(XPOF) 2023 Q4 法說會逐字稿

Greetings, and welcome to the Xponential Fitness Fourth Quarter 2023 earnings conference call.

您好，歡迎參加 Xponential Fitness 2023 年第四季財報電話會議。

At this time, (Operator instructions) As a reminder, this conference is being Corey.

這時，（操作員指示）提醒一下，本次會議正在科里進行。

It is now my pleasure to introduce your host everyone maker from Investor Relations.

現在我很高興向大家介紹來自投資者關係部門的主持人。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you, operator.

謝謝你，接線生。

Good afternoon, and thank you all for joining our conference call to discuss exponential Fitness' Fourth Quarter and Full Year 2023 financial results.

下午好，感謝大家參加我們的電話會議，討論 Exponential Fitness 的第四季度和 2023 年全年財務業績。

I am joined by Anthony Geisler, Chief Executive Officer, Sarah Luna, President, and John Malone, Chief Financial.

與我一起出席的還有執行長 Anthony Geisler、總裁 Sarah Luna 和財務長 John Malone。

A recording of this call will be posted on the Investors section of our website at investor dot exponential.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.

本次電話會議的錄音將發佈在我們網站的投資者部分：investor dotexponential.com。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。

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.

這些前瞻性陳述是基於管理階層目前的預期，涉及風險和不確定性，可能導致我們的實際結果與此類預期有重大差異，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。

We assume no obligation to update the information provided on today's call in addition, we will be discussing certain non-GAAP financial measures in this conference call.

我們不承擔更新今天電話會議中提供的資訊的義務。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。

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.

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。

A reconciliation of these non-GAAP measures to comparable GAAP measures is included in the earnings release that was issued earlier today.

今天稍早發布的收益報告中包含了這些非公認會計準則衡量標準與可比較公認會計準則衡量標準的調節表。

Prior to this call.

在這次通話之前。

Please also note that all numbers reported in today's prepared remarks refer to global figures unless otherwise noted.

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 Geissler Chief Executive Officer of Xponential Fitness.

我現在將把電話轉給 Xponential Fitness 執行長 Anthony Geissler。

Thanks.

謝謝。

Avery, and thank you all for joining us this afternoon.

艾弗里，感謝大家今天下午加入我們。

During 2023, we experienced substantial growth in revenue and adjusted EBITDA.

2023 年，我們的營收和調整後 EBITDA 大幅成長。

While further streamlining our business and better positioning exponential for an even stronger year in 2024 as the largest health and wellness franchise or as of year end, we had 3,062 studios operating globally with 6,255 licenses sold across our portfolio.

在進一步精簡我們的業務並更好地定位指數的同時，我們將在2024 年作為最大的健康和保健特許經營商或截至年底實現更強勁的業績，我們在全球擁有3,062 個工作室，在我們的產品組合中售出了6,255 個許可。

In 2023, we opened an average of 1.5 new studios each day, and we have the pipeline to continue at that rate in 2024.

2023 年，我們平均每天開設 1.5 個新工作室，我們有能力在 2024 年繼續保持這一速度。

North America run rate, average unit volume or AUVs continue to rise and exponential members have time and time again demonstrated their consistent commitment to their health and wellness routines during the year, total members across North America grew 21% year over year to 717,000, while our visitation rates increased 31% to a total of $51.5 million in studio visits for 2023.

北美的運行率、平均單位數量或AUV 持續上升，呈指數增長的會員在這一年中一次又一次地證明了他們對健康和保健習慣的一貫承諾，北美地區的會員總數同比增長21%，達到717,000 名，而2023 年，我們工作室的參觀率增加了 31%，達到 5,150 萬美元。

This drove North American systemwide sales to over $1.4 billion in 2023, an increase of 36% over 2022.

這推動北美全系統銷售額在 2023 年超過 14 億美元，比 2022 年成長 36%。

North America run rate average unit volumes of $590,000 increased 13% from $522,000 in 2022, while same-store sales increased 16% for 2023, same-store sales growth was strong across our studio vintages and not limited to just new studios.

北美的運行率平均單位銷量為590,000 美元，比2022 年的522,000 美元增長了13%，而2023 年同店銷售額增長了16%，同店銷售額增長在我們各個工作室的年份中都很強勁，而不僅限於新工作室。

In fact, studios older than three years increased 17% in 2023, demonstrating the value of adhering to our operating model and the durability of our modalities.

事實上，成立三年以上的工作室在 2023 年增加了 17%，證明了堅持我們的營運模式的價值和我們模式的持久性。

We are pleased to see this continued growth at the studio level.

我們很高興看到工作室層面的持續成長。

And while we do not yet know the maximum potential of our AUVs over 350.

雖然我們還不知道我們的 AUV 超過 350 艘的最大潛力。

North American studios across our portfolio achieved $1 million or higher AUV in Q4 with another 160 exceeding $900,000, while these high AUVs are predominantly concentrated in club PLN.

我們投資組合中的北美工作室在第四季度實現了 100 萬美元或更高的 AUV，另外 160 個工作室的 AUV 超過了 90 萬美元，而這些高 AUV 主要集中在 PLN 俱樂部。

There are studios and stretch lab Rumble, Pure Barre, yoga six and cycle bar.

這裡有工作室和伸展實驗室 Rumble、Pure Barre、瑜珈六和自行車吧。

And of course, when Dora that have crossed the $1 million AUV threshold.

當然，當 Dora 突破 100 萬美元 AUV 門檻時。

We remain focused on driving AUVs higher as we execute on our in studio growth strategies.

在執行我們的工作室成長策略時，我們仍然專注於推動 AUV 的發展。

Beginning with revenue in 2023, net revenue totaled $318.7 million, an increase of 30% year over year.

從2023年的營收開始，淨收入總計3.187億美元，年增30%。

Adjusted EBITDA totaled $105.3 million or 33% of revenue up 42% from $74.3 million or 30% of revenue in 2022.

調整後 EBITDA 總計 1.053 億美元，佔營收的 33%，比 2022 年的 7,430 萬美元（佔營收的 30%）成長了 42%。

As we continue to open more studios, our model continues to scale, enabling us to leverage our centralized back office and improve margin.

隨著我們繼續開設更多工作室，我們的模式不斷擴大，使我們能夠利用我們的集中後台辦公室並提高利潤率。

No.

不。

The 2023 margins were shy of the 35% we saw as we work through our restructuring efforts we remain on track to reach our 40% target in 2024.

2023 年的利潤率低於我們在重組過程中看到的 35%，但我們仍有望在 2024 年實現 40% 的目標。

Let's now turn to our first strategic growth driver.

現在讓我們轉向我們的第一個策略成長動力。

The increase of our franchised studio base.

我們的特許經營工作室基礎的增加。

We ended 2023 with 3,062 global Open Studios, opening 557 new studios during the year with 438 in North America and 119 International.

截至 2023 年，我們在全球擁有 3,062 個開放工作室，年內開設了 557 個新工作室，其中 438 個位於北美，119 個位於國際。

We currently have over 400 leases and LOIs signed for studios, not yet open.

目前，我們已為工作室簽署了 400 多個租約和意向書，但尚未開放。

We sold 805 licenses globally in 2023, and our pipeline includes almost 2,000 licenses sold and contractually obligated to open in North America, plus an additional over 1,000 master franchise agreement obligations.

2023 年，我們在全球銷售了 805 個許可證，我們的管道包括已售出的近 2,000 個許可證以及按照合約規定必須在北美開業的許可證，另外還有 1,000 多個主特許經營協議義務。

We were particularly encouraged to see that almost half of our 2023 North American studio openings came from existing franchisees with existing Open Studios, highlighting our franchisees, continued reinvestment in and commitment to our brand portfolio.

我們尤其受到鼓舞的是，我們2023 年北美開設的工作室中近一半來自擁有現有開放工作室的現有特許經營商，這突顯了我們的特許經營商對我們品牌組合的持續再投資和承諾。

While this phenomenon was the most prevalent in club properties, it was also true across all of our other scaled brands, including psyche of our peer of our yoga six and stretch lab as well as rumble two.

雖然這種現像在俱樂部物業中最為普遍，但在我們所有其他規模品牌中也是如此，包括我們的瑜珈六號和伸展實驗室以及隆隆二號同行的心理。

Despite the brand's relative young age, we already had existing franchisees open additional locations in 2023.

儘管該品牌相對年輕，但我們已經讓現有特許經營商在 2023 年開設了更多門市。

We take pride in the support we provide to our franchise operators, and we kicked off this year by holding franchisee forums with franchisees selected representatives from each brand to discuss what they believe is and isn't working franchisee reps were selected by a popular vote by each brand's franchisees and have started spending time in person at our headquarters to formulate a targeted action strategy that we plan to execute on by the end of Q2.

我們為向特許經營商提供的支持感到自豪，今年我們首先舉辦了特許經營商論壇，與來自每個品牌的特許經營商選出的代表一起討論他們認為什麼是有效的，什麼是無效的。特許經營商代表是由大眾投票選出的每個品牌的特許經營商，並已開始花時間親自到我們的總部製定有針對性的行動策略，我們計劃在第二季末執行該策略。

We are encouraged by the conversations and the opportunity to further streamline our support and offerings across the system.

我們對這些對話和進一步簡化整個系統的支援和產品的機會感到鼓舞。

And we plan to continue holding regular strategy sessions with these franchisee representatives, we have already started franchising our recently acquired brand, Linde, Dora, a leading metabolic health provider.

我們計劃繼續與這些加盟商代表定期舉行策略會議，我們已經開始特許經營我們最近收購的品牌林德多拉（Linde Dora），這是一家領先的代謝健康提供者。

The health and wellness market is large and growing and supported by strong secular trends.

健康和保健市場規模龐大且不斷增長，並受到強勁的長期趨勢的支持。

Lidar has ideally positioned us to continue tapping into the broader consumer demand for holistic and comprehensive approaches to health.

雷射雷達使我們能夠繼續滿足更廣泛的消費者對整體和綜合健康方法的需求。

We believe consumers increasingly understand the connection between regular fitness routines, metabolic health, nutrition and overall well-being and pursue lifestyles that align to those values through Pandora, we are able to offer consumers a more comprehensive wellness solution we see the WinDoor acquisition as the foundation for our long term, broader strategic expansion into health and wellness, and we're excited at the growth prospects in this market.

我們相信，消費者越來越了解定期健身、代謝健康、營養和整體健康之間的聯繫，並透過Pandora 追求符合這些價值觀的生活方式，我們能夠為消費者提供更全面的健康解決方案，我們將WinDoor 收購視為為我們在健康和保健領域進行長期、更廣泛的策略擴張奠定了基礎，我們對這個市場的成長前景感到興奮。

There are $42.5 million addressable households for LiDAR based on using existing exponential trade areas nationwide.

根據全國現有的指數貿易區域，LiDAR 的可尋址家庭價值為 4,250 萬美元。

We are finding that 69% of the $42.5 million of Lindorff national core member households are captured by the existing exponential fitness studios.

我們發現，在林道夫國家核心會員家庭價值 4,250 萬美元中，69% 被現有的指數級健身工作室佔據。

Trade area.

貿易區。

Vindora has a lot of runway where Expo has already proven to be successful.

Vindora有很多跑道，世博會已經證明是成功的。

We are actively working with box in a data-driven real estate analysis company to identify the clinic potential across the US.

我們正在與一家數據驅動的房地產分析公司 Box 積極合作，以確定美國各地的診所潛力。

Buxton from preliminary work sees the greatest similarities between the Pandora member profile and our current capabilities and strengths, lab member profiles box and expect that the TAM for LiDAR will be similar to the TAM of our other brands.

Buxton 從初步工作中發現 Pandora 成員概況與我們目前的能力和優勢、實驗室成員概況框之間有最大的相似之處，並期望 LiDAR 的 TAM 將與我們其他品牌的 TAM 相似。

As a company, we continuously evaluate our portfolio to ensure profitable growth, optimize global customer experiences and drive long-term value creation for our stakeholders.

作為一家公司，我們不斷評估我們的產品組合，以確保獲利成長、優化全球客戶體驗並推動為利害關係人創造長期價值。

We think about success on portfolio construction, not just from the perspective of acquiring new brands and opening new studios, but also from the perspective of ensuring alignment with our three year financial growth targets.

我們思考投資組合建立的成功，不僅從收購新品牌和開設新工作室的角度出發，也從確保與我們三年財務成長目標一致的角度出發。

As part of our optimization efforts, we recently announced the divesture of Stride fitness to Stride fitness franchising, Inc., which is owned by Sean growth.

作為我們優化工作的一部分，我們最近宣布將 Stride Fitness 剝離給 Sean Growth 旗下的 Stride Fitness Franchising, Inc.。

The current President of rumble boxing Stride accounted for less than 1% of our studio base and system-wide sales in 2023 and after considering potential alternatives for Stride, we found this transaction was the best option for both exponential and the Stride brand.

Rumble Boxing Stride 的現任總裁在2023 年占我們工作室基礎和全系統銷售額的不到1%，在考慮了Stride 的潛在替代品後，我們發現這筆交易對於Exponential 和Stride 品牌來說都是最佳選擇。

We are particularly pleased to transition STRIDE-2 and experienced franchise owner and operator, another optimization effort that will result in immediate margin expansion is the refranchising of company owned transition studios and the elimination of related operating losses.

我們特別高興過渡 STRIDE-2 和經驗豐富的特許經營所有者和運營商，另一項將導致利潤立即擴大的優化工作是公司擁有的過渡工作室的重新特許經營並消除相關的運營損失。

We had previously committed to fully exiting our portfolio of company owned transition studios.

我們之前曾承諾完全退出公司擁有的過渡工作室組合。

And as of today, we have only a small number of corporate studios remaining.

截至今天，我們只剩下少量的企業工作室。

It's also worth noting that as part of no longer operating studios and wanting to concentrate our resources around the growth of our traditional studios, we have exited our corporate owned LA Fitness locations, in the first quarter of 2024.

另外值得注意的是，由於不再經營工作室並希望將我們的資源集中在傳統工作室的發展上，我們已於 2024 年第一季退出了公司擁有的 LA Fitness 地點。

Note that existing franchised LA Fitness locations will continue operating.

請注意，現有的洛杉磯健身特許經營店將繼續營運。

Finally, I wanted to provide an update on our litigation with Club ready exponential has resolve this litigation at the end of 2023 and is in the process of launching an RFP to ensure that our studios have access to best in class point of sale technology.

最後，我想提供有關我們與 Clubreadyexponential 訴訟的最新信息，該訴訟已於 2023 年底解決，並且正在啟動 RFP，以確保我們的工作室能夠獲得一流的銷售點技術。

Let's now discuss our second growth driver international expansion.

