康寶萊 (HLF) 2025 Q3 法說會逐字稿

Good afternoon and thank you for joining the-third quarter 2025 earnings conference call for Herbalife Limited.

下午好，感謝各位參加康寶萊有限公司2025年第三季業績電話會議。

(Operator Instructions) As a reminder, today's conference call is being recorded.

（操作員說明）提醒各位，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.

現在我將把電話交給副總裁兼投資者關係主管艾琳·巴尼亞斯，由她來開始今天的電話會議。你可以開始了。

Thank you and good morning, good afternoon, or good evening to everyone joining us.

謝謝各位的到來，祝各位早安、下午好或晚上好。

Joining us today are Stephan Gratziani, our Chief Executive Officer; and John DeSimone, our Chief Financial Officer.

今天與我們一同出席的有我們的執行長史蒂芬·格拉齊亞尼和我們的財務長約翰·德西蒙。

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.

在今天的電話會議開始之前，我想請各位注意我們演示文稿第 2 頁以及今天早些時候發布的盈利報告中關於前瞻性陳述的警示性聲明，這兩份文件都可以在我們網站的投資者關係部分找到。

The presentation and earnings release include a discussion of some of the 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.

簡報和收益發布中包含對一些重要因素的討論，這些因素可能導致實際結果與 1995 年《私人證券訴訟改革法案》所指的任何前瞻性聲明中表達的結果存在差異。

As is customary, the content of today's call and presentation will be governed by this language.

按照慣例，今天電話會議和報告的內容將遵循以下語言。

In addition, during today's call, we will be discussing certain non-GAAP financial measures. These non-GAAP financial measures exclude certain unusual or non-recurring items that management believes impact the comparability of the period's reference.

此外，在今天的電話會議中，我們將討論一些非GAAP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該期間參考值的某些不尋常或非經常性項目。

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.

有關這些非GAAP財務指標以及與最直接可比的GAAP指標的調節表的更多信息，請參閱我們的盈利報告和演示材料。

With that, I will now turn the call over to our CEO, Stephan Gratziani.

接下來，我將把電話交給我們的執行長史蒂芬·格拉齊亞尼。

Thank you, Erin. Good afternoon, everyone.

謝謝你，艾琳。大家下午好。

When we met last quarter, I reiterated our vision to be the world's premier health and wellness company, community, and platform. I talked about how Herbalife was in motion, honoring our 45-year legacy while transforming for the future.

上個季度我們見面時，我重申了我們的願景，成為世界領先的健康和保健公司、社區和平台。我談到了康寶萊如何在傳承45年輝煌歷史的同時，為未來轉型發展的。

This quarter, we made great progress against our strategy. We're turning the corner. Disciplined execution, strong operating fundamentals, and aligned leadership are accelerating momentum and strengthening confidence in our path forward.

本季度，我們在策略實施方面取得了巨大進展。我們正在扭轉局面。嚴謹的執行、穩健的營運基礎和協調一致的領導層正在加速發展勢頭，並增強我們對未來道路的信心。

We have a clear vision. We're executing against it.

我們擁有清晰的願景。我們正在採取措施應對。

Let me walk you through the progress we made in Q3.

讓我帶您了解我們在第三季的進展。

The headline is clear: Herbalife returned to net sales growth in North America and on a worldwide basis. This is a significant milestone.

結論很明確：康寶萊在北美和全球範圍內恢復了淨銷售額成長。這是一個重要的里程碑。

For North America, it marks the first quarterly increase since the second quarter of 2021 and is a reflection of nearly two years of disciplined execution and foundational work across every level of the business. On a worldwide basis, it is our first quarter of net sales growth since Q1 of 2024.

對於北美而言，這是自 2021 年第二季以來的首次季度成長，反映了近兩年來公司各個層面嚴謹的執行和基礎工作。從全球範圍來看，這是我們自 2024 年第一季以來首次實現淨銷售額成長。

Q3 net sales were $1.3 billion, up 2.7% year over year and above the midpoint of our guidance range. On a constant currency basis, net sales were up 3.2% and towards the upper end of guidance.

第三季淨銷售額為 13 億美元，年成長 2.7%，高於我們預期範圍的中點。以固定匯率計算，淨銷售額成長 3.2%，接近預期上限。

Adjusted EBITDA of $163 million exceeded guidance.

調整後 EBITDA 為 1.63 億美元，超出預期。

We fully repaid the 2025 notes in September, leaving no significant debt maturities until 2028.

我們在 9 月全額償還了 2025 年到期的票據，因此在 2028 年之前沒有重大債務到期。

We ended Q3 with a total leverage ratio of 2.8 times, reducing our leverage beyond our 3 times commitment.

第三季末，我們的總槓桿率為 2.8 倍，低於我們 3 倍的承諾槓桿率。

While these results are encouraging on their own, they are just one part of the story. Herbalife's more than 2 million distributors across 95 markets are driving execution globally, capitalizing on health and wellness trends and delivering personalized nutrition at scale.

雖然這些結果本身令人鼓舞，但這只是故事的一部分。康寶萊在全球 95 個市場擁有超過 200 萬名經銷商，他們正在全球推動業務發展，利用健康和保健趨勢，大規模提供個人化營養。

With this foundation in place, we are moving faster, operating more efficiently, and embracing technology to deepen engagement and drive growth. Importantly, this momentum comes even before the commercial release of Pro2col and other personalized nutrition initiatives slated for introduction in the coming quarters.

有了這個基礎，我們就能更快前進，更有效率地運營，並利用科技來加深互動，推動成長。重要的是，這種勢頭甚至在 Pro2col 和其他計劃在未來幾季推出的個人化營養方案正式上市之前就已經出現。

Pro2col, our next-generation digital personalized health operating system, which elevates our heritage in personalized connection and coaching, is designed to deliver tailored, accessible wellness solutions through innovation and the strength of our global distributor network.

Pro2col 是我們新一代的數位化個人化健康作業系統，它傳承了我們在個人化連結和指導方面的傳統，旨在透過創新和我們強大的全球經銷商網絡，提供量身定制、易於使用的健康解決方案。

Since forming our beta group in July, which has grown to 7,900 distributors, we have seen strong engagement and enthusiasm. To date, thousands of app users have completed their Pro2 Scores, our proprietary personalized wellness scoring system.

自 7 月成立測試小組以來，我們已經發展到 7900 名經銷商，我們看到了強烈的參與和熱情。迄今為止，已有數千名應用程式用戶完成了他們的 Pro2 評分，這是我們專有的個人化健康評分系統。

In addition, a large majority have set intended consumption schedules for Herbalife products, which are supported by automated reminders designed to drive consistency of product use.

此外，絕大多數用戶都制定了康寶萊產品的預期使用計劃，並透過自動提醒功能來促進產品的持續使用。

Simply put, the app can turn engagement into action and action into sales.

簡而言之，該應用程式可以將用戶參與轉化為實際行動，並將實際行動轉化為銷售。

Engagement metrics are encouraging. In the short period since the beta release, users have logged approximately 32 million steps, scheduled over 200,000 instances of Herbalife product usage; logged 36,000 meals, and scheduled 42,000 lifestyle hacks.

用戶參與度指標令人鼓舞。自測試版發布以來的短短時間內，用戶已記錄了約 3200 萬步，安排了超過 20 萬次 Herbalife 產品使用；記錄了 36000 餐，並安排了 42000 個生活方式小技巧。

In the past 30 days, AI-driven features have proven popular, including the AI Health Guide; and an AI Food Scanner, which evaluates macronutrients of meals.

在過去的 30 天裡，人工智慧驅動的功能廣受歡迎，包括人工智慧健康指南和人工智慧食物掃描儀，後者可以評估飲食中的大量營養素。

Last week, we hosted a virtual Pro2col event and expanded beta access to retail customers of distributors in the beta group. Alongside this expansion, we introduced key enhancements to the app, including the full Herbalife product catalog, nutrition-linked product tracking, and improved Pro2 Score functionality.

上週，我們舉辦了一場虛擬的 Pro2col 活動，並將測試版存取權擴大到測試組經銷商的零售客戶。隨著此次擴展，我們對應用程式進行了關鍵改進，包括完整的康寶萊產品目錄、營養關聯的產品追蹤以及改進的 Pro2 評分功能。

We also launched a new coach dashboard, providing distributors with real-time customer insights to support more customers more effectively. Plus, we rolled out customizable sales funnels for a variety of DMO flows.

我們還推出了新的教練儀錶盤，為經銷商提供即時客戶洞察，以便更有效地支援更多客戶。此外，我們還推出了可自訂的銷售管道，以適應各種 DMO 流程。

Insights from this phase are informing refinements ahead of the commercial release of Pro2col Beta 2.0 in the US and Puerto Rico by year end and additional markets beginning in 2026.

此階段的洞察結果將為 Pro2col Beta 2.0 在美國和波多黎各的商業發布（預計在年底前）以及從 2026 年開始在其他市場的商業發布提供改進依據。

Building on the growing consumer demand for accessible health insights, we will be introducing at-home tests that deliver baseline blood biomarkers as an additional health and wellness service. US distributors in the beta group will gain early access to the tests in the first quarter of 2026.

為了滿足消費者對便利健康資訊日益增長的需求，我們將推出可提供基線血液生物標記的家用檢測，作為額外的健康服務。參與測試的美國分銷商將於 2026 年第一季提前獲得測試資格。

Technology drives personalization but accountability drives results. That's why our high-tech, high-touch model is so critical. Studies consistently show that coaching improves adherence and outcomes. Our global distributor network provides a proven, scalable way to convert digital engagement into lasting behavior change, a capability digital-only platforms can't replicate.

