Xponential Fitness Inc (XPOF) 2024 Q2 法說會逐字稿

Greetings and welcome to the Xponential Fitness, Inc. Second Quarter 2024 Earnings Conference Call.

您好，歡迎參加 Xponential Fitness, Inc. 2024 年第二季財報電話會議。

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

（操作員說明） 請注意，本次會議正在錄製中。

It is now my pleasure to introduce your host, Avery Wannemacher, Investor Relations.

現在我很高興向您介紹主持人，投資者關係部門的 Avery Wannemacher。

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 Xponential Fitness second quarter 2024 financial results.

下午好，感謝大家參加我們的電話會議，討論 Xponential Fitness 2024 年第二季的財務表現。

I am joined by Brenda Morris, Lead Director; Mark King, Chief Executive Officer; and John Meloun, Chief Financial Officer.

首席總監布倫達莫里斯 (Brenda Morris) 也加入了我的行列；馬克金，執行長；財務長約翰‧梅隆 (John Meloun)。

Sarah Luna, President, will join Mark and John for the question-and-answer portion of the call.

總裁莎拉·盧納 (Sarah Luna) 將與馬克和約翰一起參加電話會議的問答部分。

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

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

We remind you that during this conference call, we will make certain forward-looking statements, including discussions of our business outlook and financial projections.

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.

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

For a more detailed description of these risks and uncertainties, please refer to our recent and subsequent filings with the SEC.

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 obligations to update the information provided on today's call.

我們不承擔更新今天電話會議中提供的資訊的義務。

In addition, we will be discussing certain non-GAAP financial measures in this conference call.

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 prior to this call.

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包含在今天稍早在本次電話會議之前發布的收益報告中。

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

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。

As a reminder, in order to ensure period-over-period comparability and consistent with our reporting methods since IPO, we present all KPIs on a fully pro forma basis, meaning for the full KPI history presented, we only include brands that are under our ownership as of the current reporting period.

提醒一下，為了確保期間之間的可比性並與我們自IPO 以來的報告方法保持一致，我們以完全形式的形式呈現所有KPI，這意味著對於所呈現的完整KPI 歷史記錄，我們僅包括我們旗下的品牌截至本報告期間的所有權。

For the period ended June 30, 2024, this includes AKT, BFT, Club Pilates, CycleBar, Lindora, Pure Barre, Rumble, StretchLab, and YogaSix.

截至 2024 年 6 月 30 日的期間，這包括 AKT、BFT、Club Pilates、CycleBar、Lindora、Pure Barre、Rumble、StretchLab 和 YogaSix。

I will now turn the call over to Brenda Morris, Lead Director of Xponential Fitness.

我現在將把電話轉給 Xponential Fitness 首席總監 Brenda Morris。

Thanks, Avery, and thank you all for joining us this afternoon on Xponential's second quarter 2024 earnings conference call.

謝謝 Avery，也謝謝大家今天下午參加 Xponential 的 2024 年第二季財報電話會議。

During my brief tenure as Interim CEO, I enjoyed the opportunity to speak with many of you.

在我擔任臨時執行長的短暫任期內，我很高興有機會與你們中的許多人交談。

On behalf of the entire board, we thank you for your engagement and patience during our leadership transition.

我們代表整個董事會感謝您在領導層過渡期間的參與和耐心。

Prior to announcing Mark King as the new CEO, we had been in active discussions for some time about adding him to our Board of Directors.

在宣布馬克金擔任新任執行長之前，我們已經就將他加入董事會進行了一段時間的積極討論。

During that process, we got to know him well, and we are thrilled that he agreed to assume the CEO role in addition to joining the Board.

在這個過程中，我們對他有了深入的了解，我們很高興他除了加入董事會之外還同意擔任執行長一職。

Mark has succeeded wherever he has been, rising from a territory sales representative to CEO in his 34 years at TaylorMade, growing sales and market share at Adidas, and most recently, adding 1,400 new locations and increasing international growth during his tenure at Taco Bell.

無論在哪裡，Mark 都取得了成功，在TaylorMade 工作了34 年，從地區銷售代表晉升為首席執行官，阿迪達斯的銷售額和市場份額不斷增長，最近在Taco Bell 任職期間增加了1,400 個新店，並加快了國際業務的成長。

The Board is equally impressed with Mark's career long focus on workplace culture on franchisees and on exceeding end-user expectations.

馬克在職業生涯中長期關注加盟商的工作場所文化和超越最終用戶的期望，這也給董事會留下了同樣深刻的印象。

We have full confidence in his ability to lead the company moving forward and to further Xponential's mission of making health and wellness accessible to all.

我們對他領導公司前進並進一步實現 Xponential 讓所有人都能享受健康和保健的使命充滿信心。

I'll now turn it over to Mark to share some high-level reflections from his first 6 weeks at the company.

現在我將把它交給 Mark，分享他在公司前 6 週的一些高層反思。

I appreciate the warm introduction, Brenda, and thank you for all your help since my arrival.

我很感謝布倫達的熱情介紹，並感謝您自我抵達以來所提供的所有幫助。

I look forward to continue to work with you and our Board of Directors.

我期待著繼續與您和我們的董事會合作。

And a good afternoon to all of you.

祝大家下午好。

I am thrilled to be CEO of Xponential Fitness, and my excitement has only grown since I got here.

我很高興成為 Xponential Fitness 的首席執行官，自從我來到這裡以來，我的興奮感與日俱增。

So first things first, why am I here?

首先，我為什麼在這裡？

When you think about what, for example, Adidas and Taco Bell were like when I joined, you get an idea of what I look for, strong, growing brands, passionate stakeholders, scalable teams, and models that are poised to generate significant cash with a little bit of fine tuning.

例如，當你想到我加入時阿迪達斯和塔可鐘是什麼樣子時，你就會明白我所尋找的是什麼：強大的、成長中的品牌、熱情的利益相關者、可擴展的團隊以及能夠通過以下方式產生大量現金的模式：一點微調。

I saw all of the same things in Xponential prior to me joining the company, and now that I'm here, I'm confident I am in the right place.

在加入 Xponential 之前，我在 Xponential 上看到了所有相同的事情，現在我來到了這裡，我相信我來對地方了。

Over the past 6 weeks, I have spoken to so many people, franchisees, employees, vendors, to get a better understanding of our business.

在過去的六週裡，我與許多人、加盟商、員工、供應商進行了交談，以便更好地了解我們的業務。

Throughout the process, I have been impressed by the passion, the hard work, expertise of Xponential's franchisees and employees.

在整個過程中，Xponential 加盟商和員工的熱情、辛勤工作和專業知識給我留下了深刻的印象。

While I obviously haven't yet had sufficient time to develop a detailed strategy, I thought it would make sense to share some early observations.

雖然我顯然還沒有足夠的時間來制定詳細的策略，但我認為分享一些早期的觀察結果是有意義的。

To start with, Xponential has a strong stable of core brands that have significant growth and profit potential.

首先，Xponential 擁有強大且穩定的核心品牌，這些品牌具有顯著的成長和利潤潛力。

For the foreseeable future, we will be focusing on growing our existing portfolio of brands rather than pursuing additional acquisitions.

在可預見的未來，我們將專注於發展現有品牌組合，而不是尋求額外的收購。

This will ensure that 100% of our management team's focus is on supporting the growth of our existing brands and franchisees.

這將確保我們的管理團隊 100% 的重點是支持我們現有品牌和特許經營商的成長。

The single greatest determinant of our future success is the underlying health and profitability of our franchisees.

我們未來成功的最大決定因素是加盟商的基本健康狀況和獲利能力。

We will put franchisees at the front and center of our operational processes and support efforts.

我們將把特許經營商置於我們營運流程和支援工作的前沿和中心。

Helping to ensure franchisees thrive will not just be a single initiative, but rather our core focus across all operations every day.

幫助確保加盟商蓬勃發展不僅僅是一項單一舉措，而是我們每天所有營運的核心重點。

I referenced a minute ago that I haven't yet had the time necessary to develop a detailed strategy to share with you today.

我剛才提到，我還沒有時間制定詳細的策略，今天與大家分享。

What I can tell you, though, is that high growth companies like Xponential need to constantly innovate and adapt their cultural mindset to the pace at which marketplaces evolve in today's economy to not just grow, but scale profitably.

不過，我可以告訴您的是，像 Xponential 這樣的高成長公司需要不斷創新，並調整其文化思維，以適應當今經濟中市場發展的步伐，不僅要實現成長，還要實現盈利規模擴大。

So the strategic initiatives I will be developing and sharing with you in the coming quarters will be focused on that, architecting long-term predictable profitability.

因此，我將在未來幾季制定並與大家分享的策略舉措將集中於此，建立長期可預測的獲利能力。

Lastly, I think it's important to also be matter of fact that refining how high-growth companies scale and mature doesn't take place in a vacuum.

最後，我認為重要的是要認識到一個事實，即完善高成長公司的規模和成熟度並不是在真空中進行的。

Together with John, the rest of the team, and our key stakeholders, we are also going to be navigating around the change in leadership away from a founder led business amid some regulatory issues that the company has previously disclosed.

在公司之前披露的一些監管問題中，我們還將與約翰、團隊的其他成員以及我們的主要利益相關者一起，圍繞領導層的變革，擺脫由創始人領導的業務。

As John will discuss in greater detail, they've had an understandable impact on the business in the near-term, and our outlook needs to reflect that.

正如約翰將更詳細地討論的那樣，它們在短期內對業務產生了可以理解的影響，我們的前景需要反映這一點。

From my vantage point today, though, I share John's confidence that those issues aren't going to meaningfully impact our multiyear goals, nor will some of the consumer spending issues we saw in the retail segment of the business.

不過，從我今天的角度來看，我和約翰一樣相信這些問題不會對我們的多年目標產生重大影響，我們在零售業務領域看到的一些消費者支出問題也不會產生重大影響。

I will now turn it over to John to discuss our second quarter results and 2024 guidance.

我現在將其交給 John，討論我們第二季的業績和 2024 年的指導。

Thanks, Mark.

謝謝，馬克。

It's great to have you onboard, and thank you to everyone for joining the call.

很高興您加入，並感謝大家加入通話。

While we had hoped this wouldn't be the case, we are confronted with a reality where the business is facing some short-term disruptions from our change in leadership and continued regulatory uncertainty.

儘管我們原本希望情況不會如此，但我們面臨的現實是，由於我們領導層的變化和持續的監管不確定性，業務正面臨一些短期幹擾。

In addition to some distractions at our senior leadership level that followed the resignation of our former CEO, we are also level setting how we operate more broadly under new leadership.

