康寶萊 (HLF) 2025 Q1 法說會逐字稿

Good afternoon, and thank you for joining the first-quarter 2025 earnings conference call for Herbalife Limited (Operator Instructions) As a reminder, today's conference call is being recorded.

下午好，感謝您參加康寶萊有限公司 2025 年第一季財報電話會議（操作員指示）提醒一下，今天的電話會議正在錄音。

I would now like to turn the call over to Erin Banyas, Vice President and Head of Investor Relations, to begin today's call. You may begin.

現在，我想將電話轉給副​​總裁兼投資者關係主管 Erin Banyas，開始今天的電話會議。你可以開始了。

Thank you, and good afternoon, good evening, everyone. Joining us today are Stephan Gratziani, our President and incoming Chief Executive Officer; and John DeSimone, our Chief Financial Officer.

謝謝大家，下午好，晚上好。今天與我們一起出席的還有我們的總裁兼即將上任的執行長 Stephan Gratziani；以及我們的財務長 John DeSimone。

Before we begin today's call, I would like to direct you to the cautionary statement regarding forward-looking statements on page 2 of our presentation and in our earnings release issued earlier today, which are both available under the Investor Relations section of our website. The presentation and earnings release include a discussion of some of the more important factors that could cause results to differ from those expressed in any forward-looking statement within the meaning of the Private Securities Litigation Reform Act of 1995.

在我們開始今天的電話會議之前，我想請您參閱我們簡報第 2 頁和今天早些時候發布的收益報告中有關前瞻性陳述的警告聲明，這些聲明均可在我們網站的「投資者關係」部分找到。本簡報和收益報告討論了可能導致結果與《1995 年私人證券訴訟改革法案》所定義的任何前瞻性聲明中表達的結果不同的一些更重要的因素。

As is customary, the content of today's call and presentation will be governed by this language. In addition, during today's call we will be discussing certain non-GAAP financial measures. These non-GAAP financial measures exclude certain unusual or nonrecurring items that management believes impact the comparability of the periods referenced. Please refer to our earnings release and presentation materials for additional information regarding these non-GAAP financial measures and the reconciliations to the most directly comparable GAAP measure.

按照慣例，今天的電話會議和演講內容將遵循這一語言。此外，在今天的電話會議中，我們將討論某些非公認會計準則財務指標。這些非公認會計準則財務指標不包括管理階層認為會影響參考期間可比較性的某些不尋常或非經常性項目。有關這些非 GAAP 財務指標以及與最直接可比較的 GAAP 指標的調節的更多信息，請參閱我們的收益報告和演示材料。

And with that, I will now turn the call over to President and incoming CEO, Stephan Gratziani.

現在，我將把電話轉給總裁兼新任執行長 Stephan Gratziani。

Thank you, Erin, and good afternoon, everyone. Thank you for joining us. It's an incredible honor to be with you today as I transition into the role of CEO. I take on this responsibility with a profound respect for Herbalife's 45-year history and with clear purpose to honor our past while redefining what's possible for the future.

謝謝你，艾琳，大家下午好。感謝您加入我們。今天，當我轉任執行長一職時，我很榮幸能與大家在一起。我懷著對康寶萊 45 年歷史的深深敬意承擔這一責任，並明確地希望尊重我們的過去，同時重新定義未來的可能性。

I want to begin by expressing my deep appreciation for Michael Johnson, whose leadership and vision have been instrumental in shaping the strong foundation we stand on today. His contributions to Herbalife's global impact are enduring, and I'm committed to building on that legacy. I'm pleased that Michael will continue to support the company in his role as Executive Chairman.

首先，我要向麥可‧約翰遜表示深深的謝意，他的領導能力和遠見卓識對於我們今天所處的堅實基礎的形成起到了重要作用。他對康寶萊全球影響力的貢獻是持久的，我致力於繼承和發揚這項傳統。我很高興麥可將以執行主席的身份繼續支持公司。

Herbalife's mission has always been to change people's lives through better nutrition, stronger community and an entrepreneurial business opportunity. That mission remains unchanged, but the way we deliver it is evolving because the world is changing. The gig economy, digital and social platforms and shifting consumer expectations are real forces. We consider them not only an invitation for us to evolve, but an opportunity for us to lead.

康寶萊的使命一直是透過更好的營養、更強大的社區和創業機會來改變人們的生活。這項使命始終沒有改變，但我們履行使命的方式也在不斷演變，因為世界在變化。零工經濟、數位和社交平台以及不斷變化的消費者期望是真正的力量。我們認為它們不僅是對我們發展的邀請，也是我們領導的機會。

Before we get into the Q1 results, I want to share with you three things. First, my conviction. I believe Herbalife is uniquely positioned, perhaps more than ever, to lead in the new health and wellness economy. With 2.1 million distributors and a brand trusted around the world, we have the human foundation, our network effect to reach customers in ways few companies can match.

在我們了解第一季業績之前，我想與大家分享三件事。首先，我的信念。我相信康寶萊擁有獨特的優勢，或許比以往任何時候更有能力引領新健康和保健經濟。我們擁有 210 萬家經銷商和全球值得信賴的品牌，擁有強大的人力基礎和網路效應，能夠以很少有公司能夠比擬的方式接觸客戶。

Second, our transformation. We are building on the strengths of our brand, our business model and our high-quality science-backed products. We will maximize the power of direct selling and expand our reach through technology, personalization and tools that empower our distributors to connect more effectively with customers in more ways than ever before. We will become a true global platform for optimized health and wellness.

第二，我們的轉型。我們正在鞏固我們的品牌、商業模式和高品質、科學支撐的產品優勢。我們將最大限度地發揮直銷的力量，並透過技術、個人化和工具擴大我們的覆蓋範圍，使我們的經銷商能夠以比以往更多的方式更有效地與客戶聯繫。我們將成為一個真正的優化健康和保健的全球平台。

And third, our path forward. You will see us focus on innovation in products, in technology, in AI-powered solutions and how we empower our distributors to better serve today's customer and anticipate the needs of tomorrow. You will see us drive operational excellence, leveraging AI and data analytics to sharpen execution, improve alignment and increase efficiency across the organization. And you will see us measure success not just by short-term gains, but by the strength of the foundation we are building for sustainable, profitable global growth. I'll tell you more about a significant step we've taken in that path forward through our recent asset acquisitions in just a minute. But before I do, let's look at some of the Q1 financial highlights.

第三，我們的前進道路。您將看到我們專注於產品、技術、人工智慧解決方案的創新，以及我們如何幫助我們的經銷商更好地服務當今的客戶並預測未來的需求。您將看到我們推動卓越運營，利用人工智慧和數據分析來提高執行力、改善協調性並提高整個組織的效率。你們將會看到，我們衡量成功的標準不僅僅是短期收益，而是我們為實現可持續、盈利的全球成長所建立的基礎的強度。稍後我將向您詳細介紹我們透過最近的資產收購在這一道路上邁出的重要一步。但在此之前，讓我們先來看看第一季的一些財務亮點。

Our net sales of $1.2 billion were down 3.4% versus Q1 of 2024, which was just above the midpoint of our guidance range. And on a constant currency basis, we delivered net sales growth of 1.4% year-over-year, our second consecutive quarter of year-over-year growth, excluding FX headwinds. We delivered strong adjusted EBITDA results, exceeding our guidance.

我們的淨銷售額為 12 億美元，較 2024 年第一季下降 3.4%，略高於我們指引範圍的中點。以固定匯率計算，我們的淨銷售額年增 1.4%，排除外匯不利因素後，這是我們連續第二季實現年成長。我們實現了強勁的調整後 EBITDA 業績，超越了我們的預期。

Additionally, through continued debt repayment during the quarter, we reduced our total leverage ratio to 3 times as of March 31, achieving the target we set a year ago when we exited 2023 at 3.9 times. We reached this milestone nine months ahead of plan. John DeSimone will provide more on our financial results later on the call.

此外，透過本季持續償還債務，截至 3 月 31 日，我們將總槓桿率降至 3 倍，實現了我們一年前在 2023 年結束時設定的 3.9 倍的目標。我們比計劃提前九個月實現了這一里程碑。John DeSimone 稍後將在電話會議上提供更多有關我們財務表現的資訊。

Kicking off a new year at Herbalife is always energizing and the positive momentum that began last year is continuing in 2025 with the number of new distributors joining Herbalife worldwide, up 16% year over year. This is our fourth consecutive quarter of new distributor growth. Details about our new distributor and active non-sales leader growth are included in the appendix of today's presentation. That same positive momentum and enthusiasm was evident at our annual Honors event, where we brought together our top distributors from around the world.

康寶萊新年伊始總是充滿活力，去年開啟的積極動能將在 2025 年延續，全球加入康寶萊的新經銷商數量將年增 16%。這是我們連續第四個季度實現新分銷商成長。有關我們的新經銷商和活躍非銷售領導者成長的詳細資訊包含在今天簡報的附錄中。在我們的年度榮譽活動中也體現了同樣的積極勢頭和熱情，我們聚集了來自世界各地的頂級經銷商。

Held in our hometown of Los Angeles, this year's event was especially exciting as we celebrated our 45th anniversary. We hosted several leadership and development panels and announced our planned asset acquisitions of Pro2col Health, Pruvit Ventures, and Link BioSciences.

今年的活動在我們的家鄉洛杉磯舉行，由於我們慶祝了成立 45 週年，因此顯得特別令人興奮。我們舉辦了多場領導力和發展小組討論會，並宣布了對 Pro2col Health、Pruvit Ventures 和 Link BioSciences 的資產收購計劃。

As you can imagine, there was tremendous excitement among the approximately 2,600 distributor leaders in attendance as we unveiled these asset acquisitions and the important role they will play in the next era of Herbalife.

你可以想像，當我們公佈這些資產收購以及它們將在康寶萊的下一個時代發揮的重要作用時，與會的大約 2,600 名分銷商領導人都非常興奮。

Since Honors, we've completed the transactions, and I want to take a moment to talk about what we acquired, why we made these decisions and how they collectively strengthen and align with our broader strategy and vision. We acquired assets of both Pro2col and Pruvit. Separately, we formed a new entity, HBL Bioscience, and obtained a 51% ownership interest. HBL Bioscience then purchased the assets of Link BioSciences.

自榮譽以來，我們已經完成了交易，我想花點時間談談我們收購了什麼，為什麼我們做出這些決定，以及它們如何共同加強和符合我們更廣泛的策略和願景。我們收購了 Pro2col 和 Pruvit 的資產。另外，我們成立了新實體 HBL Bioscience，並獲得了 51% 的所有權。隨後，HBL Bioscience 收購了 Link BioSciences 的資產。

Slide 5 provides a brief overview of each of the companies. Let's start with Pro2col. Pro2col is a health and wellness digital application company. The assets we acquired center on the Pro2col technology platform.

幻燈片 5 簡要概述了每家公司。讓我們從 Pro2col 開始。Pro2col 是一家健康和保健數位應用公司。我們收購的資產以Pro2col技術平台為中心。

As you will see on slide 6, it's a system designed to deliver tailored health and longevity protocols using individual data and biometrics. Through AI, coaching and community, the platform will provide personalized nutrition recommendations, lifestyle plans and ongoing support. Pro2col takes today's fragmented and often confusing wellness landscape and unites it into one simple accessible platform, helping people measure what matters, make better decisions and achieve their health goals.