現在讓我們討論我們的第二個成長動力國際擴張。

During 2023, we expanded into seven new countries, bringing our total country count to '23 at year end, we have over 1,000 studios obligated to open under master franchise agreements, and we'll continue expanding our brands into new and existing countries under the leadership of our recently hired International President and team.

2023 年，我們擴展到了7 個新國家，到年底我們的國家/地區總數達到23 個，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，並且我們將繼續將我們的品牌擴展到新的和現有的國家/地區我們最近聘請的國際總裁和團隊的領導。

Earlier this year, we announced that Pure Barre and yoga six are entering the Japanese market through a master franchise agreement with Sun Park Co. who is the current master franchisee for stretch lab in Japan.

今年早些時候，我們宣布 Pure Barre 和 Yoga 6 將透過與 Sun Park Co. 的主特許經營協議進入日本市場，Sun Park Co. 是日本拉伸實驗室目前的主特許經營商。

This brings our brand count in the country to seven largest count of exponential brands outside of North America.

這使得我們在該國的品牌數量達到北美以外指數級品牌數量最多的七個。

Japan has demonstrated strong demand for our concepts where club properties alone has opened 45 locations with the potential of an additional more than 100 studios obligated to open for Club PLN alone.

日本對我們的概念表現出了強烈的需求，僅俱樂部物業就開設了 45 個地點，並且有可能僅為 Club PLN 開設另外 100 多個工作室。

We are encouraged to see that even though our average copolyesters in Japan is less than a year old, with most of them having opened in 2022 and 2023 run rate AUVs are already well exceeding $500,000 from a brand evolution perspective, these AUVs are already well exceeding the performance that we saw for Club properties domestically in year three of operations.

我們很高興地看到，儘管我們在日本的共聚酯平均開業時間還不到一年，其中大多數已於2022 年開業，並且從品牌演變的角度來看，2023 年AUV 的運行率已遠遠超過50 萬美元，但這些AUV 已經遠遠超過了50 萬美元。我們看到國內俱樂部物業在運營第三年的表現。

As a reminder, our international business provides exponential with nearly 100% margin flow through the model is asset-light was exponential receiving a revenue share from the master, but carrying minimal corresponding SG&A, given that the studio SG&A and CapEx is fully funded by the master franchisee.

提醒一下，我們的國際業務透過該模型提供了指數級的近100% 的利潤流，是輕資產的，是指數級的，從大師那裡獲得了收入分成，但相應的SG&A 卻很少，因為工作室的SG&A 和資本支出完全由主特許經營商。

In summary, we are proud of our 2023 performance and the strategic realignment we have achieved and we are entering 2024 from a position of strength.

總而言之，我們對 2023 年的業績和所實現的策略調整感到自豪，並且我們將以強勢地位進入 2024 年。

We remain on track to achieve the projections laid out at our Analyst and Investor Day in September of last year, and we expect our refocus on core operating activities to result in strong cash flow and significant margin expansion in 2024 and beyond.

我們仍有望實現去年 9 月分析師和投資者日上提出的預測，我們預計我們將重新關注核心營運活動，從而在 2024 年及以後帶來強勁的現金流和顯著的利潤率擴張。

Before turning the call over to Sarah, I'd like to take a moment to highlight our annual franchisee convention, which took place in Las Vegas in early December.

在將電話轉給 Sarah 之前，我想花點時間重點介紹我們 12 月初在拉斯維加斯舉行的年度特許經營商大會。

During the event over 2000 attendees came together to celebrate achievements in 2023 share best practices and set the strategy for 2024.

活動期間，超過 2000 名與會者齊聚一堂，慶祝 2023 年的成就，分享最佳實踐並製定 2024 年策略。

It is always great to experience the excitement of the event and speak with franchisees from all over the world.

體驗活動的興奮並與來自世界各地的加盟商交談總是很棒的。

Thank you to our franchisees and employees for all your hard work and dedication which have helped make exponential fitness, what it is today.

感謝我們的加盟商和員工的辛勤工作和奉獻精神，正是你們的辛勤工作和奉獻才使健身事業取得了今天的成就。

And with that, I'll pass the call on to Sarah.

然後我會把電話轉給莎拉。

Thank you, Anthony, and exponential continued to produce exceptional results within the fourth quarter of 2023 with visitation rates in North America, growing 27% year over year, and our North American actively paying membership base growing 22% year over year.

謝謝你，安東尼，exponential 在 2023 年第四季繼續取得優異的業績，北美的訪問率同比增長 27%，我們的北美積極付費會員基數同比增長 22%。

RCU.s are an essential part of our members' weekly routines.

RCU. 是我們會員每週例行公事的重要組成部分。

And as such, frozen memberships have remained consistently low.

因此，凍結會員資格一直保持在較低水準。

We've continued to see strong visitation trends so far in the first quarter of 2024 new member acquisition and retention is important for growing and sustaining AUVs, and we know that customer experience and satisfaction ultimately drive engagement.

到目前為止，我們在 2024 年第一季繼續看到強勁的訪問趨勢，新會員的獲取和保留對於 AUV 的發展和維持非常重要，我們知道客戶體驗和滿意度最終會推動參與度。

Over the last few months, we have focused our efforts on introducing new class formats at a few of our brands and repurposing existing equipment as a means of engaging and retaining members in new and improved class formats, create a better experience for our members, and we are excited to continue innovating within our studios so that we stay both relevant and cutting edge.

在過去的幾個月裡，我們集中精力在我們的一些品牌中引入新的課程形式，並重新利用現有設備，作為吸引和留住會員參加新的和改進的課程形式的一種手段，為我們的會員創造更好的體驗，並我們很高興能夠在我們的工作室中繼續創新，從而保持相關性和前沿性。

In 2023, we introduced a new class format at Pure bar that resulted in 15% North America same-store sales growth for the year.

2023 年，我們在 Pure bar 引進了新的班級形式，導致當年北美同店銷售額成長了 15%。

We are also testing the rebranding of AKT.s into Kennedy studios with the new dance class formats and studio branding launching in March in an effort to replicate the success we had at Pure Barre Julianne Hough, who is well known among dancing enthusiasts from Dancing with the Stars is behind that synergy concept, which we believe will help revitalize our dance modality.

我們也正在測試將AKT.s 重新命名為Kennedy 工作室，並於3 月推出新的舞蹈課程形式和工作室品牌，以複製我們在Pure Barre Julianne Hough 取得的成功，她在Dancing with 的舞蹈愛好者中廣為人知。星星是這一協同概念的背後，我們相信這將有助於振興我們的舞蹈形式。

Julian has been instrumental in helping drive awareness for the rebrand, engaging and energizing our network, both in person and online.

朱利安在幫助提高品牌重塑意識、親自和線上參與和激發我們的網絡方面發揮了重要作用。

Similarly, at cycle bar, we launched a new strength focused class format.

同樣，在自行車吧，我們推出了一種新的以力量為重點的課程形式。

This January.

今年一月。

The strength class was the highest utilized class in January, which helped drive the 11% year-over-year increase in North American visits per studio and resulted in the highest number of visits per CTO since COVID.

力量類是 1 月份使用率最高的類，這有助於推動北美每個工作室的訪問量同比增長 11%，並導致每位 CTO 的訪問量達到自新冠疫情以來的最高水平。

In addition, except for Lindorff, all exponential fitness brands are now available on GenPath.

此外，除了 Lindorff 之外，所有指數健身品牌現在都可以在 GenPath 上購買。

We're excited to have access to the GenPath membership network, which allows our studios to fill excess inventory and further expose exponential brands to an even greater audience.

我們很高興能夠訪問 GenPath 會員網絡，這使我們的工作室能夠填補多餘的庫存，並進一步向更多受眾展示指數級品牌。

Now turning to Lindorff for over 50 years, Lindorff has helped tens of thousands of people live healthier lives through its suite of services that support metabolic health, including weight management programs that incorporate nutrition, lifestyle and the latest innovations in weight loss medications, IV hydration hormone replacement therapy and other services.

現在，林道夫與Lindorff 合作超過50 年，透過其支持代謝健康的一系列服務，包括結合營養、生活方式和減肥藥物、靜脈補水方面最新創新的體重管理計劃，幫助數以萬計的人過上更健康的生活荷爾蒙替代療法和其他服務。

As a reminder, the Lindorff transaction is immediately accretive to earnings and EBITDA enhances exponentially AUV and catalyzes future unit growth.

需要提醒的是，林道夫交易會立即增加收益，而 EBITDA 會倍增 AUV 並促進未來的單位成長。

At present, Lindorff has 31 locations with run rate AUVs of roughly $900,000 as of Q4 and January showing particularly strong performance. 30 of the 31 locations are located in Southern California, which gives exponential large amount of whitespace to sell new franchises as virtually all geographies.

目前，Lindorff 擁有 31 個地點，截至第四季度和 1 月份，AUV 運行率約為 90 萬美元，表現尤為強勁。 31 個地點中有 30 個位於南加州，這為幾乎所有地區的新特許經營權銷售提供了指數級的大量空白。

In North America are untapped since acquisition.

北美自收購以來尚未開發。

We have already built a pipeline of prospective franchisees who have expressed interest in acquiring the rights to develop WinDoor franchises.

我們已經建立了一批潛在特許經營商，他們表示有興趣獲得開發 WinDoor 特許經營權的權利。

Unit level economics are compelling with the average cost to build a Lindorff being an approachable upfront investment and in line with our other concepts, a clinic is approximately the same size as our current average studio footprint of 1,500 to 2,000 square feet.

單元級經濟學令人信服，建造 Lindorff 的平均成本是一項平易近人的前期投資，並且與我們的其他概念一致，診所的大小與我們目前 1,500 至 2,000 平方英尺的平均工作室佔地面積大致相同。

As a result, clinics can be placed in the same retail locations as our other brands, such as large shopping centers and grocery-anchored real estate, which allows us to leverage our existing real estate and brokerage relationships.

因此，診所可以放置在與我們其他品牌相同的零售地點，例如大型購物中心和雜貨店固定的房地產，這使我們能夠利用我們現有的房地產和經紀關係。

In fact, one of Lindorff locations already shares a shopping center with an existing exponential studio with Lindorff has a diverse revenue base that is comprised of subscription memberships, nutrition products, medications and other services, leaving us with several avenues to pursue additional AUV growth.

事實上，林道夫的一個地點已經與現有的指數工作室共享一個購物中心，林道夫擁有多元化的收入基礎，包括訂閱會員資格、營養產品、藥物和其他服務，為我們提供了多種途徑來追求額外的AUV 成長。

Lindorff can also serve as a distribution platform for any new health and wellness concepts that emerge and have been at the forefront of the latest metabolic health developments since the 1970's.

Lindorff 也可以作為任何新出現的健康和保健概念的分銷平台，並且自 1970 年代以來一直處於最新代謝健康發展的前沿。

While investors have frequently asked us about WinDoor is exposure to increased interest in weight loss medications.

雖然投資者經常詢問我們有關 WinDoor 的問題，但我們對減肥藥物的興趣日益濃厚。

We think it is worth noting that the Company operated successfully at $900,000 AUVs prior to the introduction of the most recent weight-loss medications in March of 2023, we expect lenders to offer a cross-selling opportunity with our existing studios.

我們認為值得注意的是，在 2023 年 3 月推出最新減肥藥物之前，公司以 90 萬美元的 AUV 成功運營，我們預計貸方將提供與我們現有工作室的交叉銷售機會。

Working out is an essential part of any weight loss regimen, and we expect to fully capitalize on the opportunity to bring lend to our members into our boutique fitness studios.

運動是任何減肥方案的重要組成部分，我們希望充分利用這個機會，為我們的精品健身工作室的會員提供貸款。

Conversely, many of our members are interested in nutritional offerings, and we are thrilled to now have a brand to refer them to.

相反，我們的許多會員對營養產品感興趣，我們很高興現在有一個品牌可以向他們推薦。

It really is a win-win.

這確實是雙贏。

Thank you for your time today.

感謝您今天抽出時間。

I'll now turn the call over to John to discuss our fourth-quarter results and 2024 outlook.

我現在將電話轉給 John，討論我們的第四季業績和 2024 年前景。

Thanks, Sarah, and thank you to everyone for joining the call in the fourth quarter, North America systemwide sales of $384.6 million or up 31% year over year.

謝謝莎拉，也謝謝大家參加第四季的電話會議，北美全系統銷售額達到 3.846 億美元，較去年同期成長 31%。

The growth in North American system-wide sales was driven primarily by the 14% same-store sales within our existing base of Open Studios that continue to acquire new members, coupled with 169 gross new studio openings, further, 94% of system-wide sales growth came from volume, our new members, which has remained consistent with historical performance and 6% coming from price.

北美全系統銷售額的成長主要是由於我們現有的開放工作室基礎上的同店銷售額增長了14%，這些銷售額不斷吸引新會員，加上新開設的工作室總數為169 個，此外，全系統銷售額的94%銷售成長來自銷量，我們的新成員，與歷史業績保持一致，6%來自價格。

On a consolidated basis, revenue for the quarter was $90.2 million, up 27% year over year. 75% of the revenue for the quarter was recurring, which we have consistently defined to include all revenue streams except for franchise license sales and equipment revenues.

綜合來看，該季度營收為 9,020 萬美元，年增 27%。本季 75% 的收入是經常性收入，我們一貫將其定義為包括除特許經營許可銷售和設備收入之外的所有收入流。

Given these materially occur upfront before studio opens, all five of the components that make up our revenue grew during the quarter, franchise revenue was $39.1 million, up 22% year over year.

鑑於這些實質上是在工作室開業之前發生的，構成我們收入的所有五個組成部分在本季度均有所增長，特許經營收入為 3910 萬美元，同比增長 22%。

This growth was primarily driven by an increase in royalty revenue as system-wide sales reached all-time highs in addition, an increase in monthly taxi revenue and instructor training revenue was due to more studios.

這一增長主要是由特許權使用費收入的增長推動的，因為整個系統的銷售額達到了歷史新高，此外，每月出租車收入和教練培訓收入的增長是由於更多的工作室。

Operating domestically equivalent revenue was $16.4 million, up 42% year over year.

國內營運收入為 1,640 萬美元，年增 42%。

This increase in equipment revenue is the result of a higher mix of equipment intensive brands, which have a higher price point compared to the same period prior year.

設備收入的成長是設備密集品牌組合增加的結果，這些品牌的價格比去年同期更高。

Merchandise revenue was $10.1 million, up 27% year over year.

商品收入為 1,010 萬美元，較去年同期成長 27%。

The increase during the quarter was primarily driven by a higher number of operating studios and inventory purchases by existing studios to address the demand for retail as consumer foot traffic has grown compared to the prior year.

本季的成長主要是由於營運工作室數量增加以及現有工作室為滿足零售需求而購買的庫存，因為與前一年相比，消費者人流有所增長。

Franchise marketing fund revenue of $7.5 million was up 29% year over year, primarily due to continued growth in system-wide sales from a higher number of operating studios in North America.