技術推動個人化，但責任感驅動結果。這就是為什麼我們的高科技、高觸感模式如此重要。研究一致表明，輔導可以提高依從性和效果。我們的全球經銷商網路提供了一種經過驗證、可擴展的方式，將數位互動轉化為持久的行為改變，這是純數位平台無法複製的能力。

Herbalife has always been about personalized nutrition, one-to-one guidance, curated product support, and human accountability that drives behavioral change. It's a core capability and a clear competitive edge.

康寶萊一直致力於提供個人化營養、一對一指導、精心挑選的產品支援以及以人為本的責任制，從而推動行為改變。這是一項核心能力，也是明顯的競爭優勢。

Now, we're taking that foundation to the next level with HBL Link BioSciences. With Link BioSciences and data from Pro2col, we will move from curated to formulated, delivering precision-made supplements tailored to an individual's needs and goals.

現在，我們正透過 HBL Link BioSciences 將這項基礎提升到一個新的水平。透過 Link BioSciences 和 Pro2col 的數據，我們將從精選產品轉向配方產品，提供根據個人需求和目標量身定制的精準營養補充品。

Link BioSciences brings proven proprietary manufacturing technology and positions us to bring one-to-one formulation to scale. This represents a step-change in our value proposition. No one else in our space combines trusted human support; deep community reach; and, now, the ability to deliver personalized supplement formulation at scale.

Link BioSciences 擁有成熟的專有製造技術，使我們能夠將一對一配方規模化生產。這代表著我們價值主張的重大轉變。在我們這個領域，沒有其他公司能夠同時兼具值得信賴的人工支持、深厚的社區影響力，以及現在大規模提供個人化營養補充配方的能力。

It accelerates our innovation cycle and firmly positions Herbalife at the forefront of personalized wellness.

它加快了我們的創新週期，並將康寶萊牢牢地置於個人化健康領域的前沿。

US distributors in the beta group will have the first opportunity to access these personalized nutritional supplements in the first half of 2026.

2026 年上半年，美國測試組的經銷商將率先有機會獲得這些個人化營養補充品。

Herbalife's distributors remain at the center of everything we do. In the third quarter, three of our five regions reported year-over-year new distributor growth, led by North America, up 17%. On a worldwide basis, new distributor growth declined 2% versus Q3 of last year, which had the most new distributors of any quarter since exiting COVID in 2021. That said, momentum remains strong on a two-year stacked basis. with growth of new distributors up 11% in programs like the Flex45 Challenge, Herbalife Premier League, and the Diamond Development Mastermind continuing to strengthen leadership pipelines and elevate performance.

康寶萊的經銷商始終是我們一切工作的核心。第三季度，我們五個區域中有三個區域的新經銷商數量較去年同期成長，其中北美地區成長最為顯著，增幅達 17%。從全球來看，新經銷商的成長比去年第三季下降了 2%，而去年第三季則是自 2021 年 COVID-19 疫情結束後新增經銷商數量最多的一個季度。儘管如此，從兩年的累積數據來看，成長動能依然強勁。 Flex45挑戰賽、康寶萊精英聯賽和鑽石發展大師班等項目的新經銷商數量成長了11%，持續加強領導層儲備並提升績效。

Our Mastermind program celebrated its first anniversary in August, expanding to India this quarter. Approximately 10,700 distributors and service providers worldwide are committed to the program. Participants report greater confidence in their core business and leadership skills. We plan to evolve and expand the program to additional markets in 2026.

我們的精英導師計劃在8月份慶祝了成立一周年，並在本季擴展到了印度。全球約有 10,700 家經銷商和服務提供者參與該計劃。參與者表示對自己的核心業務和領導技能更有信心。我們計劃在 2026 年將該計劃發展並擴展到更多市場。

Strong engagement and confidence were also evident at the five Extravaganzas we held in September, where approximately 57,000 attendees gathered in Tashkent, Mexico City, Delhi, Bengaluru, and Budapest. Across all 2025 Extravaganza events, we welcome nearly 142,000 participants, a 5% increase compared to 2024, demonstrating the continued strength, enthusiasm, and engagement of our global community. Notably, EMEA saw nearly a 25% increase in attendance year over year.

在9月我們舉辦的五場盛會上，也明顯感受到了與會者的積極參與與信心。大約有57,000名與會者聚集在塔什幹、墨西哥城、德里、班加羅爾和布達佩斯。2025 年所有盛會活動共吸引了近 142,000 名參與者，比 2024 年增加了 5%，這充分展現了我們全球社區的持續實力、熱情和參與度。值得注意的是，歐洲、中東和非洲地區的出席人數年增了近 25%。

But the engagement, excitement, and commitment of our distributors extend well beyond our Extravaganza. Everywhere our team has traveled this year, we've seen, firsthand, our passionate distributors embracing our vision for the future and our shared purpose of helping more people live healthier, more active lives.

但是，我們經銷商的參與度、熱情和投入遠遠超出了我們的盛會。今年，我們的團隊無論走到哪裡，都親眼目睹了我們充滿熱情的經銷商們擁抱我們對未來的願景，以及我們幫助更多人過上更健康、更積極的生活的共同目標。

That purpose begins with our products, the cornerstone of our brand. Herbalife is a leader in global health and wellness because consumers trust our products and the results they deliver. This leadership is grounded in our dedication to innovation, science, and quality.

這個宗旨始於我們的產品，產品是我們品牌的基石。康寶萊之所以能成為全球健康與保健領域的領導者，是因為消費者信賴我們的產品及其所帶來的效果。這種領先地位源自於我們對創新、科學和品質的執著追求。

We recently strengthened our product innovation engine with the opening of our new state-of-the-art Center of Excellence, quality control, and research-and-development labs in Torrance, California, a facility designed by scientists for scientists. This 8,600-square foot center, which is one of seven global state-of-the-art facilities, brings R&D, quality, and sensory labs together, enabling us to move from idea to prototype to commercialization even faster.

我們最近在加州托蘭斯開設了最先進的卓越中心、品質控制和研發實驗室，從而加強了我們的產品創新引擎。該設施由科學家為科學家設計。這個佔地 8600 平方英尺的中心是全球七個最先進的設施之一，它將研發、品質和感官實驗室聚集在一起，使我們能夠更快地從想法到原型再到商業化。

With more than 40 scientists and experts, this facility supports over 300,000 tests annually across more than 90 markets and houses one of the world's largest botanical DNA reference databases to authenticate ingredients and ensure purity.

該機構擁有 40 多名科學家和專家，每年為 90 多個市場提供超過 30 萬次測試，並擁有世界上最大的植物 DNA 參考資料庫之一，用於驗證成分和確保純度。

Along with nearly 1,000 raw materials tested globally, we bring a level of scientific capability that we believe is unmatched in our category and that reinforces our commitment to product quality, integrity, and effectiveness.

我們對全球近 1000 種原料進行了測試，這體現了我們擁有的科學能力，我們相信這種能力在同類產品中是無與倫比的，這也強化了我們對產品品質、誠信和功效的承諾。

This facility, along with every one of our labs worldwide, is where ideas become science, science becomes products, and products change lives.

這個設施，以及我們在全球的每個實驗室，都是思想轉化為科學、科學轉化為產品、產品改變生活的地方。

In Q3, that continuous innovation and commitment to quality was evident, as we further expanded and elevated our portfolio and launched offerings that reflect the most relevant global health trends, from functional nutrition and personalized wellness solutions to cutting-edge K-beauty innovations and science-backed self-care. These products not only reinforce our commitment to innovation but also deepen our connection with consumers seeking tailored, high-impact health solutions.

第三季度，我們不斷創新，致力於提供高品質的產品，這充分體現了我們對產品品質的持續追求。我們進一步擴展並提升了產品組合，並推出了反映全球最相關健康趨勢的產品，涵蓋功能性營養、個人化健康解決方案、尖端韓妝創新以及科學支持的自我護理等。這些產品不僅鞏固了我們對創新的承諾，也加深了我們與尋求量身定制、高效健康解決方案的消費者之間的連結。

In EMEA, we launched HL Skin, a new skincare line built on advanced South Korean science, with K-beauty formulated ingredients. HL Skin range builds on Herbalife's science-backed approach to product development, with the efficacy of each product supported by clinical studies. What makes this launch particularly noteworthy is that we brought it to market in just 11 months, demonstrating both operational agility, product velocity, and our unwavering commitment to innovation.

在歐洲、中東和非洲地區，我們推出了 HL Skin，這是一個基於韓國先進科學技術，採用韓式美容配方成分的全新護膚系列。HL Skin 系列產品秉承 Herbalife 以科學為基礎的產品開發方法，每款產品的功效都得到了臨床研究的支持。這次產品發布之所以特別值得關注，是因為我們僅用了 11 個月就將其推向市場，這充分展現了我們的營運靈活性、產品迭代速度以及我們對創新的堅定承諾。

HL Skin is supported by an AI-powered skin assessment tool that delivers a personalized skincare analysis in less than 60 seconds. At the same time, it sends product recommendations directly to distributor dashboards. This helps consumers understand their skin needs and track visible improvements over time, while giving distributors actionable insights for faster, more informed customer interactions.

HL Skin 採用人工智慧驅動的皮膚評估工具，可在 60 秒內提供個人化的護膚分析。同時，它也會將產品推薦直接發送到分銷商的控制面板。這有助於消費者了解自己的皮膚需求，並追蹤一段時間內的明顯改善情況，同時為分銷商提供可操作的見解，以便更快地與客戶進行更明智的互動。

By leveraging tech-enabled solutions, we are advancing personalized wellness and equipping our distributors with insights and guidance that strengthen trust and expand their value proposition. This enhances the customer experience and drives greater engagement and loyalty, helping to increase customer lifetime value while meeting the rising demand for products such as Korean skincare.

