派樂騰 (PTON) 2020 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Peloton Interactive 1Q '20 Earnings Conference Call.

女士們先生們，早上好，歡迎來到 Peloton Interactive 1Q '20 收益電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員說明）作為提醒，正在錄製此電話會議。

I would now like to turn the conference over to your host, Ms. Alison Brightly.

我現在想將會議轉交給主持人 Alison Brightly 女士。

You may begin.

你可以開始了。

Good morning, and welcome to Peloton's First Quarter Earnings Conference Call for FY 2020.

早上好，歡迎來到 Peloton 2020 財年第一季度收益電話會議。

Joining us on today's call to answer your questions are John Foley, our Cofounder and CEO; William Lynch, our President; and Jill Woodworth, our CFO.

我們的聯合創始人兼首席執行官 John Foley 與我們一起參加今天的電話會議來回答您的問題；我們的總裁 William Lynch；和我們的首席財務官 Jill Woodworth。

A copy of today's shareholder letter is available on the Investor Relations section of our website at www.onepeloton.com and have been furnished to the SEC on Form 8-K.

今天的股東信函副本可在我們網站 www.onepeloton.com 的投資者關係部分獲得，並已通過 8-K 表格提交給美國證券交易委員會。

Before we begin, I would like to remind you that our comments and responses to your questions this morning reflect management's views as of today only and will include statements related to our business that are forward-looking statements under federal securities laws.

在我們開始之前，我想提醒您，我們今天上午對您問題的評論和答复僅反映了管理層截至今天的觀點，並將包括與我們業務相關的陳述，這些陳述是聯邦證券法規定的前瞻性陳述。

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.

由於與我們業務相關的風險和不確定性，實際結果可能與這些前瞻性陳述中包含或暗示的結果存在重大差異。

For a discussion of the material risks and other important factors that could impact actual results, please refer to our SEC filings and today's shareholder letter, both of which can be found on our website.

有關可能影響實際結果的重大風險和其他重要因素的討論，請參閱我們的 SEC 文件和今天的股東信，兩者都可以在我們的網站上找到。

During this call, we will discuss both GAAP and non-GAAP financial measures.

在這次電話會議中，我們將討論 GAAP 和非 GAAP 財務措施。

A reconciliation of GAAP to non-GAAP financial measures is provided in today's shareholder letter.

今天的股東信中提供了 GAAP 與非 GAAP 財務措施的對賬。

With that, I'll turn the call over to John, who will begin with a few opening remarks.

有了這個，我將把電話轉給約翰，他將首先發表一些開場白。

Hi, everyone.

大家好。

Thank you for joining our first earnings call.

感謝您參加我們的第一次財報電話會議。

I want to kick off by saying that I am very proud of what the Peloton team has accomplished over the last few months and the results we delivered in the first quarter.

首先，我想說，我為 Peloton 團隊在過去幾個月所取得的成就以及我們在第一季度取得的成果感到非常自豪。

Go Peloton team.

去佩洛頓隊。

Specifically, let me jump into our first few highlights for the quarter.

具體來說，讓我跳轉到本季度的前幾個亮點。

We obviously completed our IPO in September, raising over $1.2 billion of capital.

我們顯然在 9 月份完成了 IPO，籌集了超過 12 億美元的資金。

As you have heard us say several times, we put our members first and we're excited about what these funds raised in the IPO will allow us to do to expand our global footprint, to build a robust pipeline of products and continue innovating on our software, our content and our platforms.

正如您多次聽到我們所說的那樣，我們將會員放在首位，我們很高興在 IPO 中籌集的這些資金將使我們能夠做些什麼來擴大我們的全球足跡，建立強大的產品線並繼續創新我們的產品軟件、我們的內容和我們的平台。

Second, on October 12, we launched Home Trial, which allows customers to try the Peloton Bike at home for 30 days after delivery, risk-free.

其次，在 10 月 12 日，我們推出了家庭試用，允許客戶在交付後 30 天內在家中無風險試用 Peloton Bike。

Obviously, this stays true to our members-first obsession, and we are encouraged by the initial sales impact that we are seeing.

顯然，這符合我們對會員至上的痴迷，我們對我們看到的最初銷售影響感到鼓舞。

In October, we closed the acquisition of one of our long-time Taiwanese-based bike manufacturing partners, Tonic Fitness, who I've personally worked with for years going back to as far as 2012 and who collaborated with us on creating our award-winning Peloton Bike.

10 月，我們完成了對我們在台灣的長期自行車製造合作夥伴之一 Tonic Fitness 的收購，早在 2012 年我就與他合作多年，並與我們合作創建了我們的獎項-贏得佩洛頓自行車。

We are excited that the acquiring -- sorry, we are excited that acquiring Tonic gives us more control over scaling our supply chain in order to stay out in front of the high demand for our products.

我們很高興收購 - 抱歉，我們很高興收購 Tonic 讓我們更好地控制我們的供應鏈規模，以便在對我們產品的高需求面前保持領先地位。

We will continue to work with our -- with other great manufacturing partners in Taiwan and beyond as we believe that it is smart to be dual-sourced on all of our core products.

我們將繼續與我們 - 與台灣及其他地區的其他優秀製造合作夥伴合作，因為我們相信在我們所有的核心產品上採用雙重來源是明智的。

Lastly, I want to give some highlights -- some financial highlights for our strong operating and financial metrics for Q1.

最後，我想給出一些亮點——我們第一季度強勁的運營和財務指標的一些財務亮點。

Connected fitness subs ended at over 500,000 -- 562,000 subs, representing 103% year-on-year growth rate, allowing us to serve more than 1.6 million members.

互聯健身訂閱人數超過 500,000——562,000，同比增長 103%，使我們能夠為超過 160 萬會員提供服務。

We continue to see low churn with the average net monthly connected fitness churn at 0.90%.

我們繼續看到低流失率，平均每月淨連接健身流失率為 0.90%。

As you can guess, engagement is the leading indicator of retention, and in Q1, our connected fitness subscribers averaged 11.7 workouts per month, showing significant year-on-year growth of 31% versus the same period last year.

您可以猜到，參與度是留存率的主要指標，在第一季度，我們聯網的健身用戶平均每月進行 11.7 次鍛煉，與去年同期相比顯著同比增長 31%。

Interestingly, combining the subscriber growth and the engagement growth, I want to point out that last quarter -- last year Q1, we saw 7.1 million workouts on our platform.

有趣的是，結合訂戶增長和參與度增長，我想指出上個季度——去年第一季度，我們在平台上看到了 710 萬次鍛煉。

And this Q1, that number jumped to 19 million workouts from our members, representing 171% year-on-year growth rate in the number of workouts on the Peloton platform.

今年第一季度，我們會員的鍛煉次數躍升至 1900 萬次，代表 Peloton 平台鍛煉次數同比增長 171%。

Revenue was up $228 million -- up to $228 million, which represented 103% year-on-year growth, while gross margin held steady at 46.1%.

收入增長 2.28 億美元，達到 2.28 億美元，同比增長 103%，而毛利率穩定在 46.1%。

Adjusted EBITDA loss was negative $21 million and adjusted EBITDA margin was negative 9.2%, showing an improvement of 283 basis points over Q1 of last year.

調整後的 EBITDA 虧損為負 2100 萬美元，調整後的 EBITDA 利潤率為負 9.2%，比去年第一季度提高了 283 個基點。

I will now turn things over to Jill Woodworth, our CFO, to give a quick review of our guidance.

我現在將把事情交給我們的首席財務官吉爾伍德沃思，讓他快速回顧一下我們的指導意見。

Great.

偉大的。

Thanks, John.

謝謝，約翰。

We remain focused on driving strong connected fitness subscriber growth and engaging and retaining our growing scaled member base.

我們仍然專注於推動強大的互聯健身用戶增長，並吸引和留住我們不斷擴大的會員群。

Our subscriber guidance is based on the early success of Home Trial, which was launched on September 12; our expectations for a robust holiday and new year's resolution season; and continued low average net monthly churn of our connected fitness subscribers.

