(XPOF) 2023 Q1 法說會逐字稿

Greetings, and welcome to Xponential Fitness Inc. First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) I would now like to turn the conference over to your host, Kimberly Esterkin. Thank you. You may begin.

您好，歡迎參加 Xponential Fitness Inc. 2023 年第一季度收益電話會議。此時，所有參與者都處於只聽模式。正式演講之後將舉行問答環節。 （操作員指示）我現在想將會議轉交給主持人 Kimberly Esterkin。謝謝。你可以開始了。

Thank you, operator. Good afternoon, and thank you all for joining our conference call to discuss Exponential Fitness' First Quarter 2023 financial results. I am joined by Anthony Geisler, Chief Executive Officer; Sarah Luna, President; and John Meloun, Chief Financial Officer. A recording of this call will be posted on the Investors section of our website at investor.exponential.com. We remind you that during this call, we will make certain forward-looking statements, including discussions of our business outlook and financial projections. These forward-looking statements are based on management's current expectations and involve risks and uncertainties that could cause our actual results to differ materially from such expectations. For a more detailed description of these risks and uncertainties, please refer to our recent and subsequent filings with the SEC. We assume no obligations to update the information provided on today's call.

謝謝你，接線員。下午好，感謝大家參加我們的電話會議，討論 Exponential Fitness 2023 年第一季度的財務業績。首席執行官安東尼·蓋斯勒 (Anthony Geisler) 也出席了會議；莎拉·盧納，總裁；首席財務官約翰·梅隆 (John Meloun)。本次電話會議的錄音將發佈在我們網站 Investor.exponential.com 的投資者部分。我們提醒您，在本次電話會議中，我們將做出某些前瞻性聲明，包括討論我們的業務前景和財務預測。這些前瞻性陳述基於管理層當前的預期，涉及可能導致我們的實際結果與此類預期存在重大差異的風險和不確定性。有關這些風險和不確定性的更詳細描述，請參閱我們最近和隨後向 SEC 提交的文件。我們不承擔更新今天電話會議中提供的信息的義務。

In addition, we will be discussing certain non-GAAP financial measures in this conference call. We use non-GAAP measures because we believe they provide useful information about our operating performance that should be considered by investors in conjunction with the GAAP measures that we provide. A reconciliation of these non-GAAP measures to comparable GAAP measures is included in the earnings release that we issued earlier today prior to this call. Please also note that all numbers reported in today's prepared remarks refer to global figures, unless otherwise noted. I will now turn the call over to Anthony Geisler, Chief Executive Officer of Exponential Fitness.

此外，我們將在本次電話會議中討論某些非公認會計準則財務措施。我們使用非公認會計準則衡量標準是因為我們相信它們提供了有關我們經營業績的有用信息，投資者應將這些信息與我們提供的公認會計準則衡量標準結合起來考慮。這些非公認會計原則指標與可比公認會計原則指標的調節包含在我們今天早些時候在本次電話會議之前發布的收益報告中。另請注意，除非另有說明，今天準備好的評論中報告的所有數字均指全球數據。我現在將把電話轉給 Exponential Fitness 首席執行官安東尼·蓋斯勒 (Anthony Geisler)。

Thanks, Kimberly, and good afternoon, everyone. We appreciate you joining our first quarter earnings conference call. I'll begin today's discussion with an overview of our quarterly performance and operational highlights. Sarah will then speak further about our progress against our core growth strategies with an emphasis on our growing B2B offerings. John will conclude with a review of our first quarter financials and an update on our 2023 outlook. It was another strong quarter for exponential as our business has continued to perform across our key performance metrics. Exponential franchisees now operate over 2,750 studios globally, an increase of 24% year-over-year with more than 5,600 licenses sold across our 10 leading fitness brands. We now have franchise master franchise and international expansion agreements in 18 countries. Also encouraging, our mature studio cohorts are again exhibiting strong same-store sales growth with profiles similar to our younger studios. For the quarter, North American studios over 3 years old comped at 21% same-store sales.

謝謝金伯利，大家下午好。我們感謝您參加我們的第一季度收益電話會議。我將首先概述我們的季度業績和運營亮點，以開始今天的討論。然後，莎拉將進一步談論我們在核心增長戰略方面取得的進展，重點是我們不斷增長的 B2B 產品。約翰將回顧我們第一季度的財務狀況並更新我們的 2023 年展望。這是指數公司又一個強勁的季度，因為我們的業務在關鍵績效指標上繼續表現出色。 Exponential 特許經營商目前在全球經營超過 2,750 個工作室，同比增長 24%，我們的 10 個領先健身品牌已售出超過 5,600 個許可。我們現在在 18 個國家擁有特許經營主特許經營權和國際擴張協議。同樣令人鼓舞的是，我們成熟的工作室群體再次表現出強勁的同店銷售增長，其概況與我們年輕的工作室相似。本季度，成立 3 年以上的北美工作室同店銷售額佔 21%。

Turning to our membership levels. Total members across North America increased by approximately 31% year-over-year to a total of 665,000 at the end of the first quarter. Over 90% of these customers are actively paying members. Along with growth in our membership base, North American studio visits for the 3 months ending in March increased by 38% year-over-year, reaching a total of $12.6 million. The increasing foot traffic and utilization of the studios drove record North American system-wide sales, which increased 42% year-over-year in the first quarter. Freezers on memberships are also at their lowest level since prior to the pandemic. Q1 North American AUVs of 542,000 were up 21% from $450,000 in Q1 of 2022, our 11th straight quarter of AUV growth. We believe that AUV growth is the most direct measure of the health of our franchise system, and I am pleased to report the momentum in AUV growth has continued to build in the second quarter. We also saw same-store sales growth of 20% in the first quarter, up from 17% in the previous 2 quarters. This improvement is particularly impressive when considering the difficult comp in the first quarter of 2021 when our studios were back running at full capacity and performing solidly post pandemic. These numbers also bode well for our studios growth prospects for the remainder of the year and into the future as more members are visiting our studios. Furthermore, the acceleration in growth in our North American AUVs and same-store sales in combination with the growing membership base, demonstrate that consumers continue to view their health and wellness as a vital part of their budgets and not discretionary spend.

轉向我們的會員級別。截至第一季度末，北美地區會員總數同比增長約 31%，達到 665,000 名。其中超過 90% 的客戶都是積極付費的會員。隨著我們會員基礎的增長，截至 3 月份的 3 個月北美工作室訪問量同比增長 38%，達到 1,260 萬美元。工作室不斷增加的人流量和利用率推動了北美地區全系統銷售額創紀錄，第一季度同比增長 42%。會員資格的冰箱也處於大流行之前以來的最低水平。第一季度北美 AUV 數量為 542,000 艘，較 2022 年第一季度的 450,000 美元增長 21%，這是我們 AUV 連續第 11 個季度增長。我們相信 AUV 增長是衡量我們特許經營系統健康狀況的最直接指標，我很高興地報告第二季度 AUV 增長勢頭繼續增強。我們還看到第一季度同店銷售額增長了 20%，高於前兩個季度的 17%。考慮到 2021 年第一季度的困難情況，這一改進尤其令人印象深刻，當時我們的工作室已恢復滿負荷運行，並在大流行後表現穩定。隨著越來越多的會員訪問我們的工作室，這些數字也預示著我們工作室今年剩餘時間和未來的增長前景。此外，我們北美 AUV 和同店銷售的加速增長，加上會員基礎的不斷擴大，表明消費者仍然將自己的健康和保健視為預算的重要組成部分，而不是可自由支配的支出。

Turning to revenue. For the quarter, net revenue totaled $70.7 million, an increase of 40% year-over-year. Adjusted EBITDA totaled $22.9 million in Q1 or 32% of revenue, up 58% from $14.5 million or 29% of revenue in the prior year period. The resiliency of Xponential's business is best demonstrated by our franchisees opening new studios while driving additional business to their existing locations. Xponential franchisees continue to have ample access to the capital required to open studios by leveraging our relationships with several lenders. Despite higher interest rates, we have a healthy pipeline of franchisees with presold licenses seeking and receiving funding. In addition to franchisees continuing to open studios, studio members are continuing to show that they are spending on experiences. As Sarah will speak about shortly, many view their fitness memberships as part of their overall entertainment budgets. Let's now turn to our 4 strategic growth areas. I'll discuss the first 3 and then turn the call over to Sarah to discuss the fourth.

轉向收入。該季度淨收入總計 7070 萬美元，同比增長 40%。第一季度調整後 EBITDA 總計 2290 萬美元，佔收入的 32%，比去年同期的 1450 萬美元（佔收入的 29%）增長了 58%。 Xponential 業務的彈性最好地體現在我們的特許經營商開設新工作室，同時為現有地點帶來更多業務。通過利用我們與多家貸方的關係，Xponential 特許經營商繼續獲得開設工作室所需的充足資金。儘管利率較高，但我們擁有大量特許經營商，他們擁有預售許可證，尋求和接收資金。除了特許經營商繼續開設工作室外，工作室成員也繼續表明他們在體驗上投入了資金。正如莎拉稍後將談到的，許多人將健身會員資格視為總體娛樂預算的一部分。現在讓我們談談我們的 4 個戰略增長領域。我將討論前三個，然後將電話轉給莎拉討論第四個。

Beginning with the increase of our franchise studio base, we ended Q1 with 2,756 global open studios opening 115 net new studios in the first quarter. We sold 188 licenses globally in Q1, bringing the total sold licenses to 5,638. Our pipeline of over 2,000 licenses sold and contractually obligated to open on a global basis offers us multiyear visibility into our growth. Note this number does not include our master franchise agreement obligations, which I will speak to shortly. I am also happy that we are now conducting classes on all 15 of the cruise ships that make up the Princess fleet. Sarah will speak to this achievement in greater detail later in today's call. Turning to our second growth driver, expanding internationally. On the international front, we have over 1,000 studios obligated to be opened under master franchise agreements, and we continue to gain traction. Just last week, we announced a master franchise agreement in Japan to franchise up to 40 stretch lab studios over the next 10 years.

