派樂騰 (PTON) 2022 Q3 法說會逐字稿

Good day, and welcome to the Peloton Interactive Third Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded. (Operator Instructions)

美好的一天，歡迎參加 Peloton Interactive 2022 年第三季度收益電話會議。 （操作員說明）請注意正在記錄此事件。 （操作員說明）

I would now like to turn the conference over to Peter Stabler, Senior Vice President, Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係高級副總裁 Peter Stabler。請繼續。

Good morning, and welcome to Peloton's Third Quarter Fiscal 2022 Conference Call. Joining today's call are CEO and President, Barry McCarthy; and CFO, Jill Woodworth.

早上好，歡迎參加 Peloton 的 2022 財年第三季度電話會議。參加今天電話會議的是首席執行官兼總裁 Barry McCarthy；和首席財務官吉爾伍德沃思。

Our comments and responses to your questions reflect management's views as of today only and will include statements related to our business that are forward-looking statements under federal securities law. Actual results may differ materially from those contained in or implied by these forward-looking statements due to risks and uncertainties associated with our business. For a discussion of the material risks and other important factors that could impact our actual results, please refer to our SEC filings and today's shareholder letter, both of which can be found on our Investor Relations website.

我們對您的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下的前瞻性陳述。由於與我們業務相關的風險和不確定性，實際結果可能與這些前瞻性陳述中包含或暗示的結果存在重大差異。有關可能影響我們實際業績的重大風險和其他重要因素的討論，請參閱我們提交給美國證券交易委員會的文件和今天的股東信函，這兩個文件都可以在我們的投資者關係網站上找到。

During this call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is provided in today's shareholder letter.

在本次電話會議中，我們將討論 GAAP 和非 GAAP 財務指標。今天的股東信中提供了 GAAP 與非 GAAP 財務指標的對賬。

With that, I'll turn the call over to Barry.

有了這個，我會把電話轉給巴里。

Good morning, everyone, and thank you for joining today's call. Earlier this morning, we released the letter to shareholders, which discusses our strategy for growing Peloton's business and the Q3 performance. I'm not going to repeat what was said in the letter, except to thank our employees for their hard work and our 7 million members for giving our work meaning and purpose.

大家早上好，感謝您加入今天的電話會議。今天早上早些時候，我們發布了致股東的信，其中討論了我們發展 Peloton 業務和第三季度業績的戰略。我不會重複信中所說的話，除了感謝我們的員工的辛勤工作和我們的 700 萬會員賦予我們工作的意義和目的。

Before we begin today's Q&A, I'd like to acknowledge the contributions of William Lynch to the growth of Peloton. As part of the leadership transition at Peloton, William's decided to resign from our Board to pursue other interests, and we wish him continued success in his next endeavor.

在我們開始今天的問答之前，我想感謝 William Lynch 對 Peloton 發展的貢獻。作為 Peloton 領導層過渡的一部分，William's 決定從我們的董事會辭職以追求其他利益，我們希望他在下一次努力中繼續取得成功。

Operator, let's turn to our first question.

接線員，讓我們轉向我們的第一個問題。

(Operator Instructions) The first question comes from Doug Anmuth with JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Doug Anmuth。

Barry, trying to understand the recent hardware price reductions just in the context of your bigger plans. Are they just an effort to move inventory and perhaps drive a little bit more revenue near term and to really envision FaaS becoming the primary or only business model over time besides the digital app? And what are you seeing in those early tests? And what could that service look like?

巴里，試圖了解最近的硬件降價只是在你更大的計劃的背景下。他們是否只是為了轉移庫存並可能在短期內增加一點收入，並真正設想隨著時間的推移，FaaS 將成為除數字應用程序之外的主要或唯一商業模式？你在那些早期的測試中看到了什麼？該服務會是什麼樣子？

So the price increase was geared towards moving hardware and alleviating some of the stress we're seeing in inventory. We've also learned quite a bit about price elasticity and have seen a significant increase in total revenue as a result of the price decrease.

因此，價格上漲是為了轉移硬件並減輕我們在庫存中看到的一些壓力。我們還對價格彈性有了相當多的了解，並且由於價格下降，總收入顯著增加。

So I'm feeling pretty good about that, and I'm looking to sustain it. The framework for thinking about the unit economics begins and ends with LTV and then the CAC expense associated with the LTV. And today, we're operating -- we operate in the range of, I would say, broadly 2:1 to 3:1 depending on seasonality, which I feel really good about. What was the third part of the question?

所以我對此感覺很好，我希望能堅持下去。考慮單位經濟學的框架以 LTV 開始和結束，然後是與 LTV 相關的 CAC 費用。今天，我們正在運營——我想說，根據季節性，我們的運營範圍大致為 2:1 到 3:1，我對此感覺非常好。問題的第三部分是什麼？

Just what the SaaS -- yes.

SaaS 就是這樣——是的。

FaaS will be a complement to our business. So there are absolutely members who want to own the bike outright, and we're delighted to sell it to them. And then there's others for whom that the cost of entry poses a barrier. And roughly 53% of our customers year-to-date, by the way, have household incomes of less than $100,000.

FaaS 將成為我們業務的補充。因此，絕對有會員想要完全擁有這輛自行車，我們很高興將其出售給他們。然後還有其他人，進入成本構成障礙。順便說一句，今年迄今為止，我們大約 53% 的客戶的家庭收入低於 100,000 美元。

So FaaS is an opportunity for us to continue to introduce consumers, mass market to our value proposition. I'm not sure what the mix will be over time. We need to test our way into an understanding of that as well as an economic model that enables us to earn an attractive return on investment.

因此，FaaS 是我們繼續向消費者、大眾市場介紹我們的價值主張的機會。我不確定隨著時間的推移會有什麼混合。我們需要測試我們的方式來理解這一點，以及使我們能夠獲得有吸引力的投資回報的經濟模型。

What we can say with a certainty at the moment is that we're seeing faster growth than I had hoped we would see. So I'm enormously encouraged by early test results. But it's early.

目前我們可以肯定地說，我們看到的增長速度比我希望看到的要快。所以我對早期的測試結果感到非常鼓舞。但現在還早。

The total number of units that we placed is still relatively small on the order of 1,000. We're looking to aggressively expand the test on our e-commerce platform. I think we'll be fully live with the A/B test in -- by the end of June. We've got some engineering work to do to enable that.

我們放置的單位總數仍然相對較少，大約為 1,000 個。我們正在尋求在我們的電子商務平台上積極擴展測試。我認為我們將在 6 月底之前完全接受 A/B 測試。我們需要做一些工程工作來實現這一點。

Maybe it will be a couple of weeks sooner, we'll have to see. So FaaS, complementary to the core business, not yet sure what the mix over time will be or what the ultimate pricing will be. But we need to test our way into figuring that out.