除了前任執行長辭職後，我們的高階領導層出現一些幹擾之外，我們還在新領導層的領導下制定更廣泛的營運方式。

We are excited about the long-term opportunity all this represents, but we will have to work through some shorter term challenges as we transition away from a founder led organization.

我們對這一切所代表的長期機會感到興奮，但隨著我們從創辦人領導的組織轉型，我們將不得不應對一些短期挑戰。

Both the weaker second quarter results and the reduced guidance for the year should be considered in that context.

在此背景下，應考慮第二季業績疲軟和全年指引的下調。

Importantly, with regards to the second quarter, while some specific headwinds pressured our top and bottom lines in Q2, which I will detail shortly, the core studio operating KPIs that we use to measure the strength of the franchise system remain strong, including total member growth, total visits, as well as run rate AUVs, which have all achieved new historical levels.

重要的是，就第二季而言，雖然一些特定的不利因素給我們第二季的營收和利潤帶來壓力（我很快就會詳細介紹），但我們用來衡量特許經營系統實力的核心工作室營運KPI 仍然強勁，包括會員總數成長率、總訪問量以及AUV運行率均創歷史新高。

North America run rate average unit volumes of $638,000 in the second quarter increased 10% from $581,000 in the prior-year period.

第二季北美地區的平均銷量為 638,000 美元，比去年同期的 581,000 美元增長了 10%。

AUV growth continues to be driven by a higher number of actively paying members and the continued favorable trend of proportionate studio openings coming from our scale brands that generate high levels of sales.

AUV 的成長持續受到更多積極付費會員數量的推動，以及我們產生高水準銷售額的規模品牌開設相應工作室的持續有利趨勢。

The improvement from mix can be attributed to the growth in our higher AUV brands like Club Pilates and StretchLab and further attributed to the recent optimization of the brands in our portfolio.

組合的改善可歸因於我們較高的 AUV 品牌（如 Club Pilates 和 StretchLab）的成長，並進一步歸因於我們產品組合中品牌的近期優化。

Over the past 8 months, we have acquired Lindora, and we have divested Row House and Stride as we aim to own brands that best fit Xponential Fitness' long-term growth goals.

在過去的 8 個月裡，我們收購了 Lindora，並剝離了 Row House 和 Stride，因為我們的目標是擁有最適合 Xponential Fitness 長期成長目標的品牌。

Today, we are also announcing the winding down of our AKT brand.

今天，我們也宣布終止 AKT 品牌。

We expect this to be completed in the third quarter of this year.

我們預計這將在今年第三季完成。

At the end of the second quarter, AKT had eight open studios and was not a significant contributor to revenue and EBITDA.

截至第二季末，AKT 擁有 8 間開放工作室，對營收和 EBITDA 的貢獻並不大。

Therefore, this winding down will not have a material impact on our financials.

因此，此次停業不會對我們的財務產生重大影響。

Further, we will not be pursuing the KINRGY rebranding partnership for AKT, as we instead will focus our resources on our remaining brands.

此外，我們不會為 AKT 尋求 KINRGY 品牌重塑合作夥伴關係，因為我們會將資源集中在我們剩餘的品牌上。

We ended the quarter with 3,102 global open studios, opening 108 gross new studios during Q2, with 89 in North America and 19 internationally.

截至本季末，我們在全球開設了 3,102 個工作室，第二季總共開設了 108 個新工作室，其中 89 個位於北美，19 個位於國際。

There were 85 studio closures in the period.

同期有 85 家工作室關閉。

And as a reminder, we previously shifted our strategy regarding studio closures and are no longer taking on any company-owned studios.

提醒一下，我們之前改變了關於關閉工作室的策略，不再接手任何公司擁有的工作室。

Rather, we are concentrating resources on helping franchisees identify and resolve issues as early as possible to improve operations and their success within our system.

相反，我們正在集中資源幫助加盟商儘早發現和解決問題，以改善營運並提高他們在我們系統內的成功。

As a reminder, we are estimating normal annual closures in the range of 3% to 5% of the global system, but we expect closures to come in toward the higher end of the range this year.

提醒一下，我們預計全球系統每年的正常關閉量在 3% 到 5% 之間，但我們預計今年的關閉量將接近該範圍的高端。

We sold 87 licenses globally in the second quarter, which trended lower due to approval delays in our annual franchise disclosure renewal cycle, in addition to elevated concerns in the franchise sales process around ongoing regulatory scrutiny.

第二季度，我們在全球範圍內售出了 87 個許可，由於年度特許經營資訊揭露更新周期的批准延遲，以及對特許經營銷售過程中持續監管審查的擔憂加劇，該許可數量呈下降趨勢。

Despite these hurdles, which we believe will normalize over time, we still have over 1,800 licenses sold and contractually obligated to open in North America, plus an additional over 1,000 master franchise obligations internationally.

儘管存在這些障礙（我們相信這些障礙會隨著時間的推移而正常化），但我們仍然在北美銷售了1,800 多個許可並按照合約規定必須在北美開業，此外還有1,000 多個國際主特許經營義務。

This backlog of already sold licenses at our current rate represents over 5 years of future studio openings globally.

以我們目前的速度，已售出的許可證積壓量相當於未來 5 年多的全球工作室開幕時間。

On the international front, the company executed a new master franchise agreement for our BFT brand in Scandinavia.

在國際方面，該公司在斯堪的納維亞半島為我們的 BFT 品牌簽署了新的主特許經營協議。

The growth expectations for Scandinavia will be 30 studios over the next 10 years.

未來 10 年，斯堪的納維亞半島的工作室預計將成長 30 個。

Second quarter North America system-wide sales of $421.5 million were up 24% year-over-year, with growth driven primarily by the 7% same-store sales increase within our existing base of open studios, coupled with growth from new studio openings.

第二季北美全系統銷售額為 4.215 億美元，年增 24%，成長主要得益於我們現有開放工作室基礎上 7% 的同店銷售額成長，以及新工作室開業的成長。

Roughly 95% of the system-wide sales growth came from volume or new members, which has remained consistent with historical performance, and approximately 5% came from price.

全系統銷售成長約 95% 來自數量或新會員，與歷史表現一致，約 5% 來自價格。

On a consolidated basis, revenue for the quarter was $76.5 million, down 1% year-over-year.

綜合來看，該季度營收為 7,650 萬美元，年減 1%。

This was primarily driven by equipment, merchandise revenues, and other service revenues, which I will discuss shortly. 73% of the revenue for the quarter was recurring, which we defined as including all revenue streams, except for franchise territory revenues and equipment revenues, given these materially occur upfront before a studio opens.

這主要是由設備、商品收入和其他服務收入推動的，我很快就會討論這些收入。本季 73% 的收入是經常性收入，我們將其定義為包括特許經營區域收入和設備收入之外的所有收入流，因為這些收入實質上是在工作室開業之前發生的。

Franchise revenue was $43 million, up 22% year-over-year.

特許經營收入為 4,300 萬美元，年增 22%。

The growth was primarily driven by higher royalties generated by the increase in system-wide sales on a larger base of operating studios and healthy same-store sales growth.

這一增長主要是由於更大的運營工作室基礎上全系統銷售額的增加以及健康的同店銷售增長所產生的特許權使用費的增加。

In the quarter, we also recognized favorable franchise territory revenues driven primarily by the terminated licenses from the Row House brand.

在本季度，我們也認識到有利的特許經營區域收入主要是由 Row House 品牌的終止許可推動的。

Equipment revenue was $12.9 million, down 10% year-over-year.

設備收入為1,290萬美元，年減10%。

With installation volumes materially the same year-over-year, the decrease in revenue was driven by a higher proportion of installations in the period occurring in brands that are less equipment-intensive.

由於安裝量與去年同期基本持平，收入下降的原因是設備密集度較低的品牌在此期間安裝的比例較高。

Merchandise revenue of $5.9 million was down 30% year-over-year and came in below our expectations.

商品收入為 590 萬美元，年減 30%，低於我們的預期。

In the period, we did see a slowing in retail purchases by members at the studio level, which resulted in lower merchandise purchases from our franchisees to replenish inventory.

在此期間，我們確實看到工作室級會員的零售購買量有所放緩，這導致我們從加盟商那裡購買的用於補充庫存的商品減少了。

The company instituted early in Q2 a one-time promotion and most recently in July offered a semiannual sale intended to stimulate franchisee merchandise buying.

該公司在第二季初啟動了一次性促銷活動，最近在 7 月推出了半年一次的促銷活動，旨在刺激加盟商的商品購買。

While we believe the lower sales are being driven by a general softness in consumer spending, that has been impacting retailers across different sectors.

雖然我們認為銷售額下降是由於消費者支出普遍疲軟造成的，但這已經影響了不同行業的零售商。

This softness and merchandise revenue did not carry over to membership growth trends in the period.

這種疲軟和商品收入並沒有延續到這段時期的會員成長趨勢。

We are excited by Mark's depth of experience in optimizing wholesale and merchandising as we evaluate additional ways to drive our merchandise sales for our franchisees and Xponential.

我們對 Mark 在優化批發和銷售方面的豐富經驗感到興奮，因為我們正在評估為我們的特許經營商和 Xponential 推動商品銷售的其他方法。

Importantly, Q2 year-over-year growth in membership and visits have increased 17% and 20%, respectively.

重要的是，第二季度會員數量和訪問量同比增長分別為 17% 和 20%。

This demonstrates that traffic remains strong in our studios and our members continue to view Xponential health and wellness offerings as an essential part of their routine.

這表明我們工作室的客流量仍然強勁，我們的會員繼續將 Xponential 健康和保健產品視為其日常生活的重要組成部分。

Franchise marketing fund revenue of $8.4 million was up 27% 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 840 萬美元，年增 27%，這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 studio system-wide sales, B2B partnerships, XPASS and XPLUS, among other items, was $6.3 million, down 51% from the prior-year period.

最後，其他服務收入（包括公司擁有的過渡工作室產生的銷售額、處理工作室全系統銷售的回扣、B2B 合作夥伴關係、XPASS 和 XPLUS 等）為 630 萬美元，比去年同期下降 51% 。

The decline in the period was primarily due to our strategic move away from company-owned transition studios over the last year, resulting in lower package and membership revenues.

這段時期的下降主要是由於我們去年策略性地放棄了公司擁有的過渡工作室，導致套餐和會員收入下降。

Turning to our operating expenses.

轉向我們的營運費用。

Cost of product revenue were $12.9 million, down 10% year-over-year.

產品收入成本為 1,290 萬美元，年減 10%。

The decrease was primarily driven by a lower volume of installations in equipment intensive brands and lower volumes of merchandise sales during the period.

下降的主因是設備密集型品牌的安裝量減少以及期內商品銷售量減少。

Given the softness in the merchandise sales in the period, the company recorded a $0.5 million write-down of slow moving merchandise inventory, which did contribute to higher costs.