正如您在第 6 張幻燈片上看到的，這是一個使用個人資料和生物識別技術來提供客製化健康和長壽協議的系統。透過人工智慧、指導和社區，該平台將提供個人化的營養建議、生活方式計劃和持續支援。Pro2col 將當今分散且常常令人困惑的健康狀況整合成一個簡單易用的平台，幫助人們衡量重要的事情、做出更好的決策並實現他們的健康目標。

Slide 7 highlights initial key features of the Pro2col platform, including daily intake tracking, AI-powered nutrition tracking and a personalized health dashboard. These capabilities are critical for capturing a broad range of consumers, increasing personalization and driving long-term engagement.

幻燈片 7 重點介紹了 Pro2col 平台的初始主要功能，包括每日攝取量追蹤、人工智慧營養追蹤和個人化健康儀表板。這些能力對於吸引廣泛的消費者、提高個人化和推動長期參與至關重要。

In conjunction with this platform, we plan to expand our product portfolio by launching Pro2col-specific offerings. These new products, combined with our existing lineup, will give customers more personalized options than ever before to achieve their wellness goals, ultimately strengthening engagement and driving incremental growth. We pursued this acquisition because Pro2col aligns perfectly with our vision for the future of health and wellness. It accelerates our plans to offer a modern, holistic technology platform, and importantly, it allows us to put these powerful tools in the hands of our global distributor network, democratizing access to health optimization on a worldwide scale.

結合該平台，我們計劃透過推出 Pro2col 專用產品來擴展我們的產品組合。這些新產品與我們現有的產品線相結合，將為客戶提供比以往更加個人化的選擇，以實現他們的健康目標，最終加強參與度並推動增量成長。我們進行此次收購是因為 Pro2col 與我們對未來健康和保健的願景完全一致。它加速了我們提供現代化、整體技術平台的計劃，更重要的是，它使我們能夠將這些強大的工具交到我們的全球經銷商網路手中，從而在全球範圍內實現健康優化的民主化。

Combined with Herbalife distributor coaches, AI-driven health assistance in both online and in-person community connections, Pro2col will bring our high-tech, high-touch model to a new level, helping our distributors better serve existing customers, attract new customers and attract new distributors who are looking for a more modern tech-savvy business opportunity. We're excited about the future this unlocks for Herbalife, and we're not the only ones.

結合康寶萊經銷商教練、線上和線下社區聯繫中的人工智慧驅動的健康援助，Pro2col 將把我們的高科技、高接觸模式提升到一個新的水平，幫助我們的分銷商更好地服務現有客戶、吸引新客戶並吸引正在尋找更現代化、更精通技術的商業機會的新分銷商。我們對康寶萊由此開啟的未來感到興奮，而且我們並不是唯一有這種感覺的人。

Cristiano Ronaldo understands the incredible opportunity we have, and he is partnering with us to further develop the platform. His personal commitment to nutrition and keen understanding of its impact on peak athletic performance makes him an ideal adviser. We plan to launch a beta version of the Pro2col platform at the end of July during our North America extravaganza, making it available to select distributors in the US.

克里斯蒂亞諾·羅納爾多了解我們擁有的難得機會，他正在與我們合作進一步開發該平台。他對營養的個人承諾以及對其對運動巔峰表現的影響的敏銳理解使他成為理想的顧問。我們計劃在 7 月底的北美盛會期間推出 Pro2col 平台的測試版，並向美國的部分經銷商提供。

The commercial release in the US is planned for the fourth quarter. This launch represents a significant opportunity for our distributors to reengage customers, increase customer lifetime value and tap into new customer segments. It will also provide nutrition club owners with a powerful new offering for their customers, which we believe will drive higher conversion rates of club consumption customers to preferred customers. Beginning in 2026, we will start rolling out the Pro2col platform to additional markets. By the end of 2025, we believe we'll have tens of thousands of users on the platform with hundreds of thousands by the end of next year.

美國的商業發行計劃於第四季進行。此次發佈為我們的經銷商提供了一個重要的機會，可以重新吸引客戶、提高客戶終身價值並挖掘新的客戶群。它還將為營養俱樂部老闆提供為其客戶提供強大的新產品，我們相信這將提高俱樂部消費客戶向優選客戶的轉換率。從 2026 年開始，我們將開始向更多市場推出 Pro2col 平台。到 2025 年底，我們相信我們的平台將擁有數萬名用戶，到明年年底將擁有數十萬名用戶。

Now, let's talk about Link BioSciences. Based in Texas, Link BioSciences is a well-established manufacturing company that combines proprietary equipment, advanced technology and specialized software. It analyzes data inputs, including biometrics, biomarkers, lifestyle factors and genetics to formulate personalized products. We're extremely excited about this unparalleled technology which provides us with a distinct competitive advantage in the US and over time in markets around the world. Very few companies have the integrated capabilities that Link BioSciences offers, making it a truly strategic asset for Herbalife's future.

現在，讓我們來談談 Link BioSciences。Link BioSciences 總部位於德州，是一家成熟的製造公司，集專有設備、先進技術和專用軟體於一體。它分析資料輸入，包括生物特徵、生物標記、生活方式因素和遺傳學，以製定個人化產品。我們對這項無與倫比的技術感到非常興奮，它為我們在美國以及全球市場提供了獨特的競爭優勢。很少有公司擁有 Link BioSciences 所提供的綜合能力，這使其成為康寶萊未來真正的戰略資產。

Herbalife has 45 years of proven experience in using science and data to formulate high-quality products and deliver personalized nutrition and supplement programs to customers around the world. Building on that strong legacy, the assets from Link BioSciences will enable us to take personalization to the next level. By leveraging the protocol technology platform, we will be able to formulate and manufacture personalized one-to-one supplements.

康寶萊擁有 45 年利用科學和數據配製高品質產品以及為全球客戶提供個人化營養和補充計劃的豐富經驗。在這項強大傳統的基礎上，Link BioSciences 的資產將使我們能夠將個人化提升到一個新的水平。透過利用協議技術平台，我們將能夠配製和製造個人化的一對一補充劑。

These custom formulated supplements, combined with the Pro2col platform and our global distributor network will enable us to deliver personalized, data-driven health and wellness programs at an unprecedented global scale, empowering people to optimize their health outcomes like never before.

這些定製配方的補充劑，結合 Pro2col 平台和我們的全球分銷商網絡，將使我們能夠在前所未有的全球範圍內提供個性化、數據驅動的健康和保健計劃，使人們能夠以前所未有的方式優化他們的健康結果。

Now, let's talk about Pruvit, which is a direct seller of patented ketone supplements. The assets acquired primarily relate to the intellectual property, and these assets give us the opportunity to expand our product offerings into a new product category. Pruvit will continue to operate independently under its current ownership for up to two years.

現在，讓我們來談談 Pruvit，它是一家專利酮補充劑的直銷商。所收購的資產主要與智慧財產權有關，這些資產使我們有機會將產品擴展到新的產品類別。Pruvit 將在現有所有權下繼續獨立運作長達兩年。

In the near term, Pruvit distributors in the US will have the opportunity to join Herbalife and take part in the commercialization of the Pro2col platform and products. These acquisitions are an important step in our strategy centered on accelerated growth and building on our heritage of science, innovation and one-to-one support. That one-to-one support, of course, is our distributors who are the heart of our business.

短期內，美國的 Pruvit 經銷商將有機會加入康寶萊並參與 Pro2col 平台和產品的商業化。這些收購是我們以加速成長和鞏固科學、創新和一對一支持傳統為中心的策略的重要一步。當然，這種一對一的支援是我們的經銷商提供的，他們是我們業務的核心。

We have and continue to implement programs and initiatives designed to rebuild and strengthen our distributor base. These programs are focused on training, leadership, engagement and accountability and include programs such as the Herbalife Premier League, Diamond Development Mastermind Program, and our recently launched all-new Herbalife Flex45 Challenge.

我們已經並將繼續實施旨在重建和加強我們的分銷商基礎的計劃和措施。這些計劃著重於培訓、領導力、參與度和責任感，包括康寶萊超級聯賽、鑽石發展策劃計劃以及我們最近推出的全新康寶萊 Flex45 挑戰賽等計劃。

Another way we inspire, educate and motivate our distributors is through our extravaganza training events. Our first events of 2025 were held in April with an Extravaganza in Shanghai, China, and in India, which hosted its first two of four Extravaganzas planned for 2025 in Bengaluru and Delhi.

我們啟發、教育和激勵經銷商的另一種方式是透過盛大的培訓活動。我們的 2025 年首場活動於 4 月在中國上海和印度舉行，其中印度班加羅爾和德里分別舉辦了計劃於 2025 年舉辦的​​四場盛會中的前兩場。

We expect strong demand to continue for these trainings and development opportunities as distributors look to grow their businesses. Growing our business and achieving our vision for the future can only be realized with a strong, experienced executive team, and ours is one of the best. I'm proud to work alongside talented executives like Rob Levy, our most tenured senior executive, who is stepping into his new role as President.

隨著分銷商尋求擴大業務，我們預計這些培訓和發展機會的需求將持續強勁。只有擁有強大且經驗豐富的執行團隊，我們才能發展業務、實現未來願景，而我們的團隊是最好的團隊之一。我很榮幸能與像 Rob Levy 這樣才華橫溢的高管一起工作，他是我們任職時間最長的高級主管，即將擔任總裁的新職位。

I worked directly with Rob as a distributor and now as an executive for almost 30 years. He is extremely well respected by our distributors and our employees, and his global leadership and expertise will help us continue to evolve and grow.

我曾作為經銷商與 Rob 直接合作，現在作為高管與他合作了近 30 年。他深受我們的經銷商和員工的尊重，他的全球領導力和專業知識將幫助我們繼續成長。

I'm also excited to be working with Blake Mallen, who recently joined Herbalife as our Chief Strategy Officer and President of Pro2col. He has more than two decades of experience as an entrepreneur and direct selling executive and is the Co-Founder of Pro2col Health and previously served as the President of Pruvit. Blake shares our vision for the future of health and wellness, and he will continue to lead the development and implementation of the Pro2col platform as well as provide strategic direction as we enter this new era at Herbalife.

我也很高興能與布萊克馬倫 (Blake Mallen) 合作，他最近加入康寶萊，擔任我們的首席策略長和 Pro2col 總裁。他擁有超過二十年的企業家和直銷主管經驗，是 Pro2col Health 的共同創辦人，曾擔任 Pruvit 的總裁。布萊克與我們有著共同的關於健康和保健未來的願景，他將繼續領導 Pro2col 平台的開發和實施，並在我們進入康寶萊新時代時提供戰略方向。

On our last earnings call, I said Herbalife is destined to become one of the world's most important health and wellness platforms and that you would start to see this expressed more and more through our digital tech stack, our products and our services. You're beginning to see it now through these acquisitions, which are just one piece of a broader strategy.

在我們上次的財報電話會議上，我說過康寶萊注定會成為世界上最重要的健康和保健平台之一，而且您將開始看到這一點越來越多地透過我們的數位技術堆疊、我們的產品和服務得到體現。現在你開始透過這些收購看到這一點，它們只是更廣泛策略的一部分。

There's so much more to come as we continue to make bold moves and deliver on what we've been saying for more than a year, that Herbalife will be the world's premier health and wellness company, community and platform.