我們的訂戶指南基於 9 月 12 日推出的家庭試用的早期成功；我們對一個強勁的假期和新年決議季節的期望；我們連接的健身用戶的平均每月淨流失率持續較低。

For Q2, we expect ending connected fitness subs of 680,000 to 685,000, that represents 88% growth at the midpoint.

對於第二季度，我們預計連接的健身訂閱用戶將達到 680,000 至 685,000，這代表中點增長 88%。

For the full year 2020, which ends in June, we expect ending connected fitness subs of 885,000 to 895,000, representing 74% growth at the midpoint.

對於截至 6 月的 2020 年全年，我們預計聯網健身訂閱用戶將達到 885,000 至 895,000 人，中點增長率為 74%。

Churn is expected to rise slightly but stay below 1.05% in Q2 and average below 1.05% for the full year fiscal 2020.

預計流失率將略有上升，但在第二季度將保持在 1.05% 以下，2020 財年全年的平均流失率將低於 1.05%。

It is slightly increasing from our 0.90% churn in Q1 primarily due to Home Trial and the continued rolling off of prepaid connected fitness subscriptions.

它比我們第一季度 0.90% 的流失率略有增加，這主要是由於家庭試用和預付費聯網健身訂閱的持續減少。

For revenue, we expect Q2 to come in at $410 million to $420 million, that represents 58% growth at the midpoint.

對於收入，我們預計第二季度收入為 4.1 億美元至 4.2 億美元，中點增長 58%。

And for the full year fiscal 2020, we expect $1.45 billion to $1.50 billion of revenue, representing 61% growth at the midpoint.

對於 2020 財年全年，我們預計收入將達到 14.5 億美元至 15 億美元，中點增長率為 61%。

A couple of additional notes on gross margin.

關於毛利率的一些額外說明。

For Q2, we expect our overall gross margin in the range of 39% to 40%.

對於第二季度，我們預計我們的整體毛利率在 39% 至 40% 之間。

When you look at it on a segment basis, we will expect for Q2 a connected fitness gross profit margin in the range of 37% to 38% and a subscription contribution margin of 58% to 59%.

當您按細分市場來看時，我們預計第二季度的互聯健身毛利率在 37% 至 38% 之間，訂閱貢獻率為 58% 至 59%。

For fiscal year '20, we expect overall gross margin of 41% to 42%, essentially flat year-over-year.

對於 20 財年，我們預計整體毛利率為 41% 至 42%，同比基本持平。

Our connected fitness gross margin for full year we expect to be in the range of 38% to 39% and our subscription contribution margin in the range of 60% to 61%.

我們全年的互聯健身毛利率預計在 38% 至 39% 之間，我們的訂閱貢獻利潤率在 60% 至 61% 之間。

Our connected fitness gross profit margin decline year-over-year is attributed to the continued mix shift of sales to Tread and continued investments that we are making to scale our supply chain and logistics platform to meet the high demand for our products.

我們的互聯健身毛利率同比下降歸因於銷售組合繼續向 Tread 轉移以及我們為擴大供應鍊和物流平台規模以滿足對我們產品的高需求而進行的持續投資。

Our subscription contribution improvement over the last year are attributed to the significant reduction in expected content costs for past use and, to a lesser extent, the continued leveraging of fixed costs of producing our content.

與去年相比，我們的訂閱貢獻有所改善，這歸因於過去使用的預期內容成本的顯著降低，以及在較小程度上繼續利用固定成本來製作我們的內容。

We will continue to invest in building our brand, supporting our growth, scaling operations internationally, improving our end-to-end member experience and recruiting and retaining the best teams across all business functions at Peloton.

我們將繼續投資建立我們的品牌，支持我們的增長，擴大國際業務，改善我們的端到端會員體驗，並在 Peloton 的所有業務職能部門招募和留住最優秀的團隊。

With all of that said, for adjusted EBITDA for Q2, we're expecting a range of negative $70 million to negative $65 million of adjusted EBITDA loss, which represents a negative 16.3% adjusted EBITDA margin at the midpoint.

綜上所述，對於第二季度調整後的 EBITDA，我們預計調整後的 EBITDA 損失將在負 7000 萬美元至負 6500 萬美元之間，這意味著調整後的 EBITDA 利潤率在中點為負 16.3%。

And for full year 2020, we expect an adjusted EBITDA of negative $170 million to $150 million, which represents an adjusted EBITDA margin of negative 10.8% at the midpoint of that range.

對於 2020 年全年，我們預計調整後的 EBITDA 為負 1.7 億至 1.5 億美元，這意味著調整後的 EBITDA 利潤率在該範圍的中點為負 10.8%。

With that, we will now move to questions.

有了這個，我們現在將轉向問題。

So I will turn it over to the operator.

所以我會把它交給運營商。

(Operator Instructions) Presenters, we have your first question coming from the line of Heath Terry from Goldman Sachs.

（操作員說明）主持人，我們的第一個問題來自高盛的希思特里。

On the quarter, can you give us a sense of sort of what you are looking for in Q4 as we go to the -- as you go into more direct relationships with the hotels, sort of what you're seeing in those relationships or how those hotel relationships are beginning to progress?

在本季度，當我們進入與酒店建立更直接的關係時，您能否告訴我們您在第四季度尋找的東西，以及您在這些關係中看到的東西，或者如何那些酒店關係開始進展？

Just are they beginning to have more of an impact on your reliance on booking in Expedia?

他們是否開始對您對 Expedia 預訂的依賴產生更大的影響？

It's William Lynch.

是威廉林奇。

In terms of the hospitality business, if you look at our growth rate year-on-year, it's tracking to about the same rate that our consumer business is.

在酒店業務方面，如果你看一下我們的同比增長率，它的增長率與我們的消費者業務大致相同。

So as we announced our partnership -- Peloton partnership with Westin, and that was about 2 years ago, and since then we've been continuing to penetrate the hospitality channel.

因此，當我們宣布我們的合作夥伴關係時——Peloton 與威斯汀的合作夥伴關係，那是大約 2 年前，從那時起我們一直在繼續滲透酒店渠道。

We get inbound daily, weekly, monthly from hotels that want to put Peloton into their gyms, both Bikes and Treads, to differentiate their gym experience as our member base grows and they go to those hotels asking for Peloton.

我們每天、每週、每月從希望將 Peloton 放入他們的健身房的酒店入境，包括 Bikes 和 Treads，以便隨著我們的會員群的增長和他們去那些要求 Peloton 的酒店來區分他們的健身房體驗。

So we've got a team focused on hospitality.

所以我們有一個專注於款待的團隊。

We define ourselves as a consumer business, but that's a good channel for us.

我們將自己定義為消費者業務，但這對我們來說是一個很好的渠道。

And as I said, it's over triple-digits top line growth.

正如我所說，它的收入增長超過三位數。

So the demand we're seeing from the consumer definitely is spilling into hospitality.

因此，我們從消費者那裡看到的需求肯定會蔓延到酒店業。

Great.

偉大的。

And then Jill, as you look at the way that you are thinking about guidance through the rest of the year, clearly, incredible performance in terms of profitability this quarter, particularly on the gross side -- gross margin side.

然後吉爾，當你看看你在今年剩餘時間裡考慮指導的方式時，很明顯，本季度在盈利能力方面的表現令人難以置信，特別是在毛利率方面 - 毛利率方面。

But as you look at the way you're thinking about the investments as we go through the rest of the year, can you just give us a sense of sort of what's implied in terms of the level of investment that you're expecting?

但是當你審視我們在今年剩餘時間裡對投資的思考方式時，你能否讓我們大致了解一下你期望的投資水平意味著什麼？

I know with the German launch as well as sort of what you've seen already with U.K. and Canada, kind of should we continue to expect this level of outperformance as you go further through the year?

我知道德國的發布以及你已經看到的英國和加拿大的情況，我們是否應該繼續期待這種水平的表現，因為你會在這一年中走得更遠？

And sort of how much leeway, I guess, would you say are you giving yourself to be able to ramp up or down the degree of investment?

還有多少迴旋餘地，我猜，你會說你是在給自己增加或減少投資的程度嗎？

Yes.

是的。

So thanks, Heath.

