting with the insights that we provide them to taking classes from the personalized plans that we develop with Peloton IQ or engaging with things like our computer vision based movement tracker.

謝謝你，Danny。我是 Peter。Peloton IQ 的部分我先回答，然後我會交給 Sid 來談毛利率。我很高興地說，我們在 9 月份已有超過 100 萬名月活躍用戶（MAU）在使用 Peloton IQ。這可以涵蓋各種互動形式：從查看我們提供的洞察，到使用 Peloton IQ 為他們制定的個人化計畫來上課，或是使用像我們基於電腦視覺的動作追蹤器等功能。

What I love about Peloton IQ is it is an example of an application of AI that's just an unalloyed good. We use Peloton IQ to know our members, to develop personalized plans for the members, and then to customize the workout. And there are a lot of companies that can actually develop a personalized plan. You could go in right now to Claude or to ChatGPT and give it a bunch of information about yourself and ask it to personalize a workout. But no one can customize the workout in the ways that we can.

我喜歡 Peloton IQ 的地方在於，它是 AI 應用的一個例子，幾乎是純粹的好處、沒有任何雜質。我們用 Peloton IQ 來了解會員、為會員制定個人化計畫，並進一步客製化訓練內容。確實有很多公司能做出個人化計畫。你現在就可以去 Claude 或 ChatGPT，提供一堆關於你自己的資訊，請它幫你個人化一套訓練。但沒有人能像我們一樣，以我們能做到的方式來客製化訓練。

So take something like the IQ Pace Targets that we just announced, which modify your workout based on the things that we know about you, and they change that workout on the equipment. That's a unique capability using AI that only Peloton can bring to our members. And the consequence of that is that it has become a key feature of interest from prospective customers as well as a real driver of differentiation across our product lineup, giving people a reason to step up into our Plus Line and now into the Peloton Tread Vision product that includes computer vision. Sid, why don't you talk about gross margin?

所以以我們剛宣布的 IQ Pace Targets 這類功能為例，它會根據我們對你的了解來調整你的訓練內容，並且在器材上即時改變那個訓練。這是一項只有 Peloton 才能為會員帶來的、運用 AI 的獨特能力。其結果是，它已成為潛在客戶高度關注的關鍵功能，也成為我們產品線差異化的真正驅動力，讓人們有理由升級到我們的 Plus 產品線，現在也包括具備電腦視覺的 Peloton Tread Vision 產品。Sid，你來談談毛利率好嗎？

Sure, Peter. So if you look at Q1, Connected Fitness gross margins about 33% -- just about 33%, that was obviously a very significant improvement from the 6.9% gross margins we reported in last year's Q1.

好的，Peter。如果你看 Q1，Connected Fitness 的毛利率大約是 33%——差不多 33%，這顯然相較於我們去年 Q1 報告的 6.9% 毛利率有非常顯著的改善。

What we outlined in the prepared remarks and the release is we had a substantial amount of tariff and recall-related favorability. When you back out that roughly $25 million of favorability between recalls and tariff favorability, we end up with a margin just about 17% on the Connected Fitness side. So that is still up substantially from the 6.9% last year.

我們在事先準備的講稿與新聞稿中提到，我們有相當可觀的關稅與召回相關的有利因素。當你把召回與關稅帶來的大約 2,500 萬美元有利因素扣除後，Connected Fitness 這邊的毛利率大約是 17%。所以即便如此，仍然比去年的 6.9% 大幅提升。

Now bear in mind, last year, we also had about $13.5 million of recall costs. So even if you would have normalized sort of both years and have an apples-to-apples comparison, you will still see that our Connected Fitness gross margins were healthy and up year over year as we mixed into higher-margin products. I think going forward, we've obviously provided our Q2 gross margin guidance of 50%.

另外請記得，去年我們也有大約 1,350 萬美元的召回成本。所以即使你把兩年都做正規化、做可比的「同口徑」比較，你仍會看到我們的 Connected Fitness 毛利率是健康的，且在我們產品組合轉向更高毛利產品的帶動下，年對年提升。我想展望未來，我們也已經提供了 Q2 毛利率 50% 的指引。

And I think the only thing to keep in mind there is in last year's Q2, we had a particularly favorable gross margin in actually the Subscription Business. We had about a $10 million favorability on music royalties that was non-recurring. So I think that's the only thing to keep in mind. But in general, we're pretty pleased with where gross margins are overall and certainly on the Connected Fitness side.