特許經營行銷基金收入為 750 萬美元，年增 29%，主要是由於北美營運工作室數量增加導致全系統銷售額持續成長。

Lastly, other service revenue, which includes sales generated from company owned transition studios, rebates from processing studios, system-wide sales, B2B partnerships, Pax path and X plus amongst other items, was $17.1 million, up 24% from the prior year period.

最後，其他服務收入為1,710 萬美元，比去年同期成長24%，其中包括公司擁有的過渡工作室產生的銷售額、處理工作室的回扣、全系統銷售、B2B 合作夥伴關係、Pax path 和X plus 等項目。

The increase in the period was primarily due to higher revenues from our B2B partnerships.

該期間的成長主要是由於我們的 B2B 合作夥伴關係收入增加。

We significantly decreased the number of Company owned transition studios last year, resulting in the revenue generated from them ceasing along with the cost of operating the studios.

去年，我們大幅減少了公司擁有的過渡工作室的數量，導致其產生的收入以及工作室的營運成本都停止了。

This will ultimately result in improved margins for exponential going forward.

這最終將導致未來指數級成長的利潤率提高。

Turning to our operating expenses, cost of product revenue were $17 million, up 39% year over year.

說到我們的營運費用，產品收入成本為 1700 萬美元，年增 39%。

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.

這一增長主要是由於同期新工作室開業的設備安裝增加以及設備密集型品牌的組合增加所致。

Cost of franchise and service revenue were $4.6 million, down 5% year over year.

特許經營成本和服務收入為 460 萬美元，年減 5%。

The decrease was driven by lower cost of amortized franchise license commissions in the period.

這一下降是由於期內攤銷特許經營許可佣金成本降低所致。

Selling, general and administrative expenses of $50.8 million were up 47% year over year.

銷售、一般和管理費用為 5,080 萬美元，較去年同期成長 47%。

The increase in SG&A was primarily the result of higher operating costs in the period associated with Company-owned transition studios and restructuring costs for studios where we have ceased operations.

SG&A 的增加主要是由於公司擁有的過渡工作室相關期間的營運成本增加以及我們已停止營運的工作室的重組成本。

As previously discussed, we have shifted our transition studio strategy, which will decrease SG&A expenses and improve EBITDA margins.

如前所述，我們已經改變了過渡工作室策略，這將減少 SG&A 費用並提高 EBITDA 利潤率。

Since we announced this shift at the end of the second quarter of 2023, the number of Company owned transitioned Studios has declined from 84 to only four studios remaining as of the date of this call, with some of these studios being refranchised to new owners and some closing permanently within SG&A.

自從我們在2023 年第二季末宣布這一轉變以來，截至本次電話會議之日，公司擁有的轉型工作室數量已從84 個減少到只剩下4 個，其中一些工作室被重新特許給新所有者和有些在 SG&A 內永久關閉。

The largest liability we continue to work through is our commercial leases.

我們繼續努力解決的最大責任是我們的商業租賃。

We expect this onetime restructuring will continue in 2024 and will be finalized once we have settled the remaining outstanding leases with landlords.

我們預計這項一次性重組將在 2024 年繼續進行，並將在我們與房東解決了剩餘的未償還租約後完成。

The investments we are making to streamline operations back to a pure franchise model will optimize forward-looking SG&A expenses, resulting in increased margin levels in 2023, net operating losses associated with transition studios were approximately $10 million, which will be materially gone in 2024.

我們為簡化營運而回歸純特許經營模式而進行的投資將優化前瞻性SG&A 費用，從而提高2023 年的利潤水平，與過渡工作室相關的淨運營虧損約為1000 萬美元，到2024 年將基本消失。

Additionally, as projected on our third quarter 2023 call, our annual franchise convention added approximately $5 million in sequential SG&A expenses, which were largely offset by sponsorship revenues from the event that brought the net expenses down to $1.5 million for the fourth quarter.

此外，正如我們在2023 年第三季電話會議上所預測的那樣，我們的年度特許經營大會連續增加了約500 萬美元的SG&A 費用，這在很大程度上被該活動的贊助收入所抵消，使第四季的淨費用降至150 萬美元。

Impairment of goodwill and other assets was $4.8 million and was primarily due to the Company owned rumble studios being reclassified as held for sale and the resulting write-down of leasehold improvements, reacquired franchise rights and goodwill.

商譽和其他資產減值為480 萬美元，主要是由於公司擁有的Rumble 工作室被重新分類為持有待售，以及由此產生的租賃改良、重新獲得的特許經營權和商譽的減記。

Depreciation and amortization expense was $4.2 million, an increase of 2% from the prior year period.

折舊和攤提費用為 420 萬美元，比上年同期增加 2%。

Marketing fund expenses were $6.4 million, up 39% year over year, driven by increased spending because of higher franchise marketing fund revenue.

行銷基金支出為 640 萬美元，年增 39%，這是由於特許經營行銷基金收入增加而導致支出增加。

As a reminder, each of our franchise locations contributes 2% of sales to our marketing fund.

提醒一下，我們的每個特許經營店都會向我們的行銷基金貢獻銷售額的 2%。

Therefore, as the number of studios and system-wide sales grow, our marketing fund increases since we are obligated to spend marketing funds, an increase in marketing fund revenue will always translate into an increase in marketing fund expenses over time.

因此，隨著工作室數量和全系統銷售額的增長，我們的行銷基金也會增加，因為我們有義務花費行銷基金，隨著時間的推移，行銷基金收入的增加總是會轉化為行銷基金支出的增加。

Acquisition and transaction expenses were a credit of $0.5 million versus an expense of $8.2 million in the fourth quarter of 2022.

收購和交易費用為貸方 50 萬美元，而 2022 年第四季的費用為 820 萬美元。

As I have noted on prior earnings calls, this includes the contingent consideration activity, which is related to the rumble acquisition earn out and is driven by the share price.

正如我在先前的財報電話會議上指出的那樣，這包括或有對價活動，該活動與隆隆收購的盈利相關，並由股價驅動。

At quarter end.

季度末。

We mark-to-market the out each quarter and accrued for the earn-out, we recorded a net loss of $9.1 million in the fourth quarter, or earnings of $0.1 per basic share compared to a net loss of $0.4 million or a loss of $1.13 per basic share in the prior year period.

我們每季以市價計價併提獲利，第四季淨虧損 910 萬美元，即每股基本股收益 0.1 美元，而淨虧損 40 萬美元或每股基本股收益 0.1 美元。去年同期每股基本股1.13 美元。

The higher net loss was the result of an $8.8 million increase in restructuring costs from our company owned transition studios, $6.6 million of lower overall profitability and a $4.9 million increase in impairment of goodwill and other assets, offset by an $8.8 million decrease in non-cash contingent consideration, primarily related to the rumble acquisition and a $2.8 million decrease in noncash equity-based compensation expense the impairment of goodwill and other assets, as previously mentioned, was primarily due to the Company owned rumble studios being reclassified as held for sale.

淨虧損增加的原因是我們公司擁有的過渡工作室的重組成本增加了880 萬美元，整體盈利能力下降了660 萬美元，商譽和其他資產減值增加了490 萬美元，但被非-非-虧損減少880 萬美元所抵消。現金或有對價，主要與Rumble 收購和非現金股權補償費用減少280 萬美元有關。商譽和其他資產減值，如前所述，主要是由於公司擁有的Rumble 工作室被重新分類為持有待售。

We continue to believe that adjusted net income is a more useful way to measure the performance of our business.

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。

Our reconciliation of net income to adjusted net income is provided in our earnings press release.

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 fourth quarter was $4.2 million, which excludes the $0.5 million gain in fair value of noncash contingent consideration of $0.1 million liability increase related to the fourth quarter remeasurement of the company's tax receivable agreement, the $4.9 million impairment of goodwill and brand assets, and the $8.8 million restructuring charge This results in adjusted net earnings of $0.08 per diluted share on a share count of $55.4 million shares of Class A. common stock after accounting for income attributable to noncontrolling interest and dividends on preferred shares.

第四季調整後淨利為420 萬美元，其中不包括與第四季重新計量公司應收稅款協議相關的10 萬美元負債增加的非現金或有對價公允價值收益50 萬美元、商譽和品牌減損490 萬美元資產和 880 萬美元的重組費用 考慮到非控制權益和優先股股息的收入後，5,540 萬美元 A 類普通股的調整後每股攤薄淨利潤為 0.08 美元。

Adjusted EBITDA was $30.7 million in the fourth quarter, up 38% compared to $22.2 million in the prior year period.

第四季調整後 EBITDA 為 3,070 萬美元，比去年同期的 2,220 萬美元成長 38%。

Adjusted EBITDA margins grew to 34% in the fourth quarter compared to 31% in the prior year period.

第四季調整後 EBITDA 利潤率增至 34%，而去年同期為 31%。

As Anthony mentioned, we have positioned the Company for higher margins by increasing the operating leverage going forward.

正如安東尼所提到的，我們透過增加未來的營運槓桿來為公司定位更高的利潤率。

And we continue to expect margins to reach 40% in 2024.

我們仍預期 2024 年利潤率將達到 40%。

Going forward, we'd like to provide a comprehensive summary of our annual results each year that will include more granular, brand-level metrics and data.

展望未來，我們希望提供每年年度業績的全面摘要，其中將包括更精細的品牌級指標和數據。

It is important to note that this additional data will only be provided during our Q4 calls at times, I will discuss our scaled brands in our portfolio or those brands with greater than 150 studios operating in North America, which currently include club Pilates cycle of our pure stress lab and UOB six in 2023, the strongest license sales occurred in club Pilates with 361 stress lab with 159 and BFT. with 149.

值得注意的是，這些額外數據有時只會在我們的第四季度電話會議期間提供，我將討論我們產品組合中的規模化品牌或在北美擁有超過150 個工作室的品牌，其中目前包括我們的普拉提俱樂部俱樂部純壓力實驗室和大華銀行 6 個 2023 年，最強勁的許可證銷售發生在普拉提俱樂部，擁有 361 個壓力實驗室，其中 159 個和 BFT。與 149。

These three brands represented 83% of the 805 licenses sold.

這三個品牌佔已售出的 805 張授權的 83%。

This year.

今年。

Most license sales occurred in North America with 78% and the balance of 22% internationally for openings complies with 167 stress lab with 163 MPFT. with 71 represented 72% of the 557 new studio openings this year, like license sales, new studio openings largely occurred in North America with 79% and the balance of 21% internationally.

大多數許可證銷售發生在北美，佔 78%，國際空缺的餘下 22% 符合 167 壓力實驗室和 163 MPFT。 71 家佔今年 557 個新開設工作室的 72%，與許可銷售一樣，新開設的工作室主要發生在北美（佔 79%），其餘 21% 發生在國際地區。

System wide sales are driven directly by the number of studios operating and the maturity of those studios.

系統範圍內的銷售直接由營運工作室的數量和這些工作室的成熟度所驅動。

It is expected that the brands with a growing number of studios will continue to generate higher proportions of our system-wide sales and AUVs increase our scale brands represented 92% of North American studio operating at year end and contributed 95% of systemwide sales in 2023 properties with 905 studios operating at year end contributed 52% of our total system-wide sales for the year with pure bar at 638 and stress lab at 436 studios operating making up approximately 30% run rate.

預計工作室數量不斷增加的品牌將繼續在我們的全系統銷售額中產生更高的比例，並且AUV 將增加我們的規模品牌佔年底運營的北美工作室的92%，並在2023 年貢獻了全系統銷售額的95%截至年底，擁有905 家工作室營運的物業貢獻了全年全系統銷售額的52%，其中純酒吧638 家、壓力實驗室436 家營運工作室約佔運行率的30% 。

Average unit volumes continued to be strong amongst the scale brands and overall Pure Barre had the highest year over year increase and was up 24% with Club Pilates and yoga six, up 15% and 13% respectively.

規模品牌中的平均單位銷售量持續強勁，Pure Barre 整體年增幅最高，成長 24%，Club Pilates 和 Yoga 6 分別成長 15% 和 13%。

Cycle bar AUV decreased 1% year over year, negatively impacted by studios that had low sales and subsequently closed in the fourth quarter of 2023.

受到銷售額較低並隨後於 2023 年第四季度關閉的工作室的負面影響，自行車酒吧 AUV 年減 1%。

Stress lab AUVs decreased 4% year over year, primarily driven by a higher number of young ramping studios entering the AUV calculation, given the high number of new openings in that brand.

壓力實驗室 AUV 年減 4%，主要是由於該品牌新開設的工作室數量較多，進入 AUV 計算的年輕工作室數量增加。

Same-store sales across all the scale brands are positive in every quarter throughout 2023 with Club holidays, pure bar and yoga six, again, realizing the highest increases going forward.

2023 年，所有規模品牌的同店銷售額在每季都呈現正成長，其中俱樂部假期、純酒吧和瑜珈六大品牌再次實現未來最高增幅。

Total same-store sales are expected to normalize from the 2023 mid-teens growth rates to the low double and high single digit growth rates in 2024.

同店總銷售額預計將從 2023 年的中位數成長率正常化到 2024 年的低兩位數成長率和高個位數成長率。

Turning to the balance sheet.

轉向資產負債表。

As of December 31, 2023, cash, cash equivalents and restricted cash were $37.1 million, down from $37.4 million as of December 31, 2022.

截至2023年12月31日，現金、現金等價物及限制性現金為3,710萬美元，低於截至2022年12月31日的3,740萬美元。

Total long-term debt was $328.5 million as of December 31, 2023, compared to $137.7 million as of December 31, 2022.

截至2023年12月31日，長期債務總額為3.285億美元，截至2022年12月31日，長期債務總額為1.377億美元。

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 and $0.07 per share announced in January of 2023.

長期債務總額的增加主要是由於2023年1月宣布以每股22美元和0.07美元的價格回購85,340股可轉換優先股。

These shares prior to the repurchase would have been convertible into $5.9 million shares of Class A. common stock.

這些股份在回購之前可轉換為價值 590 萬美元的 A 類普通股。

While we assessed a possible whole business securitization as an option to achieve a lower interest rate.

雖然我們評估了可能的整個業務證券化作為實現較低利率的選擇。

Given the current high rate environment and not wanting to enter into a fixed longer-term commitment, we recently completed a two year extension on our term loan with our current lender to preserve our optionality.

鑑於當前的高利率環境，並且不想簽訂固定的長期承諾，我們最近與當前的貸方完成了定期貸款兩年的延期，以保留我們的選擇權。

The extension gives us the ability to float down with interest rates while in parallel preparing the company to opportunistically enter into a lower fixed cost arrangement later.

延期使我們能夠降低利率，同時讓公司做好準備，以便稍後機會主義地進入較低的固定成本安排。

Let's now discuss our outlook for 2024.