鑑於該時期商品銷售疲軟，該公司記錄了 50 萬美元的滯銷商品庫存減記，這確實導致了成本上升。

Cost of franchise and service revenue were $5.8 million, up 57% year-over-year.

特許經營成本和服務收入為 580 萬美元，年增 57%。

The increase in franchise sales commissions was driven primarily by terminated licenses from the Row House brands.

特許經營銷售佣金的成長主要是由於 Row House 品牌的許可終止所致。

Selling, general, and administrative expenses of $37 million were down 1% year-over-year.

銷售、一般和管理費用為 3700 萬美元，年減 1%。

The decrease in SG&A was primarily associated with a net lower cost from operating company-owned transition studios where we have ceased operations, offset by restructuring costs from settling the leases from the company-owned transition studios, and increased legal fees to address regulatory issues.

SG&A 的減少主要與我們已停止營運的公司擁有的過渡工作室的淨成本降低有關，但被解決公司擁有的過渡工作室租賃的重組成本以及解決監管問題的法律費用增加所抵消。

Our strategy to shift away from taking on company-owned transition studios has decreased run rate SG&A expenses and improved EBITDA margins.

我們不再採用公司自有的過渡工作室的策略降低了營運成本、SG&A 費用並提高了 EBITDA 利潤率。

We continue to make progress on the remaining leases and expect to have entered settlement agreements with landlords for substantially all remaining lease liabilities by the end of the year.

我們繼續在剩餘租賃方面取得進展，並預計在年底前與業主就幾乎所有剩餘租賃負債達成和解協議。

We have entered into settlement agreements on approximately $17 million of the original estimated $25 million in lease termination payments.

我們已就最初估計的 2500 萬美元租賃終止付款中的約 1700 萬美元簽訂了和解協議。

The company has paid approximately $13 million through the second quarter.

該公司第二季已支付約 1,300 萬美元。

Impairment of goodwill and other assets was $12.1 million, up 67% year-over-year, primarily due to a decrease in CycleBar's actual and forecasted cash flows, resulting in the value of goodwill exceeding its fair value.

商譽及其他資產減損為1,210萬美元，較去年同期成長67%，主要是由於CycleBar的實際及預測現金流量減少，導致商譽價值超過其公允價值。

Depreciation and amortization expense was $4.5 million, an increase of 5% from the prior-year period.

折舊和攤提費用為 450 萬美元，比上年同期增加 5%。

Marketing fund expenses were $7.8 million, up 44% year-over-year, driven by increased spending afforded by higher franchise marketing fund revenue.

行銷基金支出為 780 萬美元，年增 44%，這是由於特許經營行銷基金收入增加帶來的支出增加。

As a reminder, as the number of studios and system-wide sales grow, our marketing fund increases.

提醒一下，隨著工作室數量和全系統銷售額的成長，我們的行銷資金也會增加。

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.

由於我們有義務花費行銷資金，隨著時間的推移，行銷資金收入的增加總是會轉化為行銷資金支出的增加。

Acquisition and transaction expenses were a credit of $1.2 million, compared to a credit of $31.3 million in the second quarter of 2023.

收購和交易費用貸項為 120 萬美元，而 2023 年第二季的貸項為 3,130 萬美元。

As I have noted on prior earnings calls, this includes the contingent consideration activity, which is related to the Rumble acquisition earnout and is driven by the share price at quarter end.

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 Rumble 收購收益相關，並由季度末的股價驅動。

We mark to market the earnout each quarter and accrue for the earnout.

我們根據每季的市場收益進行標記，並根據收益進行累積。

We recorded a net loss of $13.7 million in the second quarter, or a loss of $0.29 per basic share, compared to a net income of $27.5 million, or earnings per basic share of $1.44 in the prior-year period.

我們第二季淨虧損 1,370 萬美元，即每股基本股虧損 0.29 美元，而上年同期淨利為 2,750 萬美元，即每股基本股獲利 1.44 美元。

The net loss was the result of $4.9 million of lower overall profitability; a $30 million decrease in acquisition and transaction income, which includes noncash contingent consideration primarily related to the Rumble acquisition; a $2.3 million increase in restructuring and related charges from our company-owned transition studios; a $4.9 million increase in impairment of goodwill and other assets primarily associated with CycleBar; and $0.9 million increase in loss on brand divestiture, partially offset by a $1.9 million decrease in noncash equity-based compensation expense.

淨虧損是由於整體獲利能力下降 490 萬美元；收購和交易收入減少 3,000 萬美元，其中包括主要與 Rumble 收購相關的非現金或有對價；我們公司擁有的過渡工作室的重組和相關費用增加了 230 萬美元；主要與 CycleBar 相關的商譽和其他資產減損增加 490 萬美元；品牌剝離損失增加 90 萬美元，部分被非現金股權補償費用減少 190 萬美元所抵銷。

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淨利潤是衡量我們業務績效的更有用的方法。

A 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 second quarter was $0.7 million, which excludes $1.2 million in acquisition and transaction income; $0.3 million expense related to the remeasurement of a company's tax receivable agreement; $12.1 million related to the impairment of goodwill and other assets; $0.9 million loss on brand divestiture; and $2.3 million restructuring and related charges.

第二季調整後淨利為 70 萬美元，其中不包括 120 萬美元的收購和交易收入；與重新計量公司應收稅款協議相關的 30 萬美元費用； 1210萬美元與商譽和其他資產減損有關；品牌剝離造成 90 萬美元損失；以及 230 萬美元的重組及相關費用。

This results in an adjusted net loss of $0.03 per basic share on a share count of 31.8 million shares of Class A common stock, after accounting for income attributable to non-controlling interest and dividends on preferred shares.

在考慮非控制權益和優先股股息的收入後，3180萬股A類普通股的調整後淨虧損為每股基本股0.03美元。

Adjusted EBITDA was $25.4 million in the quarter, up slightly compared to $25.3 million in the prior-year period.

本季調整後 EBITDA 為 2,540 萬美元，略高於去年同期的 2,530 萬美元。

Adjusted EBITDA margin was approximately 33% in the second quarter and flat with the prior-year period.

第二季調整後 EBITDA 利潤率約 33%，與去年同期持平。

The results were below our expectations primarily due to the lower equipment revenues on a higher mix of less equipment intensive installs, as well as unforeseen headwinds related to the previously mentioned softness in merchandise revenues.

結果低於我們的預期，主要是由於設備密集度較低的安裝組合導致設備收入下降，以及與前面提到的商品收入疲軟相關的不可預見的阻力。

Due to this softness, we also wrote down slow moving retail inventory.

由於這種疲軟，我們也減記了緩慢流動的零售庫存。

During Q2, our unlevered free cash flow conversion exceeded 90% of adjusted EBITDA as we require minimal capital expenditures to grow the business.

在第二季度，我們的無槓桿自由現金流轉換超過了調整後 EBITDA 的 90%，因為我們需要最少的資本支出來發展業務。

As a reminder, the company has approximately $160 million in federal and state net tax loss carryforwards that will result in a minimal cash tax burden for the coming years.

需要提醒的是，該公司有大約 1.6 億美元的聯邦和州淨稅收損失結轉，這將導致未來幾年的現金稅負最小化。

We continue to expect that our anticipated interest expense in 2024 will be approximately $45 million, assuming no additional debt paid down, and we anticipate negligible working capital impact on cash flow.

我們仍然預計，假設沒有額外償還債務，2024 年的預期利息支出將約為 4500 萬美元，並且我們預計營運資金對現金流的影響可以忽略不計。

For the full year, we would expect levered adjusted EBITDA and cash flow conversion of over 50%, excluding any effects for preferred dividends and one-time restructuring costs, and this will convert to over 70% in the coming years.

就全年而言，我們預計槓桿調整後的EBITDA 和現金流轉換率將超過50%，不包括優先股股息和一次性重組成本的任何影響，而這一數字在未來幾年將轉換為超過70 %。

Turning to the balance sheet.

轉向資產負債表。

As of June 30, 2024, cash, cash equivalents, and restricted cash were $26 million, down from $40.2 million as of June 30, 2023.

截至 2024 年 6 月 30 日，現金、現金等價物及限制性現金為 2,600 萬美元，低於截至 2023 年 6 月 30 日的 4,020 萬美元。

Material cash uses in the period included the $5 million related to the settlement of company-owned transition studio leases and $11.5 million for debt principal and interest payments.

該期間的重大現金使用包括與公司擁有的過渡工作室租賃結算相關的 500 萬美元以及用於債務本金和利息支付的 1,150 萬美元。

Total long-term debt was $330.1 million as of June 30th, 2024, compared to $265.9 million as of June 30, 2023.

截至 2024 年 6 月 30 日，長期債務總額為 3.301 億美元，而截至 2023 年 6 月 30 日，長期債務總額為 2.659 億美元。

The increase in total long-term debt is primarily due to the repurchase and immediate retirement of approximately 2.6 million shares of Class A common stock under our accelerated share repurchase program in Q3 and Q4 2023.

長期債務總額的增加主要是由於我們在 2023 年第三季和第四季根據加速股票回購計畫回購並立即退役約 260 萬股 A​​ 類普通股。

We continue to evaluate different financing options with potential lenders in efforts to our interest expense.

我們繼續與潛在貸款人評估不同的融資方案，以降低我們的利息支出。

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, the second quarter shortfalls, operational impacts stemming from regulatory issues, our CEO leadership transition, and our expectations as of the date of this call, we are adjusting guidance for the current year as follows.

根據當前的業務狀況、第二季度的缺口、監管問題造成的營運影響、我們的執行長領導層換屆以及我們截至本次電話會議之日的預期，我們將對本年度的指導進行如下調整。

We expect 2024 global new studio openings to be in the range of 500 to 520, down from 540 to 560, and representing an 8% decrease at the midpoint from the prior year.

我們預計 2024 年全球新開工作室數量將在 500 至 520 家之間，低於去年的 540 至 560 家，較上年中位數下降 8%。

We project North America system-wide sales to range from $1.705 billion to $1.715 billion, unchanged from the previous $1.705 billion to $1.715 billion, and representing 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，與先前的 17.05 億美元至 17.15 億美元持平，較上年中位數成長 22%。

Total 2024 revenue is expected to be between $310 million to $320 million, down from the previous $340 million to $350 million, and representing a 1% year-over-year decrease at the midpoint of our guided range.

預計 2024 年總收入將在 3.1 億美元至 3.2 億美元之間，低於先前的 3.4 億美元至 3.5 億美元，年減 1%，處於我們指導範圍的中點。

Adjusted EBITDA is expected to range from $120 million to $124 million, down from $136 million to $140 million, and representing a 16% year-over-year increase at the midpoint of our guided range.