我認為唯一需要留意的是，去年 Q2 我們在訂閱業務（Subscription Business）的毛利率其實特別有利。我們在音樂版稅上有大約 1,000 萬美元的一次性有利因素。所以我想這是唯一需要記住的點。但整體而言，我們對目前整體毛利率的狀況相當滿意，尤其是在 Connected Fitness 這一塊。

Great. Thanks. Operator, could we take another question, please?

很好。謝謝。接線員，請讓我們再接下一個問題。

Simeon Siegel, Guggenheim Securities.

Guggenheim Securities 的 Simeon Siegel。

Great. Thanks. Hey, everyone. Morning. Peter, and I'm sorry, it's a big earnings day. So if you already answered this question, just let me know and I'll go back to the transcript, so you don't have to repeat it.

太好了。謝謝。各位早安。早安。Peter，不好意思，今天財報日問題很多。所以如果你已經回答過這個問題，請告訴我，我會回去看逐字稿，免得你重複。

But could you elaborate on the work you guys have done around Tread Opportunity? I'm just curious contrasting with the past. So do you think the primary issue was price and that will be the fix? Because I'm curious how you isolated the difference now versus earlier when the company entered market, probably at the height of Peloton popularity.

不過你能否更詳細說明你們在跑步機（Tread）機會方面所做的工作？我想把現在和過去做個對比。所以你認為主要問題是價格，而這會是解方嗎？因為我很好奇，你們如何釐清現在與先前公司進入市場時的差異——當時大概正值 Peloton 最受歡迎的高峰期。

And then thinking through your expectations for Tread sales, any color on how you're thinking about how many are new members versus more of a retention vehicle for existing?

另外談到你們對 Tread 銷售的預期，你能否補充一下你們如何看待其中有多少是新會員、以及有多少更像是用來提升既有會員留存的工具？

And then, Sid, also if I missed this, does the full-year gross margin guidance include the Q1 nonrecurring benefits?

還有 Sid，如果我漏聽了，全年毛利率指引是否包含 Q1 的一次性（非經常性）利益？

Hey, Simeon. We covered a little bit of this earlier, but no worries, let me try to cover the parts of your question that we have not yet addressed. And then I'll pass to Sid to bring us home on the question about guidance. So when we laid out our Tread roadmap, we tried to go back to the real foundational question, which is what's most important to consumers around treadmill, and it turns out there are different segments of consumers who had different needs.

嗨，Simeon。我們稍早有提到一點，但沒關係，我來試著補上你問題中我們尚未涵蓋的部分。然後我會把最後關於指引的問題交給 Sid 來做總結。所以當我們提出 Tread 的產品路線圖時，我們試著回到最根本的問題：消費者在跑步機上最在意的是什麼？結果發現，不同消費者族群有不同需求。

In particular, we identified a very large group of consumers who would love to buy a Peloton Treadmill, but they were constrained due to some combination of affordability, space, and in some cases, even things like noise, the sound of the product, for example, people who live in apartments where they're close to a neighbor. And so, we very specifically designed Tread Flex from the ground up to address all of those issues. And we're excited to have introduced a product that is really a no compromises product that addresses all three of those issues with a price point that's approaching $2,000 with foldability that reduces it to really quite a small space, and it looks great folded up. And it's super quiet.

特別是，我們辨識出一個非常龐大的消費者族群，他們很想買 Peloton 跑步機，但受限於可負擔性、空間，以及在某些情況下甚至是噪音等因素——例如產品運轉的聲音，像住在公寓、與鄰居距離很近的人。因此，我們從零開始、非常有針對性地設計 Tread Flex，以解決上述所有問題。我們很興奮能推出一款真正「不妥協」的產品：以接近 2,000 美元的價格點，同時具備可折疊設計，折疊後占用空間非常小，而且折起來也很好看。而且非常安靜。

I think we've assessed it something like 70 decibels even when you're really cranking on that thing. And so, that definitely opens up a big part of the market that was simply unaddressable for Peloton, especially because we have not had any refurbished business around Treads like we've had in the bike category where we were able to redeploy inventory that had been returned to us for a variety of reasons at much lower prices.

