智能单车的市场反响

About a year ago, you had just announced this with Rye. That's a 1300 dollar smart bike to get more people on the app. Has it worked?

大约一年前，你们刚刚宣布了与 Rye 的合作。那是一款售价 1300 美元的智能单车，旨在吸引更多人使用该应用。这个产品奏效了吗？

Zwift 的硬件业务战略

Yeah. You know, we started the business as a software company, really? Discounting the hardware. We didn't want it to be in the hardware business, but it's just such an important part of the overall experience. And I think after, you know, years of working hard and investing in hardware, I think we really landed a product that resonates with with with the masses. So it's been very successful. This is our second year and the sales have been very, very strong so far.

是的。你知道，我们创办公司时，本质上是一家软件公司。我们并不看重硬件。我们本来不想涉足硬件业务，但它却是整体体验中至关重要的一部分。我认为，在多年辛勤工作和对硬件投入之后，我们终于推出了一款能引起大众共鸣的产品。因此，它非常成功。这是我们推出的第二年，到目前为止销售一直非常非常强劲。

硬件业务在用户入门中的作用

Well, talk to us a little bit about how strong they've been. Can you give us some idea in terms of growth year over year, what kind of momentum you're seeing, what kind of growth?

那么，能否和我们谈谈它们的表现有多强劲？在同比增长方面，您能给我们一些关于您所看到的增长势头和增长类型的信息吗？

Yeah. So, you know, the the hardware business is really just to help facilitate the onboarding. You know, we we probably spent the last ten years figuring out how to just remove friction in the whole onboarding and then getting customers to just get on zwift. So we see this as just a huge opportunity as we sort of widen the audience from, you know, sort of a core cycling enthusiast to a broader audience is just, you know, likes to ride bikes and like to exercise indoors. And cycling happens to be one of the the, you know, the one of the most the easiest and the safest and and one that is most enjoyable, I think, out of all the different activities that are out there.

是的。所以，你知道，硬件业务的真正作用是帮助简化入门流程。我们花了大约十年的时间来解决用户入门的全过程中的各种阻碍，然后让客户能够顺利使用 Zwift。因此，当我们把用户群体从核心的自行车爱好者扩展到更广泛的、喜欢骑自行车和室内锻炼的人群时，我们看到了巨大的机遇。我认为，在所有可行的锻炼方式中，骑行恰恰是最简单、最安全、也最令人愉悦的一种。

订阅和收入的增长

But in terms of growth, we are seeing really strong growth in our both in our subscription and our revenues. So yeah, we think that the hardware is an important aspect of that.

但在增长方面，我们的订阅和收入都实现了非常强劲的增长。所以，是的，我们认为硬件是其中一个重要方面。

硬件定价策略的演变

I think one of the early and early early investors that I spoke to, this is like almost ten years ago. He said to me that the right price point for this hardware, this is the, you know, the trainer part which you attach to the bike. Back then he said $500 is the right price point and it's taken us ten years, a lawsuit, lots of investment in hardware to finally get to that price point. And I can tell you that it's finally working. How much? Well, go ahead, Carol.

我记得大约十年前，我曾与一位早期投资者交谈过。他对我说，这款硬件——也就是您安装在自行车上的训练器部分——的理想价位是 500 美元。经过十年的努力、一次诉讼以及在硬件上的大量投入，我们终于达到了这个价位。我可以告诉你，这终于奏效了。

业务增长和盈利能力

He I know you're private company and so you don't deserve to reveal tons of metrics. But we are Bloomberg, You know, and I am curious about what kind of growth you've seen in terms of bike sales, because it does sound like it's an important part just or your top line overall how much it's growing. Yeah. So we've seen, you know, revenues grow, you know, double digit growth. You know, we're not we're sort of not in that phase of growing, doubling our business every year. We had a crazy, crazy growth during Covid years. I think now we're in sort of responsible growth. And I think, you know, over over the last few years, we sort of went through the painful adjustment of making sure that the the businesses right size and the business is really strong now. We're very profitable and we have, you know, plenty of capital to invest in all sorts of areas. It was a blessing that and, you know, it was a blessing that we were able to raise a lot of capital. I think capital is is the issue anymore. It's really just where do we want to place our our bets? And I think it's it's yeah, it's business the old fashioned way. Right.

