Xponential Fitness Inc (XPOF) 2025 Q2 法說會逐字稿

Greetings and welcome to the Xponential Fitness second-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Xponential Fitness 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host Patricia Neare, Investor Relations. Thank you, Patricia. You may begin.

現在我很高興向大家介紹主持人、投資者關係部 Patricia Neare。謝謝你，帕特里夏。你可以開始了。

Thank you, operator. Good afternoon, and thank you all for joining our conference call to discuss Xponential Fitness's second-quarter 2025 financial results. I'm joined by Mike Nuzzo, Chief Executive Officer; Mark King, former Chief Executive Officer; John Kawaja, President, North America; and John Meloun, Chief Financial Officer. A recording of this call will be posted on the Investors section of our website at investor.xponential.com.

謝謝您，接線生。下午好，感謝大家參加我們的電話會議，討論 Xponential Fitness 2025 年第二季的財務表現。與我一起出席的還有執行長 Mike Nuzzo、前執行長 Mark King、北美總裁 John Kawaja 和財務長 John Meloun。本次電話會議的錄音將發佈在我們網站的投資者部分，網址為 investor.xponential.com。

We remind you that during this conference call, we will make certain forward-looking statements including discussions of our business outlook and financial projections. These forward-looking statements are based on management's current expectations and involve risks and uncertainties that could cause our actual results to differ materially from such expectations. For a more detailed description of these risks and uncertainties, please refer to our annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC and subsequent filings with the SEC. We assume no obligations to update the information provided on today's call.

我們提醒您，在本次電話會議期間，我們將做出某些前瞻性陳述，包括對我們的業務前景和財務預測的討論。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，請參閱我們向美國證券交易委員會提交的截至 2024 年 12 月 31 日的年度報告 10-K 表以及隨後向美國證券交易委員會提交的文件。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. 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 GAAP measures that we provide. A reconciliation of these non-GAAP measures to comparable GAAP measures is included in the earnings release that was issued earlier today prior to this call.

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指標。我們使用非公認會計準則指標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，投資者應結合我們提供的公認會計準則指標來考慮這些信息。這些非 GAAP 指標與可比較 GAAP 指標的對帳已包含在今天稍早召開電話會議之前發布的收益報告中。

Please also note that all numbers reported in today's prepared remarks refer to global figures unless otherwise noted. 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 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. For the period ended June 30, 2025, this includes BFT, Club Pilates, CycleBar, Lindora, Pure Barre, Rumble, StretchLab, and YogaSix.

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。提醒一下，為了確保不同時期的可比性並與我們自首次公開募股以來的報告方法保持一致，我們以備考方式呈現所有 KPI，這意味著對於呈現的完整 KPI 歷史記錄，我們僅包括截至當前報告期我們擁有的品牌。截至 2025 年 6 月 30 日，其中包括 BFT、Club Pilates、CycleBar、Lindora、Pure Barre、Rumble、StretchLab 和 YogaSix。

I will now turn the call over to Mark King, former CEO of Xponential Fitness.

現在我將電話轉交給 Xponential Fitness 前執行長 Mark King。

Thanks, Patricia, and good afternoon to everyone. Before we discuss the quarter, I want to take a moment to share my enthusiasm for today's announcement that our Board of Directors has unanimously appointed Mike Nuzzo as our Chief Executive Officer. I've had a chance to spend some time with Mike, and I couldn't be more confident in his ability to lead Xponential through its next chapter.

謝謝，帕特里夏，大家下午好。在我們討論本季之前，我想花點時間分享我對今天宣布的董事會一致任命 Mike Nuzzo 為執行長的熱情。我有機會與麥克共事一段時間，我非常相信他有能力帶領 Xponential 邁出新的篇章。

Mike brings over 25 years experience leading consumer, retail, and services businesses with a proven track record of driving scalable growth and expanding into both domestic and international markets. His disciplined, data-driven approach, and deep commitment to franchisee success were also particularly compelling to the Board. Previous leadership roles at Eyemart Express, Petco, and GNC clearly demonstrate his ability to build strong brands and execute its scale.

Mike 擁有超過 25 年領導消費、零售和服務業務的經驗，在推動可擴展成長和拓展國內和國際市場方面有著良好的記錄。他嚴謹的數據驅動方法以及對加盟商成功的堅定承諾也對董事會特別有吸引力。他曾在 Eyemart Express、Petco 和 GNC 擔任領導職務，這充分證明了他打造強勢品牌和實現其規模的能力。

Mike has joined the call today to share a few thoughts. Mike?

麥克今天參加了電話會議並分享了一些想法。麥克風？

Thanks for the kind words, Mark, and congratulations on all your accomplishments at Xponential.

謝謝你的讚美，馬克，恭喜你在 Xponential 上的所有成就。

I also very much appreciate your help and support in getting me launched today. I am thrilled to be here and honored to be leading this great company. Today is day one, and I have a lot to learn. But as a 25-year consumer industry veteran, there is so much to love about Xponential.

我也非常感謝您今天為我推出產品所提供的幫助和支持。我很高興來到這裡，並很榮幸能夠領導這家偉大的公司。今天是第一天，我有很多東西要學。但作為一名擁有 25 年消費產業經驗的資深人士，Xponential 有許多值得喜愛的地方。

First, we are in a great space. Boutique fitness has substantial momentum and long-term growth potential as consumers continue to invest more in their health routines. Second, We have amazing studio brands led by passionate and committed franchisees with so much upside potential. And third, Mark and Tim have made great progress in building a team, supporting foundation, and company culture to drive strong growth and financial returns.

首先，我們處在一個廣闊的空間。隨著消費者繼續在健康習慣上投入更多資金，精品健身擁有強勁的發展勢頭和長期成長潛力。其次，我們擁有由充滿熱情和奉獻精神的加盟商領導的令人驚嘆的工作室品牌，具有巨大的上升潛力。第三，馬克和提姆在組建團隊、支持基礎和公司文化方面取得了巨大進展，從而推動了強勁的成長和財務回報。

You will hear more from me over the coming months, but I know Xponential can elevate and lead the fitness space around innovation, best-in-class franchisees support, and smart and healthy unit growth and expansion. Meaningful progress has been made, but I look forward to helping the team accelerate along the journey to providing the most impactful member experience and to becoming one of the most coveted franchisee partners in the industry.

在接下來的幾個月裡，你會聽到我的更多消息，但我知道 Xponential 可以提升和引領健身領域的創新、一流的特許經營商支援以及智慧健康的單位成長和擴張。我們已經取得了有意義的進展，但我期待著幫助團隊加速提供最具影響力的會員體驗，並成為業內最令人垂涎​​的特許經營合作夥伴之一。

Thanks, and I look forward to spending time with all of you. Now I will turn things back to Mark and team to discuss Q2 in more detail.

謝謝，我期待與大家共度時光。現在我將把事情交還給馬克和團隊，更詳細地討論第二季。

Thanks, Mike, and welcome to the team. With our leadership transition in place, let's now turn to the progress we've made across the business this quarter.

謝謝，麥克，歡迎加入團隊。隨著領導階層的過渡，現在讓我們來回顧一下本季整個業務所取得的進展。

We remain focused on execution and continue to make progress against our strategic priorities. We advanced several initiatives we outlined at our Investor and Analyst Day, both during and after the quarter, including further expansion of our field operations team, a new retail partnership agreement, and the divestitures of CycleBar and Rumble. Together, these actions reflect the company's ongoing focus on strengthening the business and creating long-term value for our shareholders.

我們將繼續專注於執行並繼續推進我們的策略重點。我們在本季和之後推進了在投資者和分析師日上概述的幾項舉措，包括進一步擴大我們的現場營運團隊、新的零售合作協議以及剝離 CycleBar 和 Rumble。總的來說，這些措施體現了公司持續致力於加強業務和為股東創造長期價值。

Let's now turn to second-quarter results. North American system-wide sales of $474 million were up 12% year over year. North American quarterly run rate average unit volumes of $659,000 were up 3% year over year. Total members stood at 863,000 at quarter end, up 8% year over year; and same source sales were up 1%. Although year over year growth moderated compared to first quarter, we believe the recent strategic actions will continue to improve performance in future periods.

現在讓我們來看看第二季的業績。北美全系統銷售額為 4.74 億美元，較去年同期成長 12%。北美季度平均單位產量為 659,000 美元，年增 3%。截至季末，會員總數達到 863,000 人，年增 8%；同源銷售額成長 1%。儘管與第一季相比，年成長率有所放緩，但我們相信，近期的策略行動將在未來繼續改善業績。

Alongside our new retail agreement, which John Kawaja will speak to in more detail shortly, the recent divestiture of CycleBar and Rumble brands represent another important step in sharpening our strategic focus. These actions enable us to focus our company resources on the brands that generate the highest ROI, including our core brands Club Pilates, Pure Barre, YogaSix, and StretchLab.

除了我們的新零售協議（John Kawaja 稍後將詳細介紹）之外，最近剝離的 CycleBar 和 Rumble 品牌代表著我們加強策略重點的另一個重要舉措。這些行動使我們能夠將公司資源集中在產生最高投資回報率的品牌上，包括我們的核心品牌 Club Pilates、Pure Barre、YogaSix 和 StretchLab。

With a leaner, more focused portfolio, we expect to see improvements in overall portfolio health, a reduction in closure rates, and an increase in average unit volumes. While there will be a period of transition as we right size back office operations, this evolution will ultimately position us to operate more efficiently and focus on our highest return brands.

透過更精簡、更專注的投資組合，我們預期整體投資組合健康狀況將會改善，關閉率將降低，平均單位交易量將增加。雖然在我們調整後台營運規模的過程中會有一個過渡期，但這種轉變最終將使我們能夠更有效率地運作並專注於我們回報最高的品牌。

Before turning it over to John Kawaja, I want to take a moment to express how proud I am of what we've accomplished at Xponential Fitness during my time here. I'm confident in both the company's long-term potential and Mike's capabilities to deliver on the operational optimization required for Xponential to become the franchisor of choice in health and wellness.

