Beachbody Company, Inc (BODI) 2026 Q1 法說會逐字稿

Good afternoon. Thank you for attending today's Beachbody Company, Inc., first-quarter 2026 earnings conference call. My name is Elizabeth, and I will be your moderator for today's call. (Operator Instructions)

下午好。感謝各位參加 Beachbody Company, Inc. 2026 會計年度第一季財報電話會議。我是 Elizabeth，將擔任今天會議的主持人。（接線員指示）

I would now like to pass the conference over to your host, Bruce Williams, Managing Director of ICR. You may proceed, Bruce.

現在我想把會議交給今天的主持人 ICR 董事總經理 Bruce Williams。Bruce，請開始。

Welcome, everyone, and thank you for joining us for our first-quarter earnings call. With me on the call today are Mark Goldston, Executive Chairman of Beachbody Company; Carl Daikeler, Co-Founder and Chief Executive Officer; and Brad Ramberg, Interim Chief Financial Officer. Following the prepared remarks, we'll open the call up for questions.

歡迎各位，感謝大家參加我們的第一季財報電話會議。今天與我一同出席的有：Beachbody Company 執行董事長 Mark Goldston、共同創辦人兼執行長 Carl Daikeler，以及代理財務長 Brad Ramberg。管理層預備發言結束後，我們將開放提問。

Before we get started, I would like to remind you of the company's Safe Harbor language. Statements contained in this conference call, which are not historical facts, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual future results may differ materially from those suggested by such statements due to a number of risks and uncertainties, all of which are described in the company's filings with the SEC, which includes today's press release.

在開始之前，我想提醒各位注意公司「安全港」聲明。本次電話會議中所包含、非屬歷史事實的陳述，可能構成《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。由於多項風險與不確定性，實際未來結果可能與此類陳述所暗示者有重大差異；相關風險與不確定性均載於公司向美國證券交易委員會（SEC）提交的文件中，其中也包括今天的新聞稿。

Today's call will include references to non-GAAP financial measures such as adjusted EBITDA, net cash, and free cash flow, and a reconciliation of these non-GAAP financial measures to the most comparable GAAP financial measures is available within the earnings release, which can be found on our website.

今天的電話會議將提及若干非 GAAP 財務衡量指標，例如調整後 EBITDA、淨現金與自由現金流；這些非 GAAP 財務衡量指標與最可比 GAAP 財務衡量指標之調節表已載於財報新聞稿中，可於我們的網站查閱。

Now, I would like to turn the call over to Mark.

現在，我想把電話會議交給 Mark。

Thanks very much, Bruce, and good afternoon, everyone. Welcome to the BODi Q1 2026 earnings call. Last quarter, we reported our Q4 and full-year '25 results, a transformational year where we achieved positive operating income and adjusted net income for the first time since going public. Today, I'm pleased to report the momentum continued in Q1 of 2026.

非常感謝你，Bruce，各位下午好。歡迎參加 BODi 2026 年第一季財報電話會議。上一季我們公布了 2025 年第四季與全年業績；那是具有轉型意義的一年，我們在上市以來首次實現正的營業利益與調整後淨利。今天我很高興報告，這股動能在 2026 年第一季持續延伸。

Let me start with the numbers and the Q1 '26 financial highlights. Total revenue for Q1 was $54.3 million, which came in above the high end of our guidance. As a reminder, and as we've consistently noted, Q3 2026 will mark the first quarter where we can make direct year-over-year comparisons that fully reflect our new business model as the legacy MLM business will have completely cycled out of both periods.

我先從數字與 2026 年第一季財務重點談起。第一季總營收為 5,430 萬美元，高於我們財測區間的上緣。提醒各位，且如我們一再說明，2026 年第三季將是第一個能進行直接年對年比較的季度，因為屆時傳統 MLM 業務將在兩個比較期間中都已完全退出，能完整反映我們的新商業模式。

More importantly, we delivered our third consecutive quarter of net income at $2.3 million compared to a net loss of $5.7 million in Q1 of 2025. Operating income was $3.1 million, marking our third consecutive quarter of profitability on this metric. We posted our 10th consecutive quarter of positive adjusted EBITDA at $8 million, up from $3.7 million in the prior year, and gross margin remained strong at 71.8% and within our guidance.

更重要的是，我們連續第三季實現淨利，達 230 萬美元；相較之下，2025 年第一季為淨損 570 萬美元。營業利益為 310 萬美元，亦是此指標連續第三季維持獲利。我們連續第 10 季繳出正的調整後 EBITDA，達 800 萬美元，高於去年同期的 370 萬美元；毛利率維持強勁，為 71.8%，並落在我們的財測範圍內。

As of March 31, our cash balance was $36.6 million against outstanding debt principal of approximately $25 million, providing financial flexibility to execute our growth strategy. The operational discipline that we've built in over the past two-plus years is now embedded in how we run the business. We've lowered our EBITDA breakeven from over $900 million in 2022 to approximately $180 million currently, giving us tremendous operating leverage and the ability to invest strategically in growth initiatives without sacrificing profitability.

截至 3 月 31 日，我們的現金餘額為 3,660 萬美元，對應未償還債務本金約 2,500 萬美元，為執行成長策略提供了財務彈性。過去兩年多來建立的營運紀律，如今已內化為我們經營公司的方式。我們已將 EBITDA 損益兩平門檻從 2022 年超過 9 億美元，降至目前約 1.8 億美元，這讓我們具備可觀的營運槓桿，並能在不犧牲獲利能力的前提下，策略性投資於成長計畫。

As we discussed in March, 2026 is the year we're unleashing our innovation pipeline. With our strong balance sheet and substantially improved financial position, we've got the flexibility to fund our retail expansion and the innovation pipeline without compromising the financial discipline that delivered this turnaround.

如同我們在 3 月所討論的，2026 年是我們釋放創新產品管線的一年。憑藉強健的資產負債表與大幅改善的財務狀況，我們有彈性在不影響帶來此次轉虧為盈之財務紀律下，為零售擴張與創新管線提供資金。

The cornerstone of our growth strategy is a pivot towards a heavier emphasis on nutrition, and that will be executed through an omnichannel strategy spanning direct-to-consumer to retail distribution. This represents entry into a nutrition products category with a market opportunity that is more than 12 times the size of the digital fitness category. We're bringing iconic brand names like P90X and Insanity and Shakeology to retail with very high aided brand awareness.

我們成長策略的基石，是轉向更強調營養品類，並將透過涵蓋直面消費者到零售通路的全通路策略來落地執行。這代表我們進入營養產品品類，其市場機會規模是數位健身品類的 12 倍以上。我們將把 P90X、Insanity 與 Shakeology 等具代表性的品牌帶進零售通路，且其輔助品牌知名度（aided brand awareness）非常高。

Now we're freed from the MLM commission constraints, and we can price our new nutritional products at dramatically lower price points than we have done in the past.

如今我們已不再受 MLM 佣金結構的限制，得以將新營養產品的定價設定在遠低於過去的價位。

And in the case of Shakeology, we can utilize a much smaller form factor, the seven-serving size, which will give us a $34.95 retail price point versus our previous price point, which was $129 for a 30-serve pack. This represents a significant opportunity for us.

以 Shakeology 為例，我們可以採用更小的包裝規格，也就是 7 份量包裝，讓零售定價為 34.95 美元；相較之下，我們過去 30 份量包裝的價格為 129 美元。這對我們而言代表一個重大的機會。

As many of you may know, in my career, I've got a long history in the consumer products or CPG industry from my days at Johnson & Johnson and Bristol-Myers, Clarel, Chesebrough-Pond's, Revlon, and as President of Fabberget, which became Fabberget Elizabeth Arden. And I got background at Reebok, L.A. Gear and the huge flower company, FTD. I've been responsible for the creation and/or marketing of billions of dollars' worth of some of the most successful consumer products of all time sold through retail distribution. And that's one of our major areas of expansion that I brought to body.

如各位所知，我的職涯在消費性產品（CPG）產業有很長的經歷，從我在 Johnson & Johnson 與 Bristol-Myers、Clarel、Chesebrough-Pond's、Revlon 的日子，到擔任 Fabberget 總裁（後來成為 Fabberget Elizabeth Arden）。我也曾在 Reebok、L.A. Gear，以及大型花卉公司 FTD 任職。我曾負責透過零售通路銷售、創造與／或行銷累計數十億美元規模、史上最成功的一些消費性產品。這也是我帶到 body 的主要擴張方向之一。

The process of submitting samples through our broker sales organization, Advantage Solutions, securing buyer commitments and then waiting for the retailer shelf set planogram to be updated is about a 6- to 12-month process with inflexible adherence dates. We're right now in the midst of that process. And over the next 60 to 90 days, we expect to see which retailers will be adding Shakeology and the P90X line of nutritional supplements.