所以謝謝，希思。

I think, first off, I would describe our guidance philosophy for you.

我想，首先，我會為您描述我們的指導理念。

Our guidance is our best current estimate of our performance.

我們的指引是我們目前對業績的最佳估計。

And as you know, our vertical integration does give us good control over our execution, both in our U.S. Bike business as well as internationally, but we are still in the very early stages of growth and market opportunity.

如您所知，我們的垂直整合確實讓我們能夠很好地控制我們在美國自行車業務以及國際上的執行，但我們仍處於增長和市場機會的早期階段。

But you can take our guidance as what we believe we will achieve.

但是您可以將我們的指導作為我們相信我們將實現的目標。

And in terms of spend to grow international, I mean obviously, as we prepare to launch in Germany, I would say the bulk of our expenses are in sales and marketing.

就發展國際化的支出而言，我的意思是，當我們準備在德國推出時，我會說我們的大部分費用都用於銷售和營銷。

And I think what we're very excited about in terms of what our guidance shows is that we continue to see tremendous efficiencies in our U.S. Bike business from a sales and marketing perspective, and that's allowing us to offset slightly some of the less efficient spend, again, to launch Germany, with nascent businesses in both the U.K. and Canada as well as our new product, Tread.

而且我認為，就我們的指導顯示而言，我們感到非常興奮的是，從銷售和營銷的角度來看，我們繼續看到美國自行車業務的巨大效率，這使我們能夠略微抵消一些效率較低的支出，再次推出德國，在英國和加拿大都有新興業務以及我們的新產品 Tread。

So with all of that, I think we feel very good that those efficiencies are certainly helping us -- the less efficient spend internationally.

因此，儘管如此，我認為我們感覺非常好，這些效率肯定會幫助我們——國際上效率較低的支出。

Your next question comes from the line of Doug Anmuth from JPMorgan.

你的下一個問題來自摩根大通的 Doug Anmuth。

Two questions.

兩個問題。

Just for John and William, if you could talk a little bit more about the Tonic acquisition, what it does for you strategically?

就約翰和威廉而言，如果你能多談談 Tonic 的收購，它在戰略上對你有什麼幫助？

And why you thought it was so important to own the manufacturing capability?

為什麼您認為擁有製造能力如此重要？

And if there's any color you can give us on the percentage of bikes or overall manufacturing that Tonic represents today?

如果有什麼顏色可以告訴我們今天 Tonic 所代表的自行車或整體製造的百分比？

And then second, Jill, can you just comment on how you're thinking about core U.S. Bike profitability in fiscal '20 and your confidence around this year being Peloton's peak loss year?

其次，吉爾，你能否評論一下你如何看待 20 財年美國自行車的核心盈利能力，以及你對今年是 Peloton 虧損高峰年的信心？

Thank you, Doug.

謝謝你，道格。

So yes, with respect to Tonic, in order to sell millions of Bikes and Treads globally in the coming years, we need to be able to make millions of Bikes and Treads globally.

所以是的，關於 Tonic，為了在未來幾年在全球銷售數百萬輛自行車和踏板，我們需要能夠在全球製造數百萬輛自行車和踏板。

So obviously, supply chain and scaling supply chain is a very important thing for us.

很明顯，供應鍊和擴大供應鏈對我們來說是一件非常重要的事情。

We do understand that Apple doesn't own Foxconn, so it is a little bit atypical for a company like us to acquire a manufacturer, but we -- the reason why we did and the reason why we're excited about it is we need to invest into the supply chain in order to scale it and create world-class manufacturing capability.

我們確實了解 Apple 不擁有富士康，因此像我們這樣的公司收購製造商有點不典型，但我們 - 我們這樣做的原因以及我們對此感到興奮的原因是我們需要投資供應鏈以擴大規模並創造世界一流的製造能力。

Our contract manufacturers were largely investing, but we wanted to do it and have a little bit more control over it.

我們的合同製造商主要投資於此，但我們想這樣做並且對其有更多的控制權。

And based on our strong relationship with Tonic, which is 1 of our 2 big bike manufacturing partners, we love them both.

基於我們與 Tonic 的牢固關係，Tonic 是我們兩大自行車製造合作夥伴之一，我們都喜歡它們。

We have the longest relationship with Tonic, and the team is incredibly strong.

我們與 Tonic 的關係最長，團隊非常強大。

The founder, Andy Wu, is kind of a visionary in our space with respect to fitness equipment manufacturing.

創始人 Andy Wu 在我們的健身器材製造領域是一位有遠見的人。

His son has become a force in manufacturing equipment leadership.

他的兒子已成為製造設備領導力的一股力量。

And so we are excited about it.

所以我們對此感到興奮。

We will continue to be dual-sourced.

我們將繼續採用雙重來源。

So we're excited about contract manufacturing in general, but for us, strategically, to control our destiny, make sure that we could invest properly.

因此，我們對合同製造總體上感到興奮，但從戰略上講，為了控制我們的命運，我們要確保我們能夠進行適當的投資。

A fun thing I will tell you, we're working on in the coming months, launching a brand-new fitness facility with Tonic that is going to be kind of a greenfield or a brand-new from-dirt manufacturing facility that is going to be, we believe, one of the best, if not the best manufacturing facility for fitness equipment in the world.

我會告訴你一件有趣的事，我們將在接下來的幾個月裡努力，推出一個全新的健身設施與補品，這將是一個綠地或一個全新的從泥土製造的設施，它將我們相信，即使不是世界上最好的健身器材製造工廠，也是最好的工廠之一。

And we're very excited about that relationship.

我們對這種關係感到非常興奮。

So -- I'm sorry, Jill and Doug, I apologize.

所以 - 對不起，吉爾和道格，我道歉。

Jill is asking me to take the profitability one as well.

吉爾要我也考慮一下盈利能力。

And I do think because it's on everyone's mind, I'll talk about it.

我確實認為，因為它在每個人的腦海中，所以我會談論它。

For us, profitability is a managed outcome.

對我們來說，盈利能力是一種管理結果。

We have said this before.

我們之前已經說過了。

Our Bike business is profitable.

我們的自行車業務是有利可圖的。

And because of our gorgeous unit economics that you guys know well, it will continue to be profitable.

而且由於你們所熟知的我們華麗的單位經濟學，它將繼續盈利。

So the investments we're making in international and new products and digital and content and more retail locations are just that; they're investments, but I think based on what you guys just saw, which is our Q1 performance of triple-digit top line growth, single-digit EBITDA loss, we are within striking distance to profitability.

因此，我們在國際和新產品、數字和內容以及更多零售地點所做的投資就是這樣；它們是投資，但我認為，根據你們剛剛看到的情況，即我們第一季度的三位數收入增長、個位數 EBITDA 虧損的表現，我們離盈利很近。

It's a managed outcome.

這是一個管理的結果。

I believe if we pulled back on growth, we could be profitable tomorrow, but that is not what the Board and the leadership of Peloton believes we should do.

我相信，如果我們拉回增長，我們明天可能會盈利，但這不是董事會和 Peloton 領導層認為我們應該做的。

We think this opportunity globally is so big that we think we're right on the right balance of investing for future growth.

我們認為全球範圍內的這個機會是如此之大，以至於我們認為我們在未來增長的投資平衡上是正確的。

Your next question comes from the line of Justin Patterson from Raymond James.

你的下一個問題來自 Raymond James 的 Justin Patterson。

And I'll resist asking any online travel questions.

而且我會拒絕詢問任何在線旅遊問題。

So I'm curious.

所以我很好奇。

I know it's early, but could you talk about how the Home Trial and marketing campaigns are performing against expectations?

我知道現在還早，但您能談談家庭試用和營銷活動的表現如何超出預期嗎？

Are you seeing any differences in the demographics and engagement among new customers versus who you shipped to previously?

您是否發現新客戶與您之前發貨的客戶在人口統計和參與度方面有任何差異？

And then how do you get comfortable with forecasting that around the holiday season?

那麼你如何適應假期前後的預測呢？

It's William Lynch.

是威廉林奇。

I'll take both of those.

這兩個我都要。

On Home Trial, it's still early days.