透過利用技術賦能的解決方案，我們正在推進個人化健康，並為我們的經銷商提供洞察力和指導，從而增強信任並擴大其價值主張。這可以提升客戶體驗，提高客戶參與度和忠誠度，從而幫助提高客戶終身價值，同時滿足對韓國護膚品等產品日益增長的需求。

The HL Skin launch generated strong enthusiasm and immediate distributor engagement. We launched it alongside recommended DMO strategies, allowing distributors to integrate the line quickly into their businesses. Early activity is promising, with skincare-focused events and product-led gatherings. We're evaluating opportunities to expand HL Skin into additional markets.

HL Skin 的上市引起了強烈的反響，並立即獲得了經銷商的積極參與。我們同時推出了推薦的DMO策略，使經銷商能夠快速將該產品線整合到他們的業務中。早期活動前景可觀，以護膚為主題的活動和以產品為主導的聚會層出不窮。我們正在評估將 HL Skin 拓展到其他市場的機會。

Also, this quarter, we launched a new product in Mexico that supports restful, high-quality sleep. The product is formulated with collated magnesium bisglycinate; glycine; and affron, which is a clinically studied plant-based saffron extract shown to improve sleep quality.

此外，本季我們在墨西哥推出了新產品，有助於獲得安穩、高品質的睡眠。該產品配方中含有聚合鎂甘氨酸鹽、甘氨酸和藏紅花萃取物，藏紅花萃取物是一種經過臨床研究的植物性藏紅花萃取物，已被證明可以改善睡眠品質。

As we previewed in Q2, we initiated an early release in July of our new healthy lifespan supplement formulated with Niagen, a patented ingredient that's clinically shown to increase NAD levels, which is important for maintaining cellular energy. This product is now officially called BASELINE, which will be launched commercially in the US and Puerto Rico by the end of the year.

正如我們在第二季預告的那樣，我們在 7 月提前推出了我們新的健康壽命補充劑，該補充劑採用 Niagen 配製而成，Niagen 是一種專利成分，經臨床證明可以提高 NAD 水平，這對維持細胞能量非常重要。該產品現已正式命名為 BASELINE，將於今年年底前在美國和波多黎各上市。

These product launches showcase our ability to innovate and respond to emerging global health trends. By blending science, personalization, and innovation, we're expanding our portfolio, energizing distributors, and building long-term value.

這些產品發布展現了我們創新和應對新興全球健康趨勢的能力。透過融合科學、個人化和創新，我們正在擴大產品組合，激發經銷商的活力，並創造長期價值。

Before turning it over to John, I want to underscore the tangible impact of our disciplined execution. Strong cash flow, reduced leverage, and targeted investments in innovation and technology are strengthening our financial position and laying the foundation for scalable growth and long-term shareholder value.

在將發言權交給約翰之前，我想先強調我們嚴謹執行所帶來的實質影響。強勁的現金流、降低的槓桿率以及對創新和技術的定向投資正在增強我們的財務狀況，並為可擴展的成長和長期股東價值奠定基礎。

We are moving fast and executing with precision. Let me give you some examples.

我們行動迅速，執行精準。我舉幾個例子。

Our new labs accelerate idea-to-market execution and strengthen our product pipeline. After nearly two years of focused execution in North America, including renewed recruiting and business-building efforts, a new key account management program, new products and technology, we have strengthened our business, which positions us for long-term growth.

我們的新實驗室加快了從創意到市場的轉換速度，並加強了我們的產品線。經過近兩年在北美地區的集中執行，包括重新開展招聘和業務拓展工作、推出新的重點客戶管理計劃、開發新產品和新技術，我們加強了業務，這為我們實現長期增長奠定了基礎。

Just months after acquiring the Pro2col assets, we are already beta-testing with thousands of distributors, a reflection of our focus on technology and innovation. The Link BioSciences asset acquisition will bring next-generation personalized supplements to market, with manufacturing capabilities to deliver tailored formulations. We're moving quickly to bring these solutions to distributors and consumers.

收購 Pro2col 資產僅僅幾個月後，我們已經與數千家經銷商進行 beta 測試，體現了我們對技術和創新的重視。Link BioSciences 的資產收購將為市場帶來下一代個人化補充劑，並具備提供定製配方的生產能力。我們正在迅速推進這些解決方案的推出，以惠及經銷商和消費者。

Products like Multiburn, BASELINE, and HL Skin showcase our ability to quickly translate science and consumer trends into highly relevant and efficacious offerings.

Multiburn、BASELINE 和 HL Skin 等產品展現了我們能夠迅速將科學和消費者趨勢轉化為高度相關且有效的產品的能力。

Simply said, our differentiated strength lies in pairing scientific rigor and technology with the scale and trust of our global distributor network. Very few companies can combine personalized digital tools, advanced analytics, and human connection. This allows us to bring targeted, science-backed products to market faster, sharpen distributor execution with data-driven insights, and deliver personalized consumer experiences, furthering our vision to be the world's premier health and wellness company, community, and platform.

簡而言之，我們的獨特優勢在於將科學的嚴謹性和技術與我們全球分銷網絡的規模和信譽相結合。極少有公司能夠將個人化數位工具、進階分析和人際互動結合。這使我們能夠更快地將有針對性、有科學依據的產品推向市場，透過數據驅動的洞察提高經銷商的執行力，並提供個人化的消費者體驗，從而進一步實現我們成為世界領先的健康和保健公司、社群和平台的願景。

Quarter by quarter, Herbalife is getting stronger. We're turning the corner. Today, we're operating from a position of growing strength and increasing confidence in the path ahead.

康寶萊的業績每季都在穩步提升。我們正在扭轉局面。今天，我們正處於實力不斷增強、對未來道路越來越有信心的階段。

Now, I'll turn it over to John for a deeper dive into our financial results.

現在，我將把麥克風交給約翰，讓他更深入地分析我們的財務表現。

Thank you, Stephan.

謝謝你，史蒂芬。

Turning to our Q3 financial highlights on slide 10, as Stephan mentioned earlier, the headline for the quarter is that we return to net sales growth on a worldwide basis and North America delivered its first quarter of growth since the second quarter of 2021. This is a strong validation that our strategy is working. The actions we've taken to reinforce our distributor base, drive engagement, and strengthen our fundamentals are translating into measurable results.

翻到第 10 頁投影片上的第三季財務亮點，正如 Stephan 前面提到的，本季的亮點是全球淨銷售額恢復成長，北美自 2021 年第二季以來首次實現季度成長。這有力地驗證了我們的策略是有效的。我們為加強經銷商基礎、提高參與度和鞏固基本面而採取的行動正在轉化為可衡量的結果。

We've now achieved year-over-year constant currency net sales growth in six of the last eight quarters. This quarter, we built on that momentum, achieving constant currency net sales growth of 3.2% year over year, our strongest performance since the second quarter of 2021.

在過去八個季度中，我們有六個季度實現了以固定匯率計算的淨銷售額年增。本季度，我們延續了這一勢頭，以固定匯率計算的淨銷售額同比增長 3.2%，這是自 2021 年第二季度以來我們取得的最強勁的業績。

Our third-quarter performance reflects discipline financial, operational, and capital execution; strategic clarity; and a focused commitment to deliver shareholder value.

我們第三季的業績反映了我們在財務、營運和資本執行方面的嚴謹性；清晰的策略方向；以及致力於為股東創造價值的堅定承諾。

Moving to the financial highlights for the third quarter, net sales were $1.3 billion, up 2.7% versus Q3 of 2024 and above the midpoint of our guidance range. On a constant currency basis, net sales increased 3.2% and came in toward the upper end of our guidance range.

第三季財務亮點方面，淨銷售額為 13 億美元，比 2024 年第三季成長 2.7%，高於我們預期範圍的中點。以固定匯率計算，淨銷售額成長了 3.2%，接近我們預期範圍的上限。

FX rates moved unfavorably during the quarter versus our assumptions, creating a 50 basis points year-over-year headwind.

本季外匯匯率走勢與我們的預期相反，造成了年比 50 個基點的不利影響。

Adjusted EBITDA was $163 million, exceeding the high end of our guidance range of $150 million to $160 million. Adjusted EBITDA margin of 12.8%, declined 60 basis points year over year, primarily due to approximately $5 million in China government grant income recognized in the third quarter of last year that did not repeat this quarter, along with some FX-related headwinds.

調整後 EBITDA 為 1.63 億美元，超過了我們先前預測的 1.5 億美元至 1.6 億美元範圍的上限。經調整的 EBITDA 利潤率為 12.8%，年減 60 個基點，主要原因是去年第三季確認的約 500 萬美元中國政府補助收入在本季度沒有再次出現，以及一些與外匯相關的不利因素。

CapEx in the third quarter was $21 million, at the low end of our guidance range of $20 million to $30 million.

第三季資本支出為 2,100 萬美元，處於我們先前預測的 2,000 萬美元至 3,000 萬美元範圍的下限。

Capitalized [SaaS] implementation costs were approximately $7 million in the quarter.

本季資本化的[SaaS]實施成本約為700萬美元。

Gross profit margin was 77.7% for the quarter, down 60 basis points year over year.

本季毛利率為 77.7%，較去年同期下降 60 個基點。

Pricing benefits contributed approximately 80 basis points, offset primarily by foreign currency headwinds of approximately 90 basis points and approximately 30 basis points of input costs.

定價優勢貢獻了約 80 個基點，但主要被約 90 個基點的外匯匯率不利因素和約 30 個基點的投入成本所抵銷。

Q3 net income attributable to Herbalife was $43 million, with adjusted net income of $52 million.