透過我們的經紀商銷售組織 Advantage Solutions 提交樣品、取得採購方承諾，接著等待零售商貨架配置（planogram）更新的流程，通常需要約 6 到 12 個月，且有固定且不可彈性調整的上架時程。我們目前正處於該流程之中。未來 60 到 90 天內，我們預期將看到哪些零售商會新增上架 Shakeology 與 P90X 系列營養補充品。

Look, I'm sure you've seen the recent state of acquisitions in the CPG industry, whether it be Fuel, Grooms, Bloom, Alani, Poppy, and a host of other companies that have sold for between $1 billion to $2 billion in the past year with brand names that while we have great respect for, are not nearly as well known as the P90X and even Shakeology brand names. So the potential for creating massive brand equity value for shareholders of body within the nutritional supplement and energy drink industry for body is potentially the single-largest mid- to long-term opportunity that we've got at the company.

各位應該也看到近期 CPG 產業的併購情況，無論是 Fuel、Grooms、Bloom、Alani、Poppy，以及其他許多公司，在過去一年以 10 億到 20 億美元的價格出售。這些品牌我們非常尊重，但其知名度遠不及 P90X，甚至也不及 Shakeology。因此，對 body 而言，在營養補充品與能量飲料產業中為股東創造龐大品牌權益價值的潛力，可能是公司中期到長期最大的單一機會。

Speaking of securing retail distribution, last week, we announced that Shakeology will be carried in more than 80 Sprouts Farmers Market stores around the country, starting in late May, early June. And we just secured a partnership with KeHE Distributors, which is one of the two largest distributors of natural organic and fresh products to the grocery industry. And this will give us the opportunity to reach the 30,000 grocery, supermarket, and online channels that are covered by the KeHE distribution network.

談到取得零售通路，上週我們宣布 Shakeology 將於全美超過 80 家 Sprouts Farmers Market 門市上架，預計自 5 月下旬、6 月上旬開始。此外，我們也剛與 KeHE Distributors 達成合作；KeHE 是雜貨通路中兩大天然、有機與生鮮產品經銷商之一。這將讓我們有機會觸及 KeHE 配送網絡所覆蓋的 30,000 個雜貨店、超市與線上通路。

And in late-breaking news, we just announced in a press release yesterday that Shakeology will now be carried by Vitamin Shoppe across its more than 640 stores all over the USA later this year, with Vitamin Shoppe taking all five of the Shakeology flavor variants in our new seven-serve $34.99 retail price packaging. This exciting news, along with the Sprouts Farmers Market news and the KeHE distribution deal, will mark the first time that Shakeology, which is a $4 billion cumulative sales brand with more than 1 billion cumulative servings, the first time it will be available in retail stores across the USA.

另外一則最新消息：我們昨天在新聞稿中宣布，Shakeology 將於今年稍晚在 Vitamin Shoppe 全美超過 640 家門市上架；Vitamin Shoppe 將引進 Shakeology 全部五種口味，採用我們新的 7 份量、建議零售價 34.99 美元的包裝。這項令人振奮的消息，加上 Sprouts Farmers Market 的上架消息與 KeHE 的經銷合作，將標誌著 Shakeology（累計銷售額達 40 億美元、累計供應超過 10 億份的品牌）首次能在全美零售門市買到。

On the next quarterly earnings call, we hope to have an update on more exciting retail partners for the Shakeology brand and new retailers signed up to carry the P90X line of supplements and the retail stores who will be carrying the Insanity and P90X energy drinks in the Southern California test market will be running later this summer.

在下一次季度財報電話會議上，我們希望能更新更多令人振奮的 Shakeology 零售合作夥伴進展，以及更多簽約上架 P90X 補充品系列的新零售商；同時，我們也將更新今年夏末在南加州測試市場進行的 Insanity 與 P90X 能量飲料上架零售門市的相關資訊。

One of the truly unique and compelling aspects of the new body retail distribution initiative as a consumer product company is that we fundamentally created a virtual consumer products company.

作為一家消費性產品公司，全新身體零售通路分銷計畫真正獨特且極具吸引力的一點在於：我們從根本上打造了一家虛擬的消費性產品公司。

So what do I mean by that? Well, we've outsourced virtually every aspect of our supply chain and distribution infrastructure. Manufacturing is outsourced to best-in-class contract manufacturers. Sales and retail distribution are managed through our outside partner, Advantage Solutions.

那我這麼說是什麼意思？簡單說，我們幾乎把供應鏈與分銷基礎設施的每一個環節都外包了。製造外包給同級最佳的代工製造商。銷售與零售通路分銷則由我們的外部合作夥伴 Advantage Solutions 負責管理。

Fulfillment and logistics of all of the retail orders are handled by a third-party logistics provider or a 3PL, and we're evaluating the use of purchase order financing and accounts receivable factoring to optimize our working capital as it relates to the retail project.

所有零售訂單的履約與物流由第三方物流供應商（3PL）處理；同時，我們也在評估採用採購訂單融資（purchase order financing）與應收帳款保理（accounts receivable factoring），以就零售專案相關的營運資金進行最佳化。

What we keep in-house are the core competencies that drive our competitive advantage. Those are marketing, brand management, product innovation, and R&D.

我們留在內部的，是能驅動競爭優勢的核心能力：行銷、品牌管理、產品創新，以及研發（R&D）。

So this asset-light model gives us exceptional financial flexibility, minimal capital requirements and importantly, the ability to scale rapidly without proportional increases in fixed costs since this structure moves the majority of those costs to a variable base cost based on usage and demand.

因此，這種輕資產模式帶來卓越的財務彈性、極低的資本需求；更重要的是，由於此架構將大多數成本轉為依使用量與需求而定的變動基礎成本，我們得以在固定成本不按比例增加的情況下快速擴張。

So in conclusion, our financial turnaround has created massive operating leverage, giving us the ability to invest strategically in high-return initiatives while maintaining profitability. We're excited about the opportunities ahead, particularly as we move into the second half of 2026 and then beyond.

總結來說，我們的財務轉型創造了巨大的營運槓桿，使我們能在維持獲利的同時，策略性地投資於高報酬的計畫。我們對未來的機會感到振奮，尤其是在邁入 2026 年下半年以及之後。

This year marks the opening of our nutritional innovation pipeline. We are actively in the process of developing new products, securing retail placement, and building market acceptance. While we expect to see initial traction in the second half of 2026, the substantial yield from these initiatives will materialize in 2027 and beyond as our retail presence expands and our multichannel strategy fully takes hold.

今年標誌著我們營養創新產品管線的啟動。我們正積極開發新產品、爭取零售上架位置並建立市場接受度。雖然我們預期在 2026 年下半年會看到初步動能，但這些計畫的顯著成果將在 2027 年及之後逐步顯現，隨著我們的零售版圖擴大、以及多通路策略全面發揮效益。

We've built a resilient financial foundation that positions us to capitalize on significant growth opportunities in both nutrition and digital fitness, and we're taking a disciplined, methodical approach to ensure we execute this transition successfully.

我們已建立具韌性的財務基礎，使我們能把握營養與數位健身兩大領域的重大成長機會；同時，我們也採取嚴謹且循序漸進的方法，確保成功執行這次轉型。

I'll now turn it over to Carl to discuss our operational progress and product innovation strategy. Carl?

接下來我把時間交給 Carl，請他說明我們的營運進展與產品創新策略。Carl？

Thanks, Mark. Our Q1 results demonstrate the operational momentum we've been building throughout 2025 and into early 2026. The financial discipline we've established has created an extremely efficient platform with leverage to execute against a compelling innovation pipeline across multiple sales channels.

謝謝，Mark。我們第一季（Q1）的成果展現了我們在 2025 年一路累積、並延續到 2026 年初的營運動能。我們建立的財務紀律打造出一個極為高效率、具槓桿效益的平台，能在多個銷售通路上推進一條極具吸引力的創新產品管線。

P90X Generation -- next launched in early February to a packed house of media and influencers in New York City, generating millions of impressions in both earned and paid media. Early response from our subscriber base has been very enthusiastic, and we're now gathering the success stories from the first wave of participants.

P90X Generation -- next 於 2 月初在紐約市向滿場媒體與網紅正式推出，在自來與付費媒體上創造了數百萬次曝光。我們的訂閱用戶早期反應非常熱烈，目前也正在蒐集第一波參與者的成功故事。

That's especially important as we launched our branded nutritional line extensions into P90X supplements, which will be sold direct-to-consumer on Amazon, TikTok shops, as Mark mentioned, at retail, including an entire ready-to-drink line of P90X energy drinks. This is a really big deal with very special formulations, which live up to the reputation of the best-selling extreme home fitness program of all time.

這點尤其重要，因為我們已將自有品牌的營養產品延伸推出至 P90X 補充品系列，將以 DTC（直接面向消費者）的方式在 Amazon、TikTok 商店銷售，並如 Mark 所提及，也會進入零售通路；其中還包含完整的即飲（ready-to-drink）P90X 能量飲料系列。這是一件非常重大的事，配方非常特別，足以匹配史上最暢銷的極限居家健身計畫的口碑。

We've launched a P90X preworkout, P90X hydration, P90X creatine, P90X recovery protein, and P90X fast-acting energy that can be used to fuel longer training sessions or in my case, for a midday boost of energy. Each SKU in the line has something called a P90X factor, a proprietary aspect of the formulation, which makes it fast-acting, potent and effective so you get the performance benefits as promised.

