(XPOF) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Xponential Fitness Second Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, [Avery Wanamaker], Investor Relations. Please go ahead.

您好，歡迎參加 Xponential Fitness 2023 年第二季度收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向大家介紹投資者關係部的主持人 [Avery Wanamaker]。請繼續。

Thank you, operator. Good afternoon, and thank you all for joining our conference call to discuss Xponential Fitness Second 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. Xponential.com.

謝謝你，接線員。下午好，感謝大家參加我們的電話會議，討論 Xponential Fitness 2023 年第二季度財務業績。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的投資者部分，網址為“投資者”。 Xponential.com。

We remind you that during this conference 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. 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 you 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 was 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.

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。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為您提供了有關我們經營業績的信息，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。這些非公認會計準則衡量標準與可比公認會計準則衡量標準的調節包含在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。

I will now turn the call over to Anthony Geisler, Chief Executive Officer of Xponential Fitness.

我現在將把電話轉給 Xponential Fitness 首席執行官 Anthony Geisler。

Thanks, Avery, and good afternoon, everyone. We appreciate you joining our second quarter earnings conference call. I'm proud to share yet another consistent quarter of results to continue to highlight the strength of our business and the health of our franchisees. On the call today, we will address several key concepts aimed at providing additional clarity on the business. We will also be speaking about these items in more detail at our Analyst and Investor Day on September 6, when we will provide a full overview of the business and financial performance, layout company strategy and discuss longer-term growth metrics.

謝謝艾弗里，大家下午好。我們感謝您參加我們的第二季度收益電話會議。我很自豪地分享又一個穩定的季度業績，以繼續凸顯我們業務的實力和特許經營商的健康狀況。在今天的電話會議上，我們將討論幾個關鍵概念，旨在進一步明確業務。我們還將在 9 月 6 日的分析師和投資者日上更詳細地討論這些項目，屆時我們將全面概述業務和財務業績、規劃公司戰略並討論長期增長指標。

Let's turn to our second quarter results. Xponential franchisees now operate nearly 2,900 studios globally with over 5,800 licenses sold across our 10 leading fitness brands. We have franchise, master franchise and international expansion agreements in 19 countries outside of North America. Total members across North America saw growth of 29% year-over-year to a total of 697,000 at the end of the second quarter. Over 90% of these customers are actively paying members.

讓我們看看第二季度的業績。 Xponential 特許經營商目前在全球經營著近 2,900 個工作室，我們在 10 個領先健身品牌中銷售了 5,800 多個許可證。我們在北美以外的 19 個國家/地區擁有特許經營權、主特許經營權和國際擴張協議。截至第二季度末，北美地區會員總數達 697,000 人，同比增長 29%。其中超過 90% 的客戶都是積極付費的會員。

Along with growth in our membership base, North American studio visits for the second quarter increased by 32% year-over-year, reaching a total of $12.9 million. This drove record North American system-wide sales of $341 million, which represents a 37% increase over the second quarter of 2022.

隨著會員數量的增長，第二季度北美工作室的訪問量同比增長 32%，達到 1,290 萬美元。這推動北美全系統銷售額達到創紀錄的 3.41 億美元，較 2022 年第二季度增長 37%。

Q2 North American run rate average unit volumes of $561,000 were up 17% from $480,000 in Q2 of 2022, our 12th straight quarter of AUV growth. We continue to believe that AUV growth is the most direct measure of our franchise systems health. North America same-store sales growth remained strong at 15% in the second quarter, and we are particularly pleased with the performance of our more mature cohort with studios over 3 years old increasing same-store sales by 16%. Now that we are further removed from COVID-impacted time periods, we believe this metric has begun to normalize. John will speak about these calculations in more detail shortly.

第二季度北美運行率平均單位銷量為 561,000 美元，比 2022 年第二季度的 480,000 美元增長 17%，這是我們 AUV 連續第 12 個季度增長。我們仍然相信 AUV 增長是衡量我們特許經營系統健康狀況的最直接指標。第二季度北美同店銷售額增長依然強勁，達到 15%，我們對更成熟的工作室的表現尤其滿意，其中工作室成立時間超過 3 年，同店銷售額增長了 16%。現在，我們已經遠離了受新冠疫情影響的時期，我們相信這一指標已經開始正常化。約翰很快就會更詳細地討論這些計算。

Turning to revenue. For the quarter, net revenue totaled $77.3 million, an increase of 30% year-over-year. Adjusted EBITDA totaled $25.3 million in Q2 or 33% of revenue, up 43% from $17.6 million or 30% of revenue in the prior year period.

轉向收入。該季度淨收入總計 7730 萬美元，同比增長 30%。第二季度調整後 EBITDA 總計 2530 萬美元，佔收入的 33%，比去年同期的 1760 萬美元（佔收入的 30%）增長了 43%。

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. Beginning with the increase of our franchise studio base, we ended Q2 with 2,892 global open studios opening 141 net new studios in the second quarter. We sold 234 licenses globally in Q2 2023, with about 30% of licenses bought by existing franchisees, bringing total sold licenses to 5,872. We also continue to have an increasing pipeline with almost 2,000 licenses sold and contractually obligated to open on a global basis, excluding our master franchise agreement obligations. We are always pleased when an existing franchisee purchases additional licenses as it reinforces their satisfaction with our model and the success of their businesses. In fact, over 56% of our studios have owners who have purchased multiple Xponential licenses. Looking at this in a bit more detail, our average franchisee has bought 2.6 licenses with 1.3 studios currently open.

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。從我們特許經營工作室基礎的增加開始，到第二季度結束時，我們在全球共有 2,892 個開放工作室，第二季度淨新開設了 141 個工作室。 2023 年第二季度，我們在全球銷售了 234 個許可，其中約 30% 的許可由現有特許經營商購買，使已售許可總數達到 5,872 個。我們的渠道還在不斷增加，已售出近 2,000 個許可證，並且根據合同有義務在全球範圍內開放，不包括我們的主特許經營協議義務。當現有特許經營商購買額外的許可證時，我們總是感到高興，因為這增強了他們對我們的模式及其業務成功的滿意度。事實上，我們超過 56% 的工作室擁有購買了多個 Xponential 許可證的所有者。更詳細地看一下，我們的加盟商平均購買了 2.6 個許可證，目前有 1.3 個工作室開業。

Turning to our next growth driver, international expansion. We have over 1,000 studios obligated to open under master franchise agreements. Of note, just recently, we announced the signing of a master franchise agreement in France for our Club Pilates brand, which represents our 19th country outside of North America. The agreement gives the master franchisee the opportunity to license a minimum of 75 Club Pilates studios in France over the next 10 years and is indicative of Xponential's approach to international expansion, wherein we partner with world-class experienced operators who can rapidly scale our brands.

轉向我們的下一個增長動力，國際擴張。我們有 1,000 多家工作室有義務根據主特許經營協議開設。值得注意的是，就在最近，我們宣佈在法國簽署我們的普拉提俱樂部品牌主特許經營協議，該品牌代表我們在北美以外的第 19 個國家。該協議使主特許經營商有機會在未來10 年內在法國獲得至少75 個普拉提俱樂部工作室的許可，這表明了Xponential 的國際擴張方式，其中我們與世界一流的經驗豐富的運營商合作，他們可以快速擴展我們的品牌。

As a reminder, our MFAs are structured to provide Xponential with high-margin flow-through. We typically receive a percentage of revenue share with very little corresponding SG&A. Xponential is currently targeting approximately 50 countries with our 10 existing brands or potentially 500 different MFA opportunities, which provide significant white space for future growth.

提醒一下，我們的 MFA 旨在為 Xponential 提供高利潤的流通。我們通常會獲得一定比例的收入分成，但相應的銷售、管理及管理費用卻很少。 Xponential 目前面向大約 50 個國家/地區，擁有 10 個現有品牌或潛在的 500 個不同的 MFA 機會，這為未來的增長提供了巨大的空白。

Our third key growth driver is to expand margins and drive free cash flow conversion. Adjusted EBITDA margins again increased to 32.6% during the second quarter, demonstrating continued operating leverage. As we continue to scale, holding company-owned transition studios will create headwinds when optimizing margins. Therefore, going forward, we no longer will take on company-owned transition studios. As of the date of this call, we are operating 38 company-owned transition studios and have 9 corporate LA Fitness studios under our Club Pilates and StretchLab brands. We plan to continue operating these 9 studios in order to prove out the LA Fitness nontraditional studio concept. The company-owned transition studios currently generated immaterial amount of net operating loss. We plan to refranchise these studios down to 0, and we will no longer take on any company-owned transition studios going forward. We are confident this shift in strategy will drive additional leverage to SG&A expenses while also benefiting AUVs in the long run.

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。第二季度調整後 EBITDA 利潤率再次增至 32.6%，表明運營槓桿持續存在。隨著我們不斷擴大規模，控股公司擁有的過渡工作室將在優化利潤時產生阻力。因此，今後我們將不再承接公司自有的過渡工作室。截至本次電話會議之日，我們運營著 38 家公司自有的過渡工作室，並在 Club Pilates 和 StretchLab 品牌下擁有 9 家洛杉磯健身公司工作室。我們計劃繼續運營這 9 個工作室，以證明 LA Fitness 非傳統工作室的概念。公司擁有的過渡工作室目前產生的淨經營虧損並不大。我們計劃將這些工作室重新授權至 0 個，並且今後我們將不再承接任何公司擁有的過渡工作室。我們相信，這一戰略轉變將推動SG&A支出的額外槓桿作用，同時從長遠來看也有利於AUV。

Importantly, as John will speak to shortly, we are raising guidance on several of the guided metrics for the year. We remain on track to achieve adjusted EBITDA margins in the 35% to 39% range by year-end and adjusted EBITDA margins of 40% in 2024. We look forward to providing an overview of the business and financial performance, layout company strategy and discuss longer-term growth metrics at our Analyst and Investor Day on September 6 at the New York Stock Exchange.

重要的是，正如約翰稍後將談到的那樣，我們正在提高對今年幾個指導指標的指導。我們仍有望在年底實現調整後 EBITDA 利潤率在 35% 至 39% 的範圍內，並在 2024 年實現調整後 EBITDA 利潤率達到 40%。我們期待提供業務和財務業績概覽、佈局公司戰略並討論我們將於9 月6 日在紐約證券交易所舉行的分析師和投資者日公佈長期增長指標。

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.

接下來，我將把電話轉給 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. We drove strong in-studio performance in the second quarter and further built out our ecosystem of B2B partnerships, strengthened our omnichannel fitness offering and continued refining our XPass and XPlus services. During the second quarter, North America visitation rates grew 32% year-over-year, and our North America actively paying membership base grew to over 628,000 members. With our product continuing to be very sticky and playing an integral role in our members' lifestyle, Xponential continues to retain its membership base. Xponential aims to ensure that members have access to a boutique fitness experience that matches their individual needs and interests.