第三季歸屬於康寶萊的淨利為 4,300 萬美元，調整後淨利為 5,200 萬美元。

Third-quarter adjusted diluted EPS of $0.050, including an $0.008 FX headwind, versus the third quarter of 2024.

第三季經調整後的稀釋每股收益為 0.050 美元，其中包括 0.008 美元的匯兌不利影響，與 2024 年第三季相比。

Our adjusted effective tax rate was 32.7%, up from 22.3% for Q3 of 2024, which drove an approximately $0.008 unfavorable impact to adjusted diluted EPS. The higher effective tax rate in 2025 was primarily due to changes in timing of the geographic mix of income. For full-year 2025, we continue to expect our adjusted effective tax rate to be in the range of 27% to 28%, which is slightly below last year's rate of 30.2%.

我們調整後的實際稅率為 32.7%，高於 2024 年第三季的 22.3%，這將對調整後的稀釋每股盈餘產生約 0.008 美元的不利影響。2025 年實際稅率較高主要是由於所得地域組成的時間變化所致。對於 2025 年全年，我們仍然預計調整後的實際稅率將在 27% 至 28% 之間，略低於去年的 30.2%。

Operating cash flows for the quarter were strong at $139 million, up 40% from Q3 of 2024.

本季經營現金流強勁，達到 1.39 億美元，比 2024 年第三季成長 40%。

In addition, we fully repaid the 2025 notes in September, leaving no significant debt maturities until 2028.

此外，我們在 9 月全額償還了 2025 年到期的票據，因此在 2028 年之前沒有重大債務到期。

Credit agreement EBITDA for the third quarter was $184 million.

第三季信貸協議 EBITDA 為 1.84 億美元。

Our total leverage ratio was further reduced to 2.8 times, outperforming our 3 times commitment as we continue to focus on reducing our debt.

我們的總槓桿率進一步降低至 2.8 倍，超過了我們 3 倍的承諾，我們將繼續專注於降低債務。

For additional details regarding adjustments between adjusted EBITDA and credit agreement EBITDA, as well as the calculation of our total leverage ratio, please refer to the presentation appendix and the earnings press release.

有關調整後 EBITDA 與信貸協議 EBITDA 之間的調整詳情，以及我們總槓桿率的計算，請參閱簡報附錄和獲利新聞稿。

Turning to slide 11, reported net sales for the quarter increased 2.7% year over year, while constant currency net sales were up 3.2%.

翻到第 11 張投影片，報告顯示，該季度淨銷售額年增 2.7%，以固定匯率計算的淨銷售額成長了 3.2%。

We also achieved year over year volume growth on a worldwide basis for the first time since the second quarter of 2021. The volume increase reflects the early impact of our initiatives.

自 2021 年第二季以來，我們首次實現了全球銷量年增。銷售成長反映了我們各項措施的早期成效。

Pricing benefits were approximately $43 million in the quarter.

本季定價策略帶來的收益約為 4,300 萬美元。

FX had a negative impact of approximately $6 million in the third quarter, representing a year-over-year headwind of 50 basis points.

第三季外匯波動造成了約 600 萬美元的負面影響，年減 50 個基點。

Turning to slide 12, we have the regional net sales results for the third quarter. Four of our five regions delivered year-over-year net sales growth in the third quarter on both the reported and local currency basis. These same four regions also showed sequential improvement on both the reported and local currency basis.

翻到第 12 張投影片，我們看到了第三季的區域淨銷售額結果。在第三季度，我們五個地區中有四個地區實現了同比增長的淨銷售額，無論是按報告貨幣還是按當地貨幣計算。這四個地區無論以報告貨幣或以當地貨幣計算，都呈現出較上季改善的趨勢。

Latin America delivered another solid quarter. Reported and local currency net sales were both up 11% year over year, primarily driven by favorable year-over-year pricing impacts, improved sales mix, and approximately 2% increase in volume. FX had a minimal impact on results.

拉丁美洲又一個季度表現穩健。報告淨銷售額和當地貨幣淨銷售額均較去年同期成長 11%，主要得益於年比價格上漲、銷售組合改善以及銷量成長約 2%。外匯波動對結果的影響微乎其微。

For Mexico, reported net sales were up 12%, while local currency net sales were up 10%, primarily driven by favorable year-over-year pricing and an approximately 3% increase in volume.

墨西哥方面，報告淨銷售額增長了 12%，而以當地貨幣計算的淨銷售額增長了 10%，這主要得益於同比價格的有利變化以及銷量約 3% 的增長。

EMEA net sales increased 4% on a reported basis and 2% on a local currency basis. Higher year-over-year pricing and FX tailwinds were partially offset by approximately 2% decline in volume and unfavorable sales mix.

EMEA 淨銷售額以報告匯率計算成長 4%，以當地貨幣計算成長 2%。年比價格上漲和匯率利好因素被銷量下降約 2% 和不利的銷售組合部分抵銷。

In Asia-Pacific, reported net sales were relatively flat, while on a local currency basis, net sales were up 3%. Pricing benefits and approximately 2% increase in volume were partially offset by unfavorable sales mix and FX movements.

在亞太地區，報告的淨銷售額相對持平，而以當地貨幣計算，淨銷售額增長了 3%。價格優勢和約 2% 的銷售成長被不利的銷售組合和匯率波動部分抵消。

In India, net sales increased 4% on a reported basis and 8% on a local currency basis, primarily due to favorable year-over-year pricing and an approximately 5% increase in volume, partially offset by FX headwinds.

在印度，按報告匯率計算淨銷售額增長了 4%，以當地貨幣計算增長了 8%，主要原因是同比價格走強和銷量增長約 5%，但部分被匯率不利因素抵消。

North America, which outperformed our expectations in the quarter, returned to growth, with net sales up 1% year over year in both reported and local currency. This was primarily driven by favorable pricing year-over-year on-flat volumes. On a sequential basis, North America's year-over-year net sales trend improved by approximately 480 basis points, with volume trends improving by approximately 570 basis points.

北美地區本季表現超出預期，恢復成長，淨銷售額按報告貨幣和當地貨幣計算均較去年同期成長 1%。這主要是由於銷量持平但價格同比有利所致。從環比來看，北美地區的淨銷售額較去年同期趨勢提高了約 480 個基點，銷售趨勢提高了約 570 個基點。

China net sales were down 5% year over year on both the reported and local currency basis, primarily due to a 12% decline in volumes year over year, partially offset by favorable sales mix.

按報告貨幣和當地貨幣計算，中國淨銷售額年減 5%，主要原因是銷量年減 12%，但有利的銷售組合部分抵銷了這一影響。

Moving to slide 13, we see the drivers of the third-quarter year-over-year changes in adjusted EBITDA. Adjusted EBITDA for the quarter was $163 million, slightly below the prior year, driven entirely by unfavorable foreign currency impacts.

翻到第 13 張投影片，我們可以看到第三季調整後 EBITDA 同比變動的驅動因素。本季調整後 EBITDA 為 1.63 億美元，略低於去年同期，完全是由於不利的外匯影響所致。

As mentioned earlier, the non-repeat of the China government grant income recognized in the third quarter of last year drove an approximately $5 million headwind to adjusted EBITDA.

如前所述，去年第三季確認的中國政府補助收入不再重複確認，導致調整後 EBITDA 減少了約 500 萬美元。

On a constant currency basis, adjusted EBITDA was $175 million for the third quarter, demonstrating the continued underlying strength of our business.

以固定匯率計算，第三季調整後的 EBITDA 為 1.75 億美元，顯示我們業務的持續強勁勢頭。

Looking at the bridge, the drivers of gross profit margin changes were primarily a pricing benefit, partially offset by input cost inflation, mainly due to higher raw material costs.

從橋樑的角度來看，毛利率變化的驅動因素主要是價格優勢，部分被投入成本上漲所抵消，這主要是由於原物料成本上漲。

The $6 million headwind in salaries reflects employee merit increases implemented in the first quarter of 2025, which was more than offset by the $7 million tailwind from lower employee bonus accruals.

2025 年第一季實施的員工績效薪資成長將導致 600 萬美元的薪資成長放緩，但這被員工獎金累積減少帶來的 700 萬美元成長所抵銷。

It is important to note that the full 2024 bonus was entirely accrued by the end of Q3 2024. There was no additional bonus expense recognized in the fourth quarter of last year.

值得注意的是，2024 年的全部獎金已於 2024 年第三季末全部累積完畢。去年第四季沒有確認額外的獎金支出。

In 2025, the bonus accruals have been recognized much more ratably each quarter, which we expect will result in a significant year-over-year headwind in Q4. In addition, we expect 2025 bonus achievement levels to be normalized compared to the elevated levels seen in 2024.

2025 年，獎金應計款項將按季度更均勻地確認，我們預計這將導致第四季度同比出現顯著不利影響。此外，我們預計 2025 年的獎勵成就水準將與 2024 年的高水準相比趨於正常。

Promotional-related spend increased approximately $4 million year over year, primarily related to two additional Extravaganza events in the current quarter versus the prior year.

與去年同期相比，促銷相關支出增加了約 400 萬美元，這主要是由於本季比去年同期增加了兩場盛大活動。

Lastly, unfavorable year-over-year FX movements resulted in an approximately $12 million reduction in adjusted EBITDA.

最後，不利的同比匯率波動導致調整後 EBITDA 減少了約 1,200 萬美元。

Moving to slide 14, I'll provide an update on the capital structure. As I stated earlier, we have fully repaid the remaining $147 million principal balance on the 2025 notes and the scheduled $5 million amortization payment on the Term Loan B.

接下來請看第 14 張投影片，我將介紹一下資本結構的最新情況。正如我之前所說，我們已經全額償還了 2025 年到期票據剩餘的 1.47 億美元本金餘額以及 B 類定期貸款的 500 萬美元攤銷款項。

We ended the quarter with $25 million outstanding on our revolving credit facility and a leverage ratio of 2.8 times. We remain committed to reducing our gross debt to $1.4 billion by the end of 2028, a $1 billion reduction from the end of the second quarter of last year when we first made the commitment.