我們已推出 P90X 運動前補給（preworkout）、P90X 補水（hydration）、P90X 肌酸（creatine）、P90X 修復蛋白（recovery protein），以及 P90X 速效能量（fast-acting energy），可用於支撐更長時間的訓練課程，或像我一樣在中午需要提神時使用。此系列的每個 SKU 都具備所謂的 P90X factor——配方中的專有要素，使其起效快、效力強且有效，讓你如承諾般獲得表現提升的效益。

The P90X supplement line launched with our long overdue transition over to the Shopify e-commerce platform, which will make it easier for us to offer special bundle configurations, subscribe and save discounts, and improve AOV using Shopify's ad-to-cart recommendation engine. Combine these entire new product lines with the new ease of shopping and thousands of success stories coming in from the first wave of P90X generation next users, we expect that to propel momentum of the fitness program and the P90X supplement line in every channel over the next 12 months.

P90X 補充品系列上市的同時，我們也終於完成轉移至 Shopify 電商平台，讓我們更容易提供特殊組合套裝、訂閱省（subscribe and save）折扣，並透過 Shopify 的「廣告到加購」（ad-to-cart）推薦引擎提升 AOV（平均訂單金額）。把這些全新產品線，與更便利的購物體驗，以及第一波 P90X generation next 用戶湧入的數千則成功故事結合起來，我們預期在未來 12 個月內，將推動健身計畫與 P90X 補充品系列在各通路的動能。

Meanwhile, the 10-minute body initiative continues to gain traction. The category of microdose fitness, which we launched under the 10-minute body brand just before Christmas, continues to be a very popular program on the platform.

同時，10-minute body 計畫持續獲得更多關注。我們在聖誕節前以 10-minute body 品牌推出的「微劑量健身」（microdose fitness）類別，仍然是平台上非常受歡迎的方案。

Since our last call, we've expanded the catalog with three new targeted programs, 10-minute speed train by Joel Freeman, 10-minute active aging led by Debbie Sievers for those 60 and older, who'll recognize Debbie from her recent appearance on ABC's Golden Bachelor. She is also one of the first super trainers to help us launch the company. We also just launched the 10-minute GLP-1 fitness formula, specifically designed to help people on GLP-1 medications to build and preserve muscle mass. The platform now features over 400 science-backed 10-minute workouts. And this high-volume, low-price subscription at $10 a month is successfully opening up our addressable market to the over 185 million Americans who are overweight or obese and may be intimidated by longer workout programs.

自上次電話會議以來，我們新增了三個新的針對性課程，擴充了內容庫：由 Joel Freeman 推出的 10-minute speed train；由 Debbie Sievers 帶領、專為 60 歲以上族群設計的 10-minute active aging——看過她近期在 ABC《Golden Bachelor》亮相的人應該會認得她。她也是協助我們創立公司時的第一批超級教練之一。我們也剛推出 10-minute GLP-1 fitness formula，專為使用 GLP-1 藥物的人設計，幫助建立並維持肌肉量。平台目前提供超過 400 支以科學為基礎的 10 分鐘訓練。這種高量、低價的訂閱方案每月 10 美元，正成功將我們的可觸及市場擴大到超過 1.85 億名過重或肥胖的美國人——他們可能會被較長的訓練課程嚇退。

Okay. Looking ahead to the summer, we have a new Super Trainer joining us, Chase Collect, with the brand-new 30-day booty Boost program launching in June. This has been one of the most requested additions to the catalog by subscribers and prospects and we'll integrate the P90X supplement line to help people get the maximum gains from the program where it counts using the pre-workout, P90X creatine and P90X protein. And that's exactly how nutrition has been fundamental to our success since we founded the company, helping people get the best results from their effort.

展望今年夏天，我們將迎來一位新的超級教練 Chase Collect，並於 6 月推出全新的 30 天 Booty Boost 計畫。這一直是訂閱者與潛在客戶最常要求加入內容庫的項目之一；我們也會整合 P90X 補充品系列，透過運動前補給、P90X 肌酸與 P90X 蛋白，幫助大家在最關鍵的地方把訓練成效最大化。這也正是營養自公司創立以來一直是我們成功基石的原因——幫助人們把努力轉化為最佳成果。

And Shakeology, the world's first superfood protein shake, which we launched in 2009, is probably our most significant nutrition innovation in the company's history. To put that in perspective, during our peak revenue years, fitness programs accounted for roughly one-third of total revenue, while nutrition drove about two-thirds, largely driven by Shakeology.

而 Shakeology——全球第一款超級食物蛋白奶昔——我們於 2009 年推出，可能是公司史上最重要的營養創新。為了讓大家更有概念，在我們營收高峰期，健身課程約占總營收的三分之一，而營養品約貢獻三分之二，其中很大一部分由 Shakeology 帶動。

Now that we're freed from the margin and distribution constraints of the network marketing model, we can offer all our supplements, whether it's Shakeology, P90X, or other brands, all at more accessible price points with healthy margins, dramatically expanding our opportunities to grow and scale in multiple sales channels like Amazon, TikTok shops, and retail, as Mark outlined.

如今我們不再受限於直銷（network marketing）模式的毛利與通路限制，我們可以把所有補充品——無論是 Shakeology、P90X 或其他品牌——以更親民的價格提供，同時維持健康的毛利，並大幅擴展我們在 Amazon、TikTok 商店與零售等多個銷售通路的成長與規模化機會，如 Mark 所概述。

But what makes this nutrition expansion especially compelling is how it transforms our customer engagement and results model. Our data continues to show that we scale customer acquisition at a lower cost when offering nutrition first and bundling fitness with it as opposed to offering digital fitness first. I believe that's because of the significant size of the nutrition market and the ease of consumption relative to the decision to start a new fitness program.

但讓這次營養擴張特別有吸引力的，是它如何改變我們的客戶互動與成果交付模式。我們的數據持續顯示：相較於先推數位健身，我們在「先提供營養、再把健身打包搭售」的情境下，能以更低的成本擴大獲客規模。我認為原因在於營養市場規模龐大，且相較於決定開始一個新的健身計畫，營養品的消費門檻更低、更容易被接受。

By leading with nutrition in this substantially larger category, we can attract customers through a wider top of the funnel than introduce them to our digital fitness platform through free trial offers. Every customer who enters the ecosystem with a nutrition purchase is offered a free trial to join the Fitness platform, a major value add and a competitive advantage in the massive supplement market.

透過在這個更大的品類中以營養作為切入點，我們能以更寬的漏斗頂端吸引客戶，接著再透過免費試用方案把他們導入我們的數位健身平台。每一位因購買營養品而進入生態系的客戶，都會獲得加入健身平台的免費試用——這是重要的加值服務，也是我們在龐大補充品市場中的競爭優勢。

This nutrition-first approach with fitness second enables us to deliver the total solution, the unique combination of comprehensive lifestyle change that has consistently driven our best customer results over nearly three decades. We think this construct could be especially potent for the digital app experience now that we've just launched the ability to add up to four additional profiles to membership, meaning anyone who's in a free trial of the digital app can invite up to four members of their household to set up their own profile under the same membership at no extra cost. This can help overall conversion as more household use should translate into retention.

這種「營養優先、健身其次」的方法，讓我們能交付完整解決方案——也就是近三十年來持續帶來最佳客戶成果的、全面生活型態改變的獨特組合。我們認為，現在這個架構對數位 App 體驗可能特別有威力，因為我們剛推出會員可新增最多四個額外個人檔案的功能；也就是說，任何正在使用數位 App 免費試用的人，都可以邀請最多四位同住家人，在同一個會員資格下建立各自的個人檔案，且不需額外費用。隨著家庭使用人數增加，整體轉換率可望提升，因為更多家庭使用通常會帶動留存。

And what follows, of course, is more people using the body app in the household means more people who would likely consume our P90X supplements, our preworkouts, Shakeology, and so on in order to maximize their results. All of these improvements work together to optimize our marketing model that will drive traffic across multiple channels and improve the customer experience at every touch point. And all of this should position us well to build on the momentum of our turnaround.

而接下來，當然是同一個家庭中有更多人使用 body 應用程式，意味著更可能有更多人會為了最大化成果而消費我們的 P90X 補充品、運動前補給、Shakeology 等等。所有這些改善相互配合，以優化我們的行銷模式，將帶動多渠道流量，並在每一個接觸點提升客戶體驗。而這一切都應能讓我們處於有利位置，在我們扭轉局勢的動能之上再接再厲。

Now, I'll turn it over to Brad Ramberg, our CFO, to walk you through the Q1 financial details and our guidance for Q2. Brad?

現在，我把時間交給我們的財務長 Brad Ramberg，請他帶各位了解第一季的財務細節以及我們對第二季的指引。Brad？

Thank you, Carl, and thank you, everyone, for joining the call today. I will review our Q1 results and provide our outlook for the second quarter of 2026. We continue to make significant progress on our transformation and on driving operating efficiencies.