隨著我們繼續採取大膽舉措並兌現我們一年多來的承諾，康寶萊將成為世界首屈一指的健康和保健公司、社區和平台，我們將取得更多成就。

Now, I'll turn it over to John for the in-depth financial review. Over to you, John.

現在，我將把深入的財務審查交給約翰。交給你了，約翰。

Thank you, Stephan. Turning to our Q1 financial highlights on slide 9. We are very pleased with our strong first quarter results. Net sales were $1.2 billion, down 3.4% versus Q1 of 2024 and just above the midpoint of our guidance range of down 1.5% to down 5.5% year over year. On a constant currency basis, net sales were up 1.4% versus Q1 of last year, a little below the midpoint of our guidance range of flat to up 4% year over year.

謝謝你，史蒂芬。請看幻燈片 9 上的我們的第一季財務亮點。我們對第一季的強勁業績感到非常滿意。淨銷售額為 12 億美元，較 2024 年第一季下降 3.4%，略高於我們預期的同比下降 1.5% 至 5.5% 的中點。以固定匯率計算，淨銷售額較去年第一季成長 1.4%，略低於我們預期的年比持平至成長 4% 的中點。

FX rates had a negative 480 basis point impact on year-over-year sales, which is slightly better than expected as there has been a small improvement in FX rates versus the rates used in our Q1 guidance.

外匯匯率對年比銷售額產生了 480 個基點的負面影響，這略好於預期，因為與我們第一季指引中使用的匯率相比，外匯匯率略有改善。

Moving to adjusted EBITDA. Our first-quarter adjusted EBITDA was $165 million and above our guidance range of $140 million to $150 million. Adjusted EBITDA margins were 13.5%, up 260 basis points versus Q1 of last year, marking another quarter of strong operating performance, primarily driven by cost savings initiatives implemented in 2024. CapEx for the quarter was $18 million, significantly below the low end of our guidance range of $30 million to $40 million, primarily due to the delay and reprioritization of certain projects with some being shifted to later in 2025.

轉向調整後的 EBITDA。我們第一季的調整後 EBITDA 為 1.65 億美元，高於我們的預期範圍 1.4 億至 1.5 億美元。調整後的 EBITDA 利潤率為 13.5%，較去年第一季上升 260 個基點，標誌著本季的營運業績再創強勁，主要得益於 2024 年實施的成本節約措施。本季的資本支出為 1800 萬美元，遠低於我們 3000 萬至 4000 萬美元的指導範圍的低端，這主要是由於某些項目的推遲和重新調整，其中一些項目被推遲到 2025 年晚些時候。

Capitalized SaaS implementation costs were approximately $5 million in the quarter. First quarter gross profit margin improved to 78.3%, up 80 basis points compared to Q1 of 2024. The increase in gross profit margin was primarily due to pricing actions we took over the past year, which provided approximately 80 basis points of benefit, along with approximately 50 basis points of favorability from reduced input costs, mainly related to lower raw material costs. These benefits were partially offset by 50 basis points of headwinds from higher inventory write-downs year over year.

本季資本化的 SaaS 實施成本約為 500 萬美元。第一季毛利率提高至 78.3%，較 2024 年第一季上升 80 個基點。毛利率的增加主要歸因於我們在過去一年採取的定價行動，這些行動帶來了約 80 個基點的收益，以及投入成本降低帶來的約 50 個基點的收益，這主要與原材料成本降低有關。但這些收益被同比增加的庫存減值 50 個基點的不利因素部分抵消。

First-quarter net income of $50 million includes approximately $5 million of noncash net deferred income tax related to the $147 million deferred income tax benefit we recognized in the fourth quarter of 2024 due to changes that we made to our corporate entity structure, which was excluded from our adjusted results in the period.

第一季淨收入 5,000 萬美元，其中包括約 500 萬美元的非現金淨遞延所得稅，該非現金淨遞延所得稅與我們在 2024 年第四季度確認的 1.47 億美元遞延所得稅收益有關，這是由於我們對公司實體結構所做的更改，該收益未計入本期間的調整後業績。

As I stated on our Q4 earnings call, beginning this quarter, the net deferred tax effects related to the Q4 benefit will be excluded from our adjusted results. Q1 adjusted diluted EPS of $0.59 includes a $0.13 FX headwind versus the first quarter of 2024. Our first-quarter adjusted effective tax rate was 21.8%, down from 27.1% for the first quarter of 2024, which had an approximately $0.04 favorable impact on adjusted diluted EPS. The lower 2025 rate was primarily due to changes in the geographic mix of income and tax benefits from discrete events in the period. We now expect our full-year 2025 adjusted effective tax rate to be approximately 28% to 30%.

正如我在第四季度收益電話會議上所述，從本季度開始，與第四季度收益相關的淨遞延稅影響將被排除在我們的調整後結果之外。第一季調整後稀釋每股收益為 0.59 美元，與 2024 年第一季相比，包括 0.13 美元的外匯不利因素。我們第一季的調整後有效稅率為 21.8%，低於 2024 年第一季的 27.1%，這對調整後的稀釋每股收益產生了約 0.04 美元的有利影響。2025 年稅率較低主要是由於該期間離散事件導致的收入和稅收優惠的地理分佈發生變化。我們現在預計 2025 年全年調整後有效稅率約為 28% 至 30%。

Operating cash flows, which were neutral for the first quarter, came in ahead of our expectations. As we previously communicated, our first quarter tends to be the lowest cash flow quarter of the year due to the payments of the annual Mark Hughes distributor bonuses, which were approximately $74 million and in line with last year's payment.

第一季的經營現金流保持中性，超出了我們的預期。正如我們之前所傳達的，由於支付了年度 Mark Hughes 經銷商獎金，我們的第一季度往往是一年中現金流最低的季度，獎金約為 7400 萬美元，與去年的支付額一致。

In addition, we paid our 2024 annual employee performance bonuses during Q1, which was about $35 million greater than last year due to a much higher bonus achievement level in 2024 versus 2023. We repaid approximately $70 million of debt during the quarter, including the redemption of $65 million of the 2025 notes in February. And as of March 31, our revolving credit facility remained undrawn.

此外，我們在第一季度支付了 2024 年度員工績效獎金，由於 2024 年的獎金完成水準遠高於 2023 年，因此比去年增加了約 3,500 萬美元。我們在本季償還了約 7,000 萬美元的債務，其中包括 2 月贖回的 6,500 萬美元 2025 年票據。截至 3 月 31 日，我們的循環信用額度仍未提領。

Credit agreement EBITDA for the first quarter was $192 million, and combined with our debt paydowns in the quarter, we further reduced our total leverage ratio to 3 times as of March 31, a target we set to achieve by the end of 2025, and we have achieved it three quarters in advance. For additional details regarding the adjustments between adjusted EBITDA and credit agreement EBITDA as well as the calculation of our total leverage ratio, please refer to the presentation appendix in the earnings press release.

第一季的信貸協議EBITDA為1.92億美元，加上本季的債務償還，我們進一步將總槓桿率降低至3月31日的3倍，這是我們設定的2025年底實現的目標，並且我們已經提前三個季度實現了這一目標。有關調整後 EBITDA 與信貸協議 EBITDA 之間的調整以及我們的總槓桿率計算的更多詳細信息，請參閱收益新聞稿中的介紹附錄。

Turning to slide 10. We see the drivers of our year-over-year net sales performance. On a reported basis, first quarter net sales were down 3.4% year over year, while up 1.4% on a constant currency basis. Overall volumes were down 2.3% or $29 million year over year, which was more than offset by approximately $46 million of favorable pricing.

翻到第 10 張投影片。我們看到了推動我們淨銷售額同比表現的因素。據報道，第一季淨銷售額年減 3.4%，但以固定匯率計算則成長 1.4%。整體銷量年減 2.3% 或 2,900 萬美元，但約 4,600 萬美元的優惠定價彌補了這一損失。

FX was an approximately $60 million headwind year-over-year or 480 basis points, which was slightly better than the 550 basis point headwind we had anticipated in our Q1 guidance provided in February. The FX improvement since January was primarily due to the broad-based weakening of the US dollar. While on a year-over-year basis, the dollar is still much stronger than it was a year ago.

外匯交易年減約 6,000 萬美元，即 480 個基點，略好於我們 2 月提供的第一季指引中預期的 550 個基點的逆風。自一月以來，外匯情勢的改善主要是由於美元的全面走弱。但與去年同期相比，美元仍比一年前強勢得多。

Turning to slide 11. We have the regional net sales results for the first quarter. On a local currency basis, Latin America, EMEA, and Asia Pacific all reported net sales growth in the quarter, with FX negatively impacting each of these regions on a reported basis.

翻到第 11 張投影片。我們有第一季的區域淨銷售額結果。以當地貨幣計算，拉丁美洲、歐洲、中東和非洲地區以及亞太地區本季均報告淨銷售額成長，但外匯對這些地區均產生了負面影響。

In Latin America, net sales were down 4% on a reported basis, while up 11% on a local currency basis. Favorable year-over-year net pricing and an approximately 4% increase in volumes were more than offset by unfavorable FX headwinds, primarily due to the Mexican peso.

在拉丁美洲，淨銷售額按報告基礎計算下降了 4%，但以當地貨幣計算則增加了 11%。有利的同比淨定價和約 4% 的交易量增長被不利的外匯逆風（主要是由於墨西哥比索）所抵消。

In Mexico specifically, net sales were down 10% year over year on a reported basis, whereas on a local currency basis, net sales were up 8%, primarily due to favorable pricing on flat volumes year-over-year.

具體來說，在墨西哥，淨銷售額按報告基礎計算同比下降 10%，而以當地貨幣計算，淨銷售額增長 8%，這主要歸因於同比持平的銷量和優惠的定價。

EMEA net sales were down 2% year-over-year on a reported basis, while up 3% on a local currency basis. Favorable year-over-year pricing and sales mix were more than offset by an approximately 5% decline in volume as well as FX headwinds. Year-over-year results were generally mixed across the market in the region.

以報告計算，歐洲、中東和非洲地區的淨銷售額年減 2%，但以當地貨幣計算則成長 3%。有利的同比定價和銷售組合被約 5% 的銷售下降以及外匯不利因素所抵消。該地區市場年比業績整體好壞參半。

In Asia Pacific, net sales were down 2% on a reported basis, while up 2% on a local currency basis. Favorable year-over-year pricing impacts were more than offset by unfavorable FX movements and sales mix, with volumes nearly flat year over year.

在亞太地區，淨銷售額按報告基礎計算下降了 2%，但以當地貨幣計算則增加了 2%。不利的外匯變動和銷售組合抵消了同比有利的定價影響，導致銷售量比去年同期幾乎持平。

In India, net sales were up 3% on a reported basis and up 7% on a local currency basis, primarily due to an approximately 5% year-over-year increase in volumes and favorable pricing. These benefits were partially offset by FX headwinds. In North America, net sales were down 4% year over year, primarily driven by an 8% reduction in volumes, partially offset by higher pricing. China net sales were down 14% year over year on a reported basis and down 13% on a local currency basis, primarily driven by a 14% decrease in volumes year over year.

