康寶萊 (HLF) 2026 Q1 法說會逐字稿

Welcome, and thank you for joining the first-quarter 2026 earnings conference call for Herbal Life Limited.

歡迎各位，感謝您參加康寶萊有限公司（Herbal Life Limited）2026 年第一季財報電話會議。

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

(接線員指示) 提醒各位，今天的會議將被錄音。

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

現在我想把電話交給投資人關係副總裁暨主管 Erin Banyas，開始今天的會議。請開始。

Thank you, and welcome to everyone joining us. With us today are Stephan Gratziani, our Chief Executive Officer; and John DeSimone, our Chief Financial Officer.

謝謝，並歡迎所有加入我們的朋友。今天與會者包括我們的執行長 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. As is customary, the content of today’s call and presentation will be governed by this language.

在開始今天的電話會議之前，我想請各位留意我們簡報第 2 頁以及今日稍早發布之財報新聞稿中的「前瞻性陳述」警示聲明；兩者皆可於我們網站的投資人關係專區取得。簡報與財報新聞稿討論了若干較重要的因素，這些因素可能導致實際結果與任何前瞻性陳述所表達者不同；該等前瞻性陳述係依 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）之定義。依慣例，今天電話會議與簡報的內容將受此等文字所規範。

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. 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.

此外，在今天的電話會議中，我們將討論若干非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標排除某些不尋常或非經常性項目；管理層認為這些項目會影響期間比較的可比性。關於這些非 GAAP 財務衡量指標的更多資訊，以及與最直接可比 GAAP 指標之調節表，請參閱我們的財報新聞稿與簡報資料。

And 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 Stephan Gratziani。

Thank you, Erin, and thank you all for joining us today. We delivered a strong start to 2026, with first quarter net sales and adjusted EBITDA exceeding guidance as we continued to build momentum. Importantly, these results reflect the underlying stability of our business and reinforce our confidence in the strategy we are executing. We are building a more connected, personalized approach to health and wellness by bringing together innovation, science, and the strength of our distributor network to better serve customers around the world.

謝謝你，Erin，也謝謝各位今天加入我們。我們在 2026 年取得強勁開局，第一季淨銷售額與調整後 EBITDA 均超越財測指引，並持續累積動能。重要的是，這些成果反映了我們業務的基本穩定性，並強化我們對正在執行之策略的信心。我們正透過結合創新、科學，以及經銷商網絡的力量，打造更緊密連結、更個人化的健康與保健方式，以更好地服務全球客戶。

On April 14, as part of our debt refinancing, we released preliminary net sales growth expectations that exceeded the high end of our guidance on both a reported and constant currency basis. We also indicated that reported adjusted EBITDA was expected to be at or above the high end of our previously issued guidance. Our final reported results are in line with that release. Let’s review a few of the financial highlights from the quarter.

4 月 14 日，作為我們債務再融資的一部分，我們發布了初步的淨銷售成長預期；無論以公告口徑或以固定匯率口徑衡量，均高於我們指引區間的上緣。我們也表示，公告口徑的調整後 EBITDA 預期將達到或高於先前發布指引的上緣。我們最終公告的結果與該次發布一致。接下來讓我們回顧本季幾項財務重點。

We delivered net sales of $1.3 billion, up 7.8% year over year and up 5.4% on a constant currency basis, exceeding guidance on both measures. This was our third consecutive quarter of year-over-year net sales growth on both a reported and constant currency basis.

我們實現淨銷售額 13 億美元，年增 7.8%；以固定匯率計算年增 5.4%，兩項指標皆超越指引。這是我們連續第三個季度在公告口徑與固定匯率口徑下皆呈現淨銷售額年增。

India achieved record quarterly net sales for the second consecutive quarter. Adjusted EBITDA was $176 million and above guidance, and we generated $114 million of cash from operations in the quarter. In addition to our first quarter results, we successfully refinanced and strengthened our capital structure in April, which we expect will result in approximately $45 million in annual cash interest savings. We executed this transaction in a highly volatile market and geopolitical environment.

印度連續第二個季度創下單季淨銷售額新高。調整後 EBITDA 為 1.76 億美元，高於指引；本季我們也自營運活動產生 1.14 億美元現金。除第一季業績外，我們亦於 4 月成功完成再融資並強化資本結構，預期每年可節省約 4,500 萬美元的現金利息支出。我們是在市場高度波動且地緣政治環境不確定的情況下完成此交易。

We achieved our pricing objectives, extended our maturity profile, and meaningfully reduced our borrowing costs while also enhancing our financial flexibility. This outcome reflects the financial and operational results we’ve delivered over the past two years.

我們達成定價目標、延長到期結構，並在提升財務彈性的同時，大幅降低借款成本。此成果反映了我們過去兩年所交出的財務與營運表現。

As we build on this momentum, we remain focused on executing against our vision with personalization at the center of our strategy. Personalization has always been a foundational strength of Herbalife, with our distributors delivering tailored recommendations through direct relationships and a deep understanding of individual goals. What’s evolving is the level of precision we can now bring, which is enabled by enhanced data, insights, and technology. This evolution is especially important as consumer expectations continue to rise, driven by greater access to AI, wearables, and at-home diagnostics, which are increasing demand for guidance that is not only personalized, but also more actionable and continuous.

在延續這股動能之際，我們仍專注於落實願景，並以「個人化」作為策略核心。個人化一直是康寶萊的基礎優勢；我們的經銷商透過直接關係與對個人目標的深入理解，提供量身打造的建議。正在演進的是我們如今能帶來的精準程度，這得益於更強化的數據、洞察與科技。隨著消費者因更容易取得 AI、穿戴式裝置與居家檢測而提高期待，對於不僅個人化、且更具可執行性與連續性的指導需求也隨之上升；因此，這項演進尤為重要。

We're evolving from personally curated recommendations to an approach that combines both personally curated and formulated solutions, extending our ability to deliver individualized outcomes at scale through better tools, better data, and expanded manufacturing capabilities, all delivered through our distributors. This builds on four core actions that have long guided our business: what to measure, including key health metrics like weight and muscle mass; what to take, which is products from our expanding portfolio; what to do includes daily habits like hydration and exercise; and who to do it with is our distributors who provide guidance and support through a variety of DMOs, which is how they go to market.

我們正從「個人精選」的建議，進一步演進為結合「個人精選」與「個人配方」解決方案的方式；透過更好的工具、更好的數據，以及擴增的製造能力，並由經銷商交付，讓我們能以規模化方式提供個別化成果。這建立在長期引導我們業務的四項核心行動之上：要量測什麼，包括體重與肌肉量等關鍵健康指標；要攝取什麼，也就是來自我們持續擴充之產品組合的產品；要做什麼，包括補水與運動等日常習慣；以及與誰一起做，也就是由我們的經銷商透過各種 DMO（其市場推廣方式）提供指導與支持。

These actions have successfully built our business over the past 45 years. Our global network includes over 2 million distributors, more than 60,000 nutrition clubs, and millions of customers across 95 markets. This reaches our differentiator and superpower.

過去 45 年來，這些行動成功地建立了我們的事業。我們的全球網絡包含超過 200 萬名經銷商、超過 60,000 家營養俱樂部，以及遍及 95 個市場的數百萬名客戶。這正是我們的差異化優勢與超能力。

Building on that foundation, our recent acquisitions are enabling a more connected, personalized, and data-driven approach that is enhancing these four core actions, making them more precise, scalable, and actionable. On March 26, we announced an agreement to acquire substantially all of the assets of Bioniq’s core personalized nutrition business, which we completed at the end of April. Bioniq is an established U.K.-based business with an existing supply chain. Its patented product personalization engine uses an individual’s health background and a proprietary database of biomarker data to develop personalized nutritional supplement formulas. This acquisition further accelerates our pathway into personally formulated products.

在此基礎上，我們近期的收購正促成更緊密連結、更個人化且以數據驅動的方法，進一步強化上述四項核心行動，使其更精準、更可規模化、也更具可執行性。3 月 26 日，我們宣布達成協議，收購 Bioniq 核心個人化營養業務之幾乎所有資產，並於 4 月底完成交割。Bioniq 是一家成熟的英國企業，具備既有供應鏈。其具專利的產品個人化引擎，運用個人的健康背景與專有的生物標記（biomarker）數據庫，開發個人化營養補充品配方。此收購將進一步加速我們邁向「個人配方」產品的路徑。

In late June, our distributors will begin offering Bioniq’s personalized nutritional supplements to customers across 11 European countries. The US will follow in July, with additional markets later in 2026.

在 6 月下旬，我們的經銷商將開始在 11 個歐洲國家向客戶提供 Bioniq 的個人化營養補充品。美國將於 7 月跟進，並於 2026 年稍晚擴展至更多市場。

I’d like to take a moment to explain how our recent acquisitions fit together to support the four core actions I mentioned earlier with Pro2col as a central operating system. Each acquisition plays a distinct role, and combined, they create greater value than any one capability alone. Let me walk you through how each contributes.

我想花一點時間說明，我們近期的收購如何彼此契合，以 Pro2col 作為核心作業系統，來支持我先前提到的四項核心行動。每項收購各自扮演不同角色，而整合後所創造的價值將大於任何單一能力本身。我將逐一說明各項收購如何貢獻其中。

Link BioSciences is a formulation and manufacturing engine. It translates insight into products by enabling us to manufacture personalized nutritional supplements in a powder format at scale, directly connecting data and recommendations to the finished product.

Link BioSciences 是一個配方與製造引擎。它能將洞察轉化為產品，使我們得以以規模化方式製造粉末型態的個人化營養補充品，並將數據與建議直接連結到最終成品。

Bioniq accelerates our speed to market with a personally formulated vitamin and mineral complex in a granule format while broadening availability through a more accessible price point.

Bioniq 透過顆粒型態、個人配方的維生素與礦物質複合配方，加速我們的上市速度，同時以更可負擔的價格帶擴大可及性。

Pruvit provides the opportunity to expand our portfolio into the ketone category with a channel-exclusive offering aligned with growing consumer interest in performance, energy, and metabolic health. It’s an exciting addition to the portfolio, and we’ll have more to share this summer.

Pruvit 提供機會，讓我們以通路獨家產品切入酮體品類，並與消費者對於表現、能量與代謝健康日益增長的興趣相契合，從而擴展我們的產品組合。這是產品組合中令人振奮的新成員，我們將在今年夏天分享更多資訊。

And Pro2col brings it all together by providing the experience and intelligence layer. It digitizes and scales the four core actions I mentioned earlier: what to measure, what to take, what to do, and who to do it with, bringing greater precision to how distributors support and engage their customers through a more connected, data-informed experience. It translates consumer inputs and health data into actionable guidance that supports a more consistent behavior change over time. At the end of March, we expanded the Pro2col beta program to include select distributor leaders across 10 EMEA markets. That broader deployment is providing valuable feedback that is helping refine the roadmap, platform capabilities, and the digital experience.