我知道你们是私营公司，所以不必透露大量数据。但我们是彭博社，您知道，我对你们在自行车销售方面的增长感到好奇，因为这听起来对你们的整体营收至关重要，它增长了多少？是的。我们看到营收实现了两位数的增长。我们已经过了每年业务翻倍的阶段。在新冠疫情期间，我们经历了疯狂的增长。现在，我认为我们正处于一个负责任的增长阶段。在过去的几年里，我们经历了一个痛苦的调整过程，确保公司规模适中，现在公司非常强大。我们盈利能力很强，拥有充足的资本可以投资于各个领域。能够筹集到大量资金是一种幸运。我认为，现在资本不再是问题。关键在于我们想把赌注押在哪里。我认为这是老式的商业模式。

盈利的含义和未来展望

Well, it's funny that every time I've spoken to you year after year, you've said you don't have to raise more capital. You don't have to raise more capital. I think this is the first time I've heard you say that. You're very profitable, though. That's right. This isn't the first year we're profitable, but this is the first year we are, I'd say, profitable in a meaningful, meaningful sense. And that's because we've just become more efficient as a business. You know, we've made a number of mistakes in the past, and I think now we know where we're really good at and we're focusing on investing in those areas. And I think, you know, we're not going to start making spec of investments like we did back, you know, perhaps a few years ago.

有趣的是，我每年和你交流时，你都说不必再融资了。这是我第一次听到你这么说。尽管如此，你们的盈利能力非常强。没错。这不是我们第一次盈利，但可以说，这是我们第一次在有意义的、真正意义上实现盈利。这是因为我们作为一家企业变得更加高效。我们过去犯过一些错误，但我认为现在我们知道自己真正擅长什么，并专注于在这些领域进行投资。而且，我认为我们不会像几年前那样开始进行投机性投资。

IPO 的可能性

So does that mean an IPO is on the horizon? I think I think for us, we need some more time to grow into a story like that. I think what we just need to do is just create a great business, great product experience. And I think hardware is a big, big part of that. I think they're exciting. We have an exciting product roadmap both on the software and the hardware side. I think for us going forward, it's got to be side side to side by side, but our focus will remain for the foreseeable future around the experience of cycling.

那么，这意味着 IPO 即将到来吗？我认为我们需要更多时间来发展出适合 IPO 的故事。我认为我们现在需要做的就是打造一家优秀的企业，提供卓越的产品体验。而硬件是其中的重要组成部分。我们拥有令人兴奋的软件和硬件产品路线图。我认为未来，我们将并驾齐驱，但我们的重点将在可预见的未来围绕骑行体验展开。

人工智能驱动的个性化训练

So then so what does that roadmap look like? Well, I mean, there's just so much we can do on the on the on the product side, the product experience side. And II is something that we're really investing heavily in. I think, you know, many people show up unbeknownst to them, perhaps to get into shape. And I think we've done a I think we can do a much better job in demonstrating how they can improve quantified those metrics and showing progress. I think every is relative who shows up on this should be recommended the best content given what they've done. You know, perhaps the day before the week or the month before. So we're really investing in in training and personalised training. So this is where I comes in and this is something that we'll start delivering this fall.

那么，路线图是什么样的呢？我可以说，我们在产品和产品体验方面有很多可以做的事情。人工智能是我们大力投资的领域。我认为，很多人可能在不知不觉中是为了塑形而加入。我认为我们可以做得更好，展示如何量化他们的进步并显示成果。我认为，每个来到这里的人都应该根据他们过去（也许是前一天、上周或上个月）的锻炼情况，获得最佳的内容推荐。所以我们正在大力投资培训和个性化培训。这就是人工智能发挥作用的地方，我们将在今年秋季开始推出相关功能。

纽约市地图的推出

Hey, before we go, Eric, we've just got about a minute or under a minute. How does the new New York City map kind of fit into all of what you were saying? Well, you know, I'm a New Yorker, so I'm super excited. When we launched the business. We didn't start with Central Park, so we landed that a number of years ago. And this is the first expansion of the city. I'm really excited. We're we're going to Brooklyn, we're going to Times Square. And so this is a bit of nostalgia for me. This is my playground for for many, many years. So where we're here in New York, activating and launching the expansion.

嘿，在我们结束之前，Eric，我们只剩下一分钟左右的时间。新的纽约市地图如何契合您刚才所说的一切？我是纽约人，所以我非常兴奋。我们刚起步时，并没有从中央公园开始，所以我们几年前才添加了它。这是这座城市的一次扩张。我真的很兴奋。我们将前往布鲁克林，前往时代广场。这对我来说有点怀旧，因为这是我多年来的游乐场。所以，我们现在就在纽约，启动和发布这次扩展。