在將工作交給 John Kawaja 之前，我想花點時間表達一下我對 Xponential Fitness 在我任職期間所取得的成就的自豪之情。我對公司的長期潛力和 Mike 的能力充滿信心，他有能力實現 Xponential 所需的營運優化，使之成為健康和保健領域的首選特許經營商。

Thank you for your time today. John?

感謝您今天抽出時間。約翰？

I want to take a moment to thank Mark. It's been an honor working alongside him. His leadership has set a strong foundation that we're excited to continue building on. And of course, a warm welcome to Mike. With that, I'll provide a brief update on our new retail agreement with Fit Commerce, which has been a key focus area of mine since joining Xponential and was executed post quarter end.

我想花點時間感謝馬克。能和他一起工作是我的榮幸。他的領導為我們奠定了堅實的基礎，我們很高興能夠繼續在此基礎上發展。當然，我也熱烈歡迎麥克。在此，我將簡要介紹我們與 Fit Commerce 達成的新零售協議，這是我加入 Xponential 以來關注的重點領域，並於本季末執行。

As many of you know, our wholesale retail business, historically managed in-house, has posed challenges over recent quarters. While our retail operations have contributed to revenue in the past, it has always been a low-margin portion of our business that carries significantly more risk and required a significant amount of management's attention.

眾所周知，我們的批發零售業務歷來由內部管理，但最近幾季卻面臨挑戰。雖然我們的零售業務在過去為收入做出了貢獻，但它一直是我們業務中利潤率較低的部分，承擔的風險更大，需要管理層的大量關注。

As part of our new agreement, we will outsource this non-core underperforming segment to Fit Commerce, who will be able to deliver elevated design, development, and merchandizing, ultimately enhancing service to our business, our franchisees, and our customers. This transition allows us to reallocate resources towards higher margin, scalable areas, with long-term upside and that better align with our strategic priorities. As Mark alluded to, this will allow us to focus on building strong brands and experiences while supporting studio-level franchisee operations.

作為新協議的一部分，我們將把這個表現不佳的非核心部門外包給 Fit Commerce，後者將能夠提供更高級的設計、開發和銷售服務，最終增強我們對我們的業務、我們的特許經營商和客戶的服務。這種轉變使我們能夠將資源重新分配到利潤更高、可擴展的領域，具有長期優勢，並且更符合我們的策略重點。正如馬克所提到的，這將使我們能夠專注於打造強大的品牌和體驗，同時支持工作室級特許經營業務。

Importantly, this partnership will reduce our selling, general, and administrative expenses while introducing annual minimum guaranteed commissions that will scale over time, totaling over $50 million in the initial five-year contract period, resulting in higher operating margins than our prior retail strategy.

重要的是，這種合作關係將減少我們的銷售、一般和行政費用，同時引入年度最低保證佣金，該佣金將隨著時間的推移而擴大，在最初的五年合約期間總額將超過 5000 萬美元，從而帶來比我們之前的零售策略更高的營業利潤率。

In addition, Fit Commerce will purchase the remaining inventory we have on hand, freeing up working capital. This is a win for our franchisees and certainly, a win for Xponential, as we expect to see consistent growth in revenue and margin while significantly lowering our retail businesses sensitivity to market cycles. Fit commerce is required to satisfy certain capital requirements by the end of October for the retail agreement to be effective.

此外，Fit Commerce 將購買我們剩餘的庫存，釋放營運資金。這對我們的特許經營商來說是一個勝利，當然對 Xponential 來說也是一個勝利，因為我們預計收入和利潤將持續增長，同時顯著降低我們的零售業務對市場週期的敏感度。Fit commerce 必須在 10 月底前滿足一定的資本要求，零售協議才能生效。

I'll now turn to some recent updates across a few of our brands. As Club Pilates matures, we are actively focused on strengthening the brand by enhancing monetization strategies, better utilizing existing capacity, bringing larger operators into the franchisee system, and improving our marketing to deliver same-store sales growth. With Club Pilates at record high utilization, we have the potential to drive revenue growth through enhanced pricing strategies that reflect demand for classes.

現在我將介紹我們旗下幾個品牌的最新動態。隨著 Club Pilates 的成熟，我們積極致力於透過加強貨幣化策略、更好地利用現有產能、將更大的營運商納入特許經營體係以及改善行銷來實現同店銷售成長來加強品牌。隨著 Club Pilates 的利用率達到創紀錄的高水平，我們有可能透過反映課程需求的增強定價策略來推動收入成長。

We continue to invest in Club Pilates' long-term growth through product innovation, technology integration, targeted marketing, including experimenting with the new pricing tiers and membership types to determine the right mix of driving additional revenue. The brand's attractive unit-level economics have also resulted in several private equity groups acquiring studios. These franchisees have access to growth capital and employ professional operators that understand how to operate efficiently and effectively market within their footprints.

我們將繼續透過產品創新、技術整合、有針對性的行銷等方式投資於 Club Pilates 的長期成長，包括嘗試新的定價等級和會員類型，以確定增加收入的正確組合。該品牌極具吸引力的單位層級經濟效益也吸引了多家私募股權集團收購工作室。這些特許經營商可以獲得成長資本，並僱用了解如何在其範圍內有效運營和有效行銷的專業運營商。

Lastly, we are using Club Pilates' significant scale and access to a deep marketing fund to launch a major Club Pilates brand marketing campaign to build brand awareness and expand interest in Club Pilates. It's worth noting that in its entire operating history, Club Pilates has never had a national brand campaign.

最後，我們利用 Club Pilates 的龐大規模和雄厚的營銷資金，開展一項大型 Club Pilates 品牌行銷活動，以建立品牌知名度並擴大人們對 Club Pilates 的興趣。值得注意的是，Club Pilates 在其整個營運歷史中從未開展過全國性的品牌活動。

Pure Barre continues to deliver a strong performance supported by strong same-store sales growth this quarter. With the brand's 25th anniversary year approaching, we are planning major marketing campaigns throughout the year to commemorate the milestone, an initiative we anticipate will further accelerate growth in the coming quarters. It's a testament to the passion and dedication of our Pure Barre community that the brand continues to grow same-store sales nearly 25 years after its founding.

本季度，在同店銷售強勁成長的推動下，Pure Barre 持續取得強勁業績。隨著品牌成立 25 週年的臨近，我們計劃全年開展大型行銷活動來紀念這一里程碑，我們預計這項舉措將在未來幾季進一步加速成長。該品牌在創立近 25 年後，同店銷售額持續成長，證明了我們 Pure Barre 社群的熱情和奉獻精神。

Our strong base of existing members have a deeply devoted dedication to our brand with extremely high levels of engagement and member satisfaction. Interest in Barre as a modality has also increased in the last year among younger demographics that are new to Barre.

我們現有的強大會員基礎對我們的品牌有著深厚的忠誠度，參與度和會員滿意度極高。去年，年輕一代對 Barre 作為健身方式的興趣也日益濃厚，這些年輕人對 Barre 健身方式的興趣也日益濃厚。

Yoga is another modality with significant momentum which, Yoga Six is capitalizing on. Same-store sales continue to perform well and we are continuing to innovate within the brand. We have implemented new teacher training programs to reinforce our category leadership. And to attract a broader audience beyond the traditional yoga enthusiast, we've launched a new signature class, Mobility, which blends yoga and functional movement.

瑜珈是另一種具有巨大發展勢頭的運動方式，Yoga Six 正在利用這一點。同店銷售持續表現良好，我們也持續進行品牌創新。我們實施了新的教師培訓計劃，以加強我們的類別領導地位。為了吸引傳統瑜伽愛好者以外的更廣泛的受眾，我們推出了一項新的標誌性課程“Mobility”，將瑜伽和功能性運動融為一體。

On StretchLab, we have been focused on diagnosing the challenges facing the brand and are exploring solutions to help support franchisees achieve higher AUV levels. We are planning to introduce cross-studio memberships where access to one studio will unlock access to all studios.

在 StretchLab，我們一直專注於診斷品牌面臨的挑戰，並正在探索解決方案以幫助支援特許經營商實現更高的 AUV 水平。我們計劃推出跨工作室會員資格，即進入一個工作室即可解鎖進入所有工作室。

As previously previewed, we are also focused on introducing state-of-the-art mobility and recovery equipment, which would enable members to come into the studio space outside of their scheduled one-on-one sessions for unassisted stretching. This will be further supplemented by personalized at-home stretching routines available to members in between studio visits. Members will track their progress via centralized technology.

正如之前所預告的，我們還專注於引入最先進的移動和恢復設備，這將使會員能夠在預定的一對一課程之外進入工作室空間進行無輔助拉伸。會員在來工作室期間還可以享受個人化的居家伸展運動。會員將透過集中技術追蹤他們的進度。

Importantly, we expect these changes to drive higher engagement and utilization without adding additional cost beyond the initial investment. The tests are running through Q3, and we expect to start rolling out changes to the model in Q1 of 2026.

重要的是，我們預計這些變化將推動更高的參與度和利用率，而不會在初始投資之外增加額外的成本。測試將持續到第三季度，我們預計將於 2026 年第一季開始推出模型變更。

Turning to our field operations team. The initiative is underway as planned. The team is currently training and hitting the road next week. We've completed the first wave of hires with a second wave planned to begin in the fourth quarter.

轉向我們的現場營運團隊。該計劃正在按計劃進行。目前球隊正在訓練，下週將啟程出發。我們已經完成了第一波招聘，第二波招聘計劃於第四季度開始。

We are also making meaningful progress to re-engage or terminate licenses that are lagging over 12 months behind their contractual obligated development schedule, which makes up approximately 40% of our backlog. We do anticipate the number of terminations will be higher in the second half of this year. Our focus remains on partnering with franchisees committed to opening new locations and ending legacy agreements where franchisees commitments have not been fulfilled.