謝謝你，安東尼。我們在第二季度推動了強勁的工作室業績，並進一步建立了 B2B 合作夥伴生態系統，加強了我們的全渠道健身產品，並繼續完善我們的 XPass 和 XPlus 服務。第二季度，北美訪問率同比增長 32%，我們的北美活躍付費會員數量增長至超過 628,000 名會員。隨著我們的產品繼續保持高粘性並在會員的生活方式中發揮著不可或缺的作用，Xponential 繼續保留其會員基礎。 Xponential 旨在確保會員能夠獲得符合其個人需求和興趣的精品健身體驗。

Let's now discuss how our omnichannel offerings help drive customer engagement, resulting in higher same-store sales and AUVs. Our XPass offering is one way we enhance customer engagement by having frictionless access to all 10 of our brands on a single recurring monthly membership platform. Inception to date, there have been over 60,000 bookings made on XPass. XPass is beneficial for both consumers and franchisees. It provides consumers with flexibility to snack across fitness modalities while driving new lead generation for in studio memberships. This quarter, we will be introducing an advertising channel into the XPass app to give Xponential studio customers access to third-party exclusive offers, launching in categories such as mental health, apparel and healthy foods. This initiative will drive further benefit to our members while serving as another means for driving incremental lead flow to the studios.

現在讓我們討論一下我們的全渠道產品如何幫助提高客戶參與度，從而提高同店銷售額和 AUV。我們的 XPass 產品是我們提高客戶參與度的一種方式，通過在一個定期每月會員平台上輕鬆訪問我們的所有 10 個品牌。迄今為止，XPass 上的預訂量已超過 60,000 份。 XPass 對消費者和加盟商都有利。它為消費者提供了跨健身方式的靈活性，同時推動工作室會員產生新的潛在客戶。本季度，我們將在 XPass 應用程序中引入廣告渠道，讓 Xponential 工作室客戶能夠獲得第三方獨家優惠，在心理健康、服裝和健康食品等類別中推出。這一舉措將為我們的會員帶來更多利益，同時作為推動工作室增加潛在客戶流量的另一種手段。

XPlus is the second critical element of our omni-channel approach. XPlus allows our customers to access digital classes at all 10 of our brands from the comfort of their own home and as a supplement to in-person classes at our studios. Many of our subscribers also hold in studio memberships, including those who have subscriptions through their brick-and-mortar memberships. We are constantly developing new content for our XPlus platform, and we're excited to see this digital channel continue to translate into increased consumer stickiness and brand affinity.

XPlus 是我們全渠道方法的第二個關鍵要素。 XPlus 允許我們的客戶在舒適的家中訪問我們所有 10 個品牌的數字課程，並作為我們工作室現場課程的補充。我們的許多訂閱者還擁有工作室會員資格，包括那些通過實體會員資格訂閱的人。我們不斷為 XPlus 平台開發新內容，我們很高興看到這個數字渠道繼續轉化為更高的消費者粘性和品牌親和力。

Also, during the quarter, we solidified an XPlus licensing deal with our master franchisor for BFT, which enables us to offer on-demand classes to members across 250 international BFT locations. We are excited to introduce our omnichannel experience to global consumers and expect to pursue similar licensing deals with other MFAs. B2B partnerships like our relationship with Princess Cruises are the third key element of Xponential's omnichannel strategy. These partnerships provide a means of reaching new audiences, generating revenue and creating lead flow with little or sometimes negative acquisition costs.

此外，在本季度，我們與 BFT 主特許人簽訂了 XPlus 許可協議，這使我們能夠為 250 個國際 BFT 地點的會員提供按需課程。我們很高興向全球消費者介紹我們的全渠道體驗，並期望與其他 MFA 達成類似的許可協議。 B2B 合作夥伴關係（例如我們與公主郵輪的關係）是 Xponential 全渠道戰略的第三個關鍵要素。這些合作夥伴關係提供了一種接觸新受眾、創造收入和創造潛在客戶流的方法，而獲取成本很少或有時為負。

As of the end of Q2, Pure Barre, YogaSix and StretchLab have been launched across the entire fleet of Princess Cruise ships. In addition, in September, we will have our first one-of-a-kind sea-going retreat for Club Pilates, which is to set sale in Alaska. Club Pilates classes will be offered by top-notch instructors amidst Alaskan glaciers and mountains and in conjunction with Royal Princess' culinary entertainment and activity options. This experience is already selling itineraries, and we intend to launch future retreats across our other brands. The renewal we announced with lululemon in June is another great example of a B2B partnership that is helping to grow Xponential. Members of lululemon studio can stream a diverse range of workouts featuring Pure Barre, Rumble, AKT and YogaSix-classes as well as take advantage of discounted classes at the brick-and-mortar locations of these brands across North America.

截至第二季度末，Pure Barre、YogaSix 和 StretchLab 已在公主郵輪的整個船隊中推出。此外，九月，我們將為普拉提俱樂部舉辦首個獨一無二的海上靜修活動，並將在阿拉斯加發售。俱樂部普拉提課程將由頂級教練在阿拉斯加冰川和山脈中授課，並結合皇家公主號的美食娛樂和活動選擇。這種體驗已經開始銷售行程，我們打算在未來推出其他品牌的靜修活動。我們在 6 月份宣布與 lululemon 續約，這是 B2B 合作夥伴關係幫助 Xponential 發展的另一個很好的例子。 lululemon 工作室的會員可以直播包括 Pure Barre、Rumble、AKT 和 YogaSix 課程在內的各種鍛煉課程，並在這些品牌遍布北美的實體店享受折扣課程。

The cross-promotional offering is an efficient and effective way of introducing new customers to our brands and building an enduring interest in Xponential Fitness' modalities. In the second half of 2023, we will continue to explore additional B2B partnerships to enhance our XPlus and XPass offerings to further build out our omnichannel fitness capabilities. Through these offerings, we look forward to expanding the breadth and depth of tools available to our franchisees to bring people into the Xponential ecosystem, drive higher customer retention and create a world-class fitness experience. As a portfolio company, we have the ability to leverage our scale, our vendor relationships, our omnichannel offerings and partnerships across all our brands to ultimately achieve the goal of driving more members into the franchisee studios. Importantly, our performance data validates this as studio-level KPIs continue to grow each quarter.

交叉促銷產品是一種高效且有效的方式，可以向新客戶介紹我們的品牌，並建立對 Xponential Fitness 模式的持久興趣。 2023 年下半年，我們將繼續探索更多 B2B 合作夥伴關係，以增強我們的 XPlus 和 XPass 產品，進一步打造我們的全渠道健身能力。通過這些產品，我們期待擴大特許經營商可用工具的廣度和深度，將人們帶入 Xponential 生態系統，提高客戶保留率並創造世界一流的健身體驗。作為一家投資組合公司，我們有能力利用我們的規模、供應商關係、全渠道產品以及所有品牌的合作夥伴關係，最終實現吸引更多成員進入特許經營工作室的目標。重要的是，我們的績效數據證實了這一點，因為工作室級別的 KPI 每個季度都在持續增長。

Thank you again for your time. I'll now turn the call over to John to discuss our second quarter results and 2023 outlook.

再次感謝您抽出時間。我現在將電話轉給 John，討論我們第二季度的業績和 2023 年的前景。

Thanks, Sarah. It's great to speak with everyone today. Before diving into our results for the quarter, I'd like to discuss our calculations for average unit volumes and same-store sales, both of which have been consistently defined and calculated throughout our history. I will also provide clarity on historical and go-forward treatment of studio closures under KPI reporting and how they would be categorized as well as provide an overview on how to think about brand level economics.

謝謝，莎拉。今天很高興與大家交談。在深入研究本季度的業績之前，我想討論一下我們對平均單位銷量和同店銷售額的計算，這兩者在我們的歷史中都是一致定義和計算的。我還將闡明 KPI 報告中工作室關閉的歷史和未來處理方式以及如何對它們進行分類，並概述如何思考品牌層面的經濟學。

Starting with North American quarterly run rate average unit volumes. We define this as the average quarterly sales activity for all studios that are at least 6 months old, at the beginning of the respective quarter multiplied by 4 to get an annualized number. Studios with 0 sales in the period as well as our 19 LA Fitness locations are and have always been excluded from this calculation. With that said, inclusion of 0 sales studios in nontraditional locations would not result in a material difference to AUVs. For Q2 2023, our calculation for run rate AUV of $561,000 included 99% of our entire North American studio base older than 6 months. When including 100% of studios, run rate AUV would have been just 1% lower. Similarly, when calculating our North American same-store sales, we have followed the industry standard practice of including only studios that have 13 months of continuous sales activity as disclosed in our SEC filings. Our Q2 2023 same-store sales of 15% included 97% of our North American studio base older than 13 months. For Q2 2022, same-store sales of 25% included 98% of these studios.

從北美季度運行率平均單位數量開始。我們將其定義為所有至少有 6 個月曆史的工作室在相應季度初的平均季度銷售活動乘以 4 以獲得年化數字。在此期間銷售額為 0 的工作室以及我們的 19 個 LA Fitness 地點一直被排除在此計算之外。話雖如此，在非傳統地點納入 0 個銷售工作室不會對 AUV 產生實質性差異。對於 2023 年第二季度，我們對運行費 AUV 的計算為 561,000 美元，其中包括 99% 超過 6 個月的整個北美工作室基地。當包括 100% 的工作室時，運行率 AUV 只會降低 1%。同樣，在計算北美同店銷售額時，我們遵循行業標準做法，即僅包括我們在 SEC 文件中披露的具有 13 個月連續銷售活動的工作室。 2023 年第二季度，我們的同店銷售額為 15%，其中 97% 的北美工作室銷量超過 13 個月。 2022 年第二季度，98% 的工作室包含同店銷售額 25%。

Turning to the go-forward treatment of studio closures under KPI reporting. Any studio that does not have sales for 9 consecutive months will now be deemed closed for KPI reporting purposes. We have provided a full reconciliation of studio accounts under this new method in the 10-Q. It's important to note that applying this new method to historical figures results in minimal differences.

轉向 KPI 報告中工作室關閉的前瞻性處理。出於 KPI 報告目的，任何連續 9 個月沒有銷售額的工作室將被視為關閉。我們在 10-Q 中按照這種新方法提供了工作室賬戶的全面對賬。值得注意的是，將這種新方法應用於歷史人物會產生最小的差異。

Turning to brand level data. Xponential has always taken a portfolio approach to its brands where there is a diversification of modality and varying levels of revenue performance depending on the maturity of the brand. We will be providing more detail on the unit level economics that underpin our portfolio of brands, which we will discuss at our upcoming Analyst and Investor Day.

轉向品牌層面的數據。 Xponential 始終對其品牌採取組合方式，根據品牌的成熟度，採取多樣化的模式和不同水平的收入表現。我們將提供有關支撐我們品牌組合的單位層面經濟學的更多詳細信息，我們將在即將到來的分析師和投資者日討論這些細節。

It is important to point out that our well-established brands in North America at scale, meaning brands that have over 150 open studios in North America, which include Club Pilates, StretchLab, Pure Barre, CycleBar and YogaSix represent more than 90% of our total studio base at quarter end and generate weighted average AUVs of approximately $578,000. These brands have existed for several years and have had time to develop a strong following among members, typically driving higher AUVs.