從我們特許經營工作室基礎的增加開始，截至第一季度，我們在全球開設了 2,756 個開放工作室，第一季度淨新開設了 115 個工作室。第一季度，我們在全球銷售了 188 個許可證，使已售許可證總數達到 5,638 個。我們已售出 2,000 多個許可證，並按照合同規定在全球範圍內開放，這為我們提供了多年增長的可見性。請注意，這個數字不包括我們的主特許經營協議義務，我將很快談到這一點。我也很高興我們現在正在公主號艦隊的所有 15 艘遊輪上開展課程。莎拉將在今天的電話會議中更詳細地談論這一成就。轉向我們的第二個增長動力，即國際擴張。在國際方面，我們有超過 1,000 個工作室有義務根據主特許經營協議開設，並且我們繼續獲得關注。就在上週，我們在日本宣布了一項主特許經營協議，在未來 10 年內特許經營多達 40 個拉伸實驗室工作室。

Xponential has 5 brands operating in Japan, including Club Pilates Rumble, CycleBar, AKT and Stretch lab. In addition, we recently signed master franchise agreements with Club Patties in Ireland and Switzerland. And in Q1, we opened our first club potties in Frankfurt, Germany. As a reminder, our MFAs are structured to provide Xponential with high-margin flow-through, given that we structure them as a revenue share model and require minimal incremental SG&A to support MFA growth. Our third key growth driver is to expand margins and drive free cash flow conversion. As our business continues to grow, we see further benefits of our asset-light scalable operating model, which shows up in our margin performance. Adjusted EBITDA margins again improved to 32.4% during the first quarter as we continue to increase our operating leverage. We remain confident that our adjusted EBITDA margins will expand into the 35% to 39% range in 2023 and are on track to achieve our adjusted EBITDA margin target of 40% in 2024. With that, I'll pass the call on to Sarah to discuss our fourth and final growth driver, increasing our same-store sales and AUVs.

Xponential 在日本擁有 5 個品牌，包括 Club Pilates Rumble、CycleBar、AKT 和 Stretch lab。此外，我們最近還與愛爾蘭和瑞士的 Club Patties 簽署了主特許經營協議。在第一季度，我們在德國法蘭克福開設了第一個俱樂部便盆。提醒一下，我們的 MFA 的結構是為 Xponential 提供高利潤的流通，因為我們將它們構建為收入共享模型，並且需要最少的增量 SG&A 來支持 MFA 的增長。我們的第三個關鍵增長動力是擴大利潤率並推動自由現金流轉換。隨著我們業務的不斷增長，我們看到了輕資產可擴展運營模式的進一步優勢，這體現在我們的利潤表現中。隨著我們繼續提高運營槓桿，第一季度調整後 EBITDA 利潤率再次提高至 32.4%。我們仍然有信心，我們的調整後EBITDA 利潤率將在2023 年擴大到35% 至39% 的範圍，並有望在2024 年實現40% 的調整後EBITDA 利潤率目標。這樣，我會將電話轉達給Sarah討論我們的第四個也是最後一個增長動力，即增加我們的同店銷售額和 AUV。

Thank you, Anthony. At Xponential, we understand the importance of empowering customers to exercise where and when they want. We also acknowledge that customers are looking to work out and to have a full experience while doing so. In other words, they are looking for a place where they can work out and socialize. And it's not just Xponential customers spending on experiences. In our recent spending report by Mastercard, the credit card company found that consumer spending on experiences rose by double digits in February. Compared to the year ago period, consumers spent 42.7% more on lodging, 15.6% more in airlines and 14.2% more on restaurants. Consumers are shifting their spending and Xponential's benefiting from the spend on experiences, as is evident from the increase in our visitation rates and membership count.

謝謝你，安東尼。在 Xponential，我們了解讓客戶隨時隨地鍛煉的重要性。我們還承認，客戶希望鍛煉身體並在鍛煉過程中獲得完整的體驗。換句話說，他們正在尋找一個可以鍛煉和社交的地方。而且不僅僅是 Xponential 客戶在體驗上花錢。在萬事達卡最近的支出報告中，信用卡公司發現二月份消費者在體驗上的支出增長了兩位數。與去年同期相比，消費者在住宿上的支出增加了 42.7%，在航空上的支出增加了 15.6%，在餐廳上的支出增加了 14.2%。消費者正在改變他們的支出，Xponential 從體驗支出中受益，這一點從我們的訪問率和會員數量的增加就可以看出。

During the first quarter, North America visitation rates grew 38% year-over-year, and our North American membership base has grown to over 665,000 members. While we often see some seasonality in membership following the new year, Q1 is typically our strongest quarter for membership growth. These results are further proof points that more individuals are visiting our boutique fitness studios. Importantly, these trends have continued into the second quarter. To keep this momentum going, Xponential is consistently innovating, finding new ways to connect with our members, increase retention and reduce churn, all of which are vital to growing our same-store sales and AUVs. Our expat offering is one such example of a novel way in which we are providing our members frictionless access to all 10 of our brands on a single recurring monthly membership platform.

第一季度，北美訪問率同比增長 38%，我們的北美會員數量已增至超過 665,000 名。雖然我們經常看到新年後會員數量出現一些季節性，但第一季度通常是我們會員增長最強勁的季度。這些結果進一步證明越來越多的人正在訪問我們的精品健身室。重要的是，這些趨勢一直持續到第二季度。為了保持這一勢頭，Xponential 不斷創新，尋找新的方式與我們的會員建立聯繫，提高保留率並減少流失，所有這些對於增加我們的同店銷售額和 AUV 至關重要。我們的外籍人士服務就是這樣一種新穎的方式，我們通過這種方式為我們的會員提供在單一定期月度會員平台上無障礙訪問我們所有 10 個品牌的服務。

In addition to providing our customers with greater flexibility, ExPat serves as a lead generator for our franchisees to drive in studio memberships. Not only have we been able to sell traditional x-pass memberships to those frequenting our studios on land, but we now are actively offering our expat to individuals who work out with one of our boutique brands on Princess cruise ships. We are excited that PirBar, Yoga 6 and stretch lab have already launched across the entire fleet of Princess cruise ships. We are happy to already see social media posts from franchisees discussing signing up new members post cruises. Beyond taking our live classes on board, cruise guests also have the opportunity to stream our digital offering XPlus across Princess' more than 23,000 state rooms. XPlus helps enable our members to work out whenever and wherever is convenient for them, even if onboard a cruise ship.

除了為我們的客戶提供更大的靈活性外，ExPat 還為我們的特許經營商提供領先的動力，以推動工作室會員資格的發展。我們不僅能夠向那些經常光顧我們陸上工作室的人出售傳統的 x-pass 會員資格，而且現在還積極向在公主遊輪上使用我們的精品品牌之一鍛煉的個人提供我們的外籍人士。我們很高興 PirBar、Yoga 6 和拉伸實驗室已經在公主遊輪的整個船隊中推出。我們很高興看到特許經營商在社交媒體上發布帖子討論在郵輪旅行後簽約新會員。除了在船上參加我們的現場課程外，遊輪乘客還有機會在公主號的 23,000 多個特等艙內觀看我們的數字產品 XPlus。 XPlus 幫助我們的會員隨時隨地進行鍛煉，即使在遊輪上也是如此。

At the end of the first quarter, we had over 140,000 subscribers on XPlus, many of whom also hold in studio memberships, including those who have subscriptions through their club Platte or stretch lab membership. XPlus is also a key driver of our B2B partnerships. Recently, we announced the launch of XPlus on LG Electronics Smart TVs, which will provide on-demand access to Xponential's family of brands to millions of LG Smart TV owners in over 250 countries. Our previously announced partnership with Active Solutions is progressing well. Active is leveraging our world-class digital content for our XPlus platform in one-of-a-kind immersive exercise experiences tailored specifically for amenities located within leading hotels and resorts, corporate campuses, universities and high-end multifamily housing properties. We've installed about 90 active base so far and expect that these will all be activated at the end of June.

截至第一季度末，我們在 XPlus 上擁有超過 140,000 名訂閱者，其中許多人還擁有工作室會員資格，包括通過 Platte 俱樂部或拉伸實驗室會員資格訂閱的人。 XPlus 也是我們 B2B 合作夥伴關係的關鍵驅動力。最近，我們宣佈在 LG Electronics 智能電視上推出 XPlus，這將為 250 多個國家/地區的數百萬 LG 智能電視用戶提供對 Xponential 品牌系列的按需訪問。我們之前宣布的與 Active Solutions 的合作關係進展順利。 Active 正在利用我們的 XPlus 平台世界一流的數字內容，提供一種獨一無二的沉浸式鍛煉體驗，專為領先的酒店和度假村、企業園區、大學和高端多戶住宅內的設施量身定制。到目前為止，我們已經安裝了大約 90 個活躍基地，預計這些基地將在 6 月底全部啟動。

Our strategic B2B partnerships with industry-leading companies are made possible by the strength of the Xponential brand as well as our expanding omnichannel fitness capabilities. We look forward to benefiting our franchisees even more with these tools and partnerships in the future, helping drive individuals into the Xponential ecosystem, whether virtually or through our brick-and-mortar locations. Thank you again for your time. I'll now turn the call over to John to discuss our first quarter results and 2023 outlook.

Xponential 品牌的實力以及我們不斷擴展的全渠道健身能力使我們與行業領先公司的戰略 B2B 合作夥伴關係成為可能。我們期待未來通過這些工具和合作夥伴關係為我們的特許經營商帶來更多好處，幫助推動個人進入 Xponential 生態系統，無論是虛擬的還是通過我們的實體店。再次感謝您抽出時間。我現在將電話轉給 John，討論我們第一季度的業績和 2023 年的前景。

Thanks, Sarah. It's great to speak with everyone to discuss Exponentials first quarter 2020 results. First quarter North America system-wide sales of $317.8 million were up 42% year-over-year. The growth in North American system-wide sales was largely driven by the 20% same-store sales in the existing base of Open Sitio that continue to acquire new members, coupled with 82 net new North American sitios that opened in the first quarter. On a consolidated basis, revenue for the quarter was $70.7 million, up 40% year-over-year. Each of the 5 components that make up our revenue grew during the quarter. Franchise revenue was $33 million, up 29% year-over-year. This growth was primarily driven by an increase in royalty revenue as member visits and associated system-wide sales reached all-time highs.