我想我們評估過，即使你把它開到很高強度，噪音大概也只有 70 分貝左右。因此，這確實打開了 Peloton 先前根本無法觸及的一大塊市場；尤其是因為在跑步機品類上，我們不像自行車品類那樣有整新（refurbished）業務，可以把因各種原因退回的庫存以更低價格重新投放市場。

At the same time, though, we also identified a demand from more -- other segments of the market for feedback that people were actually saying, I need a coach, I'd love to learn how to become a better runner and I trust Peloton to do that, but I need you to do that and make it really intuitive. And so, our ability to bring the computer vision feature to Tread Vision, we think, enables us to offer a product that is simply unavailable from anyone else in the market.

不過同時，我們也從市場上其他——不同的族群——看到對「回饋」的需求；人們實際上在說：我需要教練，我想學著成為更好的跑者，而且我信任 Peloton 能做到，但我需要你們把這件事做得非常直覺。因此，我們把電腦視覺功能帶到 Tread Vision 的能力，我們認為讓我們能提供一款市場上其他任何人都無法提供的產品。

And then, of course, our Tread+ Vision has always been a screaming deal, honestly, in this flat belt Tread market and delivers unprecedented energy return. But what we saw in the market there was tremendous interest in HYROX. And when you look at the HYROX modalities, one of them, which is the sled push, is really hard to train for at home. That requires very specialized equipment with a lot of space in a home gym that most people simply aren't going to have. And so, we realized we could actually integrate Sled Mode into Tread+ and play into another segment of the market. And we were actually able to make that backward compatible to every Peloton Tread+ we've ever offered.

然後當然，我們的 Tread+ Vision 在平板跑帶（flat belt）跑步機市場中一直都是非常划算的選擇，坦白說，並且提供前所未有的能量回饋。但我們在那個市場看到的是，HYROX 的興趣非常高。當你看 HYROX 的各種項目，其中一項——雪橇推（sled push）——在家裡其實很難訓練。那需要非常專門的器材，以及家用健身房中很大的空間，而多數人根本不會有。因此，我們意識到其實可以把 Sled Mode 整合進 Tread+，切入市場的另一個族群。而且我們實際上也讓它能向下相容於我們過去推出過的每一台 Peloton Tread+。

So all of that basically adds up to why we feel optimistic about our tread sales. We think we're going to attract lots of new members, but we also think it's a reason for existing Peloton members to take the leap if they've, for example, only had a bike and get into the treadmill space with us. Sid, you want to cover the other part of the question?

所以以上種種，基本上就是我們為何對跑步機銷售感到樂觀的原因。我們認為會吸引大量新會員，但也認為這會成為既有 Peloton 會員跨出下一步的理由——例如他們可能只有一台單車——進而跟著我們進入跑步機領域。Sid，你要補充問題的另一部分嗎？

Yes, Simeon, this is Sid. I think the short answer to your question is, yes, it does include the favorability we saw in Q1. I mean, just taking a step back, when we actually set full-year guidance, we're sore of aware and recall-related favorability. And I think the -- that we incorporated that into our full-year guidance. We just didn't know when we were going to get it. So it wasn't incorporated exclusively into our Q1 guidance. So it is all part of the guidance for full year.

是的，Simeon，我是 Sid。你問題的簡短答案是：是的，全年指引包含我們在 Q1 看到的有利因素。我的意思是，退一步來看，當我們設定全年指引時，我們大致上已經知道會有關稅與召回相關的有利因素。我想——我們已把這些納入全年指引。只是我們當時不知道會在什麼時點實現。所以它並不是只被納入 Q1 的指引。因此，這些都包含在全年指引之中。

Perfect. Thanks, guys. Sounds great. I hope you and your families have a happy holiday season.

太好了。謝謝各位。聽起來很棒。祝你和家人佳節愉快。

Thank you. Operator, we have time for one last question.

謝謝。接線員，我們還有時間再問最後一個問題。

Nathan Feather, Morgan Stanley.