本季末，我們的循環信貸額度未償還餘額為 2,500 萬美元，槓桿率為 2.8 倍。我們仍然致力於在 2028 年底前將總債務減少至 14 億美元，比去年第二季末我們首次做出承諾時減少 10 億美元。

Since announcing that goal five quarters ago, we have repaid $343 million in debt. Since the beginning of last year, we have paid down over $500 million in debt.

自從五個季度前宣布該目標以來，我們已經償還了 3.43 億美元的債務。自去年年初以來，我們已經償還了超過5億美元的債務。

Turning to slide 15, we will review our outlook for the fourth-quarter and full-year 2025. Given currency volatility, we are continuing to provide our net sales and adjusted EBITDA guidance on both a reported and constant currency basis.

接下來請看第 15 張投影片，我們將回顧 2025 年第四季和全年的展望。鑑於匯率波動，我們將繼續以報告匯率和固定匯率兩種方式提供淨銷售額和調整後 EBITDA 指引。

For the guidance on a reported basis, we used the average daily exchange rates for the first two weeks of October 2025.

對於按報告計算的指導，我們使用了 2025 年 10 月前兩週的平均每日匯率。

For the fourth quarter, FX will impact our top and bottom lines differently when compared to the prior year. We expect approximately $12 million positive effect on net sales but an approximately $10 million negative effect on adjusted EBITDA.

與去年同期相比，第四季外匯波動對我們的營收和利潤的影響將有所不同。我們預計淨銷售額將受到約 1,200 萬美元的正面影響，但調整後 EBITDA 將受到約 1,000 萬美元的負面影響。

We expect net sales growth in the fourth quarter on a reported basis of 1.5% to 5.5% year over year, which includes an approximately 100 basis points tailwind from currency. On a constant currency basis, we expect net sales to be up 0.5% to 4.5% year over year.

我們預期第四季淨銷售額將年增1.5%至5.5%，其中包括匯率帶來的約100個基點的利多。以固定匯率計算，我們預期淨銷售額將年增 0.5% 至 4.5%。

We expect adjusted EBITDA for the fourth quarter to be in the range of $144 million to $154 million, while in the range of $154 million to $164 million on a constant currency basis. The change from the implied Q4 guidance last quarter is primarily a result of FX movements since last quarter.

我們預計第四季度調整後 EBITDA 將在 1.44 億美元至 1.54 億美元之間，而以固定匯率計算，則將在 1.54 億美元至 1.64 億美元之間。與上季隱含的第四季業績指引相比，此次調整主要是由於上季以來的匯率波動所致。

Our planned capital expenditures for the fourth quarter are in the range of $18 million to $28 million.

我們計劃第四季的資本支出在 1800 萬美元至 2800 萬美元之間。

Let's move on to our full-year guidance. We have revised our outlook based on year-to-date performance, updated Q4 expectations, and recent currency rates.

接下來我們來看全年業績指引。我們根據年初至今的業績、更新後的第四季度預期以及最近的匯率，調整了我們的展望。

With three quarters now behind us, we've narrowed our full-year ranges. We've raised the low end across all metrics and raised the midpoint for constant currency adjusted EBITDA.

現在已經過去了四個季度，我們縮小了全年預期範圍。我們提高了所有指標的下限，並提高了固定匯率調整後的 EBITDA 的中點。

We now expect full-year net sales to range from a slight decline of 0.3% to growth of 0.7% year over year. On a constant currency basis, we anticipate net sales to increase between 1.2% and 2.2% year over year.

我們現在預計全年淨銷售額將同比略微下降 0.3% 至成長 0.7%。以固定匯率計算，我們預期淨銷售額將年增 1.2% 至 2.2%。

Adjusted EBITDA is now expected to be in the range of $645 million to $655 million or $700 to $710 million on a constant currency basis.

調整後的 EBITDA 預計在 6.45 億美元至 6.55 億美元之間，或以固定匯率計算為 7 億美元至 7.1 億美元。

Regarding tariffs, our 2025 guidance includes a preliminary estimate of the impact from tariffs enacted through yesterday, which are immaterial. Looking ahead, on an annualized basis, we continue to believe that the enacted tariffs will not materially impact our overall performance.

關於關稅，我們 2025 年的指導意見包括對截至昨日生效的關稅影響的初步估計，這些影響微不足道。展望未來，從年度角度來看，我們仍然認為已實施的關稅不會對我們的整體業績產生實質影響。

With respect to capital expenditures, we now expect full-year spend to be in the range of $80 million to $90 million.

關於資本支出，我們現在預計全年支出將在 8,000 萬美元至 9,000 萬美元之間。

We continue to expect capitalized SaaS implementation costs to be in the range of $25 million to $30 million, which is incremental to our planned CapEx.

我們仍然預計 SaaS 實施的資本化成本將在 2500 萬美元至 3000 萬美元之間，這超出了我們計劃的資本支出。

Our expectations for depreciation and amortization, including the amortization of SaaS implementation costs, remain unchanged at $140 million to $150 million.

我們對折舊和攤銷的預期（包括 SaaS 實施成本的攤銷）保持不變，為 1.4 億美元至 1.5 億美元。

For the full-year 2025, we continue to expect our adjusted effective tax rate to be between 27% and 28%.

我們預計 2025 年全年調整後的實際稅率將在 27% 至 28% 之間。

Before moving to Q&A, I want to close my opening remarks with one final comment: Q3 was another step forward in the company's transformation. The combination of growth, cash generation, and continued debt reduction reflects both the resilience of our distributors and the strength of our operating model.

在進入問答環節之前，我想以最後一點評論結束我的開場白：第三季度是公司轉型過程中的另一個進步。成長、現金流和持續減少債務的結合，既體現了我們經銷商的韌性，也體現了我們營運模式的優勢。

We are confident in the direction we're heading. grounded in execution, focused on shareholder value, and energized by the momentum we are seeing in our business.

我們對前進的方向充滿信心。我們腳踏實地，注重執行，專注於股東價值，並受到業務發展動能的鼓舞。

This concludes our opening remarks. Operator, please open the call for questions.

我們的開場白到此結束。接線員，請開啟提問環節。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

William Reuter, Bank of America.

威廉‧羅伊特，美國銀行。

My first question is a little bit of a housekeeping one or maybe not so much housekeeping. But capital allocation, you're now below your targets. You still continue to reduce debt by the end of '27 by, I don't know, another $600 million, $600-something million. How are you thinking about other uses of cash and allocation of that?

我的第一個問題有點像家事，或者說，也許不算家事。但是就資本配置而言，你現在低於目標。到 2027 年底，你們仍然繼續減少債務，我不知道，大概再減少 6 億美元，或 6 億美元多一點。您是如何考慮現金的其他用途和分配方式的？

Yeah. To be clear, there were two debt goals. There was a short-term debt goal and a longer-term debt goal. The short-term debt goal that we announced last year -- early last year was that we wanted our leverage ratio to be below 3 times by the end of this year. That's a short-term goal.

是的。需要明確的是，債務目標有兩個。設定了短期債務目標和長期債務目標。我們去年年初宣布的短期債務目標是，到今年年底，我們的槓桿率低於 3 倍。那隻是個短期目標。

And the reason is we -- I don't think we should ever be higher than 3 times and we got there for a number of reasons. And so we wanted to get that as a baseline. Then we further said, that's not our end point. That's our short-term goal. The longer-term goal is to pay down debt by $1 billion from the time we set it a year ago until the end of 2028 because we generate a lot of cash and we continue to expect to generate a lot of cash.

原因在於——我認為我們的排名不應該超過 3 倍，而我們之所以能達到這個高度，有很多原因。因此，我們希望以此作為基準。然後我們又說，那不是我們的最終目標。這是我們的短期目標。更長遠的目標是，從一年前我們設定的目標到 2028 年底，償還 10 億美元的債務，因為我們產生了大量的現金，我們預計未來將繼續產生大量的現金。

And that's our number 1 use after our internal investments is to buy down cash. So are we tracking ahead of -- obviously, we track ahead of the leverage goal. We achieved 2.8 times already. On the long-term goal, we paid a lot back and we're probably tracking ahead of that goal, too, which means we have some additional cash that we're likely to generate beyond the needs to pay down the $1 billion. What we do with that will, first and foremost, be how can we drive value in the business and other opportunities to invest in certain things in the business.

除了內部投資之外，我們的首要用途就是回購現金。所以，我們的進度是否領先於——顯然，我們的進度領先於槓桿目標。我們已經達到2.8倍了。從長遠目標來看，我們已經償還了許多債務，而且我們可能也超前於該目標的實現進度，這意味著除了償還 10 億美元的債務之外，我們還有一些額外的現金可能會產生。我們首先要考慮的是如何為企業創造價值，以及如何抓住其他機會投資企業中的某些面向。

And then beyond that, we'll make decisions circumstantially.

除此之外，我們也會根據具體情況做出決定。

Got it. And then secondly, with these new product introductions, they certainly sound extremely exciting. You're spending a lot of time on them. I'm wondering if there are going to be costs associated with getting your distributors up to speed on the usage of them that will result in elevated SG&A next year that will have returns in subsequent years? Or if you think that your natural distributor event cadence or Extravaganza cadence will be sufficient to educate them?