在家庭試用中，現在還處於早期階段。

As John and Jill said, we launched it September 12, so it was really the last 2 weeks of the quarter.

正如 John 和 Jill 所說，我們是在 9 月 12 日推出的，所以那真的是本季度的最後兩週。

So the impetus for Home Trial is our brand marketing team led by Carolyn Tisch Blodgett does a lot of great research around the biggest barriers to purchase our Bikes and Treads, and what we found were the 2 biggest barriers were price, affordability and then will I use it?

因此，Home Trial 的推動力是我們由 Carolyn Tisch Blodgett 領導的品牌營銷團隊圍繞購買自行車和胎面的最大障礙進行了大量研究，我們發現最大的兩個障礙是價格、可負擔性，然後我會用它？

And so we did a test.

所以我們做了一個測試。

We don't guess.

我們不猜。

We test almost everything in terms of major programs.

我們根據主要程序測試幾乎所有內容。

We did a test earlier this year around Home Trial and what it showed is substantial lift in the markets we tested it in.

今年早些時候，我們圍繞 Home Trial 進行了一次測試，結果表明我們測試的市場有了顯著提升。

And since launching 30 days free, bring it home, try it, we've been really encouraged by the results.

自從推出 30 天免費、帶回家試用以來，結果讓我們深受鼓舞。

So again, both -- and then secondly, on the marketing, our big push this holiday is both Home Trial as well as, for the first time ever, promoting a $58 bike.

因此，再一次，在營銷方面，我們這個假期的主要推動力既是家庭試用，也是有史以來第一次促銷 58 美元的自行車。

So with our 39-month financing, 0% APR, consumers have the ability to get a bike for $58 a month, and we're underwriting all the costs.

因此，憑藉我們 39 個月的融資，0% 的年利率，消費者能夠以每月 58 美元的價格購買一輛自行車，而我們將承擔所有費用。

So it's an incredible deal.

所以這是一筆不可思議的交易。

We think it's the best deal in fitness.

我們認為這是健身的最佳選擇。

Interestingly, that goes right against the gym -- average gym membership that most people pay, which is, on average, $58 a month.

有趣的是，這與健身房背道而馳——大多數人支付的平均健身房會員費，平均每月 58 美元。

So between attacking the affordability sort of perception with promoting the $58 with heavy TV weights and then early results in Home Trial, we feel great about holiday.

因此，在通過在電視重量較重的情況下推廣 58 美元來打擊人們對負擔能力的看法，然後在家庭試用中取得早期結果，我們對假期感覺很好。

And again, we feel like we're attacking the 2 biggest barriers to purchase.

再一次，我們覺得我們正在攻克 2 個最大的購買障礙。

If I might just add on to that, I just want to remind everyone, if you look back to fiscal year '19, we had a very strong holiday period.

如果我可以補充一點，我只想提醒大家，如果你回顧 19 財年，我們有一個非常強勁的假期。

And so our Q2 guidance of 88% at the midpoint for our connected fitness subscribers, we're lapping a pretty big holiday period and a lot of that was driven by some program changes that we had made to our financing program, which we commonly refer to as de-bundling where we stopped financing the subscription with our equipment, which created a pretty significant uplift in conversion.

因此，我們的第二季度健身訂閱者的中點指導率為 88%，我們正在度過一個相當長的假期，其中很多是由我們對融資計劃所做的一些計劃變更推動的，我們通常會提到作為取消捆綁，我們停止使用我們的設備為訂閱提供資金，這極大地提高了轉化率。

So I just wanted to remind everyone of that from this time last year for holiday.

所以我只想提醒大家從去年這個時候開始放假。

Your next question comes from the line of Eric Sheridan from UBS.

你的下一個問題來自瑞銀的 Eric Sheridan。

Maybe 2, if I can.

也許 2，如果可以的話。

One, coming out of the IPO, did you see anything around a halo effect of either better effective marketing channels or better gross additions coming out of the IPO that might sustain into fiscal Q2 or fiscal Q3?

第一，在 IPO 之後，您是否看到任何圍繞 IPO 產生的更有效的營銷渠道或更好的總增加值的光環效應可能會持續到第二財季或第三財季？

Just so we're aware of sort of the dynamic in the marketplace.

只是為了讓我們了解市場中的某種動態。

And secondly, 1 year into the opportunity in the U.K. and Canada, any sense you can give us around growth curves or unit economics or how the international opportunity might be developing that might contrast with what happened in the U.S.?

其次，在英國和加拿大的機會出現 1 年之後，您能否就增長曲線或單位經濟學或國際機會如何發展與美國發生的情況形成鮮明對比，給我們任何感覺？

On the IPO, we definitely saw a bump in traffic -- in sales, but it was fleeting.

在首次公開募股中，我們確實看到了流量的增長——銷售增長，但轉瞬即逝。

We saw it for about 3 or 4 days and then -- but it typically happens, which is we are able to project by marketing channel, and it got to steady-state in terms of traffic conversion and sales.

我們看到它大約 3 或 4 天，然後 - 但它通常會發生，這是我們能夠通過營銷渠道進行預測，並且它在流量轉換和銷售方面達到穩定狀態。

And then on international, what we've said is the U.K. and Canada are tracking ahead of where the U.S. was at the same period.

然後在國際上，我們所說的是英國和加拿大正在追踪美國在同一時期的領先地位。

One of our leading indicators actually on sales is awareness.

我們實際上關於銷售的領先指標之一是意識。

We measure unaided awareness and aided awareness.

我們測量獨立意識和輔助意識。

And what you see, with the benefit of the marketing spend and the investments Jill was talking about internationally in Canada and the U.K., we've been running advertising there, we've opened up retail, is that the markets are developing faster.

你看到的是，憑藉營銷支出和吉爾在加拿大和英國談論的國際投資的好處，我們一直在那裡投放廣告，我們已經開放零售，市場發展得更快。

And so they're ahead of our expectations.

因此，它們超出了我們的預期。

They're ahead of where the U.S. was.

他們領先於美國。

It actually gave us confidence to invest in Germany, which launches, as Jill said, 11/20.

它實際上給了我們投資德國的信心，正如吉爾所說，德國推出了 11/20。

That's -- we'll see -- that's our first foreign language market, but that's the answer.

那是——我們會看到——這是我們的第一個外語市場，但這就是答案。

In terms of unit economics, they're not substantially different than the U.S. And so I wouldn't spend a lot of time -- it's really about -- in terms of business model, it's about that upfront investment that we had to put into the U.S. And again, on the curve, they're tracking ahead.

就單位經濟而言，它們與美國並無本質區別，所以我不會花很多時間——實際上是關於——就商業模式而言，這是關於我們必須投入的前期投資美國 再一次，在曲線上，他們正在向前追踪。

Your next question comes from the line of Edward Yruma from KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Edward Yruma。

I guess first, you guys have added a lot of functionality to the app and you've added a lot more activities and such over the past 6 months.

我想首先，你們在過去 6 個月里為應用程序添加了很多功能，並且添加了更多活動等。

I guess how would you score kind of customer acceptance and usage of some of these nonspin activity?

我想您如何評價客戶對其中一些非旋轉活動的接受度和使用情況？

And then second, and maybe a broader question, the competitive environment continues to intensify.

其次，也許是一個更廣泛的問題，競爭環境繼續加劇。

You guys clearly have a big lead, but you had a competitor that rolled out a bike that used your likeness.

你們顯然領先，但你們有一個競爭對手推出了一輛使用你們肖像的自行車。

Obviously, there are other connected fitness products starting to emerge.

顯然，還有其他聯網健身產品開始出現。

I guess how would you -- how should we consider the overall competitive environment?

我想你會如何 - 我們應該如何考慮整體競爭環境？

Yes.

是的。

So we love the digital business.

所以我們熱愛數字業務。

We are very excited about digital.

我們對數字化感到非常興奮。

It's not a big driver of our top or bottom line growth, as you may see, Ed.

正如您所見，埃德，這並不是我們收入或利潤增長的主要推動力。

But we just -- we have a new Head of Digital in Karina Kogan, who is a monster.