也許會早幾個星期，我們得看看。因此，作為核心業務的補充的 FaaS，還不確定隨著時間的推移會是什麼組合或最終定價是多少。但是我們需要測試我們的方法來解決這個問題。

The next question comes from Justin Post with Bank of America.

下一個問題來自美國銀行的 Justin Post。

Great. A couple of questions. Can you help us understand the churn contemplated in your sub growth outlook for Q4? It looks like you have subs up 1% quarter-over-quarter. Just the dynamics of the quarter with the testing you're doing and then the churn.

偉大的。幾個問題。您能否幫助我們了解您在第四季度的子增長前景中預期的客戶流失？看起來您的訂閱人數環比增長了 1%。只是本季度的動態以及您正在進行的測試，然後是客戶流失。

And then OpEx was up 19% year-over-year. Any update on your cost-cutting efforts and whether you're trending ahead or below your plan?

然後運營支出同比增長 19%。有關您的成本削減工作以及您的趨勢是提前還是低於計劃的任何更新？

I'll take the churn part, and Jill will take the cost-cutting part. So we're hedging our bets a little bit in guidance related to churn. We saw a very small increase in cancellations when we announced the price increase, one of all-access service from $39 to $44.

我負責流失部分，吉爾負責削減成本。因此，我們在與客戶流失相關的指導上進行了一些對沖。當我們宣布價格上漲時，我們看到取消的數量略有增加，其中一項全方位服務從 39 美元漲到了 44 美元。

But the price change doesn't actually hit until June 1. And so we're still a little bit uncertain about what -- when the dust settles, the churn impact will be to date. I would say it's been quite small.

但價格變化實際上要到 6 月 1 日才會發生。所以我們仍然有點不確定——當塵埃落定時，客戶流失的影響將是迄今為止的。我會說它很小。

And on the restructuring side, if you look at the OpEx and COGS savings in the second half of fiscal '22, so what's already achieved, we expect about $165 million of OpEx savings in the second half. And we're certainly on track for $450 million in OpEx savings for fiscal '23.

在重組方面，如果您查看 22 財年下半年的 OpEx 和 COGS 節省，那麼已經實現的目標是，我們預計下半年將節省約 1.65 億美元的 OpEx。我們肯定有望在 23 財年節省 4.5 億美元的運營支出。

In terms of COGS, we expect about $30 million to $35 million in savings in the second half already baked in, and we're on track for about $100 million of COGS savings in fiscal '23. So as we outlined last quarter, this is something we're incredibly committed to, and we've already made a lot of progress. And I think, culturally, the organization understands what we have to do.

在 COGS 方面，我們預計下半年將節省約 3000 萬至 3500 萬美元，我們有望在 23 財年節省約 1 億美元的 COGS。因此，正如我們在上個季度概述的那樣，這是我們難以置信的承諾，我們已經取得了很大進展。而且我認為，從文化上講，該組織了解我們必須做什麼。

The next question comes from Youssef Squali with Truist Securities.

下一個問題來自 Truist Securities 的 Youssef Squali。

Barry, just in terms of supply chain issues, can you maybe just clarify a bit how Andy and Angel are improving the process? I think you had a nice mention of them in the letter.

Barry，就供應鏈問題而言，您能否澄清一下 Andy 和 Angel 如何改進流程？我認為你在信中很好地提到了他們。

And just broadly speaking, your predecessor had followed the strategy of maybe owning a bunch of productive assets, including Precor. Is that still strategic to the direction of the company and how that fits in your overall solution?

從廣義上講，您的前任遵循了可能擁有包括 Precor 在內的大量生產性資產的策略。這對公司的發展方向是否仍然具有戰略意義，以及它如何適合您的整體解決方案？

Well, about the supply chain, let me say that I don't think we had the visibility that maybe we would have wanted. And we had a number of systems issues related to supply chain that we needed to address, and we've taken steps to do both.

好吧，關於供應鏈，讓我說，我認為我們沒有我們可能想要的可見性。我們有許多與供應鏈相關的系統問題需要解決，我們已經採取措施解決這兩個問題。

I think we also haven't made quite as much progress in rightsizing the production as we needed to. We've been working as closely with our partners in the supply chain as we needed to related to the ordering of long lead time parts.

我認為我們在調整生產規模方面也沒有取得我們需要的那麼多進展。我們一直在與供應鏈中的合作夥伴密切合作，以解決訂購長交貨期零件的需要。

And so Andy and his team have taken important steps in addressing all of those issues. And in the process, we have a much greater visibility into how the supply chain issues affect the business overall.

因此，安迪和他的團隊採取了重要措施來解決所有這些問題。在此過程中，我們對供應鏈問題如何影響整體業務有了更大的了解。

So I'm -- it was an area where we had work to do. We're making a lot of progress. We'll make more, but I'm feeling pretty good about that piece of the business. I would characterize it as an urgent need when I stepped in, and I'm proud of the progress we're making.

所以我 - 這是我們有工作要做的領域。我們正在取得很大進展。我們會賺更多，但我對這部分業務感覺很好。當我介入時，我會將其描述為迫切需要，我為我們正在取得的進展感到自豪。

With respect to Precor, there were a couple of things we were trying to accomplish with that acquisition. It bolsters our go-to-market strategy in commercial, which, along with corporate wellness, is an important area of growth for us in our core business.

對於 Precor，我們試圖通過這次收購來完成幾件事。它支持我們在商業領域的市場進入戰略，與企業健康一起，是我們核心業務的重要增長領域。

Beyond that, I haven't spent a lot of time yet thinking about -- we're looking at the Precor business. So for the moment, I just want to put a pin in it. I'm not signaling that it's not core, but I'm not signaling that it is core either. I just -- there've been so many other issues to address. I just haven't gotten there yet.

除此之外，我還沒有花很多時間思考——我們正在關注 Precor 的業務。所以目前，我只想在裡面放一個別針。我不是在暗示它不是核心，但我也不是在暗示它是核心。我只是 - 還有很多其他問題需要解決。我只是還沒到那裡。

But the overarching strategy is, look, it's all about Connected Fitness. It's about the magic that happens in the tablet, right? We need to be good at hardware.

但總體戰略是，看，這一切都與互聯健身有關。這是關於平板電腦中發生的魔法，對吧？我們需要擅長硬件。

But being good at hardware is not nearly sufficient. The thing that makes us special that accounts for the low churn rate that drives the outrageously high Net Promoter Scores is all the magic that Jen Cotter and her team and our instructors, who's into the service, and we need to be absolutely great at that.

但擅長硬件還遠遠不夠。讓我們與眾不同的原因是低流失率導致了高得離譜的淨推薦值，這就是 Jen Cotter 和她的團隊以及我們的教練所擁有的所有魔力，他們投入了這項服務，我們需要在這方面做得非常出色。

And that calls for, I think, a shift in the investment priorities of the business, at least as compared with where we spent money historically, in order to double down on the things that have made us great.