調整後的 EBITDA 預計範圍為 1.2 億美元至 1.24 億美元，從 1.36 億美元降至 1.4 億美元，按我們指導範圍的中點計算，同比增長 16%。

This range translates into roughly 39% adjusted EBITDA margin at the midpoint.

此範圍相當於調整後 EBITDA 利潤率中點的約 39%。

We expect total SG&A to range from $135 million to $140 million, or $110 million to $115 million, when excluding one-time lease restructuring charges, and under $100 million when further excluding stock-based comps.

我們預計 SG&A 總額在 1.35 億美元至 1.4 億美元之間，或在不包括一次性租賃重組費用時為 1.1 億美元至 1.15 億美元，在進一步排除基於股票的比較時將低於 1 億美元。

In terms of capital expenditure, we anticipate approximately $8 million to $10 million for the year, or approximately 3% of revenue at the midpoint.

就資本支出而言，我們預計全年資本支出約為 800 萬至 1,000 萬美元，約佔收入中點的 3%。

Going forward, capital expenditure will be primarily focused on the integration of Lindora and maintenance on other technology investments to support our digital offerings.

展望未來，資本支出將主要集中在 Lindora 的整合以及其他技術投資的維護上，以支援我們的數位產品。

For the full year, our tax rate is expected to be mid- to high-single digits, share count for purposes of earnings per share calculation to be 31.8 million, and $1.9 million in quarterly cash dividends related to our convertible preferred stock, or $2.2 million if paid in kind.

全年，我們的稅率預計為中高個位數，計算每股收益的股票數量為 3180 萬股，與可轉換優先股相關的季度現金股息為 190 萬美元，即 2.2 美元如果以實物支付，則為100 萬元。

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 end 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末尾的表格，以及我們投資者網站上的公司結構和資本常見問題解答。

This concludes today's prepared remarks.

今天準備好的發言到此結束。

Thank you all for your time today.

感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？

(Operator Instructions) Randy Konik, Jefferies.

（操作員說明）Randy Konik，Jefferies。

I guess, Mark, I want to focus on you and kind of maybe what would be very helpful to the audience is you brought up the word fine tuning and you have these other great experiences in your history leading these other companies and very different types of companies at that.

我想，馬克，我想把重點放在你身上，也許對觀眾非常有幫助的是你提出了「微調」這個詞，並且你在領導這些其他公司和不同類型的公司的歷史中擁有這些其他偉大的經驗。

So I guess what would be really helpful is you give us some perspective on maybe some of the problems you saw maybe at Adidas or at Taco Bell at the time and some of the fine tunings you implemented there and maybe some of the issues you see here or the items you see here as an opportunity for you to fine-tune here at Xponential to start.

所以我想真正有幫助的是你給我們一些觀點，也許你在阿迪達斯或塔可貝爾當時看到的一些問題，以及你在那裡實施的一些微調，也許你在這裡看到的一些問題或者您在這裡看到的項目，作為您在Xponential 開始微調的機會。

Thanks.

謝謝。

Thanks, Randy.

謝謝，蘭迪。

First of all, I think when I went to the Adidas business, it was very broken.

首先，我認為當我進入阿迪達斯業務時，它非常破碎。

So it really was a turnaround, which this is nothing like a turnaround.

所以這確實是一個轉變，但這完全不是一個轉變。

The Taco Bell business was very robust.

塔可鐘的業務非常強勁。

I think the challenge at Taco Bell was how do you grow same-store sales and how do you continue to grow a store base that's already at over 7,000.

我認為 Taco Bell 面臨的挑戰是如何提高同店銷售額以及如何繼續擴大已經超過 7,000 家的門市數量。

So those were the challenges there.

這些就是那裡的挑戰。

As I come here, and I look at, after just this is my sixth week on the job, I came here because there was so much good about this business.

當我來到這裡時，我發現，這已經是我工作的第六週了，我來到這裡是因為這項業務有很多好處。

The brands are great.

這些品牌都很棒。

The momentum is very positive, and if you really look at the numbers of Q2, most of the big indicators are very positive.

勢頭非常積極，如果你真正看一下第二季度的數字，大多數大指標都非常積極。

I think what I see is the growth has been very, very rapid, and internally, our processes, our ability to manage the complexity of the multi-brand strategy, those are things to me that need fine tuning.

我認為我看到的是成長非常非常快，在內部，我們的流程，我們管理多品牌策略複雜性的能力，這些對我來說都需要微調。

I think you'll pick up G&A.

我想你會選擇 G&A。

And as we become more efficient and more effective, I think as we really focus on franchisee development, I would say, the first week here, I was able to spend four hours with seven of the eight brands and some of the franchisees and was really able to hear some of the challenges that they have, which allows us then to come back inside and say, how do we really organize around these challenges, which is around communication, training, coaching, getting some of the franchisees to understand how to make money in their studios.

隨著我們變得更加高效和有效，我認為當我們真正專注於特許經營商發展時，我想說，在這裡的第一周，我能夠與八個品牌中的七個和一些特許經營商一起度過四個小時，並且真的很開心能夠聽到他們面臨的一些挑戰，這讓我們能夠回過頭來說，我們如何真正圍繞這些挑戰進行組織，包括溝通、培訓、指導、讓一些加盟商了解如何他們工作室裡的錢。

Those are things we've always done, but maybe to have it at a higher priority.

這些是我們一直在做的事情，但也許我們會優先考慮。

Super helpful.

超有幫助。

And then how do you think about just international?

那麼您如何看待國際化？

Obviously, a lot of experience there.

顯然，那裡有很多經驗。

Give us some of your thoughts on what you see as opportunities as you assess international going forward.

當您評估國際化的未來發展時，請告訴我們您認為哪些機會是您的一些想法。

Thanks.

謝謝。

Okay, Randy.

好吧，蘭迪。

A big opportunity in international.

國際化的巨大機會。

I heard that coming in, but now I really see it.

我聽到了這個消息，但現在我真的看到了。

The first thing I know from managing multi-brands over my life is that if a brand is very popular here in the United States, like Club Pilates, it transfers to other nations really nicely, and I think we are seeing that.

在我一生管理多品牌過程中，我了解到的第一件事是，如果一個品牌在美國非常受歡迎，例如普拉提俱樂部，那麼它會很好地轉移到其他國家，我認為我們正在看到這一點。

And then you have an opportunity with BFT, which started in Australia, to really grow that internationally.

然後，您將有機會與始於澳洲的 BFT 一起真正在國際上發展。

And really the key internationally is to find really great master franchises.

在國際上，真正的關鍵是找到真正偉大的主特許經營權。

That's really the key is a great partner because you don't have as much oversight when you leave the country.

這確實是一個偉大的合作夥伴的關鍵，因為當你離開這個國家時，你不會受到太多的監督。

And I think I was able to do that at my last job, and really looking forward to finding those opportunities here

我認為我在上一份工作中能夠做到這一點，並且非常期待在這裡找到這些機會

Super helpful, and again welcome.

超級有幫助，再次歡迎。

Thanks, Mark.

謝謝，馬克。

John Heinbockel, Guggenheim Partners.

約翰·海因博克爾，古根漢合夥人。

Yes, I wanted to start two quick things.

是的，我想快速開始兩件事。

You talked about disruption and distraction.

你談到了乾擾和分心。

So the manifestation of that, where has that shown up?

那麼它的表現，表現在哪裡呢？

And how long does that take to correct?

需要多長時間才能糾正？

And then, for Mark, maybe when you think about what you're hearing from the franchisees, what specifically -- I know you talked about communication and training, but beyond that, is there anything specifically they think they're not getting from the platform that they could be?

然後，對於馬克來說，也許當你思考從特許經營商那裡聽到的具體內容時，我知道你談到了溝通和培訓，但除此之外，還有什麼是他們認為自己沒有從加盟商那裡得到的具體內容嗎？

John, thanks for the question.

約翰，謝謝你的提問。

I'll take the second part first.

我先講第二部分。

The feedback from the franchisees was very consistent and that is better communication.

加盟商的回饋非常一致，那就是更好的溝通。

Not really sure what that means in all cases, but it is one that we can fix rather simply by having more consistent monthly calls.

不太確定這在所有情況下意味著什麼，但我們可以透過更一致的每月通話來解決這個問題。

I think they're looking to have a voice to be more engaged in what we are thinking about and the directions that we take, and I have a lot of experience around that, to almost to the point where before we make big decisions, we have hopefully some alignment around the direction and how we are going to do it.

我認為他們希望有更多的聲音參與我們正在思考的事情和我們採取的方向，我在這方面有很多經驗，幾乎到了在我們做出重大決定之前，我們希望圍繞方向和我們將如何做達成一些一致。

And I think what they're really asking for is a voice.

我認為他們真正需要的是一個聲音。

They understand there's a difference between franchisor and franchisee.

他們了解特許人和特許人之間的差異。

We have some responsibility, and they have executing out in the field.

我們有一些責任，他們也在現場執行。

And I think by providing the support that they're asking for which we have done a good job in the past, but I think reemphasizing that will go a long way to calm some of the noise.

我認為，透過提供他們所要求的支持，我們過去做得很好，但我認為再次強調這一點將大大有助於平息一些噪音。

Yes.

是的。

And John, to kind of answer your question around the disruption, the best way to frame it up is, there's probably about a 90-day or about one-quarter push out of where we thought we would be.

約翰，為了回答你關於中斷的問題，最好的框架方式是，可能需要大約 90 天或大約四分之一的時間才能達到我們預期的水平。

So in essence, the expectations for Q2 is the way we are looking at Q3 now.

因此，從本質上講，對第二季的預期就是我們現在看待第三季的方式。

So we did have some consumer impacts related to retail.

所以我們確實對零售業產生了一些消費者影響。

Those flow through the P&L.

這些流經損益表。

There was some opening disruption in the quarter.

本季度開業出現一些中斷。

The openings didn't go away.

開口並沒有消失。

They just shifted to the right into the future.

他們只是向右移動到未來。

So the getting back on track question is we'll return quickly back to where we should have been in Q2 and Q3 is how we kind of see the trajectory moving forward.

因此，回到正軌的問題是，我們很快就會回到第二季和第三季的位置，這就是我們如何看待未來的發展軌跡。

And then as a follow-up, right, maybe John, if you can talk through, you took revenue down $30 million, you took EBITDA down $16 million.

然後作為後續行動，對吧，也許約翰，如果你能說清楚的話，你的收入減少了 3000 萬美元，你的 EBITDA 減少了 1600 萬美元。

Obviously, those two relate to each other, but maybe the bulk of the revenue was that merchandise Q2, and then you're assuming the same thing in the back half, was that the biggest piece?