但我們只是——我們在 Karina Kogan 任命了一位新的數字主管，她是個怪物。

She is -- you're going to hear more about her in the coming years.

她是——你會在未來幾年聽到更多關於她的消息。

She's one of our strongest young leaders.

她是我們最強大的年輕領袖之一。

But we like digital for what it represents for our connected fitness subscribers and giving more engagement and more content and more utility to a connected fitness membership.

但我們喜歡數字化，因為它代表我們互聯的健身訂閱者，並為互聯的健身會員提供更多的參與度、更多的內容和更多的實用性。

And then we like it for its own business, which is a great driver of customer acquisition for us.

然後我們喜歡它自己的業務，這對我們來說是獲取客戶的重要推動力。

It's a way for the 34 million people in America that have a treadmill in their basement today to engage with our boot camp classes or to take our app to the gym and ride a bike from the gym and get to know our community and our instructors and our content.

對於今天在地下室擁有跑步機的 3400 萬美國人來說，這是一種參與我們的新兵訓練營課程或將我們的應用程序帶到健身房並從健身房騎自行車並了解我們的社區和我們的教練和我們的內容。

We have launched a lot of features, as you pointed, Ed.

正如您所指出的，Ed，我們已經推出了很多功能。

We're going to continue investing in that software.

我們將繼續對該軟件進行投資。

We're going to continue investing in that content.

我們將繼續投資於該內容。

And we think that the digital business is an acorn that could develop into its own mighty oak akin to our connected fitness business, which is gorgeous, as you know.

我們認為數字業務是一顆橡子，可以發展成自己強大的橡樹，類似於我們互聯的健身業務，如您所知，它非常漂亮。

With respect to competition, you are right.

關於競爭，你是對的。

We have a 7-year head start.

我們有 7 年的領先優勢。

We created the category.

我們創建了類別。

I would say, at this point, we do not have what I call like-minded competition, which would be a very well-capitalized technology company.

我想說，在這一點上，我們沒有所謂的志同道合的競爭，這將是一家資本非常充足的科技公司。

To our knowledge, that company doesn't exist yet, but it may at some point in the coming years.

據我們所知，這家公司目前還不存在，但可能會在未來幾年的某個時候出現。

But I will point from the -- from a competitive perspective, what we do is very, very hard.

但我將從——從競爭的角度來看，我們所做的事情非常、非常困難。

We have invested -- we've raised, as you know, $2.2 billion.

我們已經投資 - 如您所知，我們已經籌集了 22 億美元。

We are investing it very aggressively, very smartly.

我們正在非常積極、非常明智地對其進行投資。

Hardware -- back to the manufacturing, we bought the manufacturer.

硬件——回到製造業，我們收購了製造商。

We are investing in hardware, software, media, retail, logistics, music, community, apparel.

我們正在投資硬件、軟件、媒體、零售、物流、音樂、社區、服裝。

There is a lot to the Peloton business, and we believe it all works in concert and that it is vertically integrated direct-to-consumer, multichannel marketing approach that we have, I wouldn't say perfected, but we're working on perfecting it.

Peloton 業務有很多，我們相信這一切都是一致的，並且它是垂直整合的直接面向消費者的多渠道營銷方法，我不會說完美，但我們正在努力完善它。

And to William's point, we're getting better at -- we've cut our teeth in the U.S. We're smarter in the U.K. We're smarter in Canada.

就 William 的觀點而言，我們正在變得更好——我們在美國開始了我們的努力。我們在英國更聰明。我們在加拿大更聰明。

We're going to be even smarter in Germany in the coming months as we roll out that market.

未來幾個月，隨著我們在德國推出該市場，我們將變得更加聰明。

And so we're building a global technology platform that we believe is going to be pretty hard to compete with and pretty formidable.

因此，我們正在構建一個全球技術平台，我們相信這個平台將很難與之競爭，而且非常強大。

Your next question comes from the line of Michael Graham from Canaccord.

您的下一個問題來自 Canaccord 的 Michael Graham。

On the connected fitness product gross margin, it was a lot stronger than we were modeling for this quarter, and you're guiding it to come down a little bit sequentially.

在連接的健身產品毛利率方面，它比我們為本季度建模的要強得多，而且你正在引導它按順序下降一點。

Just what were some of the things that helped it be strong this quarter?

本季度幫助它表現強勁的因素有哪些？

And conversely, on the other side, what might happen to kind of bring it back down to your normal sort of outlook level?

相反，另一方面，可能會發生什麼情況，使其回到您正常的前景水平？

And then I just wanted to ask also on the German local language content, how long do you think it's going to take until that catalog sort of gets to a density of local language classes so that that's the majority of the experience for those subscribers?

然後我還想問一下德語本地語言內容，您認為該目錄需要多長時間才能達到本地語言課程的密度，從而成為這些訂閱者的大部分體驗？

Great.

偉大的。

So it's a great question on connected fitness gross profit margin.

所以這是一個關於互聯健身毛利率的大問題。

And just to remind everyone, for Q1, the connected fitness gross profit margin was 43%, that was versus 46% last year.

提醒大家，第一季度，互聯健身的毛利率為 43%，而去年同期為 46%。

Obviously, the year-over-year differences were primarily attributed to 2 things: One is the mix shift to Tread, which currently carries a lower gross profit margin; and secondly, some incremental investments that we've made year-over-year in our supply chain and logistics platform.

顯然，同比差異主要歸因於兩件事：一是產品組合轉向目前毛利率較低的 Tread；其次，我們在供應鍊和物流平台上逐年進行了一些增量投資。

I think if you're referring to kind of the expectation of consensus versus what we achieved in Q1, I'll say that we really had a lot of factors that are moving in our favor.

我認為，如果你指的是對共識的期望與我們在第一季度取得的成就相比，我會說我們確實有很多因素對我們有利。

And again, just to remind you, we achieved 43%, but for the balance of the year, we expect our connected fitness gross profit margin for full year to be 38%, 39%.

再次提醒您，我們實現了 43%，但對於今年的餘額，我們預計全年的關聯健身毛利率為 38%、39%。

So for the first quarter though, what I would say is, again, better than expected supply chain and logistics, but again, through the balance of the year, we'll continue to make investments there.

因此，對於第一季度，我要說的是，供應鍊和物流再次好於預期，但在今年餘下的時間裡，我們將繼續在那裡進行投資。

They will be a little bit more back-end-loaded perhaps than perhaps what is reflected within consensus.

與共識中所反映的相比，它們可能需要更多的後端加載。

Secondly, we did have a onetime favorable inventory reserve benefit.

其次，我們確實有過一次有利的庫存儲備收益。

We're piloting a resale program for a small amount of returned inventory, which resulted in a onetime benefit to our inventory reserve in Q1.

我們正在試行一項針對少量退回庫存的轉售計劃，這為我們在第一季度的庫存儲備帶來了一次性收益。

We also are seeing product cost efficiencies in both Bike and Tread that were better than expected.

我們還看到 Bike 和 Tread 的產品成本效率好於預期。

And then lastly, I would say, our warranty utilization on both Bike and Tread were lower than expected.

最後，我要說的是，我們對 Bike 和 Tread 的保修利用率低於預期。

So it was just a lot of positive news in our favor.

所以這只是很多對我們有利的好消息。

But again, for the full year, the 43% will continue to decline throughout the balance of the year given the mix shift in Tread and, again, the supply chain investments we plan to make throughout the year.

但同樣，對於全年，考慮到 Tread 的混合轉變以及我們計劃全年進行的供應鏈投資，43% 將在今年餘下時間繼續下降。

I can take the German catalog question just very quickly.

我可以很快回答德國目錄問題。

So interestingly, if you look at the U.K., some of the most popular instructors are actually out of the U.S. Our 2 U.K. instructors are doing really well.

有趣的是，如果你看看英國，一些最受歡迎的講師實際上不在美國。我們的 2 位英國講師做得非常好。

But it talks to the fixed cost nature of our content and the instructors, which is exciting as we think about expanding globally.

但這與我們的內容和講師的固定成本性質有關，這在我們考慮向全球擴張時令人興奮。

We have hired 2 German instructors.