我們在重新簽訂或終止那些比合約規定的開發計劃落後 12 個月以上的許可證方面也取得了有意義的進展，這些許可證約占我們積壓訂單的 40%。我們確實預計今年下半年解僱員工的數量將會更高。我們的重點仍然是與致力於開設新店的特許經營商合作，並終止特許經營商尚未履行承諾的遺留協議。

On the sales side, we've implemented a new licensed sales team focused on awarding licenses based on criteria to ensure more timely studio openings. We've also changed our franchise sales process, so franchisees are only required to put a non-refundable development fee payment on multi-unit purchases, reducing the franchisee's committed working capital, which will support getting their first unit open more quickly. We're confident these changes will have a positive impact on the health of our development pipeline.

在銷售方面，我們組建了一個新的授權銷售團隊，專注於根據標準授予許可證，以確保更及時地開設工作室。我們還改變了特許經營銷售流程，因此特許經營商只需在購買多套單元時支付不可退還的開發費，從而減少特許經營商的承諾營運資金，這將支持他們更快地開設第一套單元。我們相信這些變化將對我們的開發流程的健康產生正面影響。

We continue to expand on our international efforts, with a few noteworthy highlights to call out from the quarter. To start, Club Pilates recently crossed a milestone during Q2, hitting 150 international studios open. Club Pilates is performing well internationally, and we are confident we have a significant runway to continue this trajectory.

我們繼續擴大國際努力，本季有幾個值得注意的亮點。首先，Club Pilates 在第二季度取得了里程碑式的進展，開設了 150 家國際工作室。Club Pilates 在國際上表現良好，我們有信心繼續保持這一發展軌跡。

BFT is also gaining further traction, crossing the 50th studio opening in New Zealand in Q2. As part of this growth, we are providing additional support to our master franchisees across the globe. This includes the hiring of a Managing Director of Xponential Europe who is based in London in April, along with the goal to hire an individual to lead our Asia operations by the end of the year.

BFT 也獲得了進一步的發展，第二季在新西蘭開設了第 50 家工作室。作為這一成長的一部分，我們正在為全球的特許經營商提供額外的支援。其中包括在四月聘請一位常駐倫敦的 Xponential Europe 董事總經理，並計劃在年底前聘請一位個人來領導我們的亞洲業務。

Thank you for your time. I will now turn the call over to John Meloun to discuss our Q2 results and 2025 outlook in additional detail.

感謝您抽出時間。現在我將把電話轉給 John Meloun，讓他更詳細地討論我們的第二季業績和 2025 年展望。

Thanks, John, and I'd like to also thank Mark for his leadership and partnership. It's been a pleasure working alongside him during this important chapter for the company. Mike, I'm thrilled to partner with you as we embark on the company's next chapter.

謝謝，約翰，我也要感謝馬克的領導和合作。在公司這段重要時期與他共事是我的榮幸。麥克，我很高興能與您合作，共同開啟公司的新篇章。

We entered the quarter with 3,327 global open studios with 86 gross new studio openings during Q2, with 66 in North America and 20 internationally. There were 57 global studio closures in the second quarter, or about 1.7%, representing an annualized closure rate of 6.9%. 27, or nearly half of the closures in the quarter were in CycleBar and Rumble brands.

本季度，全球共有 3,327 家影視工作室開業，第二季度共開設 86 家新影視工作室，其中北美 66 家，國際 20 家。第二季全球共有 57 間工作室關閉，約佔 1.7%，年化關閉率為 6.9%。其中，CycleBar 和 Rumble 品牌關閉的工作室數量為 27 家，佔本季關閉工作室總數的近一半。

We sold 58 licenses during the second quarter, which were largely concentrated in Club Pilates both in North America and internationally. The pace of license sales increased from last quarter as we started selling licenses again in the United States after a temporary pause during which time the 2025 franchise disclosure documents, or FDDs, were issued. At present, we have paused franchise sales in the United States except for sales by exemption as we work to issue FDD amendments to address the hiring of our new CEO among other updates.

我們在第二季出售了 58 個許可證，主要集中在北美和國際的 Club Pilates。許可證銷售速度從上個季度開始加快，因為我​​們在發布 2025 年特許經營披露文件 (FDD) 期間暫時停止銷售許可證，之後又開始在美國銷售許可證。目前，我們已暫停在美國境內的特許經營銷售（豁免銷售除外），因為我們正在努力發布 FDD 修正案，以解決新 CEO 的聘用等更新問題。

The FDD amendments will be ready for use immediately upon issuance in non-registration states, while the FDD registration process with the franchise registration states typically involves more time to process.

FDD 修正案在非註冊州發布後即可立即使用，而在特許經營註冊州的 FDD 註冊流程通常需要更多時間來處理。

Our base of licenses sold and contractually obligated to open is over 1,400 studios in North America, and we also have over 1,000 international master franchise obligations. As John mentioned, approximately 40% of our global licenses are over 12 months behind their applicable development schedule, and we have started to actively terminate certain number of these licenses. We believe the actions we are taking related to the management of our licenses will be elevated in the third quarter but normalized in the fourth quarter, but noting that terminations can take time given requirements around notification timelines.

我們已售出並根據合約義務開設的許可證基地位於北美，超過 1,400 個工作室，並且我們還有超過 1,000 個國際特許經營權義務。正如約翰所提到的，我們全球大約 40% 的許可證比適用的開發計劃落後了 12 個月以上，我們已經開始主動終止一定數量的此類許可證。我們相信，我們在許可證管理方面採取的行動將在第三季度加強，但在第四季度恢復正常，但需要注意的是，由於通知時間表的要求，終止可能需要一些時間。

Second-quarter North America system-wide sales of $474 million were up 12% year over year, with growth driven primarily by the 1% same-store sales increase within our existing base of open studios, coupled with growth from net new studio openings. Approximately 80% of system-wide sales growth was driven by a higher number of actively paying members and approximately 20% by higher pricing and/or mixed shifts.

第二季北美全系統銷售額為 4.74 億美元，年增 12%，成長主要得益於現有開放工作室群同店銷售額成長 1%，以及新工作室淨開業帶來的成長。全系統銷售成長的約 80% 是由積極付費會員數量的增加所推動的，約 20% 是由更高的定價和/或混合輪班推動的。

North American run rate average unit volumes of $659,000 in the second quarter increased 3% from $638,000 in the prior-year period. The increase in AUVs was largely driven by a higher number of actively paying members and higher pricing for new members.

第二季北美平均單位銷售量為 659,000 美元，較去年同期的 638,000 美元成長 3%。平均有效用戶數 (AUV) 的成長主要得益於活躍付費會員數量的增加以及新會員價格的上漲。

Given high levels in demand for many of our brands and Club Pilates in particular, we believe there's a significant opportunity to increase revenues through more dynamic pricing methodologies, including new price tiers, more stringent cancellation policies, and new package offerings.

鑑於我們的許多品牌（尤其是 Club Pilates）的需求量很大，我們相信透過更具活力的定價方法（包括新的價格等級、更嚴格的取消政策和新的套餐產品）有很大機會增加收入。

On a consolidated basis, revenue for the quarter was $76.2 million, down 1% from $76.9 million in the prior-year period. 82% of 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 our studio opens.

綜合來看，本季營收為 7,620 萬美元，較去年同期的 7,690 萬美元下降 1%。本季 82% 的收入為經常性收入，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來源，因為這些收入實質上是在我們的工作室開業之前發生的。

Turning to the components that make up revenue. Franchise revenue for the quarter was $45.4 million, up 5% year over year. This growth was primarily driven by an increase in royalty revenue as system-wide sales were supported by an 8% increase in year-over-year actively paying memberships and an 11% increase in total visits, offset by lower revenues from license terminations in the period.

轉向構成收入的組成部分。本季特許經營收入為 4,540 萬美元，年增 5%。這一增長主要得益於特許權使用費收入的增長，因為全系統銷售額受到同比增長 8% 的主動付費會員數量和 11% 的總訪問量增長的支持，但被本期間許可終止導致的收入下降所抵消。

Equipment revenue was $9.5 million, declining by 26% year over year. This decrease was primarily the result of a 39% year-over-year lower volume of global installations in the period compared to the same period prior year.

設備收入為950萬美元，年減26%。這一下降主要是由於本期間全球安裝量與去年同期相比下降了 39%。

Merchandise revenue of $5.6 million was down 8% year over year. The decrease year over year was due to lower sales volumes. As John mentioned earlier, we recently entered into an agreement with Fit Commerce that will have a transformative effect on our retail margins with benefits to our financials expected in 2026.

商品收入 560 萬美元，年減 8%。年比下降是由於銷售量下降。正如約翰之前提到的，我們最近與 Fit Commerce 達成了一項協議，這將對我們的零售利潤產生變革性的影響，預計將在 2026 年為我們的財務狀況帶來好處。

Fit Commerce will be handling all fulfillment, and as a result, we will no longer have to bear the cost of operating our retail warehouse and the associated overhead. Fit Commerce is also committed to purchasing our remaining inventory which will free up working capital.

Fit Commerce 將負責所有履行事宜，因此，我們將不再需要承擔營運零售倉庫的成本和相關的開銷。Fit Commerce 也承諾購買我們剩餘的庫存，這將釋放營運資金。

Franchise marketing fund revenue of $9.5 million was up 13% year over year, primarily due to continued growth in system-wide sales from a higher number of operating studios in North America in addition to increased sales on a per-studio basis.