謝謝你，Carl，也謝謝各位今天參加這通電話會議。我將回顧我們第一季的業績，並提供我們對 2026 年第二季的展望。我們在轉型以及提升營運效率方面持續取得顯著進展。

For the quarter, we exceeded the high end of our guidance for revenue, net income, and adjusted EBITDA. We generated our third consecutive quarter of net income and operating income and our 10th consecutive quarter of positive adjusted EBITDA.

就本季而言，我們的營收、淨利以及調整後 EBITDA 皆超越指引區間的上緣。我們已連續第三季實現淨利與營業利益，並連續第十季達成正的調整後 EBITDA。

For the quarter, total revenues of $54.3 million declined 2.3% sequentially and declined 25% year over year, better than expectations as we continue to execute on our strategic transformation. Revenues continue to be impacted in the near term by a shift from a multilevel marketing platform to our current omnichannel model.

本季總營收為 5,430 萬美元，較前一季下滑 2.3%，較去年同期下滑 25%，但優於預期，因為我們持續執行策略轉型。短期內營收仍受到從多層次行銷平台轉向目前全通路模式的影響。

Moving to digital and nutrition and other revenues. It's important to reiterate that the year-over-year decline continues to be heavily influenced by remnant revenue from the formal MLM legacy business, which was shut down December 31, 2024. Therefore, there's a component of MLM legacy digital and nutrition revenue that will remain through the first half of this year.

接著談數位、營養及其他營收。需要再次強調的是，年對年下滑仍深受正式 MLM 傳統業務的殘餘營收影響；該業務已於 2024 年 12 月 31 日關閉。因此，仍有一部分來自 MLM 傳統的數位與營養營收會延續到今年上半年。

As we move to Q3 of 2026, we will be able to show a direct year-over-year comparison because the remaining legacy revenue associated with the former MLM will have burned off and those who remain from that cohort will become part of the body new business model revenue base.

當我們進入 2026 年第三季時，我們將能呈現直接的年對年比較，因為與前 MLM 相關的剩餘傳統營收將會消退，而該族群中仍留下來的客戶將成為 body 新商業模式營收基礎的一部分。

To be clear, this is not to suggest that we're projecting year-over-year revenue growth in Q3 of '26. We are not providing guidance for Q3 of 2026 as that will occur on our next earnings release.

需要說清楚的是，這並不是在暗示我們預期 2026 年第三季會出現年對年營收成長。我們不提供 2026 年第三季的指引，因為那將在下一次財報發布時提供。

Now note, the direct year-over-year comparisons I'm about to disclose for digital and nutrition revenue are still skewed by the fact that the 2026 numbers reflect the new business model versus the 2025 numbers, which still had a major component of revenue that was part of the legacy MLM.

另外請注意，我接下來要揭露的數位與營養營收之直接年對年比較，仍會因為 2026 年數字反映的是新商業模式，而 2025 年數字仍包含相當大一部分來自傳統 MLM 的營收而有所偏斜。

Digital revenue decreased 2.1% sequentially to $33.6 million and 21.8% year over year. Digital revenues reflect continued pressure on our digital subscriptions, which decreased 6.9% quarter-over-quarter to approximately $810,000 and declined 20.6% compared to the same period a year ago.

數位營收較前一季下滑 2.1% 至 3,360 萬美元，較去年同期下滑 21.8%。數位營收反映我們的數位訂閱持續承壓；數位訂閱較上一季下滑 6.9% 至約 81 萬，並較去年同期下滑 20.6%。

Nutrition and other revenue decreased 2.5% from the prior quarter to $20.7 million and decreased 27.7% year over year. Nutrition subscriptions decreased 25% sequentially to approximately 60,000 and fell 18.5% year over year.

營養及其他營收較前一季下滑 2.5% 至 2,070 萬美元，較去年同期下滑 27.7%。營養訂閱較前一季下滑 25% 至約 60,000，並較去年同期下滑 18.5%。

As our business evolves into an omnichannel model, generating higher one-time sales and retail sales, the subscription metric will be a less relevant KPI.

隨著我們的業務演進為全通路模式，帶來更多一次性銷售與零售銷售，訂閱指標將會成為較不相關的 KPI。

Digital gross margin was 87.4%, increasing 10 basis points sequentially and up 190 basis points from prior year. Our digital gross margin was in line with our target. The continued strength in year-over-year gross margin was primarily due to a decrease in digital content amortization and depreciation due to more disciplined production and fixed asset spending.

數位毛利率為 87.4%，較前一季增加 10 個基點，較去年同期增加 190 個基點。我們的數位毛利率符合目標。年對年毛利率持續走強，主要是因為在更嚴謹的製作與固定資產支出管理下，數位內容攤銷與折舊下降。

Nutrition and other gross margin was 46.7%, decreasing 700 basis points sequentially and down 640 basis points versus last year. Nutrition and other gross margin was in line with our target. As a reminder, Q4 2025 nutrition gross margin of 53.7% included certain one-time benefits. Exclusive of those benefits, nutrition and other gross margins declined 390 basis points sequentially. The decrease in nutrition and other gross margin was primarily due to inventory adjustments in the current quarter.

營養及其他毛利率為 46.7%，較前一季下降 700 個基點，較去年同期下降 640 個基點。營養及其他毛利率符合目標。提醒一下，2025 年第四季營養毛利率 53.7% 包含某些一次性利益；若排除這些利益，營養及其他毛利率較前一季下降 390 個基點。營養及其他毛利率下降主要是因為本季的存貨調整。

Consolidated Q1 gross margins were 71.8%, reflecting a decrease of 270 basis points sequentially, but an increase of 60 basis points compared with the prior year. We're pleased to report that consolidated gross margin remained within our target gross margin range.

合併第一季毛利率為 71.8%，較前一季下降 270 個基點，但較去年同期增加 60 個基點。我們很高興地報告，合併毛利率仍維持在我們的目標毛利率區間內。

Operating expenses for the quarter increased 8.2% sequentially and declined 35% year over year to $35.9 million. Selling and marketing expense as a percent of revenue increased 230 basis points over the prior quarter. The increase from the prior quarter was due to planned higher advertising spend and new product launch expense. Selling and marketing expense declined 820 basis points year over year to 34.6%.

本季營業費用較前一季增加 8.2%，較去年同期下降 35% 至 3,590 萬美元。銷售與行銷費用占營收比重較前一季增加 230 個基點；較前一季增加主要是因為計畫性的較高廣告投放以及新產品上市費用。銷售與行銷費用占比年對年下降 820 個基點至 34.6%。

The significant improvement over prior year stems from eliminating MLM seller compensation following our December 31, 2024 exit from the multilevel marketing channel. Enterprise technology and development expense was 17.3% of revenue, up 160 basis points sequentially and declined 10 basis points year over year.

相較去年同期的大幅改善，源自於我們在 2024 年 12 月 31 日退出多層次行銷通路後，取消了 MLM 銷售人員的報酬。企業技術與開發費用占營收比重為 17.3%，較前一季上升 160 個基點，較去年同期下降 10 個基點。

As a reminder, Q4 2025's enterprise technology and development expense of 15.7% included certain onetime benefits. Excluding these benefits, enterprise technology and development expense increased 40 basis points sequentially.

提醒一下，2025 年第四季企業技術與開發費用占比 15.7% 包含某些一次性利益；若排除這些利益，企業技術與開發費用占比較前一季增加 40 個基點。

G&A was 14.2% of revenue, increasing 240 basis points sequentially. As a reminder, Q4 2025 G&A expense of 11.8% included certain one-time benefits. Excluding these benefits, G&A expense increased 70 basis points sequentially. G&A declined 190 basis points from the prior year due to a decrease in personnel-related expenses and professional fees.

一般及行政（G&A）費用占營收比重為 14.2%，較前一季增加 240 個基點。提醒一下，2025 年第四季 G&A 費用占比 11.8% 包含某些一次性利益；若排除這些利益，G&A 費用占比較前一季增加 70 個基點。由於人員相關費用與專業服務費下降，G&A 較去年同期下降 190 個基點。

Operating income for the quarter was $3.1 million compared to a loss of $3.7 million in the prior year, marking our third consecutive quarter of operating income.

本季營業利益為 310 萬美元，去年同期為虧損 370 萬美元，這也標誌著我們連續第三季實現營業利益。

Net income for the quarter was $2.3 million compared to a net loss of $5.7 million in the prior year, marking our third consecutive quarter of net income. Adjusted net income was $2.5 million for the quarter versus a $5.1 million adjusted net loss in the prior year. Adjusted EBITDA was $8.0 million compared to $12.9 million sequentially and $3.7 million in the prior year, marking our 10th consecutive quarter of positive adjusted EBITDA.