顯然，這兩者是相互關聯的，但也許大部分收入是第二季度的商品，然後你假設後半部分也有相同的事情，那是最大的部分嗎？

And then what else is in the $16 million?

那麼這 1600 萬美元裡面還有什麼呢？

Whether there's SG&A or some other impact.

是否有 SG&A 或其他一些影響。

If you could flush that out, that'd be helpful.

如果你能把它沖掉，那就很有幫助了。

Yes.

是的。

To give you an idea of the way we are looking at it, in Q2, the significant portion of the miss was in retail.

為了讓您了解我們的看待方式，在第二季度，零售業的業績下滑很大一部分。

Not only did we see below volumes of sales in the quarter, we also ran a promotion to stimulate buying from franchisees.

我們不僅看到本季的銷售量低於預期，而且還開展了促銷活動以刺激特許經營商的購買。

And we did it at the cost of margin.

我們是以犧牲利潤為代價做到這一點的。

One of the other things that we did, given the slow-moving inventories, we did take a reserve against the slow-moving inventory.

我們所做的另一件事是，鑑於庫存流動緩慢，我們確實針對流動緩慢的庫存採取了儲備。

So we are not put in a position where later we'll have to take that.

因此，我們不會處於稍後必須採取這種做法的境地。

We figured we'd just do it now while we saw the volumes down.

我們認為，當我們看到銷量下降時，我們現在就這樣做。

The openings did come in a little bit less than we expected in the second quarter, again, shifting out into the future periods.

第二季度的空缺職位確實比我們預期的要少一些，再次轉移到未來的時期。

So that did have an impact.

所以這確實產生了影響。

And then royalties were not -- for the most part, the business is performing very high from a KPI.

然後特許權使用費就沒有了——在大多數情況下，從 KPI 來看，該業務的表現非常高。

The royalties were just a little bit more optimism in our forecast than we were looking for.

我們的預測中的特許權使用費比我們預期的要樂觀一些。

As you look out into the future in the second half, given a little bit of the uncertainty around the consumer and what we saw in retail, we did take a pretty conservative approach in the second half and brought down retail sales.

當你展望下半年的未來時，考慮到消費者的一些不確定性以及我們在零售業中看到的情況，我們在下半年確實採取了相當保守的方法並降低了零售額。

So I would say the biggest chunk of the shift in the guidance is coming from the Q2 miss, but then retail in the later half of the year, as well as the pull down of the number of openings.

因此，我想說，指導意見變化的最大部分來自第二季度的失誤，但隨後是下半年的零售，以及職位空缺數量的下降。

So for the equipment revenue, installs is having an impact there.

因此，對於設備收入而言，安裝量正在產生影響。

That's really where it's focused.

這確實是它的重點所在。

SG&A in the second quarter was well within our control.

第二季的SG&A 完全在我們的控制範圍內。

I think it's for the first time in a while, given that we don't have the transition studios creating volatility in the numbers has made it really easy to predict.

我認為這是一段時間以來的第一次，因為我們沒有過渡工作室造成數字的波動，這使得預測變得非常容易。

So it really was just a Q2 top line issue and then taking a pretty conservative approach on retail and equipment into the future.

因此，這實際上只是第二季的營收問題，然後對未來的零售和設備採取了相當保守的方法。

That also being said, we wanted to make sure that we had enough conservatism in the model for Mark to make any necessary fine tuning adjustments as he relays out his strategy.

話雖這麼說，我們希望確保模型中有足夠的保守性，以便馬克在闡述他的策略時進行任何必要的微調。

So as we put more arms around what that looks like in the coming weeks and months, we'll have a better idea of the full year picture, but we want to make sure we took a conservative approach in the second half to give Mark the ability to make whatever adjustments he sees to drive the business forward.

因此，當我們在接下來的幾週和幾個月中更加關注這一情況時，我們將對全年的情況有更好的了解，但我們希望確保在下半年採取保守的方法，以便讓馬克有能力做出任何他認為能夠推動業務發展的調整。

Makes sense.

有道理。

Thank you.

謝謝。

Ryan Meyers, Lake Street Capital.

萊恩·邁耶斯（Ryan Meyers），湖街資本。

First one for me, John, you just kind of talked in the last question that a lot of the studio openings got pushed into Q3, but overall for the full year, the new studio openings were taken down a little bit.

第一個對我來說，約翰，你在最後一個問題中談到，很多工作室的空缺都被推遲到了第三季度，但總體而言，全年新工作室的空缺數量有所減少。

So maybe just unpack that.

所以也許只是解壓縮它。

Is there a less of a willingness for franchisees to open up more studios or how should we understand that?

加盟主開設更多工作室的意願是否減弱了，或者我們該如何理解？

Hey, Ryan.

嘿，瑞安。

It's just more of a timing thing.

這只是一個時間問題。

Again, when you think about, I don't want to say the quarter was taken off, but the distraction with all of the change, a lot of people kind of put themselves on hold, whether they were signing leases or moving forward with development.

再說一次，當你想到時，我不想說這個季度被取消了，但所有變化都分散了人們的注意力，很多人都把自己擱置了，無論他們是簽署租約還是繼續開發。

So everything just shifted 90 days.

所以一切都改變了 90 天。

So the way we look at it is, given the push out of Q2, we do see the back end coming back with roughly about 300 openings in the second half.

所以我們看待它的方式是，考慮到第二季度的推出，我們確實看到後端在下半年大約有 300 個空缺。

That's how we are looking at it.

我們就是這樣看待它的。

So it's not that they're going away.

所以這並不是說他們會離開。

It's just that everything shifted to the right.

只是一切都往右移動了。

The momentum of where we are going with the distractions around Q2, people kind of paused for a little bit of time.

我們前進的勢頭以及第二季度周圍的干擾，人們有點停頓了一會兒。

So getting that engine removing, talking to franchisees, making sure they're comfortable that everything is fine, there's no issues with the business, and that they can move forward.

因此，拆除引擎，與特許經營商交談，確保他們感到一切都很好，業務沒有問題，並且他們可以繼續前進。

It just took us a little bit of time to get that rolling again.

我們只花了一點時間就讓一切重新開始。

But we do expect in the second half the cadence of openings to grow quarter-on-quarter.

但我們確實預計下半年空缺職位的節奏將環比增長。

And again, seeing roughly about the 300-ish openings in the second half from where we are in the first half.

再次，從上半場的情況來看，下半場大約有 300 個左右的空位。

Got it.

知道了。

That's helpful.

這很有幫助。

And then is there any change in the same-store sales expectation for the second half of the year?

那麼下半年同店銷售預期是否有變動呢？

No, as we've always said that we expect same-store sales to normalize in the mid to high-single digits.

不，正如我們一直所說的那樣，我們預計同店銷售額將在中高個位數內正常化。

We are there 7.5% in the second quarter.

第二季我們的成長率為 7.5%。

I think you'll still see mid to high single digits, probably more in the middle of that range as we normalize through the end of the year.

我認為您仍然會看到中高個位數，隨著我們在年底實現正常化，可能會更多地處於該範圍的中間。

So expectations are fine.

所以期望是好的。

Business is normalizing as we should.

業務正在正常化，這是我們應該做的。

As I said on previous earnings calls, I think, we are finally in a year where you're getting normal normalization of same-store sales without COVID having prior-year impact.

正如我在先前的財報電話會議上所說，我認為，我們終於迎來了同店銷售正常化的一年，而新冠疫情不會對上一年產生影響。

So the business is doing well.

所以生意做得很好。

Club Pilates continues to be an above average performer when it comes to same-store sales.

就同​​店銷售額而言，普拉提俱樂部的表現仍然高於平均水平。

So that necessarily does pull up the average in relation to the mid to high single digits.

因此，這必然會拉高與中高個位數相關的平均值。

But you should continue to keep thinking about it very similar to Q2 and a little bit normalization in Q3 and Q4.

但您應該繼續考慮它與第二季非常相似，並且在第三季和第四季中進行一點標準化。

Got it.

知道了。

Thank you for taking my questions.

感謝您回答我的問題。

Korinne Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁耶，派珀·桑德勒。

I'd like to touch on the lower merch revenue that you cited and some consumer weakness but you're not really seeing it in the membership trend.

我想談談您提到的較低的商品收入和一些消費者的弱點，但您並沒有真正在會員趨勢中看到這一點。

And I guess the question is what gives you confidence that it's not going to eventually translate into membership and what gives you confidence that your consumer is still going to be coming in, even if they do have to cut costs and you're already seeing them have to cut costs?

我想問題是，是什麼讓你相信它最終不會轉化為會員資格，以及什麼讓你相信你的消費者仍然會進來，即使他們確實必須削減成本，而且你已經看到了它們必須削減成本嗎？

Thanks.

謝謝。

Yes, I think, Korinne, the way that -- we are looking at this many different ways, it was definitely a retail impact in the quarter.

是的，我認為，Korinne，我們正在以多種不同的方式看待這件事，這絕對是本季零售業的影響。

One of the things that is giving me confidence is when we continue to look at our new studio openings and the cohorts, the Q1 cohort has performed very well, actually better than the prior cohorts in 2023.

讓我充滿信心的一件事是，當我們繼續關注新開設的工作室和隊列時，第一季的隊列表現非常好，實際上比 2023 年之前的隊列要好。

The Q2 one, albeit they've only at most have been open three months, is showing very similar and strong trends.

第二季度，儘管最多只開放了三個月，但顯示出非常相似和強勁的趨勢。

So as we continue to open up more locations, we are seeing really good ramps in relation to new members joining.

因此，隨著我們繼續開設更多地點，我們看到新會員的加入確實有良好的成長。

So first and foremost, the new growth is showing strength still.

因此，首先也是最重要的是，新的成長仍然顯示出強勁的勢頭。

When you look at the existing installed base of studios, our same-store sales in studios that were open 36-plus months was 8%.

當你查看工作室現有的安裝基礎時，我們發現開業超過 36 個月的工作室的同店銷售額為 8%。

So the older studios are still outperforming studios that are less than three years old.

因此，較老的工作室仍然優於成立不到三年的工作室。

So from that perspective, you see good aging, even in more mature units.

因此，從這個角度來看，即使在更成熟的單位中，你也會看到良好的老化。

Overall membership has grown.

會員總數有所增加。

It didn't decline.

它並沒有下降。

We are still seeing net more members at the end of every month and quarter.

在每個月末和每季末，我們仍然會看到淨更多的會員。

So conservatively, I think we could sit here and say, listen, we have yet to hear about the consumer weakening to the point where they're going to start trading in their gym memberships.

因此，保守地說，我認為我們可以坐在這裡說，聽著，我們還沒有聽說消費者疲軟到他們要開始交換健身房會員資格的程度。

We haven't seen that in the data.