特許經營行銷基金收入為 950 萬美元，年增 13%，這主要得益於北美經營工作室數量的增加以及整個系統銷售額的持續增長，以及每個工作室的銷售額的增加。

Lastly, other service revenue, which includes sales generated from rebates from processing studio system-wide sales, brand access partnerships, company-owned studios, XPASS, and XPLUS, among other items, was $6.3 million, down 3% from the prior-year period. The decrease was primarily due to lower brand access fees.

最後，其他服務收入（包括處理工作室系統範圍內銷售、品牌訪問合作夥伴關係、公司自有工作室、XPASS 和 XPLUS 等產生的回扣銷售額）為 630 萬美元，比去年同期下降 3%。下降的主要原因是品牌使用費降低。

Turning to our operating expenses for the quarter. Costs of product revenue were $10.5 million, down 25% year over year. The decrease was primarily driven by a lower volume of equipment installations and merchandise sales during the period.

談談本季的營運費用。產品收入成本為 1,050 萬美元，較去年同期下降 25%。下降的主要原因是本期間設備安裝量和商品銷售量下降。

Costs of franchise and service revenue were $4 million, down 32% year over year. The decrease in franchise sales commissions was largely due to lower international franchise license sales and lower commission expense from North American franchise license terminations.

特許經營和服務收入成本為 400 萬美元，年減 32%。特許經營銷售佣金的下降主要是由於國際特許經營許可證銷售額下降以及北美特許經營許可證終止導致的佣金支出減少。

Selling, general, and administrative expenses of $24.1 million were 35% lower year over year. The decrease in SG&A was primarily lower due to a decrease in legal expenses, driven by non-reoccurring insurance recovery receivables and lower restructuring charges.

銷售、一般及行政開支為 2,410 萬美元，年減 35%。銷售、一般及行政費用的下降主要是由於法律費用的減少，而法律費用的減少又受到非經常性保險追償應收款和重組費用降低的影響。

As indicated in our 8-K filing on July 2, 2025, the SEC informed the company that it had concluded its investigation without action. We still expect to receive $15 million in cash reimbursement from our professional insurance policies in the second half of this year. This reimbursement was accrued for as of the end of the quarter and will have no impact to GAAP earnings or EBITDA once received.

正如我們在 2025 年 7 月 2 日提交的 8-K 文件所示，美國證券交易委員會通知該公司已結束調查，且未採取任何行動。我們仍預計今年下半年將從我們的專業保單中獲得 1500 萬美元的現金補償。該補償金已於本季末累計，收到後不會對 GAAP 收益或 EBITDA 產生影響。

At present, we have entered into and paid for lease settlement agreements of approximately $31.1 million through the second quarter. As of June 30, 2025, we have approximately $14 million of lease liabilities yet to be settled. We expect most of the remaining liabilities will be settled during the remainder of 2025.

目前，我們已簽訂並支付了第二季約 3,110 萬美元的租賃和解協議。截至 2025 年 6 月 30 日，我們仍有約 1,400 萬美元的租賃負債尚未結清。我們預計大部分剩餘債務將在 2025 年剩餘時間內償還。

Depreciation and amortization expense was $3 million, down 34% compared to the prior-year period.

折舊和攤提費用為 300 萬美元，比去年同期下降 34%。

Marketing fund expenses were $8.9 million, up 13% year over year, afforded by higher system-wide sales and associated marketing fund revenue contributions. Acquisition and transaction credit was $1.9 million compared to a credit of $1.2 million in the prior-year period.

行銷基金支出為 890 萬美元，年增 13%，這得益於全系統銷售額的增加以及相關行銷基金收入的貢獻。收購和交易信貸為 190 萬美元，而去年同期的信貸為 120 萬美元。

As I've 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. We mark-to-market the earnout each quarter and adjust our accruals accordingly. Note that this earnout will persist despite the recent divestiture of the brand.

正如我在先前的財報電話會議上所指出的，這包括與 Rumble 收購收益相關的或有對價活動，並由季度末的股價驅動。我們每季都會對獲利進行市價調整，並相應地調整應計項目。請注意，儘管最近剝離了該品牌，但這種利潤仍將繼續存在。

We recorded net income of $1.3 million in the second quarter, or a loss of $0.01 per basic share, compared to a net loss of $14.3 million, or a net loss of $0.30 per basic share in the prior-year period. We continue to believe that adjusted net income is a more useful way to measure the performance of our business. A reconciliation of net income and loss to adjusted net income and loss is provided in our earnings press release.

我們第二季的淨收入為 130 萬美元，即每股虧損 0.01 美元，而去年同期的淨虧損為 1,430 萬美元，即每股淨虧損 0.30 美元。我們仍然相信，調整後的淨收入是衡量我們業務表現的更有效的方法。我們的收益新聞稿中提供了淨收入和損失與調整後淨收入和損失的對帳。

Adjusted net income for the second quarter was $14.5 million, or adjusted net income of $0.26 per basic share on a share count of 35 million shares of Class A common stock. Adjusted EBITDA was $28.1 million in the second quarter, up 14% compared to $24.7 million in the prior-year period, primarily driven by an increase in high margin royalties in our franchise revenues. Adjusted EBITDA margin was 36.9% in the second quarter, up from 32.1% in the prior-year period.

第二季調整後淨收入為 1,450 萬美元，或以 3,500 萬股 A​​ 類普通股計算，調整後每股基本淨收入為 0.26 美元。第二季調整後的 EBITDA 為 2,810 萬美元，較去年同期的 2,470 萬美元成長 14%，主要原因是我們的特許經營收入中高利潤特許權使用費的增加。第二季調整後 EBITDA 利潤率為 36.9%，高於去年同期的 32.1%。

Turning to the balance sheet. As of June 30, 2025, cash equivalents, and restricted cash were $38.7 million, up from $26 million as of June 30, 2024. For the six months ended June 30, 2025, net cash provided by operating activities was $8.3 million, which includes $1.9 million in lease settlements.

轉向資產負債表。截至 2025 年 6 月 30 日，現金等價物和受限現金為 3,870 萬美元，高於 2024 年 6 月 30 日的 2,600 萬美元。截至 2025 年 6 月 30 日的六個月，經營活動提供的淨現金為 830 萬美元，其中包括 190 萬美元的租賃結算款。

Net cash used in investing activities was $2.9 million, with $2.8 million used on the purchase of property and equipment and intangible assets. Net cash provided by financing activities was $0.5 million, which included $10 million on borrowing of long-term debt, $2.7 million in payments on long-term debt, $3.8 million in payments on preferred stock dividends, and $2.1 million in payments for taxes related to net share settlement of restricted stock units.

投資活動所用淨現金為 290 萬美元，其中 280 萬美元用於購買財產、設備以及無形資產。融資活動提供的淨現金為 50 萬美元，其中包括 1000 萬美元的長期債務借款、270 萬美元的長期債務支付、380 萬美元的優先股股息支付以及 210 萬美元與限制性股票單位淨股份結算相關的稅款支付。

Total long-term debt was $377.8 million as of June 30, 2025 compared to $330.1 million as of June 30, 2024. The increase in long-term debt is primarily due to the company drawing $10 million in additional debt in the first quarter of 2025 for general working capital purposes and $25 million in additional debt in the third quarter of 2024 to address the lease termination payments on previously-owned studios and for general working capital purposes.

截至 2025 年 6 月 30 日，長期債務總額為 3.778 億美元，而截至 2024 年 6 月 30 日為 3.301 億美元。長期債務的增加主要是由於公司在 2025 年第一季度提取了 1000 萬美元的額外債務作為一般營運資金用途，並在 2024 年第三季度提取了 2500 萬美元的額外債務以解決先前擁有的工作室的租賃終止付款和一般營運資金用途。

Let's now turn to our outlook for 2025. Our updated guidance reflects the following considerations which, taken together, have prompted us to be more conservative.

現在讓我們展望一下2025年。我們更新後的指導反映了以下考慮，這些考慮共同促使我們採取更保守的態度。

First, the impact of recent brand divestitures and timing of transitioning back-office functions. Second, a more conservative revenue outlook in light of current headwinds from the FDD renewal process and a more unpredictable macroenvironment for the second half of the year. Third, a commitment to increased levels of marketing spend, particularly in Club Pilates and StretchLab. And fourth, room for some organizational realignment with the new incoming CEO.

首先，近期品牌剝離與後台職能轉變時機的影響。其次，鑑於目前FDD更新過程的阻力以及下半年更難以預測的宏觀環境，收入前景更加保守。第三，致力於增加行銷支出，特別是在 Club Pilates 和 StretchLab。第四，隨著新任執行長的上任，組織結構將有調整的空間。

For the full year, we are increasing guidance for our global net new studio openings and reducing guidance for system-wide sales, revenue, and adjusted EBITA. We now project North America system-wide sales to range from $1.78 billion to $1.8 billion, representing a 13% increase at the midpoint from the prior year when removing Rumble and CycleBar from the comparison for comparability; and down $155 million from the previous guidance of $1.935 billion to $1.955 billion, which included approximately $120 million for Rumble and CycleBar.

就全年而言，我們將提高全球新工作室淨開業數量的預期，並降低全系統銷售額、收入和調整後 EBITA 的預期。我們現在預測北美全系統銷售額將在 17.8 億美元至 18 億美元之間，如果為了便於比較而將 Rumble 和 CycleBar 剔除，則比上年中點增長 13%；比之前預測的 19.35 億美元至 19.55 億美元下降 1.55 億美元，其中包括 Rumble 和 CycleBar 的約 1.2 億美元。

For avoidance of doubt, note that in this updated system-wide sales estimate for fiscal year 2025, we have removed any impact from Rumble and CycleBar, including system-wide sales generated by the brands in the first six months of 2025.