而 Pro2col 則透過提供體驗與智慧層，將一切整合在一起。它將我先前提到的四項核心行動數位化並可規模化：量測什麼、要攝取什麼、要做什麼，以及要與誰一起做，透過更互聯、以數據為依據的體驗，讓直銷商在支持並與顧客互動時更精準。它把消費者輸入與健康數據轉化為可執行的指引，支持更一致的長期行為改變。在三月底，我們擴大 Pro2col 的 beta 計畫，納入 EMEA 地區 10 個市場的部分直銷商領導人。更廣泛的部署帶來了寶貴回饋，正協助我們精煉產品路線圖、平台能力與數位體驗。

To enable integration of Bioniq into Pro2col and incorporate feedback from the broader beta group, we are extending the beta program, with the next release planned for the North America Extravaganza in July. That release will include a new user experience, enhanced features, and additional capabilities that support our broader strategy. Part of that broader strategy is a multi-year rollout of new packaging across our global product portfolio. The rollout began in March, and we expect it to be substantially completed by the end of 2027.

為了促成 Bioniq 與 Pro2col 的整合並納入更廣泛 beta 群組的回饋，我們將延長 beta 計畫，下一次版本釋出預計在 7 月的北美 Extravaganza。該版本將包含全新的使用者體驗、強化功能，以及支持我們更廣泛策略的額外能力。該更廣泛策略的一部分，是在我們全球產品組合中推動為期多年的新包裝導入。此導入已於 3 月開始，我們預期在 2027 年底前大致完成。

For context, slide 8 highlights our packaging currently in market, and slide 9 highlights our new modern packaging design. Grounded in consumer insights and analytics, the new packaging reinforces scientific credibility and trust at every touch point. At a portfolio level, a consistent science-led visual system simplifies navigation and helps distributors and customers confidently build personalized product combinations. The new labels also reinforce product purpose and efficacy, strengthening confidence and differentiation, which are foundational in a competitive global marketplace.

作為背景說明，第 8 張投影片展示我們目前在市場上的包裝，第 9 張投影片展示我們全新的現代化包裝設計。以消費者洞察與分析為基礎，新包裝在每個接觸點都強化科學可信度與信任感。在產品組合層面，一套一致、以科學為導向的視覺系統可簡化導覽，並協助直銷商與顧客更有信心地建立個人化的產品組合。新標籤也強化產品用途與功效，提升信心與差異化，而這些是在競爭激烈的全球市場中奠基的關鍵。

In April, we kicked off our first Extravaganza events of the year, which started in India, where we hosted three consecutive events across Delhi and Bengaluru with approximately 46,000 attendees. We saw firsthand the strong energy and engagement across the market. These events are a critical part of how we operate. It’s where we communicate our vision, build skills, share best practices, and reinforce strategic priorities in ways that directly shape distributor execution.

4 月，我們啟動了今年首場 Extravaganza 活動，從印度開始；我們在德里與班加羅爾連續舉辦三場活動，約有 46,000 名與會者。我們親眼見證該市場強勁的活力與參與度。這些活動是我們營運方式中的關鍵一環。在這裡，我們傳達願景、培養技能、分享最佳實務，並以能直接影響直銷商執行的方式強化策略重點。

They also drive momentum at the local level, leading to stronger engagement, more consistent business activity, and improved retention. We look forward to that momentum continuing as we kick off our summer Extravaganza events in China, Eurasia, South America, Asia-Pacific, Europe, and North America.

它們也在在地層面帶動動能，促成更高的參與度、更一致的業務活動，以及更佳的留存。隨著我們在中國、歐亞、南美、亞太、歐洲與北美啟動夏季 Extravaganza 活動，我們期待這股動能持續延伸。

Before I turn it over to John to walk through the quarter in more detail, I want to take a step back and reflect on what we’ve accomplished over the past two years. Herbalife today is a fundamentally stronger company than it was two years ago. We have stabilized net sales and returned to growth; expanded adjusted EBITDA margins; strengthened our balance sheet by repaying nearly $540 million of debt since the beginning of 2024; reduced our total leverage ratio from 3.9 times at the end of 2023 to 2.7 times at the end of the first quarter; completed our debt refinancing, unlocking approximately $45 million in annual cash interest savings and completed four strategic acquisitions.

在我把時間交給 John 更詳細說明本季之前，我想先退一步，回顧我們在過去兩年所完成的成果。今日的 Herbalife，從根本上已比兩年前更為強健。我們已穩定淨銷售並重回成長；擴大調整後 EBITDA 利潤率；自 2024 年初以來已償還近 5.4 億美元債務以強化資產負債表；將總槓桿比率從 2023 年底的 3.9 倍降至第一季末的 2.7 倍；完成債務再融資，釋放約 4,500 萬美元的年度現金利息節省，並完成四項策略性收購。

Importantly, we have done all of this with a disciplined approach, improving operational efficiency while executing against our plan. We're about to reach a major milestone this summer with the launch of our next-generation personalized nutritional supplements. This further strengthens our confidence in the path ahead. Our continued progress reflects strong momentum and clear direction as we advance towards our vision to become the world’s premier health and wellness company, community, and platform.

重要的是，我們以嚴謹自律的方式完成這一切，在依計畫執行的同時提升營運效率。今年夏天，隨著我們推出下一代個人化營養補充品，我們即將達成一個重大里程碑。這進一步強化了我們對前行道路的信心。我們持續的進展反映出強勁動能與清晰方向，正推動我們朝向願景邁進：成為全球首屈一指的健康與保健公司、社群與平台。

With that, I’ll hand it over to John to walk through the financials in more detail. Over to you, John.

接下來，我把時間交給 John，請他更詳細說明財務表現。交給你了，John。

Thank you, Stephan. Turning to our first quarter financial highlights on slide 11, we delivered another strong quarter. With net sales and adjusted EBITDA both above our guidance ranges, led by continued strength in India.

謝謝你，Stephan。接著看第 11 張投影片的第一季財務重點，我們又交出一個強勁的季度。淨銷售與調整後 EBITDA 均高於我們的指引區間，主要由印度持續強勁的表現帶動。

First quarter net sales were $1.3 billion, up 7.8% versus the first quarter of 2025, and above the high end of our guidance range of 3% to 7%. This was our third consecutive quarter of year-over-year growth and our strongest year-over-year growth since the second quarter of 2021, building on the momentum we saw in the fourth quarter of 2025. On a constant currency basis, net sales increased 5.4% year over year, also exceeding guidance.

第一季淨銷售為 13 億美元，較 2025 年第一季成長 7.8%，並高於我們 3% 至 7% 的指引區間上緣。這是我們連續第三個季度年對年成長，也是自 2021 年第二季以來最強的年對年成長，延續了我們在 2025 年第四季看到的動能。以固定匯率計算，淨銷售年對年成長 5.4%，同樣超出指引。

We have now delivered year over year constant currency growth in eight of the last 10 quarters. Our first quarter net sales outperformance was driven primarily by India, where net sales reached a record $275 million, up approximately 32% year over year, marking the second consecutive quarter of record sales. We believe demand in the market remains strong following the reduction in the GST rate on the majority of our products in late September 2025. I’ll provide more details on our regional performance later in the call.

我們在最近 10 個季度中，有 8 個季度實現以固定匯率計算的年對年成長。第一季淨銷售優於預期，主要由印度帶動；印度淨銷售達到創紀錄的 2.75 億美元，年對年成長約 32%，並連續第二個季度創下銷售新高。我們認為，在 2025 年 9 月底多數產品的 GST 稅率下調後，該市場需求仍然強勁。我會在稍後的電話會議中提供更多區域表現的細節。

Adjusted EBITDA was $176 million, above the high end of our guidance range of $155 million to $175 million. Adjusted EBITDA margin was 13.3%, down 20 basis points year over year, but up 240 basis points on a two-year stacked rate, including approximately 70 basis points of FX headwinds versus last year. CapEx was $11 million for the quarter, at the low end of our $10 million to $20 million guidance range, primarily due to timing, with some spending shifting into the second quarter. Capitalized SaaS implementation costs were $10 million.

調整後 EBITDA 為 1.76 億美元，高於我們 1.55 億至 1.75 億美元的指引區間上緣。調整後 EBITDA 利潤率為 13.3%，年對年下降 20 個基點，但以兩年疊加基礎計算上升 240 個基點，其中包含相較去年約 70 個基點的外匯逆風。本季資本支出（CapEx）為 1,100 萬美元，位於我們 1,000 萬至 2,000 萬美元指引區間的低端，主要因時點因素，部分支出遞延至第二季。資本化的 SaaS 導入成本為 1,000 萬美元。

Gross profit margin was 77.9% in the quarter, down 40 basis points year over year. This reflected approximately 50 basis points of input cost inflation, primarily from lower absorption rates, 30 basis points of unfavorable sales mix, 20 basis points from other unfavorable cost changes, and 50 basis points of FX headwinds. These factors were partially offset by 70 basis points of pricing benefits and 40 basis points from lower inventory write-downs.

本季毛利率為 77.9%，年對年下降 40 個基點。這反映約 50 個基點的投入成本通膨（主要來自較低的吸收率）、30 個基點的不利銷售組合、20 個基點的其他不利成本變動，以及 50 個基點的外匯逆風。上述因素部分被 70 個基點的定價效益與 40 個基點的較低存貨減記所抵銷。

First quarter net income attributable to Herbalife was $62 million, with adjusted net income of $69 million. First quarter adjusted diluted EPS was $0.64, including a $0.03 FX headwind versus the first quarter of 2025. Our adjusted effective tax rate was 27.3%, compared to 21.8% in the first quarter of 2025, which resulted in an approximately $0.04 unfavorable impact to adjusted diluted EPS. The higher rate in 2026 was primarily driven by a decrease in tax benefit from discrete events compared to the first quarter of 2025. For full year 2026, we continue to expect our adjusted effective tax rate to be approximately 30% in line with 2025.

第一季歸屬於 Herbalife 的淨利為 6,200 萬美元，調整後淨利為 6,900 萬美元。第一季調整後稀釋每股盈餘（EPS）為 0.64 美元，其中包含相較 2025 年第一季 0.03 美元的外匯逆風。我們的調整後有效稅率為 27.3%，相較 2025 年第一季的 21.8%，使調整後稀釋 EPS 約有 0.04 美元的不利影響。2026 年較高的稅率主要是因相較 2025 年第一季，來自一次性事件（discrete events）的稅務利益減少所致。對於 2026 全年，我們仍預期調整後有效稅率約為 30%，與 2025 年一致。

We delivered strong cash generation in the first quarter, which is typically our lowest cash flow quarter in the past years due to timing of our annual Mark Hughes distributor bonus payments and employee performance bonus payments. Operating cash flow was $114 million, compared to relatively neutral cash flow in the first quarter of 2025.