我們在數據中沒有看到這一點。

So from the way we stay here we do typically get around 5% price and the majority of the system-wide sales growth is on volume.

因此，從我們留在這裡的方式來看，我們通常會獲得 5% 左右的價格，而且整個系統的銷售成長大部分來自銷售。

That hasn't shown any change in trends or shifted.

這並沒有顯示出任何趨勢的變化或改變。

We talk about consumers, and this is part of their lifestyle and what they do as part of their well-being and wellness.

我們談論的是消費者，這是他們生活方式的一部分，也是他們幸福和健康的一部分。

So we haven't seen any willingness of members to want to trade that off due to cost.

因此，我們沒有看到任何成員願意出於成本原因而願意對此進行權衡。

Got it.

知道了。

Very helpful.

非常有幫助。

Thank you.

謝謝。

And then on the investigation that you've been undergoing, I think when we last spoke, you were communicating that a lot of it was on KPIs of the business.

然後，關於您一直在進行的調查，我認為當我們上次交談時，您傳達的訊息是，其中很多內容都與業務的關鍵績效指標有關。

Could you just provide an update on how you're addressing those, and I guess how far along in the process are you in cleaning that up?

您能否提供有關如何解決這些問題的最新信息，我猜您在清理這個過程中進行了多遠？

Thanks.

謝謝。

Yes, Korinne, this is Mark.

是的，科琳，這是馬克。

I mean, we can't comment on that, on an investigation right now.

我的意思是，我們現在無法就調查發表評論。

Got it.

知道了。

Thank you.

謝謝。

Chris O'Cull, Stifel.

克里斯·奧卡爾，斯蒂菲爾。

John, the 3% to 5% closure rate is pretty high when you consider Club Pilates and StretchLab are probably not closing many stores and the remaining brands are not that large of systems.

約翰，考慮到 Club Pilates 和 StretchLab 可能不會關閉很多商店，而且其餘品牌的系統也沒有那麼大，3% 到 5% 的關閉率相當高。

So can you discuss about or talk about what is driving those closures and then what you're doing to reduce that rate of closures in those brands?

那麼您能否討論或談論是什麼導致了這些品牌的倒閉，以及您正在採取哪些措施來降低這些品牌的倒閉率？

Yes.

是的。

In the quarter, we had around 85 closures.

本季度，我們關閉了大約 85 家。

I think what you're really seeing here, Chris, is that we shifted strategies in the second half of last year to start winding down the company taking over transition studios.

克里斯，我想你在這裡真正看到的是，我們在去年下半年改變了策略，開始逐步關閉公司，接管過渡工作室。

In addition, we've started lowering the amount of studio support that we provide to franchisees that need it and really starting to focus our efforts on providing better support, better processes to help franchisees understand like why they're having troubles or what their issues are.

此外，我們已經開始減少向有需要的加盟商提供的工作室支援數量，並真正開始集中精力提供更好的支援、更好的流程，以幫助加盟商了解他們為什麼遇到麻煩或他們的問題是什麼是。

The I would call speed bump that you're seeing in Q2, I think, is really just a lagging catch up related to studios that are now kind of coming into that point where they probably should have ramped down or closed over time.

我認為，你在第二季度看到的「減速帶」實際上只是與工作室相關的滯後追趕，這些工作室現在已經進入了他們可能應該隨著時間的推移而減少或關閉的階段。

The majority of the closures are in the CycleBar brand.

大部分瓶蓋均採用 CycleBar 品牌。

A lot of these franchisees are ones that preexisted the acquisition of CycleBar, probably in rent space and other areas that have higher operating costs.

這些特許經營商中有很多是在收購 CycleBar 之前就已經存在的，可能是在租賃空間和其他營運成本較高的領域。

From that point, their breakeven is a little bit more challenged and the modality of cycling hasn't fully recovered pre-COVID to post-COVID.

從那時起，他們的收支平衡面臨更大的挑戰，而且自行車運動的方式還沒有完全恢復到新冠疫情之前到疫情之後。

So you're seeing the fallout primarily in that brand.

所以你看到的影響主要是在該品牌上。

So the way -- what we are doing now is, Mark, as you mentioned, our focus going forward is to really put more energy into what do we need to do to fix these processes and make franchisees more successful.

因此，馬克，正如您所提到的，我們現在正在做的事情是，我們未來的重點是真正投入更多的精力來修復這些流程並使特許經營商更加成功。

That's where we are putting the resources.

這就是我們投入資源的地方。

Right now, I think it's just a little bit of a tennis ball in the snake.

現在，我認為這只是蛇體內的一個網球的一點點。

In regards to the 3% to 5%, as I said on the call, this year we'll probably be leaning more toward the high end of that range.

至於 3% 到 5%，正如我在電話會議上所說，今年我們可能會更傾向於該範圍的高端。

I do feel that Q2, based on the data that we have, and what we are looking at, was the high point of closures in the year, then it should start to ramp down in the second half.

我確實認為，根據我們掌握的數據和我們正在關注的情況，第二季是今年倒閉的最高點，然後應該在下半年開始下降。

Chris O’Cull Okay.

克里斯·奧卡爾 好的。

And then, Mark, you mentioned the company had no plans for acquisitions, but would the company consider making additional divestitures?

然後，馬克，你提到公司沒有收購計劃，但公司會考慮進行額外的資產剝離嗎？

So Chris, let me say this.

克里斯，讓我這麼說。

I think short-term for me coming in, I really like the brands that we have right now.

我認為對我來說短期內，我真的很喜歡我們現在擁有的品牌。

Some are performing at a high-level, others are developing.

有些正在高水準表現，有些正在發展。

I think short-term, I'd just like to see us maximize the return, not only on the ones that are developing, but also find ways to grow, for example, Club Pilates.

我認為短期內，我只是希望看到我們最大化回報，不僅是那些正在發展的項目，而且還找到成長的方法，例如普拉提俱樂部。

We are not really talking about any more divestiture right now, and we are also not talking about acquisition, but I think that will change as time goes on.

我們現在並不是真的在談論任何更多的剝離，我們也不是在談論收購，但我認為隨著時間的推移，這種情況將會改變。

But for right now, I would say, I'd like to build these brands.

但現在，我想說，我想打造這些品牌。

We need our infrastructure here at headquarters to be able to catch up to this rapid growth that Xpo has had over the last 4 or 5 years.

我們需要總部的基礎設施能夠跟上 Xpo 在過去四、五年的快速成長。

So those are short-term to me and I think that will provide plenty of short-term growth and then we can look at acquisitions as we go forward.

因此，這些對我來說都是短期的，我認為這將提供大量的短期成長，然後我們可以在前進的過程中考慮收購。

Chris O’Cull Okay, great.

克里斯·奧卡爾 好吧，太好了。

Thanks, guys.

謝謝，夥計們。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

I want to follow-up some of your introductory remarks.

我想跟進您的一些介紹性演講。

I know you talked about some of the short-term issues really not impacting the multiyear goals.

我知道您談到了一些實際上不會影響多年目標的短期問題。

Could you maybe just shed a little more light on your thinking there?

您能否進一步闡明您的想法？

I know it's early, but maybe if you have any perspective on what sort of a high growth or appropriate growth level for a concept like Xponential may be.

我知道現在還為時過早，但也許您對 Xponential 這樣的概念可能具有什麼樣的高成長或適當的成長水平有任何看法。

And in part, my question relates to prior Analyst Day targets for the company where the plan was to sustain high-teen system-wide sales growth.

在某種程度上，我的問題與該公司先前的分析師日目標有關，該公司的計劃是維持高青少年系統範圍的銷售成長。

If that's realistic or do you think there might be more of a pause in the short-term before returning to that type of growth?

如果這是現實的，或者您認為在恢復這種增長之前，短期內可能會有更多的停頓？

Jonathan, nice to meet you.

喬納森，很高興認識你。

First of all, I think it's a little early for me to have that kind of an outlook, but I guess what I meant in my opening comments is if you look at the big indicators, AUV growth year-on-year is up 10%, system-wide sales up over 20%, visits, memberships continuing to grow, and we have a pipeline of licenses to open 1,800 more in the United States and 1,000 outside the United States.

首先，我認為現在對我來說有這樣的展望還為時過早，但我想我在開場白中的意思是，如果你看看大指標，AUV同比增長了10% ，全系統銷售額增長了20% 以上，訪問量和會員數量持續成長，我們還有一系列許可證可以在美國開設1,800 家門市，在美國境外開設1,000 家門市。

So I think there's plenty of opportunity to deliver the growth expectations that we've been talking about.

因此，我認為有很多機會來實現我們一直在談論的成長預期。

Then I think, once we stabilize that and really get back to getting past some of these short-term headwinds, then I think we can look at what the growth rate should be.

然後我認為，一旦我們穩定下來並真正克服一些短期阻力，那麼我認為我們可以看看成長率應該是多少。

One of the things I really want to do, though, is to come back with a predictable growth rate so we can have some stability around expectations.

不過，我真正想做的一件事就是以可預測的成長率回歸，這樣我們就可以在預期方面保持一定的穩定性。

And I'm not really sure where that is yet, Jonathan, but I think that's my goal here in the next few quarters.

喬納森，我還不太確定那是什麼，但我認為這是我未來幾季的目標。

Great.

偉大的。

That's really helpful to understand your process.

這對於理解您的流程非常有幫助。

Thank you.

謝謝。

And then, John, one follow-up, just thinking about the guidance change for the year.

然後，約翰，一個後續行動，只是考慮今年的指導變化。

Could you comment on whether or by how much, if it has, your outlook for the franchise revenue has changed, if at all?

您能否評論一下您對特許經營收入的前景是否發生了變化，或者變化了多少（如果有的話）？

And as we think about the total revenue implied for the second half, it's implied lower year-over-year.

當我們考慮下半年的總收入時，它會比去年同期下降。

So could you maybe just give some more detail on how to think about modeling some of the different revenue lines given the implied revenue decline on a total basis?

那麼，考慮到整體隱含收入下降，您能否提供更多關於如何考慮對某些不同收入線進行建模的詳細資訊？

Thank you.

謝謝。

Yes.

是的。

So the full year revenue guide we did the $300 million to $310 million.

因此，我們的全年營收指南為 3 億至 3.1 億美元。

I think the way to think about the cadence is you will see Q3 and Q4 get back to where the Street was expecting Q2 to be.

我認為思考節奏的方法是，你會看到第三季和第四季回到華爾街預期第二季的水平。

So from that perspective, the revenue does, it will continue to grow.

所以從這個角度來看，收入確實會持續成長。

The cadence is going to really be driven by two things: one is the continued growth with studio openings because then we get the benefit of the install.