需要指出的是，我們在北美的知名品牌規模龐大，這意味著在北美擁有超過 150 個開放工作室的品牌，其中包括 Club Pilates、StretchLab、Pure Barre、CycleBar 和 YogaSix 代表了我們 90% 以上的品牌季末工作室總基數，加權平均AUV 約為578,000 美元。這些品牌已經存在多年，並且有時間在會員中培養了強大的追隨者，通常會推動更高的 AUV。

Our 5 growth brands, which include Row House, Rumble, BFT, STRIDE and AKT account for less than 10% of our studio base in North America at quarter end. These brands have had the benefit of Xponential support system for shorter time periods, yet continue to mature in the brand awareness and membership base. Our established brands generated 16% Q2 2023 same-store sales and make up 94% of North American system-wide sales. As the brands mature, the studio AUVs and corresponding franchisee profitability will improve as the largely uniform operating expenses are leveraged, noting some slight variations driven by labor and other expense items. Our brands have roughly the same monthly operating expenses, and these expenses can vary across designated market areas. For example, rent and labor costs in New York City would typically be higher compared to Louisville, Kentucky. The exception to the operating expenses occurs more frequently in our StretchLab and Pure Barre brands. StretchLab has a higher labor cost given the mostly one-on-one model, but also generates higher AUVs. Pure Barre has more of an owner-operator model that allows the owner to internalize some of the expenditures they would otherwise have for labor. In some instances, franchisees of lower AUV concepts have transitioned from semi absentee to owner operator in order to reduce labor costs and internalize more of their overall spend.

截至季度末，我們的 5 個增長品牌，包括 Row House、Rumble、BFT、STRIDE 和 AKT，占我們北美工作室基地的比例不到 10%。這些品牌在較短的時間內受益於 Xponential 支持系統，但品牌知名度和會員基礎不斷成熟。我們的老品牌在 2023 年第二季度的同店銷售額佔 16%，佔北美系統銷售額的 94%。隨著品牌的成熟，工作室 AUV 和相應的特許經營商的盈利能力將會提高，因為基本統一的運營費用得到了槓桿化，注意到勞動力和其他費用項目帶來的一些細微變化。我們的品牌每月的運營費用大致相同，但這些費用在不同的指定市場區域可能會有所不同。例如，與肯塔基州路易斯維爾相比，紐約市的租金和勞動力成本通常會更高。運營費用的例外情況在我們的 StretchLab 和 Pure Barre 品牌中更常見。鑑於主要是一對一的模式，StretchLab 的勞動力成本較高，但也產生了較高的 AUV。 Pure Barre 更多的是一種所有者-經營者模式，允許所有者將一些原本用於勞動力的支出內部化。在某些情況下，較低 AUV 概念的特許經營商已經從半缺勤轉變為業主經營者，以降低勞動力成本並將更多的總體支出內部化。

Now turning to our results for the second quarter. North America system-wide sales of $341.3 million were up 37% year-over-year. The growth in North American systemwide sales was driven primarily by the 15% same-store sales in the existing base of open studios that continue to acquire new members, coupled with 115 new North American studios that opened in the second quarter. On a consolidated basis, revenue for the quarter was $77.3 million, up 30% year-over-year. Reoccurring revenue for the quarter was 74%, which we have consistently defined to include all revenue streams, except for franchise license sales and equipment revenues given these materially occur upfront before a studio opens. That being said, all 5 of the components that make up our revenue grew during the quarter.

現在轉向我們第二季度的業績。北美全系統銷售額達 3.413 億美元，同比增長 37%。北美全系統銷售額的增長主要得益於現有開放工作室基礎上 15% 的同店銷售額不斷吸納新會員，以及第二季度新開設的 115 家北美工作室。綜合來看，該季度收入為 7730 萬美元，同比增長 30%。本季度的經常性收入為 74%，我們一貫將其定義為包括所有收入流，但特許經營許可銷售和設備收入除外，因為這些收入在工作室開業之前就已發生。話雖這麼說，構成我們收入的所有 5 個組成部分在本季度都實現了增長。

Franchise revenue was $35.1 million, up 27% year-over-year. This growth was primarily driven by an increase in royalty revenue as member visits and system-wide sales reached all-time highs. In addition, we saw increased instructor training revenues and higher monthly tech fees that will continue to increase as we open more studios domestically. Equipment revenue was $14.4 million, up 17% year-over-year. This increase in equipment revenue is the result of continued higher volumes of global equipment installations in addition to a higher mix of equipment-intensive brands like BFT and Rumble. Merchandise revenue was $8.4 million, up 24% year-over-year. The increase during the quarter was primarily driven by a higher number of operating studios and increased foot traffic compared to the prior year. Franchise marketing fund revenue of $6.6 million was up 34% year-over-year, primarily due to strong system-wide sales from a higher number of open cities in North America. Lastly, other service revenue, which includes rebates from processing studio system-wide sales, B2B partnerships, XPass and XPlus amongst other items, was $12.8 million, up 62% from the prior year period. The increase in the period was primarily due to increased revenue from sales generated in our company-owned transition studios, increased rebates from the processing of studio-level system-wide sales and our higher revenues from our B2B partnerships.

特許經營收入為 3510 萬美元，同比增長 27%。這一增長主要是由於會員訪問量和全系統銷售額達到歷史新高而導致特許權使用費收入增加。此外，我們還看到了教練培訓收入的增加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1440萬美元，同比增長17%。設備收入的增長是全球設備安裝量持續增加以及 BFT 和 Rumble 等設備密集型品牌組合增加的結果。商品收入為 840 萬美元，同比增長 24%。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 660 萬美元，同比增長 34%，這主要是由於北美開放城市數量增多，全系統銷售強勁。最後，其他服務收入為 1280 萬美元，比上年同期增長 62%，其中包括處理工作室全系統銷售、B2B 合作夥伴關係、XPass 和 XPlus 等項目的回扣。這一期間的增長主要是由於我們公司擁有的過渡工作室產生的銷售收入增加、處理工作室級全系統銷售的回扣增加以及我們來自 B2B 合作夥伴關係的收入增加。

Turning to our operating expenses. Cost of product revenue were $14.2 million, up 5% year-over-year. The increase was primarily driven by a higher volume of equipment installations for new studio openings and a higher mix of equipment-intensive brands in the period. Cost of franchise and service revenue were $3.7 million, down 18% year-over-year. The decrease was driven by fewer license terminations in Q2 of 2023. Selling, general and administrative expenses of $44.4 million were up 52% year-over-year. As a percentage of revenue, SG&A expenses were 57% of revenue in the second quarter, up from 49% in the prior year period. As Anthony spoke to earlier, we expect our shift in strategy regarding company-owned transition studios will begin to have a positive impact in the second half on this line item and drive leverage in SG&A. We are already executing on the plans to ramp down these studios and we'll share additional details on the positive impact this will have at the Analyst and Investor Day.

轉向我們的運營費用。產品收入成本為 1,420 萬美元，同比增長 5%。這一增長主要是由於同期新工作室開業的設備安裝量增加以及設備密集型品牌的組合增加所致。特許經營成本和服務收入為 370 萬美元，同比下降 18%。這一下降是由於 2023 年第二季度許可終止數量減少所致。銷售、一般和管理費用為 4440 萬美元，同比增長 52%。按佔收入的百分比計算，第二季度銷售、管理及行政費用佔收入的 57%，高於去年同期的 49%。正如安東尼早些時候所說，我們預計我們對公司擁有的過渡工作室的戰略轉變將在下半年開始對該訂單項產生積極影響，並提高銷售管理費用的槓桿率。我們已經在執行減少這些工作室規模的計劃，我們將在分析師和投資者日分享有關這將產生的積極影響的更多細節。

Depreciation and amortization expense was $4.3 million, an increase of 20% from the prior year period. Marketing fund expenses were $5.5 million, up 34% year-over-year, driven by the increased spend afforded by higher franchise marketing fund revenue. Acquisition and transaction expenses were a credit of $31.3 million versus a credit of $31.6 million in the second quarter of 2022. As I noted on prior earnings calls, the contingent consideration is related to the Rumble acquisition earn-out and is driven by the share price at quarter end, we mark-to-market the earnout each quarter and accrue for the earnout.

折舊和攤銷費用為 430 萬美元，比上年同期增長 20%。營銷基金支出為 550 萬美元，同比增長 34%，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 3130 萬美元，而 2022 年第二季度為 3160 萬美元。正如我在之前的財報電話會議上指出的那樣，或有對價與 Rumble 收購盈利相關，並由股價驅動在季度末，我們將每個季度的收益按市價計價並累計收益。

We recorded net income of $27.5 million in the second quarter compared to a net income of $31.5 million in the prior year period. The slightly lower net income was the result of $5.3 million of higher overall profitability, offset by a $0.4 million increase in noncash contingent consideration primarily related to the Rumble acquisition, a $1.6 million increase in noncash equity-based compensation expense and a $7.2 million increase in write down of brand assets associated with taking on a number of Rumble founder company-owned transition studios in the period.

我們第二季度的淨利潤為 2750 萬美元，而去年同期的淨利潤為 3150 萬美元。淨利潤略有下降的原因是整體盈利能力提高了530 萬美元，但被主要與Rumble 收購相關的非現金或有對價增加40 萬美元、非現金股權補償費用增加160 萬美元以及非現金股權補償費用增加720 萬美元所抵消。記下與在此期間收購 Rumble 創始人公司擁有的一些過渡工作室相關的品牌資產。

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. Adjusted net income for the second quarter was $4.2 million, which excludes the $31.3 million gain in fair value of noncash contingent consideration, a $0.7 million liability increase related to the second quarter remeasurement of the company's tax receivable agreement and the $7.2 million noncash write-down of brand assets. This results in adjusted net earnings of $0.05 per basic share on a share count of 33 million shares of Class A common stock after accounting for income attributable to noncontrolling interest and dividends on preferred shares.

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。第二季度調整後淨利潤為420 萬美元，其中不包括非現金或有對價公允價值收益3130 萬美元、與第二季度重新計量公司應收稅款協議相關的70 萬美元負債增加以及720 萬美元非現金減記的品牌資產。考慮到非控股權益和優先股股息的收入後，3300萬股A類普通股的調整後淨利潤為每股基本股0.05美元。

Adjusted EBITDA was $25.3 million in the second quarter, up 43% compared to $17.6 million in the prior year period. Adjusted EBITDA margin grew to 33% in the second quarter compared to 30% 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.

第二季度調整後 EBITDA 為 2530 萬美元，比去年同期的 1760 萬美元增長 43%。第二季度調整後 EBITDA 利潤率增至 33%，而去年同期為 30%。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 June 30, 2023, cash, cash equivalents and restricted cash were $40.2 million, up from $29.3 million as of June 30, 2022. Total long-term debt was $265.6 million as of June 30, 2023, compared to $131.7 million as of June 30, 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. As mentioned on previous earnings calls, the company remains focused on optimizing our capital structure. If market conditions prove favorable, the company intends to pursue a whole business securitization of our repeating revenue streams, which will provide cheaper access to fixed rate financing in place of our existing floating term loan debt.

轉向資產負債表。截至2023 年6 月30 日，現金、現金等價物和限制性現金為4,020 萬美元，高於截至2022 年6 月30 日的2,930 萬美元。截至2023 年6 月30 日，長期債務總額為2.656 億美元，而截至2023 年6 月30 日，長期債務總額為1.317 億美元。 2022年6月30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。正如之前的財報電話會議中提到的，該公司仍然專注於優化我們的資本結構。如果市場條件有利，公司打算對我們的重複收入流進行整體業務證券化，這將為我們提供更便宜的固定利率融資，以取代我們現有的浮動定期貸款債務。

Now turning to our outlook. Based on current business conditions and higher levels of performance in the second quarter, we are increasing our full year 2023 guidance for system-wide sales, revenue and adjusted EBITDA, and we are reaffirming guidance for new studio openings as follows. We expect 2023 global new studio openings to remain unchanged in the range of 540 to 560. This range represents the highest number of studio openings in our company's history and an 8% increase at the midpoint over 2022. We now expect North America systemwide sales to range from $1.385 billion to $1.395 billion, up from the previous $1.37 billion to $1.38 billion or a 35% increase at the midpoint from the prior year. Total 2023 revenue is now expected to be between $295 million to $305 million, up from the previous $290 million to $300 million, a 22% year-over-year increase at the midpoint from the prior year. Adjusted EBITDA is now expected to range from $102.5 million to $106.5 million, up from $102 million to $106 million, a 41% year-over-year increase at the midpoint from the prior year. This range translates into a roughly 34.8% adjusted EBITDA margin at the midpoint.