我們在第一季實現了強勁的現金創造能力；由於年度 Mark Hughes 經銷商獎金支付與員工績效獎金支付的時點因素，過去幾年第一季通常是我們現金流最低的季度。營運現金流為 1.14 億美元，相較於 2025 年第一季相對接近持平的現金流。

Consistent with last year, we paid approximately $75 million of annual Mark Hughes distributor bonuses in the quarter. However, employee performance bonuses were paid in April this year rather than in the first quarter. Credit agreement EBITDA for the first quarter was $194 million, and our total leverage ratio was 2.7 times as of March 31. Beginning this quarter, we are introducing net leverage ratio as an additional metrics to provide greater transparency into our leverage profile and delevering progress. We define net leverage ratio as net debt divided by trailing twelve-month credit agreement EBITDA.

與去年一致，我們在本季度支付了約 7,500 萬美元的年度 Mark Hughes 經銷商獎金。然而，今年員工績效獎金是在 4 月支付，而非在第一季支付。第一季信貸協議 EBITDA 為 1.94 億美元，截至 3 月 31 日，我們的總槓桿比率為 2.7 倍。自本季度起，我們新增「淨槓桿比率」作為補充指標，以提高對我們槓桿狀況與去槓桿進展的透明度。我們將淨槓桿比率定義為淨負債除以過去十二個月（TTM）的信貸協議 EBITDA。

At the end of the first quarter, our net leverage ratio was 2.1 times, and we are establishing a target to reduce net leverage to below 2 times by the end of this year. We believe this metric provides a more complete view of financial flexibility because it reflects debt relative to earnings while also incorporating cash on hand. For additional details regarding the adjustments between adjusted EBITDA and credit agreement EBITDA, as well as the calculation of net debt, total leverage ratio, and net leverage ratio, please refer to the presentation appendix and the earnings press release.

在第一季末，我們的淨槓桿比率為 2.1 倍，並設定目標在今年年底前將淨槓桿降至 2 倍以下。我們認為此指標能更完整地呈現財務彈性，因其反映負債相對於獲利的水準，同時也納入手上現金。關於調整後 EBITDA 與信貸協議 EBITDA 之間的調整項目，以及淨負債、總槓桿比率與淨槓桿比率的計算方式之更多細節，請參閱簡報附錄與財報新聞稿。

Lastly, as Stephan noted earlier, in April, we completed our $1.45 billion senior secured refinancing, and I’ll provide more details on that in a moment.

最後，如 Stephan 先前所提到，我們於 4 月完成了 14.5 億美元的優先擔保再融資，我稍後會提供更多細節。

Turning to Slide 12. Reported net sales increased nearly $100 million in the quarter, or 7.8% year over year, while constant currency net sales increased 5.4%. Volume increased 4.1% worldwide, marking our third consecutive quarter of year over year volume growth. Pricing provided an approximately $40 million benefit in the quarter, while country mix was an approximately $26 million headwind to net sales. FX provided an approximately $29 million benefit or a 240 basis point tailwind.

接著看第 12 頁投影片。本季度公告淨銷售額年增近 1 億美元，年增率為 7.8%；以固定匯率計算的淨銷售額成長 5.4%。全球銷量成長 4.1%，為連續第三個季度實現年對年銷量成長。定價在本季度帶來約 4,000 萬美元的正面貢獻，而國家組合對淨銷售額造成約 2,600 萬美元的不利影響。外匯帶來約 2,900 萬美元的正面貢獻，或 240 個基點的順風。

Turning to slide 13, we have the regional net sales results for the quarter. As we noted in our April 14 pre-release, results were mixed across the business in the quarter. Strong growth in Asia Pacific and Latin America more than offset softer performance in EMEA and North America, while China continued to be a headwind.

接著看第 13 頁投影片，這裡是本季度各區域淨銷售額結果。如我們在 4 月 14 日的預先公告中所述，本季度各業務表現好壞參半。亞太與拉丁美洲的強勁成長，足以抵消 EMEA 與北美較疲弱的表現，而中國仍持續帶來不利影響。

In Asia Pacific, reported net sales increased 17% year over year, while local currency net sales increased 21%, driven by approximately 22% volume growth and favorable year over year pricing, partially offset by unfavorable sales mix and FX movements. As I mentioned earlier, India delivered record quarterly net sales for the second consecutive quarter, with reported net sales up 32% year over year and local currency net sales up 39%. Growth was driven by a 37% increase in volume and favorable sales mix. Pricing was neutral, as we have not taken a price increase since November 2024, and FX was a meaningful headwind.

在亞太地區，公告淨銷售額年增 17%，以當地貨幣計算的淨銷售額年增 21%，主要由約 22% 的銷量成長與有利的年對年定價所帶動，但部分被不利的銷售組合與外匯變動所抵消。如我先前提到，印度連續第二個季度創下單季淨銷售額新高，公告淨銷售額年增 32%，以當地貨幣計算年增 39%。成長主要由銷量增加 37% 與有利的銷售組合所驅動。定價影響為中性，因自 2024 年 11 月以來我們尚未調漲價格，而外匯則構成顯著逆風。

We continue to believe market demand remains strong following the GST rate reduction on a majority of our products. Importantly, India has long been one of our strongest growth markets. While year over year reported net sales growth began to moderate in late 2024 to mid-2025, momentum began to build again, supported by distributor leadership training in the back half of 2025. We expect the GST tailwind to continue through September, with momentum extending beyond September, although at a more moderate level.

我們仍認為，在多數產品 GST 稅率下調後，市場需求依然強勁。重要的是，印度長期以來一直是我們成長最強勁的市場之一。雖然公告淨銷售額的年對年成長在 2024 年底至 2025 年年中開始放緩，但在 2025 年下半年經銷商領導力培訓的支持下，動能再次回升。我們預期 GST 的順風將持續至 9 月，且動能將延續至 9 月之後，但增速會較為溫和。

Latin America delivered its third consecutive quarter of double-digit reported net sales growth, with net sales up 17% year over year and local currency net sales up 7%. Results were driven primarily by favorable year over year pricing and sales mix, along with a significant FX tailwind, mainly from the strengthening of the Mexican peso, partially offset by a 2% decline in volume. Within the region, Mexico delivered another quarter of growth, with reported net sales up 22% year over year and local currency net sales up 5%, driven primarily by favorable year over year pricing.

拉丁美洲連續第三個季度實現公告淨銷售額雙位數成長，淨銷售額年增 17%，以當地貨幣計算的淨銷售額年增 7%。結果主要由有利的年對年定價與銷售組合所帶動，並受惠於顯著的外匯順風（主要來自墨西哥披索走強），但部分被銷量下滑 2% 所抵消。在該區域內，墨西哥再度實現成長，公告淨銷售額年增 22%，以當地貨幣計算年增 5%，主要由有利的年對年定價所驅動。

In EMEA, reported net sales increased 1% year over year, benefiting from FX tailwinds, while constant currency net sales decreased 6%, reflecting an 11% decline in volume that more than offset favorable year over year pricing. In North America, net sales declined 3% year over year, reflecting a 5% decline in volume, partially offset by favorable year over year pricing.

在 EMEA，公告淨銷售額年增 1%，受惠於外匯順風；但以固定匯率計算的淨銷售額下降 6%，反映銷量下滑 11%，其影響超過有利的年對年定價。在北美，淨銷售額年減 3%，反映銷量下滑 5%，部分被有利的年對年定價所抵消。

As noted in our April 14 press release, US net sales were negatively impacted by unusually severe weather in January and February, which led to temporary closures of distributor-owned nutrition clubs, disrupted distributors’ daily consumption sales and, in turn, reduced distributor product purchases from the company. Net sales were also impacted by higher levels of shipments in transit at quarter end compared to the prior year, with the related revenue deferred to the second quarter under our revenue recognition policies.

如我們 4 月 14 日新聞稿所述，美國淨銷售額受到 1 月與 2 月異常嚴峻天氣的負面影響，導致經銷商自營營養俱樂部暫時關閉，干擾經銷商的日常消費型銷售，進而降低經銷商向公司採購產品的金額。淨銷售額亦受到季末在途出貨量較去年同期更高的影響；依據我們的收入認列政策，相關收入遞延至第二季認列。

Excluding these factors, North American net sales would have been slightly up year over year on both the reported and constant currency basis. We continue to expect full year net sales growth in North America in 2026.

若排除上述因素，北美淨銷售額在公告與固定匯率口徑下，年對年將會小幅成長。我們仍預期 2026 年北美全年淨銷售額將成長。

In China, reported net sales declined 12% year over year, while local currency net sales declined 16%, reflecting a partial benefit from foreign exchange. The decline was primarily driven by an 18% decrease in volume, partially offset by favorable sales mix.

在中國，公告淨銷售額年減 12%，以當地貨幣計算的淨銷售額年減 16%，反映外匯帶來部分正面效益。下滑主要由銷量下降 18% 所致，部分被有利的銷售組合所抵消。

Turning to slide 14, we see the key drivers of the $11 million or 6.5% year over year increase in first quarter adjusted EBITDA. Adjusted EBITDA was $176 million for the quarter, with a margin of 13.3%. On a constant currency basis, adjusted EBITDA was $180 million. Looking at the bridge, we first see the drivers of the year over year change in gross profit, including our third consecutive quarter of volume growth, along with pricing benefits, partially offset by unfavorable sales mix and import cost inflation, primarily due to lower absorption rates.

接著看第 14 頁投影片，我們可看到第一季調整後 EBITDA 年對年增加 1,100 萬美元（或 6.5%）的主要驅動因素。本季度調整後 EBITDA 為 1.76 億美元，利潤率為 13.3%。以固定匯率計算，調整後 EBITDA 為 1.80 億美元。從橋接分析來看，首先可看到毛利年對年變動的驅動因素，包括連續第三個季度的銷量成長與定價效益，但部分被不利的銷售組合與進口成本通膨所抵消；進口成本通膨主要源於吸收率較低。

Salaries were an approximately $2 million headwind, largely reflecting merit increases implemented in late Q1 2025. First quarter adjusted EBITDA included $5.5 million of China government grant income. Because this grant is typically received once annually, the year over year variance is timing related, as the prior year grant of $4.8 million was recognized in the second quarter of 2025. Lastly, foreign exchange was an approximately $5 million headwind to adjusted EBITDA and a 70 basis point headwind to adjusted EBITDA margin.