我認為，這需要改變企業的投資重點，至少與我們過去的花錢方式相比，以便在使我們變得偉大的事情上加倍努力。

The next question comes from Ron Josey with Citi.

下一個問題來自 Citi 的 Ron Josey。

Maybe I want to talk a little bit more or help to understand, better understand gross margin assumptions and third-party delivery. I think in the note in the letter, we talked about lower gross margins for product in the range of $300 million.

也許我想多談一點或幫助理解，更好地理解毛利率假設和第三方交付。我認為在信中的說明中，我們談到了產品的較低毛利率在 3 億美元的範圍內。

So maybe, Jill, help us understand where these savings are coming from. Is it greater efficiencies in manufacturing, delivery? And Barry, you mentioned some issues in last mile. Maybe help us understand how those have been fixed, or what's going on there?

所以，吉爾，也許可以幫助我們了解這些節省的來源。製造、交付效率更高嗎？巴里，你在最後一英里提到了一些問題。也許可以幫助我們了解這些是如何修復的，或者那裡發生了什麼？

And then lastly, just Jill. I think, in the letter, we talked about free cash flow timing changes and how that impacted free cash flow this quarter versus going forward. Any insights there would be helpful.

最後，只有吉爾。我認為，在信中，我們談到了自由現金流的時間變化，以及這對本季度與未來的自由現金流有何影響。那裡的任何見解都會有所幫助。

Sure. So on -- I think what I'll talk about first is Connected Fitness gross margin, right? So what you have happening currently and what we saw in Q3 were a few sort of onetime items, right? You have an increase to Tread+ returns reserve.

當然。等等——我想我首先要談的是 Connected Fitness 毛利率，對吧？所以你目前發生的事情以及我們在第三季度看到的都是一些一次性的項目，對吧？您增加了 Tread+ 退貨準備金。

We also took additional inventory reserves around accessories, primarily driven by a strategy shift in the way we went to market with the Peloton Guide. And we also had higher scrap reserves for Bike, which essentially is not resalable inventory that has been returned to us and cannot be refurbished.

我們還圍繞配件進行了額外的庫存儲備，這主要是由於我們使用 Peloton Guide 進入市場的方式發生了戰略轉變。而且我們還擁有更高的 Bike 廢料儲備，這基本上不是已退回給我們且無法翻新的可轉售庫存。

And what we've also seen, which we will experience in Q3 and Q4, is higher detention and demurrage and storage costs, given the fact that our inventory position is higher than we expected given the decline in our demand forecast. So a lot of these issues are onetime in nature or short term in Q3 and Q4.

我們還看到，我們將在第三季度和第四季度經歷更高的滯留、滯期費和存儲成本，因為我們的庫存狀況高於我們的預期，因為我們的需求預測下降。所以很多這些問題在第三季度和第四季度都是一次性的或短期的。

In terms of just the overall restructuring efforts in COGS, though, there's a lot behind that, right? Some of that was related to the shift to 3PL, right, which we did realize some savings, certainly going from a much larger than we needed fleet of our in-house delivery. And so moving to 3PL helped us variabilize that expense and reduce some of that fixed cost overhead that was a challenge to leverage with lower demand volume.

然而，就 COGS 的整體重組努力而言，背後有很多東西，對吧？其中一些與向 3PL 的轉變有關，對，我們確實實現了一些節省，當然這來自於比我們需要的內部交付車隊大得多。因此，遷移到 3PL 幫助我們改變了費用，並減少了一些固定成本開銷，這是在需求量較低的情況下所面臨的挑戰。

But there's a lot more optimization we can do here. There's more we can do in better warehouse management, better optimization of our labor structure. So that's part of what I think we can see on the horizon for fiscal '23.

但是我們可以在這裡做更多的優化。在更好的倉庫管理、更好的勞動力結構優化方面，我們還可以做更多的事情。這就是我認為我們可以在 23 財年看到的部分內容。

And what I would add to that is, next year, we've negotiated better freight rates, which we've talked about. I do think there is future opportunity in the longer term to look at better procurement, better sourcing and better product margins as a result of reworking the way that we're designing and building our products and taking some costs out.

我要補充的是，明年，我們已經協商了更好的運費，我們已經討論過了。我確實認為，從長遠來看，由於我們重新設計和製造產品的方式並降低了一些成本，未來有機會關注更好的採購、更好的採購和更好的產品利潤。

And then lastly, I think on warranty management, if we deliver products better, if we service products better, I think there's a way for us to, with improved quality, to also bring down our cost of warranty. So I think there's a lot for us to do within that segment over the next year or 2.

最後，我認為在保修管理方面，如果我們提供更好的產品，如果我們提供更好的產品服務，我認為我們有辦法通過提高質量來降低我們的保修成本。所以我認為在接下來的一兩年內，我們在該領域還有很多事情要做。

As it relates to last mile, let me say we have parts of the world, like Australia, where our partnerships with 3PL work seamlessly for us. And users have a good experience when we transitioned to 3PL after the restructuring, had put in place any systems integration that enables us to work and assume this way with those partners. And as a consequence, our members, who are being serviced by some of those partners, had extremely frustrating experiences.

因為它與最後一英里有關，讓我說我們在世界的某些地方，比如澳大利亞，我們與 3PL 的合作夥伴關係為我們無縫地工作。當我們在重組後過渡到 3PL 時，用戶有很好的體驗，已經實施了任何系統集成，使我們能夠以這種方式與這些合作夥伴一起工作和假設。結果，我們的成員（由其中一些合作夥伴提供服務）經歷了極其令人沮喪的經歷。

So to begin with, when we transitioned to 3PL, there are about 10,000 orders in our system that got transferred to 3PL. That means, right out of the box, 10,000 people got rescheduled. And we did nothing to communicate to those people initially about that transition.

首先，當我們過渡到 3PL 時，我們的系統中有大約 10,000 個訂單被轉移到 3PL。這意味著，開箱即用，10,000 人被重新安排。我們最初沒有採取任何措施與這些人就這一轉變進行溝通。

And then many of them had deliveries that were rescheduled and rescheduled and rescheduled. And we had no ability in our customer service organization to see into the delivery schedules of our 3PL partners to help deal with the delivery issues that our members were experiencing. So these are just some of the examples of some of the implementation-related issues that we've experienced that have created some membership-related issues that had been a tax on our Net Promoter Score that we're looking to address on a go-forward basis.