在印度，淨銷售額按報告基礎計算增長 3%，以當地貨幣計算增長 7%，主要由於銷量同比增長約 5% 且定價優惠。但外匯逆風部分抵銷了這些好處。在北美，淨銷售額較去年同期下降 4%，主要原因是銷量下降 8%，但部分被價格上漲所抵銷。中國淨銷售額以報告計算年減 14%，以當地貨幣計算下降 13%，主要原因是銷量年減 14%。

Turning to slide 12. We see the drivers of the $27 million or 19% year-over-year increase in our first-quarter adjusted EBITDA. Our adjusted EBITDA remained strong at $165 million with margin at 13.5%, a 260-basis-point improvement year over year.

翻到第 12 張投影片。我們看到了第一季調整後 EBITDA 年成長 2700 萬美元或 19% 的驅動因素。我們的調整後 EBITDA 保持強勁，達到 1.65 億美元，利潤率為 13.5%，年增 260 個基點。

Looking at the bridge, the impact of the gross profit margin improvement can be seen in the pricing benefit and favorable input costs, partially offset by lower volumes and unfavorable sales mix. The reduction in salaries is primarily due to the restructuring initiative implemented during 2024, partially offset by employee merit increases in the first quarter.

從橋樑來看，毛利率提高的影響可以從定價優勢和有利的投入成本中看出，但被銷售下降和不利的銷售組合部分抵消。薪資的減少主要是由於 2024 年實施的重組計劃，但第一季員工績效成長部分抵消了這一影響。

Lower employee bonus accruals reflect a reduction in headcount as well as reduced bonus achievement levels expected in 2025 compared to the high levels achieved in 2024. Unfavorable year-over-year FX movements resulted in approximately $17 million reduction in adjusted EBITDA.

員工獎金應計金額降低反映了員工數量的減少，以及與 2024 年實現的高水準相比，2025 年預期的獎金實現水準下降。與去年同期相比，不利的外匯走勢導致調整後的 EBITDA 減少約 1,700 萬美元。

Moving to slide 13, I'll provide an update on our capital structure. During the first quarter, we paid down $70 million of debt, including $65 million of the 2025 notes redeemed in February and $5 million of the Term Loan B scheduled amortization payment. As of March 31, our revolving credit facility remained undrawn.

轉到第 13 張投影片，我將提供有關我們資本結構的最新資訊。在第一季度，我們償還了 7,000 萬美元的債務，其中包括 2 月贖回的 6,500 萬美元的 2025 年票據和 500 萬美元的定期貸款 B 預定攤銷付款。截至 3 月 31 日，我們的循環信用額度仍未提領。

Importantly, we further reduced our total leverage ratio to 3 times as of March 31, a target we had originally set to achieve by the end of 2025. Cash at the end of March was $329 million. And with the steps we have taken over the past year to optimize our in-house bank, which enables us to centralize our cash management and reduce cash holdings in certain countries, we now have more flexibility to maintain an overall lower minimum cash balance.

重要的是，截至 3 月 31 日，我們進一步將總槓桿率降低至 3 倍，這是我們最初設定的 2025 年底實現的目標。3月底現金為3.29億美元。過去一年來，我們採取措施優化內部銀行，從而能夠集中現金管理並減少某些國家的現金持有量，現在我們可以更靈活地維持整體較低的最低現金餘額。

Going forward, some quarters may see higher or lower cash balances depending on the circumstances. We remain committed to reducing our principal amount of debt outstanding to $1.4 billion by the end of 2028, which is a $1 billion reduction from where we stood at the end of Q2 2024 when we first made the commitment.

展望未來，根據具體情況，某些季度的現金餘額可能會增加或減少。我們仍然致力於在 2028 年底將未償還債務的本金金額減少到 14 億美元，這比我們首次做出承諾的 2024 年第二季末的水準減少 10 億美元。

We remain on track to repay the $197 million outstanding on the 2025 notes at or prior to the September 2025 maturity, leaving the next meaningful debt maturity not due until 2028. As Stephan noted in his opening remarks, we recently completed the asset acquisitions related to Pro2col, Pruvit, and Link BioSciences.

我們仍有望在 2025 年 9 月到期時或之前償還 2025 年票據的 1.97 億美元未償還金額，而下一筆有意義的債務要到 2028 年才會到期。正如 Stephan 在開場白中指出的那樣，我們最近完成了與 Pro2col、Pruvit 和 Link BioSciences 相關的資產收購。

Total cash consideration paid in April relating to these acquisitions was $25.5 million. In 2025, contingent payments of up to $5 million in total are payable upon the successful launch of the beta version of the Pro2col technology platform in July and the commercial release in the US in the fourth quarter of 2025.

4 月與這些收購相關的支付現金總額為 2,550 萬美元。2025 年，在 7 月成功推出 Pro2col 技術平台測試版並於 2025 年第四季在美國進行商業發布後，需支付總計高達 500 萬美元的附帶付款。

Moving to slide 14. We will review our outlook for the second quarter and full year 2025. We continue to expect FX to be a significant headwind for the remainder of 2025 despite the recent weakening of the US dollar. Therefore, we are providing net sales and adjusted EBITDA guidance based both on a reported basis, which uses the average daily exchange rates for the first two weeks of April 2025 as well as constant currency for both the second quarter and full year 2025.

移至投影片 14。我們將回顧 2025 年第二季和全年的展望。儘管近期美元走弱，但我們仍預期外匯將成為 2025 年剩餘時間內的重大阻力。因此，我們根據報告基礎提供淨銷售額和調整後的 EBITDA 指引，該報告基礎使用 2025 年 4 月前兩週的平均每日匯率以及 2025 年第二季和全年的固定貨幣。

For the second quarter, FX is expected to have an approximately $40 million negative impact to our net sales and approximately $17 million negative impact to our Q2 adjusted EBITDA. We expect second quarter net sales to be in a range of down 3.5% to up 0.5% year over year, which includes an approximately 300 basis point headwind from currency. On a constant currency basis, we expect net sales to be down 0.5% to up 3.5% year over year. We expect adjusted EBITDA for the second quarter to be in the range of $160 million to $170 million, while in the range of $177 million to $187 million on a constant currency basis. Our planned capital expenditures for the second quarter are in the range of $25 million to $35 million.

對於第二季度，預計外匯因素將對我們的淨銷售額產生約 4000 萬美元的負面影響，對我們第二季度調整後的 EBITDA 產生約 1700 萬美元的負面影響。我們預計第二季淨銷售額將年減 3.5% 至成長 0.5%，其中包括約 300 個基點的貨幣逆風。以固定匯率計算，我們預期淨銷售額將年減 0.5% 至成長 3.5%。我們預計第二季調整後的 EBITDA 將在 1.6 億美元至 1.7 億美元之間，以固定匯率計算將在 1.77 億美元至 1.87 億美元之間。我們第二季的計畫資本支出在 2,500 萬美元至 3,500 萬美元之間。

Now, moving to our full-year guidance, which we have updated given our first quarter-performance and the revisions to the outlook for the remainder of this year, which include our preliminary estimates of tariff impacts, currency movements since we provided guidance in February and the estimated operating costs associated with the recent acquisitions. And with all of this, we are raising our adjusted EBITDA guidance for the year.

現在，讓我們來看看我們的全年指引，我們根據第一季的業績和今年剩餘時間前景的修訂對全年指引進行了更新，其中包括我們對關稅影響的初步估計、自 2 月份提供指引以來的貨幣變動以及與最近的收購相關的估計營運成本。有鑑於此，我們提高了今年的調整後 EBITDA 預期。

With respect to tariffs, our 2025 guidance includes a preliminary estimate of the impact of the incremental tariffs that have been enacted as of yesterday. The estimated impact of these tariffs is not material to our full year 2025 expected results. And on an annualized basis, we do not expect the enacted tariffs to have a material impact on our results.

關於關稅，我們的 2025 年指引包括對截至昨天實施的增量關稅影響的初步估計。這些關稅的預期影響對我們 2025 年全年預期表現並不重要。從年度化角度來看，我們預期實施的關稅不會對我們的業績產生重大影響。

Turning to FX. We now expect currency to drive an approximately $150 million negative impact to our full year 2025 net sales, reduced from an expected $200 million headwind based on the FX assumptions included in our February guidance.

轉向 FX。我們現在預期貨幣將對我們 2025 年全年淨銷售額造成約 1.5 億美元的負面影響，低於我們 2 月指引中所包含的外匯假設所預期的 2 億美元逆風。

In addition, we now expect currency to drive an approximately $65 million negative impact to our 2025 adjusted EBITDA, reduced from an approximately $70 million anticipated FX headwinds in the guidance we provided in February. We've narrowed our full year net sales range to now be in the range of down 2.5% to up 2.5% year over year. whereas at constant currency, we expect net sales to be up 0.5% to up 5.5% year over year.

此外，我們現在預計貨幣將對我們 2025 年調整後的 EBITDA 產生約 6500 萬美元的負面影響，低於我們 2 月份提供的指導中預計的約 7000 萬美元的外匯逆風。我們已將全年淨銷售額範圍縮小至年減 2.5% 至成長 2.5% 之間。以固定匯率計算，我們預期淨銷售額將年增 0.5% 至 5.5%。

As I stated, we are raising our expectations for the full year adjusted EBITDA to a range of $625 million to $655 million, while in the range of $690 million to $720 million on a constant currency basis. We are reducing our expected capital expenditures for the year to now be in the range of $90 million to $120 million, which includes the incremental spend related to the further development and launch of the Pro2col platform.

正如我所說，我們將全年調整後 EBITDA 預期上調至 6.25 億美元至 6.55 億美元之間，以固定匯率計算則為 6.9 億美元至 7.2 億美元之間。我們將今年的預期資本支出降至 9,000 萬美元至 1.2 億美元之間，其中包括與進一步開發和推出 Pro2col 平台相關的增量支出。

We continue to expect full year capitalized SaaS implementation costs to be in the range of $25 million to $30 million, which is incremental to our planned CapEx. Depreciation and amortization, including amortization of SaaS implementation costs, is expected to be in the range of $140 million to $150 million. For the full year 2025, we expect our adjusted effective tax rate to be between 28% and 30%.

我們繼續預計全年資本化 SaaS 實施成本將在 2500 萬美元至 3000 萬美元之間，這將是我們計劃的資本支出的增量。折舊和攤提（包括 SaaS 實施成本的攤銷）預計在 1.4 億美元至 1.5 億美元之間。到 2025 年全年，我們預計調整後的有效稅率將在 28% 至 30% 之間。

Now, before moving to Q&A, I want to close my opening remarks with one final comment. 2025 is off to a strong start as we continue to pay down debt, improve margins and drive greater distributor engagement. It's an exciting time at Herbalife as we made bold strategic moves to position ourselves for the future of health and wellness.

現在，在進入問答環節之前，我想用最後一句話來結束我的開場白。隨著我們繼續償還債務、提高利潤率並推動分銷商參與度的提高，2025 年開局強勁。這是康寶萊激動人心的時刻，我們採取了大膽的策略舉措，為未來的健康和保健做好準備。

On behalf of our entire team, we're excited to welcome Stephan as our new CEO and to usher in the next era of Herbalife. This concludes our opening remarks.