薪資約造成 200 萬美元的不利影響，主要反映 2025 年第一季末實施的績效調薪。第一季調整後 EBITDA 包含 550 萬美元的中國政府補助收入。由於該補助通常每年僅取得一次，年對年差異屬時點因素；去年 480 萬美元的補助是在 2025 年第二季認列。最後，外匯對調整後 EBITDA 約造成 500 萬美元的不利影響，並對調整後 EBITDA 利潤率造成 70 個基點的不利影響。

Moving to slide 15, I’ll provide an update on our capital structure. We ended the quarter with $451 million of cash, up nearly $100 million from the end of 2025. During the quarter, we made the scheduled $5 million amortization payment on the Term Loan B, and the revolver was undrawn as of March 31. At quarter end, our total leverage ratio was 2.7 times and net leverage was 2.1 times.

接著看第15頁投影片，我將提供我們資本結構的最新情況。本季結束時，我們持有4.51億美元現金，較2025年底增加近1億美元。本季期間，我們依計畫就B期定期貸款（Term Loan B）支付了500萬美元的攤還款項，且截至3月31日循環信貸額度（revolver）未動用。截至季末，我們的總槓桿比率為2.7倍，淨槓桿為2.1倍。

In April, we completed our $1.45 billion senior secured debt refinancing. We were pleased to execute this transaction in a dynamic market environment while achieving our pricing objectives, meaningfully reducing our borrowing costs, extending our maturity profile to more than seven years, and enhancing our financial flexibility. We also have no material maturities until 2028. The refinancing included $800 million of 7.75% senior secured notes due May 2033, a $225 million Term Loan A, and a $425 million revolving credit facility, with both the Term Loan A and revolver maturing in April 2031.

4月，我們完成了14.5億美元的優先擔保債務再融資。我們很高興能在多變的市場環境中完成此交易，同時達成我們的定價目標，顯著降低借款成本，將到期結構延長至七年以上，並提升財務彈性。此外，我們在2028年前亦無重大到期債務。本次再融資包含：8億美元、票面利率7.75%、2033年5月到期的優先擔保票據；2.25億美元的A期定期貸款（Term Loan A）；以及4.25億美元的循環信貸額度，其中A期定期貸款與循環信貸額度皆於2031年4月到期。

At closing, as of April 29, $200 million was outstanding under the 2026 revolving credit facility, with approximately $180 million available to borrow. As I noted, the refinancing meaningfully reduced our borrowing cost. The coupon on the senior secured notes were reduced by 450 basis points, and the spreads on the revolver and term loan were reduced by 300 basis points and 375 basis points respectively to 3%.

在交割時點（截至4月29日），2026年循環信貸額度下有2億美元已動用，約有1.8億美元可供借用。如我所述，本次再融資顯著降低了我們的借款成本。優先擔保票據的票息下調了450個基點，而循環信貸額度與定期貸款的利差分別下調300個基點與375個基點，降至3%。

Based on the total senior secured debt outstanding immediately before and after the refinancing and current applicable interest rates, we expect the refinancing to result in approximately $45 million in annualized cash interest savings. Because the refinancing was completed during 2026, those cash interest savings will only be partially reflected this year. The $45 million represents the annualized benefit based on current conditions. That estimate may change as we pay down debt or as variable interest rates move, but it is reflective of our current expectations for the annual savings from the refinancing.

根據再融資前後立即時點的優先擔保債務未償餘額以及目前適用利率，我們預期本次再融資將帶來約4,500萬美元的年化現金利息節省。由於再融資是在2026年完成，這些現金利息節省在今年僅會部分反映。4,500萬美元係以目前條件為基礎的年化效益。該估計可能會隨著我們償還債務或浮動利率變動而改變，但其反映了我們目前對再融資年度節省金額的預期。

Overall, these actions further strengthen our balance sheet and support our continued focus on deleveraging and financial flexibility. Looking ahead, we are targeting net leverage to be below 2 times by the end of '26 and remain on track to reduce outstanding debt to approximately $1.4 billion by the end of 2028.

整體而言，這些措施進一步強化了我們的資產負債表，並支持我們持續專注於去槓桿與財務彈性。展望未來，我們目標在2026年底將淨槓桿降至2倍以下，並仍按計畫在2028年底前將未償債務降至約14億美元。

Separately, let me briefly touch on Bioniq. As Stephan noted in his opening remarks, on April 30, we completed the acquisition of substantially all of the assets of Bioniq’s core personalized nutrition business, as contemplated by the agreement we announced on March '26. Base consideration was $55 million payable over five years, including $10 million payable subsequent to closing. The agreement also provides for up to $95 million in contingent payments tied to certain future Bioniq product sales performance.

另外，我簡要談一下Bioniq。如Stephan在開場致詞中提到的，4月30日我們完成收購Bioniq核心個人化營養業務之幾乎全部資產，符合我們於3月26日公告之協議所規劃內容。基本對價為5,500萬美元，於五年內支付，其中包含交割後支付的1,000萬美元。該協議亦規定，視Bioniq產品未來銷售表現而定，另有最高9,500萬美元的或有付款。

We also obtained a call option to acquire Bioniq LAB, a separate platform focused on small molecules and peptides. Importantly, this acquisition is consistent with our disciplined approach to selectively pursuing targeted cash-wide capabilities that complement our business and can be scaled through our global reach.

我們也取得一項買權（call option），可收購Bioniq LAB——一個專注於小分子與胜肽的獨立平台。重要的是，此次收購符合我們一貫審慎的策略：選擇性地追求具針對性的現金型能力（cash-wide capabilities），以補強我們的業務，並可透過我們的全球佈局加以擴大規模。

Turning to slide 16, I will review our outlook for the second quarter and full year 2026. We are continuing to provide net sales and adjusted EBITDA guidance on both a reported and constant currency basis, with reported guidance based on average daily exchange rates from the first two weeks of April 2026. Broadly speaking, since we provided our full year guidance in February, overall FX impact has moved unfavorably, reducing the tailwind benefit to net sales.

接著看第16頁投影片，我將回顧我們對2026年第二季及全年展望。我們將持續提供淨銷售額與調整後EBITDA指引，並同時以報告基礎與固定匯率（constant currency）基礎呈現；其中報告基礎指引係以2026年4月前兩週的平均每日匯率為基礎。整體而言，自我們2月提供全年指引以來，外匯影響已轉為較不利，降低了對淨銷售額的順風效益。

For the second quarter, we expect foreign exchange to be a modest tailwind to net sales and neutral to adjusted EBITDA due to timing. On a reported basis, we expect net sales to increase 1.5% to 5.5% year over year, including an approximately 50 basis point currency tailwind. On a constant currency basis, we expect net sales to increase 1% to 5% year over year.

就第二季而言，我們預期外匯對淨銷售額將是溫和的順風，且因時點因素對調整後EBITDA影響中性。以報告基礎計算，我們預期淨銷售額年增1.5%至5.5%，其中包含約50個基點的匯率順風。以固定匯率基礎計算，我們預期淨銷售額年增1%至5%。

We expect second quarter adjusted EBITDA to be in the range of $150 million to $170 million on both a reported and constant currency basis. This outlook includes an approximately $10 million year over year headwind to adjusted EBITDA, or approximately 80 basis points of adjusted EBITDA margin from two items. Approximately $5 million reflects the timing of the China government grant. We have historically received that grant once annually, and in 2026 it was recognized in the first quarter compared to the second quarter of 2025.

我們預期第二季調整後EBITDA將介於1.5億至1.7億美元之間，無論以報告基礎或固定匯率基礎皆相同。此展望包含兩項因素帶來的年對年約1,000萬美元逆風，約相當於調整後EBITDA利潤率80個基點。其中約500萬美元反映中國政府補助的認列時點。過往我們通常每年僅收到一次該補助，而在2026年該補助於第一季認列，相較於2025年是在第二季認列。

The other $5 million relates to the September 2025 India GST rate change. As previously discussed, while the GST rate on most of our products we sell was reduced to 5%, the GST rate we pay on services remained at 18%, which created a mismatch between the GST we collect and the GST we pay, resulting in incremental G&A expense. We have partially offset that impact through a reduction in the sales commission percentage paid to our distributors reflected in selling expenses. The net impact of those two items is an estimated $5 million headwind to the second quarter adjusted EBITDA.

另一項500萬美元與2025年9月印度GST稅率調整有關。如先前所述，雖然我們銷售的大多數產品適用GST稅率已降至5%，但我們支付於服務的GST稅率仍為18%，造成我們代收的GST與我們支付的GST之間出現不匹配，進而帶來額外的管理費用（G&A）。我們已透過降低支付給經銷商的銷售佣金比例（反映於銷售費用）來部分抵銷該影響。上述兩項因素的淨影響，估計將對第二季調整後EBITDA造成約500萬美元的逆風。

Second quarter capital expenditures are expected to be in the range of $15 million to $25 million, above the first quarter of 2026, primarily due to timing as some spending shifted from the first quarter into the second quarter. For the full year, we are increasing the midpoint of our constant currency net sales guidance range, while also narrowing the reported and constant currency net sales guidance ranges. The FX tailwind to full-year net sales guidance has been reduced to a 50 basis point benefit from a 100 basis points assumed in our previous guidance.

第二季資本支出預期介於1,500萬至2,500萬美元之間，高於2026年第一季，主要因時點因素，部分支出由第一季移轉至第二季。就全年而言，我們上調固定匯率淨銷售額指引區間的中位數，同時收斂報告基礎與固定匯率淨銷售額指引區間。全年淨銷售額指引中的匯率順風已由先前假設的100個基點，下修至50個基點的效益。

For adjusted EBITDA, we have narrowed the ranges on both a reported and constant currency basis while increasing the constant currency midpoint. We are reaffirming our capital expenditure guidance. For the full year, we expect reported net sales to increase 1.5% to 5.5% year over year. On a constant currency basis, we expect net sales to increase 1% to 5% year over year.

就調整後EBITDA而言，我們在報告基礎與固定匯率基礎下皆收斂指引區間，同時上調固定匯率中位數。我們重申資本支出指引。就全年而言，我們預期報告基礎淨銷售額年增1.5%至5.5%。以固定匯率基礎計算，我們預期淨銷售額年增1%至5%。

We expect full-year adjusted EBITDA to be in the range of $675 million to $705 million on both a reported and constant currency basis. Based on India’s first quarter sales performance and our outlook for the balance of the year, we now expect India GST-related net incremental cost to be an approximately $20 million to $25 million headwind to full-year adjusted EBITDA and an approximately 40 to 50 basis point headwind to adjusted EBITDA margin. Our guidance also includes a preliminary estimate of the impact of higher oil prices.