現在讓我們來討論一下 2024 年的展望。

Based on current business conditions and our expectations as of the date of this call, we are initiating guidance for the current year as follows.

根據目前的業務狀況和我們截至本次電話會議之日的預期，我們正在啟動本年度的指導如下。

We expect 2020 for global new studio openings to be in the range of 540 to 560.

我們預計 2020 年全球新開設工作室數量將在 540 至 560 家之間。

This range is in line with the prior year studio openings and relatively equal at the midpoint over 2023.

這一範圍與上一年的工作室開業情況一致，並且在 2023 年的中點上相對持平。

We project North America systemwide sales to range from $1.705 billion to $1.715 billion or a 22% increase at the midpoint from the prior year.

我們預計北美全系統銷售額將在 17.05 億美元至 17.15 億美元之間，較上年中位數成長 22%。

And the highest North American systemwide sales in our history.

也是我們史上最高的北美系統銷售。

Total 2024 revenue is expected to be between $340 million to $350 million an 8% year-over-year increase at our midpoint of our guided range.

預計 2024 年總收入將在 3.4 億美元至 3.5 億美元之間，年增 8%，處於我們指導範圍的中點。

Adjusted EBITDA is expected to range from $136 million to $140 million a 31% year-over-year increase at the midpoint of our guided range this range and translates into a roughly 40% adjusted EBITDA margin at the midpoint.

調整後 EBITDA 預計在 1.36 億美元至 1.4 億美元之間，在我們指導範圍的中點處同比增長 31%，並轉化為調整後 EBITDA 利潤率在中點處約 40%。

It is worth noting that we anticipate Q1 will be the lowest revenue adjusted EBITDA and have the fewest new studio openings quarter for 2024 and will gradually increase throughout the year.

值得注意的是，我們預計第一季將是 2024 年收入調整後 EBITDA 最低、新工作室開業最少的季度，並將在全年逐漸增加。

Similar to the ramp in 2023.

與 2023 年的坡道類似。

And as I just mentioned, we anticipate same-store sales in Q1 will be in the low double digits and will normalize to the high single digits by Q4, we expect total SG&A to range from $135 million to $140 million range or $110 million to $115 million range when excluding the one-time lease restructuring charges and under $100 million when Further excluding stock-based costs.

正如我剛才提到的，我們預計第一季的同店銷售額將處於較低的兩位數，到第四季度將正常化為較高的個位數，我們預計SG&A 總額將在1.35 億美元至1.4 億美元之間或1.1 億美元至115 美元之間不包括一次性租賃重組費用時為 1 億美元，進一步不包括股票成本時則低於 1 億美元。

In terms of capital expenditure, we anticipate approximately $9 million to $11 million for the year or approximately 3% of revenue at the midpoint going forward, capital expenditures will be primarily focused on the integration of WinDoor and maintenance and other technology investments to support our digital offerings.

在資本支出方面，我們預計今年約為 900 萬至 1,100 萬美元，或占未來收入中點的約 3%，資本支出將主要集中在 WinDoor 的整合以及維護和其他技術投資上，以支援我們的數位化供品。

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 $31.5 million and $1.9 million in quarterly dividends to be paid related to our convertible preferred stock.

就全年而言，我們的稅率預計為中高個位數，以每股收益計算為 3,150 萬美元，並支付與我們的可轉換優先股相關的季度股息 190 萬美元。

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.

有關我們的股數計算以及相關預期每股盈餘和調整後每股盈餘計算的完整說明，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 the company is in the process of putting in place a new two year an up to $100 million share repurchase program.

最後，在轉交提問之前，我想傳達的是，公司正在實施一項新的為期兩年、金額高達 1 億美元的股票回購計畫。

Given the high cash generation expected over the coming years, we want to be in a position to opportunistically use excess operating cash to buy back shares at low valuations.

鑑於未來幾年預計將產生大量現金，我們希望能夠趁機利用多餘的營運現金以低估值回購股票。

This share repurchase program will not impact the Company's ability to execute on opportunistic M&A targets and will be 100% funded using excess operating cash and now through additional leverage.

該股票回購計畫不會影響公司執行機會性併購目標的能力，並將使用超額營運現金以及現在透過額外槓桿進行 100% 的融資。

Thank you all for the time today.

謝謝大家今天抽出時間。

We will now open the call for any questions.

我們現在將打開電話詢問任何問題。

Operator?

操作員？

Thank you.

謝謝。

And at this time, we'll conduct our question and answer session.

此時，我們將進行問答環節。

(Operator instructions)

（操作員說明）

Randy Konik, Jefferies.

蘭迪·科尼克，傑弗里斯。

Hey, guys.

大家好。

Thanks a lot.

多謝。

I'm on a plane.

我在飛機上。

So hopefully you can hear me from I guess, Anthony, I wanted to ask you about portfolio construction.

所以希望你能聽到我的聲音，安東尼，我想問你關於投資組合構建的問題。

Al, you announced the divestiture of Stride.

艾爾，您宣布剝離 Stride。

You've got some learnings of recent.

你最近學到了一些東西。

The recent acquisition in the wellness area without WinDoor.

最近在健康領域的收購沒有WinDoor。

So just maybe kind of give us your thoughts on how you're approaching your strategic direction going forward around potentially other areas of the portfolio potentially, I don't know, trimming a lot trimming and how you think about areas of focus for potential acquisitions going forward, whether it be fitness or wellness.

因此，請告訴我們您對如何圍繞投資組合的潛在其他領域制定策略方向的想法，我不知道，修剪很多修剪以及您如何看待潛在收購的重點領域未來無論是健身還是健康。

Just give us some thoughts there would be super helpful.

只要給我們一些想法就會非常有幫助。

Thanks, guys.

多謝你們。

Yes, thanks, Randy.

是的，謝謝，蘭迪。

I think managing the portfolio will always continue to be opportunistic.

我認為管理投資組合將始終是機會主義的。

And so, you know, if we are able to repurpose labor or, you know, dollars or focus, whether that be into acquiring a new brand like WinDoor and or, you know, kind of re utilizing labor out of a brand like Stride into another brand will continue to do that and so on, I think like any good portfolio, you would expect exponential over the years to expand and contract.

所以，你知道，如果我們能夠重新利用勞動力，或者你知道，美元或焦點，無論是收購像 WinDoor 這樣的新品牌，還是重新利用像 Stride 這樣的品牌的勞動力另一個品牌將繼續這樣做，依此類推，我認為就像任何優秀的產品組合一樣，您會期望多年來呈指數級擴張和收縮。

From a brand perspective, you'll find everything continuing to be, of course, in health and wellness.

從品牌的角度來看，您會發現一切都在健康和保健方面。

But as we continue to forge forward, we'll be focusing on what makes the most sense to focus on and modalities and verticals that make the most sense to focus on.

但隨著我們繼續前進，我們將專注於最有意義的事情以及最有意義的模式和垂直領域。

Great.

偉大的。

And just I guess lastly, John, maybe you can repeat the metrics you gave us of around you talked about a certain percentage of certain number of studios had AUVs above $1 million, a certain number of about $900,000.

我想最後，John，也許你可以重複你給我們的指標，你談到了一定比例的一定數量的工作室的 AUV 超過 100 萬美元，其中一定數量約為 900,000 美元。

I just want to get those repeated if you can and then give us some perspective on it.

如果可以的話，我只是想重複這些內容，然後給我們一些看法。

If you think about the younger businesses, all indoor bikes, Rumble, et cetera, it just it just seems like it's just too much we should be able to get those total Company EV.s to continue to rise along with some healthy productivity improvements in the existing core as it is.

如果你考慮一下年輕的企業，所有室內自行車，Rumble 等等，我們應該能夠讓這些公司的總電動車繼續成長，同時在一些健康的生產力提高的同時，這似乎太多了。現有核心不變。

So just wanted to get some thoughts there on a just repeat the numbers that you gave earlier and maybe just give us some perspective on your AUV have an opportunity to do just that.

因此，我只是想談談您之前提供的數字，也許只是讓我們對您的 AUV 有機會做到這一點有一些看法。

I'd imagine your mix, but also rise through additional productivity gains?

我想你的組合，但也透過額外的生產力提升而提升？

Thanks.

謝謝。

Yes.

是的。

So starting with the the prior statistics, the AUVs are 350 that are over $1 million.

所以從之前的統計來看，價值超過100萬美元的AUV有350艘。

And we have another 160 that are already over $900,000.

我們還有另外 160 個，價值已經超過 90 萬美元。

So you're roughly well over $500,000.

所以你的金額大約遠遠超過 50 萬美元。

That are our $500,000 that are over kind of a $900,000-plus.

這就是我們的 50 萬美元，超過了 90 萬美元。

And then you look at the brands that those are in, these are the these are the brands where you have strong AUVs and you have a lot of openings coming from as well.

然後你看看這些品牌，這些品牌擁有強大的 AUV，而且也有很多空缺。

So one thing also remember, it's not just in like the club Pilates and the rumblings and some of those stress light brands, you also have higher AUV performance in pure bars and yogurt sixes.

所以也要記住一件事，不僅僅是像普拉提俱樂部和謠言以及一些強調輕的品牌，你在純酒吧和優格六塊中也有更高的 AUV 性能。

And that's really encouraging because those those brands typically have a higher age, but we're starting to see more openings in those brands as well.

這確實令人鼓舞，因為這些品牌的年齡通常較高，但我們也開始看到這些品牌有更多空缺。

So you're kind of seeing a little bit of a resurgence in growth there.

所以你會看到那裡的成長有所復甦。

When you think about AUVs in total and the influence over time and the ability for AVs to grow again, you got to refocus back on where the brands are.

當您考慮 AUV 的總量、隨時間的影響以及 AV 再次增長的能力時，您必須重新關注品牌所在的位置。

You seeing the most amount of growth on future you had there was a slide up there kind of showing where we opened and sold licenses in 2023 and the concentration going forward is very similar.

你會看到未來的最大成長量，那裡有一張投影片，顯示我們在 2023 年開放和銷售許可證的地方，未來的集中度非常相似。

So you will see club Pilates continue to open up know studios at a healthy pace, a very high AUV stress lab.

因此，您將看到普拉提俱樂部繼續以健康的步伐開設知識工作室，這是一個非常高的 AUV 壓力實驗室。

A lot of openings have very high AUV.

很多空缺都有非常高的 AUV。

You're starting to see the RumbleOn BOTs come into the mix of very high AUV so you will see those those those brands really drive up with volume.

您開始看到 RumbleOn BOT 融入了非常高的 AUV 組合中，因此您會看到這些品牌的銷售確實在成長。

The AUV.

AUV。

The thing that's also very comforting is when you look at it from a portfolio approach, you have brands like yoga fix, which had really strong same-store sales.

同樣令人欣慰的是，當你從產品組合的角度來看時，你會發現像 Yoga Fix 這樣的品牌，它們的同店銷售非常強勁。

So you expect to see as we open more of those, not only that the new studios are comping and growing at a very healthy pace from a cohort perspective.

因此，隨著我們開設更多工作室，您不僅會看到新工作室正在以非常健康的速度競爭和成長，而且從群體的角度來看。

But you're also seeing deals the older studios continue to grow at a healthy percentage as well.

但您也看到舊工作室的交易也繼續以健康的百分比增長。

So pure bar, same thing really strong 2023 growth, really strong same-store sales, a huge installed base of Open Studios.

所以純粹的酒吧，同樣的事情在 2023 年成長非常強勁，同店銷售非常強勁，Open Studios 擁有龐大的安裝基礎。

So kind of going back to the question of Anthony, about a portfolio approach.

回到安東尼關於投資組合方法的問題。

We're really focusing our resources and energies around these brands that are at scale that have a lot of license sales already sold and a lot of openings to come because that's where the AUVs are really going to be driven from the health of those the boat brands.

我們確實將資源和精力集中在這些規模較大的品牌上，這些品牌已經售出了大量許可證，並且即將出現大量空缺，因為這才是 AUV 真正從船上人員的健康狀況出發的地方。品牌。

So that's how we're going to focus our energy.

這就是我們要集中精力的方式。

Very helpful.

很有幫助。

Thanks.

謝謝。

Heinbockel, Guggenheim Partners.

海因博克爾，古根漢合夥人。

Please state Anthony, let me start with on WinDoor, right.

請說明安東尼，讓我從 WinDoor 開始，對吧。

So that would suggest maybe a 1,000 potential unit potential to start with.

因此，這表明一開始可能有 1,000 個潛在單位。

Is that fair?

這樣公平嗎？

How do you think that kind of ramps in terms of openings and then the maturation curve, right.

您如何看待這種在開口和成熟曲線方面的斜坡，對吧。

When you think about year one of AUV through year four or five, remind us how that it looks versus the other brands?

當您考慮 AUV 第一年到第四年或第五年時，請提醒我們它與其他品牌相比如何？

Yes.

是的。

I mean, complexity started, if I remember exactly the exact number was like 938.

我的意思是，複雜性開始了，如果我沒記錯的話，確切的數字是 938。

I think that Buxton did in like six, seven years ago.

我認為巴克斯頓大約六、七年前就這麼做了。

And obviously, we have a 1,000 approximately open of that today, plus about another 500 sold.

顯然，我們今天大約有 1,000 個未售出，另外還有大約 500 個已售出。

So the TAM continues to expand over time as the modalities expand and the brand expands on it, not at the cost of a V because as you've seen club PLN from 2015 to 2024 a nine year period, while you watch TAM expand by 50%, 60% so far.

因此，隨著時間的推移，隨著模式的擴展和品牌的擴展，TAM 繼續擴展，而不是以V 為代價，因為正如您所看到的，俱樂部PLN 從2015 年到2024 年的九年期間，而您看到TAM 擴展了50 %，到目前為止 60%。

And we've also seen the AUV climb from what was originally about $250,000 to about $1 million.

我們也看到 AUV 從最初的約 25 萬美元攀升至約 100 萬美元。

So you can get additional 50%, 60% TAM while you're also seeing a four times growth of AUV.

因此，您可以獲得額外的 50%、60% TAM，同時您還可以看到 AUV 增長四倍。

And you know, when you speak about one door on, yes, you can see over time.

你知道，當你談論一扇門時，是的，隨著時間的推移你可以看到。

And those will be most to say, much like stretch lab or it started in the $500 range.

這些是最值得說的，就像拉伸實驗室或起價為 500 美元的產品一樣。

And now we have $800 plus sold almost $500 opened.

現在我們已經售出 800 美元以上，已售出近 500 美元。

So you'll continue to see that, that TAM expansion in.

所以你會繼續看到 TAM 擴充。

So that's that's kind of what I think you'll expect over time.

所以這就是我認為隨著時間的推移你會期待的。

Windoor obviously is starting with about a $900 million AUV.