本季淨利為 230 萬美元，去年同期為淨損 570 萬美元，這也標誌著我們連續第三季實現淨利。本季調整後淨利為 250 萬美元，去年同期為調整後淨損 510 萬美元。調整後 EBITDA 為 800 萬美元，較前一季的 1,290 萬美元下降，較去年同期的 370 萬美元增加，並標誌著我們連續第十季達成正的調整後 EBITDA。

Now turning to the balance sheet. Our cash balance was $36.6 million compared to $39.0 million in the prior quarter and $18.1 million last year. Our net cash position was $13.0 million. Cash used in operations for the quarter was $1.0 million compared to cash generated from operations of $2.3 million in the prior year. Free cash flow was negative $1.7 million compared to positive $1.6 million in the prior year.

接著看資產負債表。我們的現金餘額為 3,660 萬美元，前一季為 3,900 萬美元，去年為 1,810 萬美元。我們的淨現金部位為 1,300 萬美元。本季營運活動使用現金為 100 萬美元，去年同期營運活動產生現金為 230 萬美元。自由現金流為負 170 萬美元，去年同期為正 160 萬美元。

Now turning to our second-quarter guidance. While we're pleased with the execution of our transformation, I want to reiterate that this guidance should not be compared to Q2 of 2025 because Q2 of 2025 still had revenue recognized from the legacy MLM model.

接著談我們對第二季的指引。雖然我們對轉型執行成果感到滿意，但我想再次強調，這份指引不應與 2025 年第二季相比，因為 2025 年第二季仍認列了來自傳統 MLM 模式的營收。

We continue to drive operating leverage, and we're excited about the opportunities ahead. We have a stronger balance sheet, a sustainable and viable long-term business model that allows us to grow without the structural impediment of the previous MLM model. However, we're still in the early stages of the new distribution model, and it will take time to develop traction in these new lines of business.

我們持續推動營運槓桿，也對未來機會感到振奮。我們擁有更強健的資產負債表，以及可持續、可行的長期商業模式，使我們能在不受先前 MLM 模式結構性阻礙的情況下成長。然而，我們仍處於新分銷模式的早期階段，這些新業務線要建立動能仍需要時間。

As a reminder, the tail of our legacy business is winding down, and we expect that the first time we'll be able to do a year-over-year comparison of our new business model will be comparing Q3 of '26 to Q3 of '25. We expect second-quarter revenues to be in the range of $46 million to $51 million, net income to be in the range of negative $3 million to breakeven, and adjusted EBITDA to be in the range of $3 million to $6 million.

提醒一下，我們傳統業務的尾端正在逐步收尾，我們預期首次能以新商業模式進行年對年比較，將會是比較 2026 年第三季與 2025 年第三季。我們預期第二季營收將落在 4,600 萬至 5,100 萬美元區間，淨利將落在負 300 萬美元至損益兩平區間，調整後 EBITDA 將落在 300 萬至 600 萬美元區間。

For the quarter, we anticipate revenues to approximate 60% digital and 40% nutrition and other. However, in line with the strategies we articulated on this call, we currently expect a shift by the end of 2026 to a larger percentage of our business being in nutrition and the attendant margins that come along with it.

就本季而言，我們預期營收約為 60% 來自數位、40% 來自營養與其他。不過，依照我們在本次電話會議中闡述的策略，我們目前預期到 2026 年底，我們的業務組合將轉向由營養占比更高，並帶來相應的毛利率水準。

For the quarter, our digital gross margin target is expected to be in the range of 86% to 88%. Our nutrition and other gross margin target is forecasted to be in the 43% to 47% range, which is in line with our volume expectations and certain promotional efforts planned. Our total gross margin target is expected to be in the 69% to 72% range.

就本季而言，我們的數位毛利率目標預期落在 86% 至 88% 區間。我們的營養與其他毛利率目標預估落在 43% 至 47% 區間，這與我們對銷量的預期以及規劃中的部分促銷活動一致。我們的整體毛利率目標預期落在 69% 至 72% 區間。

In closing, we continue to make considerable progress against our business transformation. We significantly lowered our breakeven point and strengthened our financial position, putting us on a solid financial foundation to execute against our growth initiatives that will drive long-term shareholder value.

最後，我們在業務轉型方面持續取得顯著進展。我們大幅降低了損益兩平點並強化了財務狀況，使我們具備穩健的財務基礎來推動成長計畫，進而創造長期股東價值。

I look forward to updating you on our progress on our next earnings call.

我期待在下一次財報電話會議上向各位更新我們的進展。

(Operator Instructions) Susan Anderson, Canaccord Genuity.

（接線員指示）Canaccord Genuity 的 Susan Anderson。

Hi, good evening. Thanks for taking my question. Nice job on the quarter. I was wondering maybe if you could give some more color on the new P90X launch and then the 10-minute body programs. It sounds like they're doing well, particularly the 10-minute body. I guess, is there any way to quantify what percent utilizing the program are new subscribers versus existing subscribers?

嗨，晚安。謝謝讓我提問。本季表現做得很好。我想請問是否能再多分享一些關於新版 P90X 上線，以及 10 分鐘身體（10-minute body）課程的細節。聽起來它們表現不錯，尤其是 10 分鐘身體。我想問，有沒有辦法量化一下使用該課程的人之中，新訂戶相對於既有訂戶的比例大概是多少？

Thanks, Susan. You can hear me okay?

謝謝你，Susan。你聽得到我說話嗎？

Yeah.

聽得到。

Okay, great. So I just wanted to make sure. So we don't break them out like that, but I will say that as we've pivoted to the nutrition where we're advertising nutrition, I will say that the P90X supplements are attracting both new traffic, but also doing a really good job of activating new customers from the large database that we've got.

好，太好了。我只是想確認一下。我們不會用那樣的方式拆分數據，但我可以說，隨著我們轉向以營養為主、並投放營養相關廣告，我會說 P90X 的補充品一方面吸引了新的流量，同時也非常有效地從我們龐大的資料庫中啟動（轉化）新客戶。

So it's a reactivation play that's actually we're pleasantly surprised by how it's working within the database. 10-minute body is where we're seeing more of a new subscriber acquisition volume happen because of that high-volume, low-price opportunity where we're advertising 10-day free trial and a $10 per month subscription, but seeing a nice proportion of those people coming in for the 10-day free trial $10 level up to the $19 a month full subscription. So that's the way we're looking at those two particular aspects of the content.

所以這其實是一個再活化（reactivation）的打法，我們對它在資料庫內的運作效果感到驚喜。10 分鐘身體則是我們看到較多新訂戶獲取量的地方，因為那是一個高量、低價的機會：我們主打 10 天免費試用與每月 10 美元訂閱，但也看到其中相當比例的人從 10 天免費試用、10 美元方案升級到每月 19 美元的完整訂閱。因此，我們就是用這樣的方式來看待這兩個內容面向。

But like I said, P90X is in its very early days. We're just collecting all the success stories from the first wave, and that's what's going to propel the next 12 to 18 months of traffic and excitement about that particular program. And then we layer on top of it with some new programs like the 30-day booty boost that will come out this summer.

但如我所說，P90X 還在非常早期的階段。我們正在蒐集第一波使用者的所有成功案例，而這些將推動未來 12 到 18 個月的流量與對該計畫的熱度。接著我們也會在其上叠加一些新課程，例如今年夏天將推出的 30 天翹臀加強（30-day booty boost）。

But again, all of it is secondary to the strength of customer acquisition that we're seeing from advertising nutrition first, digital second.

但再次強調，所有這些都次於我們目前看到的客戶獲取力道：先以營養為主、數位為輔的廣告策略所帶來的成效。

Great. That sounds really positive. And then maybe if you could give us an update on the Shopify transition. I think that happened late March. Any changes there? Any color on how that transition went?

很好。聽起來非常正面。接著想請你更新一下 Shopify 的轉換進度。我記得是在三月底接近月底時完成的。那邊有任何變化嗎？能否分享一下這次轉換進行得如何？

Yeah. Well, that is probably my favorite thing to talk about. I'll try not to monopolize this, but we are definitely seeing across the board that was a very good decision.

有的。嗯，這大概是我最喜歡談的話題。我會盡量不要佔用太多時間，但我們確實看到各方面都顯示那是一個非常好的決策。

What we're even more encouraged by is how we're improving conversion of the current rate of traffic based on the ease of use of both the Shopify platform and now adding the Shop Pay option so that people who already have their information with one click of the purple button have an easier time to check out.

更讓我們振奮的是，基於 Shopify 平台的易用性，以及我們現在加入 Shop Pay 選項，我們正在提升既有流量的轉換率；也就是說，已經儲存資訊的人只要點一下紫色按鈕，就能更容易完成結帳。

But I think maybe what's most encouraging to me, there's two things. One, we're seeing that from a competitive standpoint, our website is actually converting better than some competitors that we're appropriately compared to, and -- but there's also some low fruit on the tree for us to make improvements in our conversion and our landing pages and site navigation so we can even make more efficient use of the traffic that we're already generating.

但我覺得最鼓舞我的是兩點。第一，從競爭角度來看，我們的網站轉換率其實比一些我們合理可比的競爭對手更好；第二，我們也看到一些「低垂的果實」，也就是在轉換、著陸頁與網站導覽上仍有改善空間，讓我們能更有效率地運用目前已經帶進來的流量。

So again, we've got two levers here to work with. One is nutrition is generating traffic at a much more efficient cost of acquisition and the ease of use of the Shopify platform is converting more of those customers, and we see low fruit on the tree to improve on that traffic already.