Nathan Feather，摩根士丹利。

Hey, everyone. Thanks for taking the question. Two, if I may.

各位好。謝謝讓我提問。如果可以的話，我有兩個問題。

First, just interested to hear on the new Peloton Commercial Series, what's the early interest and activity to that? And from a client mix, where are you getting the most incremental traction? And how should we think about the ramp and consideration cycle for that product?

第一個，想請教新的 Peloton 商用系列（Commercial Series），目前早期的關注度與使用/互動情況如何？就客戶組合而言，你們在哪些客群獲得最多的增量動能？我們應該如何看待這個產品的爬坡速度與採購/評估週期？

And then on the flip side, just interested to hear, as you had a little more time with the business, do you see any additional opportunities for cost reduction or greater efficiency that you kind of circle above and beyond where you first started? Thank you.

另外從另一面來看，隨著你們對業務有更多時間的了解，是否看到任何額外的降本或提升效率的機會，是你們在一開始之外又圈定出來的？謝謝。

Nathan, could you repeat the second question? We got the first one about the Commercial Series activity there, consideration period, et cetera, but we missed the second part.

Nathan，你可以重複一下第二個問題嗎？第一個關於商用系列的動能、評估期等等我們聽到了，但第二部分我們漏掉了。

Yeah. On the second, just if you have any incremental areas for opportunities for cost reduction or greater efficiency that you've seen since you've come into the business?

好的。第二個問題是：自從你們接手/進入這項業務以來，是否看到任何額外的降本或提升效率的增量機會？

Great. Hey, Nathan. Again, I'll take the first part of your question on the Commercial Series and then we'll pass to Sid to talk about costs.

很好。嗨，Nathan。我先回答你關於商用系列的第一部分，接著請 Sid 來談成本。

So we are still in the relatively early stages but have met with even better than anticipated interest from Commercial clients. We're actually seeing, interestingly a very broad spread in the types of clients that are interested in purchasing the Peloton Commercial Series.

我們目前仍處於相對早期階段，但商用客戶的興趣比我們預期的還要更高。有趣的是，我們看到對 Peloton 商用系列有購買意願的客戶類型分布非常廣。

Everything from the HVLP gym segments of the high value, low price gym operators are seeing the Peloton Commercial Series as a way for them to attract new members who might not have Peloton equipment at home, but would love to be able to have that experience in a shared gym environment to very high-end club operators that know that they appeal to, for example, travelers and other consumers who have Peloton equipment at home and have been long-standing Peloton equipment customers, but want to be able to enjoy those experiences in the club setting.

從高價值、低價格（HVLP）的健身房業態——這些高性價比的健身房營運商把 Peloton 商用系列視為吸引新會員的一種方式：這些會員可能家裡沒有 Peloton 設備，但很希望能在共享的健身房環境中體驗；到非常高端的會所營運商——他們知道其客群例如旅客等消費者，家中已有 Peloton 設備、也是長期 Peloton 設備客戶，但希望能在會所場景中延續這些體驗。

So the beauty of Peloton is it is such a recognizable brand, it democratizes fitness and makes it accessible to so many people that we are seeing the traction, initial traction coming from really across the board.

Peloton 的優勢在於它是一個辨識度極高的品牌，能讓健身更普及、讓更多人可及，因此我們看到的初期動能確實是全面性的、來自各個面向。

As you noted, the consideration period on commercial equipment sales is typically longer and one of the things that we see with fundamentally new equipment that actually comes with a subscription attached to it, which is new to a Commercial environment is a desire to, in many cases, start with a trial, and then progress to a full rollout. So the stage we're at right now is building those trials with many gym operators.

如你所提到，商用設備銷售的評估期通常較長；而我們也看到，對於這種本質上全新的設備——而且還綁定訂閱服務（這在商用環境中是新的）——許多客戶會希望先從試用開始，之後再推進到全面導入。所以我們目前所處的階段，是與許多健身房營運商建立這些試用計畫。

But again, feedback has been nothing but positive on that product or on both products, the Peloton Commercial Series Bike and Tread.