我謹代表我們整個團隊熱烈歡迎 Stephan 擔任我們的新任首席執行官，並開啟康寶萊的新紀元。我們的開場白到此結束。

Operator, please open the call for questions.

接線員，請打開電話詢問。

(Operator Instructions) Chasen Bender, Citi.

（操作員指示） Chasen Bender，花旗。

Great afternoon everyone. Thanks for taking the question. Stephan, to start, I was hoping you could expand a little bit on the monetization strategy of Pro2col. I realize it's still pretty early. But given the expectations for adoption that you were highlighting earlier, how do you anticipate that the ROIs will evolve through '25 and '26?

大家下午好。感謝您回答這個問題。史蒂芬，首先，我希望你能稍微闡述 Pro2col 的貨幣化策略。我意識到現在還很早。但考慮到您先前強調的採用預期，您預期投資報酬率 (ROI) 將如何發展？

And related to that, it's been almost a year since I think you first discussed the conversion opportunity at US Nutrition Clubs. Could you just give us a sense how the conversion rates have evolved over the last year and how the Pro2col integration or launch could potentially influence those conversion rates going forward?

與此相關，我認為您第一次討論美國營養俱樂部的轉換機會已經過去了將近一年。您能否向我們介紹過去一年轉換率的變化情況，以及 Pro2col 的整合或發布可能會對未來的轉換率產生怎樣的影響？

Yeah. So Chasen, thanks for the questions. So first of all, I appreciate the fact that you said it's a bit early to start talking about the ROI.

是的。Chasen，謝謝你的提問。所以首先，我很感激您說現在談論投資回報率還為時過早。

Obviously, this is a new era for us as a company, launching a digital platform that supports our business supports more product consumption, longer product consumption, sales of new products and supports distributors in helping their customers achieve the best results possible and create a stickiness to the company that we've never experienced before in this way. So I'll let John talk a little bit about kind of how we've modeled things out. But again, it's very new. We will be launching the beta in July, and in October, starting commercialization. So again, I'll let JD talk a little bit about that.

顯然，對於我們公司來說，這是一個新時代，推出一個支援我們業務的數位平台，支援更多的產品消費、更長的產品消費、新產品的銷售，並支持分銷商幫助他們的客戶實現最好的結果，並以這種方式創造我們以前從未經歷過的公司黏性。因此，我會讓約翰稍微講一下我們如何對事物進行建模。但再說一遍，它非常新。我們將在 7 月推出測試版，並在 10 月開始商業化。因此，我再次讓 JD 談論這個問題。

On the Nutrition Club conversion, it's a huge opportunity for us. And you're right, it has been probably just over a year that we've been talking about it.

就營養俱樂部的轉型而言，這對我們來說是一個巨大的機會。你說得對，我們討論這個問題可能已經一年多了。

If we look at the 2024 data of unique consumers purchasing from US Nutrition Clubs, it's almost 4 million people. I mean, if you think about that in the United States, it's a huge amount of people. And as you mentioned, we've been talking about conversion, 1% to 2% conversion as preferred customers. And part of it is the people that are distributors and the people that are working in the clubs that are selling to consumers because it is really a consumption-based, more of a food service model, they're not taking the time specifically to sit down with someone and ask them what their goals are and to explain the products to them or to go through and evaluate how they're eating.

如果我們查看 2024 年從美國營養俱樂部購買產品的獨立消費者數據，這個數字接近 400 萬人。我的意思是，如果你想想在美國，那人數是巨大的。正如您所提到的，我們一直在談論轉換率，優先客戶的轉換率為 1% 到 2%。部分原因在於分銷商和在俱樂部工作的人向消費者銷售產品，因為這實際上是一種基於消費的食品服務模式，他們沒有花時間專門坐下來與顧客交談，詢問他們的目標是什麼，向他們解釋產品，或者了解並評估他們的飲食方式。

And so to have a technology that is as simple as saying, hey, download this QR -- scan the QR code, download, do a digital diagnostic, they may promote it and say, you'll get $5 off your next visit here at the club. You take the 4 million people, and we will be looking at different A/B testing, different conversion models, it's clear that we are going to go beyond the 1%, 2% conversion. And so again, early days, but we see that there's a huge opportunity for us, and that's just the United States.

因此，如果有一種技術可以簡單到說，嘿，下載這個二維碼——掃描二維碼，下載，進行數位診斷，他們可能會推廣它，並說，你下次來俱樂部可以享受 5 美元的折扣。以 400 萬人為例，我們將研究不同的 A/B 測試、不同的轉換模型，很明顯，我們將超越 1%、2% 的轉換率。雖然現在還處於早期階段，但我們看到，我們面臨著巨大的機遇，而這個機會就在美國。

I mean, we can then talk about the 65,000 clubs around the world, but your points are very important. These are huge upsides for us. And yes, it's early, but I think logic would tell you that this is going to have a very positive impact on conversion. And this is, again, new territory.

我的意思是，我們可以談論世界各地的 65,000 個俱樂部，但您的觀點非常重要。對我們來說，這些都是巨大的好處。是的，現在還為時過早，但我認為邏輯會告訴你，這將對轉換產生非常積極的影響。這又是一個新領域。

Let me pass it over to John to talk a little bit more about the modeling in terms of the memberships and the users.

讓我把它交給約翰，讓他從會員資格和用戶的角度進一步討論建模。

Yeah. So Jason, thank you. This, I think, is an important question. When it comes to ROI and creating value, there's three main components and there's some subcomponents of a couple of them. So first, the app itself could generate revenue.

是的。所以傑森，謝謝你。我認為這是一個重要的問題。談到投資報酬率和創造價值，有三個主要組成部分，其中還有一些子組成部分。首先，應用程式本身可以產生收入。

And I say could because there's likely to be a fee for that unless you buy product. And so itself can have some revenue-generating attributes. That's one. Two, the app will help us sell more product. And I kind of put that into three buckets.

我說「可能」是因為除非你購買產品，否則可能會收取費用。因此它本身可以具有一些創收屬性。那是一個。二，該應用程式將幫助我們銷售更多產品。我將其分為三類。

So there's the ultra-personalized bucket that's tied to Link BioSciences, which is very much a product unique to you with your name on it based on your biomarkers and how you've answered questions and whatnot. So that's one subset of it. Two is there will be products specific to the Pro2col app that are not in our portfolio today, that will get launched over time. We'll get into more details next quarter as to what that looks like, and that should be incremental revenue. And then three, the app should help us sell more of our Herbalife product.

因此，有一個與 Link BioSciences 相關的超個性化儲存桶，它是一款非常獨特的產品，根據您的生物標記以及您如何回答問題等，上面刻有您的名字。這是其中的一個子集。二是將會推出針對 Pro2col 應用程式的特定產品，這些產品目前不在我們的產品組合中，但會隨著時間的推移而推出。我們將在下個季度討論更多細節，了解具體情況，這應該是增量收入。第三，該應用程式應該可以幫助我們銷售更多的康寶萊產品。

And then -- so that's -- those are three subsets of the product value. And then there's new distributors and new customers. And that comes -- I'll put that in two buckets. So really, there is the Herbalife bucket. We think there will be -- this will be really a new DMO for our distributors that can bring in new distributors and generate new customers.

然後——這就是——產品價值的三個子集。然後還有新的分銷商和新客戶。這就是——我會把它分成兩個部分。所以實際上，有一個康寶萊桶。我們認為，這對我們的經銷商來說將是一個真正的新 DMO，可以帶來新的經銷商並產生新的客戶。

But also, Pro2col was originally being developed for Pruvit and for their distributors and now the distributors have an opportunity to sign up for Pro2col and become Herbalife distributors, and that will help us. So hopefully, that kind of buckets it.

而且，Pro2col 最初是為 Pruvit 及其分銷商開發的，現在分銷商有機會註冊 Pro2col 並成為 Herbalife 分銷商，這將對我們有所幫助。所以希望這樣就可以了。

Lastly, I'll tell you, there's not -- in terms of the 2025 projections that we use for guidance, we included the cost of Pro2col. We have not included revenue yet because when we launched the app in beta, it will be July, maybe there'll be some revenue for some product at that point, but it will be small and the commercial launch is October. And we'll know a lot more by then, and we'll start including more into our guidance as the year progresses.

最後，我要告訴你，就我們用於指導的 2025 年預測而言，我們不包括 Pro2col 的成本。我們還沒有把收入計算在內，因為當我們推出測試版應用程式時，時間是 7 月份，那時也許某些產品會產生一些收入，但數額會很小，而商業發布是在 10 月份。到那時，我們將會了解更多，隨著時間的推移，我們將開始將更多內容納入我們的指導中。

Got it. And then secondarily, on North America, the trend on a lot of the distributor number KPIs and volumes too has taken a sequential step backwards. So I was hoping you could provide some additional perspective on what's driving that and your expectations for the market in context of 2025 guidance?

知道了。其次，在北美，許多經銷商的數量 KPI 和銷售趨勢也出現了連續倒退。所以我希望您能提供一些額外的觀點，說明推動這一趨勢的因素以及您對 2025 年指導背景下的市場預期？

Yeah, I'll take it from a high level. So when we think about net sales and just overall volume in the US, the US finished the quarter very strong. It actually started the quarter strong. It had a weak February, which I think we overcome.

是的，我會從高層次來看它。因此，當我們考慮美國的淨銷售額和整體銷售時，美國本季的表現非常強勁。事實上，本季的開局表現強勁。二月份表現疲軟，但我認為我們已經克服了這一困難。

And there could be a few reasons why, including there was a lot of noise in the world back then that kind of slowed things down and the consumer was pretty weak in February in general. And also, we were launching a lot of new technology in the first week in March, including our new e-commerce platform in the US, our digital IBP, which is the kit you have for signing up, which was much less expensive because it was digital leads.

原因可能有很多，包括當時世界上有很多噪音，導致經濟放緩，而且 2 月的消費總體來說相當疲軟。此外，我們在三月的第一周推出了許多新技術，包括我們在美國推出的新電子商務平台、我們的數位 IBP（這是您註冊時使用的工具包），由於它是數位化的線索，因此成本便宜得多。

There's a whole host of different actions we took at the beginning of March that may have slowed things down in February, why distributors waited for the new stuff to come in March. But I will tell you, we finished the quarter strong, and we expect the North American region to improve Q2 versus Q1 sequential trends and continue to improve during the year.

我們在三月初採取了一系列不同的行動，這些行動可能導致二月份的業務放緩，這就是為什麼分銷商要等到三月新產品上市。但我要告訴你，我們在本季表現強勁，我們預計北美地區第二季的環比趨勢將有所改善，並在年內繼續改善。

Got you. And then if I can just sneak one last one in. The guide for the constant currency sales guidance for 2025 came down by about 1% at the midpoint, which is more than just the flow-through of 1Q. And this is happening when broadly new distributor growth ex North America, ex China still looks pretty healthy. You're getting pricing in a number of markets and the overall trend in active sales leaders and non-sales distributors is headed in the right direction. So they're kind of pointing in opposite directions. So curious if you can elaborate on why the reduction to the midpoint of guidance.