然後他們中的許多人的交貨時間被重新安排，重新安排和重新安排。而且我們的客戶服務組織沒有能力查看我們的 3PL 合作夥伴的交付時間表，以幫助處理我們的成員遇到的交付問題。所以這些只是我們遇到的一些與實施相關的問題的一些例子，這些問題已經造成了一些與會員相關的問題，這些問題已經對我們的淨推薦值徵稅，我們正在尋求解決 -前進的基礎。

And sorry, I just realized I missed part of your 3-part question on free cash flow. Certainly, as outlined in the letter, we're focused on getting to free cash flow positive in fiscal '23.

抱歉，我剛剛意識到我錯過了你關於自由現金流的三部分問題的一部分。當然，正如信中所述，我們專注於在 23 財年實現正的自由現金流。

And there's really 4 drivers. And one of those is obviously growing the business, which we outlined in the shareholder letter, the various strategies that we're going to employ over the next several months to grow our subscriber base.

而且真的有4個司機。其中之一顯然是發展業務，我們在股東信中概述了這一點，我們將在未來幾個月內採用各種策略來擴大我們的用戶群。

We have multiple levers in Connected Fitness margin improvement. Again, we've outlined a lot of these so I won't rehash them. But again, a lot to optimize to get back to a positive Connected Fitness gross margin structure.

我們在提高 Connected Fitness 利潤率方面有多個槓桿。同樣，我們已經概述了其中的很多內容，所以我不會重複它們。但同樣，要回到積極的 Connected Fitness 毛利率結構，還有很多需要優化的地方。

Restructuring savings, we touched on, are on track. Next year, we expect significantly lower CapEx spend. We expect to sell the land and the facility that we purchased for our Ohio manufacturing. And then, of course, most importantly, inventory, we expect to turn from a source of cash or a use of cash to a source of cash in fiscal '23.

我們談到，重組儲蓄正在走上正軌。明年，我們預計資本支出將顯著降低。我們希望出售我們為俄亥俄州製造所購買的土地和設施。然後，當然，最重要的是庫存，我們希望在 23 財年從現金來源或現金使用轉變為現金來源。

Yes. Let me just jump in here and say, with respect to free cash flow, the objective here is to get the business to positive free cash flow in FY '23, just full stop. And with the money that we raised in the term loan, I'm very confident.

是的。讓我跳到這裡說，關於自由現金流，這裡的目標是讓企業在 23 財年實現正的自由現金流，只是句號。有了我們在定期貸款中籌集的資金，我非常有信心。

We've got plenty of capital to do that, regardless of what happens in the economy, full stop. So to the extent that there are any concerns amongst investors about our ability to do that, I don't share them, and I want to be clear about that.

我們有足夠的資本來做到這一點，無論經濟中發生什麼，句號。因此，如果投資者對我們這樣做的能力有任何擔憂，我不同意，我想澄清一下。

The next question comes from Shweta Khajuria with Evercore.

下一個問題來自 Evercore 的 Shweta Khajuria。

Let me try 2, please. You mentioned several growth drivers. One of them was third-party retailer partnerships. Possible to please provide a little bit more color on how the economics of those partnerships would work? Understood it may be very early, but how you're thinking about it, perhaps?

請讓我試試2。您提到了幾個增長動力。其中之一是第三方零售商合作夥伴關係。能否就這些合作夥伴關係的經濟運作方式提供更多信息？理解它可能很早，但你是怎麼想的，也許？

And then the second question is, another growth driver you called was value prop -- adding value prop of digital app subscriptions. So as that subscription base grows, where do you think churn rates could shake out over the next, call it, a couple of years with growing digital app subscribers as well as Connected Fitness subscribers?

然後第二個問題是，你所說的另一個增長動力是價值支柱——增加數字應用訂閱的價值支柱。因此，隨著訂閱基數的增長，您認為流失率會在接下來的幾年內發生變化，稱之為數字應用訂閱者和 Connected Fitness 訂閱者的增長？

Well, I don't know the answer to the second question, honestly. And until we know what the monthly revenue is, the gross margin and the acquisition cost, we won't really have context for thinking about the churn.

好吧，老實說，我不知道第二個問題的答案。在我們知道每月收入是多少、毛利率和收購成本之前，我們不會真正了解客戶流失的背景。

I know from experience -- why is that? Because I know from experience that the way you build a successful subscription business model is by managing the interplay of its CAC, churn and gross margin, and no one of them independently of the other 2. So I realize that may not yet be satisfying, but it is what it is.

我從經驗中知道——為什麼會這樣？因為我從經驗中知道，您建立成功的訂閱業務模式的方式是管理其 CAC、客戶流失和毛利率之間的相互作用，而其中任何一個都不能獨立於另一個 2。所以我意識到這可能還不令人滿意，但是它就是這樣啊。

We need to figure out how to widen the marketing funnel and to use the digital app as a vehicle to do that. It could be some premium kind of model. It could be a straight subscription model. Not yet sure.

我們需要弄清楚如何拓寬營銷渠道，並使用數字應用程序作為實現這一目標的工具。它可能是某種高級模型。它可以是直接訂閱模式。還不確定。

The consumer mix is about 80% female, 20% male. I think we need to drive it more towards an Internet norm of kind of 50-50. The Net Promoter -- sorry, the unaided brand awareness is like 4%. So it's the greatest app nobody has ever heard of, and we absolutely need to fix that. And of course, because it's relatively lightweight, it has the potential to grow rapidly across geographies. And expanding the business internationally is one of the priorities.

消費組合是大約 80% 的女性，20% 的男性。我認為我們需要將其更多地推向 50-50 的互聯網規範。網絡推廣者——對不起，獨立的品牌知名度大概是 4%。所以它是沒有人聽說過的最棒的應用程序，我們絕對需要解決這個問題。當然，由於它相對輕量級，它具有跨地域快速增長的潛力。擴大國際業務是優先事項之一。

So the first part of the question related to third-party retail. We're not -- I'm not actually going to talk about that today, other than I wanted -- I thought it was important given the strategy of -- that preceded me to signal a shift, a potential shift.

所以問題的第一部分與第三方零售有關。我們不是 - 我今天實際上不會談論這個，除了我想要的 - 我認為考慮到策略很重要 - 在我之前發出轉變的信號，一個潛在的轉變。

We're in discussions with several potential retail partners now. I would say it's still early, early enough for us to have a sense for what some of the cost benefit trade-offs might be, but too early for us to talk publicly about it. No reason particularly to think that any deal that we were able to negotiate would be different than anybody else who distributes hardware through third-party retailers.

我們現在正在與幾個潛在的零售合作夥伴進行討論。我想說現在還為時過早，足夠早讓我們了解一些成本效益權衡可能是什麼，但我們公開談論它還為時過早。沒有理由特別認為我們能夠談判的任何交易與通過第三方零售商分銷硬件的其他任何人都不同。

The next question comes from Arpine Kocharyan with UBS.