我們預期全年調整後EBITDA將介於6.75億至7.05億美元之間，無論以報告基礎或固定匯率基礎皆相同。基於印度第一季銷售表現以及我們對今年其餘期間的展望，我們目前預期與印度GST相關的淨增量成本，將對全年調整後EBITDA造成約2,000萬至2,500萬美元的逆風，並對調整後EBITDA利潤率造成約40至50個基點的逆風。我們的指引亦包含對油價上漲影響的初步估計。

We continue to expect 2026 capital expenditures of $50 million to $80 million. In addition, we expect capitalized SaaS implementation costs of $35 million to $55 million, which are incremental to CapEx. Lastly, we continue to expect our full-year 2026 adjusted effective tax rate to be approximately 30%.

我們仍預期 2026 年資本支出為 5,000 萬至 8,000 萬美元。此外，我們預期資本化的 SaaS 導入成本為 3,500 萬至 5,500 萬美元，該部分為資本支出以外的增量。最後，我們仍預期 2026 全年調整後有效稅率約為 30%。

Before moving to Q&A, I want to close my opening remarks with one final comment. As Stephan said earlier, Herbalife is a fundamentally stronger company today than it was two years ago, and we remain focused on driving shareholder value. We return to net sales growth and expect year-over-year growth to continue the remainder of the year.

在進入問答之前，我想以最後一點來結束我的開場發言。如 Stephan 先前所說，Herbalife 如今在基本面上比兩年前更為強健，我們仍專注於推動股東價值。我們已恢復淨銷售成長，並預期年對年成長將在今年剩餘期間持續。

We strengthen our distributor network through enhanced training and other targeted initiatives, including the Herbalife Premier League, which was launched in March of 2024. At that time, we had experienced 12 consecutive quarters of year over year declines in new distributors. Since that launch, however, the trend has improved meaningfully, with new distributor growth up 13% on a two-year stacked basis in Q1. And as we have now moved beyond the two-year anniversary of the Premier League launch, this metric becomes less relevant going forward.

我們透過強化訓練及其他具針對性的措施來強化經銷商網絡，其中包括於 2024 年 3 月推出的 Herbalife Premier League。在當時，我們的新經銷商已連續 12 個季度出現年對年下滑。然而，自推出以來，趨勢已明顯改善，第一季在兩年疊加基礎上新經銷商成長 13%。而由於我們現在已超過 Premier League 推出兩週年，這項指標在未來的重要性將降低。

We have also expanded our Q1 adjusted EBITDA margins by 240 basis points since Q1 of 2024, we have reduced our total leverage ratio from 3.9 times at the end of 2023 to 2.7 times at the end of the first quarter, driven by $540 million of debt reduction, primarily through cash generated by the business. And lastly, as I’ve said, we’ve completed our debt refinancing in April, unlocking approximately $45 million in annual cash interest savings.

此外，自 2024 年第一季以來，我們第一季調整後 EBITDA 利潤率擴大了 240 個基點；我們也將總槓桿比率自 2023 年底的 3.9 倍降至第一季末的 2.7 倍，主要受惠於透過營運產生的現金所帶動的 5.4 億美元減債。最後，如我所說，我們已於 4 月完成債務再融資，每年可節省約 4,500 萬美元的現金利息支出。

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

以上為我們的開場發言。接線員，請開放提問。

(Operator Instructions)

(接線員指示)

Chasen Bender, Citi.

Citi 的 Chasen Bender。

Stephan, I wanted to first ask about Pro2col. Now that the distributors and the customers of distributors have had some more time with Pro2col in the US beta group, do you think you could discuss a little bit more the behaviors you’re seeing from that group and how they’re shaping up relative to your expectations?

Stephan，我想先問一下 Pro2col。現在經銷商以及經銷商的客戶在美國 beta 測試群組中使用 Pro2col 已有更多時間，你能否多談一些你們從該群組觀察到的行為，以及這些表現相較於你們的預期如何？

For example, are you seeing distributors able to sell more Herbalife product to their customers? And on the customer side kind of what are you seeing from the activity and the duration with which customers are interacting with the app and inputting their health data?

例如，你們是否看到經銷商能向其客戶銷售更多 Herbalife 產品？而在客戶端，你們觀察到客戶與 App 互動、輸入健康數據的活躍度與持續時間大概是什麼情況？

Yeah. Thanks for the question, Chasen. As you know, we launched beta last year. And the objective of beta is really to get the distributor feedback and make sure that it’s really fitting with their business flows and how they go out and talk to customers and engage with them.

是的。謝謝你的問題，Chasen。如你所知，我們去年推出了 beta。而 beta 的目的主要是取得經銷商回饋，並確保它真正符合他們的業務流程，以及他們如何外出與客戶溝通並與其互動。

So in terms of the distributors and their response, the amount of feedback that we get in terms of the different models and leaders that operate in different regions, especially now that we’ve expanded it to the 10 European markets, it’s helping us to actually formulate features, how people are coming into it, and how distributors will work with their customers. And at the same time, there has to be enough there for the distributors to actually bring in the customers.

就經銷商及其回應而言，我們從不同地區運作的不同模式與領導者那裡收到大量回饋，尤其是現在我們已將其擴展到 10 個歐洲市場，這正協助我們實際規劃功能、人們如何進入使用，以及經銷商將如何與其客戶合作。同時，內容也必須足夠，讓經銷商能真正把客戶帶進來。

And we’re really in this beta phase, and we did it on purpose. We've kind of stopped beta 1, beta 2. The phasing is really because the more information that we have, the more amount of people to give the feedback, the more that we’re adjusting it to make sure it goes across different DMOs with different leaders and the way that they operate.

而我們確實正處於這個 beta 階段，這是我們刻意為之。我們大致已完成 beta 1、beta 2。之所以分階段，是因為我們掌握的資訊越多、提供回饋的人越多，我們就越能調整，確保它能適用於不同 DMO、不同領導者以及他們的運作方式。

And so I would say that we continue this phase. For us, this was not a company that’s going direct to consumer, that’s going -- and has this relationship directly. Our entire business is based on distributors and their engagement with customers. So we’re in the phase still and enlargening the beta phase as we’ve gotten more countries in to make sure that we bring the functions that are necessary to allow the impact and bring the value that we need to.

因此我會說，我們會持續這個階段。對我們而言，我們並不是一家直接面向消費者、並與消費者直接建立關係的公司。我們整個業務都建立在經銷商以及他們與客戶的互動之上。所以我們仍在這個階段，並隨著納入更多國家而擴大 beta 階段，以確保我們帶入必要的功能，產生我們需要的影響並帶來所需價值。

So in the beta phase currently, Jay, you want to chime in?

所以就目前的 beta 階段，Jay，你要補充一下嗎？

Yeah. Let me just chime in for a second. Like Stephan said, it’s beta. We’re seeing performance, getting feedback, enhancing it, and we’ve got an enhanced version coming up with Extravaganza. What we want investors to know this is an important part of our strategy, but we have not rolled in to our forecast any revenue -- direct revenue from this.

好的。我補充一下。如 Stephan 所說，這是 beta。我們正在觀察表現、收集回饋、加以強化，而且我們會在 Extravaganza 推出一個強化版本。我們希望投資人知道，這是我們策略的重要一環，但我們尚未將任何來自此項目的收入——直接收入——納入我們的預測。

So even though we’re going to launch Bioniq and we’re going to launch Pro2col, it’s still going to be in the beta form. Any results ends up being more opportunity to this year than it is risk to this year because we have not rolled that into the numbers yet.

因此，即使我們將推出 Bioniq，也將推出 Pro2col，它仍會以 beta 形式進行。任何成果對今年而言更像是額外機會，而不是今年的風險，因為我們尚未把它納入數字之中。

Yeah. Let me just add Pro2col overall, it’s not just a digital application to engage with customers. It really is designed as an end-to-end solution, right? So we believe that the future is in the what to measure, meaning that people are going to want to measure more things like bring their wearables in to inform blood biomarkers, which are going to get launched at Extravaganza that are going to come in.

是的。我再補充一下，Pro2col 整體而言不僅僅是一個用來與客戶互動的數位應用程式。它其實被設計為端到端的解決方案，對吧？因此我們相信未來在於「該量測什麼」，也就是人們會想量測更多項目，例如把穿戴式裝置的資料納入，以提供血液生物標記的資訊；這些血液生物標記將在 Extravaganza 發布並導入。

Then personally formulated or the next generation of personalized nutrition through Bioniq, for example. And what ends up happening is it’s the overall value proposition which gives it value. That’s why we talked about all of the pieces individually being valuable, but it’s all the pieces together that make it incredibly valuable.

接著是透過例如 Bioniq 所提供的個人化配方，或下一代的個人化營養。而最終發生的是，真正賦予其價值的是整體價值主張。這也是為什麼我們談到每個部分單獨看都很有價值，但把所有部分結合在一起才會變得極具價值。

I think the most important thing, it’s the core fundamental of our business, is distributors need to be able to go out into the market and have conversations. And that the people that they’re talking to with what they’re going to be offering them, they say, wow, you can do all of this? Oh, I’m interested. It’s a pretty basic thing.

我認為最重要的是——也是我們業務的核心基本面——經銷商必須能走向市場並進行對話。而當他們與對方交談、提供的內容讓對方覺得「哇，你們可以做到這麼多？」「喔，我有興趣。」這其實是很基本的事情。

If you were to ask 10 people on the street, would you rather have supplements that are really more personalized for you? Or would you rather buy supplements that are actually formulated for many? And I believe that most people would respond, well, I’d be interested in the more personalized ones. So that’s the opening of the conversation, but you’ve got to also be able to deliver the products for it. So we’re really excited to get to Extravaganza and to be launching these 11 markets in EMEA in June and in North America to be able to bring this to market.

如果你去問街上 10 個人，你會比較想要真正更符合你個人需求的補充品？還是你會比較想買為許多人所配方設計的補充品？我相信大多數人會回答：「嗯，我會對更個人化的產品有興趣。」所以這就是對話的開端，但你也必須能夠交付相應的產品。因此，我們非常期待前往 Extravaganza，並在 6 月於 EMEA 的 11 個市場以及北美推出，將這些帶到市場上。

So the pieces are coming together. Testing is coming. Now we’re still in beta because there’s still functionalities and features that we need to build in, but we’re also launching this next generation of personalized supplements. And so the pieces are there. And we’ll continue this journey.

所以各個環節正在逐步到位。測試即將開始。目前我們仍處於 Beta 階段，因為還有一些功能與特性需要建置，但同時我們也在推出這一代的個人化營養補充品。因此，該有的要素都已具備。我們也會持續走在這段旅程上。

For us is really about making sure that our distributors have what they need in hand to go have conversations, bring more people into the company, keep them longer, increase LTV, increase the amount of people that are getting referred, and ultimately increase the amount of people who want to join the business and duplicate a business.