Winddoor 顯然是從大約 9 億美元的 AUV 開始的。

I'm where clubs started to $50.

我所在的俱樂部起價為 50 美元。

So the idea is to going to lend or drive focus on sales and conversion, add things like apparel on which we believe will do very well in there that they don't have now as a part of their retail mix and continuing to grow the AUV at that brand.

因此，我們的想法是藉出或推動對銷售和轉化的關注，添加服裝等我們認為會做得很好但他們現在沒有的產品，作為其零售組合的一部分，並繼續增長 AUV在那個品牌。

So the first 18 to 24 months are really franchise sales of a brand.

所以前18到24個月實際上是一個品牌的特許經營銷售。

And then so you'll start to see openings for Lindorff franchise in perspective.

然後你就會開始正確地看待林多夫特許經營權的空缺。

Obviously, the $31 will be existing this whole year.

顯然，31 美元將持續一整年。

But by the end of the year, they'll start to see Q4 openings of the DORA in 2024.

但到今年年底，他們將開始看到 DORA 在 2024 年第四季開幕。

But you'll see the majority of openings and '25, '26, '27 as we kind of sell and then build out the model.

但你會看到大部分空缺以及'25、'26、'27，因為我們會先出售模型，然後再建立模型。

And then a follow-up for maybe for John.

然後可能是約翰的後續行動。

Right.

正確的。

So it looks like by my math around $60 million of free cash flow and 24.

因此，根據我的計算，自由現金流約為 6000 萬美元，24 美元。

Is that fair?

這樣公平嗎？

And then how do you think about executing the buyback consistent versus ASR. given where the shares sit today?

然後，您如何考慮執行一致回購與 ASR 回購。考慮到今天的股價？

Yes.

是的。

So in regards to free cash flow, yes, that would kind of estimated that free cash flow generation will be about 60% to 70% of the adjusted EBITDA number, probably closer to the 70% numbers is kind of where I'm estimating it.

因此，就自由現金流而言，是的，據估計，自由現金流的產生將約為調整後 EBITDA 數字的 60% 至 70%，可能更接近 70%，這就是我的估計。 。

As far as the buyback.

至於回購。

What we want to do is we want to put the Company in a position where we have a very CapEx-light business.

我們想要做的是讓公司處於資本支出非常低的業務位置。

We will generate a significant amount of cash going forward.

未來我們將產生大量現金。

And I talked about that in the Investor Day back in September what do we do with that capital?

我在 9 月的投資者日談到了我們如何處理這些資金？

We prioritize the growth of this business and looking at M&A to kind of continue to grow top line and bottom line.

我們優先考慮該業務的成長，並考慮併購以繼續成長收入和利潤。

But when we are in a position where there's nothing opportunistically, we're going to go ahead and be purchasing.

但當我們處於沒有機會主義的情況時，我們就會繼續買下去。

What do you do with that capital buying back shares at this at the current valuation are pretty attractive.

以目前的估值回購股票的資本非常有吸引力，你會怎麼做？

And so that the timing and cadence of that, you'll probably see more activity kind of ramp up throughout this year.

因此，從時間安排和節奏來看，今年你可能會看到更多的活動增加。

And then probably in 2025, you know you'll be a healthy amount of buyback opportunity there appeals.

然後可能到 2025 年，您就會知道那裡會有大量的回購機會。

But still we are conscious LBO, our current debt and interest rates.

但我們仍然有意識的槓桿收購、我們目前的債務和利率。

But as I mentioned, we got the extension done with MSD. and therefore, it's kind of a variable arrangement where it will float down over time.

但正如我所提到的，我們透過 MSD 完成了延期。因此，這是一種可變的安排，隨著時間的推移它會向下浮動。

So we are we are paying attention to that too versus paying down debt versus stock.

因此，我們也正在關注這一點，而不是償還債務和股票。

And that's why we're doing it in an opportunistic way where we have the ability to control where we have direct cash.

這就是為什麼我們以機會主義的方式來做這件事，我們有能力控制我們擁有直接現金的地方。

That's in the best interest of the company, but we are in a good position that the cash will the business will be highly cash generative.

這符合公司的最佳利益，但我們處於有利的地位，現金將讓業務產生高度的現金產出。

So it gives us the opportunity to do some buybacks, stock buybacks, opportunistically.

因此，它使我們有機會進行一些回購，股票回購。

Thank you.

謝謝。

Our next question comes from Jonathan Komp with Robert W. Baird.

我們的下一個問題來自 Jonathan Komp 和 Robert W. Baird。

Please state your question.

請說出你的問題。

Yes, hi, good afternoon.

是的，嗨，下午好。

Thank you.

謝謝。

And John, I just wanted to follow up.

約翰，我只是想跟進。

Can you give a little more color as we think about the SG&A dollar run rate you spoke to, Tom, and the decline in the underlying rate ex one-offs and stock compensation.

湯姆，當我們考慮與您交談過的 SG&A 美元運行率以及剔除一次性費用和股票薪酬的基本利率下降時，您能否提供更多資訊。

Could you just give a little more color on the corporate studio impact and anything else that's going into the projection there?

您能否就公司工作室的影響以及投影中的其他內容提供更多資訊？

Yes.

是的。

I mean, when you look back at 2023 one of the reasons why SG&A was higher was because of the transition studio.

我的意思是，當你回顧 2023 年時，SG&A 較高的原因之一是過渡工作室。

So we spent a lot of resources and energy in the back half of 2023, focusing on getting studios refranchised where it made sense where didn't make sense.

因此，我們在 2023 年下半年花費了大量資源和精力，專注於讓工作室在有意義、無意義的地方進行重新特許經營。

We will be closed down studios and I talked about the true run rate of our SG&A being in that $110 million to $115 million range.

我們將關閉工作室，我談到我們的 SG&A 真實運行率在 1.1 億至 1.15 億美元之間。

That's where it is when you exclude the the kind of the P & L impact of kind of breaking these leases with landlords.

當你排除違反與房東的租約對損益的影響時，情況就是這樣。

So those are one-time in nature.

所以這些本質上都是一次性的。

So we will be in that kind of onetime the, $115 million range for SG&A.

因此，我們的 SG&A 規模將達到 1.15 億美元。

When you take out stock-based comp on your sub $100 million?

當你拿出低於 1 億美元的股票補償？

Yes, over time, I think SG&A as a percent of revenue in a what I can say and most efficient state or after you exclude stock-based comp will be in that kind of mid high 20% of revenue range.

是的，隨著時間的推移，我認為SG&A佔收入的百分比，在我可以說的最有效的狀態下，或者在排除基於股票的補償之後，將處於收入的中高20%範圍內。

So we feel we look at the restructuring costs and the lease liability as one-time.

因此，我們認為我們將重組成本和租賃負債視為一次性的。

So we are excluding it from the purposes of our normal run rate for SG&A, which should be in that $110 million to $115 million range with stock-based comp without stock-based comp under $100 million for the full year next year or in 2024.

因此，我們將其排除在SG&A 正常運行費率的範圍之外，明年全年或2024 年，SG&A 正常運行費率應在1.1 億至1.15 億美元之間，其中基於股票的補償，不含基於股票的補償低於1 億美元。

Great.

偉大的。

Thanks for that detail.

謝謝你的詳細資料。

And then one follow-up, just wanted to ask about the rumble brand it looks like I think you sold fewer licenses than relative than the number that you had opened in 2023.

然後是一個後續跟進，只是想詢問一下隆隆品牌的情況，我認為您銷售的許可證數量比您在 2023 年開設的數量要少。

But just wanted to ask sort of the health of that brand what you see going forward for rumble?

但只是想問一下品牌的健康狀況，您對未來的發展有何看法？

Thank you.

謝謝。

Yes, the brand is fine.

是的，品牌不錯。

I mean people are there's 10 brands, 11 brands now are, you know, minus trade again, so there's 10 brands to choose from.

我的意思是人們有 10 個品牌，現在有 11 個品牌，你知道，又減去貿易，所以有 10 個品牌可供選擇。

So it's not like we're driving one brand.

所以我們並不是在推動一個品牌。

And so that's that's kind of where the brand is.

這就是品牌的定位。

From a franchise sales perspective, you'll find that in franchise sales in general, you will sell a brand that we've been selling rumble since I think we bought it March prior to going public.

從特許經營銷售的角度來看，你會發現，在一般特許經營銷售中，你會出售一個我們一直在銷售的品牌，我認為我們在上市前三月份購買了它。

So after 2.5 to 3 years.

所以2.5到3年後。

You know, that's that's what you'll kind of see as you start to tap out the TAM, right?

您知道，這就是您開始點擊 TAM 時會看到的情況，對嗎？

I mean, we've been selling that business for almost nearly three years this March and then BFT. after that mature after that.

我的意思是，今年 3 月，我們已經出售該業務近三年了，然後是 BFT。在那之後成熟之後。

So you don't want to see us selling 5,000 because that means that we would be saturating the market, right?

所以您不想看到我們賣出 5,000 件，因為這意味著我們會使市場飽和，對嗎？

So nothing really to read into their same-store sales up 11% or so.

因此，他們的同店銷售額成長了 11% 左右，沒什麼值得解讀的。

Our brand is doing fine on our work with franchisees to engineer cheaper openings, make the items seven less expensive.

我們的品牌在與特許經營商的合作方面做得很好，設計了更便宜的空缺，使商品的價格降低了七分。

So we can get some open as we've been going and operating more on like in any brand, I we know what it's like to own 100 of a lot of things, but we don't know what it's like to operate 100.

所以我們可以開放一些，因為我們一直在像任何品牌一樣進行更多的運營，我知道擁有 100 種很多東西是什麼感覺，但我們不知道運營 100 種是什麼感覺。

And so as you get from 0 to 100, there are learnings that go on and you find ways to We value engineer the opening.

因此，當您從 0 到 100 時，您會不斷學習，並找到我們重視設計空缺的方法。

So the openings are less expensive, but still don't have an impact on AVC. keep capacity the same but you start to find ways that you can get the stores open for less money and then continue to operate them.

因此，空缺的成本較低，但仍不會對 AVC 產生影響。保持產能不變，但你開始尋找方法以更少的資金開設商店，然後繼續經營它們。

So that that's great.

所以那太好了。

Right.

正確的。

Thank again.

再次感謝。

Thank you.

謝謝。

And our next question comes from Megan Alexander with Morgan Stanley.

我們的下一個問題來自摩根士丹利的梅根亞歷山大。

Yes, thanks very much.

是的，非常感謝。

First question, wondering if you could give some color on any quarter to date KPI.

第一個問題，想知道您是否可以對任何季度迄今為止的 KPI 進行一些說明。

January is typically positive from a seasonality perspective.

從季節性角度來看，一月通常是正面的。

I think we're all well aware weather's not been ideal.

我想我們都很清楚天氣並不理想。

So I was hoping you just give us any more color and what you're seeing maybe as it relates to member adds monthly visits quarter to date?

所以我希望您能給我們更多的信息，您所看到的可能與會員增加季度至今的每月訪問量有關？

And then how the comp is trending relative to the low double digits data for the first quarter?

那麼，相對於第一季的低兩位數數據，該公司的趨勢如何？

Yes.

是的。

So we've been watching this and evaluating the KPIs that drive kind of the Q1 activity.

因此，我們一直在關注這一情況並評估推動第一季活動的 KPI。

Overall, we've looked at system-wide sales performance in January and February.

總體而言，我們查看了 1 月和 2 月全系統的銷售業績。

Same-store sales, active members visits total new members cancellations.

同店銷售、活躍會員訪問量、新會員取消總數。

We haven't seen any real variability from prior year that stands out like there's something different with the consumer and the way they're acting.

與去年相比，我們沒有看到任何真正的變化，例如消費者及其行為方式有什麼不同。

It is January and February.

現在是一月和二月。

Was a little bit lighter than we were kind of expecting from our our upside case.

比我們對上行情況的預期要輕一些。

But overall, the business is strong.

但整體而言，業務強勁。

The AUVs are still delivering.

AUV 仍在交付。

There's nothing that says that there's something meaningfully off from from a growth perspective on Q1, same store sales I talked about by those will normalize over time as we expect new.

沒有任何跡象表明，從第一季的成長角度來看，有什麼有意義的偏離，我談到的同店銷售將隨著時間的推移而正常化，正如我們預期的那樣。

I thought you don't expect to see 2024 go from a low double digit to a high single digit, you know, from Q1 to Q4.

我認為你不會期望看到 2024 年從第一季到第四季從較低的兩位數上升到較高的個位數。

So Neil, based off of that, you could expect to see a kind of low double digit in the first quarter.

因此，尼爾，基於此，你可以預期第一季會出現兩位數的低點。

That's where our models are kind of wrapped around and the the new members and the growth that we're seeing at the studio level support that.

這就是我們的模型所圍繞的地方，新成員以及我們在工作室層面看到的成長都支持了這一點。

So there's knows like smoking gun like anything's wrong and definitely in line with our expectations and what we've kind of modeled out in relation to our guidance.

因此，確實存在任何問題，並且絕對符合我們的期望以及我們根據指導制定的模型。

Okay, great.

好的，太好了。

Thank you.

謝謝。

And then a follow-up.

然後是後續行動。

I think if my math is correct, it looks like you maybe closed 94 ish stores in the fourth quarter, a pretty big step-up from the third quarter.

我想，如果我的數學正確的話，看起來你們可能在第四季度關閉了 94 家左右的商店，比第三季度有了相當大的進步。

I know there were some transition studios left, but still implies a pretty sizable number beyond that.

我知道還剩下一些過渡工作室，但仍然意味著數量相當可觀。

So can you just help us understand what those closures were?

那麼您能幫助我們了解這些關閉是什麼嗎？

And then how do we think about that run rate in 24?

那我們如何看待 24 小時的運行率呢？

I guess maybe said differently, you're expecting gross open 540 to 560 What should that look like on.

我想也許換句話說，你期望總開放 540 到 560 那應該是什麼樣子。

Yes.

是的。

When you when you look at the fourth quarter, it was 87 studios that were closed in the fourth quarter.

當你查看第四季時，會發現有 87 家工作室在第四季關閉。

A fair amount of those were related to the transition studios that we discussed as part of our strategy.

其中相當多的內容與我們作為策略一部分討論的過渡工作室有關。

So you could probably look at that as more of like a backlog of studios that we had acquired when you kind of take the 131 studios that have closed inception to date of this company and extrapolate that back, you're looking at really like a 3% closure rate per year.

所以你可能會認為這更像是我們收購的工作室的積壓，當你拿這家公司成立至今已經關閉的 131 個工作室進行推斷時，你看到的實際上就像是 3 個工作室。每年的關閉率%。

So that kind of is our historical trend.

這就是我們的歷史趨勢。

So when you think about 2024, that's how we're kind of thinking about it going forward, we'll get more information quarter to quarter as we continue to operate.