為避免疑問，請注意，在更新後的 2025 財年全系統銷售額估算中，我們已消除了 Rumble 和 CycleBar 的任何影響，包括這些品牌在 2025 年前六個月產生的全系統銷售額。

We expect 2025 global net new studio openings, which is net of closures, to be in the range of 170 to 190, representing a 37% decrease at the midpoint from the prior year, again, removing Rumble and CycleBar for comparability. We now expect the number of closures to be approximately 5% of the global system this year as a percentage of total open studios with any impact from Rumble and CycleBar brands removed.

我們預計，2025 年全球新開設的影視工作室數量（扣除關閉的影視工作室數量）將在 170 至 190 之間，比上一年中位數減少 37%，同樣，為了便於比較，我們也剔除了 Rumble 和 CycleBar。我們現在預計，今年關閉的健身工作室數量將佔全球開設健身工作室總數的 5% 左右（不包括 Rumble 和 CycleBar 品牌的影響）。

Total 2025 revenue is now expected to be between $300 million to $310 million, representing a 5% year-over-year decrease at the midpoint of our guided range and down from previous guidance of $315 million to $325 million.

目前預計 2025 年總收入將在 3 億美元至 3.1 億美元之間，與我們指導範圍的中點相比，年減 5%，低於先前指引的 3.15 億美元至 3.25 億美元。

Adjusted EBITDA is now expected to range from $106 million to $111 million, representing a 7% year-over-year decrease at the midpoint of our guided range and down from previous guidance of $120 million to $125 million. This range translates into roughly 35.6% adjusted EBITDA margin at the midpoint.

調整後的 EBITDA 目前預計在 1.06 億美元至 1.11 億美元之間，與我們指引範圍的中點相比，年減 7%，低於先前指引的 1.2 億美元至 1.25 億美元。此範圍相當於中間點調整後的 EBITDA 利潤率約為 35.6%。

We expect total SG&A to range from $130 million to $140 million when further excluding the one-time lease restructuring charges and regulatory legal defense expenses. We are expecting SG&A of $110 million to $115 million and a range of $95 million to $100 million when further excluding stock-based costs.

我們預計，如果進一步扣除一次性租賃重組費用和監管法律辯護費用，銷售、一般和行政費用總額將在 1.3 億美元至 1.4 億美元之間。我們預計銷售、一般及行政費用為 1.1 億美元至 1.15 億美元，如果進一步排除股票成本，則為 9,500 萬至 1 億美元。

In terms of capital expenditure, we anticipate approximately $10 million to $12 million for the year, or approximately 4% of revenue at the midpoint. For the full year, our tax rate is expected to be mid to high single digits, ahare accounts for purposes of earnings per share calculation to be $34.8 million, and $1.9 million in quarterly cash dividends related to our convertible preferred stock.

在資本支出方面，我們預計今年的支出約為 1,000 萬至 1,200 萬美元，或占中間值約 4%。就全年而言，我們的稅率預計為中高個位數，每股收益計算為 3,480 萬美元，與我們的可轉換優先股相關的季度現金股息為 190 萬美元。

A full explanation of our share count calculation and associated pro forma earnings per share and adjusted earnings per share calculation 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.

有關我們的股份數量計算和相關的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化常見問題解答。

We anticipate our unlevered free cash flow conversion to be approximately 90% of adjusted EBITDA as we require minimal capital expenditures to grow the business. We continue to expect our anticipated interest expense in 2025 will be approximately $49 million; tax expenses to be approximately $10 million, including the cash usage for tax receivable agreement and tax distributions to pre-IPO LLC members; and approximately $8 million in cash dividends related to our convertible preferred stock resulting in levered adjusted EBITDA cash flow conversion of 28%.

我們預計無槓桿自由現金流轉換率將達到調整後 EBITDA 的約 90%，因為我們只需要最少的資本支出來發展業務。我們繼續預期 2025 年的預期利息支出約為 4,900 萬美元；稅金約為 1,000 萬美元，其中包括應收稅款協議的現金使用和向 IPO 前 LLC 成員的稅款分配；與我們的可轉換優先股相關的現金股利約為 800 萬美元，導致調整後的 EBITDA 現金流量轉換率為 28%。

This concludes today's prepared remarks. Thank you all for your time today. We'll now open the call for any questions. Operator?

今天的準備好的發言到此結束。感謝大家今天的寶貴時間。我們現在開始回答任何問題。操作員？

(Operator Instructions) Randy Konik, Jefferies.

（操作員指示）蘭迪·科尼克 (Randy Konik)，傑富瑞 (Jefferies)。

Just a couple quick things. On the same-store sales number in the quarter relative to prior quarter, just any kind of color you can provide on what drove the change in trend line there would be super helpful.

只是幾件簡單的事。對於本季度與上一季相比的同店銷售額數字，只要您能提供任何一種顏色來說明是什麼推動了趨勢線的變化，就會非常有幫助。

And then on the Club Pilates commentary, are you talking about looking to take prices up there that you're starting to reach some capacity so you have the ability to kind of drive up some more revenues per day or per unit there? Just curious on what you're trying to get at as it pertains to Club Pilates.

然後，關於 Club Pilates 的評論，您是否在談論希望提高價格，以便您開始達到一定的容量，從而有能力提高每天或每單位的收入？我只是好奇您想了解與 Club Pilates 相關的事情。

And I guess just lastly, on the 40% of the backlog that's behind schedule, is there a specific banner in particular or a couple banners that are kind of accounting for most of those units being behind schedule? Just a little color there would be super helpful. Thanks.

最後我想問一下，對於落後於計劃的 40% 的積壓工作，是否有一個特定的橫幅或幾個橫幅可以解釋大多數落後於計劃的單位？只要有一點顏色就會非常有幫助。謝謝。

Hey, Randy, it's John. Thanks for the question. So in relation to same-store sales, Q1 was at 4%, reporting Q2 at 1%. What was kind of the shift there? We did see, albeit, Club Pilates still in the mid-single digit and performing very well, it did have a decrease from the first quarter. So that was one of the indications or reasons why same-store sales was down in Q2.

嘿，蘭迪，我是約翰。謝謝你的提問。因此，就同店銷售額而言，第一季為 4%，第二季為 1%。那裡發生了什麼樣的轉變？我們確實看到，儘管 Club Pilates 的營收仍處於中等個位數水平，且表現非常好，但與第一季相比確實有所下降。這是第二季同店銷售額下降的跡像或原因之一。

And then as well as StretchLab, we did see a little bit of a greater negative same-store sales comp in the second quarter. So those are kind of the two, I would say, scale brands that had a material impact on the shift from Q1 to Q2.

然後，和 StretchLab 一樣，我們確實看到第二季同店銷售額的負成長略有加劇。所以我想說，這兩個規模品牌對從第一季到第二季的轉變產生了重大影響。

I'll answer your third question first, and then I'll hand it over to John to talk about pricing. The 40% backlog, it does include banners like Rumble and CycleBar. So when we report on this in Q3, we'll definitely be adjusting any licenses that would have transferred to the new owner. So that'll be a significant reduction just based off of us transferring those brands over to the new owner.

我先回答你的第三個問題，然後交給約翰討論定價問題。40% 的積壓，確實包括 Rumble 和 CycleBar 等橫幅。因此，當我們在第三季報告此事時，我們肯定會調整任何轉移給新所有者的許可證。因此，僅基於我們將這些品牌轉讓給新主人，這將是一個顯著的減少。

And then from there, the remaining banners would include Club Pilates, StretchLab, and some amount of Yoga Sixes in there. So you have to remember a lot of the delinquency around our backlog came originally from COVID as that kind of shifted a lot of the original licenses that were sold prior to COVID out of two years. So it kind of naturally organically forced the backlog into delinquency. And we've been focused on franchisees and kind of getting them mobilized this year.

然後從那裡開始，剩下的橫幅將包括 Club Pilates、StretchLab 和一些 Yoga Sixes。因此，您必須記住，我們的積壓案件中的許多拖欠最初都源於 COVID，因為這將 COVID 之前兩年內出售的許多原始許可證轉移了。因此，它自然迫使積壓債務轉為拖欠債務。今年我們一直專注於特許經營商並動員他們。

But in short order, CycleBar and Rumble create a lot of the delinquent that will come out in Q2, and then the balance is going to be in StretchLab, Yoga Six, and Club Pilates.

但很快，CycleBar 和 Rumble 就會創造出許多將在第二季推出的不良產品，然後平衡將會在 StretchLab、Yoga Six 和 Club Pilates 中出現。

Hey Randy, it's John. With respect to pricing at Club Pilates, yeah, the studios get to a high level of productivity very quickly. And so we're intending to lean into pricing and monetization strategies to move same-store sales, grow same-store sales. We're looking at membership pricing structures, we're looking at cancel and late fees, and also looking at dynamic pricing.

嘿，蘭迪，我是約翰。關於 Club Pilates 的定價，是的，工作室很快就達到了高生產力水平。因此，我們打算依靠定價和貨幣化策略來推動同店銷售額，增加同店銷售額。我們正在研究會員定價結構、取消費和滯納金，同時也研究動態定價。

Got it. And then I guess lastly, John, if you think about the closure rate, I think you said 57% in the quarter, half of those were Cycle Bar and Rumble. Any kind of feel for just high level when we should kind of see the closure rate kind of bottom out and we kind of move away from that? Is that like a 20 -- made to late 2026 item in your opinion based on the numbers you're looking at?

知道了。最後，約翰，如果你考慮關閉率，我想你說的這個季度是 57%，其中一半是 Cycle Bar 和 Rumble。當我們看到關閉率觸底並且我們擺脫這種狀態時，對高層有什麼感覺嗎？根據您所看到的數字，您認為這是否是 20 到 2026 年底製造的物品？

I guess lastly, John, if you think about the closure rate, I think you said 57 in the quarter, half of those were cycle bar and rumble. Any kind of feel for just high level when we should kind of see the closure rate kind of bottom out and we kind of move away from that? Is that like a 20 mid to late 2026 item in your opinion based on the numbers you're looking at?