現在轉向我們的展望。根據當前的業務狀況和第二季度更高的業績水平，我們將提高對全系統銷售、收入和調整後 EBITDA 的 2023 年全年指導，並重申對新工作室開業的指導如下。我們預計2023 年全球新開設的工作室數量將保持在540 至560 個範圍內不變。這一範圍代表了我們公司歷史上開設的工作室數量最高，比2022 年中值增長8%。我們現在預計北美系統範圍內的銷售額將達到範圍從 13.85 億美元到 13.95 億美元，高於之前的 13.7 億美元到 13.8 億美元，比上年中值增長 35%。目前預計 2023 年總收入將在 2.95 億美元至 3.05 億美元之間，高於之前的 2.9 億美元至 3 億美元，較上年中點同比增長 22%。調整後 EBITDA 目前預計範圍為 1.025 億美元至 1.065 億美元，高於上年中值的 1.02 億美元至 1.06 億美元，同比增長 41%。該範圍相當於調整後的 EBITDA 利潤率中點約為 34.8%。

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.

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 32.7 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 our corporate structure and capitalization FAQ on our Investor website.

全年，我們的稅率預計為中高個位數，計算每股收益的股票數量為 3270 萬股，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。

Finally, before turning the call over for questions, I want to communicate that our Board of Directors on August 1 has authorized a new up to $50 million share repurchase. Our lender, MSD Capital has already amended our term loan financing agreement and is funding the capital to complete the repurchase. Pro forma, adjusting for this incremental $50 million in term loan debt, the company will have less than 3x net debt to adjusted EBITDA for the full year 2023 based on the midpoint of our guided range.

最後，在轉交提問之前，我想告訴大家，我們的董事會已於 8 月 1 日授權進行一項高達 5000 萬美元的新股票回購。我們的貸方 MSD Capital 已經修改了我們的定期貸款融資協議，並正在為資本提供資金以完成回購。預計，根據我們指導範圍的中點，對新增的 5000 萬美元定期貸款債務進行調整後，該公司 2023 年全年調整後 EBITDA 的淨債務將不到 3 倍。

Thank you for your time today and for your support of Xponential. We will now open the call for questions. Operator?

感謝您今天抽出時間以及對 Xponential 的支持。我們現在開始提問。操作員？

(Operator Instructions) Our first question is from Randy Konik of Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Randy Konik。

Very thorough presentation, lots of good data for us to dig in on. So I guess one thing that really struck me on the AUV side was, a, it's very strong. And then, B, you talked about strength in visitation growth during the quarter. So maybe could you give us some perspective if you think about that AUV strength quarter-quarter -- in the quarter year-over-year. Can you give us some -- bounce it out with how much is like visitation growth, some pricing, maybe mix shift with the higher AUV concepts. Just want to get your perspective on what's driving that overall number?

非常詳盡的演示，有很多很好的數據供我們深入研究。所以我想 AUV 方面真正讓我印象深刻的一件事是，它非常強大。然後，B，您談到了本季度訪問量增長的強勁勢頭。因此，如果您考慮一下 AUV 本季度的實力（與去年同期相比），也許您可​​以給我們一些看法。你能給我們一些——比如訪問量增長、一些定價、也許與更高的 AUV 概念的混合轉變嗎？只是想了解一下您對推動這一總體數字的因素有何看法？

Yes, I'll take that. So the system-wide sales growth that you saw from Q1 to Q2, again, as consistent with prior quarters, you're getting 95% of system-wide sales growth, 2 different ways. One, from obviously opening up new studios. But two, it's volume, it's not price. So it's simply the 95%, 5% did that calculation, reaffirming Q2 is very similar, that is 95% volume. And in visitation, when you think about visitation in the summer months, you typically see more families take vacations. So visitation was flat roughly to Q1, but you still have the benefit of growing systemwide sales and members. So you'll see that kind of in the early part of Q3 as well. July is more of a summer travel month, while kids are out of school, parents tend to take more vacation. So visitation in the summer months is relatively flat. But when you look at historical patterns and seasonality, August and September, you see when kids come back to school, parents usually have more time and they kind of return back to their workout regimens. But visitation is still greater than Q1, but it is flat when you look at it from like June to July.

是的，我會接受的。因此，您從第一季度到第二季度看到的全系統銷售增長，與前幾個季度一致，您通過兩種不同的方式獲得了 95% 的全系統銷售增長。一，顯然是開設新工作室。但第二，是數量，而不是價格。所以這只是 95%、5% 的計算，重申第二季度非常相似，即 95% 的成交量。在探視方面，當你想到夏季的探視時，你通常會看到更多的家庭去度假。因此，訪問量與第一季度大致持平，但您仍然可以從系統範圍內銷售額和會員數量的增長中受益。所以你也會在第三季度的早期看到這種情況。七月更像是夏季旅行的月份，當孩子們放學時，父母往往會休假更多。因此，夏季的訪問量相對平穩。但當你觀察八月和九月的歷史模式和季節性時，你會發現當孩子們回到學校時，父母通常有更多的時間，他們會恢復鍛煉計劃。但訪問量仍然高於第一季度，但從 6 月到 7 月來看，它是持平的。

Understood. And then on the additional country, I guess, France up to 19 countries now, maybe give us some flavor on what's been developed so far? How that's been going? What maybe differences you're seeing from your MFAs in the different regions or countries? And then kind of how you're thinking about the pace of new country openings, let's say, over the next 3 to 5 years? That would be very helpful.

明白了。然後，關於其他國家，我猜，法國現在已經有 19 個國家了，也許可以讓我們了解一下迄今為止所開發的內容？進展如何？您從不同地區或國家的 MFA 中發現了哪些差異？那麼您如何考慮未來 3 到 5 年新國家開放的步伐？這將非常有幫助。

Yes, I can take that one. We've got a lot of development out there in terms of potential. We mentioned that there's 50 countries that we've identified, times 10 brands, so 500 total MFAs that we can go out and develop and pursue. In terms of the recent MFAs, we've got Switzerland, Ireland as well as France. Those are existing franchise partners of our domestic studios that have decided to open abroad, which is really exciting to see. And they're in the early stages of going out and looking for leases and developing out those studios. So we should know soon how they perform, but we feel very confident in the performance of our franchise partners, given that they're strong performance domestically.

是的，我可以接受那個。就潛力而言，我們有很大的發展空間。我們提到，我們已經確定了 50 個國家/地區，乘以 10 個品牌，因此我們可以走出去、開發和追求總共 500 個 MFA。就最近的碩士學位而言，我們有瑞士、愛爾蘭和法國。這些是我們國內工作室現有的特許經營合作夥伴決定在國外開設辦事處，這確實令人興奮。他們正處於走出去、尋找租賃和開發這些工作室的早期階段。所以我們應該很快就會知道他們的表現如何，但我們對我們的特許經營合作夥伴的表現非常有信心，因為他們在國內表現強勁。

And to follow that up, Randy, like looking into the future in regards to your question around what does the openings internationally look like compared to domestic, it's going to follow suit. We've been -- right now, the total mix is around 90:10, with 90% domestic, 10% international, but we've been selling and opening closer to 75:25. So assuming long-term metrics, north of 500 units a year, you could probably assume about 25% of those will come internationally over the coming years.

蘭迪，接下來，就像展望未來，關於你關於國際空缺與國內空缺相比是什麼樣子的問題，它將效仿。目前，總的比例約為 90:10，其中 90% 為國內，10% 為國際，但我們的銷售和開盤比例一直接近 75:25。因此，假設長期指標，每年超過 500 台，您可能會假設其中約 25% 的產品將在未來幾年銷往國際市場。

The next question is from Joe Altobello of Raymond James.

下一個問題來自 Raymond James 的 Joe Altobello。

First question, I want to dig a little deeper into studio economics. What percentage of your studios that are open more than a year longer than a year are profitable on a 4-wall basis?

第一個問題，我想更深入地了解工作室經濟學。在您的工作室中，開業時間超過一年的工作室中，以 4 牆為基礎實現盈利的工作室比例是多少？

Yes. So when we talk about studio economics, you'll typically see in the first 12 months, studios ramp to about $380,000-ish, which is above the breakeven level, and we've provided that information before. So the majority of our studios arrive at that in the first year. And then they typically comp in the mid- to high single digits after that. We saw 8% on average pre-COVID. The model largely reflects that, that studios get to -- studios get to, like I said, $380,000 in their first year, and then they typically comp around 8% after that per year.

是的。因此，當我們談論工作室經濟效益時，您通常會看到在前 12 個月內，工作室的收入增至約 380,000 美元左右，高於盈虧平衡水平，我們之前已經提供過該信息。所以我們大多數工作室在第一年就達到了這個目標。然後他們通常會在中高個位數之間進行比較。在新冠疫情爆發之前，我們的平均增長率為 8%。該模型在很大程度上反映了工作室在第一年的收入為 380,000 美元，之後每年的收入通常約為 8%。

Okay. Helpful. And then maybe a second question. You mentioned that you do expect to get transition studios down to 0 at some point. What time frame are you thinking about?

好的。有幫助。也許還有第二個問題。您提到您確實希望在某個時候將過渡工作室數量降至 0。您正在考慮什麼時間範圍？

Yes. Well, Joe, as we said, the studios or the actual unit count of the studios are down about half from what they were in Q1 and recently in Q2. So the remaining balance in the portfolio doesn't lose any material money. So we've never looked at the unit count of studios as an indication of franchisee health, the unit number itself. It's always what are the NOLs and what is the headwind to SG&A that we're concerned with. We're not concerned with the actual number. And so the stores that we have now, the 30-plus stores that are kind of our 4-wall brick-and-mortar stores don't lose a lot of money for us. And so there's not a lot of pressure to offload those right away, but we will be doing that in balance and making sure that the winners and the losers that are left in that portfolio are giving us the least amount of headwind, and that's what we're focused on, right, is SG&A and NOLs. So in other words, we don't want to sell the winners to be left with all the losers and that's been the strategy from the beginning. And so if I had to throw a guess out there, we're targeting by the end of the year or kind of Q1 of next year. But we want to do good deals that are accretive to the company. Some of these stores, we've bought for a lot less than what they're actually worth. And so we'll be going out making sure that we do the best deals possible for the company. But given that there's not a lot of leakage, we're not trying to necessarily offload them real quickly. And then the 9 LA Fitness's we're operating, 8 of which are Club Pilates and one of which is a StretchLab. We'll continue to probably operate those a little bit longer as we're just proving out that concept because franchisees want to see that the concept works. We do have several franchisees that are operating LA Fitness's and doing very well with them, but we want to be operating them here locally in Southern California.