因此，當你想到 2024 年時，這就是我們對未來的思考方式，隨著我們繼續運營，我們將每季獲得更多資訊。

But right now, the best kind of indicator of our future is obviously the past.

但現在，衡量未來的最佳指標顯然是過去。

So we're going to probably say it's probably and that low single digit percentage of total studios.

因此，我們可能會說，這可能是整個工作室的個位數百分比。

Yes.

是的。

Thank you.

謝謝。

And our next question comes 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。

Please start.

請開始。

Thanks, guys.

多謝你們。

Good afternoon.

午安.

I guess first question, I'm curious, any takeaways that you may have had from the franchisee convention that you hosted in December and having conversations with your franchisees, was there anything that was on top of their mind.

我想第一個問題是，我很好奇，您從 12 月主辦的特許經營商大會以及與特許經營商的對話中可能得到的任何收穫是，他們最關心的是什麼。

Yes, you know, it's interesting, Joe, you bring that up.

是的，你知道，這很有趣，喬，你提到了這一點。

I'm I'm always super invigorated at the convention time because I'm actually getting to be with franchisees and operators.

我在會議期間總是精力充沛，因為我實際上正在與特許經營商和運營商相處。

And that's what I enjoy doing is operating.

這就是我喜歡做的事情——營運。

And so from that they kind of looked at that looked to have kind of micro convention we had in November was cycled our owners and Texas when we launched our new training program there, just like we did in Pure Barre and you kind of see that excitement that's there at convention excitement is there and we all get together and really kind of honed in on what really happens there is communication and, you know, franchisees, knowing what we're doing every day us knowing what they're doing every day really working together.

因此，他們認為我們在11 月舉行的小型會議是在我們的業主和德克薩斯州舉行的，當時我們在那裡推出了新的培訓計劃，就像我們在Pure Barre 所做的那樣，你會看到那種興奮大會上的興奮就在那裡，我們大家聚在一起，真正磨練真正發生的事情，有溝通，你知道，加盟商知道我們每天在做什麼，我們也知道他們每天在做什麼一起工作。

And so on January, I launched the franchise forums where the franchisees actually self nominated five representatives had to come to the corporate office and sit and meet with me all day, and we got to transcribe the notes from that created to do list from that.

因此，在一月份，我啟動了特許經營論壇，特許經營商實際上自我提名了五名代表，他們必須來到公司辦公室，坐下來與我會面一整天，我們必須抄寫由此創建的待辦事項項清單中的筆記。

And then we're completing those to do list between now and the end of Q2.

然後我們將完成從現在到第二季末的待辦事項清單。

So things that we can do in six minutes or six days or six weeks, we will do things like technology development or things of that nature with third party vendors that we may not control could take six months.

因此，我們可以在六分鐘、六天或六週內完成的事情，我們將與我們可能無法控制的第三方供應商進行技術開發或類似性質的事情，但可能需要六個月的時間。

But the idea around that is I met with 50 franchisees, 50 plus franchisees for several hours.

但圍繞這個的想法是我會見了 50 名特許經營商，超過 50 名特許經營商幾個小時。

And in aggregate it was there was about 70 80 hours of one on one with franchisees.

總共與加盟商進行了大約 70 到 80 個小時的一對一交流。

And now we have the tend to do lists that we need and that to do list is sitting with the base and we're constantly updating it on a daily basis.

現在，我們有我們需要的待辦事項列表，並且該待辦事項列表位於底座中，我們每天都會不斷更新它。

And so franchisees are getting to see the communication see exactly what we're working on daily to move the needle.

因此，加盟商可以看到我們的溝通，確切地了解我們每天所做的工作，以推動發展。

So they know that they are heard and that we are working in their best interest.

因此，他們知道我們的意見得到了傾聽，我們正在為他們的最大利益而努力。

So on we've been doing that and it's been it's been going very well on.

所以我們一直在這樣做，而且進展非常順利。

So we're very excited about that.

所以我們對此感到非常興奮。

And then the first week of July, we'll be doing the same exact thing again and completing another six month less of a time.

然後在七月的第一周，我們將再次做同樣的事情，並在更少的時間內完成另外六個月的工作。

And get back to that convention that you were talking about.

回到你剛才談論的那個慣例。

We've had, you know, two full to set corridors.

你知道，我們有兩個完整的走廊。

So a whole year of doing two big to-do lists at every brand and so when you look at that Expo wide mean, you're really talking about thousands of tasks over a one-year period to help align between franchisor and franchisee on what's working.

因此，每個品牌整整一年都要做兩個大的待辦事項清單，因此，當您查看世博會的廣泛意義時，您實際上正在談論一年內的數千項任務，以幫助特許人和特許經營者在哪些方面保持一致在職的。

What's not working and simply do more of what's working and do less of what's not working and fix.

哪些不起作用，只需多做一些有效的事情，少做一些不起作用的事情並進行修復。

Got it.

知道了。

Very helpful.

很有幫助。

Just to follow up on that in terms of the the openings for this year.

只是為了跟進今年的空缺職位。

I think previously you had said that BFT. and rumble would represent about a quarter of 2024 openings.

我想你之前說過 BFT。隆隆聲將佔 2024 年空缺職位的大約四分之一。

Is that still the case and are you expecting any Linde doors open this year?

情況仍然如此嗎？您預計林德今年會開門嗎？

Or is that more of a '25 event?

或者這更像是 25 年的事件？

Yes.

是的。

I mean, we're in the process of opening or selling window right now.

我的意思是，我們現在正在打開或銷售視窗。

So the kind of the cadence when you buy a brand as a lot of up-front selling and then you see that six to nine months by time, they find a location due to build out, they get open possibly to see a handful, maybe two handfuls of units in the fourth quarter this year.

因此，當你購買一個品牌時，你會進行大量的前期銷售，然後你會看到六到九個月的時間，他們會找到一個需要擴建的位置，他們可能會開放，可能會看到一些，也許今年第四季有兩個單位。

When you look at the spread of where the openings are going to come from in 2024, we opened 30%.

當你看看 2024 年空缺職位的分佈時，我們會發現，我們的空缺職位比例為 30%。

And in CP. in 2023, you'll likely see a high volume similar to that we had about 30% and stress lab, you'll see a similar cadence of that.

還有CP裡的。到 2023 年，您可能會看到與我們大約 30% 類似的高容量，並且在壓力實驗室中，您會看到類似的節奏。

And then obviously, there'll be more BFT.s and more renewables probably in that 10% to 15% range as well and then the rest sprinkled across the rest of the brand.

顯然，在 10% 到 15% 的範圍內可能還會有更多的 BFT.s 和更多的可再生能源，然後其餘的則分佈在該品牌的其他部分。

So largely the studio mix that you saw in '23, that should be the expectation for 2024 and then an additional handful of lenders will come into the mix.

很大程度上是你在 23 年看到的工作室組合，這應該是 2024 年的預期，然後會有更多的貸款機構加入其中。

It's also good to note, Joe, that the rumblings we're already seeing existing franchisees opening additional renewables this year so that that brand will maybe have some additional upside as people kind of kind of get in rolling out kind of all of all of those stores.

喬，還有一點值得一提的是，我們已經看到現有的特許經營商今年將開設更多的可再生能源，這樣隨著人們開始推出所有這些產品，該品牌可能會有一些額外的優勢商店。

So all the high AUV brands are starting to see those kind of reopenings even earlier on.

因此，所有 AUV 高端品牌都更早開始看到此類重新開業。

Got it.

知道了。

Okay.

好的。

Thank you, guys.

感謝你們。

Thank you.

謝謝。

And our next question comes 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。

Please, there again, thanks for taking my questions.

請再次感謝您提出我的問題。

First one for me.

對我來說第一個。

So if you think about the 2024 guide, just wondering if you can talk about some areas where you think you could potentially see some upside there come in at the high end of the range, if not better, if there's anything that you would expect to see come in throughout the year.

因此，如果您考慮 2024 年指南，只是想知道您是否可以談論一些您認為可能會在範圍高端看到一些上行空間的領域，如果不是更好的話，是否有您期望的東西全年都可以看到。

I mean, when you look at the revenue, the things that will be fairly flat is equipment revenues, right?

我的意思是，當你看收入時，相當穩定的是設備收入，對嗎？

Because we're really that's just replacement revenue.

因為我們實際上這只是替代收入。

We opened 557 units in 2023.

2023 年，我們開設了 557 個單位。

We're guiding about the same amount at the midpoint for 2024.

我們預計 2024 年中期的金額大致相同。

So that's that line itself will be pretty just replacement revenue.

所以這條線本身就只是替代收入。

The upside opportunities are always system-wide sales.

上行機會始終是全系統的銷售。

We continue to look at of new ways to have and you mentioned as he met with all the different brands on ways to improve performance at the brand level.

我們繼續尋找新的方法，您在與所有不同品牌會面討論提高品牌層面績效的方法時提到過。

Mix is always helpful to you know, if we continue to get more club, what is open faster and get them up to scale faster up to kind of kind of their base AUV.

Mix 總是對你有幫助，如果我們繼續獲得更多的俱樂部，開放得更快，讓他們更快地擴展至某種基礎 AUV。

That's encouraging.

這令人鼓舞。

So I told, Anthony, this year is all about getting studios open, driving strong same store sales controlling SG&A and getting the margin expansion that we have went through the restructuring last year that to achieve.

所以我告訴安東尼，今年的重點是讓工作室開業，推動強勁的同店銷售，控制銷售、管理費用，並實現我們去年重組所要實現的利潤率擴張。

So the opportunities are really same-store sales and openings.

因此，機會實際上是同店銷售和開業。

We have done a lot of work on equipment and retail to optimize that.

我們在設備和零售方面做了大量工作來優化這一點。

And so we're investing resources into that part of the operation to see how we could further support franchisees and drive better retail for them to encourage more sales at this depth in studio.

因此，我們正在將資源投入到這部分運營中，看看我們如何進一步支持特許經營商並為他們推動更好的零售，以鼓勵工作室在這個深度的更多銷售。

So that could be another opportunity to as we sell more retail through our warehouse and on our online malls for them.

因此，這可能是另一個機會，因為我們透過我們的倉庫和網路商城為他們銷售更多的零售產品。

So there's there are some opportunities, but same-store sales, the royalty generation, that's the ticket.

因此，存在一些機會，但同店銷售、特許權使用費的產生，這就是門票。

Got it.

知道了。

That's helpful.

這很有幫助。

And then wondering if you can comment on if you've seen any changes in the willingness of new franchisees to open up more studios or purchase more licenses.

然後想知道您是否可以評論一下您是否看到新加盟商開設更多工作室或購買更多許可的意願發生了任何變化。

Now when you look at I mean, Q4 is probably your kind of your best indicator or 2023.

現在，當你看我的意思時，第四季可能是你最好的指標或 2023 年。

In Q4, we opened 160 units approximately in Q4 alone, and we opened 90 in December.

第四季度，我們僅在第四季度就開設了大約 160 個單位，12 月我們就開設了 90 個單位。

So if you look at the average of 2023.

所以如果你看看 2023 年的平均值。

It was a store every other day and you get the average of December, it was twice that three a day.

每隔一天就有一家商店，你可以得到十二月份的平均值，每天是三倍的兩倍。

So obviously, if there were, as you know, franchisees weren't wanting to open, then you wouldn't have seen the last month of the last reported quarter be the best the Company has ever done in two times the kind of system average.

很明顯，如果有，正如你所知，特許經營商不想開業，那麼你就不會看到上一個報告季度的最後一個月是公司有史以來做得最好的，是系統平均水平的兩倍。

So that's, you know, that's pretty pretty good.

所以，你知道，這非常好。

And also half of those openings approximately for the year were done from existing franchisees.

今年大約有一半的空缺是由現有的特許經營商完成的。

And when you look at the backlog of are sold already prepaid for not open licenses, about 66% or roughly two thirds of those are from existing franchisees.

當您查看未開放授權的已預付銷售的積壓訂單時，您會發現其中約 66%（即約三分之二）來自現有特許經營商。

Got it.

知道了。

Thank you for taking my questions.

感謝您回答我的問題。

Thank you.

謝謝。

Our next question comes from Karin with Meyer with Sam.

我們的下一個問題來自卡琳、邁耶和山姆。

Hey, good afternoon.

嘿，下午好。

Thanks for taking the questions.

感謝您提出問題。

And first one from me is, can you just expand a little bit more on your decision to divest dried on what really went behind what was behind that?

我的第一個問題是，您能否進一步闡述您剝離乾​​貨的決定，了解背後真正的原因是什麼？

And I know it's small part of the mix, but just curious your thoughts and the reasoning behind that?

我知道這只是其中的一小部分，但只是好奇你的想法及其背後的原因？

And then going forward, is there a risk that maybe additional brands you might have to divest that may be struggling a little bit weaker to allow you to lean into some of the larger brands?

然後，展望未來，是否存在這樣的風險：您可能必須剝離其他品牌，這些品牌可能會在較弱的情況下掙扎，以便您可以轉向一些較大的品牌？

Yes.

是的。

Yes.

是的。

Thank you.

謝謝。

Yes, I mean, there's no H2 on divesting just like there's no have to buying on.

是的，我的意思是，剝離沒有必要，就像沒有必要買一樣。

So we don't have to do one or the other.

所以我們不必做其中一個。

We look at the portfolio and decide what is the best optimization of labor and resources.

我們查看投資組合併決定什麼是勞動力和資源的最佳最佳化。

So for instance, our President of Stride is going to be running a portion of WinDoor, and we've shifted some of the took 100% of the Stride labor on and put that into different parts of exponential in labor being the like any business, getting great employees to do a great job is probably the number one hurdle.

舉例來說，我們的 Stride 總裁將負責營運 WinDoor 的一部分，我們已經將 Stride 100% 的勞動力轉移到了勞動力指數的不同部分，就像任何企業一樣，讓優秀的員工做好工作可能是最大的障礙。

And so when you have employees, you can repurpose into different brands or different parts of exponential and kind of focus on core business or other parts of the businesses, whether it be the most recent M&A, where we've kind of stack the deck over there, where we have our Pure Barre CMO that we've moved over and put it as Stride CMO up in under Pure Barre.

因此，當您擁有員工時，您可以重新調整用途，進入不同的品牌或指數的不同部分，並專注於核心業務或業務的其他部分，無論是最近的併購，我們都已經準備好在那裡，我們有Pure Barre CMO，我們已將其移至Pure Barre 之下，並將其作為Stride CMO 放在Pure Barre 下。

And we've taken the President of Stride and put them into the WinDoor into a second spot position.

我們已經任命了 Stride 的總裁並將他們置於 WinDoor 的第二位。

We've taken Liu, who was the original founding member of stretch lab and then BFT. now to run like Dora, we brought back Martin, who is the CMO stretch lab, put them into Lindorff.