對我們而言，重點在於確保我們的經銷商手上具備所需的一切，能夠去進行對話、把更多人帶進公司、讓他們留得更久、提升 LTV、增加被轉介的人數，並最終提高想加入事業、並複製這門生意的人數。

Got it. Really appreciate all that color. My second question is on India. Obviously, very strong growth following the GST change. I’m curious, given what you’ve seen, how has your thinking evolved on potential price reduction programs in other markets?

了解。非常感謝你提供這麼多細節。我的第二個問題是關於印度。顯然，在 GST 變更之後成長非常強勁。我想了解的是，根據你們所看到的情況，你們對於在其他市場推行潛在降價方案的想法有何演變？

And just as a housekeeping related to that, what are you assuming in guidance for India constant currency in the rest of the year? I know you mentioned you’re expecting continued momentum, but should we expect that -- or does your guidance contemplate kind of the similar 30%-plus growth in the rest of the year? Thanks so much.

另外一個行政性問題，關於這點，你們在全年剩餘期間對印度以固定匯率計算的指引假設是什麼？我知道你提到預期動能會持續，但我們是否應該預期——或者你們的指引是否已納入今年剩餘期間類似 30% 以上的成長？非常感謝。

Yeah, Chasen. It’s John. I’ll take this. Let me break it into pieces.

好的，Chasen。我是 John。這題我來回答。我把它拆成幾個部分來說。

So there is a lesson in India. We had that price decrease or effectively a price decrease through the GST reduction, and that created a lot of momentum. India had started building momentum just prior to that. And I think maybe there’s a couple things I want investors to know.

印度這邊有一個教訓。我們因為 GST 下調而出現那次降價，或等同於降價，這帶來了很大的動能。其實在那之前，印度就已開始累積動能。我想也許有幾點我希望投資人了解。

So one is that momentum has been incredibly strong, and we’re going to annualize the GST in September. But we don’t think that means we’re not going to grow after September. I think the momentum carries forward. Granted we’ll be comping quarters that has the GST impact, so the growth rate will moderate, but that momentum we expect to continue. So that’s one.

第一，動能非常強，我們會在 9 月把 GST 的影響年化。但我們不認為這代表 9 月之後就不會成長。我認為這股動能會延續。當然，因為之後的比較基期會包含 GST 的影響，所以成長率會趨於溫和，但我們預期動能會持續。這是第一點。

And that gives you a little flavor of our thinking of India. India did beat our expectations in Q1. Going forward, if I may break this into buckets. For Qs 2 through Qs 4, so the rest of the year, we basically haven’t changed our sales expectations from where we were in February.

這也讓你稍微了解我們對印度的看法。印度在第一季確實超出我們的預期。往後如果我把它分成幾個區塊來說。第二季到第四季，也就是今年剩餘期間，我們基本上沒有改變相較於 2 月時的銷售預期。

India’s come up a little, but we had some softness, if you noticed, in the quarter in EMEA. And we’re going to run some tests and based on what we learned in India, and hopefully that can work.

印度的預期有小幅上調，但如你所見，本季 EMEA 有些疲軟。我們會做一些測試，並根據我們在印度學到的經驗，希望能奏效。

Actually, we had another issue with -- I don’t know if issue is the wrong word, but we had a price increase in Mexico, plus there was an incremental tax in Mexico that actually had a little bit of a volume impact in Mexico on a negative side. So that also supports the thesis we’re working with our distributors on that price matters. And so I think there’s a lot of opportunity for us to affect volume in the future by modifying price and modifying the commission structure.

其實我們在墨西哥也遇到另一個狀況——我不確定用「問題」是否恰當，但我們在墨西哥調漲了價格，另外墨西哥也新增了一項稅負，這確實對墨西哥的銷量帶來一些負面影響。因此這也支持我們與經銷商共同驗證的一個論點：價格很重要。所以我認為，未來我們透過調整價格以及調整獎金／佣金結構，來影響銷量，存在很大的機會。

So we’re running tests. We have been running tests. We’re now running more tests based on the results we’ve seen.

所以我們正在做測試。我們一直都有在做測試。而現在基於我們看到的結果，我們正在進行更多測試。

Karru Martinson, Jefferies.

Karru Martinson，Jefferies。

You referenced higher oil costs. I was wondering how is that flowing through to the consumer, especially here in the North American market?

你提到油價成本上升。我想請問這如何傳導到消費者端，尤其是在北美市場？

We’re not flowing it through. We’re just absorbing it right now. At this point, for the rest of this year, that’s what’s assumed.

我們沒有把它轉嫁出去。目前我們就是自行吸收。就今年剩餘期間而言，我們的假設就是如此。

What we did say, it’s not material to the year, so we’re going to cover it ourselves. So we have not raised prices because of it. That doesn’t mean that it didn’t have an indirect impact or it doesn’t have an indirect impact on the consumer in general, but it doesn’t have a direct impact on our price.

我們也提到，這對全年而言並不重大，所以我們會自行承擔。因此我們沒有因為這個而調漲價格。這不代表它不會對一般消費者產生間接影響，或不會對消費者整體造成間接影響，但它不會直接影響我們的定價。

Okay. And so did you see a shift kind of in the ordering pattern when the Iran conflict started and gas prices started going u? Or is that too soon to tell?

好的。那麼當伊朗衝突開始、油價開始上升時，你們有看到訂購模式出現某種轉變嗎？還是現在判斷還太早？

It’s too soon to tell, but we did have -- like I said, the US, we can explain what happened. There was some timing differences and there was some nutrition club closures during some really bad weather that we can quantify, and we made that available to investors. So I think the US is on track.

現在還太早下結論，但我們確實有——如我所說，美國的情況我們可以解釋發生了什麼。有一些時點差異，也有一些營養俱樂部在惡劣天氣期間關閉，我們可以量化，並已提供給投資人。所以我認為美國的表現仍在軌道上。

EMEA, I mean -- Europe had some weakness, and it’s too early to tell if that was tied to the economics resulting from the geopolitical situation or not. But there was definitely some weakness in Europe.

至於 EMEA——我的意思是，歐洲確實有些疲弱，而現在還太早判斷這是否與地緣政治情勢導致的經濟影響有關。但歐洲確實出現了一些疲弱。

Okay. Just lastly when we look at China, it’s been a work in progress for a while now. How should we think about that? Could you remind us where it stands today as a percentage of your sales?

好的。最後，談到中國，這段時間一直在調整中。我們應該如何看待？你能否提醒我們，目前中國占你們銷售額的比例是多少？

I mean It's -- I mean, I’ll give you the percent number. It’s really small. It’s like 4% of sales. It’s under 5% of sales. So it’s relatively small.

我的意思是——我會給你百分比數字。其實非常小。大約占銷售額的 4%。不到銷售額的 5%。所以相對來說很小。

It’s not very -- doesn’t really contribute to profit in any meaningful way. What I’ve told investors over the last few quarters is we have a lot of strategies we’re going to implement in China. I would wait and see. At this point, we’re not rolling in the benefits of those strategies. We’re going to wait till we see the benefits of those strategies.

它對獲利的貢獻也不大——並沒有任何有意義的貢獻。我在過去幾個季度對投資人說的是，我們有很多策略會在中國推行。我會建議先觀望。就目前而言，我們還沒有把這些策略的效益納入。我們會等到看到這些策略帶來效益之後再說。

So I’d expect China to be -- I think China long term is a huge opportunity for us. We’re super under-penetrated. The model does well in China for some of our competitors. The products do well in China. We haven’t found our footing yet.

所以我會預期中國——我認為長期來看，中國對我們是巨大的機會。我們的滲透率非常低。我們的一些競爭對手在中國的模式運作得很好。產品在中國也賣得很好。但我們還沒有找到立足點。

We’re working on it. I’m confident over the long term we will, but you won’t see it rolled into our forecast till we see it coming through in results.

我們正在努力推進。我對長期而言我們會做到很有信心，但在我們看到它在業績中反映出來之前，你不會看到它被納入我們的預測。

Yeah. And just on distributor leadership, we’ve spoken about it in the past. Historically, it’s been really just by itself isolated and we started at the beginning of this year to allow distributors and leaders from Greater China to come into the market. And it’s the first time they’ve ever had really that opportunity. And we see a continuing trend of more of them being interested.

是的。另外就經銷商領導力而言，我們過去也談過。從歷史上看，它一直相對獨立、各自為政；而我們從今年年初開始，允許大中華區的經銷商與領導人進入這個市場。這也是他們第一次真正擁有那樣的機會。我們看到持續的趨勢是，對此感興趣的人越來越多。

And at this Extravaganza that’s coming up this month, there’s a few hundred that are actually in that are looking -- 500 actually, approximately, that are looking at potential building business in China. So we’re seeing it as really positive from that standpoint. But you said it, work in progress. We’ll update you over time. Thank you.

而在本月即將舉行的這場Extravaganza活動上，實際上會有幾百人參與，他們正在關注——大約500人——有意在中國建立業務的可能性。所以從這個角度來看，我們認為非常正面。但正如你所說，這仍在進行中。我們會隨時間向你更新。謝謝。

Nicholas Sherwood, Maxim Group.

Nicholas Sherwood，Maxim Group。

You know, kind of going back to the Pro2col launch, have you seen any use of the platform in nutrition clubs and any feedback of how it works in that space?

你知道，回到Pro2col的推出，你們是否看到這個平台在營養俱樂部中的使用情況？以及它在那個場景中的運作方式有沒有任何回饋？

Yeah. Nick, super early. Thanks for the question. And nutrition clubs, especially here in the US, it’s really a consumption-based business. And so it’s one of the flows and the integrations that we’re working on because it’s obviously a very large and important part of our business. And there are millions of people walking in annually into a nutrition club to buy a shake or a tea and we want to have an easy entrance into Pro2col and getting exposure to being able to track and have physical results and move from a transactional to more of a transformational business.

有的。Nick，現在還非常早期。謝謝你的提問。而營養俱樂部，特別是在美國這裡，基本上是一種以消費為導向的業務。因此，這也是我們正在推進的流程與整合之一，因為這顯然是我們業務中非常龐大且重要的一部分。每年有數百萬人走進營養俱樂部買一杯奶昔或一杯茶，我們希望能讓他們更容易進入Pro2col，並接觸到可追蹤、可看到身體成果的能力，從一次性交易型業務轉向更具轉化性的業務。

So yeah, it’s one of the areas of focus for us, and it’s a major DMO integration. So early days.

所以是的，這是我們的重點領域之一，而且這是一個主要的DMO整合。所以還在早期階段。

Okay. Yeah. I appreciate the detail. And then looking at the packaging redesign what sort of early metrics did you see coming out of testing the new design? And what have you seen from the early stages of the rollout of that new packaging?