知道了。其次，這些新產品的推出聽起來確實非常令人興奮。你花了很多時間在這些事情上。我想知道，讓經銷商掌握這些產品的使用方法是否會產生相關成本，從而導致明年銷售、管理及行政費用增加，但這些成本會在未來幾年帶來回報？或者您認為您自然的經銷商活動節奏或盛會節奏足以教育他們嗎？

There's nothing outside of the normal scope of distributors learning about the products and through the education format that we have that they're able to go to market with. So yes, I don't see any type of an increase.

除了經銷商學習產品以及透過我們現有的教育形式來了解產品之外，沒有其他任何東西可以超出他們進入市場的正常範圍。所以，是的，我沒有看到任何成長。

Got it. All right. That's all for me.

知道了。好的。我就說這些了。

[Christina], Mizuho.

[Christina]，瑞穗。

Just want to ask about, can you share some of the early responses from the Pro2col beta group? Any interesting takeaways from the testers so far?

我想問一下，您能否分享Pro2col beta測試組的一些早期回饋？到目前為止，測試人員有哪些有趣的發現？

It's been really a great process with the beta group. Obviously, these are distributors who are engaging. So they're like our super users and when you hear about the number of miles or steps logged and the amount of meals and they're engaging at a very high level with the app. The process for us is really to get their feedback. That was -- that's been step one because they're helping us to formulate the features so that when we go to market, it's things that they can leverage and things that they're already doing with coaching and understanding how to actually engage with the customer to be able to get the biggest opportunity, as many sales as possible, a stickier customer, upgrading customers on to other products.

與測試組合作的過程非常棒。顯然，這些都是積極參與的經銷商。所以他們就像我們的超級用戶，當你聽到他們記錄的里程數或步數以及用餐次數時，你會發現他們與該應用程式的互動程度非常高。我們這樣做的目的是為了獲得他們的回饋。這是第一步，因為他們正在幫助我們制定產品特性，這樣當我們進入市場時，他們就可以利用這些特性，並且他們已經在通過指導和了解如何真正與客戶互動來獲得最大的機會，盡可能多的銷售額，更高的客戶粘性，以及讓客戶升級到其他產品。

So the takeaway for us has really been the process has been amazing. The feedback that they're giving, the suggestions. When you aggregate close to 8,000 distributors and their ideas and how they're interacting with it, it's just there's a certain level of richness in the information and the data. Next step for us is obviously to move towards customers. And that's why we opened up the beta now for customers of those distributors in the beta because customers are different than distributors.

所以對我們來說，最大的收穫就是整個過程非常棒。他們提供的回饋和建議。當你把近 8000 個分銷商及其想法以及他們如何與分銷商互動匯總起來時，你會發現資訊和數據具有一定的豐富性。下一步，我們顯然要轉向面向客戶。這就是為什麼我們現在向參與測試的經銷商的客戶開放測試版的原因，因為客戶與經銷商不同。

They experience different things. The distributors will be interacting with them. So we'll be having insights from customer data, but also the distributors who have their customers who are participating in the protocol app as well. So it's been a great process for us.

他們的經歷各不相同。分銷商將與他們互動。因此，我們將從客戶資料中獲得洞察，同時也從參與該協議應用程式的經銷商及其客戶中獲得洞察。所以這對我們來說是一個很棒的過程。

Yeah. And then maybe another one on the new distributor growth, which is pretty strong in the quarter for North America. So did you see some early signs of progress on the productivity side?

是的。然後或許還可以談談新經銷商的成長，北美地區的這一成長在本季相當強勁。那麼，您是否看到生產力方面出現了一些初步進展跡象？

Yeah. From a productivity standpoint, I think it's in line with traditionally what's happening. I think the growth in the new distributor, it's coming from the excitement that they have, number one, about what's coming in the future and the way things are looking. It's also a lot of work that's been taking place, all of the things that we mentioned, the Diamond Development Mastermind, the key account management program where we're working with the leaders. They are figuring out in their DMOs.

是的。從生產力角度來看，我認為這與傳統上發生的事情是一致的。我認為新經銷商的成長，首先源自於他們對未來發展前景的興奮之情。此外，我們還做了很多工作，包括我們提到的所有事情，例如鑽石發展大師班、我們正在與領導者合作的關鍵客戶管理計劃。他們正在各自的目的地行銷機構中尋找答案。

There's been this reengagement with the Herbalife Premier League of getting people back focused on business building as well. So it's really an excitement, obviously, about the product launches that we've had. Multiburn was, I would just say, very, very well accepted and it's creating a new focus really and I would say around weight loss, where quite honestly, we've been probably more of a healthy active lifestyle. And having this product really brought a focus on weight loss, which has seen -- we see it as an added benefit.

康寶萊超級聯賽也重新煥發活力，讓人們重新專注於業務拓展。所以，很顯然，我們對已推出的產品感到非常興奮。Multiburn 非常受歡迎，它確實創造了一個新的焦點，那就是減肥，而坦白說，我們一直以來可能更注重健康積極的生活方式。有了這款產品，人們真正開始專注於減肥，我們認為這是一個額外的好處。

Okay. Maybe last one for me. So on the new skin care product, can you share like how the AI was developed? Was it like built in-house? Or is it through a partnership?

好的。也許這是我最後一個了。那麼關於這款新的護膚產品，您能分享一下人工智慧是如何開發的嗎？是公司內部開發的嗎？還是透過合作關係？

And do you see that like AI interaction expanding across the rest of the product line?

您是否認為這種人工智慧互動方式會擴展到產品線的其他部分？

So it was in partnership. We customized based on our products and our needs as well. And it's really interesting to watch the engagement. We -- I don't have the exact figures, but I know in the first few weeks, we were over 100,000 scans actually, which was quite impressive.

所以這是合作關係。我們也根據我們的產品和需求進行了客製化。觀察他們的互動真的很有意思。我沒有確切的數字，但我知道在最初的幾周里，我們的掃描次數實際上超過了 10 萬次，這相當令人印象深刻。

And it's something that when people see the data and especially when they are going to use a product and come back and scan to see the difference, it just gives a way of interacting, which is very effective. And obviously, technology today is very important and leveraging it is one of the key pillars that we're building on.

而且，當人們看到這些數據，尤其是當他們要使用產品並回來掃描以查看差異時，它提供了一種互動方式，這種方式非常有效。顯然，當今科技非常重要，而充分利用科技是我們正在建構的關鍵支柱之一。

Okay, thank you. That's it for me.

好的，謝謝。就這些了。

Thank you.

謝謝。

Karru Martinson, Jefferies.

卡魯馬丁森，傑富瑞集團。

When we look at the volume growth, which is encouraging to see you guys return, are there product categories that are driving it? And how should we think about that against like the traditional mix of products that you used to be selling?

從銷售成長來看（看到你們回歸令人鼓舞），有哪些產品類別推動了銷售成長？那麼，我們應該如何看待這種情況，並將其與您過去銷售的傳統產品組合進行比較呢？

Yeah. I'll take that one. There's a little bit of skewing mix toward healthy active lifestyle products, fit products and a little bit toward -- and this is a global comment and a little bit toward targeted nutrition and a little less on weight loss. That's been a trend now for a few years. And that's still the trend globally.

是的。我選那個。目前市場對健康積極的生活方式產品、健身產品和有針對性的營養產品（這是一個全球性的觀點）的關注度略有提高，而對減肥的關注度則略有降低。這種趨勢已經持續好幾年了。而且這仍然是全球趨勢。

But in the US, with the launch of Multiburn, it brought some of that focus on weight loss back and it took a little share in the US versus our historical rate. But it's not a revolutionary shift.

但在美國，隨著 Multiburn 的推出，人們重新專注於減肥，並且與我們過去的比例相比，它在美國獲得了一些市場份額。但這並非革命性的轉變。

Okay. And then when we think about the sales mix that you called out, just a modest decline there. Are some of these categories more profitable than others? Or how do you look at the mix going forward?

好的。然後，當我們考慮您提到的銷售組合時，會發現只有輕微的下降。在這些類別中，有些比其他類別更有利可圖嗎？或者，您如何看待未來的組合？

Some product lines are more profitable than others. Some countries are more profitable than others. When you run a global business with net-net thousands of SKUs, there's always a profit differential. So I wouldn't say -- it can be significant, but there's nothing specific to call out.

有些產品線比其他產品線更賺錢。有些國家比其他國家更有獲利能力。當你經營一家擁有數千個 SKU 的全球性企業時，總是會有利潤差異。所以我不會說——它可能很重要，但沒有什麼特別值得一提的。

Okay. And then there was talk a couple of quarters ago, we had been looking at GLP-1, certainly incorporating it into the thought process. Is there anything that we should be highlighting there? Or how has that thinking evolved?

好的。然後，幾個季度前，我們一直在研究 GLP-1，當然，我們把它納入了思考過程。那裡有什麼需要重點強調的地方嗎？或者說，這種想法是如何演變的？

Karru, I would say it's still the same thinking, right? So if people want -- they don't want to go down the GLP-1 route, we want to give them a natural alternative, right? So that's Multiburn as an example. If people want to go down the GLP-1 route, we want to be able to help them and make sure they're getting the protein, they're supporting their muscle mass, their bone density. So we want to be there to accompany them down that road.

Karru，我覺得你的想法還是一樣，對吧？所以，如果人們不想走 GLP-1 這條路，我們就想給他們一個天然的替代方案，對吧？以上就是 Multiburn 的例子。如果人們想要嘗試 GLP-1 療法，我們希望能夠幫助他們，確保他們獲得足夠的蛋白質，從而維持肌肉質量和骨密度。所以我們希望陪伴他們走完這段路。

If they've been on GLP-1s and now they want to transition off and they don't want to just fall back into the same situation and gain the weight back, we want to be there on the off-ramp, supporting them to get on a better nutrition, better lifestyle so they can have a sustainable result. That remains the way that we are approaching the GLP-1 in the marketplace. And I would say that that has been something that's been a great strategy so far. It continues to be a great strategy. And obviously, with Multiburn now we're seeing an uptick in the focus of people that are interested in losing weight and our distributors are gaining some market share there.