但再次強調，無論是這個產品，或是兩款產品——Peloton 商用系列的 Bike 與 Tread——回饋都非常正面。

Great, Nathan. Let me just address your question on costs. I think if you look at our guidance for the full year for gross margin and adjusted EBITDA, you can infer from that that we are going to have lower cost year-over-year. Now part of that is the carry-through impact of the reductions we had last year.

很好，Nathan。我來回應你關於成本的問題。我認為如果你看我們對全年毛利率與調整後 EBITDA 的指引，你可以推論我們的成本將會較去年同期更低。其中一部分來自我們去年所做降本措施的延續效應。

But I think the broader point is we are. In investment mode, but we're doing that in a really balanced way. I mean, just take Q1, for example, right? We had $14 million lower R&D G&A expense. We had $10 million in higher sales and marketing expenses we decided to fund and get behind the Tread launch. So costs were still down about $4 million year over year. We cut costs throughout last year, so I think the roughly $14 million in R&D G&A quarterly run rate will decline. And then obviously in Q4, just as a modeling note.

但更重要的是，我們確實如此。我們處於投資模式，但我們以非常平衡的方式進行。以第一季為例，對吧？我們的研發與一般及行政（R&D、G&A）費用少了 1,400 萬美元。我們決定投入並支持 Tread 上市，因此銷售與行銷費用增加了 1,000 萬美元。所以整體成本仍較去年同期下降約 400 萬美元。我們去年全年都在削減成本，因此研發與 G&A 每季約 1,400 萬美元的 run rate 會下降。另外，作為建模上的提醒，在第四季——

Last year, we had our legal accrual, so you should take that into account. So I think the main message is we are, within the context of these cost reductions, have been funding this innovation pipeline that Peter has talked about, we're working through it, we already are incurring costs related to that and have been for a while, but we have been disciplined about how we manage the business to incorporate all of those costs in the results we're producing.

去年我們有法律準備金（legal accrual），所以你們在比較時應將其納入考量。我想主要訊息是：在這些降本的背景下，我們一直在為 Peter 提到的創新管線提供資金；我們正在推進，相關成本其實我們已經在發生、而且已經有一段時間了，但我們在管理業務時保持紀律，將所有這些成本納入我們所呈現的經營成果之中。

So I think there will be some, we're going to be targeted about costs going forward. And it is our intention to focus on things and keep investing in things that truly differentiate us. So we want to invest in content. We want to invest in development and R&D and all of the great things we do to delight customers.

所以我認為未來在成本方面，我們會更有針對性。我們的意圖是聚焦並持續投資於真正能讓我們差異化的事項。我們想投資內容。我們想投資產品開發與研發，以及所有我們用來取悅客戶的優秀工作。

Got it. Thank you.

了解。謝謝。

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

謝謝。接下來我想把電話會議交回給 Stern 先生，請他做結語。

So I just want to share that we are getting an early start on giving thanks this year. Leading up to our regularly scheduled turkey burn, which takes place over Thanksgiving, we've launched our first member gratitude season to celebrate our community through loyalty rewards, in-person studio moments, partners, and more. Personally, I'm enjoying collecting double Club Peloton points as I close in on my 500th run.

我想分享的是，我們今年提早開始表達感謝。在我們每年感恩節期間例行的「turkey burn」活動之前，我們推出了第一個會員感謝季，透過忠誠度獎勵、線下工作室活動時刻、合作夥伴等方式來慶祝我們的社群。就我個人而言，當我接近第 500 次跑步時，我很享受累積雙倍的 Club Peloton 點數。

Additionally, we recently released a ride that was truly out of this world. It's a first of its kind 20-minute ride led by Robin Arzón, featuring special guest Dr. Jessica Meir, who rode with Robin via satellite from the International Space Station. It's incredibly inspiring and I think everyone should take this class.

此外，我們最近發布了一堂真正「超乎想像」的騎乘課程。這是一堂首創的 20 分鐘騎乘課，由 Robin Arzón 帶領，並邀請特別來賓 Jessica Meir 博士；她透過衛星從國際太空站與 Robin 一起騎乘。非常鼓舞人心，我認為每個人都應該上這堂課。

I look forward to seeing you all on the leaderboard and wish everyone a happy holiday season. Take care.

期待在排行榜上見到各位，也祝大家佳節愉快。保重。

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。您現在可以掛線。