好的。是的。感謝你提供這些細節。另外，關於包裝重新設計，你們在測試新設計時看到哪些早期指標？以及在新包裝開始推廣的早期階段，你們看到了什麼？

Well, the first product was just rolled out actually in India, and it’s very, very early. So overall, number one, as we went through the process, obviously, distributor feedback and we did research, very, very positive from that standpoint. To see in the real world how it impacts, it’s going to take time. But yeah, the initial feedback and research, very positive, but very, very early.

嗯，第一個產品其實剛在印度推出，而且還非常、非常早期。所以整體來說，第一，當我們走過這個流程時，顯然經銷商回饋以及我們做的研究，從那個角度看都非常、非常正面。至於在真實市場中它會如何影響，還需要時間。但沒錯，初期回饋與研究非常正面，只是仍然非常、非常早期。

Okay. My last question is can you provide any color on the transition of preferred members to the new e-commerce platform? And how do you expect preferred members to kind of interact with Pro2col or get added to that platform in the future?

好的。我最後一個問題是：你們能否談談優先會員（preferred members）轉移到新的電商平台的情況？以及你們預期未來優先會員會如何與Pro2col互動，或如何被加入到該平台？

So I think you’re referring to the DS Commerce. Yeah, that started to happen with a pilot group, a small group, I think, at the beginning of the year, and then it was just opened up. So it’s very, very recent. So very early to talk about it.

所以我想你指的是DS Commerce。是的，那是在年初先由一個試點群組、很小的一群人開始，然後最近才剛對外開放。所以這是非常、非常近期的事。因此現在談它還太早。

Yeah. If I could step back for a second, because we had a lot of questions just to make sure we’re aligned on where we are with a lot of these initiatives. We’ve launched them. They’re in beta form. We’re getting the feedback.

是的。如果我可以先退一步說明一下，因為我們收到很多問題，想確保我們對這些計畫目前所處的位置有一致認知。我們已經推出了它們。它們目前是beta形式。我們正在收集回饋。

Until you get all the functionality in, you don’t get the -- including the commerce out where people can buy on the app or at least have the appearance of buying on the app if it takes them somewhere else. There’s some functionality that we’re launching where you’ll start seeing the benefits for clubs and things like that. So just to put it in perspective, we’re in beta, right?

在你把所有功能都補齊之前——包括把商務功能推出去，讓人們可以在App上購買，或至少看起來像是在App上購買（即使最後導到其他地方）——你不會得到完整的效果。我們也正在推出一些功能，你會開始看到對俱樂部等場景的好處。所以為了讓大家有個脈絡，我們目前是在beta階段，對吧？

Yes, I think -- yeah. Correct, John. The one thing I think it’s early to highlight, but we think it’s quite a big deal, is that as a company, we haven’t really had a subscription business, that the product purchases have been -- I don’t want to say one-offs because some of them are continually purchasing. But we really implemented recently subscription. One of the early indications on the preferred customer on the new commerce platform is that the uptake on subscriptions is very positive.

是的，我想——是的。沒錯，John。有一點我認為現在提還算早，但我們覺得影響很大：作為一家公司，我們過去其實沒有真正的訂閱制業務；產品購買一直是——我不想說是一次性，因為有些人會持續購買。但我們最近確實導入了訂閱制。在新商務平台上，針對優先客戶的一個早期跡象是：訂閱的採用率非常正面。

So it’s still early, but that I would say is a very positive outcome from what we’re seeing, and again, early but exciting. It’s also one of the things in terms of the launch of Bioniq in Europe, is that we’re going to be having a subscription product for the first time really in the history of the company. So we’re very excited about that.

所以雖然仍然很早期，但我會說，從我們看到的情況來看，這是一個非常正面的結果；同樣地，早期但令人振奮。另外，就Bioniq在歐洲的推出而言，我們也將首次在公司歷史上真正擁有一個訂閱型產品。所以我們對此非常興奮。

John Baumgartner, Mizuho Securities.

John Baumgartner，Mizuho Securities。

First off, I guess going back to personalized nutrition, there’s a lot of great detail here into the beta expansion and products. So I’m curious, has there been any evolution in your thinking regarding segmentation? The levels of offerings, how you may tier those out, different levels of personalization. Have you heard any feedback from your distributors as to how they think that the product market fit as you’re going forward with this?

首先，我想回到個人化營養這一塊，這裡對beta擴張與產品提供了很多很棒的細節。所以我很好奇，你們在「分眾」方面的想法是否有任何演進？例如產品/服務的提供層級、你們可能如何做分級，不同程度的個人化。你們是否從經銷商那裡聽到任何回饋，關於你們在推進過程中，產品與市場契合度（product-market fit）如何？

Yeah, John, thanks for the question. Actually one of the reasons why we made the Bioniq acquisition is for that reason. As you know, when we acquired Link, there’s a manufacturing process to it, right? You have the equipment and you’ve got the software that can actually take the inputs, create the formula, and then you manufacture the formula in powdered form.

是的，John，謝謝你的問題。其實我們進行Bioniq收購的原因之一就是為了這個。如你所知，當我們收購Link時，它涉及一個製造流程，對吧？你有設備，也有軟體可以接收輸入資料、生成配方，然後以粉末形式製造該配方。

The price point for that is really more in a premium area price point. It also, quite honestly, is more functionality. Like, because of the formatting of it, you can have some other need states. Bioniq gives us the opportunity, not only was it a company that’s existed, that had been in market, that had an existing customer base, but had also been in the business of formulating really not only a premium, but also formulating what we would just consider a personalized vitamin and mineral complex, and so -- which was at a lower price point. So a larger addressable market.

那樣的定價點確實更偏向高端價位。而且坦白說，它的功能性也更強。例如，因為它的形式，你可以涵蓋一些其他的需求狀態。Bioniq給了我們一個機會：它不僅是一家已經存在、已在市場上運營、且擁有既有客戶基礎的公司，同時也一直在做配方——不只是高端產品，也在配製我們所稱的個人化維生素與礦物質複合配方——而且價格更低。因此可觸及的市場更大。

And so that has been also one of the reasons and part of the strategy, is that we want to hit different price points. We know our business obviously around the world. If you think about it we from India to Switzerland, different demographics. So I would say the other aspect of this besides making it more accessible to people, because this is a newer concept, is really what are the offshoots? Where can we go now that we have the capability of personalizing and all of the data and the customers who we’ve been personalizing for, where does it lead us in the future to specific product categories that actually personalization could make a lot of sense?

因此，這也一直是原因之一、也是策略的一部分：我們希望涵蓋不同的價格帶。我們當然了解我們在全球各地的業務。如果你想想看，從印度到瑞士，人口結構各不相同。所以我會說，除了讓更多人更容易接觸到之外——因為這是一個較新的概念——另一個面向其實是：會有哪些延伸的可能性？當我們已具備個人化的能力、擁有所有數據，並且已為這些客戶做了個人化之後，未來它會把我們帶往哪裡？帶往哪些特定產品類別，而個人化在那些類別其實非常合理？

As an example, Bioniq, which is more personalized than one you’re buying off the shelf for that’s been formulated for everybody, or just for men over 50, for example. So it is giving us more range, more demographics, and I think where this leads in the future is that everything will become and everyone will want a more personalized version of whatever they’re using today. So that's absolutely part of the strategy.

舉例來說，Bioniq 就比你在貨架上買到那種、為所有人配方，或例如只針對 50 歲以上男性的產品更個人化。所以它讓我們能涵蓋更廣的範圍、更多的人口族群；而我認為未來的走向是：所有東西都會變得更個人化，而且每個人都會想要他們今天正在使用的任何產品的「更個人化版本」。所以這絕對是策略的一部分。

Thanks for that. And then coming back to EMEA, just to drill down there a bit more, I’m curious the extent to which there maybe -- I don’t know, maybe more structural change or softness in the direct selling market, given the consistent declines you’re seeing in sales leaders? Or is it more of a productivity issue, you think, where maybe some price adjustments can maybe kickstart growth in that region?

謝謝你的說明。接著回到 EMEA（歐洲、中東與非洲）來更深入一點，我很好奇：鑑於你們看到銷售領導者持續下滑，直銷市場是否存在——我不知道——可能更結構性的變化或疲弱？還是你認為比較像是生產力的問題，也許透過一些價格調整就能在該區域重新啟動成長？

This is where from a distributor lens of someone that worked in EMEA in specific was one of the areas that I spent really a lot of time in. I think what’s happened is obviously the overall way people look at their health and their wellness and they make, you know Basically, they make their decisions on what they’re going to buy and where they’re going to spend money. Things are evolving over time.

從經銷商的視角來看——我曾在 EMEA 特別工作過——那是我投入非常多時間的區域之一。我認為發生的事情是：人們看待健康與福祉的方式，以及他們做決策——基本上，他們決定要買什麼、要把錢花在哪裡——都在改變。這些事情會隨時間演進。

If you think of just historically, we started in 1980. The idea of a protein shake in 1980, and I’ll just speak to myself, in 1991 when it came to France, where I started, you had to go and convince someone the idea of taking a shake instead of having breakfast was actually a thing.

如果你回顧歷史，我們在 1980 年起步。在 1980 年，「蛋白奶昔」這個概念——我就以自己為例——1991 年它進入法國、也就是我開始的地方時，你得去說服別人：用一杯奶昔取代早餐，這件事其實是可行的。

I mean, they would be like, but, you’re telling me I’m going to mix this up and I’m going to drink this instead of have my coffee, croissant, and that’s breakfast? Today, we don’t live in a world where a protein shake is novel and innovative, right? It’s more of a commodity. It’s an accepted form.

他們會說：可是，你是要我把這個粉調一調，然後喝這個來取代我的咖啡、可頌，這樣就算早餐？但今天，我們已不再活在「蛋白奶昔很新奇、很創新」的世界裡，對吧？它更像是一種大宗商品。它是一種被接受的形式。

I think part of what’s happening is as the markets are evolving, as technology is evolving, the offer also needs to evolve. And that’s why I am very strong on, as a company, the superpower that we have of these 2 million distributors that are having conversations with tens of millions of people on a daily, weekly, monthly basis and interacting and helping them with their health goals, that the conversation around personalized nutrition and this next generation, that it is absolutely where the market is going, and we want to lead in that market.

我認為部分正在發生的是：隨著市場演進、科技演進，我們的產品主張（offer）也需要演進。這也是為什麼我非常堅定地認為：作為一家公司，我們擁有的超能力，是這 200 萬名經銷商——他們每天、每週、每月都在與數千萬人對話、互動，並協助他們達成健康目標——而圍繞「個人化營養」與下一代產品的對話，絕對就是市場的走向，我們也希望在這個市場領先。

And so we can say, yeah, how can you optimize your current product portfolio? How can you optimize with your DMOs? How can you go and bring more people and keep them longer and have them buy more and refer more people and want to do the business?