下一個問題來自瑞銀的 Arpine Kocharyan。

I was wondering if you could walk through the hardware versus software margin outlook for Q4? And what makes up the 31% guidance? Because it implies a meaningful improvement versus Q3, so I'm just trying to understand sort of how you get there.

我想知道您是否可以了解第四季度的硬件與軟件利潤率前景？什麼構成了 31% 的指導？因為它意味著與第三季度相比有有意義的改進，所以我只是想了解你是如何到達那裡的。

Yes. So I think what you can see on the subscription margin is probably versus Q3, a slight continued leveraging of fixed costs. And we'll have a small benefit from the pricing increase from 1 month of that. But remember, most of our costs within subscription are variable.

是的。因此，我認為您在認購保證金上看到的可能與第三季度相比，是對固定成本的輕微持續利用。我們將從 1 個月的價格上漲中獲得一點好處。但請記住，我們在訂閱中的大部分費用都是可變的。

On the Connected Fitness side, we expect a negative margin. There's a few factors at play. We just reduced our prices pretty meaningfully across the portfolio back in April to drive scale and drive growth.

在 Connected Fitness 方面，我們預計利潤率為負。有幾個因素在起作用。我們剛剛在 4 月份大幅降低了整個投資組合的價格，以推動規模和增長。

But we also have some items that are consistent with Q3 around managing our excess inventory. We're still going to see elevated detention and demurrage and storage costs. But we think those will largely abate as we move through fiscal '23. So those are not permanent.

但我們也有一些與第三季度一致的項目，圍繞管理我們的過剩庫存。我們仍然會看到滯期費、滯期費和倉儲成本上升。但我們認為，隨著我們進入 '23 財年，這些將大大減少。所以這些不是永久性的。

But we -- and I guess, the third factor in Connected Fitness margin is going to be around logistics. Again, with the lower demand forecast we're not getting the fixed cost leverage that we would have expected within logistics.

但是我們——我猜，Connected Fitness 利潤率的第三個因素將圍繞物流。同樣，由於需求預測較低，我們沒有得到物流中預期的固定成本槓桿。

But our new supply chain leadership team has only been here for about 6 weeks, and this is certainly an area of focus to get that better optimized. And as I said previously, with labor force optimization and better utilization of our warehouse space, I think there's a lot we can do in the short term to make some good improvements.

但是我們新的供應鏈領導團隊才來這里大約 6 週，這無疑是一個可以更好地優化的重點領域。正如我之前所說，隨著勞動力的優化和更好地利用我們的倉庫空間，我認為我們可以在短期內做很多事情來做出一些好的改進。

That's helpful. And then just a quick follow-up. Is there anything you could share on price elasticity of demand that you saw as a result of price cuts? Anything you could sort of quantify?

這很有幫助。然後只是快速跟進。關於降價導致的需求價格彈性，您有什麼可以分享的嗎？有什麼可以量化的嗎？

I understand commentary could be limited given some of the competitive nature of pricing in general. But anything else you could share in terms of demand change that you saw as a result of your pricing initiatives?

我理解，鑑於一般定價的某些競爭性質，評論可能會受到限制。但是，由於定價計劃，您看到的需求變化方面還有什麼可以分享的嗎？

Well, we talked about the unit increase in the letter, right? So that was in the range of 70%. And the revenue increase was less, of course, but it was also pretty dramatic. Like, from memory, I think it's in the order of 50% as compared with sort of the baseline growth we were seeing before we made the price change.

那麼，我們在信中談到了單位增加，對吧？所以這在 70% 的範圍內。當然，收入增長較少，但也非常引人注目。就像，從記憶中，我認為與我們在價格變化之前看到的基線增長相比，它大約是 50%。

So it's abundantly clear that the business was better served as a result of the reduction. Now it still remains to be seen what the net impact is once the price increase kicks in, in June. But early indicators are that the churn related to that will be slow, but we won't know till we know.

因此，很明顯，由於減少，業務得到了更好的服務。現在，一旦 6 月份價格上漲開始，淨影響是什麼仍有待觀察。但早期的跡象表明，與此相關的客戶流失將是緩慢的，但在我們知道之前我們不會知道。

The next question comes from John Blackledge with Cowen.

下一個問題來自 John Blackledge 和 Cowen。

This is James on for John. In the letter, you mentioned rolling out additional international markets. What geographies should we be thinking about next? Are you still focused on Latin America and European adjacent markets? Any color on timing would also be helpful.

這是詹姆斯為約翰效力。在信中，你提到推出更多的國際市場。接下來我們應該考慮哪些地區？您是否仍然專注於拉丁美洲和歐洲鄰近市場？時間上的任何顏色也會有所幫助。

And then as a follow-up, you mentioned the goal to reach 100 million members. Jill, could you provide any update on how you're thinking about it across the regions you're currently in? I think it's been a while since the last update, which I think was around 20 million global SAM back in 2020.

然後作為後續行動，您提到了達到 1 億會員的目標。 Jill，您能否提供有關您當前所在地區的最新想法？我認為距離上次更新已經有一段時間了，我認為 2020 年全球 SAM 大約有 2000 萬個。

Well, with respect to international, I'm not sure yet. And in part because we're still in the middle of developing our final FY '23 plan, one. Two, there are finite number of resources to spread across the business. The threshold question for us is how many of those resources to allocate to growth in international? It's something we need to be able to figure out how to do.

好吧，關於國際，我還不確定。部分原因是我們仍在製定最終的 23 財年計劃，其中之一。第二，有有限數量的資源可以分佈在整個業務中。對我們來說，門檻問題是有多少資源可以分配給國際增長？這是我們需要弄清楚如何去做的事情。

The reason I say that is, if we were to look, by way of example, that subscription revenue growth in the current quarter in North America, it was 53%, but in international, it was 92%. So international has potential to drive a lot of growth. But the more growth it drives early in its development, the more money we lose. And since the overarching goal is to get to positive -- sustained positive cash flow for the business in FY '23, positive cash flow trumps growth. So TBD.

我這麼說的原因是，如果我們以舉例的方式來看，本季度北美的訂閱收入增長為 53%，但在國際上為 92%。因此，國際化有潛力推動大量增長。但它在發展初期推動的增長越多，我們損失的錢就越多。而且由於總體目標是在 23 財年為業務實現正現金流——持續正現金流，正現金流勝過增長。所以待定。

Now there are things we are looking at internationally, which will make it more economical for us to launch new markets. I'm thinking particularly about last-mile delivery. An example would be just illustrative.

現在我們正在國際上關註一些事情，這將使我們更經濟地開拓新市場。我特別考慮最後一英里的交付。一個例子只是說明性的。

I don't mean to do any signaling, but we're -- today, our bike -- our Tread has to be installed. But a much simpler solution would be if we designed it and shifted in a way that it could be delivered by FedEx. You wouldn't have to be home to receive it and have it be installed, and it would cost significantly less. And it would be much easier logistically for us to launch new international markets.