我們選擇了 Liu，他是 Stretch Lab 和 BFT 的最初創始成員。現在為了像 Dora 一樣運行，我們帶回了 CMO 拉伸實驗室的 Martin，將它們放入 Lindorff。

So we're able to repurpose labor is really the driver for us.

因此，我們能夠重新利用勞動力確實是我們的驅動力。

It's not that it has some massive effect on on, you know, on an EBITDA or the business, it's really us focusing on scale to drive more impact on our high value AUV brands or what will be our high-value AUV brands.

這並不是說它對 EBITDA 或業務產生了巨大影響，而是我們真正專注於規模，以對我們的高價值 AUV 品牌或我們的高價值 AUV 品牌產生更大的影響。

So it makes sense.

所以這是有道理的。

If you have something like Lindorff where the AUV is $1 million and you have 31 units, do I want to purpose labor there to own a purpose labor on another brand that may have 17 units today and an AUV that's a third of that or whatever it might be, right.

如果你有像Lindorff 這樣的東西，AUV 是100 萬美元，你有31 個單位，我是否想在那裡有目的勞動力去擁有另一個品牌的有目的勞動力，這個品牌今天可能有17 個單位，而AUV是這個品牌的三分之一或其他什麼。可能是，對吧。

And so that's where I want to swap out one brand for another arm rather have 31 clubs doing $1 million each that have 17 clubs doing three 50 with the same labor.

因此，這就是我想用一個品牌換成另一個品牌的地方，而不是讓 31 個俱樂部每個人花費 100 萬美元，而讓 17 個俱樂部用同樣的勞動力做三個 50 美元。

So it's really about repurposing the labor.

所以這實際上是關於重新利用勞動力。

And so yes, over time, if we think it's opportunistic for us to do something, we will we had three people that were bidding on stride and we assessed what made the most sense for the franchisees for our partners on a go-forward basis.

所以，是的，隨著時間的推移，如果我們認為做某事對我們來說是機會主義的，我們就會有三個人在大步投標，我們會在前進的基礎上評估什麼對特許經營商對我們的合作夥伴最有意義。

And so with that Shawn Grove, who was President of Rumble, I had already expressed an interest in retiring.

因此，我已經向 Rumble 總裁肖恩·格羅夫表達了退休的興趣。

I was a franchise lawyer by trade.

我的職業是特許經營律師。

He's been a franchise attorney franchisee operator in boutique fitness for almost 20 years now.

近 20 年來，他一直擔任精品健身領域的特許經營律師和特許經營商。

And you know, you would like to retire and do something he enjoys doing.

你知道，你想退休並做他喜歡做的事情。

And he really loves when you did rumble boxing, you love the rumble training product, which is a lot like stride.

他真的很喜歡你進行隆隆拳擊，你喜歡隆隆訓練產品，這很像跨步。

And so he's always had an interest in stride.

所以他一直對跨步感興趣。

He bought the number one Stride franchise store in Pasadena, California, which does about $1 million bucks a year.

他買下了加州帕薩迪納排名第一的 Stride 特許經營店，該店每年的營業額約為 100 萬美元。

And so is the owner of that.

它的主人也是如此。

And wanted to run the franchise or kind of it is sort of second lease on life and that made a lot of great sense for franchisees and the strike at Stride future so when I was doing those franchisee forums where we had the Stride representatives there, we also had Sean there.

想要經營特許經營權，或者說這是生命的第二次租賃，這對特許經營商和 Stride future 的罷工都很有意義，所以當我在那些特許經營商論壇上有 Stride 代表時，我們肖恩也在那裡。

So we've had a full integration with Sean and those franchisees to make sure that, you know, we send everything off in the right way and take care of the franchisees.

因此，我們與肖恩和那些特許經營商進行了全面整合，以確保我們以正確的方式發送所有東西並照顧特許經營商。

Got it.

知道了。

That's super helpful.

這非常有幫助。

Thanks for all the detail.

感謝您提供所有詳細資訊。

And then John, maybe could you expand a little bit on the cadence of EBITDA margin over the course of the year?

然後約翰，也許您可以稍微擴展一下一年中 EBITDA 利潤率的節奏嗎？

I think you said it may be from a dollar perspective.

我想你說的可能是從美元的角度來看。

It's going to be a little bit lighter here in Q one, but can you talk about from a margin perspective, will that also be a ramp throughout the year or should it be kind of breakeven yield quarter to quarter again?

第一季的收益率會稍微低一些，但您能否從利潤率的角度談談，這是否也會是全年的成長，還是應該再次實現逐季盈虧平衡的收益率？

Yes, great question.

是的，很好的問題。

I was hoping somebody was going to ask me that when you look at Q1, you know, and or I guess maybe first half, second half of 2024.

我希望有人會問我，當你看第一季時，你知道，或者我猜可能是 2024 年上半年、下半年。

The way you should think about studio openings, revenue EBITDA from a dollar perspective is going to be more like 45% in the first half, 50%, 55% in the second half of your studio openings.

你應該考慮工作室開業的方式，從美元角度來看，收入 EBITDA 在工作室開業的上半年將更像是 45%，下半年將是 50%、55%。

And the revenue or city openings will be about 20% to 20% in the first quarter.

而第一季的營收或城市開工率將在20%至20%左右。

So if you take the 550, it's roughly about 115 openings in the first quarter is probably the right way to think.

因此，如果你計算 550 個職位，那麼第一季大約有 115 個職位空缺，這可能是正確的思考方式。

And then that will ramp up much like it did in 2023 with the most amount of openings in the fourth quarter.

然後，這一數字將像 2023 年一樣增加，第四季度的職缺數量最多。

And the benefit of EBITDA margins is almost instant from the perspective of we did the work we needed to do last year to get rid of the transition studios or close and refranchise them.

從我們去年完成了擺脫過渡工作室或關閉並重新特許經營所需的工作的角度來看，EBITDA 利潤率的好處幾乎是立竿見影的。

So the SG&A cost has come down significantly.

因此，SG&A 成本顯著下降。

So you will see probably Q1 will be the lowest EBITDA margin quarter, you know, probably roughly in the mid or the mid high 30's.

所以你會發現第一季可能是 EBITDA 利潤率最低的季度，你知道，可能大約在 30 年代中期或中期。

So let's call it 37% to give you an estimate there as you roll into Q2 and Q3, that's where the 40% plus will start to come into play.

因此，我們將其稱為 37%，以便在進入第二季和第三季時給您一個估計，這就是 40% 以上將開始發揮作用的地方。

So I do expect to see EBITDA margins and Q2 three and four in order to be in that, let's start with a four arm versus a three.

因此，我確實希望看到 EBITDA 利潤率和第二季度的第三季度和第四季度，以便達到這一目標，讓我們從四臂與三臂開始。

Your actual dollar margins will ramp throughout the year.

您的實際美元利潤將全年不斷增加。

So you can expect to see EBITDA in Q1, probably closer to what it was in Q4 of last year of 2023.

因此，您可以預期第一季的 EBITDA 可能會更接近 2023 年去年第四季的水平。

And then that will ramp up throughout the quarters by a couple of million each quarter.

然後這個數字將在每季增加數百萬。

So it will be a progressive from a studio openings from a revenue perspective to an EBITDA perspective and from a margin perspective.

因此，從收入角度來看，從工作室開業到 EBITDA 角度和利潤角度來看，這將是一個進步。

Very helpful.

很有幫助。

Thank you.

謝謝。

Thank you.

謝謝。

And our next question comes from Alex Paris with Bank of America.

我們的下一個問題來自美國銀行的 Alex Paris。

Please.

請。

Thanks for taking my questions.

感謝您回答我的問題。

I guess just first, can you talk to us about your monthly churn rate and if you've seen any changes in that recently?

我想首先，您能和我們談談您的每月客戶流失率嗎？最近您是否看到了任何變化？

Thank you.

謝謝。

Yes, when it comes to the churn, it's been very consistent.

是的，就客戶流失而言，情況非常一致。

We do measure it after 12 months.

我們會在 12 個月後進行測量。

So we typically look at churn and it's in the low single digits as a percent.

因此，我們通常會關注客戶流失率，其百分比為低個位數。

So there hasn't been any really change in any kind of consumer behavior.

因此，任何類型的消費者行為都沒有任何真正的改變。

We did again, as we even looked into the first quarter of this year, very consistent yield from looking at it to Q1 of 2023.

我們再次做到了這一點，我們甚至研究了今年第一季度，從觀察到 2023 年第一季的收益率非常一致。

But it's been very consistent in that 1% to 3% range turn nothing, nothing of a deviation from what we've seen historically.

但它在 1% 到 3% 的範圍內非常一致，沒有什麼變化，與我們歷史上看到的情況沒有任何偏差。

Perfect.

完美的。

And then just my last one.

然後就是我的最後一個。

Can you just give us some more color on why openings sort of build throughout the year.

您能給我們更多解釋為什麼全年都會出現職缺嗎？

Is this just sort of a normal seasonality of when franchisees generally opened?

這只是特許經營商開業時的正常季節性嗎？

And what sort of gives you confidence in the sort of gross opening number is that based on signed leases?

是什麼讓您對基於已簽租約的開業總金額充滿信心？

And otherwise, just a little more color on the opening progression would be very helpful.

否則，在開頭進程中多一點顏色就會非常有幫助。

Thank you.

謝謝。

Yes, of course, Alex.

是的，當然，亞歷克斯。

Yes, as you see and I said earlier on the call, there is actually 169 openings in Q4, which is a massive quarter and 90 openings in December.

是的，正如你所看到的，我之前在電話會議上也說過，第四季度實際上有 169 個職位空缺，這是一個很大的季度，12 月份有 90 個職位空缺。

So the run rate for the year is about a club every 15 hours and the run rate for December was three a day.

因此，全年的運行頻率約為每 15 小時一傢俱樂部，12 月份的運行頻率為每天 3 次。

So there is a big push always in Q4 in fitness As I'm sure you're aware for people that want to be open in January.

因此，第四季度健身方面總是有很大的推動力，我相信您知道那些想要在一月份開放的人。

So franchisees tend to work a lot harder and to get deals done by year end, same with landlords We deal with a lot of massive public real estate investment trusts.

因此，特許經營商往往會更加努力地工作，並在年底前完成交易，與房東一樣，我們與許多大型公共房地產投資信託公司打交道。

And so they want to get deals on their books by December, 31.

因此，他們希望在 12 月 31 日之前獲得書籍優惠。

So landlords have a willingness to want to sign leases by 1231 versus one one.

因此，房東願意在 1231 份合約之前簽訂租約，而不是一份。

And so when you have a willingness of franchisees, the lease or at least see coming together by the same date at December, 31.

因此，當您有特許經營商的意願時，租約至少會在 12 月 31 日同一天完成。

You'll see a lot more openings negotiations happening for the last half of the year than you see in the first half.

您會發現今年下半年發生的空缺談判比上半年多得多。

And yes, we have over 400 LOIs and leases currently signed that we have names addresses phone numbers, dates of openings for by brand across the country, much like we gave you at the Investor Day in September, where we showed the list of ones that we have.

是的，我們目前簽署了400 多個意向書和租約，其中有姓名、地​​點、電話號碼、全國各地各品牌的開業日期，就像我們在9 月份的投資者日上向您提供的那樣，當時我們展示了以下列表：我們有。

We always have an ongoing visibility of about 400, 450 domestic units and then about another 100-plus on the international side.

我們始終擁有約 400、450 個國內單位的持續知名度，然後在國際方面還有大約 100 多個單位。

And that's how we get to that kind of 500 to 600 or 557 that we did last year.

這就是我們去年達到 500 到 600 或 557 的方式。

If you kind of look at the ability of that, I believe and John can correct me if I'm wrong, but I think we guided to five 600 at the beginning of the year and we tightened that into 550 to 560 later in the year, and we landed at 557 with four openings of the day after on January first.

如果你看看它的能力，我相信如果我錯了，約翰可以糾正我，但我認為我們在年初指導了 5 600，並在今年晚些時候將其收緊為 550 至 560 ，我們在1 月1 日後的第二天有4 個空缺職位，達到557 個。

So we would hit 561.

所以我們會達到 561。

If we would add for people that would have had a class schedule.

如果我們為那些本來就有課程表的人添加。

But given New Year's Day, some people tend to wait to the second of January.

但考慮到元旦，有些人傾向於等到一月二號。

So you can see from what we've been guiding to historically and what we've been hitting in the real world, we obviously have a very great visibility into what we're able to see in the future.

因此，您可以從我們歷史上的指導以及我們在現實世界中所取得的成就中看到，我們顯然對未來所能看到的東西有非常好的了解。

Perfect.

完美的。

That's very helpful.

這非常有幫助。

Best of luck going forward.

祝你好運。

Thank you.

謝謝。

And our next question comes from Jeff Van Sinderen with B. Riley.

我們的下一個問題來自 Jeff Van Sinderen 和 B. Riley。

Please state your question.

請說出你的問題。

Everyone.

每個人。

So wonder if you can speak a little bit more about the performance of the newly opened units over the last few months, what you're seeing?

那麼，您是否可以多談談過去幾個月新開幕單位的表現，以及您所看到的情況？

Yes.

是的。

Great question.

很好的問題。

We've obviously monitor the cohorts by every quarter.

顯然，我們每季都會對群組進行監控。

And the one consistent data point is by month three.

唯一一致的數據點是第三個月。

When you look at the studios that have opened in Q1, Q2, Q3 and Q4 by month three.

當你查看第三季第一季、第二季、第三季和第四季開業的工作室。

Most of these studios are doing $40,000 to $45,000-plus on average, which gives us really strong comfort that they're getting to that $500,000 S. range AUV. almost immediately after doing the grand opening.

這些工作室中的大多數平均收入在 40,000 美元到 45,000 美元以上，這讓我們非常放心，他們正在開發價值 500,000 美元的 S. 系列 AUV。幾乎在盛大開幕後立即。

So that's been very consistent.

所以這是非常一致的。

I just looked at the data prior to this call to make sure we have the most up-to-date information, all of those cohorts from every quarter last year doing strong.

我只是在這次電話會議之前查看了數據，以確保我們擁有最新的信息，去年每個季度的所有這些群體都表現強勁。

So it does show you that when you look at how we're opening studios, we are doing a better job on every quarter as we go by getting studios up to ramp faster, which is important for franchisees because it gets them to breakeven faster and profitability faster in a $500,000 AUV., the average design model, it gets them into the target margin range, and that is needed to for the franchisees to make that 25% to 30% margin.