所以再說一次，我們有兩個槓桿可以操作。其一是營養以更有效率的獲客成本帶來流量；其二是 Shopify 平台的易用性讓更多這些客戶完成轉換；而且我們也看到一些低垂的果實，可以在既有流量上再進一步提升。

So overall, it's been a very good transition for us despite being at the end of the quarter and a lot of stuff going on, very pleased with the effort that the team put into that.

總體而言，儘管發生在季度末、同時有很多事情在進行，這次轉換對我們來說仍然非常成功。我們對團隊投入的努力感到非常滿意。

Okay, great. And then maybe if I could just add one more. I guess, just trying to get a sense of what the top line will look like once we cycle the MLM departure.

好的，很棒。那我再加問一個。我想了解一下，當我們把 MLM 的退出影響消化完之後，營收（top line）大概會呈現什麼樣子。

So I guess, when you look at the top line right now, it seems like kind of the quarters are about $50 million run rate. I guess do you have any insight into if you think there's still a lot of legacy MLM subscribers left to cancel or kind of what that run rate will look like once we're done with that?

所以我想說，從目前的營收來看，感覺每季大概是 5,000 萬美元左右的 run rate（年化運行水準）。你是否能分享一下，你認為還有很多傳統的 MLM 訂戶會繼續取消嗎？或者等到那段影響結束後，這個 run rate 大概會長什麼樣子？

Most of that's going to be clean by Q3. That's why we say Q3, Susan, this is Mark is going to be the first sort of year-on-year clean quarter read. So we're just getting to the remnants of it right now through the end of Q2. And then when we get to Q3, that should be a rather de minimis amount and it will be a pure read of Q3 '26 versus Q3 '25.

大部分到第三季就會清得差不多了。這也是為什麼我們說第三季，Susan——我是 Mark——將會是第一個比較「乾淨」的年對年季度讀數。所以我們現在到第二季底只剩一些殘餘。等到第三季，那應該會是相當微不足道的金額，屆時就能純粹比較 2026 年第三季對 2025 年第三季。

Eric Des Lauriers, Craig-Hallum Capital Group.

Craig-Hallum Capital Group 的 Eric Des Lauriers。

Thank you for taking my questions. Congrats on the continued impressive progress here. So my first question is a bit of a follow-on to the last question.

謝謝讓我提問。恭喜你們持續取得令人印象深刻的進展。我第一個問題算是延續上一題。

So sequential revenue declines here. They've improved now to less than 3%. And then average revenue per digital subscriber increased sequentially for the first time in nearly two years. Average revenue per nutrition subscriber also up sequentially. Can you talk about just kind of trying to parse that out, the impact of any recent price increases on that sort of average revenue per nutrition subscriber and I guess, digital as well?

你們這裡的營收連續下滑幅度已改善到不到 3%。另外，數位訂戶的每位訂戶平均收入（ARPU）也在將近兩年來首次出現季對季上升；營養訂戶的每位訂戶平均收入也同樣季對季上升。你能否談談，想要拆解一下其中因素：近期任何漲價對營養訂戶平均收入的影響，以及我想數位端也是？

And then just whether we should take that -- the sequential increases as signs of the MLM headwinds easing or if there's other sort of pricing or customer dynamics to sort of be aware of here. Just wondering how you expect that average revenue per subscriber number to progress and if that's a sign of MLM headwinds easing?

另外，我們是否應該把這些季對季上升視為 MLM 逆風正在減弱的訊號，或是還有其他定價或客戶動態需要留意？想請教你預期每位訂戶平均收入這個指標會如何演進，以及這是否代表 MLM 逆風正在緩解？

Yeah. Eric, those are great questions. So essentially, it's not really because of the headwinds easing. We really didn't have pricing increases to speak of. As we talked about in the last call, we started a pivot, and we're pushing nutrition more than we did before.

是的。Eric，這些問題問得很好。基本上，這並不是因為逆風在減弱。我們其實沒有什麼可說的漲價。如同我們在上一通電話會議提到的，我們開始轉向，並且比以前更用力推營養。

We were using the digital fitness sort of as the lead before and then we would convert people to nutrition. But realize that digital fitness is a $13 billion category and nutrition is $164 billion. It was kind of like the tail was wagging the dog.

我們之前是把數位健身當作引流（lead），然後再把人轉化到營養。但我們意識到數位健身是一個 130 億美元的類別，而營養是 1,640 億美元。這有點像是尾巴在搖狗。

So since we changed our pivot, one, our CACs are lower, even though we don't publicly disclose the actual CAC, our CACs are lower and the conversion rates are great. And there's a very high percentage of people who take nutritional supplements in general, as you know, who exercise.

因此，自從我們調整了策略重心之後，第一，我們的 CAC（客戶取得成本）更低了；雖然我們不會公開揭露實際的 CAC，但我們的 CAC 確實下降，而且轉換率表現非常好。並且如你所知，一般而言，服用營養補充品的人當中，有很高比例也會運動。

And so we're seeing organic improvement in that nutrition business. And part of it is up until about 9 months ago, 10 months ago, we never even advertised it. I mean, by and large, it was only done by the MLM where they sold it direct or they sold it as an add-on. So we're making the public, which previously have not seen these products aware of them, and the results have been quite effective. And so that's a big reason why we made the pivot.

所以我們看到營養業務出現了自然的改善。其中一部分原因是，直到大約 9 個月前、10 個月前，我們甚至從未替它做過廣告。我的意思是，基本上主要都是透過 MLM 直銷體系直接銷售，或作為加購品來賣。因此我們正在讓過去沒有看過這些產品的大眾認識它們，而成果相當有效。所以這也是我們做出策略轉向的一大原因。

And why we feel so emboldened by the results that we're seeing. So not saying it's going to be on a high glide path because we don't know that. We're not projecting that. But we do see as our future goes because this company in its past had 66% of its revenue in nutrition that the opportunity for us to significantly grow that part of our business is real, and we're going after it.

也因此，我們對目前看到的成果感到更有信心。我們不是說它一定會走在很高的成長軌道上，因為我們不知道，也沒有那樣預測。但我們確實看到未來的方向：這家公司過去有 66% 的營收來自營養品，因此我們大幅成長這一塊業務的機會是真實存在的，而我們也正在積極推進。

Yes, certainly a very attractive growth opportunity and outlook here. I guess just one more on that. So should I understand the increase in sort of average revenue per subscriber as lowered customer acquisition costs as you were kind of just touching on or lower contra revenue items, or is there some other sort of just organic growth aspect that's helping drive that average revenue per subscriber number up?

是的，這確實是一個非常具吸引力的成長機會與展望。我想再追問一點：我是否可以把每位訂閱者平均營收的提升，理解為你剛提到的客戶取得成本下降、或是較低的抵減營收項目（contra revenue items）所致？還是有其他某種自然成長因素在推升每位訂閱者平均營收？

I think -- Eric, this is Brad. In terms of nutrition in particular, we are having more one-time sales, especially now that we're advertising it. So as I mentioned in my sort of prepared remarks, I think the nutrition sub number isn't necessarily the best metric to use going forward. And over the time, we'll come up with a better sense of guidance, but there is certainly more one-time sales in addition to the nutrition orders that are sold via subscription.

我想——Eric，我是 Brad。就營養品特別而言，我們的一次性銷售（one-time sales）變多了，尤其是現在我們開始投放廣告之後。所以如我在事先準備的發言中提到的，我認為「營養訂閱數」未必是未來最適合使用的指標。隨著時間推進，我們會形成更好的指引口徑，但可以確定的是，除了以訂閱方式售出的營養訂單之外，一次性銷售也確實增加了。

Yeah. And remember, a lot of people don't just buy a single product. So if they buy a bundle or buy a stack as the case may be, that obviously helps to build AOV.

對。而且要記得，很多人不會只買單一產品。所以如果他們買的是組合包（bundle）或所謂的「堆疊」（stack），那當然會有助於拉高 AOV（平均訂單金額）。

Yes, absolutely. That's helpful. I was wondering if you could expand on the impact of KeHE distribution. I mean does this simply sort of gets you a seat at the table with grocers, or is KeHE itself doing any marketing on behalf of Beachbody? If you could just expand on what you expect with that partnership, that would be great.

是的，完全同意，這很有幫助。我想請你再多談談 KeHE 通路的影響。我的意思是，這是否只是讓你在與雜貨通路商談時「有一席之地」，還是 KeHE 本身也會代表 Beachbody 做任何行銷？如果你能再說明一下你對這個合作夥伴關係的期待，那就太好了。

Great question. As you know, KeHE is a huge company, one of the two dominant distributors in the food industry. They've got, as I understand, over 30,000 individual grocers who are in their network. So the way it works is, for example, we're selling Sprouts. Sprouts is part of the KeHE network.