我不是要發出任何信號，但我們——今天，我們的自行車——必須安裝我們的胎面。但更簡單的解決方案是，如果我們設計它並以一種可以由 FedEx 交付的方式進行轉換。您不必在家就可以接收並安裝它，而且成本會大大降低。而且我們在後勤方面會更容易推出新的國際市場。

Some of the ways we're thinking about flexing the model in order to make accessible to its markets that might not otherwise be. But the -- first, we have to make the asset allocation decision. And in order to do that, we need to weigh the trade-offs and the growth opportunities that we see in the business.

我們正在考慮調整模型的一些方法，以便進入可能無法進入的市場。但是——首先，我們必須做出資產分配決定。為了做到這一點，我們需要權衡我們在業務中看到的權衡和增長機會。

So new geos is one growth factor, and new products is another. I spoke earlier about consumer wellness, corporate, another growth opportunity, all of which we would like to lean into in the -- over the next 12 months.

所以新地理是一個增長因素，新產品是另一個。我早些時候談到了消費者健康、企業、另一個增長機會，我們希望在未來 12 個月內利用所有這些機會。

And then for Jill, just to follow up on -- if you could -- if you had any color on the SAM? I think it was 20 million when last provided.

然後對於吉爾，只是跟進 - 如果可以的話 - 如果你在 SAM 上有任何顏色？我想上次提供時是 2000 萬。

Sure. And obviously, that analysis hasn't been updated for the most recent price change, which, I suspect, will significantly expand TAM since that's the primary barrier. But the 100 million goal, I don't know, Barry, if you want to jump in, but obviously, it's a long way from where we sit today.

當然。顯然，該分析尚未針對最近的價格變化進行更新，我懷疑這將顯著擴大 TAM，因為這是主要障礙。但是一億的目標，我不知道，巴里，如果你想跳進去，但顯然，離我們今天坐的位置還有很長的路要走。

We have often looked at the number of people that have -- belong to a gym globally as an interesting data point to understand the number of folks who are interested in fitness, and that number is 180 million. We believe that tech-enabled fitness has a massive opportunity to expand the market. And we think that software will drive a transformative experience.

我們經常將全球擁有健身房的人數視為一個有趣的數據點，以了解對健身感興趣的人數，這個數字是 1.8 億。我們相信，技術支持的健身有巨大的機會來擴大市場。我們認為軟件將推動變革性的體驗。

But we've got to evolve the strategy fairly significantly to get to that 100 million, and that could include FaaS. That could include further expansion and scaling of the app, much more international growth. And so there's a lot of different pillars to get to that, but that's a long way away.

但我們必須相當顯著地發展戰略才能達到 1 億，這可能包括 FaaS。這可能包括應用程序的進一步擴展和擴展，以及更多的國際增長。所以有很多不同的支柱可以實現，但這還有很長的路要走。

Yes. Look, we can't get there without making the digital app a big success, I mean, that's pretty clear. And we can't get there without having a broad-scale international business. It's clear that people outside the United States also care about fitness, and there's an opportunity for us to capitalize on that.

是的。看，如果不讓數字應用程序取得巨大成功，我們就無法到達那裡，我的意思是，這很清楚。如果沒有廣泛的國際業務，我們就無法實現這一目標。很明顯，美國以外的人也關心健身，我們有機會利用這一點。

We'll know how big the TAM is when we get done at vetting it. I know of digital apps that already have more than 100 million people that are focused on fitness. And I can't, for the life of me, think why, given our success early in the category, that we couldn't be one of those digital apps. So stay tuned.

當我們完成審查時，我們就會知道 TAM 有多大。我知道已經有超過 1 億人專注於健身的數字應用程序。鑑於我們在該類別早期的成功，我一生都無法思考為什麼我們不能成為那些數字應用程序之一。所以請繼續關注。

The next question comes from Eric Sheridan with Goldman Sachs.

下一個問題來自高盛的 Eric Sheridan。

Maybe, Barry, I'd love to take a step back for a minute and just get your perspective. Having been inside the business now over the last couple of months, what did you find that surprised you to the upside from some of your outside perspective? Where are you finding that you need to spend more of your time?

也許，巴里，我想退後一步，看看你的觀點。在過去的幾個月裡，你已經進入了這個行業，從你的一些外部角度來看，你發現了什麼讓你感到驚訝？你發現你需要在哪里花費更多的時間？

Or do you think there's a bit of a more effort that has to be applied to sort of get the business to workovers over the medium term? So just sort of a broader question on your perceptions and how that's resulted in how you spend your time and realigning assets.

還是您認為需要付出更多努力才能讓企業在中期內恢復正常？所以只是一個關於你的看法的更廣泛的問題，以及這如何導致你如何花費你的時間和重新調整資產。

Let me make sure that I got the question. What have I found internally that makes me optimistic about the success of the business?

讓我確保我得到了這個問題。我在內部發現了什麼讓我對業務的成功感到樂觀？

Surprise.

驚喜。

What surprised me?

什麼讓我感到驚訝？

Opportunity.

機會。

Well, the nature of turnarounds is they're full of surprises. I would say the biggest surprise in the quarter was the cash flow. And related to that, the biggest surprise was our ability to quickly address it without diluting existing shareholders and adequately capitalizing the business.

嗯，轉機的本質是它們充滿了驚喜。我想說本季度最大的驚喜是現金流。與此相關的是，最大的驚喜是我們能夠在不稀釋現有股東和充分利用業務資本的情況下快速解決這個問題。

So I'm just really, really pleased with the way the team executed to address that particular issue. I found more talent in the building, honestly, than I expected to find. And -- which is incredibly important if you're going to be able to execute.

因此，我對團隊解決該特定問題的執行方式非常非常滿意。老實說，我在大樓裡發現的人才比我預期的要多。而且——如果你要能夠執行，這非常重要。

We were weaker on everything supply chain than I expected. But we're fortunate to get Andy, and he's moved quickly to build out his team. And so I'm pretty optimistic about our ability to address that.

我們在所有供應鏈上都比我預期的要弱。但我們很幸運能得到安迪，他很快就開始組建自己的團隊。所以我對我們解決這個問題的能力非常樂觀。

And then I would say, lastly, I was surprised to discover that when I first introduced the concept of Fitness-as-a-Service, the business had already been -- had thought about it 2 years ago and then sort of got sucked into the vortex of COVID. And so never really leaned into the opportunity but had already done thinking about it. And so we were able to move on it faster than we would have if they hadn't already thought about it.