謝謝，莎拉。很高興與大家討論 Exponentials 2020 年第一季度的業績。第一季度北美全系統銷售額為 3.178 億美元，同比增長 42%。北美全系統銷售額的增長主要是由於 Open Sitio 現有基礎上 20% 的同店銷售額不斷吸納新會員，加上第一季度淨開設 82 個北美新店，推動了這一增長。綜合來看，該季度收入為 7070 萬美元，同比增長 40%。構成我們收入的 5 個組成部分在本季度均有所增長。特許經營收入為 3300 萬美元，同比增長 29%。這一增長主要是由於會員訪問量和相關係統範圍內的銷售額達到歷史新高而導致特許權使用費收入增加。

In addition, we saw increase in structured training revenues and higher monthly tech fees that will continue to increase as we open more studios domestically. Equipment revenue was $13.1 million, up 68% year-over-year. This increase in equipment revenue is the result of continued higher volumes of global equipment installations. Merchandise revenue was $7.2 million, up 18% year-over-year. The increase during the quarter was primarily driven by a higher number of operating studios and increased foot traffic when compared to the prior year. Franchise marketing fund revenue of $6.2 million was up 40% year-over-year, primarily due to strong system-wide sales from a higher number of open sitios in North America. Lastly, other service revenue, which includes rebates from processing studios system-wide sales, B2B partnerships, Pass and X Plus amongst other items, was $11.3 million, up 71% from the prior year period. The increase in the period was primarily due to increased rebates from the processing of [cidal] level system-wide sales and our increased revenues from our B2B partnerships.

此外，我們還看到結構化培訓收入和每月技術費用的增加，隨著我們在國內開設更多工作室，這些收入將繼續增加。設備收入為1310萬美元，同比增長68%。設備收入的增長是全球設備安裝量持續增加的結果。商品收入為 720 萬美元，同比增長 18%。與上一年相比，本季度的增長主要是由於運營工作室數量增加和人流量增加所致。特許經營營銷基金收入為 620 萬美元，同比增長 40%，這主要是由於北美開放網站數量增加導致全系統銷售強勁。最後，其他服務收入為 1130 萬美元，比上年同期增長 71%，其中包括處理工作室全系統銷售、B2B 合作夥伴關係、Pass 和 X Plus 等項目的回扣。該期間的增長主要是由於處理 [cidal] 級全系統銷售的回扣增加以及我們的 B2B 合作夥伴關係收入增加。

Turning to our operating expenses. Cost of product revenue were $14 million, up 46% year-over-year. The increase was driven by a higher volume of equipment installations for new studio openings and merchandise revenue in the period. Cost of franchise and service revenue were $4 million, down 5% year-over-year. The decrease was driven by fewer license terminations and studio transfers in Q1 of 2023. Selling, general and administrative expenses of $34.9 million were up 3% year-over-year, which in the period included the cost of the secondary offering that was completed in February. As a percentage of revenue, SG&A expenses were 49% of revenue in the first quarter, down from 67% in the prior year period, demonstrating the continued leveraging of SG&A as we continue to grow revenues. As I have noted on prior calls, costs related to company-owned transition studios are included in our SG&A. We are focused on growing the sales in these studios, optimizing operating costs to achieve 4-wall profitability and then finding new franchisee owners to wish to sell them. We also expect to see legal costs declined in the second half of the year as a result of increased efficiencies.

轉向我們的運營費用。產品收入成本為 1,400 萬美元，同比增長 46%。這一增長是由於新工作室開業的設備安裝量增加以及同期商品收入增加所致。特許經營成本和服務收入為 400 萬美元，同比下降 5%。這一下降是由於 2023 年第一季度許可終止和工作室轉讓減少。銷售、一般和管理費用為 3,490 萬美元，同比增長 3%，其中包括 2023 年完成的二次發行成本。二月。按佔收入的百分比計算，第一季度銷售、管理及行政費用佔收入的 49%，低於去年同期的 67%，這表明隨著我們收入的不斷增長，銷售、管理和行政費用的持續利用。正如我在之前的電話中指出的那樣，與公司擁有的過渡工作室相關的成本已包含在我們的 SG&A 中。我們專注於增加這些工作室的銷售額，優化運營成本以實現四牆盈利，然後尋找新的特許經營商希望出售它們。我們還預計，由於效率提高，下半年法律成本將會下降。

Further, in the first quarter, we announced the hiring of Andrew Hagopian, who will serve as our Chief Legal Officer. We are thrilled to see that Andrew has hit the ground running and has already started working towards optimizing legal expenses. Depreciation and amortization expense was $4.2 million, an increase of 20% from the prior year period. Marketing fund expenses were $5 million, up 15% year-over-year, driven by increased spend afforded by higher franchise marketing fund revenue. Acquisition and transaction expenses were $15.7 million, primarily related to the noncash contingent consideration as part of our acquisition of Rumble. As I have noted on prior earnings calls, the Rumble contingent consideration is driven by movements in our share price. We mark-to-market at each quarter and accrue for the earnout. We recorded a net loss of approximately $15 million in the first quarter compared to a net loss of $15.2 million in the prior year period. The decrease in net loss was the result of $2.8 million of lower overall profitability, a $6.2 million increase in noncash contingent consideration primarily related to the Rumble acquisition and a $9.2 million decrease in noncash equity-based compensation expense. We continue to believe that adjusted net income is a more useful way to measure the performance of our business. A reconciliation of net income to adjusted net income is provided in our earnings press release.

此外，在第一季度，我們宣布聘用 Andrew Hagopian，他將擔任我們的首席法務官。我們很高興看到安德魯已經開始行動，並已經開始努力優化法律費用。折舊和攤銷費用為 420 萬美元，比上年同期增長 20%。營銷基金支出為 500 萬美元，同比增長 15%，這是由於特許經營營銷基金收入增加帶來的支出增加。收購和交易費用為 1570 萬美元，主要與我們收購 Rumble 的一部分的非現金或有對價有關。正如我在之前的財報電話會議上指出的那樣，Rumble 或有考慮因素是由我們股價的變動驅動的。我們每個季度都會按市價計價並累積收益。我們第一季度的淨虧損約為 1500 萬美元，而去年同期的淨虧損為 1520 萬美元。淨虧損減少的原因是整體盈利能力下降 280 萬美元、主要與 Rumble 收購相關的非現金或有對價增加 620 萬美元以及非現金股權補償費用減少 920 萬美元。我們仍然相信調整​​後的淨利潤是衡量我們業務績效的更有用的方法。我們的收益新聞稿中提供了淨利潤與調整後淨利潤的調節表。

Adjusted net income for the first quarter was $1.3 million, which excludes the $15.7 million change in fair value of noncash contingent consideration and a $0.6 million liability increase related to the first quarter remeasurement of the company's tax receivable agreement. This results in adjusted net loss of $0.02 per basic share on a share count of 30.8 million shares of Class A common stock after accounting for income attributable to noncontrolling interest and dividends on preferred shares. Adjusted EBITDA was $22.9 million in the first quarter, up 58% compared to $14.5 million in the prior year period. Adjusted EBITDA margin grew to 32% in the first quarter compared to 29% in the prior year period. As a reminder, our 2023 outlook anticipates adjusted EBITDA margins reaching the 35% to 39% range, and we expect this number to grow to 40% in 2024.

第一季度調整後淨利潤為 130 萬美元，其中不包括非現金或有對價公允價值變動 1,570 萬美元，以及與第一季度公司應收稅款協議重新計量相關的 60 萬美元負債增加。考慮到非控股權益和優先股股息的收入後，3080萬股A類普通股的調整後淨虧損為每股基本股0.02美元。第一季度調整後 EBITDA 為 2290 萬美元，比去年同期的 1450 萬美元增長 58%。第一季度調整後 EBITDA 利潤率增至 32%，而去年同期為 29%。提醒一下，我們對 2023 年的展望預計調整後的 EBITDA 利潤率將達到 35% 至 39% 的範圍，並且我們預計這一數字將在 2024 年增長至 40%。

Turning to the balance sheet. As of March 31, 2023, cash, cash equivalents and restricted cash were $28.1 million, up from $15.8 million as of March 31, 2022. Total long-term debt was $266.7 million as of March 31, 2023, compared to $132.5 million as of March 31, 2022. The increase in total long-term debt is primarily due to the repurchase of 85,340 shares of convertible preferred stock at a price of $22.07 per share announced in January. These shares prior to the repurchase would have been convertible into 5.9 million shares of Class A common stock.

轉向資產負債表。截至2023 年3 月31 日，現金、現金等價物和限制性現金為2,810 萬美元，高於截至2022 年3 月31 日的1,580 萬美元。截至2023 年3 月31 日，長期債務總額為2.667 億美元，而截至2023 年3 月31 日為1.325 億美元。 2022年3月31日。長期債務總額的增加主要是由於1月份宣布以每股22.07美元的價格回購85,340股可轉換優先股。這些股份在回購之前可轉換為 590 萬股 A 類普通股。

Now turning to our outlook. After a solid first quarter and a continued positive momentum in the second quarter, we are confident in our growth trajectory. With that said, based on current business conditions and our expectations as of the date of this call, we are increasing our full year 2023 guidance for systemwide sales, revenue and adjusted EBITDA, and we are reaffirming guidance for net new studio openings as follows: We expect 2023 global net new studio openings to remain unchanged in the range of 540 to 560. This range represents the highest number of studios opening in our company's history and an 8% increase at the midpoint over 2022. We are increasing North America system-wide sales to range from $1.37 billion to $1.38 billion, up from the previous $1.34 billion to $1.35 billion or a 33% increase at the midpoint from the prior year.

現在轉向我們的展望。經過第一季度的穩健和第二季度的持續積極勢頭，我們對我們的增長軌跡充滿信心。話雖如此，根據當前的業務狀況和我們截至本次電話會議之日的預期，我們正在提高對全系統銷售、收入和調整後EBITDA 的2023 年全年指導，並且我們重申對新工作室淨開設的指導如下：我們預計2023 年全球淨新開設工作室將保持在540 至560 個範圍內不變。這個範圍代表了我們公司歷史上開設的工作室數量最高，比2022 年中點增長8%。我們正在增加北美系統 -銷售額從上年的 13.4 億美元升至 13.5 億美元，增幅為 13.7 億美元至 13.8 億美元，較上年中值增長 33%。

Total 2023 revenue is now expected to be between $290 million to $300 million, up from the previous $285 million to $295 million, a 20% year-over-year increase at the midpoint of our guided range. Adjusted EBITDA is now expected to range from $102 million to $106 million, up from $101 million to $105 million, a 40% year-over-year increase at the midpoint of our guided range. This range translates into roughly 35.3% adjusted EBITDA margin at the midpoint. In terms of capital expenditures, we anticipate approximately $10 million to $12 million for the year or approximately 4% of revenue at the midpoint. Going forward, capital expenditures will be primarily focused on the BFT integration, XPass and XPlus new features and maintenance on other technology investments to support our digital offerings.