明白了。然後如果我能偷偷地再放最後一個進去的話。2025 年固定匯率銷售指導價中位數下降了約 1%，這不僅是第一季的流通量。而這種情況發生的時候，北美、中國以外的新經銷商的成長總體上仍然看起來相當健康。您將在多個市場中獲得定價，並且活躍銷售領導者和非銷售分銷商的整體趨勢正朝著正確的方向發展。所以它們指向的是相反的方向。我很好奇您是否可以詳細說明為什麼要減少到指導的中點。

Yeah. I mean, so what you're saying, it is slightly in a different direction, right? It's not materially in the different direction, right? I mean you take the Q1 trend, if you annualize it, yeah, we took the year down by slightly more than what the annual number would be for the first quarter, but not much. So it really was basically rolling in what we saw in the first quarter.

是的。我的意思是，您說的是稍微不同的方向，對嗎？從本質上來說這並不是不同的方向，對嗎？我的意思是，如果你以第一季的趨勢來計算，那麼按年率計算，是的，我們今年的降幅略高於第一季的年度數字，但幅度不大。所以它實際上基本上延續了我們在第一季看到的情況。

We had a little bit of weakness in Asia Pac, and we rolled that into the back half of the year. And we're not expecting a lot out of China, although we are expecting improvement. And I think we've launched -- we're very cautious on China. We've been through a roller coaster ride over the last five years in China, and we have a lot of initiatives. We're very hopeful. But we're going to wait and see on China before we roll any meaningful upside into our projections.

我們在亞太地區稍微有些疲軟，並將這種疲軟狀態延續到了下半年。儘管我們期待中國會進步，但我們對中國的期望並不高。我認為我們已經啟動了——我們對中國非常謹慎。過去五年，我們在中國經歷了過山車般的起伏，也推出了許多舉措。我們非常有希望。但在我們的預測中出現任何有意義的好處之前，我們將對中國的情況進行觀望。

Okay. I'll take the rest offline. Thanks so much, guys.

好的。我將把其餘部分下線。非常感謝大家。

John Baumgartner, Mizuho Securities.

瑞穗證券的約翰·鮑姆加特納。

Good afternoon. Thanks for the question. Maybe first off, building on the last line of questioning, I wanted to come back to the Link to BioSciences. And Stephan, could you elaborate a little bit on your sort of intentions for that business? I mean, the offering seems maybe a bit more advanced and maybe a bit more expensive relative to the needs of the average person looking to drop a few pounds or maintain a healthy weight. So is this something that you're looking to tap into athletes, a more specialized audience with the NSF certified for sport and have it slide into energy sports fitness category? How are you thinking about the audience for Link?

午安.謝謝你的提問。也許首先，基於最後一條疑問，我想回到與生物科學的連結。史蒂芬，您能否詳細說明一下您對這項業務的意圖？我的意思是，相對於普通人想要減掉幾磅體重或維持健康體重的需求而言，這種產品可能看起來更先進一些，也可能更昂貴一些。那麼，您是否希望透過 NSF 認證的運動產品吸引運動員和更專業的受眾，並將其納入能量運動健身類別？您如何看待《林克》的觀眾群？

Well, I think there's a few audiences. Definitely, athletes and without going into details, we actually in the last couple of weeks have spent good amount of time with some of our partners that work with very high-level athletes. And this is something that is of high interest to them. So we're looking at opportunities and programs there. I think if we look overall and to Jason's question a little bit in terms of kind of the US, the US market is becoming more and more sophisticated. It has more and more access to information. I think there's more and more competition in terms of what's being offered by companies.

嗯，我認為有不少觀眾。當然，運動員，不必贅述，實際上，在過去的幾周里，我們花了大量時間與一些與高水平運動員合作的合作夥伴在一起。這是他們非常感興趣的事。因此我們正在尋找那裡的機會和項目。我認為，如果我們從整體來看，並從美國的角度來回答傑森的問題，美國市場正變得越來越成熟。它獲取資訊的管道越來越多。我認為，就公司提供的產品而言，競爭越來越激烈。

And so Link BioSciences offers something that is really unique and differentiates us from almost every other company out there. To be able to formulate on a one-to-one basis for someone and not just on a one-to-many basis, it's just something that is not very -- it's not common at all.

因此，Link BioSciences 提供了真正獨特的產品，使我們與幾乎所有其他公司區分開來。能夠為某人以一對一的方式製定計劃，而不僅僅是以一對多的方式製定計劃，這只是不太常見的事情。

I mean, look at what's in your cupboards, how many of those products were formulated one-to-one for you. And so we believe that there's going to be a category of customers that are the more sophisticated that, number one, are looking for something and having something unique for them, that's more customized, that's going to bring customers in, that don't have anywhere else to go because we have it, number one, first of all.

我的意思是，看看你的櫥櫃裡有什麼，有多少產品是為你一對一配製的。因此，我們相信，將會有一類客戶，他們更加成熟，首先，他們正在尋找一些獨特的東西，一些更加定制化的東西，這將吸引那些沒有其他地方可去的客戶，因為我們有這些，這是首先。

So the second is the technology. And so having this technology and being able to build upon it, we believe over time, what's going to happen is, yes, now it's hyper customized, but we actually think the world is going to go in that direction also. So if we go down the road 5 or 10 years from now, I think that the population overall that's going to be looking for hypercustomization, it will be bigger.

第二個是技術。因此，擁有這項技術並能夠在此基礎上進行開發，我們相信隨著時間的推移，它將會發生，是的，現在它是高度客製化的，但我們實際上認為世界也將朝著這個方向發展。因此，如果我們展望 5 年或 10 年後的情況，我認為尋求高度客製化的整體人口將會更大。

And so being ahead of this and especially having acquired this technology and being able to build on it and expand it internationally, it's going to position us in markets ahead of, I don't want to say any competitors, but I would say almost any competitor. So it's going to bring different levels of customers now.

因此，如果我們能領先於這個領域，特別是獲得了這項技術，並能夠在此基礎上進行開發和在國際上推廣，那麼我們將在市場上處於領先地位，我不想說是任何競爭對手，但我想說是幾乎所有競爭對手。所以它現在將吸引不同層次的客戶。

And yes, you're right. It's more of a premium customer and athletes definitely fall into that category. But we believe over time, this will become more generalized, and we will be at the right place at the right time because of the moves that we're making today.

是的，你是對的。它更像是高端客戶，運動員肯定屬於這一類。但我們相信，隨著時間的推移，這將變得更加普遍，而且由於我們今天採取的行動，我們將在正確的時間出現在正確的地點。

And then, John, if we could dig a bit more into Asia Pacific. That region has seen some pretty good growth in the active nonsales leader distributors for a couple of years now, and yet the volume isn't really converting. Can you elaborate a bit in terms of what you're seeing on the ground?

然後，約翰，我們是否可以更深入地了解亞太地區。該地區的活躍非銷售領先分銷商幾年來取得了相當不錯的增長，但銷量並沒有真正轉化。您能否詳細說明一下您在實地看到的情況？

And maybe it's India versus non-India. But is it macro? Is there an upskilling need that you haven't really implemented yet? Just any thoughts on Asia Pacific would be appreciated.

或許這是印度與非印度之間的對抗。但它是宏觀的嗎？您是否有尚未真正實現的技能提升需求？任何有關亞太地區的想法都將受到歡迎。

Yeah, sure. So Asia is still performing well, by the way, right? And India is a big part of that, and it's still growing, but the numbers have gotten big and the growth rates have decreased, as expected. And that has an overweighting impact on the consolidated APAC numbers that you're probably looking at. So there's still a lot of strength in APAC.

是的，當然。順便說一下，亞洲的表現仍然良好，對嗎？印度是其中的重要組成部分，並且仍在增長，但正如預期的那樣，數量已經很大，而增長率已經下降。這對您可能正在查看的亞太地區綜合數據產生了過重影響。因此亞太地區仍具有很大的優勢。

But there was a few markets that had some weaknesses in the quarter. Korea was a little weak. Some of that is timing of price increases. We expected to launch a price increase in March, which we thought would pull a little bit of volume into Q1. That didn't happen until April.

但本季有一些市場表現疲軟。韓國有點弱。其中一些是價格上漲的時機。我們預計將在三月提高價格，我們認為這將為第一季帶來一些銷售。直到四月份，這件事才發生。

So we'll make up the -- I think we'll make up the Korea volume in April. Taiwan had a number of promotions last year, and it's got some tough comps. It's not doing great. Indonesia has got a little bit of weakness. So some of that was Ramadan that the timing was March of this year and it was April of last year.

所以我們會彌補——我想我們會在四月彌補韓國的銷售。台灣去年推出了多項促銷活動，競爭十分激烈。效果不太好。印尼已經有點虛弱了。因此，其中一些是齋月，時間是今年的三月，去年是四月。

There's nothing major negative going on APAC. There's a lot of good stuff going on in APAC. It's just slightly under our expectations in the quarter, and we rolled some of that forward into the year.

亞太地區沒有發生任何重大負面事件。亞太地區正在發生很多好事。這略低於我們本季的預期，我們將其中一部分預期延續到了今年。

Yeah. Well, I was just going to add that we've talked about the three-year decline in recruiting, right? So that there's a tail to that. And as we've now had our fourth consecutive quarter of new distributor growth, what ends up happening is that we've got to find the end of the tail, and it's got to have that moment of capitulation. And it's a mixed basket, right? You've got certain markets dealing with certain conditions and individual situations. So it's a timing.

是的。好吧，我只是想補充一下，我們已經討論過招聘三年來的下滑，對嗎？所以這裡有一個尾巴。現在我們已經連續第四個季度實現新分銷商的成長，最終的結果是，我們必須找到尾巴的末端，並且必須有那個投降的時刻。這是一個混合籃子，對嗎？某些市場需要應對特定的條件和個別情況。所以這是一個時機問題。

And this is why we've been very clear, it's quarter-by-quarter. I think overall, the company, and I spoke a little bit about it in the opening comments, the distributor leadership with these acquisitions and the vision and the tools of the Pro2col platform and this new manufacturing capability and technology, it's created a new vision for everyone around the world in the future and where we're going as a company.

這就是為什麼我們非常清楚，這是逐季度進行的。我認為總體而言，公司，我在開場白中稍微談到了這一點，分銷商領導層透過這些收購以及 Pro2col 平台的願景和工具以及這種新的製造能力和技術，為全世界每個人的未來以及我們作為一家公司的發展方向創造了新的願景。

So I just, again, it's -- we're in this period of time where -- look, we want to be able to come on these calls and say, growth, growth, growth. And we've done a great job over the last year.

所以我只是，再說一次，我們正處於這個時期，看，我們希望能夠接聽這些電話並說，增長，增長，增長。過去一年我們做得非常好。

Recruiting is up. The tail of the three years prior, we're quarter by quarter closer to the point of capitulation. And it's just quarter by quarter.

招聘正在進行中。回顧前三年，我們每季都在接近投降點。而且這只是一個季度一個季度地發生。

And again, just to put it in perspective, right, APAC on a constant currency basis was up, right? We expect it to continue throughout the year. So we're not looking at declines in Asia Pacific, right? But they just -- the numbers are just lower relative to what they were the prior year because India was growing at such a hyper rate that it had an overweighting impact on the consolidated APAC numbers.