然後我要說，最後，我驚訝地發現，當我第一次引入健身即服務的概念時，該業務已經 - 兩年前就已經考慮過了，然後有點被吸引了COVID的漩渦。所以從來沒有真正抓住機會，但已經考慮過了。因此，如果他們沒有考慮過，我們能夠以比我們更快的速度繼續前進。

And then, lastly, I would say, I'm really encouraged by the growth. And my -- I was hoping we'd get to 70% uplift, I thought that would be pretty spectacular, and we're pushing north of 90% at the moment. So it remains to be seen whether the value proposition that we're pushing will drive the kind of ROI that we would like to see to justify the investment.

然後，最後，我要說，我真的對增長感到鼓舞。而且我的 - 我希望我們能達到 70% 的提升，我認為這將非常壯觀，而我們目前正在向 90% 推進。因此，我們正在推動的價值主張是否會推動我們希望看到的投資回報率，還有待觀察。

But I think that's a really big idea, and it changed dramatically the P&L if we roll it. There is no hardware gross margin in that business. We own it. There's no transfer of -- we own the hardware, there's no transfer of title.

但我認為這是一個非常大的想法，如果我們滾動它，它會極大地改變損益表。該業務沒有硬件毛利率。我們擁有它。沒有轉讓——我們擁有硬件，沒有轉讓所有權。

We amortize the hardware over the expected useful life of the bike. The frame has a different -- has a longer shelf life and the console. I expect the gross margins in that business to push high 70s, low 80s. And I think we would have a super attractive customer acquisition costs.

我們將硬件攤銷到自行車的預期使用壽命內。框架有一個不同的——具有更長的保質期和控制台。我預計該業務的毛利率將推高 70 年代，低 80 年代。而且我認為我們將擁有超級有吸引力的客戶獲取成本。

So I'm just in love with the whole thing. And nothing I've seen yet gives me pause related to it. I know it won't be a straight line from here to there, and we may have to do some engineering, but that's been the -- like the biggest surprise on the upside since I walked in the door, I would say.

所以我只是愛上了整個事情。我還沒有看到任何相關的東西讓我停下來。我知道從這裡到那裡不會是一條直線，我們可能需要做一些工程，但這是——就像我走進大門以來最大的驚喜一樣，我會說。

The next question comes from Aneesha Sherman with Bernstein.

下一個問題來自 Aneesha Sherman 和 Bernstein。

So your point around digital being the tip of the spear and the leading force towards getting -- towards the 100 million, how does that fit with your point of international? Would you be considering digital-only or digital-first expansion internationally to get around some of those -- some of the drag on margins you talked about earlier in the call?

所以你關於數字化的觀點是矛頭和主導力量——邁向 1 億，這與你的國際觀點有什麼關係？您是否會考慮在國際上僅進行數字化或以數字化為先的擴張，以解決其中一些問題——您在電話會議早些時候談到的一些對利潤率的拖累？

And then related to that, last quarter, you talked about going dark on marketing to understand the baseline. Has that plan changed now that you're thinking about top of the funnel and improving brand awareness?

然後與此相關，上個季度，您談到了在營銷方面暗中了解基線。既然您正在考慮漏斗頂部並提高品牌知名度，那麼該計劃是否發生了變化？

Well, yes, going dark on marketing was not my plan. And so mostly, I've been focused on what I think makes sense for driving business growth. And the frame of reference I have brought to that decision-making is LTV to CAC.

嗯，是的，對營銷一竅不通不是我的計劃。因此，我一直專注於我認為對推動業務增長有意義的事情。我為該決策制定的參考框架是 LTV 到 CAC。

As it relates to international growth and the digital app, the answer to your question is yes, but remains to be seen what actually we're going to -- what the value proposition for consumers will be, what's going to be in the app and how do we position it relative to all-access. But historically, the approach has been all-access first, digital later, kind of maybe if we get to it. And I think we need to change the order.

由於它與國際增長和數字應用程序有關，您的問題的答案是肯定的，但我們實際上要做什麼還有待觀察——消費者的價值主張是什麼，應用程序中的內容和我們如何相對於所有訪問定位它。但從歷史上看，這種方法首先是全訪問，然後是數字化，如果我們能做到的話，也許會這樣。我認為我們需要改變順序。

The next question comes from Rohit Kulkarni with MKM Partners. This will be our last question.

下一個問題來自 MKM Partners 的 Rohit Kulkarni。這將是我們的最後一個問題。

Great. A couple of questions for you, Barry. Can you talk about the kind if obvious holes in talent that you're trying to fill here at Peloton? You talked about tech debt. Also, any examples as to if you're able to resolve the tech debt, what improvements in processes, execution time line that you could have?

偉大的。有幾個問題要問你，巴里。你能談談你在 Peloton 試圖填補的那種明顯的天賦漏洞嗎？你談到了技術債務。此外，是否有任何示例說明您是否能夠解決技術債務、流程方面的哪些改進、您可以擁有的執行時間線？

And then maybe one [money] kind of question. On the $800 million annual run rate savings by fiscal year '24, why does it take so long to achieve these savings? And not just by next fiscal year itself. As you are trying to get to cash flow breakeven, is there a scenario that you could get these run rate savings a lot sooner?

然後也許是一個[錢]類型的問題。到 24 財年每年節省 8 億美元，為什麼要花這麼長時間才能實現這些節省？而不僅僅是到下一個財政年度本身。當您試圖實現現金流盈虧平衡時，是否有一種情況可以讓您更快地獲得這些運行率節省？

Do you want me to take that restructuring question first?

你想讓我先回答重組問題嗎？

Sure.

當然。

So I can speak on the COGS side. I mean, really, when you think about having improved cost per unit, right, through better design procurement, you have to sell through your existing inventory. I think we will broadcast our inventory position at this juncture. But it will take us through fiscal '23 to sell down.

所以我可以在 COGS 方面發言。我的意思是，真的，當您考慮通過更好的設計採購來降低單位成本時，您必須通過現有庫存進行銷售。我想我們會在這個時候公佈我們的庫存狀況。但這將需要我們通過 '23 財年才能賣出。

And so that is one of the main reasons for the longer time frame on getting to a better cost per unit and being able to realize a lot of the COGS savings, which I think we said $300 million by fiscal '25 -- '24 -- end of '24, sorry.

因此，這是在更長的時間內獲得更好的單位成本並能夠實現大量 COGS 節省的主要原因之一，我認為我們在 '25 - '24 - 財政年度之前說過 3 億美元 - - 24 年末，對不起。

And then on OpEx, we are going as absolutely fast as we can. There are certain things that take a little bit more time as we move out of certain real estate that we occupy from a corporate perspective. But we are moving as quickly as possible.

然後在 OpEx 上，我們將盡可能快地進行。當我們從公司的角度搬出我們佔據的某些房地產時，有些事情需要更多的時間。但我們正在盡快行動。

And as I said, of the $500 million, we're expecting $450 million within fiscal '23. And our goal was to get to that $500 million run rate by the end of fiscal '23. But COGS will take more time.