這種節奏其實是由兩件事驅動的：一是工作室開業的持續成長，因為這樣我們就可以從安裝中受益。

So equipment revenues will be a driver in Q3 and greater in Q4.

因此，設備收入將成為第三季的推動因素，並在第四季發揮更大的作用。

We typically open the most amount of studios in the fourth quarter, like we did last year.

我們通常在第四季開設最多的工作室，就像去年一樣。

The royalties will continue to comp in that mid to high-single-digit.

特許權使用費將繼續保持在中高個位數。

So you'll get that benefit.

所以你會得到這個好處。

Equipment or merchandise revenue is going to be similar to Q2 is how we are looking at it.

我們認為，設備或商品收入將與第二季相似。

We are not going to get aggressive on the assumptions around a revenue on the merchandise until we can just get a better handle on what's going on with the consumer and franchisee buying of retail.

在我們能夠更好地掌握消費者和特許經營商零售購買的情況之前，我們不會對商品收入做出積極的假設。

So outside of that, I think you're really seeing Q3 and Q4 look much like how the Street was looking at Q2 and Q3.

因此，除此之外，我認為您確實看到第三季和第四季看起來很像華爾街對第二季和第三季的看法。

Again, just everything's just shifting out around 90 days, but you will see overall revenue growth much higher in the second half than the first half of this year.

同樣，一切都在 90 天左右發生變化，但您會看到今年下半年的整體收入成長遠高於上半年。

Okay.

好的。

Thank you.

謝謝。

Warren Cheng, Evercore ISI.

Warren Cheng，Evercore ISI。

I was wondering if you can talk a little bit about what's embedded in the updated guidance in terms of pricing.

我想知道您是否可以談談更新後的定價指南中包含的內容。

Are there behaviors in terms of either elasticity or the mix of pack sizes that you're seeing that you're embedding in the second half?

您是否看到在下半年嵌入了彈性或包裝尺寸組合的行為？

Hey, Warren, I'll take that.

嘿，沃倫，我會接受的。

I mean, embedded in the guidance around pricing, you remember our members when they first joined, their rate is initially locked in.

我的意思是，嵌入定價指南中，您還記得我們的會員第一次加入時，他們的費率最初是鎖定的。

So from that perspective, there's no intention at this point to go back and raise rates or raise prices on existing members.

因此，從這個角度來看，目前無意回去提高利率或提高現有會員的價格。

Most of the price increase that we get is coming from new members.

我們獲得的大部分價格上漲都來自新會員。

In essence, they're coming in at a higher price, as we open up these studios.

從本質上講，當我們開設這些工作室時，它們的價格會更高。

So the assumption around price is going to be consistent with what we've historically generated, which is about 5% of the growth in system-wide sales.

因此，圍繞價格的假設將與我們歷史上產生的假設一致，即佔全系統銷售額成長的 5% 左右。

Got it.

知道了。

Thanks.

謝謝。

And then my follow-up was just on the franchisee process changes or opportunities around changing the processes.

然後我的後續行動只是關於特許經營商流程的變化或圍繞流程變化的機會。

It sounds like the biggest opportunity there is around communication, giving the franchisees more of a voice.

聽起來最大的機會在於溝通，讓加盟主有更多的發言權。

Are there opportunities also around steps you can do to help with unit economics for the franchisees or the onboarding processes as they join the platform?

您是否也可以採取一些措施來幫助加盟商提高單位經濟效益或加入平台時的入職流程？

I'll take that, Warren.

我會接受的，華倫。

Yes, I think it's all of that.

是的，我想這就是全部。

First of all, I do think Xponential's done a really great job of communicating with the franchisees.

首先，我確實認為 Xponential 在與加盟商的溝通方面做得非常出色。

I think when they begin to struggle, then they look to us for solutions.

我認為當他們開始掙扎時，他們就會向我們尋求解決方案。

And I think we have to be really attentive to what they're asking for and not just money support but understanding the P&L and how do they drive profitability and looking at their P&Ls with them to find savings on labor or build out costs or things that they might be spending money on.

我認為我們必須真正關注他們的要求，不僅僅是金錢支持，還要了解損益表以及他們如何提高盈利能力，並與他們一起查看損益表，以節省勞動力或增加成本或其他事情他們可能會花錢。

So that really is what came through loud and clear meeting with all the different groups.

這確實是透過與所有不同團體進行響亮而清晰的會議得出的結論。

And I think we have the talent to do it.

我認為我們有能力做到這一點。

And it's just about how do you prioritize your support.

這只是關於你如何優先考慮你的支持。

And I think that's going to be one of the big priorities going forward.

我認為這將是未來的首要任務之一。

Thanks, Mark.

謝謝，馬克。

Thanks, John.

謝謝，約翰。

Good luck.

祝你好運。

Thank you.

謝謝。

Joe Altobello, Raymond James.

喬·阿爾托貝洛，雷蒙德·詹姆斯。

I'm trying to understand maybe the cadence of how the quarter trended for you since you raised the guidance in May and you were on the conference circuit in early June.

我試圖了解自從您在 5 月提出指導意見並且您在 6 月初參加巡迴會議以來，本季度的趨勢可能是怎樣的。

So it seems like some of the weakness you saw sounded like it happened late in the quarter, maybe June.

因此，您看到的一些疲軟聽起來像是發生在本季度末，也許是六月。

One, is that true?

一、這是真的嗎？

And then two, did things actually normalize in July the way that you expected?

第二個問題，七月情況真的如您預期的正常化了嗎？

Hey, Joe, I'll take that.

嘿，喬，我會接受的。

Yes, so when we were looking at early April, there was a promotion that was put in place around retails.

是的，所以當我們四月初的時候，零售業正在進行一場促銷活動。

We did notice a little bit of a weakening as far as consumer spending at the point of sale inside the studio.

我們確實注意到工作室內銷售點的消費者支出略有減弱。

So that promotion was put in place to stimulate retail orders at the wholesale corporate level.

因此，進行促銷活動是為了刺激批發企業層面的零售訂單。

As we continue to progress through the quarter, we did see further and further declines around retail.

隨著本季的持續進展，我們確實看到零售業的進一步下滑。

We did start to see as, let's just call it, as the Q2 progressed, a little bit more of the, let's call it, the disturbances or distractions related to some of the headline stuff that was going on, the transition of the CEO.

隨著第二季的進展，我們確實開始看到，我們稱之為，與正在發生的一些頭條新聞有關的干擾或分心，即執行長的過渡。

So when you looked at like equipment installs and you looked at retail, they progressed, and I wouldn't say snowballed, as we got later into the quarter.

因此，當您查看設備安裝和零售時，您會發現它們取得了進展，而且我不會說滾雪球，因為我們進入了本季度後期。

As you get to June and as we sit here in July, we are being more proactive on the retail front and more conservative, as well as the way we are looking at the business.

當你進入六月時，當我們在七月坐在這裡時，我們在零售方面變得更加積極主動，並且更加保守，以及我們看待業務的方式。

I do feel like we've got the retail now into the outlook more at the base level that we are seeing.

我確實覺得我們現在已經將零售業納入了我們所看到的基本水平的展望中。

So we've been conservative there.

所以我們在這方面一直很保守。

In regards to openings and the cadence around that, yes, I think we've got the motion going or getting the momentum back with franchisees moving forward and getting studios open.

關於開業和圍繞此的節奏，是的，我認為我們已經啟動了這項動議，或者隨著特許經營商的前進和工作室的開業而恢復了勢頭。

So again, Q2 was a little bit more of a, I would say, a stall in the sense that everything just pushed to the right.

所以，我想說，第二季更像是個失速，因為一切都向右推。

I do think we've stabilized retail in the outlook that we've just provided.

我確實認為我們剛剛提供的前景已經穩定了零售業。

And then we've recasted the openings in the second half, respective of what we see now with franchisees.

然後我們根據我們現在在加盟商身上看到的情況重新設計了下半年的空缺。

I think a lot of the noise that we heard in the second quarter around just concerns around some of the headline stuff is gone.

我認為我們在第二季度聽到的許多圍繞著一些頭條新聞的擔憂的噪音已經消失了。

We are not hearing that much from franchisees and they're back and reengaged again with moving the business forward.

我們沒有聽到太多來自特許經營商的消息，他們又回來了，並再次參與其中，推動業務向前發展。

So again, going back to the cadence, you'll see higher revenue, higher EBITDA in the second half.

再說一次，回到節奏，你會看到下半年收入更高，息稅折舊攤提前利潤更高。

When you look at the margins in the second half, we talked about getting to 40% margins.

當你看下半年的利潤率時，我們談到了要達到 40% 的利潤率。

This year, the margins in the second half are actually exceeding that when you recast the outlook and you see that revenues do come back and EBITDA and profit do come back and have better margins because we have a good handle now on SG&A.

今年，下半年的利潤率實際上超過了你重新預測前景時的水平，你會發現收入確實有所回升，EBITDA 和利潤也確實有所回升，並且利潤率也更高，因為我們現在在SG&A 方面掌握得很好。

Got it.

知道了。

Very helpful.

非常有幫助。

And maybe a second question on the studio openings, the three inches that you're expecting in the second half.

也許還有關於工作室開場的第二個問題，就是你預計下半場的三吋。

How much visibility do you have into those openings at this point?

此時您對這些空缺的了解程度如何？

Yes, like we've always had really good visibility.

是的，就像我們一直擁有非常好的能見度。

The key to this, Joe, is lease signings, right?

喬，關鍵是租約簽約，對嗎？

So we do understand which franchisees sign leases and which brands.

因此，我們確實了解哪些特許經營商簽署了租約以及哪些品牌。

We are seeing, to our benefit from both an opening and a royalty performance perspective, Club Pilates continues to be one of the key drivers to our growth.

我們看到，從開幕和版稅業績的角度來看，普拉提俱樂部仍然是我們成長的關鍵驅動力之一。

So there was an over shift to Pilates openings in Q2 and we are seeing that for the rest of the year.

因此，第二季度普拉提的空缺數量發生了過度變化，我們在今年剩餘時間也看到了這種情況。

So we do have good visibility into the openings in the second half.

所以我們確實對下半場的空檔有很好的了解。

We did take down the total openings for the year given the shift and the distraction from Q2, but we did it in a way that we felt was conservative in the sense that we want to make sure that we are making decisions in the best interest of the franchisees when they get open and make sure they're ready to get open.

考慮到第二季度的轉變和乾擾，我們確實減少了今年的空缺總數，但我們以一種我們認為保守的方式做到了這一點，因為我們希望確保我們做出的決定符合員工的最佳利益。加盟商開業時，請確保他們已做好開業準備。

So we did take a conservative approach on the total openings for the full year.

因此，我們確實對全年空缺職位總數採取了保守的態度。

So the 500 to the 520 we feel is a very achievable number.