我們聘請了2名德國講師。

We're not going to announce them on this call.

我們不會在這次電話會議上宣布它們。

They'll be announced shortly.

他們將很快宣布。

Jen Cotter, our Chief Content Officer; and Kevin Cornils, who is our Managing Director of International, have done a phenomenal job of priming the pump.

我們的首席內容官 Jen Cotter；凱文·科尼爾斯 (Kevin Cornils) 是我們的國際董事總經理，他們在啟動泵方面做得非常出色。

But we're going to have substantial German content at launch, including -- we're also going to subtitle because at our testing -- again, we try to test everything.

但是我們將在發佈時提供大量德語內容，包括——我們也將添加字幕，因為在我們的測試中——我們再次嘗試測試所有內容。

In the spring, German consumers that we tested with actually wanted to take U.S. language classes subtitled.

在春季，我們測試過的德國消費者實際上想要參加帶字幕的美國語言課程。

So we think that's going to be, again, a competitive advantage given our catalog in the U.S., but also really bolster the catalog as Germans are curious to take U.S. language cycling classes.

因此，我們認為，鑑於我們在美國的目錄，這將再次成為一個競爭優勢，但也確實加強了目錄，因為德國人很想參加美國語言自行車課程。

So we'll be well-covered from a German catalog perspective.

因此，從德國目錄的角度來看，我們將得到很好的報導。

Your next question comes from the line of Deepak Mathivanan from Barclays.

你的下一個問題來自巴克萊銀行的 Deepak Mathivanan。

Jill, I wanted to ask you to elaborate on the connected devices gross margin comment.

吉爾，我想請你詳細說明連接設備的毛利率評論。

Specifically for 2Q, I think you noted 37% for 3 -- 2Q.

特別是對於 2Q，我認為你注意到 3-2Q 為 37%。

Is there an incremental step-up from current levels in terms of logistics investments sequentially?

在物流投資方面，目前的水平是否有逐步提升？

And how should we think about the promotional strategy during the holiday season?

又該如何思考節日期間的促銷策略呢？

And then the second question is can you also provide an update on the timing of some of the big investments that you are looking to make in the next few quarters?

然後第二個問題是，您能否提供有關您希望在未來幾個季度進行的一些大型投資的時間安排的最新信息？

Like the headquarters and studio launches in New York City and London, is the timing and then the cost flow-through into the P&L also happening at the expected cadence?

就像紐約市和倫敦的總部和工作室一樣，時間安排以及隨後流入損益表的成本是否也以預期的節奏發生？

Yes.

是的。

I might ask you to repeat the second question in a minute while I address your first question on the sequential decline from Q1 to Q2.

我可能會要求你在一分鐘內重複第二個問題，同時我會回答你關於從第一季度到第二季度的連續下降的第一個問題。

Yes, we historically see a decrease in our connected fitness gross profit margin between Q1 and Q2, and that is -- one of the drivers there is the holiday season and any promotional activity that we do tends to fall in that time period.

是的，從歷史上看，我們看到第一季度和第二季度之間的關聯健身毛利率有所下降，那就是 - 假日季節的驅動因素之一，我們所做的任何促銷活動往往會在那個時期下降。

The one other thing I might note, and I think you perhaps saw this in our advertising which happened over the last couple of months, is we've also been highlighting in our marketing, the $58 bike.

我可能會注意到的另一件事，我想你可能在我們過去幾個月的廣告中看到了這一點，我們也一直在我們的營銷中強調 58 美元的自行車。

And so we have, over the last few weeks, began to see an uptick in our financing penetration rates, which, as you know, impact our gross margin on our connected fitness unit.

因此，在過去的幾周里，我們開始看到我們的融資滲透率有所上升，正如你所知，這影響了我們聯網健身部門的毛利率。

The other thing I would say is we've recently launched 39-month 0% APR financing for Tread just in time for the holidays.

我要說的另一件事是，我們最近為 Tread 推出了 39 個月 0% 的 APR 融資，正好趕上假期。

So that is another driver of that sequential decline, if you will, and again, just continued investments in mix shift to Tread and continued investments made in supply chain and logistics.

因此，如果你願意的話，這是連續下降的另一個驅動因素，只是繼續投資混合轉向胎面，並繼續投資供應鍊和物流。

CapEx.

資本支出。

CapEx.

資本支出。

Sorry.

對不起。

And then if you could just repeat the second question one more time?

然後你是否可以再重複第二個問題？

Yes.

是的。

Yes.

是的。

I was just asking about the cadence of some of the big OpEx and CapEx-related investments that you are planning to make, specifically along headquarters and the studio launches and those.

我只是問你計劃進行的一些大型運營支出和資本支出相關投資的節奏，特別是在總部和工作室發布等方面。

Is the cadence still expected to be as you previously anticipated in terms of just the flow-through into the P&L over the next few quarters?

就未來幾個季度流入損益表而言，節奏是否仍會像您之前預期的那樣？

Yes.

是的。

So in Q1, you'll again -- versus perhaps what was there for consensus.

所以在第一季度，你會再次 - 與可能達成共識的內容相比。

Obviously, there's been a little bit of a timing shift in some of the CapEx with respect to the new builds we have going on for Peloton Studios New York, Peloton Studio London and our new headquarters near Hudson Yards.

顯然，在我們為紐約佩洛頓工作室、倫敦佩洛頓工作室和我們在哈德遜廣場附近的新總部進行的新建築方面，一些資本支出的時間發生了一些變化。

So all 3 are 100% on track with respect to budget.

因此，所有 3 個都在預算方面 100% 步入正軌。

There is some timing differences as to when we will be impacted by that CapEx spend, but the overall budgets are completely on time.

關於我們何時會受到資本支出支出的影響，存在一些時間差異，但總體預算完全按時進行。

The other aspect of CapEx, as you know, is the continued growth of our showroom footprint, so that's kind of the incremental balance, but everything is on budget.

如您所知，資本支出的另一個方面是我們展廳佔地面積的持續增長，所以這是一種增量平衡，但一切都在預算之內。

Your next question comes from the line of Justin Post from Merrill Lynch.

你的下一個問題來自美林的 Justin Post。

A couple of follow-ups.

一些後續行動。

You mentioned the Tread mix shift a lot.

您經常提到 Tread mix shift。

Can you give us any update on how Tread sales are performing, either just in absolute or versus your expectations?

您能否向我們提供有關 Tread 銷售表現的最新信息，無論是絕對值還是與您的預期相比？

And then secondly, in your guidance for the second quarter and for the year, can you talk about your marketing cost of acquisition?

其次，在你對第二季度和今年的指導中，你能談談你的營銷收購成本嗎？

Do you expect your gross profit on your hardware to cover your marketing cost of acquisitions as you look out over the next 3 quarters?

在接下來的 3 個季度中，您預計硬件的毛利潤是否能夠支付收購的營銷成本？

Yes, Justin.

是的，賈斯汀。

Thank you.

謝謝你。

It's John.

是約翰。

Tread is doing very well.

胎面做得很好。

To your question, it is exceeding our expectations.

對於你的問題，這超出了我們的預期。

We're very proud of it and the sales are out in front of what we anticipated.

我們為此感到非常自豪，銷售額超出了我們的預期。

Probably more important than that is that our Net Promoter Score for that experience is approaching 80, which you might have heard us talk about Net Promoter Score as kind of our true north of delighting our members and creating one of the most special consumer brands of our day.

可能比這更重要的是，我們針對該體驗的淨推薦值接近 80，您可能聽說過我們將淨推薦值視為取悅我們的會員並創建我們最特別的消費品牌之一的真正北方天。

And to the extent we're getting close to 80 with our Tread experience, it speaks to how great that platform is in providing boot camp experiences and circuit training at home, which was the goal.

就我們的 Tread 體驗接近 80 的程度而言，它說明了該平台在提供新手訓練營體驗和家庭巡迴訓練方面的出色表現，這也是我們的目標。

The content continues to get better.

內容繼續變得更好。

William brought up Jen Cotter, who's our new Chief Content Officer; and her lieutenant, Kevin Chorlins, not to be confused with Kevin Cornils, who is our MD of International.