正如我所說，在 5 億美元中，我們預計 23 財年將有 4.5 億美元。我們的目標是在 23 財年末達到 5 億美元的運行率。但 COGS 將需要更多時間。

And I'm going to say, some of that -- those savings are run rate-related. So taking $200 million out of marketing. Well, partly, that's a function of taking a different structural approach to how we market. The product and the savings get realized over time. Same thing with respect to some of the savings that we have projected that we will achieve in G&A.

我要說的是，其中一些 - 這些節省與運行率有關。因此，從營銷中抽出 2 億美元。嗯，部分原因是我們對營銷方式採取了不同的結構性方法。產品和節省會隨著時間的推移而實現。對於我們預計將在 G&A 中實現的一些節省也是如此。

The first part of the question was related to imbalance of what?

問題的第一部分與什麼不平衡有關？

Talent.

天賦。

What any talent that you want [to hire] or the areas of talent hire?

您想[僱用]什麼人才或人才僱用的領域？

Well, none that I want to highlight on the call. People here at Peloton are getting tired of me saying talent density is job 1, talent density is job 1. So if there are additional -- additions that were going to happen as a team, you'll hear about it after the fact, not before the fact. But your going-in expectations, your understanding should be that there may be more talent in the building than you might have expected.

好吧，我不想在電話會議上強調。 Peloton 的人們已經厭倦了我說人才密度是工作 1，人才密度是工作 1。所以，如果有額外的 - 作為一個團隊發生的補充，你會在事後聽到它，而不是在事實之前。但是您的入駐期望，您的理解應該是大樓裡的人才可能比您預期的要多。

Tech debt.

技術債務。

Well, so let me tell the story this way. The business was crowdsourced so there's a bunch of software that was hacked. The business started to have success, like all tech companies I've ever been associated with, all of the resources of the business were focused on engineering and product in order to accelerate growth.

好吧，讓我這樣講故事。該業務是眾包的，因此有很多軟件被黑客入侵。該業務開始取得成功，就像我曾經接觸過的所有科技公司一樣，該業務的所有資源都集中在工程和產品上，以加速增長。

And then COVID hit. And so the business explodes from 700,000 subs to 3 million subs. And all those systems-related issues are still present in the business today. So the order management system is still the original code that was hacked when the business was first organized. And pretty much all of that needs to be rewritten.

然後COVID來了。因此，該業務從 700,000 個訂閱者激增至 300 萬個訂閱者。所有這些與系統相關的問題今天仍然存在於業務中。所以訂單管理系統仍然是最初組織業務時被黑的原始代碼。幾乎所有這些都需要重寫。

And then there are a bunch of downstream issues that happened because of the way that the order management system was architected and speaks to the -- to all the accounting-related systems, the ERP system. And if you work in customer service or I think I've heard there are 13 or 16 different screens you look at in order to be able to see the entire customer history. And Andy has just hired a new head of customer service, and we're going to be addressing some of those issues.

然後，由於訂單管理系統的架構方式以及與所有與會計相關的系統（即 ERP 系統）對話的方式，發生了一系列下游問題。如果您從事客戶服務工作，或者我想我聽說您可以查看 13 或 16 個不同的屏幕，以便能夠查看整個客戶歷史記錄。 Andy 剛剛聘請了一位新的客戶服務主管，我們將解決其中的一些問題。

So when you actually call up, our customer service reps are actually able to be helpful because we've organized all that information on one screen. So those are kinds of -- those are examples of some of the kinds of issues we face.

因此，當您實際致電時，我們的客戶服務代表實際上能夠提供幫助，因為我們已在一個屏幕上組織了所有這些信息。所以這些是我們面臨的一些問題的例子。

Others relate to our ability to push code in our engineering team and the productivity of engineers. This is an issue, for instance, in the last couple of years that's [followed by the Barry effect] that we wrestled to the ground. But even after it was public, it was an issue that they had to address, and we have to address it here as well.

其他與我們在工程團隊中推送代碼的能力和工程師的生產力有關。這是一個問題，例如，在過去的幾年裡，[隨後是巴里效應]，我們陷入了困境。但即使在公開之後，這是他們必須解決的問題，我們也必須在這裡解決。

And so as a consequence, it slows down the speed at which we're able to A/B test and the speed at which we're able to update our e-commerce platform. You see that in our ability to quickly get to market to A/B test Fitness-as-a-Service, for instance. I mean, really, we have to wait until the end of June to be able to A/B test on the website. That's something that would take 1.5 days at Netflix, even early on.

因此，它減慢了我們能夠進行 A/B 測試的速度以及我們能夠更新電子商務平台的速度。例如，您可以在我們快速進入市場以進行 A/B 測試健身即服務的能力中看到這一點。我的意思是，真的，我們必須等到 6 月底才能在網站上進行 A/B 測試。即使在早期，這在 Netflix 也需要 1.5 天。

But it is what it is, and we'll get through it. We understand what the issues are now, and we'll get the kind of expertise we need in-house to get it fixed. These are not unsolvable problems. They're not problems that companies like us haven't seen.

但它就是這樣，我們會克服它。我們了解現在的問題是什麼，我們將獲得內部所需的專業知識來解決它。這些都不是無法解決的問題。它們不是像我們這樣的公司沒有看到的問題。

We just have to get our arms around it, and fix it. Then 12 months, we'll be in a much better place than we are today. So they don't threaten the business. It just slows us down, and we move a little slower than we would like to as a consequence.

我們只需要擁抱它，然後修復它。然後 12 個月，我們將處於比今天更好的地方。所以他們不會威脅到企業。它只會減慢我們的速度，因此我們的移動速度比我們想要的要慢一些。

This concludes our question-and-answer session, and I'll turn the conference back over to management for any closing remarks.

我們的問答環節到此結束，我將把會議轉回給管理層，以聽取任何結束語。

Okay. Well, I'm sorry that we sort of ended on that downward note because, actually, notwithstanding the stock price, feeling pretty optimistic about the path ahead and the number of levers that we have to turn to improve the operating performance of the business.

好的。好吧，我很抱歉我們以這種下降的方式結束，因為實際上，儘管股價上漲，但對未來的道路以及我們必須轉向改善業務經營業績的槓桿數量感到非常樂觀。

I don't mean to sound pollyannish, but I'm hopeful that, someday soon, we're going to look back on this call as one of the important turning points in the business. And look forward to checking in with you next quarter on our progress.

我的意思並不是聽起來很老套，但我希望在不久的將來有一天，我們將把這次電話會議作為業務的重要轉折點之一來回顧。並期待在下個季度與您一起了解我們的進展。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接。