所以我們覺得500到520是一個非常可以實現的數字。

And it does take into account some of the recent distractions and regaining momentum with the system.

它確實考慮到了最近的一些幹擾因素並恢復了系統的動力。

Okay.

好的。

Got it.

知道了。

Thank you.

謝謝。

Jeff Van Sinderen, B. Riley Securities.

Jeff Van Sinderen，B. Riley 證券公司。

I realize it's early, but can you give us maybe a little more color on what you think is missing in terms of infrastructure at the headquarters, at the corporate level, and do you need to increase SG&A to invest in some of those areas that are lacking?

我意識到現在還為時過早，但是您能否給我們提供更多信息，說明您認為總部和公司層面的基礎設施方面缺少哪些內容，以及您是否需要增加 SG&A 來投資其中一些領域缺乏？

A couple of things strike me right off the bat.

有幾件事立刻讓我震驚。

One is that the complexity of having eight brands in one building, it's challenging.

一是一棟大樓內擁有八個品牌的複雜性，具有挑戰性。

You have the Xpo culture, you have a culture of every one of those brands, and then you also have the administration of every one of those brands.

你有 Xpo 文化，你有每個品牌的文化，然後你還有每個品牌的管理。

So that's an area that I think we have to look at to simplify the operation and look for efficiencies and effectiveness.

因此，我認為這是我們必須關注的一個領域，以簡化操作並提高效率和有效性。

And no, I don't think it's about more G&A, I think it's about better use of the G&A.

不，我不認為這與更多的一般管理費用有關，我認為這是關於更好地利用一般管理費用。

So that's the first thing I would say.

這就是我要說的第一件事。

Second thing is what hurt us in Q2, merchandise sales, is again, we are a victim of the fast growth over the past 4 or 5 years, and we don't really have the right infrastructure to service 3,100 studios from the way we are structured and set up from what's the range, how do we source, how do we find the right margins?

第二件事是第二季度對我們造成傷害的事情，即商品銷售，我們是過去 4 到 5 年快速增長的受害者，而且我們實際上沒有合適的基礎設施來為 3,100 個工作室提供服務。結構和設置的範圍是什麼，我們如何採購，我們如何找到合適的利潤？

So I think there's some really low hanging fruit there.

所以我認為那裡有一些非常容易實現的目標。

We've got a lot of great people killing themselves every day to do a good job, and I think it's around a little bit better structure, looking for efficiency and effectiveness.

我們有很多優秀的人每天都在自殺來做好工作，我認為這是圍繞著更好的結構，尋求效率和效果。

And I think if we find that, those are really the two big areas that I think short-term, we can really address here in the next quarter and make some real improvements.

我認為，如果我們發現這些確實是我認為短期內的兩大領域，我們就可以在下個季度真正解決這個問題並做出一些真正的改進。

Okay.

好的。

Thanks for that.

謝謝你。

And then just, I guess, I'm wondering if there's any more you can give us on maybe the incoming trend in member focused KPIs versus the upcoming trend in the quarter, and then also what you're seeing so far in Q3.

然後，我想，我想知道您是否可以向我們提供更多有關以會員為中心的KPI 的未來趨勢與本季度即將到來的趨勢的信息，以及您在第三季度到目前為止所看到的情況。

In other words, are they steady or are they slowing overall with comps or just any other color you guys can give us there?

換句話說，他們是否穩定，或者他們是否在整體上放緩，或者只是你們可以給我們的任何其他顏色？

Hey, Jeff, it's Sarah.

嘿，傑夫，我是莎拉。

We are seeing that all of the studio level KPIs are strong and continue to be the strongest that they've been.

我們看到所有工作室級別的 KPI 都很強勁，並且仍然是有史以來最強勁的。

So average membership is up per studio, total membership count is up, total revenue is up.

因此，每個工作室的平均會員人數增加了，會員總數增加了，總收入也增加了。

So we are starting and continuing to see that those KPIs are incredibly strong, and we are really proud of all the work that we continue to put into the brands and the strength of the brands from that level.

因此，我們開始並繼續看到這些 KPI 非常強大，我們為我們繼續為品牌所做的所有工作以及品牌在該級別的實力感到自豪。

Okay.

好的。

Thanks for taking my questions.

感謝您回答我的問題。

George Kelly, ROTH Capital Partners.

喬治凱利，羅仕資本合夥人。

First one for you, curious if you could give us an update just on the status of a potential refi.

第一個是給你的，好奇你是否能為我們提供有關潛在改裝狀態的最新資訊。

And just wondering, is it kind of on hold until the investigation's clear or you're still actively exploring it?

只是想知道，在調查清楚之前，這是否會被擱置，或者您仍在積極探索？

Yes, we dual-pathed it.

是的，我們是雙路徑的。

Our optimal goal is to get our securitization done.

我們的最佳目標是完成證券化。

That's where we've been focused for quite some time.

這就是我們相當長一段時間以來一直關注的地方。

That was kind of disrupted with some of the regulatory inquiries that the business encountered.

業務遇到的一些監管詢問有點擾亂了這種情況。

But we've been dual-pathing what is the best option for the company.

但我們一直在尋找對公司最好的選擇。

I can tell you there are options on the table, multiple options.

我可以告訴你，桌面上有多種選擇。

We are just trying to determine what's in the best interest of the company long-term.

我們只是想確定什麼最符合公司的長期最佳利益。

Could we continue on a similar path that we are on today, which is a direct lending, or can we get a securitization done in the near-term?

我們是否可以繼續走今天所走的類似道路，即直接貸款，還是可以在短期內完成證券化？

That's really what we are balancing is do we lock in something now or do we continue to lean into the current issues and get those resolved so then we can go ahead and get a securitization done.

這才是我們真正要平衡的問題，是我們現在鎖定某些東西，還是繼續專注於當前的問題並解決這些問題，以便我們可以繼續完成證券化。

So we are working on it.

所以我們正在努力。

It is front of mind.

這是最重要的。

I brought Mark up to speed when he first got here.

當馬克第一次來到這裡時，我向他介紹了他的最新情況。

We've engaged with the Board.

我們已經與董事會進行了接觸。

We've had a lot of discussions.

我們進行了很多討論。

We understand the path for which we need to move forward.

我們了解我們需要前進的道路。

I do believe that you'll see some refinancing in play when it's appropriate, but we are taking our time to make sure we are making the right long-term decision for the company to get cheaper capital.

我確實相信，在適當的時候，您會看到一些再融資，但我們正在花時間確保我們為公司做出正確的長期決策，以獲得更便宜的資本。

Okay.

好的。

Understood.

明白了。

And then second question, John, in the prior calls, you've walked us through the ramp in EBITDA margin for this fiscal year.

第二個問題，約翰，在先前的電話會議中，您已經向我們介紹了本財年 EBITDA 利潤率的成長。

I was curious if you could do that for the third and fourth quarters, just what high-level is baked into your guidance.

我很好奇你是否可以在第三季和第四季做到這一點，你的指導中包含了哪些高層內容。

And then the bigger question is, are you still comfortable with 40%-plus EBITDA margin in fiscal year '25?

然後更大的問題是，您是否仍然對 25 財年 40% 以上的 EBITDA 利潤率感到滿意？

I think it was in 2025 was 45% is what we are marching toward.

我認為到 2025 年，我們的目標是 45%。

But to talk about 2024 second half, we talked about reaching 40% adjusted EBITDA margins in the year.

但談到 2024 年下半年，我們談到了當年調整後 EBITDA 利潤率達到 40%。

As I previously mentioned, in the second half, we will get there.

正如我之前提到的，下半年我們將實現這一目標。

So this Q2 shortfall does not have an impact on our ability to meet that guidance or instruction as far as the cadence is concerned.

因此，就節奏而言，第二季度的短缺不會影響我們滿足指導或指示的能力。

The second half of 2024, we do see above 40% adjusted EBITDA margins in our models.

到 2024 年下半年，我們的模型中調整後的 EBITDA 利潤率確實會超過 40%。

And I have a pretty high degree of confidence that we'll continue to keep marching after 2024 and '25 closer to 45% margin.

我非常有信心，我們將在 2024 年和 25 年後繼續前進，利潤率接近 45%。

Now that is pre all the fine tuning that Mark will relay with us in the leadership team.

現在，這就是馬克將在領導團隊中向我們傳達的所有微調的準備工作。

But based on the model that we are looking at today, you will continue to see the cadence of adjusted EBITDA incline over time.

但根據我們今天看到的模型，您將繼續看到調整後的 EBITDA 隨著時間的推移而傾斜的節奏。

Again, the key driver here is the growth in system-wide sales.

同樣，這裡的關鍵驅動因素是全系統銷售的成長。

The model at this point is very simple.

此時的模型非常簡單。

We have a pretty fixed SG&A, you have 500-plus openings a year, you're seeing good same-store sales comp, good system-wide sales growth, and you're going to see royalties as a percent of your total mix continue to increase, and they're virtually 100% accretive and leverage through the model.

我們有相當固定的銷售及管理費用，每年有500 多個職位空缺，您會看到良好的同店銷售收入，良好的全系統銷售增長，並且您將看到特許權使用費佔總組合的百分比繼續上升增加，並且透過該模型，它們實際上是 100% 的增值和槓桿。

So as we continue to open more stores, continue to make improvements in the sales at our franchisee level, and generate higher sales and royalties, this thing just continues to leverage.

因此，隨著我們繼續開設更多商店，繼續提高特許經營商的銷售額，並產生更高的銷售額和特許權使用費，這件事就會繼續發揮作用。

So second half greater than 40% adjusted EBITDA margin is what we are expecting for the second half.

因此，我們預計下半年調整後的 EBITDA 利潤率將超過 40%。

And I do believe in 2025 you'll continue to see the adjusted EBITDA margin ramp up closer to 45% in that year.

我確實相信，到 2025 年，您將繼續看到當年調整後的 EBITDA 利潤率將成長至接近 45%。

Okay.

好的。

That's helpful.

這很有幫助。

Thank you.

謝謝。

We've now reached the end of our question-and-answer session.

我們的問答環節現在已經結束了。

I would now like to turn the floor back over to Mark King, CEO, for closing comments.

現在我想把發言權交回給執行長馬克金 (Mark King)，請他發表結束語。

Hey, thank you to everyone for joining today's earnings call and for your continued support of Xponential Fitness.

嘿，感謝大家參加今天的財報電話會議以及對 Xponential Fitness 的持續支持。

I really look forward to meeting many of you at the upcoming investor events in September and speaking with you again on our third quarter earnings call in November.

我真的很期待在 9 月即將舉行的投資者活動中與你們見面，並在 11 月的第三季財報電話會議上再次與你們交談。

Thanks.

謝謝。

This concludes today’s teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。