是的。好吧，喬，正如我們所說，工作室或工作室的實際單位數量比第一季度和最近第二季度減少了約一半。因此投資組合中的剩餘餘額不會損失任何物質資金。因此，我們從未將工作室的單位數量（單位數量本身）視為加盟商健康狀況的指標。我們關心的始終是 NOL 以及 SG&A 的阻力是什麼。我們不關心實際數字。因此，我們現在擁有的 30 多家商店，也就是我們的 4 牆實體店，對我們來說並沒有損失很多錢。因此，立即出售這些資產的壓力並不大，但我們將平衡地做到這一點，並確保該投資組合中剩下的贏家和輸家給我們帶來的阻力最小，這就是我們所做的我們重點關注的是SG&A 和NOL。換句話說，我們不想出售贏家而留下所有輸家，這就是從一開始的策略。因此，如果我不得不猜測的話，我們的目標是在今年年底或明年第一季度。但我們希望達成對公司有利的交易。其中一些商店的價格遠低於它們的實際價值。因此，我們將竭盡全力確保為公司提供盡可能最好的交易。但鑑於洩漏並不多，我們並不試圖真正快速地卸載它們。我們正在運營 9 家洛杉磯健身中心，其中 8 家是普拉提俱樂部，其中 1 家是拉伸實驗室。我們可能會繼續經營這些更長的時間，因為我們只是證明這個概念，因為特許經營商希望看到這個概念有效。我們確實有幾家特許經營商正在經營洛杉磯健身中心，並且與他們合作得很好，但我們希望在南加州本地經營它們。

The next question is from Alex Perry of Bank of America.

下一個問題來自美國銀行的亞歷克斯·佩里。

I guess just first to follow up on some of the earlier questions. Can you talk about sort of franchisee profitability and cash-on-cash returns sort of by concept versus pre-COVID? Is it fair to say sort of like the clubs that have the concepts with the most tenure like Club Pilates have better cash-on-cash returns and maybe like a Row House or some of the more nascent concepts. Just any more color you can give us on sort of the economics by concept would be really helpful.

我想首先要跟進一些早期的問題。您能談談特許經營商的盈利能力和現金回報率嗎？公平地說，像普拉提俱樂部這樣擁有最多任期概念的俱樂部有更好的現金回報，也許像聯排別墅或一些更新生的概念。只要您能給我們提供更多有關經濟學概念的信息，就會非常有幫助。

Yes, Alex. So we will double-click on that in the Investor Day. We debated whether or not this was the right forum to dive into that. And just -- it's too much data to try and do in a 5-minute kind of Q&A session. But to think about it, we've talked about 40% cash-on-cash returns at certain levels of AUVs. We are seeing a lot of our brands produce more than that from an AUV perspective, and we continue to keep climbing. The scale brands for sure as we talked on the call, north of $575,000 roughly on a weighted average AUV. So their cash-on-cash returns are much higher than the ad design model, which we've largely spoke about. You have brands in the, we'll call it, not at scale, BFT, Rumble. Those are already coming out opening at $500,000-plus AUVs in year 1. So you could actually expect to see the cash returns better there. We do have brands in the unscaled like STRIDE, Row House, AKT. They're different model, and I talked to into in the call in relation to how those studios can operate at lower AUVs, we get generate similar margins if they go to more of an owner-operator model versus a semi-absentee model.

是的，亞歷克斯。因此，我們將在投資者日雙擊它。我們討論了這是否是深入探討這一問題的合適論壇。只是——在 5 分鐘的問答環節中嘗試處理的數據量太大了。但想一想，我們已經討論過在某些 AUV 水平上 40% 的現金回報率。從 AUV 的角度來看，我們看到我們的很多品牌的產量都超過了這個數字，而且我們還在繼續攀升。正如我們在電話會議上談到的那樣，規模品牌肯定是加權平均 AUV 大約在 575,000 美元以上。因此，他們的現金回報率遠高於我們已經討論過的廣告設計模式。你有品牌，我們稱之為，但不是大規模的，BFT，Rumble。這些產品第一年的開盤價已超過 500,000 美元。因此，您實際上可以期望在那裡看到更好的現金回報。我們確實擁有 STRIDE、Row House、AKT 等非規模品牌。他們是不同的模式，我在電話中談到了這些工作室如何以較低的 AUV 運營，如果他們更多地採用所有者運營商模式而不是半缺席模式，我們會產生類似的利潤。

So definitely, we'll provide a lot more detail on that in the Investor Day and get more clarity to you guys so you could see it more at a brand level, how we think about the business and how they're performing. So I would say, stay tuned on that, but we're excited to kind of delve into that in about a month.

因此，我們肯定會在投資者日提供更多詳細信息，並向你們提供更多信息，以便你們可以在品牌層面上更多地了解我們對業務的看法以及他們的表現。所以我想說，請繼續關注這一點，但我們很高興能在大約一個月內深入研究這一點。

Perfect. And then I guess, just my follow-up question, is 2-parter. How much visibility is there in the unit growth outlook for this year? Is that sort of based on leases that have already been signed. So you have a high degree of confidence there? And then maybe one more for you, John. Just the $7.2 million add-back of write-down of brand assets, can you just give us a little more color what that is, that would be really helpful.

完美的。然後我想，我的後續問題是由兩人組成的。今年單位增長前景的可見度有多大？這是基於已經簽署的租約嗎？那麼您對此有很高的信心嗎？約翰，也許還有一份給你。只是品牌資產減記的 720 萬美元回加，你能給我們多一點說明這是什麼嗎，這真的很有幫助。

Yes. I'll start with the $7.2 million. In Q2, the original Rumble founder studios, those were as part of our agreement when we purchased that business, they would be exiting at a certain point. That happened in Q2. We did assume those studios. So the ones in a lot of the major markets, we have those. So we will be looking to get those refranchised over time. So that was the -- that was what the $7.2 million reflects. In essence, when we bought the brand, the intangibles were assigned to the franchise agreements because that's what was outstanding. Now that we own the studios, the franchise agreements are no longer outstanding. Therefore, you would not hold them onto your balance sheet from an accounting perspective.

是的。我將從 720 萬美元開始。在第二季度，最初的 Rumble 創始人工作室是我們購買該業務時協議的一部分，他們將在某個時候退出。這發生在第二季度。我們確實假設了那些工作室。因此，我們在許多主要市場都有這些產品。因此，隨著時間的推移，我們將尋求重新特許經營。這就是 720 萬美元所反映的。本質上，當我們購買該品牌時，無形資產被分配給特許經營協議，因為這才是最突出的。既然我們擁有了工作室，特許經營協議就不再是懸而未決的了。因此，從會計角度來看，您不會將它們保留在您的資產負債表上。

And apologies, what was the first question?

抱歉，第一個問題是什麼？

Just the visibility into the growth outlook for this year?

只是今年增長前景的可見性嗎？

Yes. So really strong. I mean we've always talked about the fact that lease signings is the greatest early indicator of how many studios you're going to have open. We consistently signed and have been consistently signing lease agreements from the beginning of this year. We knew how many we signed kind of going into -- in Q3 and Q4, so how many were coming into this year. So from our perspective, the visibility and so the openings is very strong. We usually have about a good 6- to 9-month forward-looking view. So we can almost tell you not only what's going to happen in Q3 and Q4, but we pretty much have a good idea in Q1 of next year already. So the guidance around city openings, we said at the beginning of the year, it's been unchanged. We've moved guidance around in regards to revenue and adjusted EBITDA and systemwide sales. We've raised those as we've continued to perform in Q1 and Q2, but we haven't moved the studios because the visibility we have is pretty strong. I mean, it's pretty structured in the sense that when somebody signs a franchise agreement, they go out, they acquire a lease, and there is that 6 to 8 months where they're building up a studio and getting open.

是的。所以真的很強。我的意思是，我們一直在談論這樣一個事實，即租賃簽約是您將開設多少工作室的最佳早期指標。從今年年初開始，我們一直在簽署租賃協議。我們知道我們在第三季度和第四季度簽署了多少人，所以今年有多少人進入。因此，從我們的角度來看，可見性和空缺都非常強。我們通常有大約 6 到 9 個月的前瞻性觀點。因此，我們幾乎可以告訴您不僅第三季度和第四季度會發生什麼，而且我們在明年第一季度已經有了一個好主意。因此，我們在年初說過，圍繞城市開放的指導意見沒有改變。我們調整了有關收入的指引，並調整了 EBITDA 和全系統銷售額。我們提高了這些，因為我們在第一季度和第二季度繼續表現，但我們沒有搬遷工作室，因為我們的知名度非常高。我的意思是，當有人簽署特許經營協議時，他們就出去，獲得租約，然後有 6 到 8 個月的時間建立工作室並開放。

So you're always kind of looking at things a couple of quarters ahead of time. So once we sign the lease, we already know in about 2 quarters when that studio is going to open. So it's pretty static from that perspective. So a short answer to your question, I feel really strong and really good about the guidance that we put out there for new studio openings this year.

所以你總是提前幾個季度觀察事情。因此，一旦我們簽署了租約，我們就已經知道大約兩個季度後該工作室將何時開業。所以從這個角度來看，它是相當靜態的。因此，簡短地回答你的問題，我對我們今年為新工作室開業提供的指導感到非常強烈和非常好。

The next question is from Brian Harbour of Morgan Stanley.

下一個問題來自摩根士丹利的布萊恩·哈伯。

John, could you just comment on SG&A expense given where you're running year-to-date and then any impact of the kind of the transition studio strategy?

約翰，您能否評論一下您今年迄今為止的運營情況以及過渡工作室策略的影響？

Yes. Great question. So SG&A in Q2 was higher than it was in Q1. That has to do with the number of transition studios that we had on the books. Looking forward into Q3 and Q4, as we've made this shift in strategy as we start lowering SG&A costs because we don't have the operating cost of rent and labor in our SG&A. You'll expect SG&A to start coming down over time. So in the second half, you'll see that apparent pretty quickly. So the way you can kind of think about it is we were -- I think it was close to high 50% range in Q2. I would expect to see as we ramp down these studios that the SG&A as a percent of total revenue will hit below 30%. So it is a function of how quickly we kind of ramp down these studios. As Anthony mentioned, the goal -- loose goal that we kind of talked about is it'd be great to have them all done by the end of the year, but you will see it get into the low 30% range as we kind of refranchise these studios back out.

是的。很好的問題。因此，第二季度的 SG&A 高於第一季度。這與我們登記的過渡工作室的數量有關。展望第三季度和第四季度，我們在戰略上做出了這一轉變，因為我們開始降低 SG&A 成本，因為我們的 SG&A 中沒有租金和勞動力的運營成本。您會預計 SG&A 會隨著時間的推移而開始下降。所以在下半場，你很快就會看到這一點。所以你可以這樣想——我認為第二季度接近 50% 的高區間。我預計，隨著我們縮減這些工作室的規模，SG&A 佔總收入的百分比將降至 30% 以下。因此，這取決於我們縮減這些工作室的速度。正如安東尼提到的，我們談論的目標——寬鬆的目標是，如果能在今年年底前完成這些目標就太好了，但你會看到它進入了 30% 的低範圍，因為我們有點重新特許經營這些工作室。

Okay. Yes, makes sense. And just with that, are you -- how will it change going forward in the sense that are you just going to take a more active role in kind of brokering franchisee to franchisee deals? Do you think that there might be occasional closures if you can't kind of find a suitable buyer? Like how might we see the impact of that?