好問題。如你所知，KeHE 是一家非常大的公司，是食品產業兩大主導型經銷商之一。據我了解，他們的網路中有超過 30,000 家獨立雜貨零售商。運作方式是，例如我們正在賣給 Sprouts；Sprouts 是 KeHE 網路的一部分。

And so when you get Sprouts, you get added to KeHE in their system. And KeHE owns organization. which goes out to these 30,000 retailers as well. So separate from our broker organization that we've hired at Advantage, they have their own internal organization. So they can now make their client companies, the 30,000 grocers aware of the fact that they now carry our product and it is available for purchase.

當你進入 Sprouts 之後，你就會在 KeHE 的系統中被建檔。KeHE 也有自己的組織，會對這 30,000 家零售商進行拜訪。因此，除了我們透過 Advantage 聘用的經紀商（broker）組織之外，他們還有自己的內部組織。於是他們就能讓其客戶公司——也就是這 30,000 家雜貨商——知道他們現在也有我們的產品，並且可以採購。

So we intend to work closely with KeHE to help [indoctrinate] their sales organization so that they can do effective communications out to their grocer member network so that they can potentially buy our Shakeology product, and this is for Shakeology.

因此我們打算與 KeHE 緊密合作，協助對他們的銷售組織進行[培訓]，讓他們能有效地向其雜貨會員網路溝通，使其有機會採購我們的 Shakeology 產品；這裡指的就是 Shakeology。

George Kelly, ROTH Capital Partners.

George Kelly，ROTH Capital Partners。

First one is on the Southern California test. Can you just update us on the status of that test and what you've learned? I'm not sure what the distribution looks like? Or just any kind of update on that test would be great.

第一個問題是關於南加州的測試。你能否更新一下該測試的進度以及你們學到了什麼？我不太確定目前的鋪貨/通路分布看起來如何？或任何形式的更新都很好。

We literally just got off a call an hour ago on this. So we have hired the best beverage distributors -- beverage company to help us distribute in country, which is L.A. Libations out of Los Angeles. They are just top drawer. In fact, they just ran their beverage forum two weeks ago was massively attended.

我們其實就在一小時前剛結束一通電話討論這件事。所以我們已經聘請了最頂尖的飲料經銷商——飲料公司——來協助我們在當地（也就是洛杉磯）鋪貨，這家公司是位於洛杉磯的 L.A. Libations。他們是一流的。事實上，他們兩週前才舉辦飲料論壇，出席非常踴躍。

So they are representing us in the Southern California market to go out to distribution. Remembering that we are, George, off the planogram cycle right now. So most of these retailers are -- already have their store shelves set. So they're going to be going out with what they would call an interruptive sale, which is you're going in off cycle to show two very compelling products.

所以他們代表我們在南加州市場推進通路鋪貨。要記得，George，我們目前不在貨架配置（planogram）週期內。所以多數零售商——他們的店內貨架陳列其實都已經定案。因此他們將以所謂的「插入式銷售」（interruptive sale）方式去推進，也就是在非週期內進店，展示兩款非常有吸引力的產品。

So Insanity, which is going to be called Insanity liquid shock, that's what we're calling it. And then we've got our P90X product. And so that product is in the process of going through final stages for production.

也就是 Insanity，將會命名為 Insanity liquid shock，這是我們的命名。然後還有我們的 P90X 產品。而該產品目前正在進入生產前的最後階段。

We will have production quantities available in July and then they're ready to ship. So we anticipate probably being on shelf in Southern California stores that the L.A. Libations sales organization will be selling over the next, call it, six to eight weeks, probably be on shelf at some point in August, which is exactly when we thought we would be.

我們將在 7 月取得量產供貨，之後就可以出貨。因此我們預期，L.A. Libations 的銷售團隊在接下來大約 6 到 8 週內推進銷售的南加州門店，可能會在 8 月某個時間點上架，這也正是我們原先預期的時間。

So we are tracking. It's on schedule, and the plan would be put it in the test market, read the results. And then a lot of retailers have their meetings in October and November for their spring '27 planogram resets.

所以我們進度正常，一切按計畫進行。計畫是先放進測試市場，讀取結果。接著，許多零售商會在 10 月與 11 月召開會議，為 2027 年春季的貨架配置（planogram）重置做準備。

So the planogram resets for most retailers is in March of 2027. And the presentations to get into those planograms, this is for national will be in October and November. So the goal is get on shelf end of the summer, get some great reads, hopefully, of P90X and Insanity energy drinks in the Southern California market and then use that as a proxy to go into those October and November national meetings to secure distribution that will then occur in the spring of 2027.

多數零售商的 planogram 重置會在 2027 年 3 月進行。而要進入這些 planogram 的簡報（這裡指全國性鋪貨）會在 10 月與 11 月進行。所以目標是在夏末前上架，取得一些很好的銷售讀數（reads），希望 P90X 與 Insanity 能量飲在南加州市場表現亮眼，然後把這些結果作為代理指標（proxy），帶進 10 月與 11 月的全國性會議，以爭取通路鋪貨，並在 2027 年春季落地。

Okay, that's great. And then a follow-up to that. As you build both the business, you were just talking about the P90X and Insanity stuff as well as the Shakeology at retail. How should we think about gross margin? Is it going to be a material kind of impact as those revenue lines grow? And just any kind of context there would be helpful.

好的，這很棒。接著追問：當你們同時擴大這些業務——你剛談到的 P90X 與 Insanity 相關產品，以及 Shakeology 的零售通路——我們應該如何看待毛利率？隨著這些營收線成長，是否會對毛利率造成實質影響？任何相關脈絡都會很有幫助。

I think the best way to think about it, and Brad, feel free to jump in here is those margins in Nutrition, as wholesale becomes a bigger and bigger part of the business, which knock wood it will, will probably be in and around the mid-40s, and so for nutrition. So that's the best way to think about that. And so on a weighted average basis versus where we were, which is 48% to 50%, it won't be a huge difference.

我認為最好的理解方式是——Brad 也可以補充——在營養品方面，隨著批發（wholesale）在業務中占比愈來愈大（希望如此），毛利率大概會落在 40% 中段左右，也就是營養品大致如此。因此可以用這個方式來看。以加權平均來看，相較於我們過去 48% 到 50% 的水準，差異不會太大。

And the way we look at it, George, is while that will be the margin component, as we move into 2027, we're looking at the material gross profit dollars themselves because this should become a volume business at some point where we're just looking at actual gross profit. So we know going in that a wholesale business in nutrition will be in the 40-plus range of margin. And so the question will become what percentage of our overall company is that?

而我們的看法是，George，雖然那會是毛利率的組成變化，但當我們邁向 2027 年時，我們更關注的是「毛利額」本身，因為這在某個時間點應該會成為一門以量取勝的生意，我們會更看重實際的毛利貢獻。我們一開始就知道，營養品的批發業務毛利率會在 40% 以上的區間。因此問題會變成：它占我們整體公司的比重會是多少？

And then where do your weighted average gross margins go. But at this point, we really can't project that yet because we're in such early days.

然後你的加權平均毛利率會走到哪裡。但就目前而言，我們還無法做出預測，因為我們仍處於非常早期的階段。

Yeah, understood. And then last question for you. I know it's less a focus, but the digital fitness side of your business, how sort of content spend and new programming and like how much are you scaling all of that back and marketing around your digital fitness business, like how quickly should we think about the shift in focus like starting to sort of play through the numbers?

了解。最後一個問題：我知道這不是你們的主要重點，但關於數位健身這一塊業務，在內容支出、新節目/新課程製作方面，以及圍繞數位健身業務的行銷，你們縮減的幅度有多大？我們應該把重心轉移的速度理解為多快，才會開始在數字上逐步反映出來？

Yeah, I wouldn't look at it that way, George. What we're really seeing, like it's still a very critical and frankly, a competitive advantage that we have with the size of the library, the scope of the over 160 programs in the library. And frankly, we have kept the capital allocation to new content the same for about the last 2.5, 3 years, so that's consistent.

是的，George，我不會那樣看待。我們真正看到的是，像是我們擁有的內容庫規模、內容庫中超過 160 個節目的廣度，仍然非常關鍵，坦白說也是我們的競爭優勢。而且坦白說，我們在過去大約 2.5 到 3 年間，對新內容的資本配置一直維持不變，所以這是一致的。

What we've found though is we are acquiring customers into both the digital subscription and the nutritional products at a more efficient rate by leading with the nutritional.

不過我們發現的是，透過以營養品作為切入點，我們以更有效率的速度，將客戶導入數位訂閱與營養產品兩個品類。

So if you think about it just from a consumer standpoint, they're thinking about a healthy lifestyle change, they see Shakeology or they see the new P90X supplements being advertised D2C and they go, oh, you know what, I'd like to make a lifestyle change. They come in and then see the digital subscription offerings available to them, and we are still converting people into digital.