目前預計 2023 年總收入將在 2.9 億至 3 億美元之間，高於之前的 2.85 億至 2.95 億美元，同比增長 20%，處於我們指導範圍的中點。調整後 EBITDA 目前預計為 1.02 億美元至 1.06 億美元，高於 1.01 億美元至 1.05 億美元，同比增長 40%，處於我們指導範圍的中點。該範圍相當於調整後的 EBITDA 利潤率中點約為 35.3%。就資本支出而言，我們預計今年資本支出約為 1000 萬至 1200 萬美元，約佔收入中點的 4%。展望未來，資本支出將主要集中在 BFT 集成、XPass 和 XPlus 新功能以及其他技術投資的維護上，以支持我們的數字產品。

For the full year, our tax rate is expected to be mid- to high single digits, share count for purposes of earnings per share calculation to be $32.6 million and $1.9 million in quarterly dividends to be paid related to our convertible preferred stock. A full explanation of our share count calculation and associated pro forma EPS and adjusted EPS calculations can be found in the tables at the back of our earnings press release as well as on our corporate structure and capitalization FAQ on our Investor website. Thank you again for your time today and for your support of Xponential. We look forward to speaking with you on our next earnings call. We will now open the call for questions. Operator?

全年，我們的稅率預計為中高個位數，計算每股收益的股數為 3260 萬美元，與我們的可轉換優先股相關的季度股息為 190 萬美元。有關我們的股數計算以及相關預計每股收益和調整後每股收益計算的完整說明，請參閱我們的收益新聞稿後面的表格以及我們投資者網站上的公司結構和資本常見問題解答。再次感謝您今天抽出時間以及對 Xponential 的支持。我們期待在下一次財報電話會議上與您交談。我們現在開始提問。操作員？

Thank you. One moment please while we poll for questions. (Operator Instructions) Our first question is from Jeff Van Sinderen with B. Riley.

謝謝。請稍等一下，我們將進行投票詢問問題。 （操作員說明）我們的第一個問題來自 Jeff Van Sinderen 和 B. Riley。

Just wanted to check on promotional activity pricing. Any thoughts on -- well, I guess, are there any changes happening there at all in promotional activity or pricing? And then how might those elements evolve this year as you're thinking about the remainder?

只是想查看促銷活動定價。有什麼想法嗎——嗯，我想，促銷活動或定價方面是否發生了任何變化？那麼，當您考慮其餘因素時，今年這些因素會如何演變？

No substantial changes in our business in terms of how we're approaching pricing and promotions for each of the brands focused on various marketing promotions throughout the quarters and throughout each month to make sure that we're attracting new customer base. Tons of focus on our B2B activity and driving negative CAC back to the studios with the leads that we're bringing in. And that's so far performing very well. A lot of those partnerships are starting to stand up this year. So, we're starting to see the fruits of that labor, which we're excited about.

我們的業務在如何處理每個品牌的定價和促銷方面沒有重大變化，重點是整個季度和每個月的各種營銷促銷活動，以確保我們吸引新的客戶群。我們非常關注我們的 B2B 活動，並通過我們引入的潛在客戶將負面 CAC 推回到工作室。到目前為止，這表現得非常好。今年，許多合作夥伴關係開始站穩腳跟。因此，我們開始看到我們的勞動成果，對此我們感到很興奮。

Okay. Great. And then as a follow-up, just -- I know you mentioned BFT, but any update you can provide on the BP integration process, how that's going.

好的。偉大的。然後作為後續行動，我知道您提到了 BFT，但是您可以提供有關 BP 集成流程的任何更新，以及進展情況。

Yes, it's going according to plan. So, we're integrated with BFT. So, we're continuing that process, but it's operating today, just like our normal domestic business and our normal MFAs operating.

是的，一切都按計劃進行。所以，我們與 BFT 集成了。因此，我們正在繼續這一流程，但它今天仍在運營，就像我們正常的國內業務和正常的 MFA 運營一樣。

Okay. Great. I'll get the rest offline.

好的。偉大的。剩下的我會離線處理。

Our next question is from Alex Perry with Bank of America.

我們的下一個問題來自美國銀行的 Alex Perry。

Congrats on a strong quarter here. I guess, just first, you kept the net studio opening number the same even in this higher rate environment. Can you talk about the feedback you're getting from your franchisees? Are they accelerating development, developing sort of in line with schedule? Are you seeing any pause? And then just on the 540 to 560 openings, how much visibility do you have on that? And maybe some help on how much is sort of domestic versus international?

祝賀本季度表現強勁。我想，首先，即使在這種更高速率的環境中，您也保持了網絡工作室的開放數量相同。您能談談從加盟商那裡得到的反饋嗎？他們是否正在加速開發，是否按計劃進行？您看到任何停頓嗎？然後就 540 到 560 個空缺職位，您對此有多少了解？也許可以幫助了解國內與國際的費用是多少？

Yes. I mean still our -- we're at about 90-10 domestic versus international on openings. We're selling 75 to 25. So eventually, that $75 million to 25 will continue to pour in on the 90-10, and we will see it open studios expanding there. The domestic business is continuing to be steady. And then the international openings are what are piling on top of the domestic business. But as far as interest rates go, we reached out to our lenders, Rates are up 0.25% or 0.5% or something like that. And it's not against a lot of opening dollars when you think about -- I know people are asking the question around planet and stuff like that, and they're opening dollars or about 10x what ours are. So, interest rate has a bigger effect in those large box type businesses than it does in small boutiques just because of the overall dollar amount it is to get open.

是的。我的意思是，我們的國內空缺職位與國際空缺職位的比例約為 90-10。我們正在銷售 75 到 25。所以最終，7500 萬美元到 25 將繼續湧入 90-10，我們將看到它在那裡開設工作室擴張。國內業務繼續保持平穩。然後，國際空缺是在國內業務之上堆積起來的。但就利率而言，我們聯繫了貸方，利率上漲了 0.25% 或 0.5% 或類似的價格。當你想到時，這並不反對大量的開盤美元——我知道人們在全世界範圍內問這個問題以及類似的問題，他們的開盤美元大約是我們的 10 倍。因此，利率對那些大型盒子式企業的影響比對小型精品店的影響更大，因為它們要開業的總金額。

Perfect. That's really helpful. And then just how do you think about the royalty rate increases from here? Is there an AUV that you sort of target by concept where you feel comfortable taking a royalty fee increase? And I guess maybe as for context, sort of what permitted you to take the sort of increase in the club pilates royalty rate to 8%? And is there any other brands where you think you may be able to do that?

完美的。這真的很有幫助。那麼您如何看待從這裡開始的特許權使用費上漲？您是否有一個 AUV 是您根據概念確定的目標，並且您願意接受特許權使用費的增加？我想也許就背景而言，是什麼讓你能夠將普拉提俱樂部的特許權使用費提高到 8%？您認為還有其他品牌可以做到這一點嗎？

Yes, I'm not sure if you've seen our recent FDD filings, but we did increase stretch lab to 8% as well. And of course, there's a certain AUV threshold, but there's really a profitability threshold and sort of a sales threshold. So just like you see supply and demand kind of take its course from the customer level. You saw it in Club Pilates, where we basically sold out of the brand domestically began to get a lot of those open and then continue to see great demand in that brand, given the AUV and its increases. And so, the same was true with stretch lab. And so, we've increased that in our new filing to 8%. And typically, like I've said in the past is that we will take price effectively with our franchisees based on supply and demand prior to increasing the royalty rate. The royalty rate has kind of the highest optic to it. And so, it's really the last thing that we do.

是的，我不確定您是否看過我們最近的 FDD 文件，但我們確實將拉伸實驗室增加到了 8%。當然，AUV 存在一定的門檻，但確實存在盈利門檻和銷售門檻。就像你看到的，供需關係是從客戶層面開始發展的。你在普拉提俱樂部看到了這一點，我們在國內基本上賣光了該品牌，開始開放很多這樣的品牌，然後考慮到 AUV 及其增長，該品牌的需求量持續增長。因此，拉伸實驗室也是如此。因此，我們在新提交的文件中將這一比例提高到了 8%。通常，就像我過去所說的那樣，我們將在提高特許權使用費之前根據供需情況與特許經營商有效地確定價格。特許權使用費率具有最高的視覺效果。所以，這確實是我們做的最後一件事。

Perfect. That's really helpful. Best of luck going forward.

完美的。這真的很有幫助。祝你好運。

Great. Our next question is from John Heinbockel with Guggenheim Securities.

偉大的。我們的下一個問題來自古根海姆證券公司的約翰·海因博克爾。

I want to start with -- so per member visitations, right, continue to go up, and I think you're pretty close to a record level. What are you looking at, right, in your dashboard maybe across the network to see if the consumer in some respect is pulling back, right? I don't know if it's engagement or change in composition of membership. And I guess, is there any place where you're seeing anything or hasn't shown up yet?

我想首先——所以每個會員的訪問量，對吧，繼續上升，我認為你已經非常接近創紀錄的水平了。你在看什麼，對吧，在你的儀表板上，也許是通過網絡，看看消費者是否在某些方面有所退縮，對吧？我不知道是參與度還是成員構成的變化。我想，有沒有什麼地方你已經看到或還沒有出現過？

Look, I mean, it's not that there's one silver bullet, right? We're looking at KPIs across, right? So, we're looking at foot traffic, we're looking at utilization, volume and demand, right, really kind of shows that this is nondiscretionary spend for our members and that are still going and still continue to grow. And as we look at our customer base, we're actually continuing to see younger customers that cohort grow a lot faster than even some of our older demographic. And so, this is where people today get their entertainment dollars, their health dollars, their community. And so, it's the volume that we see coming through that's great, the foot traffic, not necessarily price driven, we said in the past is 95% volume and the rest really being priced. And so, we look at all those metrics for the health of the business, right? So -- there's not one sort of silver bullet that we stare at, but we kind of look at them all. And where we sit today, all of them are continuing to perform.

聽著，我的意思是，並不是只有一顆靈丹妙藥，對吧？我們正在研究各種 KPI，對嗎？因此，我們正在關注人流量，我們正在關注利用率、數量和需求，對，這確實表明這對我們的會員來說是不可自由支配的支出，並且仍在繼續增長。當我們審視我們的客戶群時，我們實際上繼續看到年輕客戶的增長速度甚至比我們的一些老年客戶群還要快。因此，這就是今天人們獲得娛樂資金、健康資金和社區的地方。因此，我們看到的成交量非常好，人流量不一定是價格驅動的，我們過去說過 95% 的成交量，其餘的確實是定價的。因此，我們會考慮所有這些業務健康狀況的指標，對吧？因此，我們並沒有盯著一種靈丹妙藥，但我們會關注所有這些。今天我們坐的地方，他們所有人都在繼續表演。

As a matter of fact, if you look at what we comped in Q4, people kind of thought, well, that's not sustainable. And then if we went from 17%, 18%, respectively, on our less than 36 months mature stores and 36 months plus stores and went to 20%, right? And so, we're continuing to perform. The business is continuing to perform. And all of that is a recipe, right? That's not just the class of the leadership for the industry that we're in, like anything great, it's a rest being a metric of a lot of things working all at the same time.