好的。是的，有道理。就這樣，您是否會在特許經營商與特許經營商之間的經紀交易中發揮更積極的作用，從某種意義上說，未來會發生什麼變化？您是否認為如果找不到合適的買家，可能會偶爾倒閉？比如我們如何看待它的影響？

Yes. As we said in the earnings script, we will be triaging, I guess, studios differently in the sense that if we feel that we can in a reasonable amount of time, get the studio either refranchised or turned around, we will invest resources and the time to do that. If the studio -- there are situations where studios just no longer make sense if they were in a large grocery anchor that the inquiry moved or the center just kind of for whatever reason, doesn't really have a lot of foot traffic, it would be in the best interest of the franchisee to relocate that to a better location. But in situations where it's just not a viable studio anymore, I think you will start seeing the company look to closures as a path. But in the short term, we're going to go ahead and focus on getting the studios ramp down on our side, and then we'll work with franchisees to assess what's the best option for them in operating their studio going forward. But yes, we will be assisting obviously, with tools and resources from a sales perspective, make sure they're following the model, look at relocations, if it's more of a center issue to kind of address studios on a case-by-case basis.

是的。正如我們在收益腳本中所說，我想我們將以不同的方式對工作室進行分類，因為如果我們認為我們可以在合理的時間內使工作室重新特許經營或扭轉局面，我們將投入資源和是時候這樣做了。如果工作室——在某些情況下，工作室不再有意義，如果它們位於調查移動的大型雜貨店或中心，無論出於何種原因，實際上沒有很多人流量，那麼它就會將其搬遷到更好的位置符合特許經營商的最大利益。但在它不再是一個可行的工作室的情況下，我認為你會開始看到該公司將關閉作為一條道路。但從短期來看，我們將繼續專注於讓工作室在我們這邊逐漸減少，然後我們將與特許經營商合作，評估他們未來運營工作室的最佳選擇是什麼。但是，是的，我們顯然會從銷售角度提供工具和資源，確保他們遵循模型，考慮搬遷，如果這更像是一個中心問題，需要根據具體情況向工作室解決問題基礎。

The next question is from Jonathan Komp of Baird.

下一個問題來自貝爾德 (Baird) 的喬納森·康普 (Jonathan Komp)。

I want to just ask about the same-store sales trend that you're seeing. And first quarter, you were at 20%, second quarter at 15%, strong numbers, but obviously, different ways you could interpret the trend and trajectory. So can you give any more insight in terms of the trend that you're seeing for same-store sales? And then any color what we should expect going into the back half?

我想問一下您所看到的同店銷售趨勢。第一季度為 20%，第二季度為 15%，數字強勁，但顯然，解釋趨勢和軌蹟的方式不同。那麼您能否對您所看到的同店銷售趨勢提供更多見解？那麼後半部分我們應該期待什麼顏色呢？

Yes. So first quarter, obviously, 20%, as you mentioned, 15% in the second quarter. I do see, obviously, system-wide sales as they continue to grow. I do expect to see same-store sales normalize over time. I mentioned on previous calls that I do believe in 2023, you're still benefiting from a pretty strong growth perspective on studios getting into -- as they kind of grow into maturities, we continue to open more studios, you're going to see elevated same-store sales over the coming quarters. Mid- to high single digits is still my long-term kind of guidance or expectation on how studios will perform. But I do expect 2023 to be in the mid-teens, the 15%, 16% range in same-store sales you look in the second half of this year. As I mentioned, Q3 is typically a strong quarter when you look at it quarter-on-quarter, and you see strong growth. So I do expect Q3 and Q4 to stay somewhat elevated as you benefit from people, as I mentioned, the seasonality going back to -- kids going back to school, parents start going back to their workouts from vacation. And then also in Q4, we always have our Black Friday holiday promotions, and we typically see strong sales in that quarter. So I expect 16%-ish range for the full year. I think Q3 and Q4, you'll see around that level as well. And then as you kind of roll into 2024, as we kind of continue to monitor, assess, measure, see how studios are opening up, we'll get a better idea. But long term, mid- to high single digits as you start looking beyond 2023.

是的。所以，正如你提到的，第一季度顯然是 20%，第二季度是 15%。顯然，我確實看到全系統的銷售額在持續增長。我確實希望看到同店銷售隨著時間的推移趨於正常化。我在之前的電話會議中提到，我確實相信到2023 年，您仍然會受益於工作室進入的相當強勁的增長前景- 隨著它們逐漸成熟，我們將繼續開設更多工作室，您將會看到未來幾個季度的同店銷售額將有所提高。中高個位數仍然是我對工作室表現的長期指導或期望。但我確實預計 2023 年的同店銷售額將在 15% 至 16% 之間，即今年下半年的同店銷售額增幅。正如我所提到的，第三季度通常是一個強勁的季度，當你按季度查看時，你會看到強勁的增長。因此，我確實預計第三季度和第四季度會保持一定程度的上升，因為正如我提到的，季節性會回到——孩子們回到學校，父母開始從假期開始鍛煉。然後，在第四季度，我們總是有黑色星期五假期促銷活動，通常會在該季度看到強勁的銷售。所以我預計全年的增長幅度在 16% 左右。我認為第三季度和第四季度，您也會看到這個水平。然後，當你進入 2024 年時，當我們繼續監控、評估、衡量、了解工作室的開放情況時，我們會得到更好的想法。但從長期來看，當你開始展望 2023 年以後時，這一數字將達到中高個位數。

Got it. That's helpful color. And then I want to follow up to ask about the Board's decision to initiate the buyback program and to do so with taking on incremental debt. Just -- any thoughts to the process there and weighing the different options relative to using internally generated cash or further simplifying the capital structure. I know you bought back some of the preferred shares in the past or the convertible debt. So just any additional thoughts on the thought process and how the Board may have settled on the path that it did.

知道了。這是有用的顏色。然後我想跟進詢問董事會啟動回購計劃並承擔增量債務的決定。只是 - 對那裡的流程有什麼想法，並權衡相對於使用內部產生的現金或進一步簡化資本結構的不同選擇。我知道你過去回購了一些優先股或者可轉債。那麼，關於思考過程以及董事會如何確定其所採取的路徑的任何其他想法。

Yes. I mean, we finished the quarter with $40 million in cash. Obviously, we announced a $50 million repurchase. The long-term goal was always to kind of put in place a more efficient capital structure with the securitization. So we had always talked about the preferred shares and wanting to repurchase those. It's all -- to me, it's all fungible, whether it's Class A, Class B preferred. The ultimate goal is to have as few shares out there as possible, I guess, from an antidilutive perspective. So for us, the way we looked at it is the debt was available to us. We have a great partner, MSD, who offered to say, "Listen, we'll be willing to give you guys the capital to do the shares", because they also see this as shareholders from their perspective, but they also see it as the stock being undervalued at these levels. So it was easy access for us to get the cash. What we ideally would have loved to just done all the repurchase of shares on the preferred under a securitized model, yes, that makes it easier, but given the timing and the share price, we'll go ahead and take the debt in the short term. We were going to refinance that out anyway. So to me, it's just a timing issue of being able to do it now at a lower price and taking advantage of that. Yes. And not to mention our leverage is pretty low. We're just over 2x. So even borrowing the $50 million, we're still at roughly just under 3x levered. So it makes it easy for us to do it.

是的。我的意思是，本季度結束時我們有 4000 萬美元的現金。顯然，我們宣布了 5000 萬美元的回購。長期目標始終是通過證券化建立更有效的資本結構。所以我們一直在談論優先股並希望回購這些股票。對我來說，這一切都是可替代的，無論是 A 類還是 B 類首選。我想，從反稀釋的角度來看，最終目標是擁有盡可能少的股票。所以對我們來說，我們看待它的方式是我們可以使用債務。我們有一個很棒的合作夥伴默沙東，他主動提出說，“聽著，我們願意給你們提供股份的資本”，因為他們也從股東的角度看待這一點，但他們也將其視為該股票在這些水平上被低估。所以我們很容易就能拿到現金。理想情況下，我們希望在證券化模式下完成優先股的所有股票回購，是的，這會讓事情變得更容易，但考慮到時間和股價，我們將繼續在短期內承擔債務學期。無論如何，我們都會為其再融資。所以對我來說，這只是一個時機問題，現在能夠以較低的價格做到這一點並利用這一點。是的。更不用說我們的槓桿率非常低。我們剛剛超過 2 倍。因此，即使借了 5000 萬美元，我們的槓桿率仍然略低於 3 倍。所以它讓我們很容易做到這一點。

The next question is from Ryan Meyers of Lake Street Capital.

下一個問題來自 Lake Street Capital 的 Ryan Meyers。

First one for me. Just wondering if you can comment on if you've seen any changes in the willingness of potential franchisees to open up more studios?

對我來說第一個。只是想知道您是否可以評論一下您是否看到潛在加盟商開設更多工作室的意願發生了任何變化？

Yes. So I have some data on that related to the number of licenses we sold. I mean the licenses we sold in Q2, about 1/3 of them came from existing franchisees. When you look at the number of studios that opened in Q2, 50% of them came from existing franchisees. So you're continuing to see new franchisees opening studios and buying licenses. But the existing franchisee and installed base we have, they -- most of them buy around 3 licenses. They're continuing to open those license. And again, like I said, half of them that opened in the quarter were existing franchisees and 1/3 of the license sales that we sold this quarter came from existing franchisees. So they're continuing to come back to buy more.

是的。我有一些與我們銷售的許可證數量相關的數據。我的意思是我們在第二季度出售的許可證，其中大約 1/3 來自現有的特許經營商。當你查看第二季度開設的工作室數量時，你會發現其中 50% 來自現有的特許經營商。因此，您會繼續看到新的特許經營商開設工作室併購買許可。但我們現有的特許經營商和安裝基礎，他們中的大多數人購買了大約 3 個許可證。他們將繼續開放這些許可證。再說一次，就像我說的，本季度開業的門店中有一半是現有特許經營商，我們本季度銷售的許可銷售額的 1/3 來自現有特許經營商。因此，他們會繼續回來購買更多產品。

Got it. That's helpful color. And then can you maybe talk about how multiunit franchisees perform relative to single franchisees? Is there any differences there? Just kind of as a follow-up to my last question.

知道了。這是有用的顏色。然後您能否談談多單位特許經營商相對於單一特許經營商的表現如何？這裡面有什麼區別嗎？只是我上一個問題的後續。

Yes. Typically, what you see is franchisees that own multiple locations that benefit to them as they get to -- they get the economies of scale, right? So there's the ability from like a marketing perspective to market across all 3 of those versus just one specifically. So there's actually benefits to the franchisee operating more even from a general manager perspective, you could manage that across 3. So you get the benefit of sharing labor resources, coverage in case of an instructor called out. So there's actually a lot of benefits for our operating multiple. Not to mention if you open one, you typically will open the second one better and the third one better than that because you get the benefit of kind of experience and learnings from the first one to the second one to the third one. So you typically see franchisees open their second one, they actually performed better out of the gate because they have all these lessons that they've learned and actually opening the first one.

是的。通常情況下，您看到的是擁有多個地點的特許經營商，當他們到達時，他們就會受益——他們獲得了規模經濟，對嗎？因此，我們可以從營銷角度對所有這三個方面進行營銷，而不是僅針對其中一個進行營銷。因此，即使從總經理的角度來看，特許經營商的運營實際上也有好處，您可以跨 3 個方向進行管理。因此，您可以獲得共享勞動力資源的好處，以及在教練出動時的覆蓋範圍。因此，我們的運營倍數實際上有很多好處。更不用說如果你打開一個，你通常會更好地打開第二個和第三個，因為你從第一個到第二個到第三個的經驗和學習中受益匪淺。因此，您通常會看到特許經營商開設第二家，他們實際上一開始表現得更好，因為他們學到了所有這些經驗教訓，並且實際上開設了第一家。

The next question is from John Heinbockel of Guggenheim.