最後，約翰，如果你考慮關閉率，我想你說的這個季度是 57 個，其中一半是自行車酒吧和隆隆聲。您對何時應該看到成交率觸底並遠離這一水平有什麼看法？根據您所看到的數據，您認為這是否是2026年中後期的事？

Yeah. I think in the second half of 2025 or this year, you're going to start to see the closure rates start to get into closer to that 5% range. The majority of the closures that we're seeing in the present time is -- now excluding the Cycle Bar and Rumble effects is probably going to be in international, which BFT has a material presence there. So they have some amount of closures that they contribute.

是的。我認為到 2025 年下半年或今年，你將會開始看到關閉率開始接近 5% 的範圍。目前我們看到的大多數關閉——現在不包括 Cycle Bar 和 Rumble 的影響——可能都是在國際上，BFT 在那裡有實質性的存在。因此他們貢獻了一些封閉的東西。

And then domestically, StretchLab and Yoga Six are the two brands that are kind of at scale where we continue to see some amount of what we would call kind of the bottom 10% that are closing. But I think you'll see about a 5% closure rate for the year. It'll start to trend down over the second half.

然後在國內，StretchLab 和 Yoga Six 是兩個規模較大的品牌，我們繼續看到一些所謂的底層 10% 的品牌正在關閉。但我認為今年的成交率將達到 5% 左右。下半年它將開始呈下降趨勢。

And probably to answer question, 2026 is probably you'll start to see us trend down into that mid to low single digit as the majority of the brands that are opening, particularly Club Pilates, both domestically and internationally, these are brands that have healthier AUVs. So you're getting stronger performance across the portfolio and hence the closure rate will come down.

或許可以回答這個問題，到 2026 年，您可能會開始看到我們的趨勢下降到中低個位數，因為大多數開業的品牌，尤其是 Club Pilates，無論是在國內還是在國際上，這些品牌都擁有更健康的 AUV。因此，您的整個投資組合的表現都會更加強勁，因此關閉率也會下降。

John Heinbockel, Guggenheim Partners.

古根漢合夥公司的約翰·海因博克爾。

Hey, John. Can you walk through -- you listed four items that are impacting, I guess, by design here, profitability in '25. Can you provide a little more detail on those four? And then when you think about how many of those kind of have a wraparound into '26? Maybe speak to that, try to think about what the EBITDA base for '25 really is heading into '26.

嘿，約翰。您能否詳細說明一下——您列出了四個影響 25 年盈利能力的因素。您能否提供關於這四個方面的更多細節？然後，當您考慮其中有多少可以延續到 26 年？也許談到這一點，試著想想 25 年的 EBITDA 基礎在 26 年到底會如何發展。

Yeah. Hey, John. I think first and foremost, it was important for us when we divested Rumble and CycleBar to keep operations supporting those brands to ensure a smooth transition to the new owner. Now with that having happened, there's a rationalization of the corporate support functions and services that we provide that get allocated to the brands that now need to get re-looked at. So that I think will largely have that contained in 2025 as we ramp those down. So shouldn't have lasting effects in 26.

是的。嘿，約翰。我認為，首先，當我們剝離 Rumble 和 CycleBar 時，對我們來說重要的是保持對這些品牌的支持，以確保順利過渡到新東家。現在，隨著這種情況的發生，我們提供的企業支援功能和服務得到了合理化，並分配給了現在需要重新審視的品牌。因此，我認為，隨著我們逐步減少這些數量，到 2025 年，這個問題將基本受到控制。因此在 26 歲時不應該產生持久影響。

System-wide sales, the adjustment to the guide around system-wide sales and the royalty impact, that's something we're seeing more in the present. We did talk about same-store sales in Q2, albeit really healthy for Club Pilates. But we're seeing a little bit of softness as they roll into the third quarter.

全系統銷售、圍繞全系統銷售的指南調整以及特許權使用費影響，這是我們目前看到的更多的事情。我們確實談到了第二季的同店銷售額，儘管對於 Club Pilates 來說這確實很健康。但隨著進入第三季度，我們看到了一些疲軟跡象。

The compounding effect of that obviously lasts unless there's some sort of shift or reaction that makes the trend head back to where we had forecasted. So we are seeing a compounding effect in the second half related to lower system-wide sales and obviously the royalty impact that that has.

這種複合效應顯然會持續下去，除非出現某種轉變或反應，使趨勢回到我們預測的水平。因此，我們看到下半年全系統銷售下降所帶來的複合效應，以及由此產生的特許權使用費影響。

So the reaction to that is we are spending about 25% more marketing dollars in the second half than the first half to try and mitigate those impacts, which there's nothing built into the guide related to some of the possible upsides related to that marketing investment. But again, to be conservative, we're guiding the street down a little bit on the system-wide sales impact.

因此，我們對此的反應是，我們在下半年的行銷支出比上半年多出約 25%，以試圖減輕這些影響，但指南中並未提及與行銷投資相關的一些可能的好處。但再次強調，為了保守起見，我們會稍微降低對整個系統銷售的影響。

The fourth piece around that is really just with the incoming CEO, we've spent some time talking about the strategy. I think we're largely aligned there, but we do want to give Mike the opportunity to get his arms around the business. So we've taken a conservative approach around SG&A, particularly in regards to the costs and what we've built in for the full year. So those are kind of the four areas.

第四部分其實是與即將上任的執行長討論策略。我認為我們在這方面的觀點基本上一致，但我們確實想給麥克機會來掌控這項業務。因此，我們在銷售、一般和行政費用方面採取了保守的態度，特別是在成本和全年投入方面。這就是四個領域。

As far as how much of that lasts into 2026, I think the only real item is really around system-wide sales and whether or not the marketing investments could create a different trend as we roll into 2026. But most of the Rumble and CycleBar divestitures, as well as the marketing spend and as well as the additional guidance for the CEO, those should be largely contained in this year.

至於這種趨勢會持續到 2026 年多少，我認為唯一真正的問題是全系統的銷售額，以及行銷投資是否能在 2026 年創造不同的趨勢。但 Rumble 和 CycleBar 的大部分資產剝離、行銷支出以及對執行長的額外指導應該基本上會在今年完成。

And just as a follow up to that, I mean, what -- the marketing spend is predominantly what, in terms of -- I don't think it's not brand awareness, right? So is that local social promotions? How does that sort of break out?

作為後續問題，我的意思是，行銷支出主要用於什麼方面——我認為這不是品牌知名度，對嗎？那麼這是本地社交促銷嗎？這種情況是如何發生的？

This is John. It's traditionally performance marketing, generating leads, and generating conversion of those leads. For our Club Pilates business, we're going to be launching a brand campaign the beginning of October. As we mentioned on the call, it's the first time the company's made an investment of that nature. And that is for brand awareness. It's a competitive environment for pilates, and we believe it's the right time to make that investment.

這是約翰。傳統上，它是績效行銷，產生潛在客戶，並產生這些潛在客戶的轉換。對於我們的 Club Pilates 業務，我們將於 10 月初啟動一項品牌活動。正如我們在電話中提到的，這是該公司首次進行此類投資。這是為了提高品牌知名度。普拉提的競爭環境非常激烈，我們相信現在是投資的最佳時機。

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

I guess first question, can you kind of walk us through where we are on the FDD renewal process? It seems like we start to make progress, and then unfortunately that progress seems to stall. So kind of what's taking so long and what needs to happen in the back half?

我想第一個問題是，您能否向我們介紹一下 FDD 更新流程的進度？我們似乎開始取得進展，但不幸的是，進展似乎停滯了。那麼，為什麼花了這麼長時間？後半部需要做什麼？

Yeah. Hey, Joe. With the changing of the CEO, it is required that you would have to amend your FDDs. So from that perspective, this is a process that we have to follow to be compliant with that.

是的。嘿，喬。隨著執行長的更換，你需要修改你的財務報表。因此從這個角度來看，這是我們必須遵循的流程，以符合該規定。

So there are registration states and unregistered states. The non-registration states should be what I believe a fairly quick filing and amendment that will get approved. The registration states have to go through their review based off of the state's requirements.

因此存在註冊狀態和未註冊狀態。我認為非註冊州應該可以相當快速地提交申請並進行修改並獲得批准。註冊州必須根據該州的要求進行審查。

As far as license sales, we did have an impact in the first half as we got the 2025 ones sold. We got momentum into Q2. I do believe we'll be able to maintain that momentum in the second half that this amendment for the CEO should not have a material impact. And I don't think the FDDs will materially stay dark as we saw in the beginning this year.

就許可證銷售而言，我們在上半年確實產生了影響，因為我們售出了 2025 個許可證。我們在第二季度獲得了良好的發展勢頭。我確實相信我們能夠在下半年保持這種勢頭，這項針對執行長的修正案不會產生實質影響。而且我認為 FDD 不會像我們今年年初看到的那樣，實質上保持黑暗狀態。

Okay. So it sounds like you expect to be able to sell licenses in all states pretty quickly.

好的。因此聽起來您希望能夠很快在所有州銷售許可證。

We expect to be able to sell licenses in the second half and get back on trend fairly quickly, yeah.

是的，我們預計能夠在下半年銷售許可證並很快恢復趨勢。

Okay. And maybe secondly in terms of the the portfolio, obviously, CycleBar and Rumble being divested. What's the outlook for some of your sort of non-core four, if you will, Lindora and BFT in particular?

好的。其次，就投資組合而言，顯然 CycleBar 和 Rumble 被剝離了。如果您願意的話，您對非核心四人組，特別是 Lindora 和 BFT 的前景有何看法？

BFT has been a great international brand and has a good presence for us. It actually kind of helped us create more of an international structure. So we'll continue to full speed ahead with BFT on the international front. Club Pilates as well is getting a lot of traction there.