事實上，如果你看看我們在第四季度的表現，人們就會認為，這是不可持續的。然後，如果我們將不足 36 個月的成熟商店和 36 個月以上商店的比例分別從 17%、18% 提高到 20%，對嗎？因此，我們將繼續表演。該業務仍在繼續執行。所有這些都是食譜，對嗎？這不僅僅是我們所處行業的領導階層，就像任何偉大的事情一樣，它是休息，是衡量許多事情同時進行的指標。

Well, as a follow-up to that, right, because I think you're right, the average household income is 130,000 -- how low do you think you can take that in play where there's an awful lot of perceived value for what you're providing, right? I assume it can go lower than that. Maybe that's not your target, right, because there's still a lot of the markets you're not covering. But how do you look at that accessibility and ability to tap into a somewhat lower household income base?

嗯，作為這個的後續，對，因為我認為你是對的，平均家庭收入是 130,000——你認為你能把這個收入考慮到多低，因為你的東西有非常多的感知價值。正在提供，對嗎？我認為它可能會比這個更低。也許這不是您的目標，對吧，因為還有很多市場您沒有覆蓋。但您如何看待這種可及性和利用較低家庭收入基礎的能力呢？

Yes. I think sometimes it's a less of dollars that they make and we're shifting a priority of the dollars. When you see in a post-COVID world, people are really taking their health and wellness seriously. And I've said before in boutique, especially in our brands that like a rumble or (inaudible) or AKT or Stride or something like that, where they're working out in the nightclub in essence. There's a lot of entertainment dollars there and a lot of community that's very hard to replace. That's where there are clubs in the morning at 8 a.m. or Club Pilates on Tuesday at 5, that group that's there. That's their community, right? Those are the people they look forward to seeing. So, this is where friendships are formed and where people get entertainment dollars. So, this is not something that's easy to replicate. Since 95% of it is volume and 5% is price. They are getting more perceived value, right, because they're -- as inflation happens and other things happen, they're still continuing to enjoy their original price that they came in at. And so, it makes it stickier because we're not raising rates on pass members. We're raising rates on new members coming in as the old ones expire and cancel and we go up a tier in our kind of 5-tier pricing. But we're not going back to kind of customer #1 and taking price on them.

是的。我認為有時他們賺的錢少了，我們正在改變美元的優先順序。當你看到後疫情時代的世界時，人們確實非常重視自己的健康。我之前在精品店說過，尤其是在我們的品牌中，喜歡隆隆聲或（聽不清）或 AKT 或 Stride 或類似的東西，他們本質上是在夜總會鍛煉。那裡有大量的娛樂資金和大量難以替代的社區。那裡早上 8 點有俱樂部，週二 5 點有普拉提俱樂部，那群人就在那兒。那是他們的社區，對嗎？這些都是他們期待見到的人。所以，這是建立友誼的地方，也是人們獲得娛樂收入的地方。所以，這不是一件容易複製的事情。因為95%是數量，5%是價格。他們獲得了更多的感知價值，對吧，因為他們——隨著通貨膨脹和其他事情的發生，他們仍然繼續享受他們進來時的原始價格。因此，這使得它更具粘性，因為我們不會提高通行證會員的價格。當舊會員到期並取消時，我們會提高新會員的費率，並且我們會在 5 級定價中提高一個等級。但我們不會回到第一類客戶並向他們定價。

Our next question is from Randy Konik with Jefferies.

我們的下一個問題來自 Jefferies 的 Randy Konik。

I guess, Sara or Anthony, can you give us some perspective on drivers of -- we heard about drivers of AUV going forward, but maybe curious around as you think about drivers within the -- across the portfolio as an opportunity to continue to drive AUV higher. We know that Club Pilates is the highest AUV concept. But maybe give us a little bit of perspective on the other concepts where you see kind of a massive ramp opportunity? Or are there already high AUVs to kind of continue to lift total company AUV higher by just moving across the portfolio?

我想，Sara 或Anthony，您能否給我們一些關於驅動程序的看法- 我們聽說過AUV 驅動程序的發展，但當您考慮整個投資組合中的驅動程序作為繼續驅動的機會時，您可能會好奇AUV更高。我們知道普拉提俱樂部是AUV的最高概念。但也許可以給我們一些關於其他概念的看法，您認為在這些概念中存在巨大的增長機會？或者是否已經存在較高的 AUV，可以通過調整投資組合來繼續提高公司整體 AUV？

Thanks Randy. I'll give you a quick point of clarification. Club Pilates is not the highest AUV at the company. It's kind of the highest AUV with the highest sample set, right, kind of the highest volume. That's why we point to that. But brands like BFT or like Rumble, actually come out at some higher AUVs, which is a lot less locations than we have across the country. So that makes us really excited. What I'd like to talk about the difference between Club Pilates and some of the other brands is what I call the born-on date, right? And when you look at Club Pilates, when we first bought that brand, the AUV was $250. And today, it's over 3x that, right, 7 years later. And so, what I'm excited about is brands like BFT and brands like Rumble, the brands that we're selling and opening the most of today given the most white space in those brands, they're actually coming out at $500,000, $600,000 more AUV -- so they're kind of born on date. They're kind of being born twice as smart as Club plates was originally. So there's still a lot to build off those brands as they're in their infancy. And we've got a lot of contributors to AUV, right?

謝謝蘭迪。我將給你一個快速的澄清。普拉提俱樂部並不是該公司最高的 AUV。它是最高的 AUV，具有最高的樣本集，對，是最高的體積。這就是我們指出這一點的原因。但像 BFT 或 Rumble 這樣的品牌實際上是在一些更高的 AUV 上推出的，這些位置比我們在全國范圍內的位置要少得多。這讓我們非常興奮。我想談談普拉提俱樂部和其他一些品牌之間的區別就是我所說的出生日期，對吧？當你看看 Club Pilates 時，我們第一次購買該品牌時，AUV 為 250 美元。 7 年後的今天，這個數字是這個數字的 3 倍多。因此，令我感到興奮的是像BFT 這樣的品牌和像Rumble 這樣的品牌，這些品牌是我們今天銷售和開業最多的品牌，因為這些品牌的空白空間最多，它們實際上售價為50 萬、60萬美元更多 AUV——所以他們是天生的約會對象。他們生來就比俱樂部牌照原來聰明一倍。因此，由於這些品牌還處於起步階段，因此還有很多工作要做。我們有很多 AUV 貢獻者，對嗎？

We've talked about this concept of negative CAC. And as we drive people on the cruise ships that saw a posting on our StretchLab Facebook page for franchisees where they said, "Hey, I got my first princess lead that closed them, right? And that's proof of concept that people can go on a cruise ship, get associated with stretch lab and then go home, get marketed to and get closed by the franchisees. So, as we continue to increase the customer lead base for our franchisees. And of course, we'll always continue on our closing ratio to try and close higher and close at higher dollars, but we're able to deliver more leads than we have before. And when we look at the cohorts of 2023 versus 2022, and we do it by quarter you continue to see quarter-over-quarter these cohorts and these ramps continue to increase.

我們已經討論過負 CAC 的概念。當我們駕駛遊輪上的人們時，他們在我們的StretchLab Facebook 專營商頁面上看到了一個帖子，他們說：“嘿，我得到了我的第一個公主線索，關閉了他們，對嗎？這是人們可以繼續進行的概念證明。遊輪，與拉伸實驗室建立聯繫，然後回家，向特許經營商進行營銷並由特許經營商關閉。因此，隨著我們繼續增加特許經營商的客戶群。當然，我們將始終繼續我們的關閉比率試圖以更高的價格收盤並以更高的美元收盤，但我們能夠提供比以前更多的銷售線索。當我們比較2023 年與2022 年的隊列時，我們按季度進行，您會繼續看到季度 -這些群體超過了四分之一，而且這些增長仍在繼續增加。

And so, as we put stores next to each other, as we put store in neighborhoods, it kind of rises all ships. And so same is true with Princess, same with Lululemon or being on LG TV. I mean our Hyatt and Hilton hotels with active 11,000 locations that Active has. And so, it's really our goal that -- by the time what I like to call our Starbucks mom is on her way to the grabber coffee in the morning, and she sees pure bar next door, Rumble next door. She doesn't know it's not having to wonder what it is. She thought it on her television, -- she saw it on an app. – she saw it on mirrors. If you remember, 2 of those mirrors are being played as equipment, a lot of high-end hotels, right? I was in a high-end hotel the other day and the mirrors sitting there playing our content inside the hotel gym while people are working out. So, there's a lot of ways that people are becoming associated with Xponential and its brands. And so, the idea is that by the time they actually see us in our kind of brick-and-mortar for wall state, they're not having to wonder who we are, what we stand for and what the value prop is that they walk in and then hopefully, we have a very well-qualified salesperson at the desk that was able to close that sale.

因此，當我們把商店放在一起時，當我們把商店放在社區裡時，所有的船隻都會上升。 Princess 也是如此，Lululemon 或 LG TV 也是如此。我指的是我們的凱悅酒店和希爾頓酒店，Active 擁有 11,000 個活躍地點。所以，這確實是我們的目標——當我喜歡稱我們的星巴克媽媽早上去喝咖啡的路上，她看到隔壁有純酒吧，隔壁有 Rumble。她不知道那是什麼，不必想知道那是什麼。她在電視上想到了這一點——她在應用程序上看到了這一點。 ——她在鏡子上看到了它。如果你還記得的話，其中2個鏡子是作為裝備來玩的，很多高端酒店，對吧？前幾天我在一家高端酒店，當人們在鍛煉時，鏡子就坐在酒店健身房裡播放我們的內容。因此，人們可以通過多種方式與 Xponential 及其品牌建立聯繫。因此，我們的想法是，當他們真正看到我們處於牆體狀態的實體時，他們不必想知道我們是誰，我們代表什麼以及他們的價值支柱是什麼走進去，然後希望我們的前台有一位非常合格的銷售人員能夠完成銷售。

Super helpful. And then just a follow-up, the AUV kind of look like maybe perhaps on a constant currency basis, when you look -- think about your international units, what you've learned so far and how they perform similar or dissimilar to their concept counterpart in the U.S.