如果他們一直在使用 GLP-1，現在想要停止使用，並且不想回到原來的狀態並重新增重，我們希望在他們停止使用 GLP-1 的過程中提供幫助，支持他們獲得更好的營養和更好的生活方式，以便他們能夠獲得可持續的效果。我們仍然會以同樣的方式將 GLP-1 推向市場。我認為到目前為止，這一直是一個非常有效的策略。這仍然是一個很棒的策略。顯然，隨著 Multiburn 的推出，我們看到越來越多人開始關注減肥，我們的經銷商也因此獲得了一些市場的份額。

Thank you very much, guys. Appreciate it. Thank you.

非常感謝各位。謝謝。謝謝。

Thank you.

謝謝。

Hale Holden, Barclays.

Hale Holden，巴克萊銀行。

I just had three quick ones. The Mastermind rollout to India, that's been a pretty successful program for you. In other parts of the world, can you just give us a sense of what you're looking or what you think success would look like there?

我剛才快速吃了三杯。Mastermind 在印度的推廣活動非常成功。在世界其他地區，您能否簡單描述一下您正在尋找什麼，或者您認為在那裡取得成功是什麼樣的？

Well, I was personally there in India when we launched. It's interesting. I think this is the first time that we've ever had a program like this. And India, as you know, has grown substantially over the last decade. Huge influx of leaders and never having this level of training, especially in this format before, I think it was very impactful.

當時我們發表會啟動時，我本人就在印度。很有意思。我想這應該是我們第一次舉辦這樣的活動。如你所知，印度在過去十年中取得了長足發展。大量的領導人才湧入，以及之前從未有過如此高水準的培訓，尤其是這種形式的培訓，我認為這非常有影響力。

The feedback from the leaders there was that this was something that was really needed to be able to continue the growth that they've experienced in the past and to see the continuing sustainable growth there. So I can just tell you, personally, there was a lot of feedback and energetically, it was really an amazing event. They're already very motivated, excited. They value the opportunity. They're very hard working.

當地領導的回饋是，這是他們繼續保持過去所取得的成長勢頭並實現永續成長所必需的。所以就我個人而言，我可以告訴你，我們收到了很多回饋，而且從氛圍上來說，這真是一次非常棒的活動。他們已經幹勁十足，充滿熱情。他們很珍惜這個機會。他們非常勤奮。

So it was something that was hugely beneficial. We are going to evolve the program. Obviously, we've been doing this now since August of 2024. So the content, the structure, the support, the tools that we're using, it's evolving and we'll continue to expand the program. So we have some additional markets coming online this year.

所以這是一件非常有益的事情。我們將對該項目進行改進。顯然，我們從 2024 年 8 月開始就一直在做這件事。因此，內容、結構、支援、我們使用的工具都在不斷發展，我們將繼續擴展該計劃。所以今年我們將會有一些新的市場上線。

And it's, I'd say, something that's fundamentally and foundationally that's supporting the growth that we're having.

我認為，正是這一點從根本上和基礎性上支撐著我們正在取得的成長。

Okay. The beauty slide that you guys flagged, it's certainly exciting. And I think it's just been a while since I've seen you highlight things in that category. Is the intention there to bring it to more countries? Or you're just highlighting it because it's working in South Korea?

好的。你們提到的那張美妝幻燈片，確實很精彩。我覺得我很久沒看到你重點介紹這類內容了。是否有計劃將其推廣到更多國家？還是你只是因為它在韓國行之有效才特別強調它？

Yeah. It's interesting. We actually launched it in EMEA. And there was a demand. Actually, to your point, it's not a product line or category specifically that we've focused on a lot.

是的。很有意思。我們實際上是在歐洲、中東和非洲地區推出的。而且市場確實有需求。實際上，正如您所說，這並不是我們特別關注的產品線或類別。

But when you have over 2 million distributors who are all using, for the most part, skin care and interested, you start to have certain markets where they just are like, listen, as a company, we need to do something. And the way we do things here is we do it and we go out and find the best technology, the most clinically proven. And that's what led us to South Korea. And the launch in EMEA, again, this is also part of the dynamics of our business, it didn't take very long for that ripple effect to spread around the world. So we have got another market that's coming online very quickly and we have other markets that are already -- they're asking for it.

但是，當你有超過 200 萬個經銷商，他們大多都在使用護膚品並且對此感興趣時，你就會開始在某些市場看到這樣的景象：他們就會說，聽著，作為一家公司，我們需要做點什麼。我們這裡的做法是，我們會出去尋找最好的技術，經過臨床驗證的技術。而正是這件事把我們帶到了韓國。在歐洲、中東和非洲地區的發布，這也是我們業務發展動態的一部分，這種漣漪效應很快就蔓延到了世界各地。所以，我們迎來了一個快速上線的市場，而且還有其他市場——他們也提出了這樣的需求。

Just the one thing that I would say is that there's also within the distributor network in certain markets, pockets of distributors who like to focus on this specifically as a DMO. Notably in Turkey, as an example, they've been doing -- we do nutrition clubs around the world. They actually implemented skin clubs. So it's also one of the things that led us down this pathway. But I could say that the launch was very successful and the demand is there.

我只想說一點，在某些市場的經銷商網路中，也有一些經銷商喜歡專門專注於此，將其作為分銷行銷機構 (DMO)。值得一提的是，以土耳其為例，他們一直在做──我們在世界各地都進行營養俱樂部活動。他們竟然真的搞起了剝皮俱樂部。所以這也是促使我們走上這條路的原因之一。但我可以說，產品發表非常成功，市場需求也很高。

So this will be something that we will be expanding. And we're going to evaluate, obviously, timing and everything. But yes, it is our goal to expand this around the world.

所以這將是我們未來要拓展的領域。當然，我們還要評估時機等等所有因素。是的，我們的目標是將這項事業推廣到世界各地。

So the reason I was asking is because it's a very different product line than the Pro2col launch. I was wondering if it -- if you have the ability to walk and chew gum at the same time or if it would distract distributors or if it's just different markets?

我這麼問是因為它和Pro2col的產品線完全不同。我想知道——你是否能夠同時走路和嚼口香糖，或者這會不會分散經銷商的注意力，或者這只是不同的市場？

No, it's -- so here's what I would say. Consumption is one thing. Again, when you have 2 million distributors that are consumers, much rather have them consuming our products than in the category than buying them anywhere else, number one. Number two, our model is predicated on people getting results, liking something and wanting to share it.

不，是這樣的──所以我想說的是：消費是一回事。再說一遍，當你有 200 萬經銷商同時也是消費者時，我們寧願他們消費我們的產品，而不是在其他任何地方購買同類產品，這是第一要務。第二，我們的模式是基於人們獲得結果、喜歡某些東西並想要分享它。

So we know that there will be a benefit to having especially an advanced product like this in skin care line, just in terms of the usage and the sales that will happen like accessory sales. Then you have distributors certain that are going to do it as a DMO. And so we don't see this as a distraction. We think certain distributors and markets are going to naturally gravitate towards this and figure out in their models. By the way, we've had this in the past.

因此我們知道，在護膚品系列中擁有這樣一款先進的產品，無論是在使用方面，還是在配件銷售方面，都會帶來好處。然後，有些經銷商肯定會以經銷商行銷機構 (DMO) 的身份來開展業務。因此，我們並不認為這會分散我們的注意力。我們認為某些經銷商和市場自然傾向於這種方式，並在他們的商業模式中加以考慮。順便說一句，我們以前也遇到過這種情況。

Brazil was a very -- out of all of our markets are very focused on skin care. And there's just countries and certain leadership that it's part of their market. But we don't see it as a distraction at all or something that's going to be too difficult in terms of what we're trying to accomplish overall with Pro2col.

在所有市場中，巴西市場對保養品的關注度非常高。有些國家和某些領導人認為這是他們市場的一部分。但我們完全不認為這會分散我們的注意力，或者說，就我們想透過 Pro2col 實現的整體目標而言，這不會造成太大的困難。

Okay. Thank you very much. I appreciate it.

好的。非常感謝。謝謝。

Thank you for your question.

謝謝你的提問。

(Operator Instructions)

（操作說明）

Doug Lane, Water Tower Research.

道格·萊恩，水塔研究公司。

The one number that did stand out for me was that North American number. You mentioned the 480 basis points acceleration sequentially, but just going back beyond that, it was down 4% in the first quarter, 3%, 6%. So it's just was steady state in that mid-single digit decline and all of a sudden it jumped up to 1%. So I'm wondering, a, did you expect that? And b, what was driving that?

其中最讓我印象深刻的數字是北美地區的數字。您提到了環比加速成長 480 個基點，但在此之前，第一季下降了 4%，第二季下降了 3%，第三季下降了 6%。所以，原本一直處於個位數中段的穩定下降狀態，突然間就躍升至 1%。所以我想知道，a，你預料到這種情況了嗎？其次，是什麼因素導致了這種情況？

This is John. Let me start and if Stephan wants to add, he can. But as you said, US has been getting stronger now quarterly for two years, but the numbers were pretty weak. And we had a really big jump in the third quarter, both from a net sales standpoint, also a volume standpoint.