BFT 是一個偉大的國際品牌，在我們心中有著良好的形象。它實際上幫助我們創建了更國際化的結構。因此，我們將繼續在國際領域全速推進 BFT。普拉提俱樂部 (Club Pilates) 在那裡也獲得了巨大的發展。

Then secondarily, on Lindora. Lindora is a brand that we bought a couple years ago. We've been evaluating that brand. Like all brands in our portfolio, we'll continually evaluate the performance and make sure that they have a contributing ROI. So at this point, we have the brands we have. We've divested Rumble and CycleBar and we're focused on growing the business. So at this point, you can consider those are the brands that we own in the portfolio and will continue to operate.

其次，關於 Lindora。Lindora 是我們幾年前收購的品牌。我們一直在評估該品牌。與我們投資組合中的所有品牌一樣，我們將不斷評估其表現並確保它們具有貢獻的投資報酬率。因此，目前我們已經擁有了這些品牌。我們已經剝離了 Rumble 和 CycleBar，並專注於業務發展。因此，現在您可以認為這些是我們投資組合中擁有的品牌，並將繼續經營下去。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

John, I just want to follow up. Could you maybe just update, I think previously on same-store sales, you were thinking in the mid-single-did it range. Just any update there in terms of what you're embedding in the guidance? And then just the moderate slowdown you've seen, have you been able to diagnose or pull out any trend? Or anything worth mentioning on drivers of -- the trend that you see there?

約翰，我只是想跟進一下。您能否更新一下，我認為之前關於同店銷售額，您考慮的是中單範圍。就您在指南中嵌入的內容而言，有任何更新嗎？那麼，您所看到的適度放緩，您是否能夠診斷或找出任何趨勢？或者關於您所看到的趨勢的驅動因素，有什麼值得一提的嗎？

Yeah, so on same-store sales, yeah, I think historically we've kind of wrapped our head around a mid-single digit. Given the lower same-store sales comp in Q2, the guide does account for a low single digit as we roll into the second half. Again, with the additional marketing spend, we haven't really built any upside.

是的，就同店銷售額而言，是的，我認為從歷史上看，我們已經大致確定了中等個位數的水平。鑑於第二季同店銷售額年減，進入下半年後，該指南確實佔了較低的個位數。再次，儘管增加了行銷支出，我們實際上並沒有獲得任何好處。

Now, into the second half, we typically do see Q2 and Q3 being the slower quarters. Given it's summer and a lot of people are on vacation, you typically see a lot of members either freeze their accounts or you see lower visitation. For us, we continue to see good system-wide sales growth. It's just the comp that is a little bit low.

現在，進入下半年，我們通常會看到第二季和第三季是成長較慢的季度。由於現在是夏天，很多人都在度假，你通常會看到很多會員要么凍結他們的帳戶，要么訪問量下降。對於我們來說，我們繼續看到良好的全系統銷售成長。只是補償有點低。

And again, we do have brands like Club Pilates and Yoga Six and Pure Barre that are still comping at very healthy ranges. But with some of the other brands like StretchLab having a negative comp, it's pulling it down. So at the end of the day, I think you should just do about a low single-digit same-store sales comp for the second half.

而且，我們確實擁有 Club Pilates、Yoga Six 和 Pure Barre 等品牌，它們的競爭範圍仍然非常健康。但由於 StretchLab 等其他品牌的表現不佳，導致其銷量下降。所以最終，我認為下半年的同店銷售額應該只會達到一個低個位數。

Okay, appreciate that.

好的，非常感謝。

Did you have a follow-up question, Jon, or a [follow up]?

喬恩，你還有後續問題嗎？或者說，[後續問題]？

Yeah, if I could. Just wanted to change subjects and ask about just -- the focus of the Investor Day is building out better capabilities as a best-in-class franchisor. Just any feedback from the system and franchisees post some of those updates and the early rollout of some of the field initiatives. Just any feedback there.

是的，如果可以的話。只是想換個話題，問問——投資者日的重點是打造作為一流特許經營商的更好能力。只需來自系統和特許經營商的任何反饋，即可發布一些更新和一些現場舉措的早期推出。只是任何反饋。

And then Mark or Mike, if you're there, welcome. Just curious as we think about transition here, sort of key steps in the near-term roadmap there. Thanks again.

然後是馬克或麥克，如果你們在那裡，歡迎。只是好奇，當我們考慮這裡的過渡時，那裡的近期路線圖中的關鍵步驟是什麼。再次感謝。

Sure, this is John. Yes, we've -- excuse me. We've been rolling out our field operations team over the last three months. We've got the first wave hired and trained, and they are ready to hit the road next week. So we'll be deploying over a double-digit number of field operations people in the field.

當然，我是約翰。是的，我們——抱歉。過去三個月來，我們一直在組建現場行動團隊。我們已經僱用並培訓了第一批人員，他們準備在下週上路。因此，我們將在實地部署超過兩位數的現場作業人員。

It's been really well received by the system. They're looking forward to the help. They're looking forward to having people in their studios, sharing best practices, and we're excited to get that launched.

它確實受到了系統的熱烈歡迎。他們期待著得到幫助。他們期待有人來到他們的工作室，分享最佳實踐，我們很高興能夠推出這項產品。

And the question on the transition. This is Mike, hey, Jonathan. Yeah, it's day one, but I have been prepped extremely well. I'm excited to dig in, and I feel like I'm coming into the business at a really great time. The team has done some really smart things to position the company for health, portfolio management, the new retail merchandise deal, and putting more focus on operations as we were just talking about, marketing, healthy franchise sales, and unit growth.

還有關於過渡的問題。這是麥克，嘿，喬納森。是的，這是第一天，但​​我已經做好了充分的準備。我很高興能夠深入研究，並且我感覺自己進入這個行業正值一個非常好的時機。團隊做了一些非常明智的事情，使公司在健康、投資組合管理、新零售商品交易方面處於領先地位，並將更多精力放在運營上，正如我們剛才討論的那樣，營銷、健康的特許經營銷售和單位增長。

So, obviously, there's still some things to fix and enhance, but overall, I think this is a great foundation for a strategy to build on and it will allow me to get a really quick start.

因此，顯然，仍有一些事情需要修復和改進，但總的來說，我認為這為制定策略奠定了良好的基礎，它將使我能夠快速起步。

Chris O'Cull, Stifle. Chris, you may be unmuted on -- I mean, muted on your end.

克里斯‧歐卡爾，《Stifle》。克里斯，你可能被取消了靜音 - 我的意思是，你那邊被取消了靜音。

Sorry about that. Welcome to the call, Mike, and thanks for taking my questions. My first question is on Club Pilates. Given the high utilization rates and the class demand, why not be more aggressive in terms of infilling markets, which could arguably capture incremental demand while making it harder for competitors to enter the market? And especially, given the returns on the Club Pilates studios are already extremely high, so I'm just curious why not be more aggressive with unit openings?

很抱歉。歡迎參加電話會議，麥克，感謝您回答我的問題。我的第一個問題是關於普拉提俱樂部的。鑑於高利用率和階級需求，為什麼不在填補市場方面採取更積極的措施，這可以說可以抓住增量需求，同時使競爭對手更難進入市場？尤其是考慮到 Club Pilates 工作室的回報已經非常高，所以我很好奇為什麼不更積極地開設單位？

Yeah, thanks. This is John. We plan to do just that. We think that there's a significant amount of white space remaining for Club Pilates. We're working with larger, more sophisticated franchisee investors.

是的，謝謝。這是約翰。我們計劃這樣做。我們認為，Club Pilates 仍有很大的發展空間。我們正在與規模更大、更成熟的特許經營投資者合作。

We just recently sold 60 pack of Club Pilates. And so we do -- we agree. We think that there's a lot of opportunity there. And these studios, each cohort consistently outperforms the previous years. And these studios get to a high level of productivity very, very quickly. And so it's a very strong business and we're bullish about the growth.

我們最近剛售出了 60 包 Club Pilates。我們也確實如此——我們同意。我們認為那裡有很多機會。這些工作室，每一代的表現都比前幾年更好。這些工作室很快就達到了很高的生產力水準。因此，這是一項非常強勁的業務，我們對其成長持樂觀態度。

Okay. And then you mentioned rolling out some marketing campaigns for Club Pilates for the first time ever. Can you just elaborate on the channels you plan to utilize, maybe what the level of initial spend could look like?

好的。然後您提到首次為 Club Pilates 推出一些行銷活動。您能否詳細說明您計劃使用的管道，以及初始支出水準是多少？

Sure. We're really looking at all different mediums. The spend is significant in the third and fourth quarter, over $20 million. And so we think that it's the right time to introduce a brand campaign to strengthen brand awareness and to really position Club Pilates as the leader in the space that it is.

當然。我們確實在研究所有不同的媒材。第三季和第四季的支出相當可觀，超過 2,000 萬美元。因此，我們認為現在是開展品牌活動以增強品牌知名度並真正將 Club Pilates 定位為該領域領導者的最佳時機。

Okay. And then John, maybe just help -- I mean, I apologize if I missed this earlier, but I was hoping you'd just bridge the current system sales guidance to the prior guidance. And how much of that is due to the divestitures and how much is due to expectations for softer sales at the core brands?

好的。然後約翰，也許只是幫忙——我的意思是，如果我之前錯過了這一點，我很抱歉，但我希望你只是將當前的系統銷售指導與之前的指導聯繫起來。其中有多少是因為資產剝離，又有多少是因為核心品牌銷售預期疲軟？

Yeah, I mean, $120 million of the drop in the guide is carving out CycleBar and Rumble. The balance is what you can consider the softness in how we see the back end of the year.

是的，我的意思是，指南中下降的 1.2 億美元用於剔除 CycleBar 和 Rumble。平衡點在於，你可以考慮我們如何看待今年年底的疲軟局面。

Ryan Meyers, Lake Street Capital Markets.