下一個問題來自古根海姆的約翰·海因博克爾。

This is Julio Marquez on for John Heinbockel. If you guys could touch on -- you mentioned the improved costs in product and franchise revenue. But if you think about profitability of product equipment, how could that improve at scale? Any levers that we can pull there? And then to follow up, any thoughts on the weekly KPIs? Any signs of changing member behavior would be great.

我是胡里奧·馬爾克斯，替約翰·海因博克爾發言。如果你們能談談——你們提到了產品和特許經營收入成本的提高。但如果考慮產品設備的盈利能力，如何才能大規模提高？我們可以拉動任何槓桿嗎？接下來，您對每週 KPI 有什麼想法嗎？任何改變會員行為的跡像都會很棒。

Yes. In regards to retail equipment margins, we did kind of back -- coming out of COVID, we spent some time with our equipment manufacturers and made sure that as there were supply chain issues that we had the sufficient equipment packages available to meet the demand of the number of studios we're opening. So we -- in lieu of negotiating, them kind of passing on price increases, what we did is we did more firm commitments on volume to manage price increases. So we've done a good job of stabilizing prices across our equipment, roughly, again, 30% margin. When you look at retail, we use a mix of both branded and nonbranded vendors. The branded vendors like [Allo] as an example, franchisees could order directly from the vendor. In return, we get rebates for volume associated with the purchases and facilitating that relationship. We have an entire warehouse here in Tustin, California, where we actually inventory both branded and unbranded as well that our franchisees have the ability to buy at a lower cost than they could if they went to certain vendors directly because we have pre-negotiated costs with them. And then they in return, our franchisees could turn around and sell the wholesale inventory they purchased for us at a retail price and make margin. Typically, we recommend somewhere closer to 40% to 50% retail margins if they follow the recommendations we provide.

是的。在零售設備利潤方面，我們做了一些回歸——從新冠疫情中走出來，我們花了一些時間與我們的設備製造商合作，並確保在存在供應鏈問題的情況下，我們有足夠的設備包來滿足我們正在開設的工作室數量。因此，我們沒有進行談判，而是轉嫁價格上漲，我們所做的是我們在數量上做出了更堅定的承諾，以管理價格上漲。因此，我們在穩定設備價格方面做得很好，利潤率大約為 30%。當你觀察零售業時，我們混合使用品牌和非品牌供應商。以【Allo】等品牌商為例，加盟商可以直接向該商戶訂購。作為回報，我們可以獲得與購買相關的數量回扣並促進這種關係。我們在加利福尼亞州塔斯廷擁有一個完整的倉庫，實際上我們還庫存有品牌和無品牌的產品，我們的特許經營商有能力以比直接向某些供應商更低的成本購買，因為我們有預先協商的成本跟他們。然後，作為回報，我們的特許經營商可以轉身以零售價出售他們為我們購買的批發庫存並賺取利潤。通常，如果他們遵循我們提供的建議，我們建議零售利潤接近 40% 到 50%。

So our margins, equipment, retail combined is 30%. I largely believe that will remain unchanged. And that's really intended -- the margins we make are really intended to manage the supply chain, which is everything from vendor negotiations to the cost of warehouse to the cost of the staff doing the packing and shipping and all -- a lot of the inbound freight from getting it from our suppliers. So largely margins will remain unchanged into the future.

所以我們的利潤、設備、零售加起來是 30%。我很大程度上相信這將保持不變。這確實是我們的初衷——我們賺取的利潤實際上是為了管理供應鏈，這包括從供應商談判到倉庫成本，再到包裝和運輸員工的成本等一切——大量的入庫成本從我們的供應商處獲取的運費。因此，未來利潤率在很大程度上將保持不變。

Awesome. And just very quickly on the weekly KPIs. Any changes that you're seeing?

驚人的。並且非常快速地查看每週 KPI。您看到任何變化嗎？

Weekly KPIs, yes, following up on that now. As I mentioned, visitation is, I would say, seasonally flat due to the summer months. We haven't seen any like increases in cancellations. You do typically see in the month of July more freezes on your memberships because people are out of town. So rather than getting charged their monthly membership, they could avoid paying it while they're on vacation. You typically see August and September, that ramps back up. Year-on-year, when you look at July of 2023 versus July of 2022, our freezers are actually less than they were prior year. So it does show that members are still staying somewhat engaged more so than they were last year in the same month of July, but it is more of a seasonal impact, but nothing indicates any sort of shift or change in our member behavior. It's just more seasonal. So August and September, we'll be able to have a better indication of how people have come back and return back to the studios. But classes, system-wide sales, same-store sales continue to show really strong momentum into Q3.

每週 KPI，是的，現在跟進。正如我所提到的，由於夏季，訪問量季節性持平。我們還沒有看到取消航班出現任何類似的增加。您通常會在七月份看到更多的會員資格被凍結，因為人們不在城裡。因此，他們可以避免在度假時支付費用，而不是按月收取會員費。通常會在八月和九月出現回升。與去年同期相比，當您對比 2023 年 7 月和 2022 年 7 月時，我們的冰箱數量實際上比去年要少。因此，它確實表明，與去年 7 月同月相比，會員的參與度仍然更高，但這更多是季節性影響，但沒有任何跡象表明我們的會員行為有任何形式的轉變或變化。只是季節性比較強而已。因此，在八月和九月，我們將能夠更好地了解人們如何返回工作室。但班級、全系統銷售、同店銷售在第三季度繼續表現出強勁的勢頭。

The next question is from Warren Cheng of Evercore.

下一個問題來自 Evercore 的 Warren Cheng。

I was wondering what kind of cost inflation franchisees are seeing in their cost to rebuild. So one of your publicly traded competitors talked about some pretty significant increases in the cost of rebuild. Obviously, you reiterated your studio opening, guys. But I'm just curious what level your franchisees are seeing as they build new stores compared to year?

我想知道特許經營商在重建成本中看到了什麼樣的成本通脹。因此，您的一位上市競爭對手談到了重建成本的一些相當顯著的增加。顯然，你們重申了你們工作室的開業，伙計們。但我只是好奇你們的特許經營商在建立新店時與去年相比看到了什麼水平？

Yes. In percentage, we're all going to see the same kind of thing. But in real dollars for us, it's not massive. And the reason is, is when you think of our box, it's 1,500 square feet, not 15,000 or 25,000 or 50,000 or if it's a lifetime can be bigger than that. And so they build a lot of -- there's a lot of showers and bathrooms and things like that. So it's a much bigger box. So there's a lot more walls, there's a lot more electricity, here's a lot more plumbing, which means a lot more engineering and planning and all that stuff. And so it's -- the percentages will be the same, but the build-outs are really cheap, just given the size and the scale that they are. If you think even the are most complex builds, you really have 2 walls or 3 walls you're really building a box inside a box. So in some cases, you're building a wall just straight across the back or you're building a wall that comes out of the middle and goes to the left. And so there's just -- there's not a lot of walls, a lot of dry walls. There's something like a StretchLab, Club Pilates, Pure Barre, YogaSix. There's not a lot of electric work that has to get done in the StretchLab, for instance, which is a lot of our openings this year. The only thing that really plugs in is the front computer. And then our little maps program is on an iPad that stands there. But those are only kind of the 2 pieces of electric. So not a lot of electric wiring, you have a single bathroom or a men's and women's bathroom depending on the size of the box. So not a lot of work to do, so it has less dollar impact.

是的。從百分比來看，我們都會看到同樣的事情。但對我們來說，以實際美元計算，這個數字並不大。原因是，當你想到我們的盒子時，它有 1,500 平方英尺，而不是 15,000 或 25,000 或 50,000 平方英尺，或者如果它是一生可以比這更大。所以他們建造了很多——有很多淋浴和浴室之類的東西。所以這是一個更大的盒子。因此，有更多的牆壁，更多的電力，更多的管道，這意味著更多的工程和規劃以及所有這些東西。所以，百分比將是相同的，但考慮到它們的規模和規模，擴建確實很便宜。如果您認為即使是最複雜的構建，您實際上也有 2 堵牆或 3 堵牆，那麼您實際上是在一個盒子裡構建一個盒子。所以在某些情況下，你會建造一堵直接​​穿過後面的牆，或者你會建造一堵從中間向左延伸的牆。所以，這裡沒有很多牆，而是很多幹牆。有諸如 StretchLab、普拉提俱樂部、Pure Barre、YogaSix 之類的東西。例如，StretchLab 中不需要完成很多電氣工作，這是我們今年空缺的很多工作。唯一真正插入的是前置計算機。然後我們的小地圖程序就在 iPad 上。但這些只是兩件電動產品中的一部分。因此，沒有太多的電線，根據盒子的大小，您有一個單獨的浴室或男女浴室。因此不需要做很多工作，因此對美元的影響較小。

That makes sense, Anthony. My follow-up question was just on Randy's question earlier on the higher visitation. How are members, these new members finding your studios? You've developed a lot of new sources of generation recently. I'm just curious if there's sort of ones that are most fruitful for driving visitation, driving the numbers?

這是有道理的，安東尼。我的後續問題只是蘭迪早些時候在高級訪問中提出的問題。會員們，這些新會員如何找到你們的工作室？你們最近開發了很多新的發電來源。我只是好奇是否有一些方法對於增加訪問量和增加數字最有效？

Yes, great question. We're leveraging all of our B2B partners, of course, constantly improving SEO and digital marketing efforts, but really looking at the overall blended CAC and making sure that we've got grassroots initiatives that are coupled with digital marketing initiatives that are coupled with our B2B partnerships. So all of that is now starting to really tick and push leads into the studios. Of course, our XPass and XPlus also are net new leads bringing into the as well and then recycling those leads through those channels to kind of bring them back to life so that they're excited to come back into our studios again.

是的，很好的問題。當然，我們正在利用所有 B2B 合作夥伴，不斷改進 SEO 和數字營銷工作，但真正著眼於整體混合 CAC，並確保我們擁有與數字營銷舉措相結合的基層舉措我們的 B2B 合作夥伴關係。因此，所有這些現在都開始真正發揮作用，並將線索推入工作室。當然，我們的 XPass 和 XPlus 也是新的潛在客戶，它們也被引入，然後通過這些渠道回收這些潛在客戶，使他們起死回生，讓他們很高興再次回到我們的工作室。

The next question is from Jeff Van Sinderen of B. Riley Securities.

下一個問題來自 B. Riley Securities 的 Jeff Van Sinderen。

Just to clarify regarding the company-owned studio count decline from Q1 to Q2. All of those studios were sold, correct?

只是為了澄清公司自有工作室數量從第一季度到第二季度的下降情況。所有這些工作室都被賣掉了，對嗎？

It was flat from Q1 to Q2, roughly around 85 studios we had in -- at the end of Q1 and the same amount in Q2. The studios that we talked to in the earnings release earlier was the ones that we've already sold. So we've already -- about half of those have already been sold off to a new operator. So we're on the way of already kind of executing on that strategy to unload and refranchise the studios that we have.

從第一季度到第二季度持平，我們大約有 85 個工作室——第一季度末和第二季度的數量相同。我們之前在財報中採訪過的工作室都是我們已經出售的工作室。所以我們已經——其中大約一半已經賣給了新的運營商。因此，我們已經開始執行該策略，以卸載並重新特許經營我們擁有的工作室。

But to be more detailed, no they weren't closed, they were sold to existing franchisees.