所以如果你從消費者角度來看，他們在思考健康生活型態的改變，看到 Shakeology，或看到新的 P90X 補充品以 D2C 方式投放廣告，就會想，喔，你知道嗎，我想做生活型態的改變。他們進來之後，會看到我們提供的數位訂閱方案，而我們仍然在把人轉換成數位用戶。

So plus when they buy, for instance, a Shakeology, let's say, they buy a bag of Shakeology and that's about $120, they might get a little discount on that if they're a first-time customer. We will offer them a free 30-day trial into the digital subscription that rolls over into whether either a monthly or an annual subscription. So it is still what we call the total solution, which is what has driven the company to growth since we started it.

另外，當他們購買，例如 Shakeology，假設他們買了一袋 Shakeology，大約是 120 美元，如果是首次購買的客戶可能會有一點折扣。我們會提供他們數位訂閱的 30 天免費試用，之後會自動轉為月訂或年訂。所以這仍然是我們所說的「整體解決方案」，也就是自我們創立以來推動公司成長的模式。

So digital fitness is still fundamental. We're still investing in it. And it's still, I think, an important competitive advantage that we've got in all these sales channels where we're leading with nutrition. George what value that we get to add to the purchase.

所以數位健身仍然是根本。我們仍在投資它。而且我認為，在我們以營養作為主打的所有銷售通路中，這仍然是我們的重要競爭優勢。George，這就是我們能為這筆購買增加的價值。

Let me add something on to what Carl just said and think about it like this because this is really a very clever move that we're making here. With the digital fitness market being $13 billion, just imagine you're fishing in a lake. The nutritional category at $164 billion is literally an ocean. And what we're finding is that it's a much more efficient catchment mechanism to go into that larger nutritional market because 60%-plus of the people take nutritional supplement exercise. So we're now taking a focusing, we're going to get you out there with the advertising on nutrition.

我補充一下 Carl 剛才說的，並這樣想，因為這其實是我們正在做的一個非常聰明的動作。數位健身市場規模是 130 億美元，想像你在一個湖裡釣魚。而營養品類別是 1,640 億美元，簡直就是海洋。我們發現，切入更大的營養市場是一個更有效率的獲客機制，因為有 60% 以上的人在運動時會服用營養補充品。所以我們現在把重點放在：用營養的廣告把你吸引進來。

And when you come to the body website and you see that we are the premier player in the world in digital fitness, we're getting a lot of upselling occurring. So people not only buying the supplements, but buying the digital fitness.

當你來到 body 網站，看到我們是全球數位健身的領先玩家時，就會發生很多加購。所以人們不只買補充品，也會買數位健身。

So what does that do? That brings your CAC down. So you're getting much more efficient CAC because you're promoting nutrition and you're getting the add-on of digital fitness or they're going right to digital fitness and they just were attracted by the advertising and nutrition.

那會帶來什麼效果？會讓你的 CAC 降低。所以你的 CAC 會更有效率，因為你在推廣營養，同時帶來數位健身的加購；或者他們本來就是被營養廣告吸引，最後直接去買數位健身。

So what we're finding is that with the same level of dollar spend, we're actually getting a preferential customer acquisition cost, which gives us a better yield and lifetime value. Does that make sense?

所以我們發現，在相同的投放金額下，我們實際上得到更有利的客戶取得成本，帶來更好的產出與終身價值。這樣說有道理嗎？

It does. Yeah, it does. Thank you.

有的。是的，有道理。謝謝。

Alex Hantman, Sidoti & Co.

Alex Hantman，Sidoti & Co.。

Good evening. Thanks for taking my questions. My first question, just following up on the retail launch. I know you spoke about Vitamin Shoppe coming into play later this year. Could you talk a little bit about how many stores might be used at launch? And if there's any metrics that you might be looking to hit for the rollout to be expanded?

晚安。謝謝讓我提問。我的第一個問題是延續零售上市的話題。我知道你提到 Vitamin Shoppe 會在今年稍晚加入。你能談談上市時大概會使用多少家門市嗎？以及是否有任何你們希望達成的指標，作為擴大鋪貨的依據？

So luckily, they were very impressed with the product line. So it's going to -- I think it's going chain-wide to over 600 Vitamin Shoppe stores out of the gate. So it's not a limited role, see how it does and then roll it out. We are going chain-wide nationwide with Vitamin Shoppe at present. So it should be in stores probably sometime maybe late August into early September. That's the plan. So yeah, they're a great partner, and they're excited about it, and so are we.

幸運的是，他們對產品線印象非常深刻。所以它會——我想是一開始就全連鎖鋪貨，超過 600 家 Vitamin Shoppe 門市。也就是說，不是先小規模試水溫再擴大。我們目前是與 Vitamin Shoppe 在全美全連鎖鋪貨。所以應該會在門市上架，可能是 8 月下旬到 9 月上旬左右。這是計畫。所以是的，他們是很棒的合作夥伴，他們很興奮，我們也是。

That's great. Congrats, Mark. Is Sprouts also starting at the full rollout?

太好了。恭喜你，Mark。Sprouts 也是一開始就全面鋪貨嗎？

No. Sprouts, I think we're going to be at 90 stores, and that was basically laid out by them and us as the best places for us to be out of the gate. And assuming we have great success there, I assume there will be more stores obviously added after that. But we have a great component of stores that we're going in and enough to really do a meaningful business. And they are, again, a fantastic partner to be in incredibly well respected, not only by the consumer, but by their brethren in the grocery business.

不是。Sprouts 我想我們會先在 90 家門市，這基本上是他們和我們共同規劃，認為最適合我們一開始進駐的地點。假設我們在那裡取得很大成功，我想之後顯然會再增加更多門市。但我們進駐的門市組合很不錯，數量也足以做出有意義的生意。而且他們同樣是非常棒的合作夥伴，在消費者心中以及在雜貨業同業之間都非常受尊敬。

And then just yes, a couple more from us. I know you've spoken about nutrition being a much more efficient catchment and providing a lot of cross-selling opportunities. I know you mentioned that the retail products will come with complementary digital access. Do you have conversion rate assumptions? Basically, how are you thinking about the cross-selling success of that channel after launch, measuring that?

接著再問幾個問題。我知道你談到營養是更有效率的獲客入口，也提供很多交叉銷售機會。我也知道你提到零售產品會附帶互補的數位存取。你們有轉換率的假設嗎？基本上，你們如何看待該通路上市後的交叉銷售成效，以及如何衡量？

So well, we'll have -- we don't really know because we're still waiting on -- we have like 30, 40 sets of samples that are sitting in retail buyers' offices waiting to get responses from them as to who will be adding the product line. So hard to make any kind of an estimate while we're not really sure where that distribution is going. So I said in my prepared remarks, hopefully, on the next call, we'll have an update as to who's carrying these products, where and what kind of doors we'll have.

所以，嗯，我們會有——我們其實不太知道，因為我們仍在等待——我們有大概 30、40 組樣品放在零售採購的辦公室裡，等他們回覆哪些會把產品線納入。當我們還不確定分銷會落在哪裡時，很難做任何估算。所以我在事先準備的發言中提到，希望在下一次電話會議上，我們能更新哪些通路在賣這些產品、在哪裡賣，以及會有多少家門市（doors）。

But there's really no way to know that out of the gate. I mean, we can make an educated guess, but you don't really know that. And so we're going to have to see how it plays out, but it's a tremendously effective tool. And so it just depends on how many doors promote our product, whether we get end cap displays are just in line and whether there will be in-store signage that touts the fact that when you buy the product, you're getting a month of free access to body. So -- but that will all start to materialize as we get the distribution nailed down.

但一開始真的沒有辦法知道。我的意思是，我們可以做有根據的猜測，但你不會真的知道。所以我們必須看實際推進的結果。不過這是一個非常有效的工具。而且這取決於有多少門市會推廣我們的產品、我們是否能拿到端架（end cap）陳列或只是一般貨架陳列，以及店內是否會有標示宣傳：購買產品即可獲得一個月免費使用 body 的權限。所以——但這些都會在我們把通路分銷敲定後逐步明朗。

(Operator Instructions) Michael Kupinski, NOBLE Capital Markets.

（接線員指示）Michael Kupinski，NOBLE Capital Markets。

Well, that concludes our Q&A session for today. I'll now turn the call back to Mark Goldston for closing remarks.

那麼，今天的問答環節到此結束。我現在把電話交回給 Mark Goldston 作結語。

Thanks very much, Elizabeth. Really appreciate everybody attending today. We're really proud of the quarter that we just put up, and we're really excited about what the future holds for the company as we've articulated.

非常感謝你，Elizabeth。非常感謝大家今天參與。我們對剛剛交出的這一季成績感到非常自豪，也對公司未來的發展、正如我們所闡述的那樣，感到非常興奮。

So as always, if you have any questions, please feel free to reach out to the company, either through ICR or directly to Brad Ramberg, our CFO. So thanks, everyone. Have a great evening.

所以一如往常，如果你有任何問題，請隨時透過 ICR 或直接聯絡我們的財務長 Brad Ramberg 與公司接洽。謝謝大家。祝各位晚上愉快。

That concludes today's call. Thank you for your participation, and enjoy the rest of your day. You may now disconnect.

今天的電話會議到此結束。感謝各位參與，祝您今天剩餘時間愉快。您現在可以掛線。