萊恩·邁耶斯 (Ryan Meyers)，Lake Street Capital Markets。

First one for me, John, how should we be thinking about the Fit Commerce partnership? It sounded like that won't be making an impact until 2026. But just so we get a good understanding of kind of the cost savings that that drives for you guys, I think that'd be helpful.

首先我想問的是約翰，我們該如何看待與 Fit Commerce 的合作關係？聽起來這要到 2026 年才會產生影響。但為了讓我們更了解這為你們帶來的成本節約，我認為這會有所幫助。

Sure, this is John Kawaja. So the deal is -- we're really excited about the deal. It kicks off on December 1. So, yes, most of the impact is going to be felt next year, although we will be selling essentially all of our retail inventory to Fit Commerce prior to the start of the deal.

當然，這是 John Kawaja。所以這筆交易是——我們對這筆交易感到非常興奮。活動將於 12 月 1 日開始。所以，是的，大部分影響將在明年顯現，儘管我們將在交易開始前將基本上所有的零售庫存出售給 Fit Commerce。

For modeling purposes, it's a $50 million minimum guaranteed royalty over five years. The first year is around [$7 million] and it scales up from there. And the payments happen monthly, so it would be helpful to cash flow in 2026 and beyond.

為了建模的目的，五年內保證的最低特許權使用費為 5000 萬美元。第一年的費用約為 700 萬美元，之後費用會逐漸增加。而且付款是按月進行的，因此這將有助於 2026 年及以後的現金流。

Okay, got it. And then now that you guys were able to get the SEC investigation resolved, does that help speed up the debt refinance at all?

好的，明白了。那麼，現在你們已經能夠解決美國證券交易委員會的調查，這是否有助於加速債務再融資？

Yeah. I mean, with the SEC behind us, our focus is gone or shifted over to starting the process of getting a refinancing done. So active in that space and looking to try and get something done as soon as we possibly can.

是的。我的意思是，在證券交易委員會的支持下，我們的重點已經轉移到啟動再融資流程。我們在該領域非常活躍，並希望盡快完成一些事情。

Richard Magnus, B. Riley Securities.

理查德·馬格努斯，B. Riley 證券。

I just have one question. In the past, you've tested different types of variations in studios, such as smaller units. So was wondering, are there any particular variations in these different studios or different brands, whether it's a smaller unit or specific arrangements or layouts within the studio that have been providing significantly greater efficiencies or other performance that you can talk about?

我只有一個問題。過去，您曾在工作室中測試過不同類型的變化，例如較小的單元。所以我想知道，這些不同的工作室或不同的品牌之間是否存在一些特殊的差異，無論是較小的單位還是工作室內的特定安排或佈局，這些都可以提供顯著更高的效率或其他性能，您可以談談嗎？

Yeah. There's a couple of things that we're looking at. We're ready to roll out -- we call them double wides, double Club Pilates essentially. Because of the really strong utilization in studio with that brand, we're really curious to see what that's going to drive.

是的。我們正在關注幾件事。我們已經準備好推出了——我們本質上稱之為雙寬、雙俱樂部普拉提。由於該品牌在工作室中的利用率非常高，我們非常好奇它會帶來什麼影響。

We've also begun the utilization of smaller footprint in StretchLab where we've gone to 8-bench studios as opposed to 10, which lowers construction costs, lowers ongoing rent, and makes it a better financial proposition for our franchisees with a smaller footprint.

我們也開始在 StretchLab 中利用較小的佔地面積，我們將工作室從 10 個改為 8 個，這降低了建築成本，降低了持續租金，並且為我們的特許經營商提供了更好的財務建議，因為佔地面積較小。

JP Wollam, ROTH Capital Partners.

JP Wollam，羅仕證券資本合夥公司。

If we could just start maybe on the kind of pricing opportunity. I just wanted to understand how much -- when you think about the different levers there, price, cancellation fees, tiers, how much is that an opportunity just for Club Pilates versus some of the other brands and maybe like just one of those levers is an opportunity for the other brands? Like, can you just kind of break that down?

如果我們可以從定價機會開始討論的話。我只是想了解一下——當你考慮到那裡的不同槓桿、價格、取消費、等級時，這對 Club Pilates 來說是一個多大的機會，相對於其他一些品牌來說又是一個多大的機會，也許其中一個槓桿對其他品牌來說是一個多大的機會？例如，你能簡單解釋一下嗎？

Yeah. We're focused on Club Pilates because of the high utilization in that brand. As we said, these studios get to a high level of productivity very quickly, which presents a challenge on same-store sales. The lever to push is pricing and monetization. And we're really curious about dynamic pricing. We think there's an opportunity to value the times of the day where the classes are most popular to create a model that will increase revenues.

是的。我們專注於 Club Pilates，因為品牌的使用率很高。正如我們所說，這些工作室很快就達到了高生產力水平，這對同店銷售提出了挑戰。推動的槓桿是定價和貨幣化。我們確實對動態定價很好奇。我們認為，有機會重視一天中課程最受歡迎的時間，以創建一個可以增加收入的模式。

As far as that thinking across other brands, of course, we look at pricing and we look at membership tiers across all of our brands. And we're always looking at those things. I think dynamic pricing is the area across really all of our business that has upside opportunity.

至於其他品牌的想法，當然，我們會考慮定價，並考慮所有品牌的會員等級。我們一直在關注這些事情。我認為動態定價是我們所有業務中真正具有上升機會的領域。

Great, thanks for the color. And then one more, maybe for you, Mark, maybe it's best for John with kind of the tenure, but as we just kind of think post-mortem on some of the divestitures, like what really are some of the biggest takeaways? Is it just come down to incorrect modality? Is it bad franchise operators that are drawn to the concept? What can you kind of share about your thoughts post the fact?

太好了，謝謝你的顏色。然後再問一個問題，也許對你來說，馬克，也許這對約翰的任期來說是最好的，但是當我們對一些資產剝離進行事後分析時，我們真正能得到的最大的收穫是什麼？這只是因為方式不正確嗎？是不是不良特許經營者被這個概念所吸引？能分享一下您的想法嗎？

I'll take a stab at that. I mean, my observation is we typically buy these brands with small footprints. And I think when you think about growing and distributing the brands, at times, the brand awareness around the concept and what it is becomes a challenge. Body Fit Training is a perfect example where you have a very successful brand that was international but very unknown in the US.

我會嘗試一下。我的意思是，我的觀察是，我們通常會購買這些足跡較小的品牌。我認為，當你考慮發展和分銷品牌時，有時圍繞概念和品牌本質的品牌知名度就會成為一個挑戰。Body Fit Training 就是一個很好的例子，它是一個非常成功的國際品牌，但在美國卻鮮為人知。

We had a concept that we introduced in Santa Monica, BFT. And rather than selling it out of like Southern California, creating a little bit of momentum, and then expanding it into other markets, we kind of just generally launched it across the US. So the awareness with consumers isn't there, and I think that these first generation of franchisees that got opened, they struggle. And then you kind of -- it's hard to get someone to want to buy when there's not validation in that second generation of prospective franchisees coming in. So I think that was probably one of the bigger challenges on some of the smaller brands.

我們在聖莫尼卡引入了一個概念，BFT。我們並沒有在南加州等地銷售，創造一點勢頭，然後將其擴展到其他市場，而是在美國各地推出。因此，消費者的意識還不存在，我認為這些第一代特許經營者在開業時會遇到困難。然後你就有點——當第二代潛在加盟商沒有得到認可時，很難讓人們願意購買。所以我認為這可能是一些小品牌面臨的更大挑戰之一。

Cycling as a modality, I think that one, that was a COVID-impacted modality. It was doing just as well as Club Pilates prior to COVID and just really didn't see the reramps. So I think there's both how you decide to grow some of these brands and then shifts in trends, shifts in consumers that could impact them. But for me, that's how I kind of view on some of the smaller ones we acquired.

我認為騎自行車是一種受新冠疫情影響的方式。在新冠疫情之前，它的表現和 Club Pilates 一樣好，只是沒有看到任何變化。所以我認為，既要考慮如何發展這些品牌，又要考慮趨勢的變化和消費者的變化可能會對它們產生影響。但對我來說，這就是我對我們收購的一些較小公司的看法。

Owen Rickert, Northland Capital Markets.

歐文‧里克特 (Owen Rickert)，北國資本市場 (Northland Capital Markets)。

This is Ben on for Owen. Are you seeing any change in churn or retention patterns post Q1 promotions, especially as those trial members transition into full memberships?

這是本，代替歐文。您是否看到第一季促銷活動後客戶流失或保留模式有任何變化，尤其是當試用會員轉為正式會員時？

No. As far as like memberships and as far as like trends around cancellations or freezes, no real shift in trend that's out of cycle for seasonality. You do typically see Q2 and Q3 being slower just because of the summer months, as I mentioned, with a lot of people on vacation or holiday. And that typically picks up late Q3.

不。就會員資格以及取消或凍結的趨勢而言，趨勢並沒有真正的轉變，這與季節性週期無關。正如我所提到的，你通常會看到第二季和第三季的成長放緩，因為夏季很多人都在度假或休假。這通常會在第三季末出現。

And again, Q4 and Q1 are usually your busiest quarter. So no off-trend shift in membership at this moment.

再次強調，第四季和第一季通常是最繁忙的季度。因此，目前會員人數並沒有偏離趨勢的變化。

Thank you. There are no further questions at this time. I'd like to pass the call back over to John for any closing remarks.

謝謝。目前沒有其他問題。我想將電話轉回給約翰，讓他做最後的總結發言。

Great, thank you. Thank you all for your time today. We look forward to meeting with many of you at the upcoming marketing events in September and again in November when we report our third-quarter results.

太好了，謝謝。感謝大家今天的寶貴時間。我們期待在 9 月即將舉行的行銷活動中與大家見面，並在 11 月報告第三季業績時再次與大家見面。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。