William 提出了 Jen Cotter，他是我們的新任首席內容官；和她的副手 Kevin Chorlins，不要與我們的國際部總經理 Kevin Cornils 混淆。

But Kevin and Jen are really investing in the content and doing a lot of innovation for the Tread content and the boot camp content.

但 Kevin 和 Jen 確實在內容上進行了投資，並為 Tread 內容和新兵訓練營內容做了很多創新。

So that platform continues to get better just as the software continues to get better.

因此，隨著軟件不斷變得更好，該平台也會繼續變得更好。

So when you buy one of these connected fitness platforms, either Peloton Bike or Peloton Tread, every month, the experience gets better.

因此，當您每個月購買這些互聯健身平台之一（Peloton Bike 或 Peloton Tread）時，體驗會變得更好。

So no different with the Tread.

所以與 Tread 沒有什麼不同。

And then as Jill pointed out, the 0% financing that we just launched, on a 39-month gets the tread to $111 a month, which you divide by 2, for your 2 -- the 2 adults living in your home, your live-in partner or your spouse or whoever, which becomes $56 a month which -- per person, which we believe is a screaming deal for the quality of that platform.

然後正如吉爾指出的那樣，我們剛剛推出的 0% 融資，在 39 個月內達到每月 111 美元，你將其除以 2，對於你的 2 - 住在你家裡的 2 個成年人，你的生活- 在合作夥伴或您的配偶或任何人中，每人每月 56 美元，我們認為這對於該平台的質量來說是一筆驚人的交易。

So we feel very good about the Tread.

所以我們對 Tread 感覺很好。

I don't know who wants to take...

不知道誰要帶...

Yes.

是的。

So I'll just briefly mention, I think you're referring to a measurement that we look at where -- in our unit economic model that our connected fitness gross profit margin offsets the majority of our sales and marketing expenses.

所以我只是簡單地提一下，我認為你指的是我們在我們的單位經濟模型中看到的衡量標準，我們的相關健身毛利率抵消了我們的大部分銷售和營銷費用。

And so if you look at what's implied based on our guidance for full year, our net customer acquisition costs, again, that's taking our adjusted sales and marketing expense less our connected fitness gross profit margin, is about $86 based on the midpoint of the guidance range for the full year.

因此，如果您根據我們全年的指導看一下隱含的內容，我們的淨客戶獲取成本再次將我們調整後的銷售和營銷費用減去我們相關的健身毛利率，根據指導的中點，約為 86 美元全年的範圍。

So very much, our unit economics are very much intact.

非常重要的是，我們的單位經濟效益完好無損。

What that means is that we're essentially acquiring a new sub for $86, and then thereafter, enjoying a very long lifetime subscriber, so very much intact.

這意味著我們實際上是以 86 美元的價格購買了一個新的潛艇，然後，享受了一個非常長的終身訂閱者，非常完好無損。

I would say, just overall, again, we continue to be very encouraged with the efficiencies that we're seeing in our U.S. Bike business in terms of sales and marketing and word of mouth.

我要說的是，總的來說，我們繼續對美國自行車業務在銷售和營銷以及口碑方面的效率感到非常鼓舞。

Your next question comes from the line of John Blackledge from Cowen.

你的下一個問題來自 Cowen 的 John Blackledge。

Two questions.

兩個問題。

The sub contribution margin was better than what we had.

子貢獻邊際比我們擁有的要好。

Just curious about the key drivers and any thoughts on the sub contribution margin trajectory longer term.

只是對關鍵驅動因素以及對長期子邊際收益軌蹟的任何想法感到好奇。

And then secondly, any color on paused subscribers?

其次，暫停訂閱者有什麼顏色嗎？

I'm not sure if you can quantify it as a percentage of total subs.

我不確定您是否可以將其量化為總訂閱者的百分比。

So on the sub contribution margin, again, our guide for Q2 is 58 to 59 versus what we achieved in Q1 of 63.

因此，在子貢獻邊際上，我們對第二季度的指導是 58 到 59，而我們在第一季度的 63 中取得的成就。

The beat was primarily due to a significant improvement in content costs for past use.

節拍主要是由於過去使用的內容成本顯著改善。

And then obviously, given our strong top line growth in subscriber adds, the balance was just fixed cost leverage of our content production that is produced as we scale our subscriber base.

然後很明顯，鑑於我們在訂閱者增加方面的強勁收入增長，餘額只是我們在擴大訂閱者基礎時產生的內容製作的固定成本槓桿。

In terms of going beyond 2020, we're not really guiding beyond that at that point, but I think what at least Q1 demonstrates is that, over time, as we scale our subscriber base, we will most certainly be able to leverage a lot of the fixed costs of the production of our content.

就超越 2020 年而言，我們目前並沒有真正指導超越這一點，但我認為至少第一季度表明，隨著時間的推移，隨著我們擴大用戶群，我們肯定能夠利用很多我們內容製作的固定成本。

So that is something we remain very confident about.

所以這是我們仍然非常有信心的事情。

In terms of your second question, would you mind if -- I just want to make sure that I answer all of it.

關於你的第二個問題，你是否介意——我只是想確保我回答了所有問題。

Would you mind repeating?

你介意重複一遍嗎？

Pause?

暫停？

It's on pause?

是暫停了嗎

Yes.

是的。

Okay.

好的。

Sorry.

對不起。

You're on mute.

你靜音了

So I think I -- so a great question.

所以我想我 - 這是一個很好的問題。

This is not something we plan to regularly disclose, but what we can say is that at any given time, our paused subscribers are in and around 0.5%.

這不是我們計劃定期披露的內容，但我們可以說的是，在任何給定時間，我們暫停的訂閱者都在 0.5% 左右。

That is well below 4,000 based on current levels.

根據當前水平，這遠低於 4,000。

And just to remind everyone that a paused subscriber can pause for up to 3 months.

只是提醒大家，暫停的訂閱者最多可以暫停 3 個月。

That person is still included in our connected fitness subscriber base.

那個人仍然包含在我們連接的健身用戶群中。

And what we see -- and for up -- and they can pause for up to 3 months.

而我們所看到的——以及向上——他們最多可以暫停 3 個月。

And typically, a member pauses due to pregnancy, injury, they're moving house.

通常，成員會因懷孕、受傷或搬家而暫停。

So -- and then the last thing I might add is that even if someone pauses, our data shows that they are no more likely to churn off of our subscription.

所以 - 然後我可能要補充的最後一件事是，即使有人暫停，我們的數據表明他們不再可能停止訂閱。

So thanks for the question.

所以謝謝你的問題。

Your next question comes from the line of Lee Horowitz from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Lee Horowitz。

Given that you disaggregated the financing from the subscription last year, how, if at all, is your full year outlook for churn being impacted by those cohorts rolling off of their finance agreements, I mean potentially seeing an impact to churn as their financing agreements laps?

鑑於您去年將融資與訂閱分開，如果有的話，您的全年客戶流失前景如何受到那些退出融資協議的影響，我的意思是隨著他們的融資協議失效，可能會看到對客戶流失的影響？

And then another one, I guess, maybe bigger picture on the macro environment.

然後是另一個，我想，也許是宏觀環境的更大圖景。

Obviously, you're in the U.K., moving into Germany.

很明顯，你在英國，要搬到德國。

How has maybe macro impacted the business in any way?

宏觀可能如何以任何方式影響業務？

And how are you maybe thinking about your marketing investments into perhaps softer macro environments in those growth markets?

您如何考慮在這些增長市場中可能較軟的宏觀環境中進行營銷投資？

Great.

偉大的。

So I'll take the first part of the question and then hand over to William.

所以我將回答問題的第一部分，然後交給 William。

So in Q1, our churn did remain low at 0.9% average net monthly churn.

所以在第一季度，我們的流失率確實保持在 0.9% 的平均每月淨流失率。

The main impact, I think this is what you're getting at, although we used to offer 2 things.

主要影響，我認為這就是你所得到的，儘管我們過去提供 2 個東西。

We obviously used to bundle our financing and we used to also offer prepaid subscriptions.