超級有幫助。然後只是一個後續行動，AUV 看起來可能是在恆定貨幣基礎上，當你看時 - 想想你的國際單位，你到目前為止學到了什麼以及它們的表現如何與他們的概念相似或不同美國的對應方

John, are actually talking about this this morning on an international basis, so for instance, if AUVs are 500 here in the U.S. and they're rumble doing 500 in Australia, right, in AUD. On a country-per-country basis, the AUV is about the same. So, we're getting better and better data on our international side for system-wide sales and AUV and things of that nature, and we're continuing to kind of hone in on that. Obviously, our big international regions, APAC and inside APAC, VFT is kind of the big driver there, much like Club Pilates in the early days and had the most volume and AUV here was sort of the biggest driver. But we do have Club Pilates operating and rumbles operating. It is open a rumble boxing in Bondi Beach in Sydney, which is kind of like the premier location in Australia is doing very well. So, we're constantly encouraged by what we're seeing both from the brand level AUVs and kind of overall system wide sales in the countries.

約翰，今天早上實際上是在國際範圍內談論這個問題，例如，如果 AUV 在美國有 500 艘，而在澳大利亞則有 500 艘，對吧，以澳元計算。就每個國家而言，AUV 大致相同。因此，我們在國際方面獲得了越來越好的全系統銷售和 AUV 以及類似性質的數據，並且我們將繼續在這方面進行磨練。顯然，在我們的大型國際地區、亞太地區和亞太地區內部，VFT 是那裡的主要推動者，就像早期的普拉提俱樂部一樣，擁有最大的數量，而 AUV 在這裡是最大的推動者。但我們確實有普拉提俱樂部和隆隆俱樂部在運營。這是在悉尼邦迪海灘舉行的一場隆隆拳擊賽，這有點像澳大利亞的首要地點，表現非常好。因此，我們從品牌級 AUV 和各個國家/地區的整體系統銷售中看到的情況不斷受到鼓舞。

Our next question is from Joe Altobello with Raymond James.

我們的下一個問題來自喬·阿爾托貝洛和雷蒙德·詹姆斯。

I wanted to go back to the franchisee financial health sort of topic. If we look at the cash on cash returns that your franchisees are earning today, what does that look like versus when you went public? I would imagine it's actually gotten a little bit better the last couple of years.

我想回到加盟商財務健康之類的話題。如果我們看看您的加盟商今天賺取的現金回報，與您上市時相比，情況如何？我想在過去幾年裡它實際上已經變得更好了一些。

So, Joe, I think when you go back to what it was kind of around IPO, it's kind of an unfair measurement given they were in kind of the color recovery period, right? So,I think if you talk about pre-COVID when we were just under kind of the 500,000 AUV. And then now you fast forward, we've met that now exceeded it. Obviously, the cash-on-cash returns and the overall profitability and strength of the franchisee is better today than it was pre-COVID. At IPO, it's kind of an unfair measurement given studios were still recovering as restrictions lifted and members return back to the studios. But overall, today, you would argue franchisees are much healthier, more profitable than they have been ever in the company's history.

所以，喬，我認為當你回到 IPO 的情況時，考慮到他們正處於顏色恢復期，這是一種不公平的衡量，對嗎？所以，我想如果你談論新冠疫情之前的情況，當時我們的 AUV 還不到 500,000 人。然後現在你快進，我們已經見面了，現在已經超越了它。顯然，如今加盟商的現金回報率、整體盈利能力和實力都比疫情前要好。在首次公開募股時，考慮到隨著限制的解除和會員返回工作室，工作室仍在恢復中，這是一種不公平的衡量標準。但總的來說，今天的特許經營商比公司歷史上的任何時候都更健康、更有利可圖。

And has there access to capital has been impacted at all, given what's going on in the banking sector?

鑑於銀行業的情況，獲得資本的渠道是否受到了影響？

No. Actually, I partner with our lender on a daily basis reviewing incoming franchisees, getting loans. The access to capital has not slowed. There is a healthy backlog of franchisees that are in the process of getting financing and/or opening studios. As Anthony mentioned, the rate has gone up 25.5%. I talked to the lot lender this morning and just wanted to get feedback on anything you're seeing related to the most current interest rate hike and franchisees are not really backing at the fact that interest rates have gone up. They understand it, but it's not a material portion to that given the investment is fairly low. So, the financing is there. They're getting it, and sitios will continue to get open. It's not becoming a headwind for the business.

不。實際上，我每天都會與我們的貸方合作，審查即將加盟的加盟商並獲得貸款。資本的獲取並沒有放緩。有大量的特許經營商正在獲得融資和/或開設工作室。正如安東尼提到的，這一比率上升了 25.5%。今天早上我和地塊出借人談過，只是想得到你所看到的與最近加息相關的任何反饋，而特許經營商並不真正支持利率上漲的事實。他們理解這一點，但考慮到投資相當低，這並不是一個重要的部分。所以，融資就在那裡。他們正在了解這一點，並且站點將繼續開放。它不會成為業務的阻力。

Okay. And just one last one for you. If I look at your revenue guidance, it looks like you're applying the low end of the 35% to 39% EBITDA margin spectrum. What would have to happen for you to get to the high end of that range, say, 39% margins this year?

好的。還有最後一張送給你。如果我看一下你們的收入指導，看起來你們正在應用 35% 至 39% EBITDA 利潤率範圍的低端。要達到該範圍的高端（例如今年 39% 的利潤率）需要發生什麼？

Yes. I mean there's 2 levers, right? High margin flow-through on revenue and SG&A costs, right? So, controlling OpEx, we raised guidance in this quarter purely on the fact that we just saw an acceleration of same-store sales in Q1, very strong Q1. We take a conservative approach given the macro and uncertainty as you look out in the future quarters. So, when we set guidance originally, but when Q1 came in with an acceleration of system-wide sales, same-store sales, the additional royalties it provided in the quarter, that's high margin flow through for us. So, as we continue to see that kind of performance, that will give us the ability to push that margin expansion higher. And obviously, focusing on OpEx is key for us. We mentioned bringing in Andrew Hagopian, who is focused on legal. So, from that perspective, OpEx we are laser-focused on that and trying to cut costs wherever we can.

是的。我的意思是有兩個槓桿，對吧？收入和 SG&A 成本的高利潤流動，對嗎？因此，在控制運營支出的情況下，我們在本季度提高了指導，純粹是因為我們剛剛看到第一季度同店銷售加速，非常強勁。考慮到未來幾個季度的宏觀形勢和不確定性，我們採取保守的態度。因此，當我們最初設定指導時，但當第一季度全系統銷售、同店銷售以及該季度提供的額外特許權使用費加速時，這對我們來說是高利潤流。因此，隨著我們繼續看到這種表現，這將使我們有能力進一步推動利潤率擴張。顯然，關注運營支出對我們來說至關重要。我們提到引入安德魯·哈格皮安（Andrew Hagopian），他專注於法律事務。因此，從這個角度來看，我們非常關注運營支出，並儘力削減成本。

Our next question is from James Hardiman with Citi Group.

我們的下一個問題來自花旗集團的詹姆斯·哈迪曼。

This is Sean Rooney on for James Hardiman. So, touching on the SG&A part. Excluding equity-based comp, it looks like SG&A as a percent of revenue came down about 70 basis points sequentially. I believe on the last call, John spoke about in S&A ramp down to around 35% to 36% for the year and low 30s in the second half. Is that still a fair target? And any color on the potential risks to that ramp down?

我是肖恩·魯尼，替補詹姆斯·哈迪曼。那麼，談談 SG&A 部分。不包括基於股權的比較，SG&A 佔收入的百分比似乎比上一季度下降了約 70 個基點。我相信在上次電話會議上，約翰談到了今年 S&A 的增長率將降至 35% 至 36% 左右，下半年將降至 30% 左右。這仍然是一個公平的目標嗎？對於這種下降的潛在風險有什麼看法嗎？

Yes. So that's still the way we're seeing it. From our perspective, we're going to be in the high 30s in the first half and then trend down in still low 30s, excluding stock-based comp in the second half. So, we're still seeing that trend continues. So, the business will leverage. We don't need to add a lot of SG&A there. For us, we're more focused on removing SG&A versus adding SG&A. So, the business should leverage into the low 30%, excluding stock-based comp in the second half.

是的。所以這仍然是我們所看到的方式。從我們的角度來看，上半年我們將處於 30 多歲的高位，然後在 30 多歲的低位下降，下半年不包括基於股票的比較。因此，我們仍然看到這種趨勢仍在繼續。因此，企業將發揮槓桿作用。我們不需要在那裡添加大量的SG&A。對我們來說，我們更關注刪除 SG&A，而不是添加 SG&A。因此，該業務應該將槓桿率降至 30%，不包括下半年的股票比較。

Okay. And our company-owned studios still a headwind there? Or what's the status on that and transferring those to franchisees?

好的。我們公司旗下的工作室仍然是一個阻力嗎？或者這方面的狀況如何並將其轉讓給特許經營商？

Yes, there are costs in Q1 related to the company-owned Studios. We've taken a more investable approach related to the company-owned studios and focusing on the tailwinds we're having around system-wide sales growth and AUV growth, we're really focused on getting these corporate studios to the desired AUV level. while really focusing on getting the OpEx efficient. And from a 4-wall perspective, the way they're designed to be. And then when we get into a healthy point, that's when we're actually going out and trying to refranchise them. The intent there is to make sure that when they do launch, they're successful, and we don't have challenges with them going forward. So, in Q1, there was higher SG&A related to company-owned studios. You could expect that to decrease in Q2, Q3 and Q4 and get back to what we believe is a more normal run rate from where we are today.

是的，第一季度存在與公司擁有的工作室相關的成本。我們對公司擁有的工作室採取了更可投資的方法，並專注於我們圍繞系統範圍的銷售增長和 AUV 增長所帶來的順風，我們真正專注於讓這些公司工作室達到所需的 AUV 水平。同時真正專注於提高運營支出效率。從四面牆的角度來看，它們的設計方式就是這樣。然後當我們進入健康狀態時，我們就會真正走出去並嘗試重新特許經營他們。這樣做的目的是確保當它們推出時，它們會取得成功，並且我們不會在它們的前進過程中遇到任何挑戰。因此，在第一季度，與公司擁有的工作室相關的銷售及管理費用較高。您可以預計第二季度、第三季度和第四季度的運行率會下降，並從今天的水平恢復到我們認為更正常的運行率。

Our next question is from Warren Cheng with Evercore.