因此我們可以說：好，那你要如何優化你現有的產品組合？你要如何透過你的 DMO 來優化？你要如何帶來更多人、讓他們留得更久、買得更多、轉介紹更多人，並且願意做這個事業？

Fundamentally, if you’ve got something that you can go to market with that’s novel, that’s innovative, and that people are saying, this is where things are going in the future. I want to be a part of it. I want to buy it. I want to use it. I want to tell people about it, and I want to sell it, that’s what we’re building for.

從根本上說，如果你有一個可以推向市場的東西，它是新穎的、是創新的，而且人們會說：這就是未來的方向。我想成為其中一部分。我想買它。我想用它。我想告訴別人，而且我想賣它——這就是我們正在打造的。

So from that standpoint -- and we do all the work in every area. Let’s train them. Let’s do everything that we need to do, but let’s work on the core offer. So -- and that’s what we’re doing.

所以從這個角度——我們也會在每個面向做所有工作。我們來訓練他們。我們做所有需要做的事，但我們要把重點放在核心產品主張上。所以——這就是我們正在做的。

Okay. This last thing, just maybe a bit of a random question. Looking at the US market, I’m curious the extent to which you’re seeing any benefits or traction from participation in the Diabetes Prevention Program. I know it’s not spoken about a lot, but just curious if there’s participation, any learnings there thus far.

好的。最後一個，可能有點隨機的問題。看美國市場，我很好奇你們參與「糖尿病預防計畫」（Diabetes Prevention Program）在多大程度上帶來任何效益或進展。我知道這不常被提到，但只是想了解目前是否有人參與，以及到目前為止有沒有任何學習。

Yeah. We had started that as a pilot, and I to be honest with you, I don’t have the answer ’cause I haven’t followed it that closely. But my guess would be is that it hasn’t had a material impact.

是的。我們是以試點方式開始的，老實說，我沒有答案，因為我沒有那麼密切地追蹤。但我猜它並沒有帶來實質性的影響。

Okay. Thanks, Stephan.

好的。謝謝你，Stephan。

A good follow-up. Thank you.

很好的追問。謝謝。

(Operator Instructions)

（接線員指示）

Doug Lane, Water Tower Research.

Doug Lane，Water Tower Research。

On the Bioniq nutritional supplements being offered in Europe beginning in late June and then the US in July, are they the same product offerings in both markets? And what actually are the product offerings that you’re rolling out?

關於 Bioniq 的營養補充品，歐洲將在 6 月下旬開始提供、美國在 7 月推出，兩個市場的產品供應是否相同？另外，你們實際上要推出的產品內容是什麼？

Yeah. Doug, they’ll be essentially the same. There’s going to be obviously different markets. There’s a bit of different regulatory aspects to it.

是的。Doug，基本上會是相同的。當然會有不同市場的差異。在法規層面也會有一些不同。

Essentially, Doug, think of this as your personalized vitamin and mineral complex stack, right? So you -- and I don’t want to get into details, but a man versus a woman, height, weight, age, objectives, personal conditions, then you put in biometrics, potentially blood biomarkers. And it would be really clear that you probably wouldn’t need the same amount of vitamins and minerals and your individual complex would be different than basically everyone else. So number one, that is the core offer of Bioniq.

基本上，Doug，你可以把它想成是你的個人化維生素與礦物質複方組合（stack），對吧？所以你——我不想講得太細——例如男性與女性、身高、體重、年齡、目標、個人狀況，然後你再輸入生理量測數據（biometrics），甚至可能包含血液生物標記。那就會非常清楚：你大概不需要和別人一樣的維生素與礦物質用量，而你的個人複方會和基本上所有其他人都不同。所以第一點，這就是 Bioniq 的核心產品主張。

The other thing is, and this is also something I think that’s important, is everyone’s using supplements. If you ask how you actually buy supplements and even a vitamin and mineral supplement most people it’s going down the aisle way at the grocery store or in the pharmacy or their doctor said something or someone recommended something to them and they buy it. They use it, and they might use it and have been using it for one year, two years, three years, five years. We believe that personalization, what it really means is not only should you have -- as close to your individual needs, not only today, but also next month when you’ve lost 5 pounds, when you’ve changed some things in your daily habits and in your diet, all right? When and over time as you age and your circumstances change, right?

另外一點——我也認為這很重要——是每個人都在用補充品。如果你問大家實際上怎麼買補充品，甚至是維生素與礦物質補充品，多數人就是在超市走道或藥局買，或是醫師說了什麼，或有人推薦了什麼，他們就買了。他們會使用，而且可能已經用了一年、兩年、三年、五年。我們相信，個人化真正的意思是：你不只應該擁有——盡可能貼近你的個人需求——不只是今天的需求，也包括下個月當你瘦了 5 磅、當你改變了一些日常習慣與飲食之後的需求，好嗎？以及隨著時間、隨著你年齡增長、你的情況改變時，對吧？

So the capability to flex that on a monthly basis for someone and to personalize that is something that’s innovative, and that is something that makes sense in the world that we live in today. And that’s something, quite honestly, that no one is doing at scale around the world. And so this is our opportunity.

因此，能夠為某個人按月彈性調整並加以個人化的能力，是一項創新，而且在我們今天所處的世界裡是合理且有意義的。而且坦白說，目前全球範圍內還沒有人能以規模化的方式做到這一點。因此，這就是我們的機會。

We also know that if you can get people into the conversation and they look at Herbalife and they’re like, this is unique what you’re doing, we’ve got an incredible portfolio that we’re doing $5 billion in revenue currently that is not Bioniq. It’s an opportunity to have people go beyond just this vitamin and this personalized vitamin and mineral complex.

我們也知道，如果你能讓人們加入對話，他們看著康寶萊會覺得：你們正在做的事情很獨特；我們目前有一個令人驚豔的產品組合，現有營收達50億美元，而那並不是Bioniq。這是一個機會，讓人們不只停留在這款維生素、這款個人化的維生素與礦物質複合配方上。

So for us, this is not just a door opener, it’s something that people are going to want because I think it’s logic that they would want it, and that we are going to be able to deliver it, and especially through 2 million distributors eventually that are having conversations with people every single day. And so more attraction to Herbalife, a value proposition we think that’s unique, an opportunity in subscription, and an opportunity for the introduction to the entire portfolio so that we become that solution for people for their health and wellness.

所以對我們而言，這不只是敲門磚；我認為人們會想要它，這在邏輯上說得通，而我們也將能夠交付它，尤其是最終透過200萬名每天都在與人對話的經銷商。因此，對康寶萊更具吸引力、我們認為獨特的價值主張、訂閱制的機會，以及導入整個產品組合的機會，讓我們成為人們健康與保健的解決方案。

Bioniq’s been around for a little while, and it’s been producing product. Can I get Bioniq anywhere else at this point?

Bioniq已經存在一段時間了，也一直在生產產品。目前我還能在其他地方買到Bioniq嗎？

You cannot. As of the transaction, this is going to be sold through Herbalife distributors.

不能。自交易完成起，這將透過康寶萊經銷商銷售。

So will it be rebranded under some sort of Herbalife sub-brand like Bioniq by Herbalife? And what will that look like?

所以它會以某種康寶萊子品牌的形式重新品牌化嗎，例如「Bioniq by Herbalife」之類？那會是什麼樣子？

Yeah, Bionic -- well, we’ll do the reveal in Extravaganza. So I don’t want to give it away, but the brand is definitely staying.

是的，Bioniq——嗯，我們會在Extravaganza上揭曉。所以我不想先透露，但這個品牌肯定會保留。

Okay, fair enough. When can we see Link BioScience product out in the marketplace?

好，合理。我們什麼時候能在市場上看到Link BioScience的產品？

Yeah. Link BioScience will be Q1 of next year.

好的。Link BioScience會在明年第一季推出。

Okay. Got it. And are you going to operate these four acquisitions as independently as is? Or what’s the plan on -- just structurally how you’re going to run these four acquisitions on personalization?

好。了解。那你們會讓這四項收購案各自獨立運作、維持現狀嗎？或者計畫是——在結構上，你們打算如何運行這四項與個人化相關的收購？

Yeah, I’ll jump in. First of all, they all work together, right? I think you heard Stephan talk about Bioniq and Link and their different versions of personalized nutrition, and they can work together. Pro2col supports that, and actually it supports Pro2col.

好的，我來補充。首先，它們彼此是協同運作的，對吧？我想你聽到Stephan談到Bioniq和Link，以及它們不同版本的個人化營養，而它們可以一起運作。Pro2col也支援這一點，而且其實它也支援Pro2col。

And then when we talk to the fourth acquisition, which is Pruvit, there’s a product line. Maybe because there’s a separate product associated with that that’s maybe a little distinct. But overall, those four are all connected.

接著談到第四項收購，也就是Pruvit，它有一條產品線。可能因為它有一個相關的獨立產品，或許稍微更具差異性。但整體而言，這四項都是相互連結的。

Okay, fair enough. And lastly, John, now that you’ve completed the debt refinancing, is there any change to your capital allocation priorities?

好，合理。最後，John，既然你已完成債務再融資，你的資本配置優先順序有任何改變嗎？

There is not. My number one priority is to still get our gross debt down to $1 billion -- $1.4 billion, excuse me, by the end of 2028, which would get our net debt below $1 billion.

沒有。我的第一優先仍然是把我們的總債務降到10億美元——抱歉，是到2028年底降到14億美元，這將使我們的淨負債降到10億美元以下。

Thank you. And I would now like to hand the conference back over to Stephan Gratziani for closing remarks.

謝謝。接下來我想把會議交回給Stephan Gratziani做結語。

Thank you. And thanks everyone for joining us today. We had a great quarter. We completed our debt refinancing. As Doug just mentioned, we’ve made four acquisitions, and we’re executing on our visions.

謝謝。也感謝各位今天加入我們。我們這一季表現很出色。我們完成了債務再融資。正如Doug剛才提到的，我們完成了四項收購，並且正在執行我們的願景。

45 years of incredible history behind us, the future is even more exciting. As a company, we’re evolving. We’re advancing how we deliver what we do best, greater precision, greater scale, greater impact, and we’re focused on the vision. And we’re well-positioned to deliver what we believe is the next generation of personalized nutrition. Thank you for joining today, and we look forward to sharing the continued progress next quarter.

45年令人驚豔的歷史在我們身後，未來更令人振奮。作為一家公司，我們正在演進。我們正在推進我們交付最擅長之事的方式：更高的精準度、更大的規模、更深遠的影響力，而我們聚焦於願景。我們也已做好充分準備，交付我們所相信的下一代個人化營養。感謝今天的參與，我們期待在下個季度分享持續的進展。

This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝各位參與，您現在可以掛線。各位，祝您有美好的一天。