再說一次，只是為了客觀地看待這個問題，對吧，以固定匯率計算，亞太地區的數字是上升了，對吧？我們預計這種趨勢將持續全年。所以我們並沒有看到亞太地區的衰退，對嗎？但它們只是 - 這些數字相對於前一年有所下降，因為印度的增長速度如此之快，以至於對合併後的亞太地區數字產生了過大的影響。

Great. Thanks, team.

偉大的。謝謝，團隊。

William Reuter, Bank of America.

威廉·路透，美國銀行。

Hi guys, good evening. Thank you for taking my question. This is Rob Rigby on for Bill. So first one from us. Regarding the current economic environment, do you think that it's -- that it could be a tailwind given that consumers may be seeking a skin job?

大家好，晚上好。感謝您回答我的問題。我是羅布·里格比 (Rob Rigby)，代替比爾 (Bill) 發言。這是我們的第一個問題。關於當前的經濟環境，您是否認為這可能是一個順風，因為消費者可能正在尋求皮膚整容？

So this is John. I won't answer it directly, but I think indirectly, history has shown direct sellers do pretty well in this countercyclical environment when people are looking to make extra money. That's gone on -- I mean that's a century worth of data that supports that. So you can make your own determination whether you think it will help us or not this cycle. I mean, there's just a lot of noise in the world right now. So I don't know if it will happen or not, but historically, that's been a benefit to our company and other direct sellers.

這就是約翰。我不會直接回答這個問題，但我認為間接地，歷史已經表明，當人們希望賺取額外收入時，直銷商在這種反週期環境中表現相當不錯。這已經發生了——我的意思是，有一個世紀的數據可以支持這一點。因此，您可以自行判斷它是否會對我們這個週期有所幫助。我的意思是，現在世界上有很多噪音。所以我不知道這是否會發生，但從歷史上看，這對我們公司和其他直銷商來說都是有益的。

Understood, thank you. And then second one from us. I appreciate all of the color regarding tariffs and understand that it's not a very material portion or won't materially impact '25 results. I guess, do you have any sourcing from China into the US? And then do you think -- or do you have an idea of if others within the industry may source from China into the US?

明白了，謝謝。接下來是我們的第二個。我感謝有關關稅的所有細節，並且知道這不是非常重要的部分，也不會對 25 年的結果產生實質影響。我猜，你們有從中國到美國的採購嗎？那麼，您認為——或者您是否知道業內其他人是否會從中國向美國採購？

I can speak for us. I don't know where the other companies source their ingredients. So we have some botanicals that we source from our own manufacturing facility in China. It's at the ingredient level. And there is an impact from that.

我可以代表我們發言。我不知道其他公司從哪裡採購原料。因此，我們的一些植物藥材是從我們位於中國的製造工廠購買的。這是成分層面的問題。這會產生影響。

Now, half the imports end up getting reexported out. They come from China, the ingredients, they get manufactured here and they get shipped out. So there is a duty drawback. That's about 50% of the duties we have to pay. And that's why in total, like with all the -- on an annualized basis in 2026, if nothing changes, except for the duties that have been announced, it's a $10 million to $15 million impact.

現在，一半的進口產品最終都被重新出口。它們的原料來自中國，在這裡生產，然後運出。因此存在關稅退稅。這大約占我們必須繳納關稅的50%。這就是為什麼總的來說，就像所有一樣——以 2026 年的年度計算，如果沒有任何變化，除了已經宣布的關稅外，它的影響將達到 1000 萬至 1500 萬美元。

It's not material after the duty drawback. Most of that is coming from China. But again, that's our impact and that takes -- China is the majority of that impact, but it's just not overall material because look, big picture, we're a US manufacturer and most of the ingredients we use in our manufacturing facility come from the US, not all of them, but most of them. So at least for the tariff -- the US tariffs that have been enacted, it's just not much of an impact to us.

退稅後就不重要了。其中大部分來自中國。但再說一次，這是我們的影響，而且——中國是影響的主要部分，但這並不是整體影響，因為從大局來看，我們是一家美國製造商，我們在製造工廠中使用的大多數原料都來自美國，雖然不是全部，但大多數都來自美國。因此，至少對於關稅而言——已經實施的美國關稅，對我們影響不大。

And then just one last one from us. Are there any additional -- or is there any additional CapEx that's associated with the recently acquired assets? And then regarding the CapEx guidance, I was just wondering what the rationale was for lowering the guidance there.

接下來是我們最後一個問題。是否有任何額外的——或者是否有任何與最近收購的資產相關的額外資本支出？然後關於資本支出指導，我只是想知道降低指導的理由是什麼。

So the rationale for lowering guidance is we spent less in Q1 as we reprioritize our spend, right? So all the reduction taken down -- all the reduction that's inherent in the full year guidance is a result of what happened in Q1. Actually, the next nine months goes up slightly because we underspent the midpoint of guidance in CapEx in Q1 by around $17 million, and we took the full year down by $10 million. But I will tell you that the next nine months includes all the CapEx necessary for Pro2col for the acquisitions, too. So there's nothing we're expecting from an operating cost standpoint or from a CapEx standpoint that's not included in the guidance we provided.

因此，降低指導的理由是我們在第一季重新調整了支出，從而減少了支出，對嗎？因此，全年指引中固有的所有減少都是第一季發生的情況造成的。實際上，接下來的九個月會略有上升，因為我們第一季的資本支出比指導中點少了約 1700 萬美元，而全年則減少了 1000 萬美元。但我會告訴你，接下來的九個月也包括 Pro2col 收購所需的所有資本支出。因此，從營運成本或資本支出的角度來看，我們所期望的一切都包含在我們提供的指導中。

Carolyn Popelka, Barclays.

巴克萊銀行的卡洛琳‧波佩爾卡 (Carolyn Popelka)。

It's Hale from Barclays. John, it was great to see the EBITDA increase for the year despite what sounds like some additional SG&A costs associated with Pro2col and launch costs. So I was wondering if I was thinking about that correctly because it wouldn't have been in the number that you gave at the beginning of the year.

我是巴克萊銀行的黑爾。約翰，儘管聽起來與 Pro2col 和啟動成本相關的一些額外的銷售、一般和行政費用 (SG&A) 成本有所增加，但很高興看到今年的 EBITDA 有所增加。所以我想知道我是否正確地考慮了這個問題，因為它不會出現在你年初給出的數字中。

That's correct.

沒錯。

Is that a material spend for you to get that off the ground in the US or not?

為了在美國實現這一目標，你們是否需要花費大量資金？

I mean, I guess, I don't know the definition of material. I would say it's not material from a company our size, but it's meaningful money to get that up and launched. And there's a lot of effort to get it both the beta launch in July and the commercial launch in October.

我的意思是，我想，我不知道材料的定義。我想說，對於我們這樣規模的公司來說，這並不重要，但為了啟動和推出它，這筆錢是有意義的。我們付出了很多努力，確保 7 月推出 Beta 版，10 月推出商業版。

Got it. And then the second question I had for you was you did a pretty good job of outlining the increased cash costs in the first quarter with the John Hughes payment and then the bonus payments from the fourth quarter that carried over. But your cash conversion was pretty good. So I was wondering what worked in your favor in the first quarter that kind of offset this?

知道了。然後我要問您的第二個問題是，您很好地概述了第一季因約翰休斯付款而增加的現金成本，以及第四季度結轉的獎金支付。但你的現金轉換率相當不錯。所以我想知道第一季有哪些對你有利的因素可以抵銷這項影響？

Well, we took our cash balance down. I'll go back a year, maybe five quarters ago. We ended 2023 with a cash balance north of $500 million. When we did the debt deal last year, we communicated that we think we can get it to $350 million and maybe better with some initiatives that we had planned. And I think what you're seeing now and what we're seeing is the benefit of those initiatives that was able to get our minimum cash needs to a point where we could draw our cash down to below $350 million.

好吧，我們減少了現金餘額。我將回顧一年前，也許是五個季度前。截至 2023 年，我們的現金餘額已超過 5 億美元。去年我們進行債務交易時，我們表示，我們認為透過我們計劃的一些舉措，我們可以將債務金額提高到 3.5 億美元，甚至可能更高。我認為您現在看到的和我們所看到的是這些舉措的好處，這些舉措能夠將我們的最低現金需求降低到 3.5 億美元以下。

I don't know that there's much more room to go in some quarters based on whatever circumstances going on and the ability to move money around. Some quarters may go up or may go down. But that was one of the reasons why we were able to pay down our debt and have all these cash needs from an operating standpoint, but still lower our leverage ratio.

我不知道根據目前的情況和資金流動的能力，某些方面是否還有很大的發展空間。有些季度可能會上升，也可能會下降。但這也是我們能夠償還債務並從營運角度滿足所有現金需求，同時仍降低槓桿率的原因之一。

Congrats on the acquisitions. I look forward to ordering my bespoke vitamins and pills.

祝賀收購成功。我期待訂購定制的維生素和藥丸。

Doug Lane, Water Tower Research.

道格·萊恩（Doug Lane），水塔研究公司。

Yes, hi, good afternoon, everybody. John, staying on Pro2col here. And I'm more interested, I think, in the out years and capital investment there. I mean it seems to me you're basically building a company inside a company here and taking what is now a very early-stage operation and taking it to maturity. So will we see sort of a permanent elevation in capital spending over the next three to five years as you do that?

是的，大家下午好。約翰，我繼續留在 Pro2col。我認為，我更感興趣的是未來幾年的資本投資。我的意思是，在我看來，你們基本上是在一家公司內建立一家公司，並將目前處於非常早期階段的營運推向成熟。那麼，我們是否會看到未來三到五年內資本支出永久性成長？

Well, I think -- so when you say elevated, I mean, there is some CapEx associated with Pro2col. But we're not going to elevate our capital expenditures above and beyond what we ordinarily would have done. We're actually just reprioritizing our internal spend away from things that we were going to have to do that we now don't have to do because of Pro2col.

嗯，我認為——所以當你說提升時，我的意思是，有一些與 Pro2col 相關的資本支出。但我們不會將資本支出提高到超出正常水準。實際上，我們只是重新調整了內部支出的優先順序，不再做那些我們本來必須做的事情，因為有了 Pro2col，我們現在不需要再做了。

So I'm going to step back and just take a kind of a big picture approach. We spent a lot of money in tech over the last 2.5 years. We said that there was a flex to do that and then the spending would come down. And that's what we're seeing. We flexed up, spent a lot of money, built this integration layer, which Pro2col is leveraging. And maybe that's the piece that's missing is the development of the app, that's money we have to spend.

因此，我將退一步，採取一種宏觀視角。過去兩年半我們在技術方面投入了大量資金。我們說，如果能靈活地做到這一點，支出就會下降。這就是我們所看到的。我們投入了大量資金，建立了這個整合層，Pro2col 正在利用它。也許缺少的是應用程式的開發，這就是我們必須花費的錢。

The integration of it into our operating systems and our different databases, that's really leveraging the work we've already done and the money we've already spent. So it's only a subset of what you might think.