我們的下一個問題來自 Evercore 的 Warren Cheng。

I just had one more follow-up on the franchisee health question and exposure to macro. So obviously, you've got the new unit guidance unchanged there. You did a really good job of articulating some of the differences between your franchisees and planet. And I think the AUV going in the right direction for you has clearly been an insulating factor for your cash flows and your unit economics. But if we had to sort of just rank all of the macro factors that have the potential, if things were -- if macro conditions were to worsen, have the potential to be an impact for your franchisees? Is there a way to rank or what would be at the top of that list?

我剛剛對加盟商的健康問題和宏觀風險進行了另一次跟進。顯然，新的單位指導方針沒有改變。您在闡明加盟商和星球之間的一些差異方面做得非常好。我認為 AUV 對您來說朝著正確的方向發展，顯然是您的現金流和單位經濟效益的絕緣因素。但是，如果我們必須對所有有潛力的宏觀因素進行排序，如果宏觀條件惡化，是否有可能對您的加盟商產生影響？有沒有辦法排名或者什麼會在該列表的頂部？

Yes. I think if you kind of look at it, it maybe might cause some hesitancy related to franchise sales. We haven't seen that yet, but I think if consumers get scared, would people be less willing to want to invest a lot upfront and more longer-term franchise. I think that's possibly. We haven't seen that yet. In regards to, again, the investments around equipment or getting a new study open, but most people have already paid for their license upfront. They're committed. They know they have a build-out schedule that we operate to. So, when it comes to the upfront investment, and not much has changed there. Our franchisees continue to open their second and third units per schedule. So, I haven't seen any impact related to future development around openings, I'll say, as of yet. We haven't seen any signals that it's coming. But that would probably be the one that comes on the top of my mind.

是的。我想如果你仔細看看，它可能會引起一些與特許經營銷售相關的猶豫。我們還沒有看到這一點，但我認為如果消費者感到害怕，人們會不願意投資大量的前期資金和更長期的特許經營權。我認為這有可能。我們還沒有看到這一點。再說一次，關於設備投資或開展新研究，但大多數人已經預先支付了許可證費用。他們很堅定。他們知道我們有一個擴建時間表。因此，就前期投資而言，並沒有太大變化。我們的特許經營商繼續按計劃開設第二個和第三個單位。所以，我想說，到目前為止，我還沒有看到與空缺相關的未來發展相關的任何影響。我們還沒有看到任何它即將到來的信號。但這可能是我腦海中最重要的一個。

Got you. And a follow-up question on a different topic. The 1Q AUV, 542,000, that's a pretty big step up if we look at where you stand with [Precor] levels compared to what you've been doing. And if I overlay sort of the historical seasonality onto that, just progress that one through number, let's say, flat, flat and then give a bump for holiday. I'm getting to some upside to the system-wide sales guidance. Just curious if there's anything worth noting about the seasonality this year? Or is that just some conservatism baked in?

明白你了。以及關於不同主題的後續問題。第一季度 AUV 為 542,000，如果我們看看您的 [Precor] 水平與您一直以來的水平相比，這是一個相當大的進步。如果我將某種歷史季節性疊加到上面，只需通過數字來推進該數據，比方說，持平，持平，然後在假期中增加一點。我正在了解全系統銷售指導的一些好處。只是好奇今年的季節性有什麼值得注意的地方嗎？或者這只是一些保守主義的根深蒂固？

Yes. I mean when you look at the Q1 same-store sales going from Q4 '17 to Q1 of '20, there obviously was a real strong surge of new members and growth at that level. And obviously, that impacts AUV and drove it up quite a bit. Historically, when you look at like last year, the AUV growth was still there from Q1 to Q2, and we expect to see similar patterns this year, even though Q1 was really strong. in response to upside in same-store sales compared to guidance. Yes, again, as I've mentioned, we've always taken a more conservative approach to our guidance. We don't want to overpromise and under deliver. We have some hesitancy or conservatism built into our guidance around the outer -- or second half of this year, given a lot of the headlines, a lot of the macros. So, we'll continue to perform and in Q2, if we do see favorable outcomes as we did in Q1, we'll adjust guidance then. But at this point, we did take up guidance by the upside we realized in Q1 and what we're seeing as we -- to date in Q2 and made that reflective in our guidance. So conservative still, yes, but we're doing that knowing that we can't predict the future in the second half could face headwinds, although we haven't seen it yet.

是的。我的意思是，當你查看從 17 年第 4 季度到 20 年第 1 季度的第一季度同店銷售額時，顯然新會員數量和增長都在這一水平上出現了真正強勁的激增。顯然，這會影響 AUV 並使其大幅上升。從歷史上看，就像去年一樣，從第一季度到第二季度，AUV 的增長仍然存在，我們預計今年會看到類似的模式，儘管第一季度非常強勁。與指導相比，同店銷售額有所上升。是的，正如我所提到的，我們一直對我們的指導採取更加保守的方法。我們不想承諾過多而兌現不足。考慮到很多頭條新聞、很多宏觀因素，我們在今年下半年的指導中存在一些猶豫或保守。因此，我們將繼續在第二季度表現，如果我們確實看到像第一季度那樣的有利結果，我們將調整指導。但在這一點上，我們確實根據我們在第一季度意識到的上行空間以及我們在第二季度迄今為止所看到的情況進行了指導，並將其反映在我們的指導中。是的，仍然很保守，但我們知道我們無法預測下半年的未來可能會面臨逆風，儘管我們還沒有看到它，但我們正在這樣做。

Understood. Thanks, John. Thanks, Anthony. Good back.

明白了。謝謝，約翰。謝謝，安東尼。背得好。

Our next question is from Ryan Meyers with Lake Street Capital Markets.

我們的下一個問題來自 Lake Street Capital Markets 的 Ryan Meyers。

First one for me. Just curious if you could comment on what sort of demand you've seen here domestically for BFT.

對我來說第一個。只是好奇您能否評論一下國內對 BFT 的需求。

(inaudible) In demand has been in line with our other brands, right, with Rumble and those types of things. The first 18 to 24 months is primarily selling of the territories. And then, call it, 6 to 12 months into that, you're beginning to see openings. So right now, we're in the selling and lease signing kind of process of that in construction, and then you'll start to see openings in the first couple of dozen openings of BFT domestically this year, and then it will continue to increase, of course, in '24 and '25. Was our third highest selling brand in the first quarter from a license perspective, and it's kind of -- it's tight for fourth with Rumble as far as openings in the first quarter.

（聽不清）需求與我們的其他品牌一致，對吧，與 Rumble 和此類產品一致。前 18 至 24 個月主要是出售領土。然後，6到12個月後，你就會開始看到職位空缺。所以現在，我們正處於建設中的銷售和租賃簽署過程中，然後你會開始看到今年 BFT 在國內的前幾十個空缺職位，然後它將繼續增加當然，在'24和'25。從許可角度來看，這是我們第一季度第三大銷售品牌，就第一季度的空缺而言，它與 Rumble 緊隨第四位。

Got it. That's helpful. And I was wondering if you could just quantify what the B2B contribution was during the quarter as obviously, this business has gotten larger and larger over the past couple of quarters, I think, to be helpful to kind of understand what the contribution was.

知道了。這很有幫助。我想知道您是否可以量化本季度 B2B 的貢獻，因為很明顯，該業務在過去幾個季度變得越來越大，我認為這有助於了解貢獻是什麼。

Yes. So, the way to kind of look at -- I've got a lot of questions on the other service revenue over the last couple of months. The B2B will be about 25% of the revenue of the other service revenue. So, if you just took other service revenue for the quarter, B2B represented around 25% of that revenue. (inaudible) We expect that to hold yes. And we expect that to hold consistent over time.

是的。因此，我對過去幾個月的其他服務收入有很多疑問。 B2B將佔其他服務收入的25%左右。因此，如果僅考慮本季度的其他服務收入，B2B 約佔該收入的 25%。 （聽不清）我們預計這一點是肯定的。我們預計這種情況會隨著時間的推移保持一致。

Our next question is from Jonathan Komp with Baird.

我們的下一個問題來自 Jonathan Komp 和 Baird。

I just want to maybe follow up on the strength in the same-store sales you're seeing. And just curious if you're willing to share any observations when you look across the concepts or across regions or any trends that stand out to you?

我只是想跟進您所看到的同店銷售的強勁情況。只是好奇，當您審視這些概念或跨地區或任何對您來說突出的趨勢時，您是否願意分享任何觀察結果？

Yes. So, I mean in regards to same-store sales, when you look at Q1 compared to Q4, virtually 100% of the growth in system-wide sales came from volume. So from a same-store sales perspective, the growth that you saw, the 20% was really driven by new members coming into the system. When you look at -- even at 36 months older studios, those videos that have been open for 3 years plus, they still comp at 21%, which is, again, new members coming into existing locations. As Anthony mentioned, brand aware negative CAC you look regionally, not much -- there's not much differentiation when you look across the U.S. from what same-store sales. You are seeing really strong same-store sales in Club Pilates, Obviously, it's our largest brand, but has done really well. The -- I think if you look at all the other brands, except Club Pilates, you're still seeing mid- to high teens in regards to how their same-store sales is performing. So, in my opinion, when you look back pre-COVID, most of our brands comped at 8% on average per quarter, we're twice that even in the brands that are in the mid- to high teens. So, there's no regional focus. There is a little bit of brand focus related to Club Pilates, -- but when you look across the other brands, you're still seeing really strong [comps].

是的。所以，我的意思是，就同店銷售而言，當你對比第一季度和第四季度時，你會發現全系統銷售額的增長幾乎 100% 來自銷量。因此，從同店銷售的角度來看，您看到的 20% 的增長實際上是由新會員進入系統推動的。當你觀察時，即使在 36 個月前的工作室中，那些已經開放 3 年以上的視頻，它們的佔比仍然為 21%，這又是新成員進入現有地點的結果。正如安東尼所提到的，品牌意識負面 CAC 從區域來看，並沒有太大區別——當你從美國各地的同店銷售情況來看，沒有太大差異。您會看到普拉提俱樂部的同店銷售非常強勁，顯然，它是我們最大的品牌，但做得非常好。我認為，如果你看看除普拉提俱樂部之外的所有其他品牌，你仍然會看到他們的同店銷售表現處於中高水平。因此，在我看來，當你回顧新冠疫情之前的情況時，我們大多數品牌的平均每季度利潤率為 8%，即使是那些處於中高十幾歲的品牌，我們也是這個數字的兩倍。因此，沒有區域重點。有一些與普拉提俱樂部相關的品牌焦點，但是當你瀏覽其他品牌時，你仍然會看到非常強大的[比較]。

Yes, great. Maybe just one follow-up then. I want to ask about the health of the license pipeline that you have. And I've noticed the last couple of years, you've cleaned up some of the legacy licenses. So, could you maybe just share any perspective on what drove some of the past terminations and sort of the health of the strong pipeline that you have of licenses sold?