所以它確實向你表明，當你看看我們如何開設工作室時，我們在每個季度都做得更好，因為我們讓工作室更快成長，這對特許經營商來說很重要，因為這可以讓他們更快地實現收支平衡，並且在500,000 美元AUV 的平均設計模型中，盈利速度更快，它使他們進入目標利潤範圍，這是特許經營商獲得25% 至30% 利潤所需的。

So a very healthy 2023 cohort doing better than the 2022 and 2021, as we also talked about, you know, same-store sales in some of these 36-plus month studios, mid mid teens, double digits.

因此，一個非常健康的 2023 年群體的表現比 2022 年和 2021 年要好，正如我們還談到的，你知道，其中一些 36 個多月的工作室的同店銷售額達到了兩位數。

So again, it's not even the young brands that are kind of starting strong.

再說一次，即使是年輕的品牌也沒有起步強勁。

It's even the or the younger studios that are starting strong as the older ones as well that continue to comp at a healthy rate.

即使是新工作室或新工作室也像舊工作室一樣起步強勁，並繼續以健康的速度競爭。

Okay, great to hear.

好的，很高興聽到。

And then just circling back to indoor for a minute.

然後繞回室內一分鐘。

I'm wondering I know you mentioned the comparable unit size and I'm wondering would it make sense to aim to co-locate real estate along with your existing business when you open the doors.

我想知道您提到了類似的單位面積，並且我想知道當您開門時將房地產與現有業務放在一起是否有意義。

We've looked at that over the years and what you what you ultimately really end up saving is kind of a front desk space on, you know, if you co-locate you still have And imagine if you co-located a brand that had 20 people in class and 30 people in class are still going to have 50 people coming in the door and out the door at five and six right?

多年來我們一直在研究這個問題，你最終真正節省下來的是一個前台空間，你知道，如果你把它放在一起，你仍然可以想像一下，如果你把一個品牌放在一起， 20個人在一個班，30個人在一個班，五點六點還是有50個人進出門吧？

And so you save some front desk the cost of a front desk, but you still need to put double the staff or you won't be able to sell to 20 people coming out of a class.

這樣你就可以節省一些前台的費用，但你仍然需要投入雙倍的員工，否則你將無法向一個班級的 20 個人銷售產品。

So you don't really save on that.

所以你並沒有真正節省這一點。

We don't have massive kind of locker room or shower facilities and you don't want to just have one men's and one women's bathroom or two unisex bathrooms for that much volume north of the city, let you.

我們沒有大型更衣室或淋浴設施，您不想在城市北部只擁有一間男浴室和一間女浴室或兩間男女通用的浴室，讓您吧。

So you end up building two boxes that are exactly the same with no cost savings, the same labor with a wall in the middle and you take the wall down.

所以你最終建造了兩個完全相同的盒子，沒有節省成本，同樣的勞動力，中間有一堵牆，然後你把牆拆掉。

So it's just not so really helpful, right.

所以它並不是那麼有幫助，對吧。

You have the same equipment.

你有同樣的裝備。

You have all those things.

你擁有所有這些東西。

And then with the franchisee in a future, wanted to sell off one brand and keep the other brands they wouldn't be able to then have to sell them both together.

然後，未來的特許經營商想要出售一個品牌並保留他們無法保留的其他品牌，然後不得不將它們一起出售。

So it's harder, it's harder to do.

所以說更難，更難做。

And if all the brands were born at the same time, then franchisees could kind of pick and choose above a.

如果所有品牌同時誕生，那麼加盟商就可以在上面進行選擇。

But since we've had these brands over a nine year period today, you wouldn't be able to just choose what you want to co-locate amongst brands because those brands have been sold to other people.

但由於我們今天擁有這些品牌已經有九年了，您將無法只選擇您想要在品牌中共同定位的品牌，因為這些品牌已出售給其他人。

So you can incrementally add maybe a lender today or a BFT. a couple of years ago or rumble a few years ago, but sometimes it's harder to do, especially in major DMAs.

因此，您現在可以逐步新增貸方或 BFT。幾年前或幾年前隆隆作響，但有時很難做到，尤其是在主要的 DMA 中。

Kash makes sense.

卡什說得有道理。

Thanks for taking my questions and of course.

當然，感謝您提出我的問題。

Thank you.

謝謝。

Our next question comes from Warren Cheng with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Warren Cheng。

Yes, hey, good evening, guys.

是的，嘿，晚上好，夥計們。

Ask another one on WinDoor and just the opportunity you see there.

在 WinDoor 上詢問另一位人士，看看你在那裡看到的機會。

So it's a little bit of a different modality than we've done before you talked in your prepared remarks about a potentially a broader expansion into health and wellness.

因此，這與您在準備好的評論中談到可能更廣泛地擴展到健康和保健領域之前我們所做的有點不同。

Obviously, there's an interesting GLP-1 angle there.

顯然，這裡有一個有趣的 GLP-1 角度。

Is there anything different about how you're going to deploy that particular asset and I might be an opportunity there.

您將如何部署該特定資產是否有什麼不同，我可能在那裡有一個機會。

Yes.

是的。

I mean, obviously, it's very similar.

我的意思是，顯然，它非常相似。

You know, the footprint is similar.

你知道，足跡是相似的。

So there's, you know, Lindorff has next to exponential brands currently on.

所以，你知道，林道夫目前擁有近乎指數級的品牌。

So you know, from start from day one, the real estate is the same landlords, the same size square foot box and build on as you move forward.

所以你知道，從第一天開始，房地產就是同樣的房東，同樣大小的平方英尺盒子，並且隨著你的前進而不斷發展。

At the end of the day, it's about generating a lead and closing that lead and making them a member and then putting them on a subscription base, which is what Lindorff does on the GLP one part of the business, and we think that will continue to expand.

歸根結底，這是關於產生潛在客戶並關閉該潛在客戶並使他們成為會員，然後將他們置於訂閱基礎上，這就是 Lindorff 在 GLP 業務的一部分中所做的事情，我們認為這將繼續下去擴大。

However, for 50 years, Lindorff has been achieving eight 900 KAUV.s from with our GLP business.

然而，50 年來，Lindorff 已透過我們的 GLP 業務實現了 8 個 900 KAUV.s。

So that will be a part of the business will expand.

因此，這將是業務的一部分將會擴大。

HRT. will most likely expand over time, as I indicated earlier, kind of apparel retail sales, we imagine will expand given that the average member at Lindorff spends more than the average member in our fitness brands.

荷爾蒙替代療法。正如我之前指出的，隨著時間的推移，服裝零售額很可能會擴大，考慮到 Lindorff 會員的平均支出高於我們健身品牌的平均會員，我們認為這種零售額將會擴大。

So there's kind of more more wallet share there, if you will, of the fitness products because people that Shona Midland door have tried it typically some version of, you know, weight loss, whether that be diet and exercise or both in the past.

因此，如果你願意的話，健身產品的錢包份額會更大，因為紹納米德蘭門的人們通常嘗試過某種形式的減肥，無論是節食和鍛煉還是兩者都在過去。

And so when they come to lend or are there and are willing to spend whatever they need to spend to get the ultimate result?

那麼，當他們來放貸或在那裡並願意花一切必要的錢來獲得最終結果時呢？

Homes is typically not the first place people go so on.

家通常不是人們去的第一個地方等等。

So that kind of gives you some color.

所以這給了你一些色彩。

Thanks.

謝謝。

And then just one follow-up on a comment you had in your prepared remarks about half of North America openings coming from existing franchisees, very roughly speaking, you know what that was three to five years ago.

然後，對您在準備好的評論中發表的評論進行後續評論，即北美一半的空缺職位來自現有的特許經營商，非常粗略地說，您知道那是三到五年前的事情。

That's significantly different.

這是顯著不同的。

And is there noticeably better performance in AUV or profit on the second or third or fourth studios relative to kind of the cohort of first studios?

與第一批工作室相比，第二、第三或第四工作室的 AUV 表現或利潤是否明顯更好？

Yes, we don't I don't have that data.

是的，我們不知道，我沒有這些數據。

We can obviously pull it, but I don't have that prepared today.

我們顯然可以做到這一點，但我今天還沒準備好。

So I don't want to steer you directionally one way or another.

所以我不想以這樣或那樣的方式引導你。

However, my feeling would say that it's probably been consistently the same on kind of overtime but on.

然而，我的感覺是，在加時賽上，情況可能一直是一樣的。

But yes, we don't have anything prepared for that today.

但是，是的，我們今天還沒有為此做好任何準備。

And in regards to the performance on the first versus second, you typically see performance better in the second and third units because there's there's the art of learning from mistakes.

就第一單元和第二單元的表現而言，您通常會看到第二單元和第三單元的表現更好，因為存在著從錯誤中學習的藝術。

So you don't make the same mistakes in the when you launch the first time or the second time, as you may have the first time as far as like how you market and there's also opportunities to leverage operations and instructors as you open your second club later this year for.

因此，當您第一次或第二次啟動時，您不會犯同樣的錯誤，因為您可能會在第一次啟動時就如何營銷而犯同樣的錯誤，並且當您啟動第二次時，還有機會利用營運和講師俱樂部將在今年稍後進行。

So you typically see performance improve.

因此，您通常會看到效能提高。

It's after multiple units.

這是在多個單位之後。

Thanks a great Q4 to look.

感謝 Q4 的精彩呈現。

Great.

偉大的。

Thank you.

謝謝。

Our next question comes from George Kelly with ROTH and care.

我們的下一個問題來自喬治凱利，帶著羅斯和關懷。

Yes, hi, guys.

是的，嗨，夥計們。

Thanks for taking my questions on.

感謝您回答我的問題。

So two quick modeling questions for you, the first and your target for SG&A, the $110 to $115 for this year.

那麼有兩個快速建模問題要問您，第一個問題是您今年的 SG&A 目標，即 110 至 115 美元。

I'm curious, are you already there pretty much or is there going to be a material kind of step down in SG&A throughout the year?

我很好奇，您是否已經做到了這一點，或者全年的 SG&A 是否會出現實質下降？

And then second question for you.

然後是第二個問題。

And in response to one of the earlier questions, John, I think you said you expect free cash flow to be approximately 60% to 70%, maybe closer to 70% of EBITDA.

在回答之前的問題之一時，John，我認為您說過您預計自由現金流約為 EBITDA 的 60% 至 70%，甚至接近 70%。

That's just a bit higher than I would have anticipated.

這僅比我的預期高一點。

So I'm curious if there's anything this year that's unusual.

所以我很好奇今年是否有什麼不尋常的事。

It's benefiting that flow through of free cash flow?

自由現金流的流動有利於嗎？

Yes, yes.

是的是的。

Let me answer the two questions for you.

讓我來回答你的兩個問題。

So the SG&A will be slightly higher in Q1, simply because we're, as Anthony mentioned, there's a handful of transition scenario that we're just working through.

因此，第一季的銷售管理費用將略高，因為正如安東尼所提到的，我們正在解決一些過渡場景。

So slightly higher SG&A in Q1, but virtually where they're getting back to that, that $110 to $115 range, you don't buy Q Q2, Q3 and Q4 and that should be pretty normal run rate.

因此，第一季的 SG&A 略高，但實際上他們回到了 110 美元到 115 美元的範圍，你不會購買 Q、Q2、Q3 和 Q4，這應該是相當正常的運行率。

The only thing you have in the fourth quarter obviously is the convention and that we do every year for our franchisee.

顯然，第四季唯一的事情就是我們每年為特許經營商舉辦的大會。

So that does add some additional cost in the fourth quarter.

因此，這確實增加了第四季度的一些額外成本。

But in essence, the work that we did at the end of last year is done and the benefit of the margin expansion will show up pretty quickly in Q1 and then get to, like I said, that 40% adjusted EBITDA margin range in Q2.

但從本質上講，我們去年年底所做的工作已經完成，利潤率擴張的好處將很快在第一季度顯現出來，然後像我所說的那樣，在第二季度達到40% 的調整後EBITDA利潤率範圍。

Keep in mind that as we work through the leases with the landlords.

當我們與房東處理租約時請記住這一點。

That's all about time and settling with those.

這都是關於時間和解決這些問題的。

So those we're looking at as a one-time restructuring charge.

因此，我們將其視為一次性重組費用。

So it will be in SG&A, but we'll add it back for margin purposes like we did in 2023.

因此，它將計入 SG&A，但我們將像 2023 年那樣將其添加回來以用於利潤目的。

The second question you had, what was that again, just reminding.

你的第二個問題，又是什麼，只是提醒一下。

Yes, sure.

是的，當然。

That on your free cash flow, 60% to 70% EBITDA.

就你的自由現金流而言，EBITDA 為 60% 到 70%。

Is there anything unusual?

有什麼異常嗎？

It's just a bit higher than I would have anticipated now?

現在比我預期的高一點嗎？

I mean, nothing unusual about that.

我的意思是，這沒什麼不尋常的。

When you think about where the margin is coming from and this is again, where I was really trying to stress this in the Investor Day is over time as we continue to open up more studios and drive revenue.

當你想到利潤從何而來時，這又是我在投資者日真正想強調的一點，隨著時間的推移，我們將繼續開設更多工作室並增加收入。

The gross profit of this business gets better and better, and it's really on the back of royalties.

這業務的毛利越來越好，確實是靠專利費的。

And so the key for us is to continue again, as I mentioned, in 2024.

因此，正如我所提到的，我們的關鍵是在 2024 年繼續前進。

The goal is get studios open support franchisees to drive AUVs and same-store sales because both incremental margin flow-through is incredible.

我們的目標是讓工作室開放支持特許經營商，以推動 AUV 和同店銷售，因為增量利潤流量都令人難以置信。

And that goes right to the bottom line in cash so we're not we're not in this for the one-time revenue of license sales were not.

這直接關係到現金的底線，所以我們不參與這個，因為許可證銷售的一次性收入不是。

And obviously, we know there's equipment margins and all that.

顯然，我們知道存在設備利潤等等。

But at the end of the day, it's long-term reoccurring revenue that we're looking for.

但歸根究底，我們尋求的是長期經常性收入。

So the the cash flow generation, about 60% to 70% lean more towards the 70% is what should be expected.

因此，現金流量的產生，大約 60% 到 70% 更傾向於 70%，這是應該預期的。

It's just again, it's a it's a juicier margin revenue mix that we're getting over time.

這又是一次，隨著時間的推移，我們獲得了更豐厚的利潤收入組合。

Okay, understood.

好的，明白了。

Thank you.

謝謝。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

I'll hand the floor back to management for closing.

我將把發言權交還給管理層以供結束。

Thank you to everyone for joining today's earnings call and for your support.

感謝大家參加今天的財報電話會議並給予支持。

We look forward to seeing many of you at the upcoming marketing events and we'll speak to you again on our Q1 earnings call and May.

我們期待在即將到來的行銷活動中見到你們，我們將在第一季財報電話會議和五月再次與你們交談。

Thank you.

謝謝。

This concludes today's conference.

今天的會議到此結束。

All parties may disconnect.

所有各方都可以斷開連接。