將其整合到我們的作業系統和不同的資料庫中，真正利用了我們已經完成的工作和已經花費的資金。所以這只是您想像的一部分。

The CapEx of protocol is only a subset of what you might think if we were actually genuinely starting a new company because we already have Oracle. We already have the integration layer. We already have our MCS, which is a members' compensation plan. All we now do is taking the applications, creating websites and integrating it into that platform and that middleware that helps the integration is now built.

如果我們真的要創辦一家新公司，那麼協議的資本支出只是你可能想到的一部分，因為我們已經有了 Oracle。我們已經有整合層。我們已經有 MCS，這是一個會員補償計劃。我們現在所做的就是獲取應用程式、建立網站並將其整合到該平台中，並且現在已建立了有助於整合的中間件。

Okay, that's good color. And can we talk a little bit about the Flex45 challenge, which was launched with great fanfare at your Honors back in March. We should be starting that program now, if I'm not mistaken. So can you give us an early read on the distributor response to Flex45?

好的，顏色不錯。我們能否簡單談談 Flex45 挑戰賽？該挑戰賽於三月在貴校榮譽獎頒獎典禮上隆重推出。如果我沒記錯的話，我們現在就應該啟動該計劃。那麼，您能否提前向我們介紹一下經銷商對 Flex45 的回應？

Yeah, Doug, I'll cover this. First of all, lots of excitement at different levels. Number one, distributor engagement because the seven elements that they're actually engaged in every single day for the 45 days are things that are positive for themselves personally, their product use, the activities that they're going to be doing personal development exercising.

是的，道格，我會報道這件事。首先，不同層次都充滿了興奮。第一，經銷商參與度，因為在 45 天的時間裡，他們每天實際參與的七個活動都是對他們個人有利的事情，包括他們的產品使用、他們將要進行的個人發展運動活動。

And so we had 200,000 -- over 200,000 distributors that actually preregistered for this, and we have tens of thousands of them that are participating. And I would say the level of excitement around the program, just as an initial feeling for what's going on, it's quite incredible. I mean, they've taken this on as an idea, and now they're implementing it in their organization.

因此，我們有 200,000 多個分銷商預先註冊了此活動，其中有數萬名分銷商正在參與。我想說的是，圍繞該計劃的興奮程度，作為對正在發生的事情的初步感覺，是相當令人難以置信的。我的意思是，他們已經接受了這個想法，並且正在他們的組織中實施它。

So again, this is a very simple program. There was no cost to this. This was something that distributors could engage, engage their customers and engage their organizations. And so we are following it very closely.

所以再說一次，這是一個非常簡單的程序。這樣做沒有任何成本。這是分銷商、他們的客戶和他們的組織可以參與的事情。因此我們正密切關注此事。

But overall, I think it was just, I would say, a little bit of genius in a simple program, but they can have a really long-lasting impact over time. It's something that we think that they're actually going to -- once the 45 days are up, actually keep it in terms of kind of not a DMO, but something that helps new people, new customers and new distributors come in and just be a part of getting right on board and getting focused, and it will impact the results. So we're pretty excited about it.

但總的來說，我認為這只是在一個簡單的程序中融入了一點天才之舉，但隨著時間的推移，它們可以產生真正持久的影響。我們認為，一旦 45 天過去，他們實際上就會將其保留為一種不再是 DMO 的形式，而是一種可以幫助新人、新客戶和新分銷商加入並集中精力的方式，這將對結果產生影響。所以我們對此感到非常興奮。

And this is happening all in this quarter, right? So we'll have more to talk about when you report the second quarter and into the challenge, right?

這一切都是在本季發生的，對嗎？因此，當您報告第二季度和挑戰時，我們會有更多話要談，對嗎？

Yeah. But just so you're clear, this is something that distributors are doing amongst themselves and for themselves, right? So we had a kind of a preregistration for them to be able to register and commit to it. It was really more for them to commit to the program. How it actually gets expressed in their own organizations, with their customers, with their down lines, that's not something that we are tracking.

是的。但您要清楚，這是經銷商之間、為自己做的事情，對嗎？因此，我們為他們提供了一種預先註冊的方式，以便他們能夠註冊並承諾。這對他們來說確實意味著對這個項目更多的投入。它實際上如何在他們自己的組織中、在他們的客戶中、在他們的下線中表達出來，這不是我們所追蹤的。

We're going to track the productivity, obviously, but we're not tracking per se, all of the participants and what they're doing on a daily basis.

顯然，我們會追蹤生產力，但我們不會追蹤所有參與者以及他們每天所做的事情。

I see, okay. Thanks, Stephan.

我明白了，好的。謝謝，史蒂芬。

You're welcome.

不客氣。

Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Stephan Gratziani for closing remarks.

女士們、先生們，隊列中沒有其他問題了。現在我想將電話轉回給史蒂芬‧格拉齊亞尼，請他作最後發言。

Thank you. So before closing, I'd like to share just a little bit from a personal standpoint.

謝謝。所以在結束之前，我想從個人角度分享一點。

As many of you know, I signed up as a distributor in 1991. And as a 22-year-old living in France, who had really no idea of what my future was going to be and being introduced to this community and this opportunity and the products and the vision of Herbalife at that time, it was life-changing for me.

你們很多人都知道，我於 1991 年簽約成為經銷商。身為一個住在法國的 22 歲年輕人，我真的不知道我的未來會怎樣，而當時我接觸到這個社區、了解到這個機會、產品和康寶萊的願景，這改變了我的生活。

I remember certain elements, whether it was hearing a story of someone that had started the business and it had changed their life or whether it was Babet, who in France, in Paris, I saw an event and who had lost 54 kilos and was standing up in front of the room and crying, and it touched me to the core.

我記得某些情節，無論是聽到某人創業並改變了生活的故事，還是聽到巴貝特的故事，我在法國巴黎看到了一場活動，他減掉了 54 公斤，站在房間前面哭泣，這些都深深地觸動了我。

It's hard not to get emotional about this because it has been my life for the last 34 years. Mark Hughes started the company and his whole mission was to help people lose weight naturally because he had lost his mother to medication, trying to lose weight.

我很難不為此感到激動，因為這就是我過去 34 年的生活。馬克·休斯創辦了這家公司，他的整個使命就是幫助人們自然減肥，因為他的母親因服用藥物減肥而去世。

Funny enough, 45 years later, people are still taking medication. They're just injecting it now and not swallowing it and maybe now swallowing it. The problem still exists.

有趣的是，45 年後，人們仍在服藥。他們現在只是注射它，而不是吞嚥它，也許現在吞嚥它。問題仍然存在。

And so when Mark started in 1980, that was his mission. That was his vision. 20 years later, Herbalife became the world's weight loss program, probably the premier in the world. Then we had Michael Johnson, who joined and his heart and spirit and his professionalism, number one, an athlete, and he birthed an entire community of healthy active lifestyle-focused individuals.

所以當馬克在 1980 年開始工作時，這就是他的使命。這就是他的願景。 20年後，康寶萊成為世界減肥方案，可能是世界上首屈一指的。然後我們迎來了邁克爾·約翰遜，他的加入，首先，他的熱情、精神和專業精神，作為一名運動員，他創建了一個由注重健康積極生活方式的個人組成的社區。

Not only did he make sure that the company was vertically integrated, that the products were science-backed, that people started to pay attention to their lifestyle and not just focus on losing weight, but actually integrate a holistic healthy active lifestyle.

他不僅確保公司垂直整合，產品有科學依據，而且人們開始關注他們的生活方式，不僅僅關注減肥，而且實際上融入整體健康積極的生活方式。

And for 22 years, that was the vision and the mission of Herbalife. And so if you look at the results of that as per Euromonitor, well, today, we're the number one weight management brand in the world. So Mark Hughes, 20 years, 1980, Herbalife became the number one weight management brand in the world. Michael Johnson, 22 years, healthy active lifestyle focus, affiliations with some of the greatest athletes in the world.

22 年來，這就是康寶萊的願景和使命。因此，如果您根據歐睿國際 (Euromonitor) 的調查結果來查看，那麼，今天，我們是全球第一的體重管理品牌。所以馬克·休斯，20年後，1980年，康寶萊成為世界第一的體重管理品牌。邁克爾·約翰遜，22 歲，注重健康積極的生活方式，與世界上一些最偉大的運動員有聯繫。

Well, guess what, as per Euromonitor, we're the number one active lifestyle and nutrition brand. We're also the number one protein shake in the world with 25% of the market share in meal replacement. So the vision and the mission of two incredible leaders that have built Herbalife to what it is today. And now, I have the honor of taking on this next role and opportunity.

好吧，你猜怎麼著，根據歐睿國際的調查，我們是排名第一的積極生活方式和營養品牌。我們也是全球排名第一的蛋白質奶昔，佔據代餐市場的 25% 份額。兩位傑出的領導者的願景和使命將康寶萊打造成為今天的樣子。現在，我很榮幸能夠承擔這個角色和機會。

And so I share this with you because it's not a job for me. It was never a career path to become an executive of Herbalife. I told Michael 14 years ago that I wasn't interested in that. But changing people's lives and seeing for 32.5 years in meetings, people telling their story about how Herbalife changed their lives and many of them saying that it saved their lives, it's impossible not to have that become your purpose over time. And so I take on this role and my purpose is to make sure that our company becomes the premier health and wellness company community and platform for the world because my purpose, and I believe Herbalife's purpose is to impact humanity's health and wellness, and that is the reason that our company exists.

所以我與你們分享這個，因為這不是我的工作。成為康寶萊的高階主管從來都不是一條職業道路。14 年前我告訴麥可我對此不感興趣。但改變人們的生活，並在 32.5 年的會議中看到人們講述康寶萊如何改變他們的生活的故事，其中許多人說康寶萊拯救了他們的生命，隨著時間的推移，這不可能不成為你的目標。因此，我擔任這個職務，我的目的是確保我們的公司成為世界首屈一指的健康和保健公司社區和平台，因為我的目的，我相信康寶萊的目的，是影響人類的健康和保健，這就是我們公司存在的原因。

And so I don't know what to tell you about the next 10 to 20 years. But if history has a way of repeating itself, Mark's vision of weight loss, Michael's vision of healthy active lifestyle, it became who we are today. The vision of becoming the world's premier health and wellness company, community and platform, that's our vision for the future.

所以我不知道該告訴你關於未來 10 到 20 年的事。但如果歷史總是重演，那麼馬克對減肥的願景、邁克爾對健康積極生活方式的願景就成就了我們今天的樣子。成為世界一流的健康和保健公司、社區和平台，這是我們對未來的願景。

The acquisitions that you've seen I think you could kind of get a sense that this is leading us to that future, and that's the future that we're all going to be working for.

我想，您看到的這些收購可能會讓您感覺到，這正在引領我們走向那個未來，而那也是我們所有人都將為之奮鬥的未來。

And lastly, I just want to say thank you because many of you have been for a long time following us or participating, partnering, believing. And every single one of us, we have a responsibility. And our responsibility is to grow this company and to have it make the impact that we know it can have in the future.

最後，我只想說謝謝，因為你們中的許多人長期以來一直關注我們、參與我們、與我們合作、相信我們。我們每個人都肩負著責任。我們的責任是發展這家公司，並讓它在未來發揮我們所知的影響力。

So thank you all very much for participating, and we'll talk to you next quarter.

非常感謝大家的參與，我們將在下個季度與大家討論。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。