但更詳細地說，不，他們沒有關閉，而是被賣給了現有的特許經營商。

Okay. Okay. I just want to clarify that. And then I know this is maybe something you want to save till the Analyst Day, but just want to ask anyway regarding your individual brands. Can we say that all of your brands are comping positive with increasing AUV? And then I guess any insight you could share around retention, member add metrics around any of the individual brands that were maybe stand up favorably or not as favorably?

好的。好的。我只是想澄清這一點。然後我知道這可能是您想保留到分析師日的東西，但無論如何只想詢問有關您的個人品牌的信息。我們是否可以說，您的所有品牌都隨著 AUV 的增加而積極競爭？然後我想您可以分享關於保留的任何見解，會員添加圍繞任何可能有利或不利的單個品牌的指標？

Yes. So when you look at Q2, and let me explain something, BFT as a brand actually had a negative comp, but that's because there's really only like a handful of studios. And one of the original studios when we bought the brand, which is in Santa Monica, it does like $1 million plus in AUV. So you start opening more younger brands that are pulling in -- or more studios that are in the comp and naturally will just kind of average out. So when you look at -- if you take that out of the mix, 9 out of the -- excuse me, 8 of the 9 remaining brands all had positive same-store sales in the quarter with 1 with a negative, and it was like minus 2%. And it was a brand that has, I would say, it's an unscaled brand that doesn't have a lot of studios open. So it's really just noise.

是的。所以當你看第二季度時，讓我解釋一下，BFT 作為一個品牌實際上有一個負面的競爭，但那是因為實際上只有少數工作室。當我們購買該品牌時，位於聖莫尼卡的原始工作室之一，它的 AUV 確實超過 100 萬美元。因此，你開始開設更多吸引進來的年輕品牌，或者更多參與競爭的工作室，自然會達到平均水平。因此，當您查看時，如果您將其從混合中剔除，請注意，剩下的 9 個品牌中有 8 個在本季度的同店銷售額均為正數，其中 1 個為負數，這是比如-2%。我想說，這是一個沒有規模的品牌，沒有開設很多工作室。所以這實際上只是噪音。

Okay. So we would think that as that one scales, it should start to comp positive and so forth.

好的。因此，我們認為，隨著規模的擴大，它應該開始產生積極的影響，等等。

Yes. As you get more and more, I guess, you can say data points, we've continued to see -- and it was just in that quarter that it was, I would say, flat at 2% on a nominal number of studios, but kind of reinforcing that our scaled brands, they generate -- they're 90% of the studios that are open and 90% plus of the system-wide sales are generated out of more of a concentration of 5 brands.

是的。我想，隨著你得到的數據越來越多，你可以說我們不斷看到的數據點——我想說，就在那個季度，工作室名義數量的增長率持平於 2%，但它們所產生的規模化品牌在某種程度上得到了加強——它們是開放工作室的90%，並且90% 以上的系統範圍銷售額是由5 個品牌集中產生的。

Okay. Well, that's helpful. Sounds pretty healthy to me.

好的。嗯，這很有幫助。對我來說聽起來很健康。

The next question is from George Kelly of ROTH Capital Partners.

下一個問題來自羅斯資本合夥公司的喬治·凱利。

So first one for you, John, in your prepared remarks, you talked about a lot of your studios being owner-operated. So I was just curious if you have sort of a ballpark estimate of your total studio base, what percent of them are operated that way -- or asked another way, if that's too much to tell, which brands are most concentrated there?

約翰，第一個問題，在您準備好的發言中，您談到您的許多工作室都是業主經營的。所以我只是好奇你是否對整個工作室基地有一個大概的估計，其中有多少百分比是以這種方式運營的——或者換個方式問，如果這太多了，哪些品牌最集中在那裡？

Yes. To give you a comment, that's really directed more at the Pure Barre brand pre-acquisition. As I mentioned, most of our -- the sales we do in Xpo's, we recommend franchisees by 3, right, because they get the economies of scale and the benefit of operating multiple locations. Pure Barre, originally when we acquired the brand, most of the franchisees that existed bought-on -- it's more of -- it's not like a 3 to 1 franchisee for 3 studios, as more 1 franchisee to 1 studio. The model at which they -- I wasn't here back then, but it appears the model that they did is they would be owner operator kind of model. So it's largely the Pure Barre count, that you could say fits that. Now when you look at post Xpo acquisition, the AUVs for the Pure Barre franchisees that have opened up post our acquisition is much higher. It largely reflects the overall Xpo average from that perspective. So it is just a difference in whether or not a franchisee is running their studio more as a personal business versus kind of something that generates a lot more sales than they run it to try and build, I would say, a mini enterprise of 2 to 3 units to generate more profit. So different benefit model, different strategy.

是的。給你一個評論，這實際上更多是針對 Pure Barre 品牌的預收購。正如我提到的，我們在 Xpo 進行的大部分銷售，我們推薦 3 個特許經營商，對吧，因為他們獲得了規模經濟和經營多個地點的好處。 Pure Barre，最初當我們收購這個品牌時，大多數現有的特許經營商都是購買的——更多的是——它不像3 個工作室的3 對1 特許經營商，而是1 個特許經營商對1 個工作室。他們的模型——當時我不在這裡，但他們所做的模型似乎是所有者經營者類型的模型。所以這主要是純粹的巴雷計數，你可以說適合這一點。現在，當您查看 Xpo 收購後的情況時，我們收購後開設的 Pure Barre 特許經營商的 AUV 要高得多。從這個角度來看，它很大程度上反映了 Xpo 的整體平均值。因此，區別在於特許經營商是否更多地將其工作室作為個人企業來運營，而不是那種產生比他們經營它更多銷售額的東西來嘗試建立一個 2 至 2 人的小型企業。 3個單位產生更多利潤。所以不同的利益模式，不同的策略。

Now the one thing that's really interesting about our model and we proved this out during COVID is the model does have flexibility where if a franchisee does want to be more involved in the day-to-day operations and work within the studio, they have the ability to do that and lower their OpEx costs. But largely, we promote a semi-absentee kind of model from an operations perspective and encourage franchisees to operate more than just 1 studio.

我們的模式真正有趣的一件事是，我們在新冠疫情期間證明了這一點，即該模式確實具有靈活性，如果加盟商確實希望更多地參與工作室的日常運營和工作，他們可以有能力做到這一點並降低運營支出成本。但在很大程度上，我們從運營角度提倡半缺席模式，並鼓勵加盟商經營多個工作室。

Okay. Excellent. And then second question for you is on XPass. I think that you said there's been 60,000 cumulative bookings through XPass. So curious if I heard that right. And the part 2 is -- what is your plan to accelerate that business? As you're looking at 2024, beyond like are we getting to the point where you've seen enough where you feel comfortable maybe boosting marketing spending or something else behind it? And that's all I had.

好的。出色的。第二個問題是關於 XPass 的。我記得您說過通過 XPass 累計預訂量已達 60,000 筆。很好奇我是否沒聽錯。第二部分是——您加速該業務的計劃是什麼？當你展望 2024 年時，我們是否已經到了這樣的地步：你已經看到足夠多的地方，你覺得可能會增加營銷支出或背後的其他東西？這就是我所擁有的一切。

You did hear that correctly. So we've had 60,000 bookings to date, and we'll actually have more to talk about and dive into at the Analyst Day coming up in September. We've got some new initiatives there with XPass.

你確實沒聽錯。到目前為止，我們已經收到了 60,000 個預訂，實際上，我們將在 9 月份的分析師日上討論和深入探討更多內容。我們通過 XPass 採取了一些新舉措。

Our next question is from Korinne Wolfmeyer of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Korinne Wolfmeyer。

Congrats on the quarter. So just quickly, just one for me. I wanted to touch a little bit on the CAC, and maybe this is more of an Investor Day question as well. But can you just talk about like is there a way to quantify the level of kind of like that negative CAC you are getting from your B2B partnerships. Obviously, that other category has been growing nicely, and I see some of that is baked into that. And then as you think about the longer-term trajectory of these B2B partnerships and that negative CAC you're generating, how are you thinking about the longer-term opportunity and how big that really can get over time?

恭喜本季度。所以快點，只給我一個。我想稍微談一下 CAC，也許這也是投資者日的一個問題。但您能否談談是否有一種方法可以量化您從 B2B 合作夥伴關係中獲得的負面 CAC 水平。顯然，其他類別一直在良好增長，我看到其中一些已融入其中。然後，當您考慮這些 B2B 合作夥伴關係的長期軌跡以及您正在產生的負 CAC 時，您如何考慮長期機會以及隨著時間的推移真正可以達到多大？

Yes, it's really going to depend on each of the partnerships and the type of lead flow that they are bringing in. We've already got partnerships like ClassPass, which brings in lead flow and then some of our other B2Bs that will have new leads coming into the system are kicking off. To put it into perspective, we did see that year-over-year. There was a decline in CAC and CPL. So from an annual standpoint, we're seeing things moving in the right direction, specifically given that our B2B partnership and our strategic business division really just launched about a year or so ago. So now those deals are done, they're launching, and we're starting to see the benefit of that across the system.

是的，這確實取決於每個合作夥伴以及他們帶來的潛在客戶流的類型。我們已經有了像ClassPass 這樣的合作夥伴，它會帶來潛在客戶流，然後我們的其他一些B2B 也會帶來新的潛在客戶進入系統即將開始。從長遠來看，我們確實逐年看到了這一點。 CAC 和 CPL 有所下降。因此，從年度角度來看，我們看到事情正在朝著正確的方向發展，特別是考慮到我們的 B2B 合作夥伴關係和我們的戰略業務部門實際上剛剛在大約一年前啟動。現在這些交易已經完成，正在啟動，我們開始看到整個系統的好處。

Thank you very much. Ladies and gentlemen, we have reached the end of the question-and-answer session. And I would like to turn the floor back over to Anthony Geisler for closing comments.

非常感謝。女士們、先生們，問答環節已經結束。我想請安東尼·蓋斯勒 (Anthony Geisler) 發表結束評論。

Thanks again for joining today's earnings call and for your support. As we alluded to earlier, we'll be hosting an Analyst and Investor Day on Wednesday, September 6, the New York Stock Exchange. At the event, we plan to give the investment community an in-depth look at our business and drill down further on the company's long-term strategic initiatives and growth opportunities. We hope to see many of you there and for those unable to attend in person, a live video webcast will be available on our Investor Relations website.

再次感謝您參加今天的財報電話會議並感謝您的支持。正如我們之前提到的，我們將於 9 月 6 日星期三在紐約證券交易所舉辦分析師和投資者日活動。在此次活動中，我們計劃讓投資界深入了解我們的業務，並進一步深入了解公司的長期戰略舉措和增長機會。我們希望在那裡見到你們中的許多人，對於那些無法親自參加的人，我們的投資者關係網站上將提供現場視頻網絡廣播。

In closing, we remain very bullish on the direction of Xponential Fitness is heading and look forward to continuing to support our franchisees, partners and customers every step of the journey. Thank you.

最後，我們仍然非常看好 Xponential Fitness 的發展方向，並期待繼續為我們的加盟商、合作夥伴和客戶提供每一步的支持。謝謝。

Ladies and gentlemen, we have reached the end of this conference, and you may now disconnect your lines at this time. Thank you for your participation.

女士們、先生們，本次會議已經結束，您現在可以掛斷電話了。感謝您的參與。