這是約翰。我先開始，如果史蒂芬想補充，他也可以。但正如你所說，美國經濟已經連續兩年每季走強，但先前的數字仍然相當疲軟。第三季度，無論從淨銷售額或銷售來看，我們都取得了巨大的成長。

That actually exceeded our expectations, right? Some of that is -- it was elevated because of the event in July. We launched a lot of products in July. And if you remember on the last call, we said July actually had volume growth in the US For the quarter, the US

這確實超出了我們的預期，對吧？部分原因是──由於七月發生的事件，這個問題被推到了風口浪尖。我們在七月推出了許多產品。如果您還記得上次電話會議的內容，我們說過7月美國市場的銷售量其實有所成長。就本季而言，美國市場…

ended up flat with volume, which means we had a great July. We had a tremendous August and September, not quite flat, though. So that's the new baseline. I think we did make a jump. I'm not sure Q4 will exceed Q3 or maybe even be at the levels of Q3, but meaningfully higher than the run rates we had prior to our July Extravaganza.

成交量最終與上月持平，這意味著我們7月份的業績非常出色。八月和九月我們取得了巨大的成功，雖然並非一帆風順。這就是新的基準線。我認為我們確實取得了進步。我不確定第四季度是否會超過第三季度，甚至可能達到第三季度的水平，但肯定會比我們七月盛大活動之前的運行速度高得多。

So I think we've hit a new baseline in the US and so that's exciting.

所以我認為美國已經達到了一個新的基準線，這令人振奮。

Okay. And then looking at the cash generation here, you've got cash from operations going up, you've got CapEx going down. You're ahead of your debt reduction targets. Is there any room to accelerate stock buyback, maybe not be at the pace it was in the past, but maybe more than it's been recently?

好的。然後看看這裡的現金流，經營活動產生的現金流增加，資本支出正在減少。你的債務削減目標已經提前完成。股票回購還有加速的空間嗎？也許速度不能像過去那麼快，但也許可以比最近更快？

It's not a priority right now, Doug. Our priorities are pretty well laid out. One is support the new strategy of the business. Two is continue to pay down debt. We want to get our net debt down to under $1 billion, which is really getting our gross debt down to $1.4 billion by the end of 2028.

道格，現在這不是當務之急。我們的工作重點已經安排得很清楚了。一是支持公司的新策略。第二點是繼續償還債務。我們希望將淨債務降至 10 億美元以下，也就是 2028 年底將總債務降至 14 億美元。

That's our goal. We are tracking ahead of that. What we do with the excess cash that we're generating beyond what's needed to pay that goal is something that we will determine over time, but buybacks are not a priority right now.

這就是我們的目標。我們的進度比這快。對於超出實現該目標所需資金的剩餘現金，我們將如何處置，我們將視情況而定，但目前回購股票並非優先事項。

Okay. You've been fairly consistent with that message. And just one last thing. You talked a lot about the products, which are very exciting, but also the opportunity for subscription revenue. How is the move towards building up a subscription revenue base going?

好的。你一直以來都始終如一地傳達著這個訊息。最後還有一件事。您談了很多關於產品的內容，這些產品非常令人興奮，同時也談到了訂閱收入的機會。向建立訂閱收入基礎轉型進展如何？

Yeah. Doug, I'll take that one. We believe that there is a big place in the future for subscription revenue. So for that, obviously, we've introduced Multiburn in the US now. We have certain products that are available for subscription within the Pro2col app.

是的。道格，我選那個。我們相信訂閱收入在未來將佔據重要地位。所以很顯然，為此，我們現在在美國推出了 Multiburn。我們在 Pro2col 應用程式內提供某些產品的訂閱服務。

Obviously, when we move to personalized formulated, it would be based on subscription also. We just look at companies in the industry and subscription is just a huge part of businesses today. So for us, where we are -- this is part of our vision. This is part of where we're going. We're building all of the things that are needed for that in terms of the commerce capabilities and the products and having it all tied to the service.

顯然，當我們轉向個人化配方時，也會採用訂閱模式。我們只要看看業內公司，就會發現訂閱模式如今已成為企業營運的重要組成部分。所以對我們來說，我們所處的位置——這是我們願景的一部分。這是我們前進方向的一部分。我們正在建立實現這一目標所需的一切，包括商業能力和產品，並將所有這些都與服務聯繫起來。

So I'll just say it's en route. It's a big part of what we believe is going to bring a lot of value in the future and we are just going to keep building quarter-on-quarter to where we want to go.

所以我只能說它正在運送途中。我們相信，這將在未來帶來巨大的價值，我們將繼續每季穩步發展，朝著我們想要的目標邁進。

Okay. That's helpful. Thank you.

好的。那很有幫助。謝謝。

Thank you.

謝謝。

Ladies and gentlemen, I'm showing no further questions in the queue.

女士們先生們，隊列中不再顯示任何問題。

I would now like to turn the call back over to Stephan for closing remarks.

現在我想把電話交還給史蒂芬，讓他做總結發言。

Thank you.

謝謝。

Number one, I just want to say that if you don't know it and I imagine that you do if you're listening, is that Herbalife is a very special company. I can say this because it's been 34 years of my life that I've been a part of this company.

首先，我想說的是，如果你還不知道的話（我想如果你在聽的話，你應該知道），康寶萊是一家非常特別的公司。我之所以能這麼說，是因為我人生中的34年都奉獻給了這家公司。

I've been on the side of building a business and interfacing and interacting with customers on a daily basis and distributors and across many, many markets and seeing the passion and the mission and the drive that they have to be agents of change to actually, because of their own individual experience, want to share and impact other people's lives. And so number one, special company, 45 years, over 2 million distributors, 60,000-plus nutrition clubs, physical brick-and-mortar locations around the world.

我一直參與企業建設，每天都與客戶和分銷商在眾多市場進行溝通和互動，親眼目睹了他們作為變革推動者的熱情、使命感和動力，他們因為自身的經歷，想要分享並影響他人的生活。因此，排名第一的是一家特殊的公司，擁有 45 年的歷史、超過 200 萬名分銷商、6 萬多個營養俱樂部，以及遍布全球的實體店。

We are different than, I would say, every other company in the direct sales channel. We are not only bigger, we're diversified and we have probably the largest network effect and more reach than any other company in the world. Now having said that, we are a direct sales company. And that is a super power when it comes to selling products to people that are going to be ingesting something, changing some behavior that's going to help them to become healthier and having the support of a coach, a distributor, someone that cares about them, this is something that's very special to Herbalife.

我認為，我們與直銷通路中的其他所有公司都不同。我們不僅規模更大，而且業務多元化，我們可能擁有比世界上任何其他公司更大的網路效應和更廣泛的影響力。話雖如此，我們是一家直銷公司。對於向即將攝入某種物質、改變某種行為以幫助他們變得更健康，並且有教練、分銷商等關心他們的人支持的人來說，這是一種超能力，也是康寶萊非常特別之處。

What we're doing as a company is we are technically and technologically enabling our distributors, aggregating personal data information supported by AI and analytics, personalizing and empowering support through technology in a way with the things that we're launching, the new coach dashboards to be able to give distributors even more capability of following up their customers and helping them reach their goals than they've ever had in the past, delivering tools for all of those 2 million-plus distributors to go out and build bigger businesses like the sales funnels and the functionalities that we're delivering now that we've just launched for our distributors in beta.

我們公司正在做的，就是透過技術手段賦能我們的分銷商，利用人工智慧和分析技術聚合個人資料訊息，以個性化和賦能的方式，透過我們即將推出的新產品和新的教練儀錶盤，讓分銷商比以往任何時候都更有能力跟進客戶並幫助他們實現目標，為超過200萬名分銷商提供工具，幫助他們拓展更大的業務，例如我們面向我們面向其他漏斗的功能。

Then you think about personalized curated products and solutions. Herbalife, this huge network, the quality, the science, the innovative products and we have been doing that for 45 years. We offer a personal solution through a personal coach and distributor supporting someone and we're about to take that to the next level and move from curated to actually formulate it.

然後你會想到個人化客製化的產品和解決方案。康寶萊，這個龐大的網絡，優質的產品，科學的技術，創新的產品，我們已經堅持了45年。我們透過私人教練和經銷商為客戶提供個人化解決方案，我們即將把這種模式提升到一個新的水平，從精心策劃轉向實際制定方案。

And so again, looking to the future, these are things that will set Herbalife aside from every other not only direct sales company in the world, but we believe actually other health and wellness companies in the world. We're expanding the products and services beyond just selling products.

所以，展望未來，這些因素將使康寶萊不僅在世界上與其他所有直銷公司區分開來，而且我們相信，實際上也將使它在其他健康和保健公司中脫穎而出。我們正在拓展產品和服務範圍，不再侷限於銷售產品。

And so when we look to the future, we know that this foundation and the strength of our business through our distributors, it has gotten us to where we are today. And we know where we're going in the future. And so we believe that with time, quarter-by-quarter, the potential of what Herbalife can and will become in the future will become evident.

因此，當我們展望未來時，我們知道正是這種基礎以及我們透過經銷商建立的業務實力，才使我們取得了今天的成就。我們知道未來要去哪裡。因此我們相信，隨著時間的推移，一個季度一個季度地積累，康寶萊未來能夠取得的成就的潛力將會逐漸顯現。

We believe last quarter was us turning the corner. And we believe that we will do things that, quite honestly and I'll just say from a personal level, from someone who was a distributor for many years are things that we would like to show the world that we are just not great as a company that works in direct sales, but we will be one of the companies that impacts the health and wellbeing of humanity in a way that very few companies could ever do.

我們認為上個季度是我們扭轉頹勢的轉折點。我們相信，我們將做一些事情，坦白說，就我個人而言，作為一個做了多年分銷商的人，我們想向世界證明，我們不僅僅是一家優秀的直銷公司，我們還將成為一家對人類健康和福祉產生影響的公司，這是極少數公司能夠做到的。

So we thank you for your support and joining us on this journey and we look forward to speaking with you next quarter.

感謝您一直以來的支持與陪伴，我們期待下季與您再次交流。

Ladies and gentlemen, that concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。