我們顯然過去常常捆綁我們的融資，我們過去也提供預付費訂閱。

And so the main impact to churn in Q1 was really the roll-off of prepaid subscriptions on to month-to-month.

因此，第一季度流失的主要影響實際上是預付費訂閱減少到按月訂閱。

That said, we did see higher-than-anticipated retention rates for those subs that came out of their prepaid period.

也就是說，我們確實看到那些預付費期結束的訂閱者的保留率高於預期。

Now over 90% of our subscribers are paying month-to-month and we expect that number to slowly climb throughout the year.

現在，我們超過 90% 的訂戶都在按月付費，我們預計這一數字將在全年緩慢攀升。

As you look at our guidance for Q2 and the full year at keeping our churn below 1.05%, one other thing to note is that Home Trial will start to impact churn in Q2.

當您查看我們對第二季度和全年將客戶流失率保持在 1.05% 以下的指導意見時，需要注意的另一件事是家庭試用將開始影響第二季度的客戶流失率。

If a customer returns a Bike within that 30-day period, they will be accounted for as a churned customer and we recognize that churn immediately.

如果客戶在 30 天內退回自行車，他們將被視為流失客戶，我們會立即識別該流失。

So if to the extent we see an increase in our return rates over time, that could create a little bit of upward pressure in churn.

因此，如果我們看到退貨率隨著時間的推移而增加，那可能會對客戶流失造成一點上行壓力。

It's William.

是威廉。

I'll answer the sales and marketing investment against the macro environment.

我將針對宏觀環境回答銷售和營銷投資。

We -- on a day-to-day and week-to-week basis, the macro environment doesn't impact our sales and marketing investment at all.

我們——在日常和每週的基礎上，宏觀環境根本不會影響我們的銷售和營銷投資。

Our acquisition team led by Tim Shannehan, Johnny Jiang and Alan Smith look at what we can acquire a customer for and what is the LT of that customer.

我們的收購團隊由 Tim Shannehan、Johnny Jiang 和 Alan Smith 領導，研究我們可以獲得客戶的原因以及該客戶的 LT 是什麼。

It's sort of the net CAC calculation that Jill talked about.

這是 Jill 談到的淨 CAC 計算。

And so we're really disciplined in our performance marketing.

因此，我們在績效營銷方面非常自律。

As it relates to, internationally, how we think about those upfront investments, the decision to go internationally and the markets we select is very deliberate.

在國際上，我們如何看待這些前期投資、走向國際的決定以及我們選擇的市場是經過深思熟慮的。

And so we make those decisions 18 months in advance of actually going into the market.

因此，我們在實際進入市場前 18 個月做出這些決定。

And so we assess sort of the rate of expansion against market risk then.

因此，我們評估了某種程度的擴張速度以應對市場風險。

As I said, U.K. and Canada gave us a lot of confidence to decide to go into Germany.

正如我所說，英國和加拿大給了我們很大的信心決定進入德國。

And once we decide to go into those markets, we are going to invest to win, and that means really sales and marketing upfront to get primarily awareness of this product.

一旦我們決定進入這些市場，我們將進行投資以贏得勝利，這意味著真正的銷售和營銷提前獲得對該產品的主要認識。

We know it had -- it delivers a great experience.

我們知道它有——它提供了很好的體驗。

We know there's unit economics in it.

我們知道其中有單位經濟學。

So it's really about educating the market from, in some places, a cold start, our awareness is very low in Germany, to get that awareness up.

因此，這實際上是關於在某些地方從冷啟動開始教育市場，我們在德國的意識非常低，以提高這種意識。

What we've seen is, as we've done that in the U.K. and Germany, sales follows.

我們所看到的是，正如我們在英國和德國所做的那樣，銷售緊隨其後。

So that's how we think about sales and marketing.

這就是我們對銷售和營銷的看法。

Your next question comes from the line of Jason Helfstein from Oppenheimer.

您的下一個問題來自 Oppenheimer 的 Jason Helfstein。

I'll do 2 today.

我今天會做2。

John, you made a comment about using IPO proceeds to fund the pipeline of products.

約翰，你對使用 IPO 收益為產品管道提供資金發表了評論。

Any color you want to share on that?

你想分享什麼顏色？

And then OpEx was meaningfully lower than expected, I think, in the quarter.

然後，我認為本季度的 OpEx 明顯低於預期。

How much of that was timing versus other budget decisions that you're making?

與您正在製定的其他預算決策相比，其中有多少是時間安排？

Yes.

是的。

Maybe I'll just do -- the second one is a very quick short answer and then I'll let John take the first part of your question.

也許我會做——第二個是一個非常簡短的回答，然後我會讓約翰回答你問題的第一部分。

We -- I would say about $10 million of our Q1 beat was timing-related, which we will flow into subsequent quarters.

我們 - 我會說我們第一季度的節拍中約有 1000 萬美元與時間相關，我們將流入後續季度。

Yes.

是的。

And with respect to new product pipeline, I can say, and I've said this before, we are a technology software innovation company at our core.

關於新產品管道，我可以說，我之前已經說過，我們的核心是一家技術軟件創新公司。

We created the Peloton Bike, was pretty innovative.

我們創造了 Peloton Bike，非常有創意。

The treadmill is at least as good of a product or platform, potentially better, for full body fitness obviously.

跑步機至少與產品或平台一樣好，甚至可能更好，顯然對於全身健身而言。

In the coming years, there will be new platforms, new products, new innovation that comes out of Peloton that will, I believe, surprise people and delight people.

在接下來的幾年裡，Peloton 將推出新平台、新產品和新創新，我相信它們會給人們帶來驚喜和愉悅。

And we're having fun innovating, and our R&D lab is very busy.

我們正在享受創新的樂趣，我們的研發實驗室非常忙碌。

That's one answer.

這是一個答案。

The other answer is we're also innovating against software features against our core platforms, right?

另一個答案是我們也在針對我們的核心平台進行軟件功能創新，對嗎？

So new cool things that -- every month, new features that delight our existing Bike owners and our existing Tread owners, launching new digital features that we talked about earlier.

如此酷炫的新事物——每個月都會推出讓我們現有的 Bike 車主和 Tread 車主滿意的新功能，推出我們之前談到的新數字功能。

There is all kinds of innovation within our existing platforms and potentially new platforms that -- we're obviously not going to announce new products today, but certainly, in the coming years, I think you guys will be impressed with some of the stuff that we're working on today in the R&D lab.

在我們現有的平台和潛在的新平台中有各種各樣的創新——我們今天顯然不會發布新產品，但當然，在未來幾年，我認為你們會對一些東西印象深刻我們今天在研發實驗室工作。

I guess that's it, everybody.

我想就是這樣了，大家。

I'll close out.

我會關閉。

Last, I do want to, again, thank the team, all the Peloton team.

最後，我確實想再次感謝團隊，所有 Peloton 團隊。

We believe we've got one of the strongest teams in consumer tech.

我們相信我們擁有消費技術領域最強大的團隊之一。

We're very proud of it.

我們為此感到非常自豪。

Thank you all for your hard work.

謝謝大家的辛勤工作。

Thank you to any members listening.

感謝各位成員的聆聽。

I know some of you analysts, buy-side and sell-side, are also Peloton Bike owners or Tread owners or digital subscribers.

我知道你們中的一些分析師，買方和賣方，也是 Peloton Bike 所有者或 Tread 所有者或數字訂閱者。

So thank you for your business.

所以謝謝你的生意。

And I will say thank you for the investors on the call who believed in us.

我要感謝電話中相信我們的投資者。

We will continue to work hard in your honor.

為了您的榮譽，我們將繼續努力。

Anyway, have a great holiday.

無論如何，祝你有個愉快的假期。

I'm confident that we will.

我相信我們會的。

And we look forward to talking to you on the next call.

我們期待在下次通話中與您交談。

Thanks, everybody.

謝謝大家。

Ladies and gentlemen, this concludes today's conference.

女士們，先生們，今天的會議到此結束。

Thank you for your participation and have a wonderful day.

感謝您的參與，祝您度過美好的一天。

You may all disconnect.

你們都可以斷開連接。