對，很好。也許只是一個後續行動。我想詢問一下你們所擁有的許可證管道的健康狀況。我注意到過去幾年，你們清理了一些遺留許可證。那麼，您能否分享一下對過去一些終止的原因以及您所售許可證的強大渠道的健康狀況的看法？

Yes. I mean, obviously, during COVID, that was not a good time to terminate franchisees for not opening. So, we took a big chunk of time off from doing that. But the reality is, contractually, the franchisees have 6 months to get their store open. Obviously, it's 6 months and they're painting their walls and about to open in 4 weeks, we're not going to terminate them. But if they're sitting on the couch and aren't making moves to continue with their development and somebody wants territory, then we're going to terminate it and move on. It's really kind of whatever path is the most efficient to getting stores open because we're in the opening store business, not in the selling store business. We obviously have a backlog of sold stores that are available for us to develop. I said before in past quarters, since we're at 10 brands, if we don't acquire an 11th brand, we're not going to oversell these brands regardless of how great they are, like a club plates or rumor kind of any of our brands. We're going to sell consistent with our scientific demographic approach, which tells us what stores go where so that we can continue to climb AUV like we're seeing for the health of our system, the health of all franchisees.

是的。我的意思是，顯然，在新冠疫情期間，這不是終止未開業的加盟商的好時機。因此，我們花了很多時間來做這件事。但現實情況是，根據合同，加盟商有 6 個月的時間來開店。顯然，這已經是 6 個月的時間了，他們正在粉刷牆壁，4 週後就要開業，我們不會終止他們。但如果他們坐在沙發上，不採取行動繼續發展，而有人想要領地，那麼我們將終止它並繼續前進。這確實是開店最有效的途徑，因為我們從事的是開店業務，而不是銷售商店業務。顯然，我們有積壓的已售商店可供我們開發。我之前在過去幾個季度說過，由於我們有 10 個品牌，如果我們不收購第 11 個品牌，我們就不會過度銷售這些品牌，無論它們有多棒，比如俱樂部牌照或任何謠言。我們的品牌。我們將按照科學的人口統計方法進行銷售，該方法告訴我們哪些商店去哪裡，以便我們能夠繼續攀登 AUV，就像我們看到的系統健康狀況和所有加盟商的健康狀況一樣。

So, with 10 brands and not overselling, we have always said that we are going to see sequential sales of franchises go down. We obviously have a 4- to 5-year backlog. And so we're trying to keep that backlog fresh of people that want to open and want to develop an understanding the opportunity. We'll see in Q2 where we have to refile all the FTDs in Q2. So, they're -- we're in a blackout period right now on most of our brands. So, waiting to get all the different filings and all the different brands. I don't know if you're aware, but you file, you got 33 states with the FTD and then you have to file 17 independent states. So, you're talking about 18 filings times 10 brands. So, the permutations there, there's 180 filings out there at the Xponential level. And so, as those clearances come back in per brand per state, then we're able to start to go service the franchise sales part again. So -- but we're still out selling our opening pace. And so, if we continue to sell 500, 600, 700 a year, while we're opening 500, 600 a year, then we're kind of out selling our opening pace and our backlog of 4 to 5 years is even being burned, it's still staying together. So...

因此，在擁有 10 個品牌且不超賣的情況下，我們總是說我們將看到特許經營權的銷售額連續下降。顯然我們有 4 到 5 年的積壓。因此，我們正在努力讓那些想要開業並想要了解這個機會的人保持新鮮的積壓工作。我們將在第二季度看到我們必須重新提交第二季度的所有 FTD。所以，我們的大多數品牌現在都處於封鎖期。因此，等待獲得所有不同的申請和所有不同的品牌。我不知道你是否知道，但是你提交了申請，你向 FTD 提交了 33 個州的申請，然後還必須向 17 個獨立州提交申請。所以，你說的是 18 個申請乘以 10 個品牌。因此，按照 Xponential 級別的排列，有 180 份申請。因此，當這些許可返回到每個州的每個品牌時，我們就能夠再次開始為特許經營銷售部分提供服務。所以——但我們仍然沒有賣出我們的開盤速度。因此，如果我們繼續每年銷售 500、600、700 輛，而我們每年開張 500、600 輛，那麼我們就有點超出了開張速度，我們 4 到 5 年的積壓甚至被燒毀，它仍然在一起。所以...

That's great. Makes sense.

那太棒了。說得通。

Our next question is from JP Wollam with Roth Capital Partners.

我們的下一個問題來自 JP Wollam 和 Roth Capital Partners。

I just want to focus on the increased engagement and maybe look at it kind of from a different angle. But I'm just curious if via the lens of the consumer, if the increased engagement has maybe caused any frictions in terms of not being able to get classes at peak hours? Or also whether you're seeing more usage during the day, and that gives you guys confidence that maybe there's even further room to grow AUVs, -- if there's any kind of trends you can point out, that would be great.

我只是想關注增加的參與度，也許從不同的角度來看待它。但我只是好奇，從消費者的角度來看，參與度的增加是否可能導致無法在高峰時段上課？或者，您是否會在白天看到更多的使用情況，這會讓你們相信，也許還有進一步增長 AUV 的空間——如果您能指出任何類型的趨勢，那就太好了。

Yes, I can take that one. There may be the one-off consumer that can only go on Tuesdays at 5:00 and Thursdays at 500, something like that. But our sets are open 70s a week, and we offer classes all over the map. And as we're starting to bundle in expat and X Plus and give them different options so that they can take their fitness anywhere anytime. We're able to take classes both virtually or on demand and in our studios. So that alleviates some of the pressure. But the truth of the matter is, is that if that backlog happens and what ends up happening at the franchise level is that you have some natural churn from those customers, and we backfill with a more expensive member who is willing to either put up with the scheduling or have different scheduling demand. We are also putting together various challenges and other ways that members can engage with the studio and portfolio of studios. So, we're always looking at ways to engage and make sure that we don't see that turn. But if we do then the number being right behind them to jump back in.

是的，我可以接受那個。可能有一次性消費者只能每週二5:00、週四5:00去，類似這樣的。但我們的課程每週開放 70 次，並且我們在世界各地提供課程。我們開始將外籍人士和 X Plus 捆綁在一起，並為他們提供不同的選擇，以便他們可以隨時隨地進行健身。我們可以通過虛擬方式或按需在我們的工作室上課。這樣就減輕了一些壓力。但事實是，如果出現積壓，最終在特許經營層面上發生的情況是，這些客戶會自然流失，我們會用更昂貴的會員來填補，他願意忍受的調度或有不同的調度需求。我們還整理了各種挑戰和其他方式，供會員與工作室和工作室組合互動。因此，我們一直在尋找參與的方式，並確保我們不會看到這種轉變。但如果我們這樣做了，那麼他們後面的數字就會跳回來。

Great. That makes sense. And then just maybe switching to the partnership with LG TV. There's been a lot of headlines around mirror and its performance under Lululemon. I'm just kind of curious, maybe all of that doesn't impact kind of the benefits you received from MIR, but just maybe help me think through the partnership with LG TV, given what's going on at Mirror.

偉大的。這就說得通了。然後可能會轉向與 LG TV 的合作夥伴關係。有關《Mirror》及其在 Lululemon 旗下的表現的頭條新聞層出不窮。我只是有點好奇，也許所有這些都不會影響您從 MIR 獲得的好處，但考慮到 Mirror 的情況，也許可以幫助我思考與 LG TV 的合作關係。

Yes. So, with all of our partnerships, we really have 3 business models and each model is kind of different depending on what the partner and EXFO usually agree upon. But in that case, we've already started to see thousands and thousands of downloads of the application. It's too early to see how those downloads will then convert into sustained subscribers. But we are seeing a really great take there with LG. On the Mirror front, things are performing very well. We just got KPIs over the last couple of days on how the brands are performing and how members are consuming our brands. So, from a content standpoint, things are good for us with Mirror. -- in conversations of looking to distribute even more content to the Mirror platform. So regardless of where mirror ends up or content will likely go with it or we'll go with it and things are looking good there in terms of developing additional content. So I don't think that conversation really affects EXFO.

是的。因此，通過我們所有的合作夥伴關係，我們實際上有 3 種商業模式，每種模式都有所不同，具體取決於合作夥伴和 EXFO 通常達成的共識。但在這種情況下，我們已經開始看到該應用程序的下載量成千上萬。現在判斷這些下載將如何轉化為持續訂閱者還為時過早。但我們看到 LG 在這方面的表現非常出色。在《鏡報》方面，一切都表現得非常好。過去幾天我們剛剛獲得了有關品牌表現以及會員如何消費我們品牌的關鍵績效指標。所以，從內容的角度來看，《鏡子》對我們來​​說是件好事。 ——在尋求向 Mirror 平台分發更多內容的對話中。因此，無論鏡像最終會在哪裡，或者內容可能會隨之而來，或者我們也會隨之而來，並且在開發附加內容方面，情況看起來不錯。所以我認為這次談話不會真正影響 EXFO。

Okay. Great. Thank you for your time. Best of luck.

好的。偉大的。感謝您的時間。祝你好運。

We've reached the end of the question-and-answer session. I would now like to turn the call back over to Anthony Geisler, CEO, for closing comments.

我們的問答環節已經結束了。我現在想將電話轉回給首席執行官安東尼·蓋斯勒 (Anthony Geisler)，以徵求結束意見。

Thanks again for joining today's earnings call and for your continued support. I'd also like to acknowledge our franchisees and entire exponential fitness team for their strong operational execution in this first quarter. We look forward to seeing many of you at our upcoming marketing events this May and June, and we'll speak to you again in August on our second quarter call.

再次感謝您參加今天的財報電話會議並感謝您的持續支持。我還要感謝我們的加盟商和整個指數健身團隊在第一季度的強勁運營執行力。我們期待在今年五月和六月即將舉行的營銷活動中見到你們，我們將在八月的第二季度電話會議上再次與你們交談。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。